Prospectus

John Hancock
Multimanager Lifetime Portfolios

Asset allocation

January 1, 2023


	A	I	R2	R4	R5	R6
Multimanager 2065 Lifetime Portfolio	JAAWX	JABSX	JAAZX	JABBX	JABDX	JABEX
Multimanager 2060 Lifetime Portfolio	JJERX	JMENX	JVIMX	JROUX	JGHTX	JESRX
Multimanager 2055 Lifetime Portfolio	JLKLX	JHRTX	JLKNX	JLKQX	JLKSX	JLKTX
Multimanager 2050 Lifetime Portfolio	JLKAX	JHRPX	JLKEX	JLKGX	JLKHX	JLKRX
Multimanager 2045 Lifetime Portfolio	JLJAX	JHROX	JLJEX	JLJGX	JLJHX	JLJIX
Multimanager 2040 Lifetime Portfolio	JLIAX	JHRDX	JLIEX	JLIGX	JLIHX	JLIIX
Multimanager 2035 Lifetime Portfolio	JLHAX	JHRMX	JLHEX	JLHGX	JLHHX	JLHIX
Multimanager 2030 Lifetime Portfolio	JLFAX	JHRGX	JLFEX	JLFGX	JLFHX	JLFIX
Multimanager 2025 Lifetime Portfolio	JLEAX	JHRNX	JLEEX	JLEGX	JLEHX	JLEIX
Multimanager 2020 Lifetime Portfolio	JLDAX	JHRVX	JLDEX	JLDGX	JLDHX	JLDIX
Multimanager 2015 Lifetime Portfolio	JLBAX	JHREX	JLBKX	JLBGX	JLBHX	JLBJX
Multimanager 2010 Lifetime Portfolio	JLAAX	JHRLX	JLAEX	JLAGX	JLAHX	JLAIX

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

John Hancock Multimanager 2065 Lifetime Portfolio

Investment objective

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.

Fees and expenses

This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. 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. You may qualify for sales charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the John Hancock family of funds. 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 on pages 144 to 146 of the prospectus under “Sales charge reductions and waivers” or pages 161 to 166 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.19	0.19	0.19	0.19	0.19	0.19
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25 ¹	0.10 ¹	0.05 ¹	0.00
Additional other expenses	0.91	0.91	0.81	0.81	0.81	0.81
Total other expenses	0.91	0.91	1.06	0.91	0.86	0.81
Acquired fund fees and expenses²	0.66	0.66	0.66	0.66	0.66	0.66
Total annual fund operating expenses³	2.06	1.76	2.16	2.01	1.71	1.66
Contractual expense reimbursement⁴	-1.06	-1.06	-1.07	-1.17 ⁵	-1.07	-1.07
Total annual fund operating expenses after expense reimbursements	1.00	0.70	1.09	0.84	0.64	0.59

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example

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:


Expenses ($)	A	I	R2	R4	R5	R6
1 year	597	72	111	86	65	60
3 years	1,016	451	573	517	434	419
5 years	1,460	855	1,061	975	828	801
10 years	2,690	1,985	2,409	2,244	1,930	1,875

Portfolio turnover

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 52% of the average value of its portfolio.

Principal investment strategies

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.

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.

Glide path chart

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%.

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.

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.

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.

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.

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.

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.

Principal risks

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

During periods of heightened market volatility or reduced liquidity, governments, their agencies, or other regulatory bodies, both within the United States and abroad, may take steps to intervene. These actions, which could include legislative, regulatory, or economic initiatives, might have unforeseeable consequences and could adversely affect the fund’s performance or otherwise constrain the fund’s ability to achieve its investment objective.

Because this fund has a greater exposure to underlying funds that invest primarily in equity securities than John Hancock Multimanager Lifetime Portfolios with closer target dates, equity security risks are more prevalent in this fund than in these other target-date funds. The fund’s main risks are listed below in alphabetical order, not in order of importance. Before investing, be sure to read the additional descriptions of these risks beginning on page 87 of the prospectus.

Principal risks of investing in the fund of funds

Credit and counterparty risk. The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk based on the nature of their support.

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

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

Exchange-traded notes (ETNs) risk. An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

Fund of funds risk. The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

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

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

Lifecycle risk. 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.

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

Short sales risk. Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

Commodity risk. Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

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

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

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

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

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

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

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

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

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

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

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

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

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

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance

Please note that after-tax returns (shown for Class A shares only) 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. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other tax-advantaged investment plan. After-tax returns for other share classes would vary.

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -26.44%.
Best quarter: 2021, Q2, 6.39%
Worst quarter: 2021, Q3, -1.73%


Average annual total returns (%)—as of 12/31/21	1 year	Since inception (09/23/20)
Class A (before tax)	9.68	23.47
after tax on distributions	8.59	22.24
after tax on distributions, with sale	6.00	17.65
Class I	15.87	20.04
Class R2	15.70	28.85
Class R4	15.73	28.91
Class R5	15.99	29.17
Class R6	15.97	29.16
S&P Target Date 2060+ Index (reflects no deduction for fees, expenses, or taxes)	18.05	27.59
John Hancock 2065 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	18.57	28.83

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.

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2020	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2020

Purchase and sale of fund shares

requirement for Class I shares is $250,000, except that the fund may waive the minimum for any category of investors at the fund’s sole discretion. There are no minimum initial investment requirements for Class R2, Class R4 or Class R5 shares. The minimum initial investment requirement for Class R6 shares is $1 million, except that there is no minimum for: qualified and nonqualified plan investors; certain eligible qualifying investment product platforms; Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned. There are no subsequent minimum investment requirements.

Class A, Class I, and Class R6 shares may be redeemed on any business day by mail: John Hancock Signature Services, Inc., P.O. Box 219909, Kansas City, MO 64121-9909; or for most account types through our website: jhinvestments.com; or by telephone: 800-225-5291 (Class A); 888-972-8696 (Class I and Class R6). Class R2, Class R4, and Class R5 shares may be redeemed on any business day by contacting your retirement plan administrator or recordkeeper.

Taxes

The fund’s distributions are taxable, and will be taxed as ordinary income and/or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. Withdrawals from such tax-deferred arrangements may be subject to tax at a later date.

Payments to broker-dealers and other financial intermediaries

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, registered investment advisor, financial planner, or retirement plan administrator), the fund and its related companies may pay the broker-dealer or other intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. These payments are not applicable to Class R6 shares. Ask your salesperson or visit your financial intermediary’s website for more information.

John Hancock Multimanager 2060 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.19	0.19	0.19	0.19	0.19	0.19
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25 ¹	0.10 ¹	0.05	0.00
Additional other expenses	0.24	0.24	0.13	0.13	0.13	0.13
Total other expenses	0.24	0.24	0.38	0.23	0.18	0.13
Acquired fund fees and expenses²	0.66	0.66	0.66	0.66	0.66	0.66
Total annual fund operating expenses³	1.39	1.09	1.48	1.33	1.03	0.98
Contractual expense reimbursement	-0.39	-0.39	-0.39	-0.49 ⁴^,⁵	-0.39	-0.39
Total annual fund operating expenses after expense reimbursements	1.00	0.70	1.09	0.84	0.64	0.59

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	597	72	111	86	65	60
3 years	882	308	430	373	289	273
5 years	1,187	563	771	682	531	504
10 years	2,053	1,294	1,735	1,559	1,224	1,166

Portfolio turnover

Principal investment strategies

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.

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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -26.53%.
Best quarter: 2020, Q2, 20.96%
Worst quarter: 2020, Q1, -20.49%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	Since inception (03/30/16)
Class A (before tax)	9.70	12.42	12.22
after tax on distributions	7.25	10.72	10.69
after tax on distributions, with sale	6.98	9.47	9.42
Class I	15.71	13.91	13.57
Class R2	15.23	13.60	13.29
Class R4	15.70	13.85	13.51
Class R5	15.79	13.97	13.64
Class R6	15.90	14.04	13.70
S&P Target Date 2060+ Index (reflects no deduction for fees, expenses, or taxes)	18.05	13.28	13.12
John Hancock 2060 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	18.57	14.97	14.78

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2016

John Hancock Multimanager 2055 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.19	0.19	0.19	0.19	0.19	0.19
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10 ¹	0.05	0.00
Additional other expenses	0.20	0.20	0.09	0.09	0.09	0.09
Total other expenses	0.20	0.20	0.34	0.19	0.14	0.09
Acquired fund fees and expenses²	0.66	0.66	0.66	0.66	0.66	0.66
Total annual fund operating expenses³	1.35	1.05	1.44	1.29	0.99	0.94
Contractual expense reimbursement	-0.34	-0.34	-0.34	-0.44 ⁴^,⁵	-0.34	-0.34
Total annual fund operating expenses after expense reimbursements	1.01	0.71	1.10	0.85	0.65	0.60

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	598	73	112	87	66	61
3 years	874	300	422	366	281	266
5 years	1,172	546	755	665	514	487
10 years	2,015	1,252	1,695	1,518	1,182	1,124

Portfolio turnover

Principal investment strategies

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.

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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on March 26, 2014 and ceased operations on October 23, 2020. Class I shares commenced operations on March

27, 2015. Returns prior to Class I 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.

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -26.5%.
Best quarter: 2020, Q2, 20.96%
Worst quarter: 2020, Q1, -20.49%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	Since inception (03/26/14)
Class A (before tax)	9.55	12.41	9.34
after tax on distributions	6.99	10.32	7.70
after tax on distributions, with sale	6.99	9.37	7.05
Class I	15.76	13.90	10.33
Class R2	15.27	13.49	10.07
Class R4	15.70	13.85	10.36
Class R5	15.80	13.98	10.49
Class R6	15.86	14.04	10.54
S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes)	18.19	13.18	10.22
John Hancock 2055 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	18.57	14.97	11.65

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2014

Purchase and sale of fund shares

The minimum initial investment requirement for Class A shares is $1,000 ($250 for group investments), except that there is no minimum for certain group retirement plans, certain fee-based or wrap accounts, or certain other eligible investment product platforms. The minimum initial investment requirement for Class I shares is $250,000, except that the fund may waive the minimum for any category of investors at the fund’s sole discretion. There are no minimum initial investment requirements for Class R2, Class R4 or Class R5 shares. The minimum initial investment requirement for Class R6 shares is $1 million, except that there is no minimum for: qualified and nonqualified plan investors; certain eligible qualifying investment product platforms; Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned. There are no subsequent minimum investment requirements.

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2050 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.19	0.19	0.19	0.19	0.19	0.19
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10	0.05	0.00
Additional other expenses	0.17	0.17	0.06	0.06	0.06	0.06
Total other expenses	0.17	0.17	0.31	0.16	0.11	0.06
Acquired fund fees and expenses¹	0.66	0.66	0.66	0.66	0.66	0.66
Total annual fund operating expenses²	1.32	1.02	1.41	1.26	0.96	0.91
Contractual expense reimbursement³	-0.30	-0.30	-0.30	-0.40 ⁴	-0.30	-0.30
Total annual fund operating expenses after expense reimbursements	1.02	0.72	1.11	0.86	0.66	0.61

1	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

2	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, 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.

4	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	599	74	113	88	67	62
3 years	869	295	417	360	276	260
5 years	1,160	534	743	653	502	475
10 years	1,986	1,221	1,665	1,487	1,151	1,092

Portfolio turnover

Principal investment strategies

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.

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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class 1 and Class I shares commenced operations on April 29, 2011, and March 27, 2015, respectively. Class A, Class R2, Class R4, Class R5, and

Class R6 shares commenced operations on March 1, 2012. Returns 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 I, Class R2, Class R4, Class R5, 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.

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -26.52%.
Best quarter: 2020, Q2, 20.90%
Worst quarter: 2020, Q1, -20.46%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	9.62	12.40	11.08
after tax on distributions	7.08	10.18	9.40
after tax on distributions, with sale	7.02	9.34	8.63
Class I	15.81	13.89	12.03
Class R2	15.23	13.44	11.58
Class R4	15.59	13.74	11.86
Class R5	15.85	13.97	12.08
Class R6	15.91	14.03	12.14
S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes)	17.99	13.07	11.83
John Hancock 2050 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	18.57	14.97	13.07

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2045 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.19	0.19	0.19	0.19	0.19	0.19
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10	0.05	0.00
Additional other expenses	0.16	0.16	0.05	0.05	0.05	0.05
Total other expenses	0.16	0.16	0.30	0.15	0.10	0.05
Acquired fund fees and expenses¹	0.66	0.66	0.66	0.66	0.66	0.66
Total annual fund operating expenses²	1.31	1.01	1.40	1.25	0.95	0.90
Contractual expense reimbursement³	-0.31	-0.31	-0.31	-0.41 ⁴	-0.31	-0.31
Total annual fund operating expenses after expense reimbursements	1.00	0.70	1.09	0.84	0.64	0.59

1	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

2	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

4	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	597	72	111	86	65	60
3 years	865	291	413	356	272	256
5 years	1,154	528	736	647	495	468
10 years	1,974	1,208	1,653	1,475	1,138	1,079

Portfolio turnover

Principal investment strategies

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.

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 93% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

operations on March 1, 2012 and March 27, 2015, respectively. Returns prior to a class’s commencement date are those 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.

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -26.42%.
Best quarter: 2020, Q2, 20.91%
Worst quarter: 2020, Q1, -20.44%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	9.66	12.40	11.07
after tax on distributions	7.13	9.77	9.04
after tax on distributions, with sale	6.84	9.16	8.50
Class I	15.75	13.91	11.78
Class R2	15.26	13.46	11.57
Class R4	15.66	13.75	11.84
Class R5	15.86	13.99	12.09
Class R6	15.87	14.05	12.14
S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes)	17.51	12.81	11.56
John Hancock 2045 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	18.58	14.97	13.07

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2040 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.20	0.20	0.20	0.20	0.20	0.20
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10	0.05	0.00
Additional other expenses	0.16	0.16	0.05	0.05	0.05	0.05
Total other expenses	0.16	0.16	0.30	0.15	0.10	0.05
Acquired fund fees and expenses¹	0.64	0.64	0.64	0.64	0.64	0.64
Total annual fund operating expenses²	1.30	1.00	1.39	1.24	0.94	0.89
Contractual expense reimbursement³	-0.30	-0.30	-0.30	-0.40 ⁴	-0.30	-0.30
Total annual fund operating expenses after expense reimbursements	1.00	0.70	1.09	0.84	0.64	0.59

1	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

2	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

4	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	597	72	111	86	65	60
3 years	863	289	411	354	270	254
5 years	1,150	523	732	643	491	464
10 years	1,964	1,197	1,643	1,465	1,127	1,068

Portfolio turnover

Principal investment strategies

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.

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 85% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -25.94%.
Best quarter: 2020, Q2, 20.23%
Worst quarter: 2020, Q1, -19.61%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	9.08	12.17	10.95
after tax on distributions	6.52	9.59	8.96
after tax on distributions, with sale	6.56	9.00	8.42
Class I	15.22	13.68	11.66
Class R2	14.76	13.22	11.44
Class R4	14.99	13.50	17.72
Class R5	15.28	13.75	11.96
Class R6	15.29	13.81	12.01
S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes)	16.55	12.40	11.19
John Hancock 2040 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	17.62	14.65	12.92

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2035 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.21	0.21	0.21	0.21	0.21	0.21
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10 ¹	0.05	0.00
Additional other expenses	0.16	0.16	0.05	0.05	0.05	0.05
Total other expenses	0.16	0.16	0.30	0.15	0.10	0.05
Acquired fund fees and expenses²	0.62	0.62	0.62	0.62	0.62	0.62
Total annual fund operating expenses³	1.29	0.99	1.38	1.23	0.93	0.88
Contractual expense reimbursement⁴	-0.28	-0.28	-0.28	-0.38 ⁵	-0.28	-0.28
Total annual fund operating expenses after expense reimbursements	1.01	0.71	1.10	0.85	0.65	0.60

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	598	73	112	87	66	61
3 years	862	287	409	353	268	253
5 years	1,147	520	729	639	487	460
10 years	1,955	1,188	1,633	1,455	1,117	1,059

Portfolio turnover

Principal investment strategies

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.

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 77% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -25.22%.
Best quarter: 2020, Q2, 18.76%
Worst quarter: 2020, Q1, -18.09%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	8.20	11.46	10.56
after tax on distributions	5.53	8.83	8.55
after tax on distributions, with sale	6.11	8.41	8.08
Class I	14.17	12.90	11.25
Class R2	13.74	12.48	11.03
Class R4	14.02	12.75	11.31
Class R5	14.29	13.00	11.55
Class R6	14.27	13.06	11.60
S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes)	14.93	11.67	10.63
John Hancock 2035 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	16.11	13.86	12.47

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2030 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.22	0.22	0.22	0.22	0.22	0.22
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25 ¹	0.10	0.05	0.00
Additional other expenses	0.15	0.15	0.05	0.05	0.05	0.05
Total other expenses	0.15	0.15	0.30	0.15	0.10	0.05
Acquired fund fees and expenses²	0.61	0.61	0.61	0.61	0.61	0.61
Total annual fund operating expenses³	1.28	0.98	1.38	1.23	0.93	0.88
Contractual expense reimbursement⁴	-0.29	-0.29	-0.30	-0.40 ⁵	-0.30	-0.30
Total annual fund operating expenses after expense reimbursements	0.99	0.69	1.08	0.83	0.63	0.58

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	596	70	110	85	64	59
3 years	858	283	407	351	266	251
5 years	1,141	513	727	637	485	458
10 years	1,944	1,175	1,631	1,453	1,116	1,057

Portfolio turnover

Principal investment strategies

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.

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 67% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -23.93%.
Best quarter: 2020, Q2, 17.11%
Worst quarter: 2020, Q1, -16.33%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	6.83	10.57	9.93
after tax on distributions	4.31	8.01	7.93
after tax on distributions, with sale	5.18	7.68	7.51
Class I	12.86	12.03	10.62
Class R2	12.40	11.60	10.42
Class R4	12.66	11.88	10.70
Class R5	12.94	12.11	10.92
Class R6	12.91	12.15	10.97
S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes)	12.61	10.63	9.83
John Hancock 2030 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	14.27	12.91	11.67

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2025 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.23	0.23	0.23	0.23	0.23	0.23
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25 ¹	0.10	0.05	0.00
Additional other expenses	0.16	0.16	0.05	0.05	0.05	0.05
Total other expenses	0.16	0.16	0.30	0.15	0.10	0.05
Acquired fund fees and expenses²	0.59	0.59	0.59	0.59	0.59	0.59
Total annual fund operating expenses³	1.28	0.98	1.37	1.22	0.92	0.87
Contractual expense reimbursement⁴	-0.30	-0.30	-0.30	-0.40 ⁵	-0.30	-0.30
Total annual fund operating expenses after expense reimbursements	0.98	0.68	1.07	0.82	0.62	0.57

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	595	69	109	84	63	58
3 years	857	282	404	348	263	248
5 years	1,140	512	721	632	480	453
10 years	1,943	1,174	1,620	1,442	1,104	1,045

Portfolio turnover

Principal investment strategies

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.

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 55% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -21.79%.
Best quarter: 2020, Q2, 15.30%
Worst quarter: 2020, Q1, -14.55%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	5.53	9.45	9.07
after tax on distributions	2.78	6.88	7.04
after tax on distributions, with sale	4.50	6.76	6.75
Class I	11.44	10.92	9.79
Class R2	10.94	10.47	9.58
Class R4	11.27	10.75	9.85
Class R5	11.50	10.95	10.07
Class R6	11.59	11.05	10.13
S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes)	10.67	9.65	9.01
John Hancock 2025 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	12.30	11.67	10.67

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2020 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.25	0.25	0.25	0.25	0.25	0.25
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10	0.05	0.00
Additional other expenses	0.17	0.17	0.06	0.06	0.06	0.06
Total other expenses	0.17	0.17	0.31	0.16	0.11	0.06
Acquired fund fees and expenses¹	0.57	0.57	0.57	0.57	0.57	0.57
Total annual fund operating expenses²	1.29	0.99	1.38	1.23	0.93	0.88
Contractual expense reimbursement³	-0.33	-0.33	-0.33	-0.43 ⁴	-0.33	-0.33
Total annual fund operating expenses after expense reimbursements	0.96	0.66	1.05	0.80	0.60	0.55

1	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

2	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, 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.

4	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	593	67	107	82	61	56
3 years	858	282	404	348	263	248
5 years	1,142	515	724	634	482	455
10 years	1,951	1,183	1,629	1,451	1,113	1,054

Portfolio turnover

Principal investment strategies

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.

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 46% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -19.74%.
Best quarter: 2020, Q2, 13.16%
Worst quarter: 2020, Q1, -12.46%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	3.78	8.11	8.01
after tax on distributions	0.79	5.45	5.83
after tax on distributions, with sale	3.56	5.66	5.80
Class I	9.55	9.56	8.70
Class R2	9.20	9.11	8.49
Class R4	9.36	9.38	8.76
Class R5	9.64	9.60	8.96
Class R6	9.72	9.68	9.04
S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes)	8.76	8.60	8.13
John Hancock 2020 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	10.06	10.11	9.41

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2015 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.26	0.26	0.26	0.26	0.26	0.26
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25	0.10 ¹	0.05	0.00
Additional other expenses	0.22	0.22	0.11	0.11	0.11	0.11
Total other expenses	0.22	0.22	0.36	0.21	0.16	0.11
Acquired fund fees and expenses²	0.55	0.55	0.55	0.55	0.55	0.55
Total annual fund operating expenses³	1.33	1.03	1.42	1.27	0.97	0.92
Contractual expense reimbursement⁴	-0.39	-0.39	-0.39	-0.49 ⁵	-0.39	-0.39
Total annual fund operating expenses after expense reimbursements	0.94	0.64	1.03	0.78	0.58	0.53

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	591	65	105	80	59	54
3 years	864	289	411	354	270	254
5 years	1,157	531	739	650	498	471
10 years	1,989	1,224	1,668	1,491	1,154	1,095

Portfolio turnover

Principal investment strategies

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.

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 39% 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.

Glide path chart

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.

Principal risks

Because this fund has a greater exposure to underlying funds that invest primarily in fixed-income securities than John Hancock Multimanager Lifetime Portfolios with more distant target dates, fixed-income securities risks are more prevalent in this fund than in these other target date funds. The fund’s main risks are listed below in alphabetical order, not in order of importance. Before investing, be sure to read the additional descriptions of these risks beginning on page 87 of the prospectus.

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -18.17%.
Best quarter: 2020, Q2, 11.74%
Worst quarter: 2020, Q1, -11.33%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	2.85	7.13	7.09
after tax on distributions	0.28	4.51	4.83
after tax on distributions, with sale	2.71	4.85	4.96
Class I	8.74	8.60	7.78
Class R2	8.37	8.14	7.58
Class R4	9.12	8.54	7.91
Class R5	8.69	8.62	8.05
Class R6	8.73	8.70	8.13
S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes)	8.01	8.08	7.43
John Hancock 2015 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	8.95	8.93	8.23

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

John Hancock Multimanager 2010 Lifetime Portfolio

Investment objective

Fees and expenses


Shareholder fees (%) (fees paid directly from your investment)	A	I	R2	R4	R5	R6
Maximum front-end sales charge (load) on purchases, as a % of purchase price	5.00	None	None	None	None	None
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less	1.00 (on certain purchases, including those of $1 million or more)	None	None	None	None	None
Small account fee (for fund account balances under $1,000) ($)	20	None	None	None	None	None


Annual fund operating expenses (%) (expenses that you pay each year as a percentage of the value of your investment)	A	I	R2	R4	R5	R6
Management fee	0.26	0.26	0.26	0.26	0.26	0.26
Distribution and service (Rule 12b-1) fees	0.30	0.00	0.25	0.25	0.00	0.00
Other expenses
Service plan fee	0.00	0.00	0.25 ¹	0.10	0.05	0.00
Additional other expenses	0.27	0.27	0.16	0.16	0.16	0.16
Total other expenses	0.27	0.27	0.41	0.26	0.21	0.16
Acquired fund fees and expenses²	0.55	0.55	0.55	0.55	0.55	0.55
Total annual fund operating expenses³	1.38	1.08	1.47	1.32	1.02	0.97
Contractual expense reimbursement	-0.46	-0.46	-0.46	-0.56 ⁴^,⁵	-0.46	-0.46
Total annual fund operating expenses after expense reimbursements	0.92	0.62	1.01	0.76	0.56	0.51

1	“Service plan fee” has been restated to reflect maximum allowable fees.

2	“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.

3	The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”

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, 2023, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

5	The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2023 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.

Expense example


Expenses ($)	A	I	R2	R4	R5	R6
1 year	589	63	103	78	57	52
3 years	872	298	420	363	279	263
5 years	1,176	551	759	670	518	491
10 years	2,037	1,276	1,718	1,541	1,206	1,148

Portfolio turnover

Principal investment strategies

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.

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 33% 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.

Glide path chart

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.

Principal risks

Principal risks of investing in the fund of funds

Lifecycle risk. 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.

Target allocation risk. The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.

Principal risks of investing in the underlying funds

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

Inflation-protected securities risk. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

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

Past performance

The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based market index. 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 investments. Past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, jhinvestments.com, or by calling 800-225-5291 (Class A), Monday to Thursday, 8:00 A.M.—7:00 P.M., and Friday, 8:00 A.M.—6:00 P.M., Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.

