Prospectus
John
Hancock
Multimanager
Lifetime Portfolios
Asset
allocation
January
1, 2023
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A |
I |
R2 |
R4 |
R5 |
R6 |
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Multimanager
2065 Lifetime Portfolio |
JAAWX |
JABSX |
JAAZX |
JABBX |
JABDX |
JABEX |
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Multimanager
2060 Lifetime Portfolio |
JJERX |
JMENX |
JVIMX |
JROUX |
JGHTX |
JESRX |
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Multimanager
2055 Lifetime Portfolio |
JLKLX |
JHRTX |
JLKNX |
JLKQX |
JLKSX |
JLKTX |
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Multimanager
2050 Lifetime Portfolio |
JLKAX |
JHRPX |
JLKEX |
JLKGX |
JLKHX |
JLKRX |
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Multimanager
2045 Lifetime Portfolio |
JLJAX |
JHROX |
JLJEX |
JLJGX |
JLJHX |
JLJIX |
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Multimanager
2040 Lifetime Portfolio |
JLIAX |
JHRDX |
JLIEX |
JLIGX |
JLIHX |
JLIIX |
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Multimanager
2035 Lifetime Portfolio |
JLHAX |
JHRMX |
JLHEX |
JLHGX |
JLHHX |
JLHIX |
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Multimanager
2030 Lifetime Portfolio |
JLFAX |
JHRGX |
JLFEX |
JLFGX |
JLFHX |
JLFIX |
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Multimanager
2025 Lifetime Portfolio |
JLEAX |
JHRNX |
JLEEX |
JLEGX |
JLEHX |
JLEIX |
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Multimanager
2020 Lifetime Portfolio |
JLDAX |
JHRVX |
JLDEX |
JLDGX |
JLDHX |
JLDIX |
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Multimanager
2015 Lifetime Portfolio |
JLBAX |
JHREX |
JLBKX |
JLBGX |
JLBHX |
JLBJX |
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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.
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Fund
summary |
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The
summary section is a concise look at the investment objective,
fees and expenses, principal investment strategies,
principal risks, past performance, and investment
management. |
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Fund
details |
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More
about topics covered in the summary section, including
descriptions of the investment strategies and various
risk factors that investors should understand before
investing. |
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Your
account |
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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 |
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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.”
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Shareholder
fees (%)
(fees paid directly from your investment) |
A |
I |
R2 |
R4 |
R5 |
R6 |
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Maximum
front-end sales charge (load) on purchases, as a % of purchase
price |
5.00 |
None |
None |
None |
None |
None |
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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 |
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Small
account fee (for fund account balances under $1,000) ($) |
20 |
None |
None |
None |
None |
None |
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Annual
fund operating expenses (%)
(expenses that you pay each year as a percentage of
the value of your investment) |
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Management
fee |
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Distribution
and service (Rule 12b-1) fees |
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Other
expenses |
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Service
plan fee |
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Additional
other expenses |
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Total
other expenses |
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Acquired
fund fees and expenses2
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Total
annual fund operating expenses3
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Contractual
expense reimbursement4
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Total
annual fund operating expenses after expense
reimbursements |
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| 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.”
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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 $10,000 investment for the time periods
indicated and then assuming you sell all of your shares at the end of
those periods. The example assumes a 5% average annual return and that fund
expenses will not change over the periods. Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
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Expenses
($) |
A |
I |
R2 |
R4 |
R5 |
R6 |
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1
year |
597 |
72 |
111 |
86 |
65 |
60 |
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3
years |
1,016 |
451 |
573 |
517 |
434 |
419 |
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5
years |
1,460 |
855 |
1,061 |
975 |
828 |
801 |
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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.
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 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 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.
Economic
and market events risk. Events in
the U.S. and global financial markets, including actions taken by the U.S.
Federal Reserve or foreign central
banks to stimulate or stabilize economic growth, may at times result in
unusually high market volatility, which could negatively impact performance.
Reduced liquidity in credit and fixed-income markets could adversely affect
issuers worldwide. Banks and financial services companies could
suffer losses if interest rates rise or economic conditions
deteriorate.
Equity
securities risk. The price
of equity securities may decline due to changes in a company’s financial
condition or overall market conditions. Growth
company securities may fluctuate more in price than other securities because of
the greater emphasis on earnings expectations. Securities the manager
believes are undervalued may never realize their full potential value, and in
certain markets value stocks may underperform the market as a
whole.
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.
Operational
and cybersecurity risk.
Cybersecurity breaches may allow an unauthorized party to gain access to fund
assets, customer data, or proprietary
information, or cause a fund or its service providers to suffer data corruption
or lose operational functionality. Similar incidents affecting issuers of
a fund’s securities may negatively impact performance. Operational risk may
arise from human error, error by third parties, communication errors, or
technology failures, among other causes.
