Fund commentary. John Hancock Lifestyle Portfolios Q1 2016

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1 Fund commentary John Hancock Lifestyle Portfolios Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted portfolio Managed by Robert M. Boyda On the portfolio since 2010 Investing since 1979 Marcelle Daher, CFA On the portfolio since 2013 Investing since 1999 Nathan W. Thooft, CFA On the portfolio since 2013 Investing since 2000 John Hancock Asset Management Established asset manager with global resources and expertise extending across equity, fixed-income, and alternative investments as well as asset allocation strategies Highlights Global developed-market stocks finished the quarter roughly where they started, recovering from an initial pounding early in 2016; emerging-market equities rebounded to post solid gains. Most fixed-income markets fared well, including local currency emerging debt, long duration U.S. Treasuries, and corporate credit; prices across the commodity markets were more mixed. Defensive sectors often overlooked by stock pickers surged; in this difficult environment for active managers, John Hancock Lifestyle Portfolios trailed their blended benchmarks. Market review and outlook From the quarter s beginning to its end, broad global equity indexes were basically flat, masking a spike in intraperiod volatility readings during the opening weeks of Returns from emerging equity markets led the way, followed by more modest results from U.S. stocks. Equity markets in Europe and Japan declined. Global real estate investment trusts were up. Bonds rallied out much of the world. Emerging-market debt and U.S. Treasuries performed particularly well, reflecting confidence that the U.S. Federal Reserve (Fed) will continue to pursue a relatively accommodative interest-rate policy. Corporate issues also closed the quarter with positive returns as investors returned to the credit markets to take advantage of attractive yield spreads. After a sustained period of price weaknesses, gold staged a striking comeback as the U.S. dollar weakened against the world s other major currencies. Portfolio changes We slightly reduced the portfolios stock exposure and increased the bond weighting. We pared positions in bank loans, redeploying the proceeds to other debt assets, including Treasury Inflation- Protected Securities, or TIPS. As always, we favor a diversified approach to the capital markets, with broad global representation. We also populate the portfolios with absolute return mandates that target positive returns out the course of a given market cycle, an approach we find especially attractive in an environment of below-average prospective returns. This commentary reflects the views of the portfolio managers 3/31/16. The managers views are subject to change as market and other conditions warrant. No forecasts are guaranteed. This commentary is provided for informational purposes only and is not an endorsement of any security, mutual, sector, or index. John Hancock Asset Management, John Hancock Advisers, LLC, and their affiliates, employees, and clients may hold or trade the securities mentioned in this commentary. Diversification does not guarantee a profit or eliminate the risk of a loss.

2 John Hancock Lifestyle Aggressive Portfolio A: JALAX C: JCLAX I: JTAIX R1: JPLAX R2: JQLAX R3: JRLAX R4: JSLAX R5: JTLAX R6: JULAX Morningstar category: Aggressive Allocation Lipper category: Mixed-Asset Target Alloc Agg Gro Funds Alpha Opportunities Fund (Wellington) 5.67 Emerging Markets Fund (DFA) 5.41 Equity Income Fund (T. Rowe Price) 4.98 International Value Fund (Franklin Templeton) 4.89 Blue Chip Growth Fund (T. Rowe Price) 4.67 Price) 4.44 Capital Appreciation Fund (Jennison) 4.38 Strategic Growth Fund (JHAM) 4.38 Fundamental Large Cap Value Fund (JHAM) 4.32 Mid Cap Stock Fund (Wellington) 4.10 International Core Fund (GMO) 3.78 Mid Value Fund (T. Rowe Price) 3.24 All Cap Core Fund (QS Investors) 2.90 International Growth Stock Fund (Invesco) 2.79 Technical Opportunities Fund (Wellington) 2.76 International Growth Opportunities Fund (Baillie