A note on performance
Class R1 commenced operations on October 30, 2006 and ceased operations on October 23, 2020. Class R2 and Class I shares commenced

Calendar year total returns (%)—Class A (sales charges are not reflected in the bar chart and returns would have been lower if they were)

Year-to-date total return. The fund’s total return for the nine months ended September 30, 2022, was -16.42%.
Best quarter: 2020, Q2, 10.69%
Worst quarter: 2020, Q1, -10.50%


Average annual total returns (%)—as of 12/31/21	1 year	5 year	10 year
Class A (before tax)	2.05	6.35	6.35
after tax on distributions	-0.26	4.04	4.17
after tax on distributions, with sale	2.01	4.27	4.36
Class I	7.69	7.78	7.03
Class R2	7.32	7.36	6.84
Class R4	7.54	7.63	7.11
Class R5	7.75	7.84	7.33
Class R6	7.68	7.89	7.37
S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)	6.54	7.36	6.55
John Hancock 2010 Lifetime Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends)*	7.85	8.04	7.29

Investment management

Investment advisor John Hancock Investment Management LLC
Subadvisor Manulife Investment Management (US) LLC

Portfolio management

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


Geoffrey Kelley, CFA Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team Managed the fund since 2023	David Kobuszewski, CFA Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team Managed the fund since 2023	Robert E. Sykes, CFA Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team Managed the fund since 2018	Nathan W. Thooft, CFA Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team Managed the fund since 2013

Purchase and sale of fund shares

Taxes

Payments to broker-dealers and other financial intermediaries

Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.

Principal investment strategies

Investment objective: The fund seeks 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.

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

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy based on investors’ expected retirement date (see the charts in each preceding “Fund Summary”).

The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. Each John Hancock Multimanager Lifetime Portfolio is designed for investors planning to retire around the designated year and has a target asset allocation reflecting this designation. A fund with a closer target retirement date will have a greater exposure to underlying funds primarily invested in fixed-income securities than will a John Hancock Multimanager Lifetime Portfolio with a more distant target retirement date. Over time, the fund’s asset allocation strategy will change according to a predetermined “glide path” shown in the “Fund summary.” As the glide path shows, the fund’s asset mix becomes more conservative as time elapses. This reflects the desire to reduce investment risk and volatility as retirement approaches.

The fund is designed for investors who may remain invested in the fund through their retirement years. After the fund reaches its designated retirement year, it will continue to be managed according to an allocation strategy that becomes increasingly conservative over time, until approximately twenty years after retirement when the fund is expected to maintain a static allocation of approximately 25% of its assets in underlying funds that invest primarily in equity securities.

The managers may, from time to time, adjust the percentage of assets invested in any specific underlying fund held by the fund. Such adjustments may be made to increase or decrease the fund’s holdings of particular asset classes and investment styles or to reflect fundamental changes in the investment environment. Over time, the asset allocation strategy will change according to a predetermined “glide path” shown in the chart in the preceding “Fund summary.” The target allocation may be changed without shareholder approval if it is believed that such change would benefit the fund and its shareholders. The glide path is intended to reduce investment risk and volatility as retirement approaches and in the postretirement years since the fund may be a primary source of income for its shareholders after retirement.

The allocations reflected in the glide path are also 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 based on the managers’ market outlook. 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.

Any such deviation from the target allocation is not expected to be greater than plus or minus 10%, although this range may be exceeded in light of market or economic conditions in an effort to protect the fund or achieve its objective. Any such decisions would be made by taking into account relevant factors such as the current and expected economic environment, various fundamental factors such as the valuations of various asset classes and various technical factors such as market sentiment. 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. The advisor believes the majority of performance will be driven by the long-term strategic asset allocation mix as opposed to any shorter-term tactical asset allocation decisions.

Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. The managers may, from time to time, adjust the percent of assets invested in any specific underlying fund held by the fund. Such adjustments may be made to increase or decrease the fund’s holdings of particular asset classes, to adjust the overall credit quality or duration of fixed-income securities held by the underlying funds or to rebalance the allocation to underlying funds. Adjustments may also be made to increase or reduce the percentage of the fund’s assets subject to the management of a particular underlying fund’s manager or to reflect fundamental changes in the investment environment. To maintain target allocations in the underlying funds, daily cash flows for the fund may be directed to its underlying funds that most deviate from the target.

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.

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. 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.

The fund may invest in exchange-traded funds (ETFs), the securities of other investment companies and directly in other types of investments, such as U.S. government securities and 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. The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund may also invest directly in exchange-traded notes (ETNs).

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.

The Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund if the target allocation of the fund matches the target allocation of the other fund. In such event, the fund’s shareholders will become shareholders of the other fund. To the extent permitted by applicable regulatory requirements, such a combination would be implemented without seeking the approval of shareholders. There is no assurance that the Board of Trustees at any point will determine to implement such a combination.

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 investment performance of the fund will reflect both its managers’ allocation decisions with respect to underlying funds and investments and the investment decisions made by the underlying funds.

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

Investing during transition periods

A fund may deviate from its principal investment strategies during transition periods, which may include the reassignment of portfolio management, a change in investment objective or strategy, a

reorganization or liquidation, or the occurrence of large inflows or outflows.

Temporary defensive investing

The fund may invest up to 100% of its assets in cash, money market instruments, or other investment-grade short-term securities for the purpose of protecting the fund in the event the managers determine that market, economic, political, or other conditions warrant a defensive posture.

To the extent that the fund is in a defensive position, its ability to achieve its investment objective will be limited.

Other permitted investments

The funds of funds may directly:

•	purchase U.S. government securities and short-term paper;

•	purchase shares of other registered open-end investment companies (and registered unit investment trusts) within the same “group of investment companies” as that term is defined in Section 12 of the Investment Company Act of 1940, as amended;

•	purchase shares of other registered open-end investment companies (and registered unit investment trusts) where the advisor is not the same as, or affiliated with, the advisor to the fund, including ETFs;

•	purchase ETNs;

•	invest in domestic and foreign equity securities, which may include common and preferred stocks of large-, mid-, and small-capitalization companies in both developed (including the United States) and emerging markets;

•

invest in domestic and foreign fixed-income securities, which may include debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation-protected securities, convertible bonds, mortgage-backed securities, asset-backed securities, and collateralized debt securities. Investments in fixed-income securities may include securities of issuers in both developed markets (including the United States) and emerging markets, and may include fixed-income securities rated below investment grade;

•	purchase securities of registered closed-end investment companies that are part of the same “group of investment companies” as that term is defined in Section 12 of the Investment Company Act of 1940, as amended;

•	invest up to 15% of its net assets in illiquid securities of entities such as limited partnerships and other pooled investment vehicles, such as hedge funds;

•	make short sales of securities (borrow and sell securities not owned by the fund), either to realize appreciation when a security that the fund does not own declines in value or as a hedge against potential declines in the value of a fund security; and

•

invest in qualified publicly traded partnerships and other publicly traded partnerships that, at the time of investment, the advisor believes will primarily generate only good income for purposes of qualifying as a regulated investment company under the Internal Revenue Code of 1986, as amended, including such publicly traded partnerships that invest principally in commodities or

commodity-linked derivatives (with the prior approval of the advisor’s Complex Securities Committee).

The funds may use various investment strategies such as hedging and other related transactions. For example, a fund may use derivative instruments (such as options, futures, and swaps) for hedging purposes, including hedging various market risks and managing the effective maturity or duration of debt instruments held by the fund. In addition, these strategies may be used to gain exposure to a particular security or securities market. The funds also may purchase and sell commodities and may enter into swap contracts and other commodity-linked derivative instruments, including those linked to physical commodities. Please refer to “Hedging and other strategic transactions risk” in the Statement of Additional Information (SAI).

Because of uncertainties under federal tax laws as to whether income from commodity-linked derivative instruments and certain other instruments would constitute qualifying income to a regulated investment company, no fund is permitted to invest directly in such instruments unless the manager obtains prior written approval from the advisor’s Complex Securities Committee. See “Additional information concerning taxes” in the SAI.

Principal risks of investing in the funds of funds

Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.

An investment in a fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Each fund’s shares will go up and down in price, meaning that you could lose money by investing in the fund. Many factors influence a fund’s performance. A fund’s investment strategy may not produce the intended results.

Instability in the financial markets has led many governments, including the U.S. government, to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility and, in some cases, a lack of liquidity. Federal, state, and other governments, and their regulatory agencies or self-regulatory organizations, may take actions that affect the regulation of the instruments in which a fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which each fund itself is regulated. Such legislation or regulation could limit or preclude each fund’s ability to achieve its investment objective. In addition, political events within the United States and abroad could negatively impact financial markets and each fund’s performance. Further, certain municipalities of the United States and its territories are financially strained and may face the possibility of default on their debt obligations, which could directly or indirectly detract from each fund’s performance.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation, and performance of each fund’s portfolio holdings. Furthermore, volatile financial markets can expose each fund to greater market and liquidity risk, increased

transaction costs, and potential difficulty in valuing portfolio instruments held by each fund.

The principal risks of investing in each fund are summarized in its fund summary above. Below are descriptions of the main factors that may play a role in shaping a fund’s overall risk profile. The descriptions appear in alphabetical order, not in order of importance. For further details about fund risks, including additional risk factors that are not discussed in this prospectus because they are not considered primary factors, see the funds’ Statement of Additional Information (SAI).

Credit and counterparty risk

This is the risk that an issuer of a U.S. government security, the counterparty to an over-the-counter (OTC) derivatives contract (see “Hedging, derivatives and other strategic transactions risk”) or a borrower of a fund’s securities will be unable or unwilling to make timely principal, interest or settlement payments or to otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury bonds).

The fund is exposed to credit risk to the extent it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

Economic and market events risk

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not

limited to: bankruptcies, corporate restructurings, and other similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China’s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

Beginning in March 2022, the Fed began increasing interest rates and has signaled the potential for further increases. As a result, risks associated with rising interest rates are currently heightened. It is difficult to accurately predict the pace at which the Fed will increase interest rates any further, or the timing, frequency or magnitude of any such increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such increases generally will cause market interest rates to rise and could cause the value of a fund’s investments, and the fund’s net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund’s performance.

In addition, as the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on the fund.

Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the fund’s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the

U.S. renegotiated many of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets.

Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the global securities markets likely will be significantly disrupted. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as “Brexit,” and the UK ceased to be a member of the EU. Following a transition period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK’s future relationship with the EU, the EU and the UK Government signed an agreement regarding the economic relationship between the UK and the EU. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. There remains significant market uncertainty regarding Brexit’s ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. This uncertainty may affect other countries in the EU and elsewhere, and may cause volatility within the EU, triggering prolonged economic downturns in certain countries within the EU. Despite the influence of the lockdowns, and the economic bounce back, Brexit has had a material impact on the UK’s economy. Additionally, trade between the UK and the EU did not benefit from the global rebound in trade in 2021, and remained at the very low levels experienced at the start of the coronavirus (COVID-19) pandemic in 2020, highlighting Brexit’s potential long-term effects on the UK economy.

In addition, Brexit may create additional and substantial economic stresses for the UK, including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign direct investment. Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate in market infrastructure (trading venues, clearing houses, settlement facilities) based in the EU. Additionally, the spread of the coronavirus (COVID-19) pandemic is likely to continue to stretch the resources and deficits of many countries in the EU and throughout the world, increasing the possibility that countries may be unable to make timely payments on their sovereign debt. These events and the resulting market volatility may have an adverse effect on the performance of the fund.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may

exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.

The United States responded to the coronavirus (COVID-19) pandemic and resulting economic distress with fiscal and monetary stimulus packages. In late March 2020, the government passed the Coronavirus Aid, Relief, and Economic Security Act, a stimulus package providing for over $2.2 trillion in resources to small businesses, state and local governments, and individuals adversely impacted by the coronavirus (COVID-19) pandemic. In late December 2020, the government also passed a spending bill that included $900 billion in stimulus relief for the coronavirus (COVID-19) pandemic. Further, in March 2021, the government passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus bill to accelerate the United States’ recovery from the economic and health effects of the coronavirus (COVID-19) pandemic. In addition, in mid-March 2020 the Fed cut interest rates to historically low levels and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government bonds. The Fed also enacted various programs to support liquidity operations and funding in the financial markets, including expanding its reverse repurchase agreement operations, adding $1.5 trillion of liquidity to the banking system, establishing swap lines with other major central banks to provide dollar funding, establishing a program to support money market funds, easing various bank capital buffers, providing funding backstops for businesses to provide bridging loans for up to four years, and providing funding to help credit flow in asset-backed securities markets. The Fed also extended credit to small- and medium-sized businesses.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia’s economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities

markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia’s invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a fund’s investments may be affected, which may reduce a fund’s performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund, resulting in a negative impact on a fund’s performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

ESG integration risk

The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing a fund. The portion of a fund’s investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that a fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria. Integration of ESG factors into a fund’s investment process may result in a manager making different investments for a fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and a fund’s investment performance may be affected. Because ESG factors are one of many considerations for a fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in a fund’s investments.

The ESG characteristics utilized in a fund’s investment process may change over time, and different ESG characteristics may be relevant to different investments. Although the manager has established its own structure to oversee ESG integration in accordance with the fund’s investment objective and strategies, successful integration of ESG factors will depend on the manager’s skill in researching, identifying, and

applying these factors, as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting decisions and other factors, is subject to the interpretation of the manager in accordance with the fund’s investment objective and strategies. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a fund to change its investment process with respect to ESG integration.

Exchange-traded funds (ETFs) risk

ETFs are a type of investment company bought and sold on a securities exchange. A fund could purchase shares of an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning shares of an ETF include the risks of directly owning the underlying securities and other instruments the ETF holds. A lack of liquidity in an ETF (e.g., absence of an active trading market) could result in the ETF being more volatile than its underlying securities. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in the ETF’s shares trading at a significant premium or discount to its net asset value (NAV). An ETF has its own fees and expenses, which are indirectly borne by the fund. A fund may also incur brokerage and other related costs when it purchases and sells ETFs. Also, in the case of passively-managed ETFs, there is a risk that an ETF may fail to closely track the index or market segment that it is designed to track due to delays in the ETF’s implementation of changes to the composition of the index or other factors.

Exchange-traded notes (ETNs) risk

ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed-income securities and trade on a major exchange similar to shares of ETFs. This type of debt security differs, however, from other types of bonds and notes because ETN returns are based upon the performance of a market index minus applicable fees, no period coupon payments are distributed, and no principal protections exist. The purpose of ETNs is to create a type of security that combines the aspects of both bonds and ETFs. The value of an ETN may be influenced by time to maturity; level of supply and demand for the ETN; volatility and lack of liquidity in underlying commodities or securities markets; changes in the applicable interest rates; changes in the issuer’s credit rating; and economic, legal, political, or geographic events that affect the referenced commodity or security. The fund’s decision to sell its ETN holdings also may be limited by the availability of a secondary market. If the fund must sell some or all of its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. If the fund holds its investment in an ETN until maturity, the issuer will give the fund a cash amount that would be equal to the principal amount (subject to the day’s index factor). ETNs are also subject to counterparty credit risk and fixed-income risk.

Fund of funds risk

The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses, and ability to meet their investment objectives; and (ii) properly rebalancing assets

among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives.

Affiliated subadvised fund conflicts of interest risk

The subadvisor may allocate the fund’s assets without limit to underlying funds managed by the subadvisor and/or other affiliated subadvisors (affiliated subadvised funds). Accordingly, rebalancings of the assets of the fund present a conflict of interest because there is an incentive for the subadvisor to allocate assets to the subadvisor and other affiliated subadvised funds rather than underlying funds managed by unaffiliated subadvisors. In this regard, the subadvisor and other affiliated subadvisors of affiliated subadvised funds benefit from the subadvisor’s allocations of fund assets to such funds through the additional subadvisory fees they earn on such allocated fund assets. The subadvisor has a duty to allocate assets only to underlying funds it has determined are in the best interests of shareholders, and make allocations to affiliated subadvised funds on this basis without regard to any such economic incentive. As part of its oversight of the fund and the subadvisor, the advisor will monitor to ensure that allocations are conducted in accordance with these principles.

Multi-manager risk; limited universe of subadvisors and underlying funds

The fund’s ability to achieve its investment objective depends upon the subadvisor’s skill in determining the fund’s strategic allocation to investment strategies and in selecting the best mix of underlying funds. The allocation of investments among the different subadvisors managing underlying funds with different styles and asset classes, such as equity, debt, U.S., or foreign securities, may have a more significant effect on the performance of a fund of funds when one of these investments is performing more poorly than the other. There is no assurance that allocation decisions will result in the desired effects. Investment decisions made by the subadvisor may cause a fund of funds to incur losses or to miss profit opportunities on which it might otherwise have capitalized. Moreover, at times, the subadvisor may invest fund assets in underlying funds managed by a limited number of subadvisors. In such circumstances, the fund’s performance could be substantially dependent on the performance of these subadvisors. Similarly, the subadvisor’s allocation of a fund of fund’s assets to a limited number of underlying funds may adversely affect the performance of the fund of funds, and, in such circumstances, it will be more sensitive to the performance and risks associated with those funds and any investments in which such underlying funds focus.

Hedging, derivatives, and other strategic transactions risk

have the desired outcome, it could result in a significant loss to a fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can exceed a fund’s initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform as promised.

A fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates, or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. A fund may use derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to efficiently adjust the exposure of a fund to various securities, markets, and currencies without a fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a fund uses derivatives for leverage, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit risks associated with leverage, a fund is required to comply with the Derivatives Rule as outlined below. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many derivatives to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that enter into swaps with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the Commodity Futures Trading Commission (CFTC) has released final rules relating to clearing, reporting, recordkeeping and registration requirements under the legislation, many of the provisions are subject to further final rule making, and thus its ultimate impact remains unclear. New regulations could, among other things, restrict a fund’s ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available to the fund) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), and a fund may be unable to fully execute its investment strategies as a result. Limits or restrictions applicable to the counterparties with which a fund engages in derivative transactions also could prevent the fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments.

In addition, the regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, effective August 19, 2022 (the Compliance Date), Rule 18f-4 under the Investment Company Act of 1940 (the Derivatives Rule) replaced the asset segregation regime of Investment Company Act Release No. 10666 (Release 10666) with a new framework for the use of derivatives by registered funds. As of the Compliance Date, the SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund’s use of derivatives and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the funds will no longer engage in “segregation” or “coverage” techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations (VaR); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund’s derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user (Limited Derivatives User) under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as “derivatives transactions” subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the Investment Company Act of 1940. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of a fund. Legislation or regulation may change the way in which a fund itself is regulated. The advisor cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect a fund’s ability to achieve its investment objectives.

counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, a fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market conditions. To the extent a fund contracts with a limited number of counterparties, the fund’s risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks, including market risk, liquidity risk and operational risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives transactions and could limit a fund’s ability to pursue its investment strategies.

A detailed discussion of various hedging and other strategic transactions appears in the SAI. To the extent that a fund utilizes the following list of certain derivatives and other strategic transactions, it will be subject to associated risks. The main risks of each appear below.

Credit default swaps. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving credit default swaps.

Foreign currency forward contracts. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), foreign currency risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.

Futures contracts. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.

Interest-rate swaps. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, and risk

of disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

Options. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options.

Investment company securities risk

A fund may invest in securities of other investment companies. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Investments in closed-end funds may involve the payment of substantial premiums above the value of such investment companies’ portfolio securities.

Lifecycle risk

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.

Operational and cybersecurity risk

With the increased use of technologies, such as mobile devices and “cloud”-based service offerings and the dependence on the internet and computer systems to perform necessary business functions, the fund’s service providers are susceptible to operational and information or cybersecurity risks that could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices (such as through “hacking” activity or “phishing”); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers’ systems or websites rendering them unavailable to intended users or via “ransomware” that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a fund, the advisor, a manager, or other service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such incidents could affect issuers in which a fund invests, and thereby cause the fund’s investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor’s relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

The fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises (such as the coronavirus (COVID-19) pandemic), may adversely affect the fund’s ability to conduct business, in particular if the fund’s employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the fund’s employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the fund’s business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

Short sales risk

A fund may make short sales of securities. This means a fund may sell a security that it does not own in anticipation of a decline in the market value of the security. A fund generally borrows the security to deliver to the buyer in a short sale. The fund must then buy the security at its market price when the borrowed security must be returned to the lender. Short sales involve costs and risk. The fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security. Further, if other short positions of the same security are closed out at the same time, a “short squeeze” can occur where demand exceeds the supply for the security sold short. A short squeeze makes it more likely that the fund will need to replace the borrowed security at an unfavorable price. A fund may also make short sales “against the box.” In a short sale against the box, at the time of sale, the fund owns or has the right to acquire the identical security, or one equivalent in kind or amount, at no additional cost.

Until a fund closes its short position or replaces a borrowed security, a fund will comply with all applicable regulatory requirements, including the Derivatives Rule.

Target allocation risk

The target allocation chart illustrates the fund’s target allocation between equity and fixed-income securities. When the fund has a greater asset mix of equity securities, it will be less conservative and have more equity securities risk exposure. These risks are explained under “Equity securities risk.” Over time, as the fund gets closer to its target date, its asset mix becomes more conservative as it contains more fixed-income and short-term fixed-income securities. The risks associated with fixed-income and short-term fixed-income securities are explained under “Fixed-income securities risk,” “Interest-rate risk,” “Credit and counterparty risk,” and “Lower-rated and high-yield fixed-income securities risk.” The fund’s transformation reflects the need to reduce investment risk as retirement approaches and the need for lower volatility since the fund may be a primary source of income for an investor after retirement.

Principal risks of investing in the underlying funds

By owning shares of underlying funds, the fund indirectly invests, to varying degrees, in equity securities of U.S. companies, including small- and medium-sized companies, and in fixed-income securities. Many of the underlying funds also invest in foreign securities. In addition, most of the underlying funds may invest in derivatives. To the extent that the fund invests directly in these securities or investments, the fund will be subject to the same risks. In this section, an underlying fund is referred to as a fund.

Commodity risk

The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of shares of the fund to fall. Exposure to commodities and commodities markets may subject the fund to greater volatility than investments in traditional securities. Certain types of commodities instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

Commodities markets generally, and the energy sector specifically, had been adversely impacted by the reduced demand for oil and other commodities as a result of the slowdown in economic activity resulting from the spread of the coronavirus (COVID-19) pandemic in 2020. Global oil prices declined significantly at the beginning of the coronavirus (COVID-19) pandemic and have experienced significant price volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil had slowed and oil storage facilities had reached their storage capacities. The impact on such commodities markets from varying levels of demand may continue to be volatile for an extended period of time.

Credit and counterparty risk

This is the risk that an issuer of a U.S. government security, the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see “Hedging, derivatives, and other strategic transactions risk”), or a borrower of a fund’s securities will be unable or unwilling to make timely principal, interest, or settlement payments, or to otherwise honor its obligations. Credit risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund’s share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities. U.S. government securities are subject to varying degrees of credit risk

depending upon whether the securities are supported by the full faith and credit of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody’s Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, at the time of investment, or determined by a manager to be of comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many foreign governments, including their subdivisions and instrumentalities, falls into this category. Below-investment-grade securities offer the potential for higher investment returns than higher-rated securities, but they carry greater credit risk: their issuers’ continuing ability to meet principal and interest payments is considered speculative, they are more susceptible to real or perceived adverse economic and competitive industry conditions, and they may be less liquid than higher-rated securities.

In addition, a fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While managers monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

Economic and market events risk

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets,

both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China’s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.

the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets.

necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.

have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia’s invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

Equity securities risk

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies in which the fund is invested declines, or if overall market and economic conditions deteriorate. An issuer’s financial condition could decline as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial condition of a single issuer can impact the market as a whole.

Even a fund that invests in high-quality, or blue chip, equity securities, or securities of established companies with large market capitalizations (which generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

A fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor performance.

Growth investment style risk. Certain equity securities (generally referred to as growth securities) are purchased primarily because a manager believes that these securities will experience relatively rapid earnings growth. Growth securities typically trade at higher multiples of current earnings than other securities. Growth securities are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, growth stock prices typically fall.

Value investment style risk. Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling at prices below what the manager believes to be their fundamental value and not necessarily because the issuing companies are expected to experience significant earnings growth. The fund bears the risk that the companies that issued these securities may not overcome the adverse business developments or other factors causing their securities to be perceived by the manager to be underpriced or that the market may never come to recognize their fundamental value. A value security may not increase in price, as anticipated by the manager investing in such securities, if other investors fail to recognize the company’s value and bid up the price or invest in markets favoring faster growing companies. The fund’s strategy of investing in value securities also carries the risk that in certain markets, value securities will underperform growth securities. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to economic, political or regulatory conditions in foreign countries.

ESG integration risk

factors will depend on the manager’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting decisions and other factors, is subject to the interpretation of the manager in accordance with the fund’s investment objective and strategies. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a fund to change its investment process with respect to ESG integration.

Fixed-income securities risk

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit quality risk.

Interest-rate risk. Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes into account the time value of cash flows generated over the life of a debt security. Recent and potential future changes in government monetary policy may affect interest rates.

Beginning in March 2022, the Federal Reserve Board (Fed) began increasing interest rates and has signaled the potential for further increases. It is difficult to accurately predict the pace at which the Fed will increase interest rates any further, or the timing, frequency or magnitude of any such increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such increases generally will cause market interest rates to rise and could cause the value of a fund’s investments, and the fund’s net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund’s performance.

The fixed-income securities market has been and may continue to be negatively affected by the coronavirus (COVID-19) pandemic. As with other serious economic disruptions, governmental authorities and regulators responded with significant fiscal and monetary policy changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. Similarly,

negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the fund’s uninvested cash.

Credit quality risk. Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. An issuer’s credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities.

Investment-grade fixed-income securities in the lowest rating category risk. Investment-grade fixed-income securities in the lowest rating category (such as Baa by Moody’s Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

Prepayment of principal risk. Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves.