Preferred
and convertible securities risk. Preferred
stock dividends are payable only if declared by the issuer’s board. Preferred
stock may be subject to
redemption provisions. The market values of convertible securities tend to fall
as interest rates rise and rise as interest rates fall. Convertible
preferred stock’s value can depend heavily upon the underlying common stock’s
value.
Sector
risk. When a
fund focuses its investments in certain sectors of the economy, its performance
may be driven largely by sector performance and could
fluctuate more widely than if the fund were invested more evenly across
sectors.
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.
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
|
|
Since
inception
(09/23/20) |
|
Class
A (before
tax) |
|
|
|
after
tax on distributions |
|
|
|
after
tax on distributions, with sale |
|
|
|
Class
I |
|
|
|
Class
R2 |
|
|
|
Class
R4 |
|
|
|
Class
R5 |
|
|
|
Class
R6 |
|
|
|
S&P
Target Date 2060+ Index (reflects no deduction for fees, expenses, or
taxes) |
|
|
|
John
Hancock 2065 Lifetime Index (reflects no deduction for fees, expenses, or
taxes, except foreign withholding taxes on dividends)* |
|
|
| * |
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
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.
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
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) |
|
|
|
|
|
|
|
Management
fee |
|
|
|
|
|
|
|
Distribution
and service (Rule 12b-1) fees |
|
|
|
|
|
|
|
Other
expenses |
|
|
|
|
|
|
|
Service
plan fee |
|
|
|
|
|
|
|
Additional
other expenses |
|
|
|
|
|
|
|
Total
other expenses |
|
|
|
|
|
|
|
Acquired
fund fees and expenses2
|
|
|
|
|
|
|
|
Total
annual fund operating expenses3
|
|
|
|
|
|
|
|
Contractual
expense reimbursement |
|
|
|
|
|
|
|
Total
annual fund operating expenses after expense
reimbursements |
|
|
|
|
|
|
| 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.”
|
| 4 |
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 |
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
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 49% 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 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.
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, 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 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.
Economic
and market events risk. Events in
the U.S. and global financial markets, including actions taken by the U.S.
Federal Reserve or foreign central
banks to stimulate or stabilize economic growth, may at times result in
unusually high market volatility, which could negatively impact performance.
Reduced liquidity in credit and fixed-income markets could adversely affect
issuers worldwide. Banks and financial services companies could
suffer losses if interest rates rise or economic conditions
deteriorate.
Equity
securities risk. The price
of equity securities may decline due to changes in a company’s financial
condition or overall market conditions. Growth
company securities may fluctuate more in price than other securities because of
the greater emphasis on earnings expectations. Securities the manager
believes are undervalued may never realize their full potential value, and in
certain markets value stocks may underperform the market as a
whole.
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.
Operational
and cybersecurity risk.
Cybersecurity breaches may allow an unauthorized party to gain access to fund
assets, customer data, or proprietary
information, or cause a fund or its service providers to suffer data corruption
or lose operational functionality. Similar incidents affecting issuers of
a fund’s securities may negatively impact performance. Operational risk may
arise from human error, error by third parties, communication errors, or
technology failures, among other causes.
Preferred
and convertible securities risk. Preferred
stock dividends are payable only if declared by the issuer’s board. Preferred
stock may be subject to
redemption provisions. The market values of convertible securities tend to fall
as interest rates rise and rise as interest rates fall. Convertible
preferred stock’s value can depend heavily upon the underlying common stock’s
value.
Sector
risk. When a
fund focuses its investments in certain sectors of the economy, its performance
may be driven largely by sector performance and could
fluctuate more widely than if the fund were invested more evenly across
sectors.
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 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.
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
-26.53%.
Best
quarter:
2020,
Q2,
20.96%
Worst
quarter:
2020,
Q1,
-20.49%
|
|
|
| |
|
Average
annual total returns (%)—as of 12/31/21
|
|
|
Since
inception
(03/30/16) |
|
Class
A (before
tax) |
|
|
|
|
after
tax on distributions |
|
|
|
|
after
tax on distributions, with sale |
|
|
|
|
Class
I |
|
|
|
|
Class
R2 |
|
|
|
|
Class
R4 |
|
|
|
|
Class
R5 |
|
|
|
|
Class
R6 |
|
|
|
|
S&P
Target Date 2060+ Index (reflects no deduction for fees, expenses, or
taxes) |
|
|
|
|
John
Hancock 2060 Lifetime Index (reflects no deduction for fees, expenses, or
taxes, except foreign withholding taxes
on dividends)* |
|
|
|
| * |
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 2018 |
Nathan
W. Thooft, CFA
Chief
Investment Officer and Senior Portfolio
Manager, Multi-Asset Solutions
Team
Managed
the fund since 2016 |
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.