Gifford) 2.52 Science & Technology Fund (Allianz/T. Rowe Price) 2.51 International Small Cap Fund (Franklin Templeton) 2.43 International Small Company Fund (DFA) 2.43 Disciplined Value Fund (Boston Partners) 2.29 Financial Industries Fund (JHAM) 2.21 Emerging Markets Equity Fund (JHAM) 1.92 International Value Equity Fund (JHAM) 1.87 U.S. Equity Fund (GMO) 1.81 Natural Resources Fund (Jennison) 1.73 Value Fund (Invesco) 1.38 Value Equity Fund (Barrow Hanley) 1.26 Global Equity Fund (JHAM) 1.25 (Standard Life) 1.15 Fundamental Global Franchise Fund (JHAM) 1.00 The portfolio was down for the quarter, trailing its custom blended benchmark. Overweight allocations to financials and healthcare stocks hurt results. However, an overweight allocation to defensively oriented equity strategies provided a relative boost, as did an underweight allocation to international developed-market equities. services were underrepresented. Individual holdings that hindered results included Technical Opportunities Fund (Wellington), Blue Chip Growth Fund (T. Rowe Price), and Capital Appreciation Fund (Jennison). (Standard Life) also struggled during the from performance, as did short exposure to U.S. duration in this declining interest-rate environment. Holdings that fared better included International Value Fund (Franklin Templeton), Global Shareholder Yield Fund (Epoch), and Equity Income Fund (T. Rowe Price). Absolute Return Currency Fund (First Quadrant), which takes long and short foreign exchange positions, often demonstrating low Class A (without sales charge) /18/05 Class A (with 5% maximum sales charge) /18/05 Class I (without sales charge) /15/05 70% Russell 3000/30% MSCI ACWI ex-u.s. Index MSCI EAFE Index Class A /30/16 Class I /30/16 3 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions. returns are calculated gross of foreign withholding tax on dividends. These indexes are the portfolio s primary benchmarks. The Russell 3000 Index tracks the performance of 3,000 publicly traded large-, mid-, and small-cap companies in the United States. The MSCI All Country World Index (ACWI) ex-u.s. Index tracks the performance of publicly traded large- and mid-cap stocks of companies in 22 developed markets and 23 emerging markets. A custom benchmark reflects the portfolio s asset allocation under normal conditions. This custom blended benchmark comprises 70% Russell 3000 Index, 30% MSCI ACWI ex-us Index. Prior to 5/1/15, the portfolio compared its performance to the S&P 500 Index and the MSCI EAFE Indexes. After this date, to better reflect the universe of investment opportunities based on the portfolio s investment strategy, the portfolio added this custom blended benchmark as the secondary benchmark index against which the portfolio compares its performance. It is not possible to invest directly in an index. 2

3 John Hancock Lifestyle Balanced Portfolio A: JALBX C: JCLBX I: JTBIX R1: JPLBX R2: JQLBX R3: JRLBX R4: JSLBX R5: JTSBX R6: JULBX Morningstar category: Moderate Allocation Lipper category: Mixed-Asset Target Alloc Moderate Funds Floating Rate Income Fund (WAMCO) 4.90 Price) 4.62 Strategic Income Opportunities Fund (JHAM) 4.61 Active Bond Fund (Declaration/JHAM) 4.36 Short Duration Credit Opportunities Fund (Stone Harbor) 3.70 Return Fund (PIMCO) 3.05 Equity Income Fund (T. Rowe Price) 3.05 Blue Chip Growth Fund (T. Rowe Price) 2.91 Alpha Opportunities Fund (Wellington) 2.87 International Value Fund (Franklin Templeton) 2.69 Spectrum Income Fund (T. Rowe Price) 2.68 Strategic Growth Fund (JHAM) 2.47 Capital Appreciation Fund (Jennison) 2.47 (Standard Life) 2.36 Fundamental Large Cap Value Fund (JHAM) 2.28 Emerging Markets Fund (DFA) 2.26 Mid Cap Stock Fund (Wellington) 2.24 International Core Fund (GMO) 2.06 U.S. Equity Fund (GMO) 1.94 Mid Value Fund (T. Rowe Price) 1.85 Real Return Bond Fund (PIMCO) 1.85 Science & Technology Fund (Allianz/T. Rowe Price) 1.76 Core Bond Fund (Wells Capital) 1.76 Investment Quality Bond Fund (Wellington) 1.60 International Growth Stock Fund (Invesco) 1.58 Absolute Return Currency Fund (First Quadrant) 1.57 Financial Industries