Foreign securities risk

Funds that invest in securities traded principally in securities markets outside the United States are subject to additional and more varied risks, as the value of foreign securities may change more rapidly and extremely than the value of U.S. securities. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities may not be subject to the same degree of regulation as U.S. issuers. Reporting, accounting, and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. There are generally higher commission rates on foreign portfolio transactions, transfer taxes, higher custodial costs, and the possibility that foreign taxes will be charged on dividends and interest payable on foreign

securities, some or all of which may not be reclaimable. Also, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency or assets from a country); political changes; or diplomatic developments could adversely affect a fund’s investments. In the event of nationalization, expropriation, confiscatory taxation, or other confiscation, the fund could lose a substantial portion of, or its entire investment in, a foreign security. Some of the foreign securities risks are also applicable to funds that invest a material portion of their assets in securities of foreign issuers traded in the United States.

If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Additionally, the Holding Foreign Companies Accountable Act (HFCAA) could cause securities of foreign companies, including American depositary receipts, to be delisted from U.S. stock exchanges if the companies do not allow the U.S. government to oversee the auditing of their financial information. Although the requirements of the HFCAA apply to securities of all foreign issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, a fund’s ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The fund may also need to seek other markets in which to transact in such securities, which could increase the fund’s costs.

Emerging-market risk. Investments in the securities of issuers based in countries with emerging-market economies are subject to greater levels of risk and uncertainty than investments in more-developed foreign markets, since emerging-market securities may present market, credit, currency, liquidity, legal, political, and other risks greater than, or in addition to, the risks of investing in developed foreign countries. These risks include high currency exchange-rate fluctuations; increased risk of default (including both government and private issuers); greater social, economic, and political uncertainty and instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on a fund’s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging-market countries; the fact that companies in emerging-market countries may be newly organized, smaller, and less seasoned; the difference in, or lack of, auditing and financial reporting requirements or standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and non-U.S. persons, including company directors and officers, in foreign jurisdictions; and significantly smaller market capitalizations of emerging-market issuers. In addition, shareholders of emerging market issuers, such as the fund, often have limited rights and few practical remedies in emerging markets. Finally, the risks associated with investments in emerging markets often are

significant, and vary from jurisdiction to jurisdiction and company to company.

Currency risk. Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Currency risk includes both the risk that currencies in which a fund’s investments are traded, or currencies in which a fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund’s currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund’s portfolio losses and reduce opportunities for gain when interest rates, stock prices, or currency rates are changing.

Hedging, derivatives, and other strategic transactions risk

The ability of a fund to utilize hedging, derivatives, and other strategic transactions to benefit the fund will depend in part on its manager’s ability to predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk, and other risk factors, none of which can be assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select a fund’s securities. Even if the manager only uses hedging and other strategic transactions in a fund primarily for hedging purposes or to gain exposure to a particular securities market, if the transaction does not have the desired outcome, it could result in a significant loss to a fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can exceed a fund’s initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform as promised.

A fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets,

reference rates, or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. A fund may use derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to efficiently adjust the exposure of a fund to various securities, markets, and currencies without a fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a fund uses derivatives for leverage, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit risks associated with leverage, a fund is required to comply with the Derivatives Rule as outlined below. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities and other, more traditional assets. In particular, the use of derivative instruments exposes a fund to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction, although either party may engage in an offsetting transaction that puts that party in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party’s consent to assign the transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, a fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments

owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market conditions. To the extent a fund contracts with a limited number of counterparties, the fund’s risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks, including market risk, liquidity risk and operational risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives transactions and could limit a fund’s ability to pursue its investment strategies.

Interest-rate swaps. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

Illiquid and restricted securities risk

Certain securities are considered illiquid or restricted due to a limited trading market, legal or contractual restrictions on resale or transfer, or are otherwise illiquid because they cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Securities that have limitations on their resale are referred to as “restricted securities.”

Certain restricted securities that are eligible for resale to qualified institutional purchasers may not be regarded as illiquid. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Market quotations for such securities may be volatile and/or subject to large spreads between bid and ask price. Illiquidity may have an adverse impact on market price and the fund’s ability to sell particular securities when necessary to meet the fund’s liquidity needs or in response to a specific economic event. The fund may incur additional expense when disposing of illiquid or restricted securities, including all or a portion of the cost to register the securities.

Inflation-protected securities risk

Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise, and rises when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

Initial public offerings (IPOs) risk

Certain funds may invest a portion of their assets in shares of IPOs. IPOs may have a magnified impact on the performance of a fund with a small asset base. The impact of IPOs on a fund’s performance will likely decrease as the fund’s asset size increases, which could reduce the fund’s returns. IPOs may not be consistently available to a fund for investing, particularly as the fund’s asset base grows. IPO shares are frequently volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, a fund may hold IPO shares for a very short period of time. This may increase the turnover of a fund and may lead to increased expenses for a fund, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

Large company risk

Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. These risks apply to all funds that invest in securities of companies with large market capitalizations. Market capitalizations of companies change over time. A fund may not be obligated to sell a company’s security simply because, subsequent to its purchase, the company’s market capitalization has changed to be outside the capitalization range, if any, in effect for the fund.

Liquidity risk

The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging

markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market’s growth. As a result, dealer inventories of corporate bonds, which indicate the ability to “make markets,” i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

Lower-rated and high-yield fixed-income securities risk

Lower-rated fixed-income securities are defined as securities rated below investment grade (such as Ba and below by Moody’s Investors Service, Inc. and BB and below by S&P Global Ratings and Fitch Ratings, as applicable) (also called junk bonds). The general risks of investing in these securities are as follows:

Risk to principal and income. Investing in lower-rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher-rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt.

Price volatility. The price of lower-rated fixed-income securities may be more volatile than securities in the higher-rated categories. This volatility may increase during periods of economic uncertainty or change. The price of these securities is affected more than higher-rated fixed-income securities by the market’s perception of their credit quality, especially during times of adverse publicity. In the past, economic downturns or increases in interest rates have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates have an even greater effect on highly leveraged issuers of these securities.

Liquidity. The market for lower-rated fixed-income securities may have more limited trading than the market for investment-grade fixed-income securities. Therefore, it may be more difficult to sell these securities, and these securities may have to be sold at prices below their market value in order to meet redemption requests or to respond to changes in market conditions.

Dependence on manager’s own credit analysis. While a manager may rely on ratings by established credit rating agencies, it will also supplement such ratings with its own independent review of the credit quality of the issuer. Therefore, the assessment of the credit risk of lower-rated fixed-income securities is more dependent on the manager’s evaluation than the assessment of the credit risk of higher-rated securities.

Additional risks regarding lower-rated corporate fixed-income securities. Lower-rated corporate fixed-income securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated corporate fixed-income securities. Issuers of lower-rated corporate fixed-income securities may also be

highly leveraged, increasing the risk that principal and income will not be repaid.

Additional risks regarding lower-rated foreign government fixed-income securities. Lower-rated foreign government fixed-income securities are subject to the risks of investing in foreign countries described under “Foreign securities risk.” In addition, the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political conditions within the country. Emerging-market countries may experience high inflation, interest rates, and unemployment, as well as exchange-rate fluctuations which adversely affect trade and political uncertainty or instability. These factors increase the risk that a foreign government will not make payments when due.

Mortgage-backed and asset-backed securities risk

Mortgage-backed securities. Mortgage-backed securities represent participating interests in pools of residential mortgage loans, which are guaranteed by the U.S. government, its agencies, or its instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments, and not to the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by a fund and not the purchase of shares of the fund.

Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks, and savings and loan associations. Such securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments which are, in effect, a pass-through of the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed security will mature when all the mortgages in the pool mature or are prepaid. Therefore, mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall.

When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on a fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower interest rate. Because prepayments increase when interest rates fall, the prices of mortgage-backed securities do not increase as much as other fixed-income securities when interest rates fall.

When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise.

The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying property or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic, demographic, and social factors and, accordingly, it is not possible to accurately predict the average life of

a particular pool. The actual prepayment experience of a pool of mortgage loans may cause the yield realized by a fund to differ from the yield calculated on the basis of the average life of the pool. In addition, if a fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment, which may result in a loss to the fund.

Prepayments tend to increase during periods of falling interest rates, while during periods of rising interest rates, prepayments are likely to decline. Monthly interest payments received by a fund have a compounding effect, which will increase the yield to shareholders as compared to debt obligations that pay interest semiannually. Because of the reinvestment of prepayments of principal at current rates, mortgage-backed securities may be less effective than U.S. Treasury bonds of similar maturity at maintaining yields during periods of declining interest rates. Also, although the value of debt securities may increase as interest rates decline, the value of these pass-through types of securities may not increase as much, due to their prepayment feature.

The mortgage-backed securities market has been and may continue to be negatively affected by the coronavirus (COVID-19) pandemic. The U.S. government, its agencies or its instrumentalities may implement initiatives in response to the economic impacts of the coronavirus (COVID-19) pandemic applicable to federally backed mortgage loans. These initiatives could involve forbearance of mortgage payments or suspension or restrictions of foreclosures and evictions. The fund cannot predict with certainty the extent to which such initiatives or the economic effects of the pandemic generally may affect rates of prepayment or default or adversely impact the value of the fund’s investments in securities in the mortgage industry as a whole.

Collateralized mortgage obligations (CMOs). A fund may invest in mortgage-backed securities called CMOs. CMOs are issued in separate classes with different stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in classes with shorter maturities first. By investing in CMOs, a fund may manage the prepayment risk of mortgage-backed securities. However, prepayments may cause the actual maturity of a CMO to be substantially shorter than its stated maturity.

Asset-backed securities. Asset-backed securities include interests in pools of debt securities, commercial or consumer loans, or other receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the pool and its structure, the credit quality of the underlying assets, the market’s perception of the servicer of the pool, and any credit enhancement provided. In addition, asset-backed securities have prepayment risks similar to mortgage-backed securities.

Non-diversified risk

Overall risk can be reduced by investing in securities from a diversified pool of issuers, while overall risk is increased by investing in securities of a small number of issuers. If a fund is not diversified within the meaning of the Investment Company Act of 1940, as amended, that means it is allowed to invest a large portion of assets in any one issuer or a small number of issuers, which may result in greater susceptibility to associated risks. As a result, credit, market, and other risks associated

with a non-diversified fund’s investment strategies or techniques may be more pronounced than for funds that are diversified.

Operational and cybersecurity risk

Preferred and convertible securities risk

Unlike interest on debt securities, preferred stock dividends are payable only if declared by the issuer’s board. Also, preferred stock may be

subject to optional or mandatory redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted, depending on whether the market price of the underlying security exceeds the conversion price.

Sector risk

When a fund’s investments are focused in one or more sectors of the economy, they are less broadly invested across industries or sectors than other funds. This means that focused funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly. In addition, a fund that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector or a group of related sectors as a whole.

Small and mid-sized company risk

Market risk and liquidity risk may be pronounced for securities of companies with medium-sized market capitalizations and are particularly pronounced for securities of companies with smaller market capitalizations. These companies may have limited product lines, markets, or financial resources, or they may depend on a few key employees. The securities of companies with medium and smaller market capitalizations may trade less frequently and in lesser volume than more widely held securities, and their value may fluctuate more sharply than those securities. They may also trade in the OTC market or on a regional exchange, or may otherwise have limited liquidity. Investments in less-seasoned companies with medium and smaller market capitalizations may present greater opportunities for growth and capital appreciation, but also involve greater risks than are customarily associated with more established companies with larger market capitalizations. These risks apply to all funds that invest in the securities of companies with smaller- or medium-sized market capitalizations. Market capitalizations of companies change over time. A fund may not be obligated to sell a company’s security simply because, subsequent to its purchase, the company’s market capitalization has changed to be outside the capitalization range, if any, in effect for the fund.

Who’s who

The following are the names of the various entities involved with each fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Board of Trustees

The Trustees oversee each fund’s business activities and retain the services of the various firms that carry out the funds’ operations.

Investment advisor

The investment advisor manages the funds’ business and investment activities.

John Hancock Investment Management LLC
200 Berkeley Street
Boston, MA 02116

Founded in 1968, the advisor is an indirect principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

The advisor’s parent company has been helping individuals and institutions work toward their financial goals since 1862. The advisor offers investment solutions managed by leading institutional money managers, taking a disciplined team approach to portfolio management and research, leveraging the expertise of seasoned investment professionals. As of September 30, 2022, the advisor had total assets under management of approximately $138.6 billion.

Subject to general oversight by the Board of Trustees, the advisor manages and supervises the investment operations and business affairs of the funds. The advisor selects, contracts with and compensates one or more subadvisors to manage all or a portion of the funds’ portfolio assets, subject to oversight by the advisor. In this role, the advisor has supervisory responsibility for managing the investment and reinvestment of the funds’ portfolio assets through proactive oversight and monitoring of a subadvisor and the funds, as described in further detail below. The advisor is responsible for developing overall investment strategies for the funds and overseeing and implementing the funds’ continuous investment programs and provides a variety of advisory oversight and investment research services. The advisor also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor changes) and coordinates and oversees services provided under other agreements.

The advisor has ultimate responsibility to oversee a subadvisor and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the advisor, among other things: (i) monitors on a daily basis the compliance of the subadvisor with the investment objectives and related policies of the funds; (ii) monitors significant changes that may impact the subadvisor’s overall business and regularly performs due diligence reviews of the subadvisor; (iii) reviews the performance of the subadvisor; and (iv) reports periodically on such performance to the Board of Trustees. The advisor employs a team of investment professionals who provide these ongoing research and monitoring services.

The funds rely on an order from the Securities and Exchange Commission (SEC) permitting the advisor, subject to approval by the Board of Trustees, to appoint a subadvisor or change the terms of a subadvisory agreement without obtaining shareholder approval. The funds, therefore, are able to change subadvisors or the fees paid to a subadvisor, from time to time, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the advisor to appoint a subadvisor that is an affiliate of the advisor or the funds (other than by reason of serving as a subadvisor to the funds), or to increase the subadvisory fee of an affiliated subadvisor, without the approval of the shareholders.

Management fees

Each fund pays the advisor a management fee for its services to the fund. The advisor in turn pays the fees of the subadvisor. The management fee has two components: (1) a fee on assets invested in a fund of John Hancock Funds II (JHF II) or John Hancock Funds III (JHF III); and (2) a fee on assets invested in investments other than a fund of JHF II or JHF III (other assets).

The fee on assets invested in a fund of JHF II or JHF III is stated as an annual percentage of the aggregate net assets of the fund (together with the assets of any other applicable fund identified in the advisory agreement) determined in accordance with the following schedule, and that rate is applied to the average daily net assets of the fund.

Advisory fee on assets invested in a fund of JHF II and JHF III


	Aggregate net assets of the fund (%)
First $7.5 billion	0.060
Excess over $7.5 billion	0.050

The fee on other assets is stated as an annual percentage of the aggregate net assets of the fund (together with the assets of any other applicable fund identified in the advisory agreement), determined in accordance with the following schedule, and that rate is applied to the average daily net assets of the fund.

Advisory fee on other assets


	Aggregate net assets of the fund (%)
First $7.5 billion	0.510
Excess over $7.5 billion	0.500

During its most recent fiscal period, each fund paid the advisor a management fee as a percentage of average daily net assets, including any waivers or reimbursements, as follows:

Multimanager 2065 Lifetime Portfolio: 0.00%

Multimanager 2060 Lifetime Portfolio: 0.00%

Multimanager 2055 Lifetime Portfolio: 0.00%

Multimanager 2050 Lifetime Portfolio: 0.00%

Multimanager 2045 Lifetime Portfolio: 0.00%

Multimanager 2040 Lifetime Portfolio: 0.00%

Multimanager 2035 Lifetime Portfolio: 0.00%

Multimanager 2030 Lifetime Portfolio: 0.00%

Multimanager 2025 Lifetime Portfolio: 0.00%

Multimanager 2020 Lifetime Portfolio: 0.00%

Multimanager 2015 Lifetime Portfolio: 0.00%

Multimanager 2010 Lifetime Portfolio: 0.00%

The basis for the Board of Trustees’ approval of the advisory fees, and of the investment advisory agreement overall, including the subadvisory agreement, is discussed in the fund’s most recent annual shareholder report for the period ended August 31.

The subadvisor will benefit from increased subadvisory fees when assets are allocated to affiliated subadvised funds that it manages. In addition, Manulife Financial Corporation, as the parent company of the subadvisor and all affiliated investment advisors, will benefit through increased revenue generated from the fees on assets managed by the affiliated subadvisor. Accordingly, there is a conflict of interest in that there is an incentive for the subadvisor to allocate fund assets to funds subadvised

by the subadvisor and other affiliated subadvised funds. However, the subadvisor has a duty to allocate assets to an affiliated subadvised fund (and to affiliated underlying funds more broadly) only when the subadvisor believes it is in the best interests of fund shareholders, without regard to any economic incentive. As part of its oversight of the funds and the subadvisor, the advisor will monitor to ensure that allocations and the subadvisor’s compensation practices are conducted in accordance with these principles. This conflict of interest is also considered by the Independent Trustees when approving or replacing affiliated subadvisors.

Additional information about fund expenses

Each fund’s annual operating expenses will likely vary throughout the period and from year to year. Each fund’s expenses for the current fiscal year may be higher than the expenses listed in the fund’s “Annual fund operating expenses” table, for some of the following reasons: (i) a significant decrease in average net assets may result in a higher advisory fee rate if any advisory fee breakpoints are not achieved; (ii) a significant decrease in average net assets may result in an increase in the expense ratio because certain fund expenses do not decrease as asset levels decrease; or (iii) fees may be incurred for extraordinary events such as fund tax expenses.

The advisor voluntarily agrees to waive its advisory fee for each Multimanager Lifetime Portfolio 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 0.51% of the fund’s first $7.5 billion of average net assets and 0.50% of the fund’s average net assets in excess of $7.5 billion. The advisor may terminate this voluntary waiver at any time upon notice to the fund.

Subadvisor

The subadvisor handles the funds’ portfolio management activities, subject to oversight by the advisor.

Manulife Investment Management (US) LLC
197 Clarendon Street
Boston, MA 02116

Manulife Investment Management (US) LLC (Manulife IM (US)) provides investment advisory services to individual and institutional investors. Manulife IM (US) is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial Corporation) and, as of September 30, 2022, had total assets under management of approximately $174 billion.

The following are brief biographical profiles of the leaders of the subadvisor’s investment management team, in alphabetical order. These managers are jointly and primarily responsible for the day-to-day management of each fund’s portfolio. These managers are employed by Manulife IM (US). For more details about these individuals, including information about their compensation, other accounts they manage, and any investments they may have in the funds, see the SAI.

Geoffrey Kelley, CFA

•	Senior Managing Director, Senior Portfolio Manager and Global Head of Strategic Asset Allocation, Multi-Asset Solutions Team

•	Managed each fund since 2023

•	Joined Manulife IM (US) in 2018

•	Began business career in 1995

David Kobuszewski, CFA

•	Managing Director, Portfolio Manager and Senior Investment Analyst, Multi-Asset Solutions Team

•	Managed each fund since 2023

•	Joined Manulife IM (US) in 2018

•	Began business career in 2000

Robert E. Sykes, CFA

•	Senior Managing Director, Senior Portfolio Manager and Head of Asset Allocation, U.S., Multi-Asset Solutions Team

•	Managed each fund except for the Multimanager 2065 Lifetime Portfolio since 2018

•	Managed the Multimanager 2065 Lifetime Portfolio since 2020

•	Joined Manulife IM (US) in 2008

•	Began business career in 2001

Nathan W. Thooft, CFA

•	Chief Investment Officer and Senior Portfolio Manager, Multi-Asset Solutions Team

•	Managed each fund except for the Multimanager 2060 Lifetime Portfolio and Multimanager 2055 Lifetime Portfolio since 2013

•	Managed the Multimanager 2055 Lifetime Portfolio since 2014

•	Managed the Multimanager 2060 Lifetime Portfolio since 2016

•	Managed the Multimanager 2065 Lifetime Portfolio since 2020

•	Joined Manulife IM (US) in 2008

•	Began business career in 2000

Custodian

The custodian holds the funds’ assets, settles all portfolio trades, and collects most of the valuation data required for calculating the funds’ net asset value.

State Street Bank and Trust Company
State Street Financial Center
One Lincoln Street
Boston, Massachusetts 02111

Principal distributor

The principal distributor markets the funds and distributes shares through selling brokers, financial planners, and other financial professionals.

John Hancock Investment Management Distributors LLC
200 Berkeley Street
Boston, MA 02116

Transfer agent

The transfer agent handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy-and-sell requests.

John Hancock Signature Services, Inc.
P.O. Box 219909
Kansas City, MO 64121-9909

Additional information

Each fund has entered into contractual arrangements with various parties that provide services to the fund, which may include, among others, the advisor, subadvisor, custodian, principal distributor, and transfer agent, as described above and in the SAI. Fund shareholders are not parties to, or intended or “third-party” beneficiaries of, any of these contractual arrangements. These contractual arrangements are not intended to, nor do they, create in any individual shareholder or group of shareholders any right, either directly or on behalf of the fund, to either: (a) enforce such contracts against the service providers; or (b) seek any remedy under such contracts against the service providers.

The advisor internally credits a portion of its profits to an affiliated business, John Hancock Retirement (JHR), which is the record keeper for certain 401(k) plans that invest in Class R6 shares. JHR may reduce the record keeping fees paid to it by such 401(k) plans by a commensurate amount. JHR may discontinue this practice with adequate notice to plan sponsors.

This prospectus provides information concerning the funds that you should consider in determining whether to purchase shares of the funds. Each of this prospectus, the SAI, or any contract that is an exhibit to the funds’ registration statement, is not intended to, nor does it, give rise to an agreement or contract between the funds and any investor. Each such document also does not give rise to any contract or create rights in any individual shareholder, group of shareholders, or other person. The foregoing disclosure should not be read to suggest any waiver of any rights conferred by federal or state securities laws.

Financial highlights

These tables detail the financial performance of each share class described in this prospectus, including total return information showing how much an investment in a fund has increased or decreased each period (assuming reinvestment of all dividends and distributions). Certain information reflects financial results for a single fund share.

The financial statements of the funds as of August 31, 2022, have been audited by PricewaterhouseCoopers LLP (PwC), the funds’ independent registered public accounting firm. The report of PwC, along with the funds’ financial statements in the funds’ annual report for the fiscal period ended August 31, 2022, has been incorporated by reference into the SAI. Copies of the funds’ most recent annual report are available upon request.

Multimanager 2065 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	13.58	0.10 ⁶	(2.53 )	(2.43 )	(0.10 )	(0.32 )	(0.42 )	10.73	(18.51 )	1.40	0.42	0.80 ⁶	190	52
08-31-2021⁷	10.00	0.06 ⁶	3.62	3.68	(0.05 )	(0.05 )	(0.10 )	13.58	36.98 ⁸	5.26 ⁹	0.42 ⁹	0.51 ^{6, 9}	146	33
Class I
08-31-2022	13.61	0.15 ⁶	(2.55 )	(2.40 )	(0.14 )	(0.32 )	(0.46 )	10.75	(18.29 )	1.10	0.12	1.19 ⁶	54	52
08-31-2021⁷	10.00	0.13 ⁶	3.59	3.72	(0.06 )	(0.05 )	(0.11 )	13.61	37.39 ⁸	4.96 ⁹	0.12 ⁹	1.13 ^{6, 9}	68	33
Class R2
08-31-2022	13.59	0.13 ⁶	(2.54 )	(2.41 )	(0.12 )	(0.32 )	(0.44 )	10.74	(18.36 )	1.25	0.26	1.05 ⁶	54	52
08-31-2021⁷	10.00	0.11 ⁶	3.59	3.70	(0.06 )	(0.05 )	(0.11 )	13.59	37.14 ⁸	5.11 ⁹	0.26 ⁹	0.98 ^{6, 9}	68	33
Class R4
08-31-2022	13.60	0.14 ⁶	(2.54 )	(2.40 )	(0.13 )	(0.32 )	(0.45 )	10.75	(18.26 )	1.25	0.16	1.15 ⁶	54	52
08-31-2021⁷	10.00	0.12 ⁶	3.59	3.71	(0.06 )	(0.05 )	(0.11 )	13.60	37.28 ⁸	5.11 ⁹	0.16 ⁹	1.09 ^{6, 9}	68	33
Class R5
08-31-2022	13.62	0.15 ⁶	(2.54 )	(2.39 )	(0.15 )	(0.32 )	(0.47 )	10.76	(18.19 )	1.00	0.01	1.21 ⁶	76	52
08-31-2021⁷	10.00	0.14 ⁶	3.59	3.73	(0.06 )	(0.05 )	(0.11 )	13.62	37.53 ⁸	4.86 ⁹	0.01 ⁹	1.23 ^{6, 9}	68	33
Class R6
08-31-2022	13.62	0.14 ⁶	(2.53 )	(2.39 )	(0.15 )	(0.32 )	(0.47 )	10.76	(18.20 )	1.00	0.01	1.16 ⁶	1,601	52
08-31-2021⁷	10.00	0.11 ⁶	3.62	3.73	(0.06 )	(0.05 )	(0.11 )	13.62	37.53 ⁸	4.86 ⁹	0.01 ⁹	0.98 ^{6, 9}	197	33


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.
6	Net investment income (loss) per share and net investment income (loss) ratio reflect other income received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies of $0.01, $0.01 per share and 0.08%, 0.11%, for the periods ended 8-31-22 and 8-31-21, respectively.
7	Period from 9-23-20 (commencement of operations) to 8-31-21.
8	Not annualized.
9	Annualized.