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 2055 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) |
|
|
|
|
|
|
|
Management
fee |
|
|
|
|
|
|
|
Distribution
and service (Rule 12b-1) fees |
|
|
|
|
|
|
|
Other
expenses |
|
|
|
|
|
|
|
Service
plan fee |
|
|
|
|
|
|
|
Additional
other expenses |
|
|
|
|
|
|
|
Total
other expenses |
|
|
|
|
|
|
|
Acquired
fund fees and expenses2
|
|
|
|
|
|
|
|
Total
annual fund operating expenses3
|
|
|
|
|
|
|
|
Contractual
expense reimbursement |
|
|
|
|
|
|
|
Total
annual fund operating expenses after expense
reimbursements |
|
|
|
|
|
|
| 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.”
|
| 4 |
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
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 |
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
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 48% 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 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.
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, 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 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.
Economic
and market events risk. Events in
the U.S. and global financial markets, including actions taken by the U.S.
Federal Reserve or foreign central
banks to stimulate or stabilize economic growth, may at times result in
unusually high market volatility, which could negatively impact performance.
Reduced liquidity in credit and fixed-income markets could adversely affect
issuers worldwide. Banks and financial services companies could
suffer losses if interest rates rise or economic conditions
deteriorate.
Equity
securities risk. The price
of equity securities may decline due to changes in a company’s financial
condition or overall market conditions. Growth
company securities may fluctuate more in price than other securities because of
the greater emphasis on earnings expectations. Securities the manager
believes are undervalued may never realize their full potential value, and in
certain markets value stocks may underperform the market as a
whole.
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.
Operational
and cybersecurity risk.
Cybersecurity breaches may allow an unauthorized party to gain access to fund
assets, customer data, or proprietary
information, or cause a fund or its service providers to suffer data corruption
or lose operational functionality. Similar incidents affecting issuers of
a fund’s securities may negatively impact performance. Operational risk may
arise from human error, error by third parties, communication errors, or
technology failures, among other causes.
Preferred
and convertible securities risk. Preferred
stock dividends are payable only if declared by the issuer’s board. Preferred
stock may be subject to
redemption provisions. The market values of convertible securities tend to fall
as interest rates rise and rise as interest rates fall. Convertible
preferred stock’s value can depend heavily upon the underlying common stock’s
value.
Sector
risk. When a
fund focuses its investments in certain sectors of the economy, its performance
may be driven largely by sector performance and could
fluctuate more widely than if the fund were invested more evenly across
sectors.
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 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.
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
-26.5%.
Best
quarter:
2020,
Q2,
20.96%
Worst
quarter:
2020,
Q1,
-20.49%
|
|
|
| |
|
Average
annual total returns (%)—as of 12/31/21
|
|
|
Since
inception
(03/26/14) |
|
Class
A (before
tax) |
|
|
|
|
after
tax on distributions |
|
|
|
|
after
tax on distributions, with sale |
|
|
|
|
Class
I |
|
|
|
|
Class
R2 |
|
|
|
|
Class
R4 |
|
|
|
|
Class
R5 |
|
|
|
|
Class
R6 |
|
|
|
|
S&P
Target Date 2055 Index (reflects no deduction for fees, expenses, or
taxes) |
|
|
|
|
John
Hancock 2055 Lifetime Index (reflects no deduction for fees, expenses, or
taxes, except foreign withholding taxes
on dividends)* |
|
|
|
| * |
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 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.
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 2050 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) |
|
|
|
|
|
|
|
Management
fee |
|
|
|
|
|
|
|
Distribution
and service (Rule 12b-1) fees |
|
|
|
|
|
|
|
Other
expenses |
|
|
|
|
|
|
|
Service
plan fee |
|
|
|
|
|
|
|
Additional
other expenses |
|
|
|
|
|
|
|
Total
other expenses |
|
|
|
|
|
|
|
Acquired
fund fees and expenses1
|
|
|
|
|
|
|
|
Total
annual fund operating expenses2
|
|
|
|
|
|
|
|
Contractual
expense reimbursement3
|
|
|
|
|
|
|
|
Total
annual fund operating expenses after expense
reimbursements |
|
|
|
|
|
|
| 1 |
“Acquired
fund fees and expenses” are based on indirect net expenses associated with
the fund’s investments in underlying investment
companies. |
| 2 |
The
“Total annual fund operating expenses” shown may not correlate to the
fund’s ratios of expenses to average daily net assets shown in the
“Financial highlights” section
of the fund’s prospectus, which does not include “Acquired fund fees and
expenses.”
|
| 3 |
The
advisor contractually agrees to 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
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 |
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
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 48% 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 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.
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, 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 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.