Fund (JHAM) 1.55 Disciplined Value Fund (Boston Partners) 1.49 All Cap Core Fund (QS Investors) 1.38 Emerging Markets Debt Fund (JHAM) 1.33 The portfolio was slightly up for the quarter, trailing its custom blended benchmark. An underweight allocation to emerging-market equities hurt results, as did overweight allocations to financials and healthcare stocks. However, an overweight allocation to defensively oriented equity strategies provided a relative boost, as did an underweight allocation to international developed-market equities. services were underrepresented. Individual holdings that hindered results included Technical Opportunities Fund (Wellington), Blue Chip Growth Fund (T. Rowe Price), and Capital Appreciation Fund (Jennison). (Standard Life) also struggled during the from performance, as did short exposure to U.S. duration in this declining interest-rate environment. Holdings that fared better included International Value Fund (Franklin Templeton), Global Shareholder Yield Fund (Epoch), and Equity Income Fund (T. Rowe Price). Absolute Return Currency Fund (First Quadrant), which takes long and short foreign exchange positions, often demonstrating low Class A (without sales charge) /18/05 Class A (with 5% maximum sales charge) /18/05 Class I (without sales charge) /15/05 42% Russell 3000/18% MSCI ACWI ex-u.s./32% Barclays U.S. Aggregate Bond/8% BofA Merrill Lynch U.S. High Yield Master II Index Barclays U.S. Aggregate Bond Index Class A /30/16 Class I /30/16 3 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. These indexes are the portfolio s primary benchmarks. The Russell 3000 Index tracks the performance of 3,000 publicly traded large-, mid-, and small-cap companies in the United States. The MSCI All Country World Index (ACWI) ex-u.s. Index tracks the performance of publicly traded large- and mid-cap stocks of companies in 22 developed markets and 23 emerging markets. returns are calculated gross of foreign withholding tax on dividends. The Bank of America Merrill Lynch (BofA ML) U.S. High Yield Master II Index tracks the performance of globally issued, U.S. dollar-denominated high-yield bonds. A custom benchmark reflects the portfolio s asset allocation under normal conditions. This custom blended benchmark comprises 42% Russell 3000 Index, 18% MSCI ACWI ex-u.s. Index, 32% Barclays U.S. Aggregate Bond Index, and 8% BofA ML High Yield Master II Index. Prior to 5/1/15, the portfolio compared its performance to the S&P 500 Index, the Barclays U.S. Aggregate Bond Indexes and a composite of these indexes. After this date, to better reflect the universe of investment opportunities based on the portfolio s investment strategy, the portfolio replaced the composite of these indexes with the new custom blended benchmark. It is not possible to invest directly in an index. 3

4 John Hancock Lifestyle Conservative Portfolio A: JALRX C: JCLCX I: JTOIX R1: JPLCX R2: JQLCX R3: JRLCX R4: JSLCX R5: JTLRX R6: JULCX Morningstar category: Conservative Allocation Lipper category: Mixed-Asset Target Alloc Consv Funds Active Bond Fund (Declaration/JHAM) Floating Rate Income Fund (WAMCO) 8.17 Return Fund (PIMCO) 8.05 Strategic Income Opportunities Fund (JHAM) 5.91 Core Bond Fund (Wells Capital) 4.89 Short Duration Credit Opportunities Fund (Stone Harbor) 4.86 Investment Quality Bond Fund (Wellington) 4.64 Real Return Bond Fund (PIMCO) 4.44 Short Term Government Income Fund (JHAM) 4.32 (Standard Life) 3.91 Spectrum Income Fund (T. Rowe Price) 3.80 Global Bond Fund (PIMCO) 3.13 Price) 2.97 Absolute Return Currency Fund (First Quadrant) 2.61 Emerging Markets Debt Fund (JHAM) 2.47 Asia Pacific Return Bond Fund (JHAM) 1.91 Enduring Assets Fund (Wellington) 1.87 Core High Yield Fund (JHAM) 1.37 International Value Fund (Franklin Templeton) 1.30 Equity Income Fund (T. Rowe Price) 1.21 U.S. Equity Fund (GMO) 1.15 Fundamental Large Cap Value Fund (JHAM) 1.12 International Growth Stock Fund (Invesco) 1.08 Blue Chip Growth Fund (T. Rowe Price) 1.07 Alpha Opportunities Fund (Wellington) 1.03 International Core Fund (GMO) 0.98 Global Equity Fund (JHAM) 0.96 