Multimanager 2060 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	16.34	0.12 ⁶	(2.90 )	(2.78 )	(0.14 )	(1.21 )	(1.35 )	12.21	(18.57 )	0.73	0.42	0.88 ⁶	9,500	49
08-31-2021	13.12	0.10 ⁶	3.63	3.73	(0.12 )	(0.39 )	(0.51 )	16.34	29.07	0.71	0.42	0.69 ⁶	12,113	19
08-31-2020	11.88	0.14 ⁶	1.85	1.99	(0.18 )	(0.57 )	(0.75 )	13.12	17.20	0.84	0.43	1.20 ⁶	5,383	27
08-31-2019	12.91	0.14 ⁶	(0.41 )	(0.27 )	(0.16 )	(0.60 )	(0.76 )	11.88	(1.30 )	0.88	0.41	1.22 ⁶	2,136	27
08-31-2018	12.12	0.13 ⁶	1.19	1.32	(0.15 )	(0.38 )	(0.53 )	12.91	11.08	1.09	0.41	1.06 ⁶	1,497	21
Class I
08-31-2022	16.39	0.18 ⁶	(2.91 )	(2.73 )	(0.18 )	(1.22 )	(1.40 )	12.26	(18.26 )	0.43	0.12	1.23 ⁶	48	49
08-31-2021	13.16	0.16 ⁶	3.62	3.78	(0.16 )	(0.39 )	(0.55 )	16.39	29.38	0.41	0.11	1.10 ⁶	66	19
08-31-2020	11.91	0.22 ⁶	1.82	2.04	(0.22 )	(0.57 )	(0.79 )	13.16	17.60	0.54	0.13	1.82 ⁶	53	27
08-31-2019	12.95	0.20 ⁶	(0.45 )	(0.25 )	(0.19 )	(0.60 )	(0.79 )	11.91	(1.06 )	0.59	0.13	1.66 ⁶	47	27
08-31-2018	12.15	0.15 ⁶	1.22	1.37	(0.19 )	(0.38 )	(0.57 )	12.95	11.45	0.79	0.11	1.20 ⁶	51	21
Class R2
08-31-2022	16.33	0.10 ⁶	(2.89 )	(2.79 )	(0.12 )	(1.22 )	(1.34 )	12.20	(18.65 )	0.83	0.51	0.71 ⁶	706	49
08-31-2021	13.12	0.10 ⁶	3.63	3.73	(0.13 )	(0.39 )	(0.52 )	16.33	29.02	0.78	0.49	0.65 ⁶	646	19
08-31-2020	11.88	0.17 ⁶	1.83	2.00	(0.19 )	(0.57 )	(0.76 )	13.12	17.24	0.83	0.41	1.43 ⁶	156	27
08-31-2019	12.92	0.16 ⁶	(0.43 )	(0.27 )	(0.17 )	(0.60 )	(0.77 )	11.88	(1.27 )	0.83	0.36	1.31 ⁶	95	27
08-31-2018	12.14	0.13 ⁶	1.20	1.33	(0.17 )	(0.38 )	(0.55 )	12.92	11.13	0.98	0.30	1.03 ⁶	73	21
Class R4
08-31-2022	16.37	0.17 ⁶	(2.91 )	(2.74 )	(0.17 )	(1.22 )	(1.39 )	12.24	(18.36 )	0.62	0.21	1.16 ⁶	72	49
08-31-2021	13.14	0.14 ⁶	3.63	3.77	(0.15 )	(0.39 )	(0.54 )	16.37	29.37	0.58	0.18	0.96 ⁶	152	19
08-31-2020	11.90	0.21 ⁶	1.82	2.03	(0.22 )	(0.57 )	(0.79 )	13.14	17.47	0.68	0.16	1.75 ⁶	74	27
08-31-2019	12.93	0.19 ⁶	(0.43 )	(0.24 )	(0.19 )	(0.60 )	(0.79 )	11.90	(1.00 )	0.73	0.16	1.59 ⁶	55	27
08-31-2018	12.14	0.15 ⁶	1.20	1.35	(0.18 )	(0.38 )	(0.56 )	12.93	11.33	0.94	0.16	1.19 ⁶	56	21
Class R5
08-31-2022	16.39	0.17 ⁶	(2.89 )	(2.72 )	(0.19 )	(1.22 )	(1.41 )	12.26	(18.21 )	0.37	0.06	1.27 ⁶	1,261	49
08-31-2021	13.15	0.17 ⁶	3.62	3.79	(0.16 )	(0.39 )	(0.55 )	16.39	29.53	0.36	0.06	1.17 ⁶	424	19
08-31-2020	11.90	0.18 ⁶	1.87	2.05	(0.23 )	(0.57 )	(0.80 )	13.15	17.67	0.48	0.06	1.55 ⁶	382	27
08-31-2019	12.94	0.17 ⁶	(0.41 )	(0.24 )	(0.20 )	(0.60 )	(0.80 )	11.90	(0.96 )	0.53	0.06	1.44 ⁶	168	27
08-31-2018	12.16	0.16 ⁶	1.20	1.36	(0.20 )	(0.38 )	(0.58 )	12.94	11.37	0.72	0.04	1.28 ⁶	118	21
Class R6
08-31-2022	16.41	0.17 ⁶	(2.89 )	(2.72 )	(0.20 )	(1.22 )	(1.42 )	12.27	(18.21 )	0.32	0.01	1.25 ⁶	16,811	49
08-31-2021	13.17	0.17 ⁶	3.63	3.80	(0.17 )	(0.39 )	(0.56 )	16.41	29.54	0.31	0.01	1.16 ⁶	10,594	19
08-31-2020	11.92	0.19 ⁶	1.87	2.06	(0.24 )	(0.57 )	(0.81 )	13.17	17.71	0.43	—	1.61 ⁶	3,805	27
08-31-2019	12.95	0.22 ⁶	(0.45 )	(0.23 )	(0.20 )	(0.60 )	(0.80 )	11.92	(0.86 )	0.48	—	1.84 ⁶	1,611	27
08-31-2018	12.16	0.14 ⁶	1.23	1.37	(0.20 )	(0.38 )	(0.58 )	12.95	11.47	0.69	—	1.10 ⁶	1,402	21


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2055 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	14.51	0.11 ⁶	(2.56 )	(2.45 )	(0.12 )	(1.15 )	(1.27 )	10.79	(18.54 )	0.69	0.42	0.87 ⁶	29,003	48
08-31-2021	11.72	0.09 ⁶	3.21	3.30	(0.10 )	(0.41 )	(0.51 )	14.51	28.87	0.66	0.42	0.71 ⁶	38,649	20
08-31-2020	10.83	0.14 ⁶	1.67	1.81	(0.17 )	(0.75 )	(0.92 )	11.72	17.26	0.71	0.43	1.34 ⁶	23,530	30
08-31-2019	12.19	0.14 ⁶	(0.45 )	(0.31 )	(0.16 )	(0.89 )	(1.05 )	10.83	(1.30 )	0.68	0.41	1.25 ⁶	13,755	29
08-31-2018	11.59	0.14 ⁶	1.12	1.26	(0.16 )	(0.50 )	(0.66 )	12.19	11.09	0.67	0.41	1.21 ⁶	11,328	14
Class I
08-31-2022	14.56	0.15 ⁶	(2.56 )	(2.41 )	(0.17 )	(1.15 )	(1.32 )	10.83	(18.29 )	0.39	0.12	1.17 ⁶	101	48
08-31-2021	11.75	0.13 ⁶	3.22	3.35	(0.13 )	(0.41 )	(0.54 )	14.56	29.27	0.36	0.11	0.95 ⁶	135	20
08-31-2020	10.86	0.19 ⁶	1.65	1.84	(0.20 )	(0.75 )	(0.95 )	11.75	17.57	0.41	0.13	1.80 ⁶	69	30
08-31-2019	12.22	0.18 ⁶	(0.45 )	(0.27 )	(0.20 )	(0.89 )	(1.09 )	10.86	(1.01 )	0.39	0.13	1.62 ⁶	57	29
08-31-2018	11.62	0.15 ⁶	1.14	1.29	(0.19 )	(0.50 )	(0.69 )	12.22	11.47	0.37	0.11	1.24 ⁶	54	14
Class R2
08-31-2022	14.50	0.10 ⁶	(2.56 )	(2.46 )	(0.11 )	(1.15 )	(1.26 )	10.78	(18.61 )	0.78	0.51	0.78 ⁶	936	48
08-31-2021	11.71	0.10 ⁶	3.19	3.29	(0.09 )	(0.41 )	(0.50 )	14.50	28.79	0.75	0.51	0.78 ⁶	1,054	20
08-31-2020	10.83	0.14 ⁶	1.65	1.79	(0.16 )	(0.75 )	(0.91 )	11.71	17.07	0.80	0.52	1.35 ⁶	806	30
08-31-2019	12.19	0.11 ⁶	(0.42 )	(0.31 )	(0.16 )	(0.89 )	(1.05 )	10.83	(1.35 )	0.78	0.51	1.05 ⁶	602	29
08-31-2018	11.61	0.05 ⁶	1.20	1.25	(0.17 )	(0.50 )	(0.67 )	12.19	10.98	0.72	0.46	0.41 ⁶	436	14
Class R4
08-31-2022	14.55	0.15 ⁶	(2.58 )	(2.43 )	(0.14 )	(1.15 )	(1.29 )	10.83	(18.27 )	0.53	0.16	1.19 ⁶	44	48
08-31-2021	11.74	0.14 ⁶	3.20	3.34	(0.12 )	(0.41 )	(0.53 )	14.55	29.19	0.50	0.16	1.05 ⁶	59	20
08-31-2020	10.85	0.19 ⁶	1.65	1.84	(0.20 )	(0.75 )	(0.95 )	11.74	17.53	0.55	0.16	1.83 ⁶	48	30
08-31-2019	12.22	0.18 ⁶	(0.46 )	(0.28 )	(0.20 )	(0.89 )	(1.09 )	10.85	(1.04 )	0.53	0.16	1.65 ⁶	44	29
08-31-2018	11.62	0.14 ⁶	1.14	1.28	(0.18 )	(0.50 )	(0.68 )	12.22	11.32	0.52	0.16	1.18 ⁶	51	14
Class R5
08-31-2022	14.58	0.16 ⁶	(2.57 )	(2.41 )	(0.17 )	(1.15 )	(1.32 )	10.85	(18.21 )	0.33	0.06	1.32 ⁶	2,940	48
08-31-2021	11.76	0.16 ⁶	3.21	3.37	(0.14 )	(0.41 )	(0.55 )	14.58	29.41	0.30	0.06	1.17 ⁶	1,337	20
08-31-2020	10.86	0.17 ⁶	1.69	1.86	(0.21 )	(0.75 )	(0.96 )	11.76	17.72	0.35	0.06	1.59 ⁶	195	30
08-31-2019	12.23	0.18 ⁶	(0.46 )	(0.28 )	(0.20 )	(0.89 )	(1.09 )	10.86	(0.97 )	0.33	0.06	1.61 ⁶	97	29
08-31-2018	11.64	0.17 ⁶	1.12	1.29	(0.20 )	(0.50 )	(0.70 )	12.23	11.35	0.31	0.05	1.43 ⁶	223	14
Class R6
08-31-2022	14.58	0.16 ⁶	(2.56 )	(2.40 )	(0.18 )	(1.15 )	(1.33 )	10.85	(18.17 )	0.28	0.01	1.27 ⁶	31,635	48
08-31-2021	11.76	0.15 ⁶	3.23	3.38	(0.15 )	(0.41 )	(0.56 )	14.58	29.47	0.25	0.01	1.11 ⁶	25,449	20
08-31-2020	10.87	0.18 ⁶	1.68	1.86	(0.22 )	(0.75 )	(0.97 )	11.76	17.68	0.30	—	1.74 ⁶	10,042	30
08-31-2019	12.23	0.18 ⁶	(0.44 )	(0.26 )	(0.21 )	(0.89 )	(1.10 )	10.87	(0.80 )	0.28	—	1.65 ⁶	5,437	29
08-31-2018	11.63	0.13 ⁶	1.17	1.30	(0.20 )	(0.50 )	(0.70 )	12.23	11.48	0.27	—	1.07 ⁶	3,277	14


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2050 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	15.43	0.12 ⁶	(2.73 )	(2.61 )	(0.12 )	(1.22 )	(1.34 )	11.48	(18.56 )	0.66	0.42	0.88 ⁶	74,589	48
08-31-2021	12.51	0.10 ⁶	3.42	3.52	(0.12 )	(0.48 )	(0.60 )	15.43	28.92	0.63	0.42	0.75 ⁶	99,779	19
08-31-2020	11.65	0.16 ⁶	1.77	1.93	(0.18 )	(0.89 )	(1.07 )	12.51	17.20	0.66	0.43	1.42 ⁶	73,101	31
08-31-2019	13.29	0.15 ⁶	(0.51 )	(0.36 )	(0.16 )	(1.12 )	(1.28 )	11.65	(1.33 )	0.62	0.41	1.28 ⁶	54,552	31
08-31-2018	12.73	0.16 ⁶	1.20	1.36	(0.17 )	(0.63 )	(0.80 )	13.29	11.00	0.59	0.41	1.22 ⁶	53,484	18
Class I
08-31-2022	15.48	0.18 ⁶	(2.75 )	(2.57 )	(0.17 )	(1.22 )	(1.39 )	11.52	(18.31 )	0.36	0.12	1.32 ⁶	134	48
08-31-2021	12.55	0.09 ⁶	3.48	3.57	(0.16 )	(0.48 )	(0.64 )	15.48	29.32	0.33	0.11	0.64 ⁶	187	19
08-31-2020	11.68	0.18 ⁶	1.80	1.98	(0.22 )	(0.89 )	(1.11 )	12.55	17.49	0.36	0.13	1.53 ⁶	67	31
08-31-2019	13.32	0.27 ⁶	(0.59 )	(0.32 )	(0.20 )	(1.12 )	(1.32 )	11.68	(0.96 )	0.33	0.13	2.33 ⁶	56	31
08-31-2018	12.75	0.18 ⁶	1.23	1.41	(0.21 )	(0.63 )	(0.84 )	13.32	11.29	0.29	0.11	1.34 ⁶	61	18
Class R2
08-31-2022	15.42	0.10 ⁶	(2.72 )	(2.62 )	(0.11 )	(1.22 )	(1.33 )	11.47	(18.64 )	0.75	0.51	0.75 ⁶	3,904	48
08-31-2021	12.51	0.10 ⁶	3.41	3.51	(0.12 )	(0.48 )	(0.60 )	15.42	28.78	0.72	0.51	0.71 ⁶	5,393	19
08-31-2020	11.65	0.15 ⁶	1.78	1.93	(0.18 )	(0.89 )	(1.07 )	12.51	17.12	0.75	0.51	1.27 ⁶	1,358	31
08-31-2019	13.29	0.12 ⁶	(0.49 )	(0.37 )	(0.15 )	(1.12 )	(1.27 )	11.65	(1.44 )	0.71	0.50	1.05 ⁶	1,264	31
08-31-2018	12.73	0.14 ⁶	1.21	1.35	(0.16 )	(0.63 )	(0.79 )	13.29	10.92	0.71	0.53	1.07 ⁶	996	18
Class R4
08-31-2022	15.45	0.14 ⁶	(2.72 )	(2.58 )	(0.15 )	(1.22 )	(1.37 )	11.50	(18.39 )	0.60	0.26	1.05 ⁶	1,333	48
08-31-2021	12.52	0.14 ⁶	3.41	3.55	(0.14 )	(0.48 )	(0.62 )	15.45	29.16	0.57	0.26	0.96 ⁶	1,476	19
08-31-2020	11.66	0.19 ⁶	1.76	1.95	(0.20 )	(0.89 )	(1.09 )	12.52	17.37	0.60	0.26	1.67 ⁶	1,073	31
08-31-2019	13.30	0.18 ⁶	(0.52 )	(0.34 )	(0.18 )	(1.12 )	(1.30 )	11.66	(1.13 )	0.57	0.26	1.50 ⁶	776	31
08-31-2018	12.74	0.18 ⁶	1.21	1.39	(0.20 )	(0.63 )	(0.83 )	13.30	11.17	0.54	0.26	1.39 ⁶	665	18
Class R5
08-31-2022	15.49	0.16 ⁶	(2.71 )	(2.55 )	(0.18 )	(1.22 )	(1.40 )	11.54	(18.19 )	0.30	0.06	1.25 ⁶	2,499	48
08-31-2021	12.55	0.21 ⁶	3.37	3.58	(0.16 )	(0.48 )	(0.64 )	15.49	29.36	0.27	0.06	1.47 ⁶	863	19
08-31-2020	11.68	0.24 ⁶	1.75	1.99	(0.23 )	(0.89 )	(1.12 )	12.55	17.67	0.30	0.06	2.06 ⁶	29	31
08-31-2019	13.34	0.23 ⁶	(0.56 )	(0.33 )	(0.21 )	(1.12 )	(1.33 )	11.68	(1.05 )	0.28	0.07	1.84 ⁶	34	31
08-31-2018	12.77	0.15 ⁶	1.27	1.42	(0.22 )	(0.63 )	(0.85 )	13.34	11.44	0.22	0.04	1.16 ⁶	277	18
Class R6
08-31-2022	15.50	0.17 ⁶	(2.73 )	(2.56 )	(0.18 )	(1.22 )	(1.40 )	11.54	(18.20 )	0.25	0.01	1.26 ⁶	46,800	48
08-31-2021	12.56	0.16 ⁶	3.43	3.59	(0.17 )	(0.48 )	(0.65 )	15.50	29.40	0.22	0.01	1.14 ⁶	43,703	19
08-31-2020	11.69	0.20 ⁶	1.79	1.99	(0.23 )	(0.89 )	(1.12 )	12.56	17.72	0.25	—	1.79 ⁶	23,312	31
08-31-2019	13.34	0.18 ⁶	(0.49 )	(0.31 )	(0.22 )	(1.12 )	(1.34 )	11.69	(0.90 )	0.22	—	1.52 ⁶	15,426	31
08-31-2018	12.77	0.18 ⁶	1.25	1.43	(0.23 )	(0.63 )	(0.86 )	13.34	11.48	0.19	—	1.40 ⁶	8,508	18


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2045 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	13.72	0.11 ⁶	(2.42 )	(2.31 )	(0.11 )	(1.02 )	(1.13 )	10.28	(18.42 )	0.65	0.42	0.93 ⁶	137,181	47
08-31-2021	11.22	0.10 ⁶	3.05	3.15	(0.12 )	(0.53 )	(0.65 )	13.72	28.93	0.61	0.42	0.78 ⁶	180,069	18
08-31-2020	10.71	0.15 ⁶	1.61	1.76	(0.17 )	(1.08 )	(1.25 )	11.22	17.15	0.64	0.43	1.45 ⁶	132,866	32
08-31-2019	12.40	0.14 ⁶	(0.49 )	(0.35 )	(0.16 )	(1.18 )	(1.34 )	10.71	(1.29 )	0.60	0.41	1.32 ⁶	104,554	33
08-31-2018	12.17	0.15 ⁶	1.16	1.31	(0.16 )	(0.92 )	(1.08 )	12.40	11.12	0.56	0.41	1.26 ⁶	108,685	19
Class I
08-31-2022	13.84	0.14 ⁶	(2.44 )	(2.30 )	(0.15 )	(1.02 )	(1.17 )	10.37	(18.23 )	0.35	0.12	1.14 ⁶	309	47
08-31-2021	11.31	0.13 ⁶	3.08	3.21	(0.15 )	(0.53 )	(0.68 )	13.84	29.28	0.31	0.12	1.02 ⁶	268	18
08-31-2020	10.77	0.19 ⁶	1.63	1.82	(0.20 )	(1.08 )	(1.28 )	11.31	17.70	0.34	0.13	1.85 ⁶	172	32
08-31-2019	12.48	0.14 ⁶	(0.48 )	(0.34 )	(0.19 )	(1.18 )	(1.37 )	10.77	(1.12 )	0.31	0.12	1.33 ⁶	199	33
08-31-2018	12.25	0.15 ⁶	1.20	1.35	(0.20 )	(0.92 )	(1.12 )	12.48	11.37	0.27	0.11	1.18 ⁶	81	19
Class R2
08-31-2022	13.78	0.10 ⁶	(2.43 )	(2.33 )	(0.10 )	(1.02 )	(1.12 )	10.33	(18.48 )	0.74	0.51	0.82 ⁶	5,709	47
08-31-2021	11.27	0.10 ⁶	3.05	3.15	(0.11 )	(0.53 )	(0.64 )	13.78	28.81	0.71	0.51	0.77 ⁶	7,060	18
08-31-2020	10.75	0.14 ⁶	1.62	1.76	(0.16 )	(1.08 )	(1.24 )	11.27	17.08	0.72	0.51	1.33 ⁶	3,114	32
08-31-2019	12.43	0.13 ⁶	(0.49 )	(0.36 )	(0.14 )	(1.18 )	(1.32 )	10.75	(1.36 )	0.69	0.51	1.23 ⁶	2,592	33
08-31-2018	12.21	0.12 ⁶	1.17	1.29	(0.15 )	(0.92 )	(1.07 )	12.43	10.90	0.67	0.51	0.95 ⁶	2,404	19
Class R4
08-31-2022	13.78	0.13 ⁶	(2.44 )	(2.31 )	(0.13 )	(1.02 )	(1.15 )	10.32	(18.35 )	0.59	0.26	1.05 ⁶	245	47
08-31-2021	11.26	0.12 ⁶	3.06	3.18	(0.13 )	(0.53 )	(0.66 )	13.78	29.17	0.56	0.26	0.92 ⁶	262	18
08-31-2020	10.74	0.15 ⁶	1.63	1.78	(0.18 )	(1.08 )	(1.26 )	11.26	17.38	0.57	0.26	1.47 ⁶	181	32
08-31-2019	12.43	0.15 ⁶	(0.48 )	(0.33 )	(0.18 )	(1.18 )	(1.36 )	10.74	(1.13 )	0.54	0.26	1.38 ⁶	174	33
08-31-2018	12.20	0.22 ⁶	1.11	1.33	(0.18 )	(0.92 )	(1.10 )	12.43	11.23	0.52	0.26	1.79 ⁶	263	19
Class R5
08-31-2022	13.88	0.17 ⁶	(2.46 )	(2.29 )	(0.16 )	(1.02 )	(1.18 )	10.41	(18.12 )	0.29	0.06	1.42 ⁶	4,843	47
08-31-2021	11.34	0.16 ⁶	3.06	3.22	(0.15 )	(0.53 )	(0.68 )	13.88	29.36	0.26	0.06	1.23 ⁶	3,009	18
08-31-2020	10.80	0.19 ⁶	1.64	1.83	(0.21 )	(1.08 )	(1.29 )	11.34	17.71	0.27	0.06	1.79 ⁶	1,990	32
08-31-2019	12.50	0.22 ⁶	(0.54 )	(0.32 )	(0.20 )	(1.18 )	(1.38 )	10.80	(0.99 )	0.25	0.06	1.98 ⁶	1,484	33
08-31-2018	12.27	0.19 ⁶	1.17	1.36	(0.21 )	(0.92 )	(1.13 )	12.50	11.42	0.21	0.06	1.53 ⁶	2,729	19
Class R6
08-31-2022	13.85	0.16 ⁶	(2.43 )	(2.27 )	(0.17 )	(1.03 )	(1.20 )	10.38	(18.12 )	0.24	0.01	1.35 ⁶	61,640	47
08-31-2021	11.31	0.15 ⁶	3.08	3.23	(0.16 )	(0.53 )	(0.69 )	13.85	29.50	0.21	0.01	1.20 ⁶	60,389	18
08-31-2020	10.78	0.19 ⁶	1.63	1.82	(0.21 )	(1.08 )	(1.29 )	11.31	17.72	0.22	—	1.84 ⁶	38,164	32
08-31-2019	12.48	0.18 ⁶	(0.49 )	(0.31 )	(0.21 )	(1.18 )	(1.39 )	10.78	(0.89 )	0.20	—	1.70 ⁶	29,020	33
08-31-2018	12.25	0.18 ⁶	1.18	1.36	(0.21 )	(0.92 )	(1.13 )	12.48	11.48	0.16	—	1.44 ⁶	12,631	19