Global Short Duration Credit Fund (JHAM) 0.82 Global Income Fund (Stone Harbor) 0.81 Global Shareholder Yield Fund (Epoch) 0.73 The portfolio was up for the quarter, trailing its custom blended benchmark. An underweight allocation to emerging-market equities hurt results, as did an overweight allocation to bank loans. However, an overweight allocation to defensively oriented equity strategies provided a relative boost, as did an underweight allocation to international developed-market equities. services were underrepresented. Individual holdings that hindered results included Floating Rate Income Fund (WAMCO), Blue Chip Growth Fund (T. Rowe Price), and Fundamental Large Cap Value Fund (JHAM). (Standard Life) also struggled during the from performance, as did short exposure to U.S. duration in this declining interest-rate environment. Holdings that fared better included Spectrum Income Fund (T. Rowe Price), International Value Fund (Franklin Templeton), and Global Shareholder Yield Fund (Epoch). Absolute Return Currency Fund (First Quadrant), which takes long and short foreign exchange positions, often demonstrating low Class A (without sales charge) /18/05 Class A (with 5% maximum sales charge) /18/05 Class I (without sales charge) /15/05 14% Russell 3000/6% MSCI ACWI ex-u.s./64% Barclays U.S. Aggregate Bond/16% BofA Merrill Lynch U.S. High Yield Master II Index Barclays U.S. Aggregate Bond Index Class A /30/16 Class I /30/16 3 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. These indexes are the portfolio s primary benchmarks. The Russell 3000 Index tracks the performance of 3,000 publicly traded large-, mid-, and small-cap companies in the United States. The MSCI All Country World Index (ACWI) ex-u.s. Index tracks the performance of publicly traded large- and mid-cap stocks of companies in 22 developed markets and 23 emerging markets. returns are calculated gross of foreign withholding tax on dividends. The Bank of America Merrill Lynch (BofA ML) U.S. High Yield Master II Index tracks the performance of globally issued, U.S. dollar-denominated high-yield bonds. A custom benchmark reflects the portfolio s asset allocation under normal conditions. This custom blended benchmark comprises 14% Russell 3000 Index, 6% MSCI ACWI ex-u.s. Index, 64% Barclays U.S. Aggregate Bond Index, and 16% BofA ML High Yield Master II Index. Prior to5/1/15, the portfolio compared its performance to the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and a composite of these indexes. After this date, to better reflect the universe of investment opportunities based on the portfolio s investment strategy, the portfolio replaced the composite of these indexes with the new custom blended benchmark. It is not possible to invest directly in an index. 4

5 John Hancock Lifestyle Growth Portfolio A: JALGX C: JCLGX I: JTGIX R1: JPLGX R2: JQLGX R3: JRLGX R4: JSLGX R5: JTLGX R6: JULGX Morningstar category: Aggressive Allocation Lipper category: Mixed-Asset Target Alloc Growth Funds Price) 4.92 Equity Income Fund (T. Rowe Price) 4.18 Alpha Opportunities Fund (Wellington) 4.08 Blue Chip Growth Fund (T. Rowe Price) 3.87 Emerging Markets Fund (DFA) 3.65 Capital Appreciation Fund (Jennison) 3.55 International Value Fund (Franklin Templeton) 3.55 Strategic Growth Fund (JHAM) 3.55 Mid Cap Stock Fund (Wellington) 3.24 International Core Fund (GMO) 3.24 Fundamental Large Cap Value Fund (JHAM) 3.19 Mid Value Fund (T. Rowe Price) 2.59 Floating Rate Income Fund (WAMCO) 2.48 All Cap Core Fund (QS Investors) 2.33 Strategic Income Opportunities Fund (JHAM) 2.27 (Standard Life) 2.23 International Growth Stock Fund (Invesco) 2.22 U.S. Equity Fund (GMO) 2.09 Technical Opportunities Fund (Wellington) 2.04 Science & Technology Fund (Allianz/T. Rowe Price) 2.04 International Small Cap Fund (Franklin Templeton) 1.90 International Small Company Fund (DFA) 1.90 Disciplined Value Fund (Boston Partners) 1.88 Active Bond Fund (Declaration/JHAM) 1.88 Financial Industries Fund (JHAM) 1.84 International Growth Opportunities Fund (Baillie Gifford) 1.67 Short Duration Credit Opportunities Fund (Stone