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2040 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	13.88	0.13 ⁶	(2.43 )	(2.30 )	(0.12 )	(1.05 )	(1.17 )	10.41	(18.12 )	0.66	0.42	1.09 ⁶	160,083	49
08-31-2021	11.50	0.11 ⁶	2.95	3.06	(0.12 )	(0.56 )	(0.68 )	13.88	27.48	0.62	0.42	0.85 ⁶	210,327	21
08-31-2020	10.91	0.16 ⁶	1.63	1.79	(0.17 )	(1.03 )	(1.20 )	11.50	17.18	0.64	0.43	1.50 ⁶	159,569	33
08-31-2019	12.56	0.15 ⁶	(0.47 )	(0.32 )	(0.17 )	(1.16 )	(1.33 )	10.91	(1.09 )	0.60	0.41	1.35 ⁶	127,736	33
08-31-2018	12.29	0.16 ⁶	1.13	1.29	(0.17 )	(0.85 )	(1.02 )	12.56	10.83	0.56	0.41	1.26 ⁶	127,662	19
Class I
08-31-2022	14.00	0.21 ⁶	(2.49 )	(2.28 )	(0.16 )	(1.05 )	(1.21 )	10.51	(17.86 )	0.36	0.11	1.67 ⁶	616	49
08-31-2021	11.58	0.13 ⁶	3.00	3.13	(0.15 )	(0.56 )	(0.71 )	14.00	27.96	0.32	0.11	1.04 ⁶	1,468	21
08-31-2020	10.98	0.20 ⁶	1.64	1.84	(0.21 )	(1.03 )	(1.24 )	11.58	17.51	0.34	0.13	1.88 ⁶	645	33
08-31-2019	12.64	0.14 ⁶	(0.44 )	(0.30 )	(0.20 )	(1.16 )	(1.36 )	10.98	(0.85 )	0.30	0.12	1.27 ⁶	325	33
08-31-2018	12.36	0.27 ⁶	1.07	1.34	(0.21 )	(0.85 )	(1.06 )	12.64	11.16	0.26	0.11	2.15 ⁶	122	19
Class R2
08-31-2022	13.92	0.12 ⁶	(2.44 )	(2.32 )	(0.11 )	(1.05 )	(1.16 )	10.44	(18.21 )	0.75	0.51	1.00 ⁶	5,170	49
08-31-2021	11.53	0.10 ⁶	2.96	3.06	(0.11 )	(0.56 )	(0.67 )	13.92	27.42	0.72	0.51	0.78 ⁶	7,442	21
08-31-2020	10.94	0.16 ⁶	1.63	1.79	(0.17 )	(1.03 )	(1.20 )	11.53	17.04	0.73	0.51	1.50 ⁶	1,108	33
08-31-2019	12.58	0.11 ⁶	(0.44 )	(0.33 )	(0.15 )	(1.16 )	(1.31 )	10.94	(1.18 )	0.69	0.51	1.04 ⁶	987	33
08-31-2018	12.31	0.22 ⁶	1.06	1.28	(0.16 )	(0.85 )	(1.01 )	12.58	10.71	0.67	0.52	1.77 ⁶	651	19
Class R4
08-31-2022	13.90	0.15 ⁶	(2.42 )	(2.27 )	(0.15 )	(1.05 )	(1.20 )	10.43	(17.96 )	0.60	0.26	1.24 ⁶	381	49
08-31-2021	11.51	0.13 ⁶	2.96	3.09	(0.14 )	(0.56 )	(0.70 )	13.90	27.71	0.57	0.26	1.02 ⁶	387	21
08-31-2020	10.92	0.18 ⁶	1.63	1.81	(0.19 )	(1.03 )	(1.22 )	11.51	17.35	0.58	0.26	1.66 ⁶	276	33
08-31-2019	12.57	0.17 ⁶	(0.48 )	(0.31 )	(0.18 )	(1.16 )	(1.34 )	10.92	(0.94 )	0.54	0.26	1.51 ⁶	224	33
08-31-2018	12.30	0.22 ⁶	1.09	1.31	(0.19 )	(0.85 )	(1.04 )	12.57	10.97	0.50	0.24	1.72 ⁶	252	19
Class R5
08-31-2022	14.02	0.17 ⁶	(2.42 )	(2.25 )	(0.18 )	(1.06 )	(1.24 )	10.53	(17.78 )	0.30	0.06	1.42 ⁶	4,902	49
08-31-2021	11.60	0.18 ⁶	2.96	3.14	(0.16 )	(0.56 )	(0.72 )	14.02	27.97	0.27	0.06	1.34 ⁶	2,404	21
08-31-2020	10.99	0.18 ⁶	1.67	1.85	(0.21 )	(1.03 )	(1.24 )	11.60	17.66	0.28	0.06	1.73 ⁶	327	33
08-31-2019	12.65	0.23 ⁶	(0.52 )	(0.29 )	(0.21 )	(1.16 )	(1.37 )	10.99	(0.78 )	0.25	0.06	1.99 ⁶	192	33
08-31-2018	12.37	0.21 ⁶	1.14	1.35	(0.22 )	(0.85 )	(1.07 )	12.65	11.22	0.21	0.06	1.65 ⁶	830	19
Class R6
08-31-2022	13.98	0.18 ⁶	(2.43 )	(2.25 )	(0.18 )	(1.05 )	(1.23 )	10.50	(17.72 )	0.25	0.01	1.52 ⁶	65,036	49
08-31-2021	11.57	0.16 ⁶	2.97	3.13	(0.16 )	(0.56 )	(0.72 )	13.98	28.02	0.22	0.01	1.24 ⁶	70,130	21
08-31-2020	10.97	0.20 ⁶	1.65	1.85	(0.22 )	(1.03 )	(1.25 )	11.57	17.66	0.23	—	1.88 ⁶	38,274	33
08-31-2019	12.63	0.20 ⁶	(0.49 )	(0.29 )	(0.21 )	(1.16 )	(1.37 )	10.97	(0.71 )	0.19	—	1.85 ⁶	28,782	33
08-31-2018	12.35	0.18 ⁶	1.17	1.35	(0.22 )	(0.85 )	(1.07 )	12.63	11.29	0.16	—	1.43 ⁶	14,476	19


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2035 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	13.46	0.15 ⁶	(2.27 )	(2.12 )	(0.16 )	(1.05 )	(1.21 )	10.13	(17.39 )	0.67	0.42	1.28 ⁶	187,557	49
08-31-2021	11.39	0.13 ⁶	2.63	2.76	(0.12 )	(0.57 )	(0.69 )	13.46	25.10	0.63	0.42	1.01 ⁶	243,658	26
08-31-2020	10.89	0.17 ⁶	1.52	1.69	(0.19 )	(1.00 )	(1.19 )	11.39	16.21	0.64	0.43	1.58 ⁶	188,821	34
08-31-2019	12.38	0.17 ⁶	(0.40 )	(0.23 )	(0.18 )	(1.08 )	(1.26 )	10.89	(0.46 )	0.59	0.41	1.51 ⁶	146,789	34
08-31-2018	12.28	0.17 ⁶	1.02	1.19	(0.18 )	(0.91 )	(1.09 )	12.38	10.05	0.56	0.41	1.38 ⁶	152,404	19
Class I
08-31-2022	13.54	0.24 ⁶	(2.34 )	(2.10 )	(0.20 )	(1.05 )	(1.25 )	10.19	(17.19 )	0.37	0.12	2.10 ⁶	119	49
08-31-2021	11.45	0.09 ⁶	2.73	2.82	(0.16 )	(0.57 )	(0.73 )	13.54	25.53	0.33	0.11	0.76 ⁶	100	26
08-31-2020	10.96	0.09 ⁶	1.64	1.73	(0.24 )	(1.00 )	(1.24 )	11.45	16.50	0.34	0.13	0.92 ⁶	16	34
08-31-2019	12.46	0.28 ⁶	(0.48 )	(0.20 )	(0.22 )	(1.08 )	(1.30 )	10.96	(0.18 )	0.31	0.13	2.38 ⁶	2	34
08-31-2018	12.36	0.21 ⁶	1.02	1.23	(0.22 )	(0.91 )	(1.13 )	12.46	10.30	0.26	0.11	1.72 ⁶	347	19
Class R2
08-31-2022	13.53	0.14 ⁶	(2.29 )	(2.15 )	(0.15 )	(1.05 )	(1.20 )	10.18	(17.52 )	0.76	0.51	1.15 ⁶	8,291	49
08-31-2021	11.44	0.13 ⁶	2.65	2.78	(0.12 )	(0.57 )	(0.69 )	13.53	25.09	0.72	0.51	1.01 ⁶	10,905	26
08-31-2020	10.93	0.16 ⁶	1.53	1.69	(0.18 )	(1.00 )	(1.18 )	11.44	16.13	0.73	0.51	1.56 ⁶	3,075	34
08-31-2019	12.42	0.16 ⁶	(0.40 )	(0.24 )	(0.17 )	(1.08 )	(1.25 )	10.93	(0.57 )	0.69	0.51	1.42 ⁶	2,021	34
08-31-2018	12.32	0.14 ⁶	1.04	1.18	(0.17 )	(0.91 )	(1.08 )	12.42	9.91	0.66	0.51	1.17 ⁶	2,064	19
Class R4
08-31-2022	13.54	0.16 ⁶	(2.27 )	(2.11 )	(0.18 )	(1.05 )	(1.23 )	10.20	(17.22 )	0.56	0.21	1.42 ⁶	171	49
08-31-2021	11.45	0.15 ⁶	2.65	2.80	(0.14 )	(0.57 )	(0.71 )	13.54	25.33	0.56	0.24	1.16 ⁶	128	26
08-31-2020	10.94	0.19 ⁶	1.53	1.72	(0.21 )	(1.00 )	(1.21 )	11.45	16.42	0.58	0.26	1.79 ⁶	91	34
08-31-2019	12.44	0.17 ⁶	(0.39 )	(0.22 )	(0.20 )	(1.08 )	(1.28 )	10.94	(0.37 )	0.54	0.26	1.49 ⁶	87	34
08-31-2018	12.34	0.19 ⁶	1.02	1.21	(0.20 )	(0.91 )	(1.11 )	12.44	10.17	0.50	0.25	1.53 ⁶	627	19
Class R5
08-31-2022	13.59	0.17 ⁶	(2.28 )	(2.11 )	(0.20 )	(1.05 )	(1.25 )	10.23	(17.15 )	0.31	0.06	1.50 ⁶	7,777	49
08-31-2021	11.48	0.18 ⁶	2.66	2.84	(0.16 )	(0.57 )	(0.73 )	13.59	25.64	0.28	0.06	1.45 ⁶	4,223	26
08-31-2020	10.96	0.20 ⁶	1.55	1.75	(0.23 )	(1.00 )	(1.23 )	11.48	16.71	0.28	0.06	1.89 ⁶	260	34
08-31-2019	12.46	0.21 ⁶	(0.41 )	(0.20 )	(0.22 )	(1.08 )	(1.30 )	10.96	(0.13 )	0.24	0.06	1.79 ⁶	289	34
08-31-2018	12.36	0.21 ⁶	1.02	1.23	(0.22 )	(0.91 )	(1.13 )	12.46	10.36	0.21	0.06	1.71 ⁶	1,008	19
Class R6
08-31-2022	13.58	0.20 ⁶	(2.30 )	(2.10 )	(0.21 )	(1.05 )	(1.26 )	10.22	(17.11 )	0.26	0.01	1.71 ⁶	74,714	49
08-31-2021	11.47	0.18 ⁶	2.67	2.85	(0.17 )	(0.57 )	(0.74 )	13.58	25.73	0.23	0.01	1.40 ⁶	80,488	26
08-31-2020	10.96	0.20 ⁶	1.54	1.74	(0.23 )	(1.00 )	(1.23 )	11.47	16.68	0.23	—	1.87 ⁶	46,792	34
08-31-2019	12.46	0.20 ⁶	(0.39 )	(0.19 )	(0.23 )	(1.08 )	(1.31 )	10.96	(0.05 )	0.19	—	1.88 ⁶	31,906	34
08-31-2018	12.35	0.20 ⁶	1.05	1.25	(0.23 )	(0.91 )	(1.14 )	12.46	10.51	0.16	—	1.61 ⁶	17,412	19


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2030 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	12.84	0.18 ⁶	(2.09 )	(1.91 )	(0.18 )	(0.91 )	(1.09 )	9.84	(16.34 )	0.67	0.42	1.60 ⁶	223,543	46
08-31-2021	11.10	0.14 ⁶	2.26	2.40	(0.14 )	(0.52 )	(0.66 )	12.84	22.37	0.64	0.42	1.21 ⁶	290,842	30
08-31-2020	10.64	0.17 ⁶	1.36	1.53	(0.19 )	(0.88 )	(1.07 )	11.10	15.07	0.65	0.43	1.68 ⁶	226,690	33
08-31-2019	11.87	0.19 ⁶	(0.26 )	(0.07 )	(0.21 )	(0.95 )	(1.16 )	10.64	0.69	0.60	0.41	1.74 ⁶	182,499	40
08-31-2018	11.91	0.19 ⁶	0.83	1.02	(0.20 )	(0.86 )	(1.06 )	11.87	8.79	0.56	0.41	1.60 ⁶	185,975	20
Class I
08-31-2022	12.82	0.19 ⁶	(2.07 )	(1.88 )	(0.21 )	(0.91 )	(1.12 )	9.82	(16.11 )	0.37	0.12	1.71 ⁶	1,804	46
08-31-2021	11.07	0.19 ⁶	2.25	2.44	(0.17 )	(0.52 )	(0.69 )	12.82	22.84	0.34	0.12	1.59 ⁶	1,754	30
08-31-2020	10.61	0.19 ⁶	1.38	1.57	(0.23 )	(0.88 )	(1.11 )	11.07	15.44	0.35	0.13	1.86 ⁶	1,260	33
08-31-2019	11.85	0.21 ⁶	(0.26 )	(0.05 )	(0.24 )	(0.95 )	(1.19 )	10.61	0.96	0.31	0.13	2.01 ⁶	891	40
08-31-2018	11.90	0.20 ⁶	0.84	1.04	(0.23 )	(0.86 )	(1.09 )	11.85	9.01	0.26	0.11	1.70 ⁶	755	20
Class R2
08-31-2022	12.73	0.17 ⁶	(2.07 )	(1.90 )	(0.17 )	(0.91 )	(1.08 )	9.75	(16.40 )	0.76	0.50	1.50 ⁶	8,911	46
08-31-2021	11.01	0.14 ⁶	2.23	2.37	(0.13 )	(0.52 )	(0.65 )	12.73	22.29	0.73	0.51	1.13 ⁶	12,297	30
08-31-2020	10.56	0.17 ⁶	1.35	1.52	(0.19 )	(0.88 )	(1.07 )	11.01	15.00	0.74	0.52	1.62 ⁶	3,304	33
08-31-2019	11.79	0.19 ⁶	(0.27 )	(0.08 )	(0.20 )	(0.95 )	(1.15 )	10.56	0.58	0.68	0.50	1.82 ⁶	2,744	40
08-31-2018	11.84	0.18 ⁶	0.82	1.00	(0.19 )	(0.86 )	(1.05 )	11.79	8.66	0.66	0.51	1.52 ⁶	2,347	20
Class R4
08-31-2022	12.78	0.20 ⁶	(2.09 )	(1.89 )	(0.20 )	(0.91 )	(1.11 )	9.78	(16.27 )	0.62	0.26	1.75 ⁶	767	46
08-31-2021	11.04	0.16 ⁶	2.26	2.42	(0.16 )	(0.52 )	(0.68 )	12.78	22.67	0.58	0.26	1.36 ⁶	845	30
08-31-2020	10.59	0.20 ⁶	1.34	1.54	(0.21 )	(0.88 )	(1.09 )	11.04	15.23	0.59	0.27	1.91 ⁶	556	33
08-31-2019	11.82	0.22 ⁶	(0.28 )	(0.06 )	(0.22 )	(0.95 )	(1.17 )	10.59	0.86	0.54	0.26	2.07 ⁶	451	40
08-31-2018	11.87	0.22 ⁶	0.80	1.02	(0.21 )	(0.86 )	(1.07 )	11.82	8.88	0.51	0.25	1.85 ⁶	509	20
Class R5
08-31-2022	12.81	0.21 ⁶	(2.08 )	(1.87 )	(0.22 )	(0.91 )	(1.13 )	9.81	(16.07 )	0.32	0.06	1.92 ⁶	8,677	46
08-31-2021	11.06	0.20 ⁶	2.25	2.45	(0.18 )	(0.52 )	(0.70 )	12.81	22.92	0.28	0.06	1.66 ⁶	6,770	30
08-31-2020	10.61	0.25 ⁶	1.31	1.56	(0.23 )	(0.88 )	(1.11 )	11.06	15.44	0.28	0.06	2.36 ⁶	747	33
08-31-2019	11.85	0.22 ⁶	(0.26 )	(0.04 )	(0.25 )	(0.95 )	(1.20 )	10.61	1.03	0.25	0.06	2.08 ⁶	947	40
08-31-2018	11.89	0.22 ⁶	0.84	1.06	(0.24 )	(0.86 )	(1.10 )	11.85	9.19	0.21	0.06	1.90 ⁶	1,902	20
Class R6
08-31-2022	12.81	0.23 ⁶	(2.09 )	(1.86 )	(0.23 )	(0.91 )	(1.14 )	9.81	(16.03 )	0.27	0.01	2.02 ⁶	85,111	46
08-31-2021	11.06	0.19 ⁶	2.26	2.45	(0.18 )	(0.52 )	(0.70 )	12.81	22.98	0.23	0.01	1.59 ⁶	89,308	30
08-31-2020	10.61	0.21 ⁶	1.36	1.57	(0.24 )	(0.88 )	(1.12 )	11.06	15.50	0.23	—	2.05 ⁶	53,240	33
08-31-2019	11.85	0.22 ⁶	(0.25 )	(0.03 )	(0.26 )	(0.95 )	(1.21 )	10.61	1.10	0.20	—	2.08 ⁶	38,634	40
08-31-2018	11.89	0.21 ⁶	0.85	1.06	(0.24 )	(0.86 )	(1.10 )	11.85	9.24	0.16	—	1.79 ⁶	21,191	20


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2025 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	12.17	0.21 ⁶	(1.83 )	(1.62 )	(0.20 )	(0.93 )	(1.13 )	9.42	(14.73 )	0.69	0.42	1.97 ⁶	207,424	45
08-31-2021	10.79	0.17 ⁶	1.88	2.05	(0.16 )	(0.51 )	(0.67 )	12.17	19.63	0.66	0.42	1.49 ⁶	270,307	30
08-31-2020	10.44	0.18 ⁶	1.14	1.32	(0.21 )	(0.76 )	(0.97 )	10.79	13.24	0.66	0.43	1.75 ⁶	213,868	35
08-31-2019	11.46	0.21 ⁶	(0.14 )	0.07	(0.23 )	(0.86 )	(1.09 )	10.44	1.80	0.60	0.41	2.01 ⁶	180,550	39
08-31-2018	11.62	0.21 ⁶	0.63	0.84	(0.22 )	(0.78 )	(1.00 )	11.46	7.40	0.56	0.41	1.83 ⁶	176,446	21
Class I
08-31-2022	12.13	0.24 ⁶	(1.81 )	(1.57 )	(0.24 )	(0.93 )	(1.17 )	9.39	(14.43 )	0.39	0.12	2.26 ⁶	1,856	45
08-31-2021	10.76	0.22 ⁶	1.85	2.07	(0.19 )	(0.51 )	(0.70 )	12.13	19.90	0.36	0.12	1.90 ⁶	2,701	30
08-31-2020	10.41	0.20 ⁶	1.16	1.36	(0.25 )	(0.76 )	(1.01 )	10.76	13.61	0.36	0.13	1.96 ⁶	2,094	35
08-31-2019	11.43	0.15 ⁶	(0.05 )	0.10	(0.26 )	(0.86 )	(1.12 )	10.41	2.17	0.31	0.12	1.55 ⁶	1,502	39
08-31-2018	11.59	0.24 ⁶	0.63	0.87	(0.25 )	(0.78 )	(1.03 )	11.43	7.73	0.27	0.11	2.09 ⁶	81	21
Class R2
08-31-2022	12.07	0.20 ⁶	(1.81 )	(1.61 )	(0.19 )	(0.93 )	(1.12 )	9.34	(14.77 )	0.79	0.51	1.87 ⁶	8,960	45
08-31-2021	10.71	0.17 ⁶	1.85	2.02	(0.15 )	(0.51 )	(0.66 )	12.07	19.51	0.72	0.48	1.46 ⁶	13,021	30
08-31-2020	10.37	0.16 ⁶	1.15	1.31	(0.21 )	(0.76 )	(0.97 )	10.71	13.16	0.75	0.52	1.62 ⁶	4,775	35
08-31-2019	11.39	0.18 ⁶	(0.12 )	0.06	(0.22 )	(0.86 )	(1.08 )	10.37	1.71	0.69	0.50	1.80 ⁶	4,273	39
08-31-2018	11.56	0.20 ⁶	0.62	0.82	(0.21 )	(0.78 )	(0.99 )	11.39	7.26	0.66	0.50	1.75 ⁶	2,723	21
Class R4
08-31-2022	12.13	0.22 ⁶	(1.81 )	(1.59 )	(0.22 )	(0.93 )	(1.15 )	9.39	(14.56 )	0.63	0.26	2.08 ⁶	670	45
08-31-2021	10.76	0.19 ⁶	1.86	2.05	(0.17 )	(0.51 )	(0.68 )	12.13	19.76	0.59	0.25	1.65 ⁶	698	30
08-31-2020	10.41	0.20 ⁶	1.14	1.34	(0.23 )	(0.76 )	(0.99 )	10.76	13.45	0.60	0.26	1.95 ⁶	488	35
08-31-2019	11.44	0.23 ⁶	(0.15 )	0.08	(0.25 )	(0.86 )	(1.11 )	10.41	1.91	0.55	0.26	2.22 ⁶	736	39
08-31-2018	11.60	0.22 ⁶	0.64	0.86	(0.24 )	(0.78 )	(1.02 )	11.44	7.56	0.52	0.26	1.96 ⁶	759	21
Class R5
08-31-2022	12.12	0.24 ⁶	(1.81 )	(1.57 )	(0.24 )	(0.93 )	(1.17 )	9.38	(14.40 )	0.33	0.06	2.28 ⁶	7,409	45
08-31-2021	10.75	0.23 ⁶	1.84	2.07	(0.19 )	(0.51 )	(0.70 )	12.12	19.98	0.30	0.06	1.98 ⁶	4,855	30
08-31-2020	10.40	0.23 ⁶	1.13	1.36	(0.25 )	(0.76 )	(1.01 )	10.75	13.71	0.30	0.06	2.25 ⁶	1,251	35
08-31-2019	11.43	0.25 ⁶	(0.15 )	0.10	(0.27 )	(0.86 )	(1.13 )	10.40	2.14	0.25	0.07	2.37 ⁶	1,342	39
08-31-2018	11.60	0.23 ⁶	0.64	0.87	(0.26 )	(0.78 )	(1.04 )	11.43	7.71	0.21	0.05	2.06 ⁶	1,635	21
Class R6
08-31-2022	12.11	0.26 ⁶	(1.82 )	(1.56 )	(0.25 )	(0.93 )	(1.18 )	9.37	(14.36 )	0.28	0.01	2.41 ⁶	63,101	45
08-31-2021	10.74	0.21 ⁶	1.87	2.08	(0.20 )	(0.51 )	(0.71 )	12.11	20.06	0.25	0.01	1.89 ⁶	70,692	30
08-31-2020	10.40	0.21 ⁶	1.15	1.36	(0.26 )	(0.76 )	(1.02 )	10.74	13.67	0.25	—	2.12 ⁶	48,742	35
08-31-2019	11.42	0.25 ⁶	(0.13 )	0.12	(0.28 )	(0.86 )	(1.14 )	10.40	2.31	0.20	—	2.44 ⁶	38,659	39
08-31-2018	11.59	0.24 ⁶	0.64	0.88	(0.27 )	(0.78 )	(1.05 )	11.42	7.77	0.17	—	2.14 ⁶	22,698	21