Harbor) 1.67 International Value Equity Fund (JHAM) 1.51 Absolute Return Currency Fund (First Quadrant) 1.48 Emerging Markets Equity Fund (JHAM) 1.45 The portfolio was slightly down for the quarter, trailing its custom blended benchmark. Overweight allocations to financials and healthcare stocks hurt results. However, an overweight allocation to defensively oriented equity strategies provided a relative boost, as did an underweight allocation to international developed-market equities. services were underrepresented. Individual holdings that hindered results included Technical Opportunities Fund (Wellington), Blue Chip Growth Fund (T. Rowe Price), and Capital Appreciation Fund (Jennison). (Standard Life) also struggled during the from performance, as did short exposure to U.S. duration in this declining interest-rate environment. Holdings that fared better included International Value Fund (Franklin Templeton), Global Shareholder Yield Fund (Epoch), and Equity Income Fund (T. Rowe Price). Absolute Return Currency Fund (First Quadrant), which takes long and short foreign exchange positions, often demonstrating low Class A (without sales charge) /18/05 Class A (with 5% maximum sales charge) /18/05 Class I (without sales charge) /15/05 56% Russell 3000/24% MSCI ACWI ex-u.s./16% Barclays U.S. Aggregate Bond/4% BofA Merrill Lynch U.S. High Yield Master II Index Barclays U.S. Aggregate Bond Index Class A /30/16 Class I /30/16 3 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. These indexes are the portfolio s primary benchmarks. The Russell 3000 Index tracks the performance of 3,000 publicly traded large-, mid-, and small-cap companies in the United States. The MSCI All Country World Index (ACWI) ex-u.s. Index tracks the performance of publicly traded large- and mid-cap stocks of companies in 22 developed markets and 23 emerging markets. returns are calculated gross of foreign withholding tax on dividends. The Bank of America Merrill Lynch (BofA ML) U.S. High Yield Master II Index tracks the performance of globally issued, U.S. dollar-denominated high-yield bonds. A custom benchmark reflects the portfolio s asset allocation under normal conditions. This custom blended benchmark comprises 14% Russell 3000 Index, 6% MSCI ACWI ex-u.s. Index, 64% Barclays U.S. Aggregate Bond Index, and 16% BofA ML High Yield Master II Index. Prior to5/1/15, the portfolio compared its performance to the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and a composite of these indexes. After this date, to better reflect the universe of investment opportunities based on the portfolio s investment strategy, the portfolio replaced the composite of these indexes with the new custom blended benchmark. It is not possible to invest directly in an index. 5

6 John Hancock Lifestyle Moderate Portfolio A: JALMX C: JCLMX I: JTMIX R1: JPLMX R2: JQLMX R3: JRLMX R4: JSLMX R5: JTLMX R6: JULMX Morningstar category: Conservative Allocation Lipper category: Mixed-Asset Target Alloc Moderate Funds Active Bond Fund (Declaration/JHAM) 8.51 Floating Rate Income Fund (WAMCO) 7.12 Return Fund (PIMCO) 5.93 Strategic Income Opportunities Fund (JHAM) 5.22 Short Duration Credit Opportunities Fund (Stone Harbor) 4.30 Price) 4.30 Core Bond Fund (Wells Capital) 3.61 Investment Quality Bond Fund (Wellington) 3.44 Spectrum Income Fund (T. Rowe Price) 3.35 Equity Income Fund (T. Rowe Price) 3.05 Fundamental Large Cap Value Fund (JHAM) 2.98 Real Return Bond Fund (PIMCO) 2.80 (Standard Life) 2.66 Blue Chip Growth Fund (T. Rowe Price) 2.31 Global Bond Fund (PIMCO) 2.25 Capital Appreciation Fund (Jennison) 1.88 Strategic Growth Fund (JHAM) 1.88 U.S. Equity Fund (GMO) 1.86 Emerging Markets Debt Fund (JHAM) 1.85 Asia Pacific Return Bond Fund (JHAM) 1.80 Absolute Return Currency Fund (First Quadrant) 1.77 Alpha Opportunities Fund (Wellington) 1.64 Mid Value Fund (T. Rowe Price) 1.63 International Value Fund (Franklin Templeton) 1.60 Focused High Yield Fund (JHAM) 1.45 Mid Cap Stock Fund (Wellington) 1.43 International Core Fund (GMO) 1.41 Emerging Markets Fund (DFA) 1.35 Global Income Fund (Stone Harbor) 1.26 Global Shareholder Yield Fund (Epoch) 1.17 The portfolio was up slightly for the quarter, trailing its custom blended benchmark. An underweight allocation to emerging-market equities hurt results, as did an overweight allocation to bank loans. However, an overweight allocation to defensively oriented equity strategies provided a relative boost, as did an underweight allocation to international developed-market equities. services were underrepresented. Individual holdings that hindered results included Floating Rate Income Fund (WAMCO), Blue Chip Growth Fund (T. Rowe Price), and Fundamental Large Cap Value Fund (JHAM). (Standard Life) also struggled during the from performance, as did short exposure to U.S. duration in this declining interest-rate environment. Holdings that fared better included Spectrum Income Fund (T. Rowe Price), International Value Fund (Franklin Templeton), and Global Shareholder Yield Fund (Epoch). Absolute Return Currency Fund (First Quadrant), which takes long and short foreign exchange positions, often demonstrating low Class A (without sales charge) /18/05 Class A (with 5% maximum sales charge) /18/05 Class I (without sales charge) /15/05 28% Russell 3000/12% MSCI ACWI ex-u.s./48% Barclays U.S. Aggregate Bond/12% BofA Merrill Lynch U.S. High Yield Master II Index Barclays U.S. Aggregate Bond Index Class A /30/16 Class I /30/16 3 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. These indexes are the portfolio s primary benchmarks. The Russell 3000 Index tracks the performance of 3,000 publicly traded large-, mid-, and small-cap companies in the United States. The MSCI All Country World Index (ACWI) ex-u.s. Index tracks the performance of publicly traded large- and mid-cap stocks of companies in 22 developed markets and 23 emerging markets. returns are calculated gross of foreign withholding tax on dividends. The Bank of America Merrill Lynch (BofA ML) U.S. High Yield Master II Index tracks the performance of globally issued, U.S. dollar-denominated high-yield bonds. A custom benchmark reflects the portfolio s asset allocation under normal conditions. This custom blended benchmark comprises 28% Russell 3000 Index, 12% MSCI ACWI ex-u.s. Index, 48% Barclays U.S. Aggregate Bond Index, and 12% BofA ML High Yield Master II Index. Prior to 5/1/15, the portfolio compared its performance to the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and a composite of these indexes. After this date, to better reflect the universe of investment opportunities based on the portfolio s investment strategy, the portfolio replaced the composite of these indexes with the new custom blended benchmark. It is not possible to invest directly in an index. 6

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8 What you should know before investing The portfolios performance depends on the advisor s skill in determining asset class allocations, the mix of underlying s, and the performance of those underlying s. The portfolios are subject to the same risks as the underlying s and exchange-traded s in which they invest: Stocks and bonds can decline due to adverse issuer, market, regulatory, or economic developments; foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability; the securities of small companies are subject to higher volatility than those of larger, more established companies; and high-yield bonds are subject to additional risks, such as increased risk of default. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the to sell securities or close derivative positions at advantageous prices. Please see the portfolios prospectuses for additional risks. A portfolio s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the portfolio. To obtain a prospectus, contact your financial professional, call John Hancock Investments at , or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money. Connect with John Hancock jhinvestmentsblog.com John Hancock Funds, LLC Member FINRA, SIPC 601 Congress Street Boston, MA jhinvestments.com Not FDIC insured. May lose value. no bank guarantee. not insured by any government agency. MF LSCOMGD 4/16