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2020 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	10.90	0.22 ⁶	(1.49 )	(1.27 )	(0.22 )	(0.90 )	(1.12 )	8.51	(13.07 )	0.72	0.42	2.32 ⁶	176,088	38
08-31-2021	10.06	0.19 ⁶	1.39	1.58	(0.18 )	(0.56 )	(0.74 )	10.90	16.29	0.69	0.42	1.79 ⁶	234,516	29
08-31-2020	9.89	0.18 ⁶	0.89	1.07	(0.23 )	(0.67 )	(0.90 )	10.06	11.32	0.69	0.43	1.93 ⁶	193,591	37
08-31-2019	10.66	0.22 ⁶	(0.03 )	0.19	(0.24 )	(0.72 )	(0.96 )	9.89	2.89	0.62	0.41	2.27 ⁶	171,370	40
08-31-2018	10.93	0.22 ⁶	0.41	0.63	(0.23 )	(0.67 )	(0.90 )	10.66	5.92	0.57	0.41	2.02 ⁶	171,973	19
Class I
08-31-2022	10.92	0.29 ⁶	(1.53 )	(1.24 )	(0.25 )	(0.90 )	(1.15 )	8.53	(12.78 )	0.42	0.12	2.98 ⁶	344	38
08-31-2021	10.08	0.21 ⁶	1.39	1.60	(0.20 )	(0.56 )	(0.76 )	10.92	16.57	0.39	0.12	2.04 ⁶	446	29
08-31-2020	9.90	0.20 ⁶	0.91	1.11	(0.26 )	(0.67 )	(0.93 )	10.08	11.75	0.39	0.12	2.12 ⁶	477	37
08-31-2019	10.67	0.26 ⁶	(0.04 )	0.22	(0.27 )	(0.72 )	(0.99 )	9.90	3.23	0.33	0.13	2.63 ⁶	230	40
08-31-2018	10.94	0.23 ⁶	0.43	0.66	(0.26 )	(0.67 )	(0.93 )	10.67	6.23	0.28	0.11	2.21 ⁶	705	19
Class R2
08-31-2022	10.84	0.21 ⁶	(1.48 )	(1.27 )	(0.21 )	(0.90 )	(1.11 )	8.46	(13.13 )	0.81	0.50	2.22 ⁶	5,397	38
08-31-2021	10.01	0.19 ⁶	1.37	1.56	(0.17 )	(0.56 )	(0.73 )	10.84	16.20	0.73	0.45	1.86 ⁶	6,093	29
08-31-2020	9.84	0.18 ⁶	0.89	1.07	(0.23 )	(0.67 )	(0.90 )	10.01	11.30	0.77	0.51	1.88 ⁶	1,014	37
08-31-2019	10.61	0.22 ⁶	(0.04 )	0.18	(0.23 )	(0.72 )	(0.95 )	9.84	2.77	0.71	0.51	2.23 ⁶	1,098	40
08-31-2018	10.89	0.20 ⁶	0.41	0.61	(0.22 )	(0.67 )	(0.89 )	10.61	5.74	0.67	0.51	1.86 ⁶	1,440	19
Class R4
08-31-2022	10.85	0.28 ⁶	(1.53 )	(1.25 )	(0.24 )	(0.90 )	(1.14 )	8.46	(12.99 )	0.66	0.26	2.80 ⁶	263	38
08-31-2021	10.01	0.21 ⁶	1.38	1.59	(0.19 )	(0.56 )	(0.75 )	10.85	16.55	0.63	0.25	2.04 ⁶	599	29
08-31-2020	9.85	0.21 ⁶	0.87	1.08	(0.25 )	(0.67 )	(0.92 )	10.01	11.45	0.63	0.27	2.23 ⁶	144	37
08-31-2019	10.62	0.23 ⁶	(0.02 )	0.21	(0.26 )	(0.72 )	(0.98 )	9.85	3.07	0.56	0.26	2.39 ⁶	239	40
08-31-2018	10.89	0.27 ⁶	0.37	0.64	(0.24 )	(0.67 )	(0.91 )	10.62	6.11	0.52	0.25	2.51 ⁶	211	19
Class R5
08-31-2022	10.90	0.26 ⁶	(1.49 )	(1.23 )	(0.26 )	(0.90 )	(1.16 )	8.51	(12.75 )	0.36	0.06	2.71 ⁶	7,380	38
08-31-2021	10.06	0.23 ⁶	1.38	1.61	(0.21 )	(0.56 )	(0.77 )	10.90	16.68	0.33	0.06	2.23 ⁶	8,917	29
08-31-2020	9.89	0.23 ⁶	0.88	1.11	(0.27 )	(0.67 )	(0.94 )	10.06	11.74	0.33	0.06	2.37 ⁶	3,949	37
08-31-2019	10.66	0.27 ⁶	(0.04 )	0.23	(0.28 )	(0.72 )	(1.00 )	9.89	3.29	0.27	0.06	2.71 ⁶	3,778	40
08-31-2018	10.93	0.25 ⁶	0.42	0.67	(0.27 )	(0.67 )	(0.94 )	10.66	6.29	0.22	0.06	2.37 ⁶	5,384	19
Class R6
08-31-2022	10.88	0.26 ⁶	(1.49 )	(1.23 )	(0.26 )	(0.90 )	(1.16 )	8.49	(12.73 )	0.31	0.01	2.73 ⁶	29,900	38
08-31-2021	10.04	0.23 ⁶	1.38	1.61	(0.21 )	(0.56 )	(0.77 )	10.88	16.77	0.29	0.01	2.24 ⁶	33,944	29
08-31-2020	9.87	0.23 ⁶	0.89	1.12	(0.28 )	(0.67 )	(0.95 )	10.04	11.82	0.28	—	2.39 ⁶	28,864	37
08-31-2019	10.65	0.26 ⁶	(0.03 )	0.23	(0.29 )	(0.72 )	(1.01 )	9.87	3.28	0.21	—	2.67 ⁶	28,384	40
08-31-2018	10.92	0.25 ⁶	0.42	0.67	(0.27 )	(0.67 )	(0.94 )	10.65	6.36	0.17	—	2.32 ⁶	16,997	19


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2015 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	9.73	0.22 ⁶	(1.27 )	(1.05 )	(0.22 )	(0.62 )	(0.84 )	7.84	(11.87 )	0.78	0.42	2.56 ⁶	85,355	36
08-31-2021	9.15	0.19 ⁶	1.08	1.27	(0.18 )	(0.51 )	(0.69 )	9.73	14.43	0.75	0.42	2.00 ⁶	109,061	27
08-31-2020	9.12	0.18 ⁶	0.66	0.84	(0.23 )	(0.58 )	(0.81 )	9.15	9.64	0.76	0.43	2.06 ⁶	97,644	41
08-31-2019	9.75	0.23 ⁶	0.04	0.27	(0.26 )	(0.64 )	(0.90 )	9.12	3.85	0.66	0.41	2.53 ⁶	91,688	41
08-31-2018	10.13	0.22 ⁶	0.23	0.45	(0.24 )	(0.59 )	(0.83 )	9.75	4.54	0.60	0.41	2.22 ⁶	98,847	17
Class I
08-31-2022	9.74	0.24 ⁶	(1.29 )	(1.05 )	(0.24 )	(0.61 )	(0.85 )	7.84	(11.69 )	0.48	0.12	2.81 ⁶	1,399	36
08-31-2021	9.16	0.22 ⁶	1.07	1.29	(0.20 )	(0.51 )	(0.71 )	9.74	14.73	0.45	0.12	2.31 ⁶	863	27
08-31-2020	9.13	0.21 ⁶	0.66	0.87	(0.26 )	(0.58 )	(0.84 )	9.16	9.97	0.46	0.13	2.38 ⁶	823	41
08-31-2019	9.76	0.25 ⁶	0.05	0.30	(0.29 )	(0.64 )	(0.93 )	9.13	4.21	0.37	0.13	2.82 ⁶	670	41
08-31-2018	10.14	0.24 ⁶	0.24	0.48	(0.27 )	(0.59 )	(0.86 )	9.76	4.85	0.31	0.11	2.49 ⁶	610	17
Class R2
08-31-2022	9.67	0.20 ⁶	(1.26 )	(1.06 )	(0.21 )	(0.62 )	(0.83 )	7.78	(12.03 )	0.87	0.51	2.19 ⁶	621	36
08-31-2021	9.09	0.19 ⁶	1.07	1.26	(0.17 )	(0.51 )	(0.68 )	9.67	14.45	0.80	0.46	2.00 ⁶	2,331	27
08-31-2020	9.07	0.12 ⁶	0.71	0.83	(0.23 )	(0.58 )	(0.81 )	9.09	9.52	0.84	0.51	1.39 ⁶	164	41
08-31-2019	9.69	0.23 ⁶	0.04	0.27	(0.25 )	(0.64 )	(0.89 )	9.07	3.87	0.73	0.49	2.53 ⁶	33	41
08-31-2018	10.09	0.17 ⁶	0.25	0.42	(0.23 )	(0.59 )	(0.82 )	9.69	4.16	0.71	0.51	1.71 ⁶	47	17
Class R4
08-31-2022	9.75	0.25 ⁶	(1.28 )	(1.03 )	(0.25 )	(0.62 )	(0.87 )	7.85	(11.65 )	0.63	0.16	2.85 ⁶	8	36
08-31-2021	9.12	0.21 ⁶	1.12	1.33	(0.19 )	(0.51 )	(0.70 )	9.75	15.27	0.67	0.23	2.21 ⁶	10	27
08-31-2020	9.09	0.19 ⁶	0.67	0.86	(0.25 )	(0.58 )	(0.83 )	9.12	9.85	0.70	0.27	2.22 ⁶	12	41
08-31-2019	9.72	0.25 ⁶	0.04	0.29	(0.28 )	(0.64 )	(0.92 )	9.09	4.06	0.61	0.26	2.74 ⁶	11	41
08-31-2018	10.11	0.24 ⁶	0.22	0.46	(0.26 )	(0.59 )	(0.85 )	9.72	4.62	0.56	0.26	2.45 ⁶	65	17
Class R5
08-31-2022	9.73	0.24 ⁶	(1.27 )	(1.03 )	(0.25 )	(0.62 )	(0.87 )	7.83	(11.66 )	0.42	0.06	2.82 ⁶	516	36
08-31-2021	9.15	0.22 ⁶	1.08	1.30	(0.21 )	(0.51 )	(0.72 )	9.73	14.80	0.40	0.06	2.29 ⁶	262	27
08-31-2020	9.12	0.22 ⁶	0.66	0.88	(0.27 )	(0.58 )	(0.85 )	9.15	10.06	0.39	0.06	2.52 ⁶	322	41
08-31-2019	9.75	0.28 ⁶	0.03	0.31	(0.30 )	(0.64 )	(0.94 )	9.12	4.27	0.31	0.07	2.97 ⁶	323	41
08-31-2018	10.14	0.26 ⁶	0.22	0.48	(0.28 )	(0.59 )	(0.87 )	9.75	4.81	0.26	0.06	2.66 ⁶	1,206	17
Class R6
08-31-2022	9.74	0.26 ⁶	(1.28 )	(1.02 )	(0.25 )	(0.62 )	(0.87 )	7.85	(11.49 )	0.37	0.01	2.98 ⁶	9,685	36
08-31-2021	9.16	0.23 ⁶	1.07	1.30	(0.21 )	(0.51 )	(0.72 )	9.74	14.86	0.35	0.01	2.43 ⁶	12,107	27
08-31-2020	9.12	0.22 ⁶	0.67	0.89	(0.27 )	(0.58 )	(0.85 )	9.16	10.24	0.34	—	2.52 ⁶	11,162	41
08-31-2019	9.76	0.26 ⁶	0.04	0.30	(0.30 )	(0.64 )	(0.94 )	9.12	4.23	0.26	—	2.93 ⁶	11,764	41
08-31-2018	10.14	0.24 ⁶	0.25	0.49	(0.28 )	(0.59 )	(0.87 )	9.76	4.96	0.21	—	2.49 ⁶	7,076	17


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Multimanager 2010 Lifetime Portfolio


Per share operating performance for a share outstanding throughout each period			Ratios and supplemental data
	Income (loss) from investment operations	Less Distributions	Ratios to average net assets


Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)^{1, 2}	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)^{3, 4}	Expenses before reductions (%)⁵	Expenses including reductions (%)⁵	Net investment income (loss) (%)²	Net assets, end of period (in thousands)	Portfolio turnover (%)
Class A
08-31-2022	9.41	0.24 ⁶	(1.16 )	(0.92 )	(0.22 )	(0.49 )	(0.71 )	7.78	(10.62 )	0.83	0.42	2.79 ⁶	42,560	39
08-31-2021	8.93	0.20 ⁶	0.89	1.09	(0.19 )	(0.42 )	(0.61 )	9.41	12.62	0.80	0.42	2.16 ⁶	52,276	34
08-31-2020	8.86	0.19 ⁶	0.54	0.73	(0.23 )	(0.43 )	(0.66 )	8.93	8.50	0.81	0.43	2.18 ⁶	45,532	46
08-31-2019	9.25	0.23 ⁶	0.11	0.34	(0.26 )	(0.47 )	(0.73 )	8.86	4.50	0.70	0.41	2.68 ⁶	45,444	48
08-31-2018	9.54	0.22 ⁶	0.12	0.34	(0.23 )	(0.40 )	(0.63 )	9.25	3.65	0.64	0.41	2.36 ⁶	46,288	20
Class I
08-31-2022	9.41	0.26 ⁶	(1.14 )	(0.88 )	(0.25 )	(0.49 )	(0.74 )	7.79	(10.24 )	0.53	0.12	3.06 ⁶	515	39
08-31-2021	8.93	0.22 ⁶	0.89	1.11	(0.21 )	(0.42 )	(0.63 )	9.41	12.93	0.50	0.12	2.46 ⁶	452	34
08-31-2020	8.87	0.20 ⁶	0.54	0.74	(0.25 )	(0.43 )	(0.68 )	8.93	8.70	0.51	0.13	2.34 ⁶	503	46
08-31-2019	9.25	0.27 ⁶	0.11	0.38	(0.29 )	(0.47 )	(0.76 )	8.87	4.98	0.42	0.13	3.03 ⁶	133	48
08-31-2018	9.55	0.24 ⁶	0.12	0.36	(0.26 )	(0.40 )	(0.66 )	9.25	3.84	0.35	0.11	2.57 ⁶	158	20
Class R2
08-31-2022	9.39	0.23 ⁶	(1.15 )	(0.92 )	(0.21 )	(0.49 )	(0.70 )	7.77	(10.59 )	0.91	0.50	2.71 ⁶	553	39
08-31-2021	8.91	0.19 ⁶	0.89	1.08	(0.18 )	(0.42 )	(0.60 )	9.39	12.60	0.84	0.45	2.13 ⁶	568	34
08-31-2020	8.85	0.18 ⁶	0.53	0.71	(0.22 )	(0.43 )	(0.65 )	8.91	8.31	0.90	0.51	2.10 ⁶	359	46
08-31-2019	9.23	0.22 ⁶	0.12	0.34	(0.25 )	(0.47 )	(0.72 )	8.85	4.51	0.80	0.51	2.57 ⁶	491	48
08-31-2018	9.53	0.21 ⁶	0.11	0.32	(0.22 )	(0.40 )	(0.62 )	9.23	3.45	0.75	0.51	2.21 ⁶	452	20
Class R4
08-31-2022	9.41	0.25 ⁶	(1.16 )	(0.91 )	(0.23 )	(0.49 )	(0.72 )	7.78	(10.48 )	0.77	0.26	2.94 ⁶	54	39
08-31-2021	8.92	0.21 ⁶	0.90	1.11	(0.20 )	(0.42 )	(0.62 )	9.41	12.92	0.74	0.26	2.32 ⁶	66	34
08-31-2020	8.86	0.20 ⁶	0.53	0.73	(0.24 )	(0.43 )	(0.67 )	8.92	8.57	0.75	0.26	2.33 ⁶	52	46
08-31-2019	9.24	0.24 ⁶	0.12	0.36	(0.27 )	(0.47 )	(0.74 )	8.86	4.79	0.65	0.26	2.78 ⁶	89	48
08-31-2018	9.54	0.25 ⁶	0.10	0.35	(0.25 )	(0.40 )	(0.65 )	9.24	3.70	0.57	0.23	2.67 ⁶	73	20
Class R5
08-31-2022	9.42	0.25 ⁶	(1.15 )	(0.90 )	(0.25 )	(0.49 )	(0.74 )	7.78	(10.30 )	0.47	0.06	3.07 ⁶	1,693	39
08-31-2021	8.93	0.24 ⁶	0.89	1.13	(0.22 )	(0.42 )	(0.64 )	9.42	12.99	0.44	0.05	2.58 ⁶	701	34
08-31-2020	8.87	0.24 ⁶	0.51	0.75	(0.26 )	(0.43 )	(0.69 )	8.93	8.78	0.45	0.06	2.76 ⁶	25	46
08-31-2019	9.25	0.28 ⁶	0.10	0.38	(0.29 )	(0.47 )	(0.76 )	8.87	5.03	0.35	0.06	3.21 ⁶	34	48
08-31-2018	9.55	0.31 ⁶	0.06	0.37	(0.27 )	(0.40 )	(0.67 )	9.25	3.90	0.30	0.05	3.20 ⁶	43	20
Class R6
08-31-2022	9.43	0.28 ⁶	(1.16 )	(0.88 )	(0.26 )	(0.49 )	(0.75 )	7.80	(10.22 )	0.42	0.01	3.21 ⁶	10,168	39
08-31-2021	8.94	0.23 ⁶	0.90	1.13	(0.22 )	(0.42 )	(0.64 )	9.43	13.17	0.40	0.01	2.57 ⁶	10,913	34
08-31-2020	8.88	0.22 ⁶	0.53	0.75	(0.26 )	(0.43 )	(0.69 )	8.94	8.83	0.40	—	2.59 ⁶	8,496	46
08-31-2019	9.26	0.26 ⁶	0.13	0.39	(0.30 )	(0.47 )	(0.77 )	8.88	5.09	0.30	—	2.97 ⁶	8,356	48
08-31-2018	9.56	0.25 ⁶	0.12	0.37	(0.27 )	(0.40 )	(0.67 )	9.26	3.95	0.25	—	2.69 ⁶	3,754	20


1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
3	Total returns would have been lower had certain expenses not been reduced and other income not been received from the Advisor for reimbursement of indirect net expenses associated with the portfolio’s investments in underlying investment companies during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.

Underlying fund information

The funds invest primarily in underlying funds. Therefore, each fund’s investment performance is directly related to the investment performance of the underlying funds. Information regarding the underlying funds is available in the applicable underlying fund’s prospectus and SAI. This prospectus is not an offer for any of the underlying funds. For copies of the prospectuses of the John Hancock underlying funds, which contain this and other information, visit our website at jhinvestments.com.

As of September 30, 2022, the funds allocated assets to the underlying funds stated below.


Multimanager 2065 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2060 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2055 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2050 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2045 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2040 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2035 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2030 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Floating Rate Income Fund	Bain Capital Credit, LP
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Short Duration Bond Fund	Manulife Investment Management (US) LLC
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2025 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Market Index Fund	Fidelity Investments
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Floating Rate Income Fund	Bain Capital Credit, LP
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Short Duration Bond Fund	Manulife Investment Management (US) LLC
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2020 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Financial Industries Fund	Manulife Investment Management (US) LLC
Floating Rate Income Fund	Bain Capital Credit, LP
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Global Shareholder Yield Fund	Epoch Investment Partners, Inc.
Health Sciences Fund	T. Rowe Price Associates, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Science & Technology Fund	T. Rowe Price Associates, Inc.
Short Duration Bond Fund	Manulife Investment Management (US) LLC
Small Cap Growth Fund	Redwood Investments, LLC
Small Cap Index Fund	Fidelity Investments
Small Cap Value Fund	Wellington Management Company, LLP
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2015 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Fund	Jennison Associates LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value Fund	Boston Partners Global Investors, Inc.
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Floating Rate Income Fund	Bain Capital Credit, LP
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Global Shareholder Yield Fund	Epoch Investment Partners, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Short Duration Bond Fund	Manulife Investment Management (US) LLC
Small Cap Index Fund	Fidelity Investments
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC


Multimanager 2010 Lifetime Portfolio
Underlying fund	Subadvisor or Provider
Absolute Return Currency Fund	First Quadrant, LP
Blue Chip Growth Fund	T. Rowe Price Associates, Inc.
Bond Fund	Manulife Investment Management (US) LLC
Capital Appreciation Value Fund	T. Rowe Price Associates, Inc.
Core Bond Fund	Allspring Global Investments, LLC
Disciplined Value International Fund	Boston Partners Global Investors, Inc.
Diversified Real Assets Fund	Manulife Investment Management (North America) Limited; Wellington Management Company, LLP
Emerging Markets Debt Fund	Manulife Investment Management (US) LLC
Emerging Markets Equity Fund	Manulife Investment Management (US) LLC
Equity Income Fund	T. Rowe Price Associates, Inc.
Floating Rate Income Fund	Bain Capital Credit, LP
Fundamental Global Franchise Fund	Manulife Investment Management (US) LLC
Fundamental Large Cap Core Fund	Manulife Investment Management (US) LLC
Global Equity Fund	Manulife Investment Management (US) LLC
Global Shareholder Yield Fund	Epoch Investment Partners, Inc.
High Yield Fund	Manulife Investment Management (US) LLC
International Dynamic Growth Fund	Axiom International Investors LLC
International Growth Fund	Wellington Management Company, LLP
International Index Fund	Fidelity Investments
International Small Company Fund	Dimensional Fund Advisors LP
International Strategic Equity Allocation Fund	Manulife Investment Management (US) LLC
Mid Cap Growth Fund	Wellington Management Company, LLP
Mid Cap Index Fund	Fidelity Investments
Mid Value Fund	T. Rowe Price Associates, Inc.
Short Duration Bond Fund	Manulife Investment Management (US) LLC
Small Cap Index Fund	Fidelity Investments
Strategic Income Opportunities Fund	Manulife Investment Management (US) LLC
U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC

Choosing an eligible share class

Class A, Class R2, and Class R4 shares have a Rule 12b-1 plan that allows the class to pay fees for the sale, distribution, and service of its shares. Class I and Class R6 shares do not have a Rule 12b-1 plan. Class R5 shares have a Rule 12b-1 plan, but do not pay any fees under the Rule 12b-1 plan. Your financial professional can help you decide which share class you are eligible to buy and is best for you. Each class’s eligibility guidelines are described below.

Class A shares

Class A shares are not available to group retirement plans that do not currently hold Class A shares of the fund and that are eligible to invest in Class I shares or any of the R share classes, except as provided below. Such group retirement plans include defined benefit plans, 401(k) plans, 457 plans, 403(b)(7) plans, pension and profit-sharing plans, and nonqualified deferred compensation plans. Individual retirement accounts (IRAs), Roth IRAs, SIMPLE IRAs, individual (“solo” or “single”) 401(k) plans, individual profit sharing plans, individual 403(b) plans, individual defined benefit plans, simplified employee pensions (SEPs), SAR-SEPs, 529 tuition programs and Coverdell Educational Savings Accounts are not considered group retirement plans and are not subject to this restriction on the purchase of Class A shares.

Investment in Class A shares by such group retirement plans will be permitted in the following circumstances:

•	The plan currently holds assets in Class A shares of the fund or any John Hancock fund;

•	Class A shares of the fund or any other John Hancock fund were established as an investment option under the plan prior to January 1, 2013, and the fund’s representatives have agreed that the plan may invest in Class A shares after that date;

•	Class A shares of the fund or any other John Hancock fund were established as a part of an investment model prior to January 1, 2013, and the fund’s representatives have agreed that plans utilizing such model may invest in Class A shares after that date; and

•

Such group retirement plans offered through an intermediary brokerage platform that does not require payments relating to the provisions of services to the fund, such as providing omnibus account services, transaction-processing services, or effecting portfolio transactions for the fund, that are specific to assets held in such group retirement plans and vary from such payments otherwise made for such services with respect to assets held in non-group retirement plan accounts.

Class I shares

Class I shares are offered without any sales charge to the following types of investors if they also meet the minimum initial investment requirement for purchases of Class I shares (see “Opening an account”):

•

Clients of financial intermediaries who: (i) charge such clients a fee for advisory, investment, consulting, or similar services; (ii) have entered into an agreement with the distributor to offer Class I shares through a no-load program or investment platform; or (iii) have entered into an agreement with the distributor to offer Class I shares to clients on certain brokerage platforms where the intermediary is acting solely as an agent for the investor who may be required to pay a commission

and/or other forms of compensation to the intermediary. Other share classes of the fund have different fees and expenses.

•	Retirement and other benefit plans

•	Endowment funds, foundations, donor advised funds, and other charitable entities

•	Any state, county, or city, or its instrumentality, department, authority, or agency

•	Accounts registered to insurance companies, trust companies, and bank trust departments

•	Any entity that is considered a corporation for tax purposes

•	Investment companies, both affiliated and not affiliated with the advisor

•	Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned

Class R2, Class R4, and Class R5 shares

Class R2, Class R4, and Class R5 shares are available to certain types of investors, as noted below:

•	Qualified tuition programs under Section 529 (529 plans) of the Internal Revenue Code of 1986, as amended (the Code), distributed by John Hancock or one of its affiliates

•	Retirement plans, including pension, profit-sharing, and other plans qualified under Section 401(a) or described in Section 403(b) or 457 of the Code, and nonqualified deferred compensation plans

•

Retirement plans, Traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, and SIMPLE IRAs where the shares are held on the books of the fund through investment-only omnibus accounts (either at the plan level or at the level of the financial service firm) that trade through the National Securities Clearing Corporation (NSCC)

Except as noted above, Class R2, Class R4, and Class R5 shares are not available to retail or institutional non-retirement accounts, Traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 403(b) plans, or other individual retirement accounts.

Class R6 shares

Class R6 shares are offered without any sales charge and are generally made available to the following types of investors if they also meet the minimum initial investment requirement for purchases of Class R6 shares. (See “Opening an account.”)

•	Qualified 401(a) plans (including 401(k) plans, Keogh plans, profit-sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, qualified plans)

•	Endowment funds and foundations

•	Any state, county, or city, or its instrumentality, department, authority, or agency

•	403(b) plans and 457 plans, including 457(a) governmental entity plans and tax-exempt plans

•	Accounts registered to insurance companies, trust companies, and bank trust departments

•	Investment companies, both affiliated and not affiliated with the advisor

•	Any entity that is considered a corporation for tax purposes, including corporate nonqualified deferred compensation plans of such corporations

•	Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned

•	Financial intermediaries utilizing fund shares in certain eligible qualifying investment product platforms under a signed agreement with the distributor

Class R6 shares may not be available through certain investment dealers.

The availability of Class R6 shares for qualified plan investors will depend upon the policies of your financial intermediary and/or the recordkeeper for your qualified plan.

Class R6 shares also are generally available only to qualified plan investors where plan level or omnibus accounts are held on the books of the fund.

Class R6 shares are not available to retail non-retirement accounts, Traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, and 529 college savings plans.

Class cost structure

Class A shares

•	A front-end sales charge, as described in the section “How sales charges are calculated”

•	Distribution and service (Rule 12b-1) fees of 0.30%

•	A 1.00% contingent deferred sales charge (CDSC) on certain shares sold within one year of purchase

Class I shares

•	No front-end or deferred sales charges; however, if you purchase Class I shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker

•	No Rule 12b-1 fees

Class R2 shares

•	No front-end or deferred sales charges; all your money goes to work for you right away

•	Rule 12b-1 fees of 0.25%

Class R4 shares

•	No front-end or deferred sales charges; all your money goes to work for you right away

•	Rule 12b-1 fees of 0.15% (under the Rule 12b-1 plan, the distributor has the ability to collect 0.25%; however, the distributor has contractually agreed to waive 0.10% of these fees through December 31, 2023)

Class R5 shares

•	No front-end or deferred sales charges; all your money goes to work for you right away

•	No Rule 12b-1 fees

Class R6 shares

•	No front-end or deferred sales charges; all your money goes to work for you right away

•	No Rule 12b-1 fees

Rule 12b-1 fees

Rule 12b-1 fees will be paid to the fund’s distributor, John Hancock Investment Management Distributors LLC, and may be used by the distributor for expenses relating to the sale, distribution of, and shareholder or administrative services for holders of the shares of the class, and for the payment of service fees that come within Rule 2341 of the Conduct Rules of the Financial Industry Regulatory Authority (FINRA).

Because Rule 12b-1 fees are paid out of the fund’s assets on an ongoing basis, over time they will increase the cost of your investment and may cost shareholders more than other types of sales charges.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares. Other share classes of the fund, which have their own expense structure, may be offered in separate prospectuses.

Class R service plan

In addition to the Rule 12b-1 plans, the fund has adopted plans for Class R2, Class R4, and Class R5 shares that authorize the fund to pay affiliated and unaffiliated entities a service fee for providing certain recordkeeping and other administrative services in connection with investments in the fund by retirement plans. The service fee is a specified percentage of the average daily net assets of the fund’s share class held by plan participants and is up to 0.25% for Class R2 shares, 0.10% for Class R4 shares, and 0.05% for Class R5 shares.

The performance and expense information included in this prospectus does not reflect fees and expenses of any plan that may use a fund as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

Each fund is designed so that it can qualify as a qualified default investment alternative (QDIA) within the meaning of the regulations promulgated by the U.S. Department of Labor for accounts held by retirement plans subject to ERISA. Your retirement plan fiduciary, and not the funds or their investment advisor, is responsible for determining whether the fund qualifies as a QDIA.

Additional payments to financial intermediaries

Class A, Class R2, Class R4, and Class R5 shares of the fund are primarily sold through financial intermediaries, such as brokers, banks, registered investment advisors, financial planners, and retirement plan administrators. These firms may be compensated for selling shares of the fund in two principal ways:

•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

Class I shares do not carry sales commissions or pay Rule 12b-1 fees. However, if you purchase Class I shares through a broker acting solely as

an agent on behalf of its customers, you may be required to pay a commission to the broker.

No dealer compensation is paid from fund assets on sales of Class R6 shares. Class R6 shares do not carry sales commissions, pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in the distributor’s efforts to promote the sale of the fund’s shares. Neither the fund nor its affiliates make any type of administrative or service payments in connection with investments in Class R6 shares.

Except with respect to Class R6 shares, certain firms may request, and the distributor may agree to make, payments in addition to sales commissions and Rule 12b-1 fees, if applicable, out of the distributor’s own resources.

These additional payments are sometimes referred to as revenue sharing. These payments assist in the distributor’s efforts to promote the sale of the fund’s shares. The distributor agrees with the firm on the methods for calculating any additional compensation, which may include the level of sales or assets attributable to the firm. Not all firms receive additional compensation, and the amount of compensation varies. These payments could be significant to a firm. The distributor determines which firms to support and the extent of the payments it is willing to make. The distributor generally chooses to compensate firms that have a strong capability to distribute shares of the fund and that are willing to cooperate with the distributor’s promotional efforts.

The distributor hopes to benefit from revenue sharing by increasing the fund’s net assets, which, as well as benefiting the fund, would result in additional management and other fees for the advisor and its affiliates. In consideration for revenue sharing, a firm may feature the fund in its sales system or give preferential access to members of its sales force or management. In addition, the firm may agree to participate in the distributor’s marketing efforts by allowing the distributor or its affiliates to participate in conferences, seminars, or other programs attended by the intermediary’s sales force. Although an intermediary may seek revenue-sharing payments to offset costs incurred by the firm in servicing its clients who have invested in the fund, the intermediary may earn a profit on these payments. Revenue-sharing payments may provide your firm with an incentive to favor the fund.

The SAI discusses the distributor’s revenue-sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

The distributor, advisor, and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction-processing services, or effecting portfolio transactions for the fund. If your intermediary provides these services, the advisor or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the advisor or its affiliates that are not related to the fund.

How sales charges are calculated

Class A sales charges are as follows:


Your investment ($)	As a % of offering price*	As a % of your investment
Up to 49,999	5.00	5.26
50,000–99,999	4.50	4.71
100,000–249,999	3.50	3.63
250,000–499,999	2.50	2.56
500,000–999,999	2.00	2.04
1,000,000 and over	See below

*	Offering price is the net asset value per share plus any initial sales charge.

You may qualify for a reduced Class A sales charge if you own or are purchasing Class A, Class C, Class I, Class R2, Class R4, Class R5, or Class R6 shares of a John Hancock open-end mutual fund. To receive the reduced sales charge, you must tell your broker or financial professional at the time you purchase the fund’s Class A shares about any other John Hancock mutual funds held by you, your spouse, or your children under the age of 21. This includes investments held in an individual retirement account, in an employee benefit plan, or with a broker or financial professional other than the one handling your current purchase. John Hancock will credit the combined value, at the current offering price, of all eligible accounts to determine whether you qualify for a reduced sales charge on your current purchase. You may need to provide documentation for these accounts, such as an account statement. For more information about sales charges, reductions, and waivers, you may visit the fund’s website at jhinvestments.com, which includes hyperlinks to facilitate access to this information. You may also consult your broker or financial professional, or refer to the section entitled “Sales Charges on Class A and Class C Shares” in the fund’s SAI. You may request an SAI from your broker or financial professional by accessing the fund’s website at jhinvestments.com or by calling Signature Services at 800-225-5291.

Investments of $1 million or more

Class A shares are available with no front-end sales charge on investments of $1 million or more. There is a CDSC on any Class A shares upon which a commission or finder’s fee was paid that are sold within one year of purchase, as follows:

Class A deferred charges on investments of $1 million or more


Years after purchase	CDSC (%)
1^st year	1.00
After 1^st year	None

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

The CDSC is based on the lesser of the original purchase cost or the current market value of the shares being sold, and is not charged on shares you acquired by reinvesting your dividends. To keep your CDSC as low as possible, each time you place a request to sell shares, we will first sell any shares in your account that are not subject to a CDSC.

Sales charge reductions and waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or CDSC waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein).

Reducing your Class A sales charges

There are several ways you can combine multiple purchases of shares of John Hancock funds to take advantage of the breakpoints in the sales charge schedule. The first three ways can be combined in any manner.

•

Accumulation privilege—lets you add the value of any class of shares of any John Hancock open-end fund you already own to the amount of your next Class A investment for purposes of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•

Letter of intention—lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a letter of intention to qualify for reduced sales charges if you plan to invest at least to the first breakpoint level (generally $50,000 or $100,000 depending on the specific fund) in a John Hancock fund’s Class A shares during the next 13 months. Completing a letter of intention does not obligate you to purchase additional shares. However, if you do not buy enough shares to qualify for the lower sales charges by the earlier of the end of the 13-month period or when you sell your shares, your sales charges will be recalculated to reflect your actual amount purchased. It is your responsibility to tell John Hancock Signature Services Inc. or your financial professional when you believe you have purchased shares totaling an amount eligible for reduced sales charges, as stated in your letter of intention. Further information is provided in the SAI.

•	Combination privilege—lets you combine shares of all funds for purposes of calculating the Class A sales charge.

To utilize any reduction, you must complete the appropriate section of your application, or contact your financial professional or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Group investment program

A group may be treated as a single purchaser under the accumulation and combination privileges. Each investor has an individual account, but the group’s investments are lumped together for sales charge purposes, making the investors potentially eligible for reduced sales charges. There is no charge or obligation to invest (although initial investments per account opened must satisfy minimum initial investment requirements specified in the section entitled “Opening an account”), and individual investors may close their accounts at any time.

To utilize this program, you must contact your financial professional or Signature Services to find out how to qualify. Consult the SAI for additional details (see the back cover of this prospectus).

CDSC waivers

As long as Signature Services is notified at the time you sell, any CDSC for Class A shares will be waived in the following cases, as applicable:

•	to make payments through certain systematic withdrawal plans

•	certain retirement plans participating in PruSolutions^SM programs

•	redemptions pursuant to the fund’s right to liquidate an account that is below the minimum account value stated below in “Dividends and account policies,” under the subsection “Small accounts”

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	redemptions made under certain liquidation, merger or acquisition transactions involving other investment companies or personal holding companies

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

•	rollovers, contract exchanges, or transfers of John Hancock custodial 403(b)(7) account assets required by John Hancock as a result of its decision to discontinue maintaining and administering 403(b)(7) accounts

To utilize a waiver, you must contact your financial professional or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus). Please note, these waivers are distinct from those described in Appendix 1, “Intermediary sales charge waivers.”

Reinstatement privilege

If you sell shares of a John Hancock fund, you may reinvest some or all of the proceeds back into the same share class of the same fund and account from which it was removed, within 120 days without a sales charge, subject to fund minimums, as long as Signature Services or your financial professional is notified before you reinvest. If you paid a CDSC when you sold your shares, you will be credited with the amount of the CDSC. Consult the SAI for additional details.

To utilize this privilege, you must contact your financial professional or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:

•	Selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	Financial intermediaries utilizing fund shares in eligible retirement platforms, fee-based, or wrap investment products

•	Financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to their customers

•	Fund Trustees and other individuals who are affiliated with these or other John Hancock funds, including employees of John Hancock companies or Manulife Financial Corporation (and their Immediate Family, as defined in the SAI)

•	Individuals exchanging shares held in an eligible fee-based program for Class A shares, provided however, subsequent purchases in Class A shares will be subject to applicable sales charges

•	Individuals transferring assets held in a SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to an IRA

•	Individuals converting assets held in an IRA, SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to a Roth IRA

•	Individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP, or SIMPLE IRA invested in John Hancock funds back to the original account type from which they were converted

•

Participants in group retirement plans that are eligible and permitted to purchase Class A shares as described in the “Choosing an eligible share class” section above. This waiver is contingent upon the group retirement plan being in a recordkeeping arrangement and does not apply to group retirement plans transacting business with the fund through a brokerage relationship in which sales charges are customarily imposed, unless such brokerage relationship qualifies for a sales charge waiver as described. In addition, this waiver does not apply to a group retirement plan that leaves its current recordkeeping arrangement and subsequently transacts business with the fund through a brokerage relationship in which sales charges are customarily imposed. Whether a sales charge waiver is available to your group retirement plan through its record keeper depends upon the policies and procedures of your intermediary. Please consult your financial professional for further information

•	Retirement plans participating in PruSolutions^SM programs

•

Terminating participants in a pension, profit-sharing, or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code, (i) that is funded by certain John Hancock group annuity contracts, (ii) for which John Hancock Trust Company serves as trustee or custodian, or (iii) the trustee or custodian of which has retained John Hancock Retirement Plan Services (“RPS”) as a service provider, rolling over assets (directly or within 60 days after distribution) from such a plan (or from a John Hancock Managed IRA or John Hancock Annuities IRA into which such assets have already been rolled over) to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such terminating participants and/or their Immediate Family (as defined in the SAI), including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock Personal Financial Services (“PFS”) Financial Center

•

Participants in a terminating pension, profit-sharing, or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code (the assets of which, immediately prior to such plan’s termination, were (a) held in certain John Hancock group annuity contracts, (b) in trust or custody by John Hancock Trust Company, or (c) by a trustee or custodian which has retained John Hancock RPS as a service provider, but have been transferred from such contracts or trust funds and are held either: (i) in trust by a distribution processing organization; or (ii) in a custodial IRA or custodial Roth IRA sponsored by an authorized third-party trust company and made available through John Hancock), rolling over assets (directly or within 60 days after distribution) from such a plan to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such participants and/or their Immediate Family (as defined in the SAI),

including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the PFS Financial Center

•

Participants actively enrolled in a John Hancock RPS plan account (or an account the trustee of which has retained John Hancock RPS as a service provider) rolling over or transferring assets into a new John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds through John Hancock PFS (to the extent such assets are otherwise prohibited from rolling over or transferring into such participant’s John Hancock RPS plan account), including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock PFS Financial Center

•	Individuals rolling over assets held in a John Hancock custodial 403(b)(7) account into a John Hancock custodial IRA account

•

Former employees/associates of John Hancock, its affiliates, or agencies rolling over (directly or indirectly within 60 days after distribution) to a new John Hancock custodial IRA or John Hancock custodial Roth IRA from the John Hancock Employee Investment-Incentive Plan (TIP), John Hancock Savings Investment Plan (SIP), or the John Hancock Pension Plan, and such participants and their Immediate Family (as defined in the SAI) subsequently establishing or rolling over assets into a new John Hancock account through the John Hancock PFS Group, including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock PFS Financial Center

•	A member of a class action lawsuit against insurance companies who is investing settlement proceeds

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:

•	Exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)

•	Dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)

•

In addition, the availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or CDSC waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or

through another intermediary to receive these waivers or discounts.

Opening an account

1	Read this prospectus carefully.

2	Determine if you are eligible by referring to “Choosing an eligible share class.”

Determine how much you want to invest. There is no minimum initial investment to purchase Class R2, Class R4 or Class R5 shares. The minimum initial investments for Class A, Class I, and Class R6 shares are described below. There are no subsequent minimum investment requirements for these share classes.


Share Class	Minimum initial investment
Class A	$1,000 ($250 for group investments). However, there is no minimum initial investment for certain group retirement plans using salary deduction or similar group methods of payment, for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with the distributor, or for certain other eligible investment product platforms.
Class I	$250,000. However, the minimum initial investment requirement may be waived, at the fund’s sole discretion, for investors in certain fee-based, wrap, or other investment platform programs, or in certain brokerage platforms where the intermediary is acting solely as an agent for the investor. The fund also may waive the minimum initial investment for other categories of investors at its discretion, including for Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned.
Class R6	$1 million. However, there is no minimum initial investment requirement for: (i) qualified and nonqualified plan investors; (ii) certain eligible qualifying investment product platforms; or (iii) Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned.

All Class A, Class I, and Class R6 shareholders must complete the account application, carefully following the instructions. If you have any questions, please contact your financial professional or call Signature Services at 800-225-5291 for Class A shares or 888-972-8696 for Class I and Class R6 shares.

Eligible retirement plans generally may open an account and purchase Class R2, Class R4 or Class R5 shares by contacting any broker-dealer or other financial service firm authorized to sell Class R2, Class R4 or Class R5 shares of the fund. Additional shares may be purchased through a retirement plan’s administrator or recordkeeper.

6	For Class A shares, complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

7	For Class A, Class I, and Class R6 shares, make your initial investment using the instructions under “Buying shares.” You and your financial professional can initiate any purchase, exchange, or sale of shares.

Important information about opening a new account

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

For individual investors opening an account. When you open an account, you will be asked for your name, residential address, date of birth, and Social Security number.

For investors other than individuals. When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number (TIN), and you may be requested to provide information on persons with authority or control over the account, including, but not limited to, name, residential address, date of birth, and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments, or partnership agreements, and other information that will help Signature Services identify the entity. Please see the mutual fund account application for more details.

Information for plan participants

Plan participants generally must contact their plan service provider to purchase, redeem, or exchange shares. The administrator of a retirement plan or employee benefits office can provide participants with detailed information on how to participate in the plan, elect a fund as an investment option, elect different investment options, alter the amounts contributed to the plan, or change allocations among investment options. For questions about participant accounts, participants should contact their employee benefits office, the plan administrator, or the organization that provides recordkeeping services for the plan.

Financial service firms may provide some of the shareholder servicing and account maintenance services required by retirement plan accounts and their plan participants, including transfers of registration, dividend payee changes, and generation of confirmation statements, and may arrange for plan administrators to provide other investment or administrative services. Financial service firms may charge retirement plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, retirement plans may charge plan participants for certain expenses. These fees and additional amounts could reduce an investment return in the fund.

Buying shares

Class A shares


Opening an account	Adding to an account
By check
Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” Deliver the check and your completed application to your financial professional or mail them to Signature Services (address below).	Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” Fill out the detachable investment slip from an account statement. If no slip is available, include a note specifying the fund name, the share class, your account number, and the name(s) in which the account is registered. Deliver the check and your investment slip or note to your financial professional, or mail them to Signature Services (address below).
By exchange
Call your financial professional or Signature Services to request an exchange.	Log on to the website below to process exchanges between funds. Call EASI-Line for automated service. Call your financial professional or Signature Services to request an exchange.
By wire
Deliver your completed application to your financial professional or mail it to Signature Services. Obtain your account number by calling your financial professional or Signature Services. Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.	Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.
By internet
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the Automated Clearing House (ACH) system. Complete the “Bank information” section on your account application. Log on to the website below to initiate purchases using your authorized bank account.
By phone
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the ACH system. Complete the “To purchase, exchange, or redeem shares via telephone” and “Bank information” sections on your account application. Call EASI-Line for automated service. Call your financial professional or call Signature Services between 8:00 A.M. and 7:00 P.M., Monday–Thursday, and on Friday, between 8:00 A.M. and 6:00 P.M., Eastern time. To add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	EASI-Line (24/7 automated service) 800-338-8080	Signature Services, Inc. 800-225-5291

Buying shares

Class I shares


Opening an account	Adding to an account
By check
Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” Deliver the check and your completed application to your financial professional or mail them to Signature Services (address below).	Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” If your account statement has a detachable investment slip, please complete it in its entirety. If no slip is available, include a note specifying the fund name, your share class, your account number, and the name(s) in which the account is registered. Deliver the check and your investment slip or note to your financial professional, or mail them to Signature Services (address below).
By exchange
Call your financial professional or Signature Services to request an exchange.	Log on to the website below to process exchanges between funds. You may exchange Class I shares for other Class I shares or John Hancock Money Market Fund Class A shares. Call your financial professional or Signature Services to request an exchange.
By wire
Deliver your completed application to your financial professional or mail it to Signature Services. Obtain your account number by calling your financial professional or Signature Services. Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.	Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.
By internet
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the Automated Clearing House (ACH) system. Complete the “Bank information” section on your account application. Log on to the website below to initiate purchases using your authorized bank account.
By phone
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the ACH system. Complete the “To purchase, exchange, or redeem shares via telephone” and “Bank information” sections on your account application. Call your financial professional or call Signature Services between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Buying shares

Class R6 shares


Opening an account	Adding to an account
By check
Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” Deliver the check and your completed application to your financial professional or mail them to Signature Services (address below).	Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” If your account statement has a detachable investment slip, please complete it in its entirety. If no slip is available, include a note specifying the fund name, the share class, your account number, and the name(s) in which the account is registered. Deliver the check and your investment slip or note to your financial professional, or mail them to Signature Services (address below).
By exchange
Call your financial professional or Signature Services to request an exchange.	Log on to the website below to process exchanges between funds. You may exchange Class R6 shares for other Class R6 shares or John Hancock Money Market Fund Class A shares. Call your financial professional or Signature Services to request an exchange.
By wire
Deliver your completed application to your financial professional or mail it to Signature Services. Obtain your account number by calling your financial professional or Signature Services. Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.	Obtain wiring instructions by calling Signature Services. Instruct your bank to wire the amount of your investment. Specify the fund name, the share class, your account number, and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.
By internet
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the Automated Clearing House (ACH) system. Complete the “Bank information” section on your account application. Log on to the website below to initiate purchases using your authorized bank account.
By phone
See “By exchange” and “By wire.”	Verify that your bank or credit union is a member of the ACH system. Complete the “To purchase, exchange, or redeem shares via telephone” and “Bank information” sections on your account application. Call your financial professional or call Signature Services between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days.


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Selling shares

Class A shares


	To sell some or all of your shares
By letter
Accounts of any type Sales of any amount	Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the name(s) in which the account is registered, and the dollar value or number of shares you wish to sell. Include all signatures and any additional documents that may be required (see the next page). Mail the materials to Signature Services (address below). A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.
By internet
Most accounts Sales of up to $100,000	Log on to the website below to initiate redemptions from your fund.
By phone
Most accounts Sales of up to $100,000	Call EASI-Line for automated service. Call your financial professional or call Signature Services between 8:00 A.M. and 7:00 P.M., Monday–Thursday, and on Friday, between 8:00 A.M. and 6:00 P.M., Eastern time.
By wire or electronic funds transfer (EFT)
Requests by letter to sell any amount Requests by internet or phone to sell up to $100,000	To verify that the internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Signature Services. A $4 fee will be deducted from your account. Your bank may also charge a fee for this service.
By exchange
Accounts of any type Sales of any amount	Obtain a current prospectus for the fund into which you are exchanging by accessing the fund’s website or by calling your financial professional or Signature Services. Log on to the website below to process exchanges between your funds. Call EASI-Line for automated service. Call your financial professional or Signature Services to request an exchange. To sell shares through a systematic withdrawal plan, see “Additional investor services.”


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	EASI-Line (24/7 automated service) 800-338-8080	Signature Services, Inc. 800-225-5291

Selling shares in writing

Class A shares

In certain circumstances, you will need to make your request to sell shares in writing. You may need to include additional items with your request, unless they were previously provided to Signature Services and are still accurate. These items are shown in the table below. You may also need to include a signature guarantee, which protects you against fraudulent orders. You will need a signature guarantee if:

•	your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank,

•	you are selling more than $100,000 worth of shares (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock), or

•	you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s).

You will need to obtain your signature guarantee from a member of the Medallion Signature Guarantee Program. Most broker-dealers, banks, credit unions, and securities exchanges are members of this program. A notary public CANNOT provide a signature guarantee. Signature Services may make exceptions to any of the signature guarantee requirements.


Seller	Requirements for written requests
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)	Letter of instruction On the letter, the signatures and titles of all persons authorized to sign for the account, exactly as the account is registered Medallion signature guarantee, if applicable (see above)
Owners of corporate, sole proprietorship, general partner, or association accounts	Letter of instruction Corporate business/organization resolution, certified within the past 12 months, or a John Hancock business/organization certification form On the letter and the resolution, the signature of the person(s) authorized to sign for the account Medallion signature guarantee, if applicable (see above)
Owners or trustees of trust accounts	Letter of instruction On the letter, the signature(s) of the trustee(s) Copy of the trust document, certified within the past 12 months, or a John Hancock trust certification form Medallion signature guarantee, if applicable (see above)
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)	Letter of instruction signed by surviving tenant(s) Copy of the death certificate Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Executors of shareholder estates	Letter of instruction signed by the executor Copy of the order appointing executor, certified within the past 12 months Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Administrators, conservators, guardians, and other sellers, or account types not listed above	Call Signature Services for instructions


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	EASI-Line (24/7 automated service) 800-338-8080	Signature Services, Inc. 800-225-5291

Selling shares

Class I shares


	To sell some or all of your shares
By letter
Sales of any amount	Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the name(s) in which the account is registered, and the dollar value or number of shares you wish to sell. Include all signatures and any additional documents that may be required (see the next page). Mail the materials to Signature Services (address below). A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.
By internet
Most accounts Sales of up to $100,000	Log on to the website below to initiate redemptions from your fund.
By phone
Amounts up to $100,000: Most accounts Amounts up to $5 million: Available to the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans, and all John Hancock custodial retirement accounts)	Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. To place your request with a representative at John Hancock, call Signature Services between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days, or contact your financial professional. Redemption proceeds exceeding $100,000 will be wired to your designated bank account, unless a Medallion signature guaranteed letter is provided requesting payment by check. Please refer to “Selling shares in writing.”
By wire or electronic funds transfer (EFT)
Requests by letter to sell any amount Qualified requests by phone to sell to $5 million (accounts with telephone redemption privileges)	To verify that the telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Signature Services. Amounts up to $100,000 may be sent by EFT or by check. Your bank may charge a fee for this service. Amounts of $5 million or more will be sent by wire.
By exchange
Sales of any amount	Obtain a current prospectus for the fund into which you are exchanging by accessing the fund’s website, or by calling your financial professional or Signature Services. You may only exchange Class I shares for other Class I shares or John Hancock Money Market Fund Class A shares. Call your financial professional or Signature Services to request an exchange.


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Selling shares in writing

Class I shares

•	your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank;

•	you are selling more than $100,000 worth of shares and are requesting payment by check (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock);

•

you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans, and all John Hancock custodial retirement accounts); or

•	you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s).


Seller	Requirements for written requests
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)	Letter of instruction On the letter, the signatures and titles of all persons authorized to sign for the account, exactly as the account is registered Medallion signature guarantee, if applicable (see above)
Owners of corporate, sole proprietorship, general partner, or association accounts	Letter of instruction Corporate business/organization resolution, certified within the past 12 months, or a John Hancock business/organization certification form On the letter and the resolution, the signature of the person(s) authorized to sign for the account Medallion signature guarantee, if applicable (see above)
Owners or trustees of trust accounts	Letter of instruction On the letter, the signature(s) of the trustee(s) Copy of the trust document, certified within the past 12 months, or a John Hancock trust certification form Medallion signature guarantee, if applicable (see above)
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)	Letter of instruction signed by surviving tenant(s) Copy of the death certificate Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Executors of shareholder estates	Letter of instruction signed by the executor Copy of the order appointing executor, certified within the past 12 months Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Administrators, conservators, guardians, and other sellers, or account types not listed above	Call Signature Services for instructions


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Selling shares

Class R6 shares


	To sell some or all of your shares
By letter
Sales of any amount	Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the name(s) in which the account is registered, and the dollar value or number of shares you wish to sell. Include all signatures and any additional documents that may be required (see the next page). Mail the materials to Signature Services (address below). A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.
By internet
Most accounts Sales of up to $100,000	Log on to the website below to initiate redemptions from your fund.
By phone
Amounts up to $5 million: Available to the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; and group retirement plans	Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. To place your request with a representative at John Hancock, call Signature Services between 8:30 A.M. and 5:00 P.M., Eastern time, on most business days, or your financial professional. Redemption proceeds exceeding $100,000 will be wired to your designated bank account, unless a Medallion signature guaranteed letter is provided requesting payment by check. Please refer to “Selling shares in writing.”
By wire or electronic funds transfer (EFT)
Requests by letter to sell any amount Qualified requests by phone to sell to $5 million (accounts with telephone redemption privileges)	To verify that the telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Signature Services. Amounts of $5 million or more will be sent by wire. Amounts up to $100,000 may be sent by EFT or by check. Your bank may charge a fee for this service.
By exchange
Sales of any amount	Obtain a current prospectus for the fund into which you are exchanging by accessing the fund’s website, or by calling your financial professional or Signature Services. You may only exchange Class R6 shares for other Class R6 shares or John Hancock Money Market Fund Class A shares. Call your financial professional or Signature Services to request an exchange.


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Selling shares in writing

Class R6 shares

•	your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank;

•	you are selling more than $100,000 worth of shares and are requesting payment by check (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock);

•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; and group retirement plans; or

•	you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s).


Seller	Requirements for written requests
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)	Letter of instruction On the letter, the signatures and titles of all persons authorized to sign for the account, exactly as the account is registered Medallion signature guarantee, if applicable (see above)
Owners of corporate, sole proprietorship, general partner, or association accounts	Letter of instruction Corporate business/organization resolution, certified within the past 12 months, or a John Hancock business/organization certification form On the letter and the resolution, the signature of the person(s) authorized to sign for the account Medallion signature guarantee, if applicable (see above)
Owners or trustees of trust accounts	Letter of instruction On the letter, the signature(s) of the trustee(s) Copy of the trust document, certified within the past 12 months, or a John Hancock trust certification form Medallion signature guarantee, if applicable (see above)
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)	Letter of instruction signed by surviving tenant(s) Copy of the death certificate Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Executors of shareholder estates	Letter of instruction signed by the executor Copy of the order appointing executor, certified within the past 12 months Medallion signature guarantee, if applicable (see above) Inheritance tax waiver, if applicable
Administrators, conservators, guardians, and other sellers, or account types not listed above	Call Signature Services for instructions


Regular mail John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	Express delivery John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407	Website jhinvestments.com	Signature Services, Inc. 888-972-8696

Transaction policies

Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.

Valuation of shares

The net asset value (NAV) for each class of shares of the fund is normally determined once daily as of the close of regular trading on the New York Stock Exchange (NYSE) (typically 4:00 P.M., Eastern time, on each business day that the NYSE is open). In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the advisor’s Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated and the fund does not transact purchase or redemption requests. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays on which the fund’s NAV is not calculated. Consequently, the fund’s portfolio securities may trade and the NAV of the fund’s shares may be significantly affected on days when a shareholder will not be able to purchase or redeem shares of the fund. The NAV for the fund is calculated based upon the NAVs of the underlying funds and other investments in which it invests. The prospectuses for the underlying funds explain the circumstances under which those underlying funds use fair-value pricing and the effects of doing so.

Each class of shares of the fund has its own NAV, which is computed by dividing the total assets, minus liabilities, allocated to each share class by the number of fund shares outstanding for that class. The current NAV of the fund is available on our website at jhinvestments.com.

Valuation of securities

Portfolio securities are valued by various methods that are generally described below. Portfolio securities also may be fair valued by the advisor’s Pricing Committee in certain instances pursuant to procedures established by the advisor and adopted by the Board of Trustees. Equity securities are generally valued at the last sale price or, for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing

vendor to reflect fair value. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the electronic trading market as of the close of the NYSE, or may be fair valued based on fair value adjustment factors provided by an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Shares of other open-end investment companies that are not exchange-traded funds (underlying funds) are valued based on the NAVs of such underlying funds.

Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit quality information, general market conditions, news, and other factors and assumptions. The fund may receive different prices when it sells odd-lot positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes.

The Pricing Committee engages in oversight activities with respect to pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.

If market quotations, official closing prices, or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative of the fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as determined in good faith by the Board’s valuation designee, the advisor. The Trustees are assisted in their responsibility to fair value securities by the advisor’s Pricing Committee, and the actual calculation of a security’s fair value may be made by the Pricing Committee acting pursuant to the procedures established by the advisor, as the valuation designee. In certain instances, therefore, the Pricing Committee may determine that a reported valuation does not reflect fair value, based on additional information available or other factors, and may accordingly determine in good faith the fair value of the assets, which may differ from the reported valuation.

Fair value pricing of securities is intended to help ensure that a fund’s NAV reflects the fair market value of the fund’s portfolio securities as of the close of regular trading on the NYSE (as opposed to a value that no longer reflects market value as of such close), thus limiting the opportunity for aggressive traders or market timers to purchase shares of the fund at deflated prices reflecting stale security valuations and promptly sell such shares at a gain, thereby diluting the interests of long-term shareholders. However, a security’s valuation may differ depending on the method used for determining value, and no assurance can be given that fair value pricing of securities will successfully eliminate all potential opportunities for such trading gains.

The use of fair value pricing has the effect of valuing a security based upon the price the fund might reasonably expect to receive if it sold that security in an orderly transaction between market participants, but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been used had a readily available market price for the investment existed and these differences could be material.

Regarding the fund’s investment in an underlying fund that is not an ETF, which (as noted above) is valued at such underlying fund’s NAV, the prospectus for such underlying fund explains the circumstances and effects of fair value pricing for that underlying fund.

Buy and sell prices

When you buy shares, you pay the NAV, plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV, minus any applicable deferred sales charges.

Execution of requests

The fund is open for business when the NYSE is open, typically 9:30 A.M. to 4:00 P.M. Eastern time, Monday through Friday. A purchase or redemption order received in good order by the fund prior to the close of regular trading on the NYSE, on a day the fund is open for business, will be effected at that day’s NAV. An order received in good order after the fund close will generally be effected at the NAV determined on the next business day. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the time until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. This may result in the fund closing for business prior to the time at which the fund’s NAV is determined. In this case, orders submitted after the fund closing may receive the NAV determined on the next business day.

At times of peak activity, it may be difficult to place requests by telephone, if available for your share class. During these times, consider using EASI-Line (if available for your share class), accessing jhinvestments.com, or sending your request in writing.

The fund typically expects to mail or wire redemption proceeds between 1 and 3 business days following the receipt of the shareholder’s redemption request. Processing time is not dependent on the chosen delivery method. In unusual circumstances, the fund may temporarily suspend the processing of sell requests or may postpone payment of proceeds for up to three business days or longer, as allowed by federal securities laws.

Under normal market conditions, the fund typically expects to meet redemption requests through holdings of cash or cash equivalents or through sales of portfolio securities, and may access other available liquidity facilities. In unusual or stressed market conditions, such as, for example, during a period of time in which a foreign securities exchange is closed, in addition to the methods used in normal market conditions, the fund may meet redemption requests through the use of its line of credit, interfund lending facility, redemptions in kind, or such other liquidity means or facilities as the fund may have in place from time to time.

Telephone transactions

For your protection, telephone requests may be recorded in order to verify their accuracy. Also for your protection, telephone redemption transactions are not permitted on accounts in which a name, mailing address, or recorded bank has changed within the past 30 days. Proceeds from telephone transactions can only be sent to the address or bank on record.

Exchanges and conversions

You may exchange Class A shares of one John Hancock fund for shares of the same class of any other John Hancock fund that is then offering that class, generally without paying any sales charges, if applicable.

You may exchange Class I or Class R6 shares of one John Hancock fund for shares of the same class of any other John Hancock fund or for John Hancock Money Market Fund Class A shares.

You may exchange your Class R2, Class R4 or Class R5 shares for shares of the same class of other John Hancock funds that are available through your plan, or John Hancock Money Market Fund Class A shares.

The registration for both accounts involved in an exchange must be identical.

Note: Once exchanged into John Hancock Money Market Fund Class A shares, shares may only be exchanged back into the original class from which the shares were exchanged. As applicable, shares acquired in an exchange will be subject to the CDSC rate and holding schedule of the fund in which such shares were originally purchased if and when such shares are redeemed. For purposes of determining the holding period for calculating the CDSC, shares will continue to age from their original purchase date.

Provided the fund’s eligibility requirements are met, and to the extent the referenced share class is offered by the fund, an investor in the fund pursuant to a fee-based, wrap, or other investment platform program of certain firms, as determined by the fund, may be afforded an opportunity to make a conversion of (i) Class A shares and/or Class C shares (not subject to a CDSC) also owned by the investor in the same fund to Class I shares or Class R6 shares of that fund; or (ii) Class I shares also owned by the investor to Class R6 shares of the same fund. Investors that no longer participate in a fee-based, wrap, or other investment platform program of certain firms may be afforded an opportunity to make a conversion to Class A shares of the same fund. Class C shares may be converted to Class A at the request of the applicable financial intermediary after the expiration of the CDSC period, provided that the financial intermediary through which a shareholder purchased or holds Class C shares has records verifying that the Class C share CDSC period has expired and the position is held in an omnibus or dealer-controlled

account. The fund may in its sole discretion permit a conversion of one share class to another share class of the same fund in certain circumstances other than those described above.

In addition, Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned, may make a conversion of Class A or Class I shares also owned by the investor in the same fund to Class R6 shares. If Class R6 shares are unavailable, such investors may make a conversion of Class A shares in the same fund to Class I shares.

The conversion of one share class to another share class of the same fund in these particular circumstances should not cause the investor to realize taxable gain or loss. For further details, see “Additional information concerning taxes” in the SAI for information regarding taxation upon the redemption or exchange of shares of the fund (see the back cover of this prospectus).

The fund may change or cancel its exchange policies at any time, upon 60 days’ written notice to its shareholders. For further details, see “Additional services and programs” in the SAI (see the back cover of this prospectus).

Excessive trading

The fund is intended for long-term investment purposes only and does not knowingly accept shareholders who engage in market timing or other types of excessive short-term trading. Short-term trading into and out of the fund can disrupt portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs.

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject, or cancel (with respect to cancellations within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may, in its discretion, restrict, reject, or cancel a purchase or exchange order even if the transaction is not subject to a specific limitation on exchange activity, as described below, if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio, or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agents in their sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

The Board of Trustees has adopted the following policies and procedures by which the fund, subject to the limitations described below, takes steps reasonably designed to curtail excessive trading practices.

Limitation on exchange activity

The fund or its agent may reject or cancel a purchase order, suspend or terminate the exchange privilege, or terminate the ability of an investor to invest in John Hancock funds if the fund or its agent determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund or its agent cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund or its agent may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations, or U.S. Department of Labor regulations. Certain automated or preestablished exchange, asset allocation, and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that they are advantageous to shareholders and do not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

These exchange limits are subject to the fund’s ability to monitor exchange activity, as discussed under “Limitation on the ability to detect and curtail excessive trading practices” below. Depending upon the composition of the fund’s shareholder accounts, and in light of the limitations on the ability of the fund to detect and curtail excessive trading practices, a significant percentage of the fund’s shareholders may not be subject to the exchange limitation policy described above. In applying the exchange limitation policy, the fund considers information available to it at the time and reserves the right to consider trading activity in a single account or multiple accounts under common ownership, control, or influence.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent excessive trading, there is no guarantee that the fund or its agent will be able to identify such shareholders or curtail their trading practices. The ability of the fund and its agent to detect and curtail excessive trading practices may also be limited by

operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is severely limited in those instances in which the financial intermediary, including a financial advisor, broker, retirement plan administrator, or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisors, brokers, retirement plan administrators, or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information-sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

To the extent that the fund or its agent is unable to curtail excessive trading practices in the fund, these practices may interfere with the efficient management of the fund’s portfolio and may result in the fund engaging in certain activities to a greater extent than it otherwise would, such as maintaining higher cash balances, using its line of credit, and engaging in increased portfolio transactions. Increased portfolio transactions and use of the line of credit would correspondingly increase the fund’s operating costs and decrease the fund’s investment performance. Maintenance of higher levels of cash balances would likewise result in lower fund investment performance during periods of rising markets.

While excessive trading can potentially occur in the fund, certain types of funds are more likely than others to be targets of excessive trading. For example:

•

A fund that invests a significant portion of its assets in small- or mid-capitalization stocks or securities in particular industries that may trade infrequently or are fair valued as discussed under “Valuation of securities” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

•

A fund that invests a material portion of its assets in securities of foreign issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•

A fund that invests a significant portion of its assets in below-investment-grade (junk) bonds that may trade infrequently or are fair valued as discussed under “Valuation of securities” incurs a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

Any frequent trading strategies may interfere with efficient management of a fund’s portfolio and raise costs. A fund that invests in the types of securities discussed above may be exposed to this risk to a greater degree than a fund that invests in highly liquid securities. These risks would be less significant, for example, in a fund that primarily invests in U.S. government securities, money market instruments, investment-grade corporate issuers, or large-capitalization U.S. equity securities. Any successful price arbitrage may cause dilution in the value of the fund shares held by other shareholders.

Account information

The fund is required by law to obtain information for verifying an account holder’s identity. For example, an individual will be required to supply his or her name, residential address, date of birth, and Social Security number. If you do not provide the required information, we may not be able to open your account. If verification is unsuccessful, the fund may close your account, redeem your shares at the next NAV, minus any applicable sales charges, and take any other steps that it deems reasonable.

Certificated shares

The fund does not issue share certificates. Shares are electronically recorded.

Sales in advance of purchase payments

When you place a request to sell shares for which the purchase money has not yet been collected, the request will be executed in a timely fashion, but the fund will not release the proceeds to you until your purchase payment clears. This may take up to 10 business days after the purchase.

Dividends and account policies

Account statements

For Class A shares, in general, you will receive account statements as follows:

•	after every transaction (except a dividend reinvestment, automatic investment, or systematic withdrawal) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, every quarter

For Class I and Class R6 shares, in general, you will receive account statements as follows:

•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, every quarter

For Class R2, Class R4, and Class R5 shares, you will receive account statements from your plan’s recordkeeper.

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by February 15. For Class R2, Class R4, and Class R5 shares, this information statement will be mailed by your plan’s recordkeeper.

Dividends

Each fund typically declares and pays income dividends at least annually. Capital gains, if any, are typically distributed at least annually, typically after the end of the fund’s fiscal year.

Dividend reinvestments

Most investors have their dividends reinvested in additional shares of the same class of the same fund. If you choose this option, or if you do not indicate any choice, your dividends will be reinvested. Alternatively, you may choose to have your dividends and capital gains sent directly to your bank account or a check may be mailed if your combined dividend and capital gains amount is $10 or more. However, if the check is not deliverable or the combined dividend and capital gains amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested. No front-end sales charge or CDSC will be imposed on shares derived from reinvestment of dividends or capital gains distributions.

Taxability of dividends

For investors who are not exempt from federal income taxes, dividends you receive from a fund, whether reinvested or taken as cash, are generally considered taxable. Dividends from a fund’s short-term capital gains are taxable as ordinary income. Dividends from a fund’s long-term capital gains are taxable at a lower rate. Whether gains are short-term or long-term depends on a fund’s holding period. Some dividends paid in January may be taxable as if they had been paid the previous December.

The Form 1099 that is mailed to you every February, if applicable, details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Returns of capital

If a fund’s distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder’s cost basis in the fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

Taxability of transactions

Any time you sell or exchange shares, it is considered a taxable event for you if you are not exempt from federal income taxes. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transactions.

Small accounts

If the value of your account of Class A shares is less than $1,000, you may be asked to purchase more shares within 30 days. If you do not take action, the fund may close out your account and mail you the proceeds. Alternatively, the fund may charge you $20 a year to maintain your account. You will not be charged a CDSC if your account is closed for this reason.

Additional investor services

Monthly Automatic Accumulation Program (MAAP)

MAAP lets you set up regular investments from paychecks or bank accounts to the John Hancock fund(s) to purchase Class A shares. Investors determine the frequency and amount of investments ($25 minimum per month), and they can terminate the program at any time. To establish, you must satisfy the minimum initial investment requirements specified in the section “Opening an account” and complete the appropriate parts of the account application.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account of Class A shares. To establish:

•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.

•	Determine the schedule: monthly, quarterly, semiannually, annually, or in certain selected months.

•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial professional or Signature Services.

Retirement plans

John Hancock funds offer a range of retirement plans, including Traditional and Roth IRAs, Coverdell ESAs, SIMPLE plans, and SEPs. Using these plans, you can invest in any John Hancock fund. To find out more, call Signature Services at 800-225-5291.

John Hancock does not accept requests to establish new John Hancock custodial 403(b)(7) accounts, does not accept requests for exchanges or transfers into your existing John Hancock custodial 403(b)(7) accounts, and requires additional disclosure documentation if you direct John Hancock to exchange or transfer some or all of your John Hancock custodial 403(b)(7) account assets to another 403(b)(7) contract or account. In addition, the fund no longer accepts salary deferrals into 403(b)(7) accounts. Please refer to the SAI for more information regarding these restrictions.

Disclosure of fund holdings

All of the holdings of each fund will be posted to the website no earlier than 15 days after each calendar month end, and will remain posted on the website for six months. All of the funds’ holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. All of the funds’ holdings as of the end of the second and fourth fiscal quarters will be disclosed on

Appendix 1 - Intermediary sales charge waivers

Intermediary sales charge waivers

Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch)

Effective June 30, 2020, shareholders purchasing fund shares through a Merrill Lynch platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI:

Front-end Sales Load Waivers on Class A shares available at Merrill Lynch

•	Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

•	Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

•	Shares purchased through a Merrill Lynch affiliated investment advisory program

•	Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

•	Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

•	Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

•	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

•	Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

•	Employees and registered representatives of Merrill Lynch or its affiliates and their family members

•	Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in the prospectus

•

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement

CDSC Waivers on Class A and Class C shares available at Merrill Lynch

•	Death or disability of the shareholder

•	Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus

•	Return of excess contributions from an IRA Account

•	Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

•	Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

•	Shares acquired through a Right of Reinstatement

•	Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only)

•	Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

Front-end Load Discounts Available at Merrill Lynch; Breakpoints, Rights of Accumulation & Letters of Intent

•	Breakpoints as described in the fund’s prospectus

•

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets

•	Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Ameriprise Financial Services, Inc. (Ameriprise Financial)

The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund shares through Ameriprise Financial:

Effective January 15, 2021, shareholders purchasing fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI:

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial

•	Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

•	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family)

•

Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply

•	Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

•

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement)

In addition, shareholders purchasing fund shares that are available through an Ameriprise Financial Advisory account are eligible for front-end sales charge waivers, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI.

Morgan Stanley Smith Barney (Morgan Stanley)

Effective July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account which is not held directly at the fund are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this fund’s Prospectus or SAI:

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

•

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

•	Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

•	Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

•	Shares purchased through a Morgan Stanley self-directed brokerage account

•	Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund by Morgan Stanley Wealth Management pursuant to its share class conversion program

•	Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates (Raymond James)

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody

services, are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

•	Shares purchased in an investment advisory program

•	Shares purchased within the same fund family through a systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

•	Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

•

•	A shareholder in the fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

CDSC Waivers on Class A and Class C shares available at Raymond James

•	Death or disability of the shareholder

•	Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus

•	Return of excess contributions from an IRA Account

•	Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus

•	Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

•	Shares acquired through a right of reinstatement

Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation, and/or letters of intent

•	Breakpoints as described in the fund’s prospectus

•

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial professional about such assets

•

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets

Janney Montgomery Scott LLC (Janney)

Effective May 1, 2020, if you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (CDSC), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

•	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

•	Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement)

•

•	Shares acquired through a right of reinstatement

•	Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures

CDSC waivers on Class A and Class C shares available at Janney

•	Shares sold upon the death or disability of the shareholder

•	Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus

•	Shares purchased in connection with a return of excess contributions from an IRA account

•	Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

•	Shares sold to pay Janney fees but only if the transaction is initiated by Janney

•	Shares acquired through a right of reinstatement

•	Shares exchanged into the same share class of a different fund

Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

•	Breakpoints as described in the fund’s prospectus

•

Rights of accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets

•	Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time

period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets

*Also referred to as an “initial sales charge.”

Edward D. Jones & Co., L.P. (Edward Jones)

Effective on or after January 15, 2021, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Shareholders purchasing fund shares through an Edward Jones platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information (SAI). In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of fund family or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Front-end Sales Charge Waivers on Class A shares available at Edward Jones

Sales charges are waived for the following shareholders and in the following situations:

•

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures

•	Shares purchased in an Edward Jones fee-based program

•	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment

•

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account

•

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus

•	Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones

CDSC Waivers on Class A and Class C shares available at Edward Jones

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

•	Shares sold upon the death or disability of the shareholder

•	Shares sold as part of a systematic withdrawal plan (limited to up to 10% per year of the account value)

•	Return of excess contributions from an Individual Retirement Account (IRA)

•	Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

•	Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

•	Shares exchanged at Edward Jones’ discretion in an Edward Jones fee-based program. In such circumstances, Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable

•	Shares acquired through a right of reinstatement

•	Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below

Front-end Load Discounts Available at Edward Jones; Breakpoints, Rights of Accumulation & Letter of Intent

•	Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds, as described in this prospectus

•

Rights of Accumulation (ROA). The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the fund family held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (pricing groups). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV). Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge

•

Letter of Intent (LOI). Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously

paid. Sales charges will be adjusted if LOI is not met. If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

•	Initial purchase minimum: $250

•	Subsequent purchase minimum: none

Minimum Balances

•	Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

•	A fee-based account held on an Edward Jones platform

•	A 529 account held on an Edward Jones platform

•	An account with an active systematic investment plan or LOI

Exchanging Share Classes

•	At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund

Robert W. Baird & Co. (Baird)

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (CDSC) waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on Class A shares Available at Baird

•	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

•	Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

•

•	Class C shares will be converted at net asset value to Class A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

•

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

CDSC Waivers on Class A and Class C shares Available at Baird

•	Shares sold due to death or disability of the shareholder

•	Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus

•	Shares bought due to returns of excess contributions from an IRA Account

•	Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus

•	Shares sold to pay Baird fees but only if the transaction is initiated by Baird

•	Shares acquired through a right of reinstatement

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

•	Breakpoints as described in this prospectus

•

Rights of accumulations which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holdings of fund family assets held by accounts within the purchaser’s household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

•	Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within the fund family through Baird, over a 13-month period of time

Stifel, Nicolaus & Company, Incorporated (Stifel)

Effective July 1, 2020, shareholders purchasing fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

Front-end Sales Load Waiver on Class A Shares

•	Class C shares that have been held for more than seven (7) years converted to Class A shares of the same fund pursuant to Stifel’s policies and procedures.

All other sales charge waivers and reductions described elsewhere in the fund’s prospectus or SAI still apply.

For more information

The following documents are available that offer further information on the fund:

Annual/semiannual reports to shareholders

Additional information about a fund’s investments is available in the fund’s annual and semiannual reports to shareholders. In a fund’s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the fund’s performance during its last fiscal year.

As of January 1, 2021, paper copies of the funds’ shareholder reports are no longer sent by mail. Instead, the reports are made available on jhinvestments.com, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from a fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through eDelivery.

Statement of Additional Information (SAI)

The SAI contains more detailed information on all aspects of a fund and includes a summary of a fund’s policy regarding disclosure of its portfolio holdings, as well as legal and regulatory matters. A current SAI has been filed with the SEC and is incorporated by reference into (and is legally a part of) this prospectus.

To obtain a free copy of these documents or request other information

There are several ways you can get a current annual/semiannual report, prospectus, or SAI from John Hancock, request other information, or make inquiries:

Online: jhinvestments.com

By mail:
John Hancock Signature Services, Inc.
P.O. Box 219909
Kansas City, MO 64121-9909

By EASI-Line: 800-338-8080 for Class A shares

By phone: 800-225-5291 for Class A shares; 888-972-8696 for Class I, Class R2, Class R4, Class R5, and Class R6 shares

By TTY: 888-999-4721 for Class A, Class I, and Class R6 shares

You can also view or obtain copies of these documents through the SEC:

Online: sec.gov

By email (duplicating fee required): [email protected]


Your account

How to place an order to buy, sell, or exchange shares, as well as information about the business policies and any distributions that may be paid. For more information See back cover	Choosing an eligible share class	141
	Class cost structure	142
	How sales charges are calculated	143
	Sales charge reductions and waivers	144
	Opening an account	146
	Information for plan participants	146
	Buying shares	147
	Selling shares	150
	Transaction policies	156
	Dividends and account policies	159
	Additional investor services	160
	Appendix 1 - Intermediary sales charge waivers	162


Fund summary

The summary section is a concise look at the investment objective, fees and expenses, principal investment strategies, principal risks, past performance, and investment management.	John Hancock Multimanager 2065 Lifetime Portfolio	1
	John Hancock Multimanager 2060 Lifetime Portfolio	8
	John Hancock Multimanager 2055 Lifetime Portfolio	15
	John Hancock Multimanager 2050 Lifetime Portfolio	22
	John Hancock Multimanager 2045 Lifetime Portfolio	29
	John Hancock Multimanager 2040 Lifetime Portfolio	36
	John Hancock Multimanager 2035 Lifetime Portfolio	43
	John Hancock Multimanager 2030 Lifetime Portfolio	50
	John Hancock Multimanager 2025 Lifetime Portfolio	57
	John Hancock Multimanager 2020 Lifetime Portfolio	64
	John Hancock Multimanager 2015 Lifetime Portfolio	71
	John Hancock Multimanager 2010 Lifetime Portfolio	78
Fund details

More about topics covered in the summary section, including descriptions of the investment strategies and various risk factors that investors should understand before investing.	Principal investment strategies	85
	Other permitted investments	86
	Principal risks of investing in the funds of funds	87
	Principal risks of investing in the underlying funds	93
	Who's who	103
	Financial highlights	106
	Underlying fund information	129