MULTI-INDEX 2035 PRESERVATION PORTFOLIO CLASS 1

Company Description

Under normal market conditions, the fund primarily investsits assets in underlying funds using an asset allocation strategy designed for investors expectedto retire around the year 2035.The managers of the fund allocate assets among the underlyingfunds according to an asset allocation strategy that becomes increasingly conservativeover time. John Hancock 2035Preservation Blend Portfoliohas a target asset allocation of 60%of its assets in underlying funds that invest primarilyin equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will aJohn Hancock PreservationBlend Portfolio with a closer target date. To attemptto reduce investment risk and volatility as retirement approaches, the asset allocationstrategy will change over time according to a predetermined glide path shown in the following chart.Glide path chartThe allocations reflected in the glide path are referredto as neutral because they do not reflect active decisions made by the managers to produce an overweightor an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broadasset classes of equity and fixed-income securities butmay also allocate its assets to underlying funds that invest outside these asset classes to protect the fundor help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative andspecialty asset classes. The investment advisor may changethe target allocation without shareholder approval if it believes such change would benefit the fund and itsshareholders. There is no guarantee that the managers will correctly predict the market or economic conditions. There is no guaranteethat the fund will preserve either income or capitaland, as with other mutual fund investments, you could lose money even if the fund is at or close to its designatedretirement year. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus10%.The fund is designed for investors who anticipate reevaluatingtheir retirement allocation strategies at the target date. Under normal market conditions,the fund expects to allocate 20%of its assets to equity underlying funds in its designated retirement year and to maintain that static allocationthereafter. This static allocation may be appropriate for some investors, but others may wish to reallocate their investments at retirement.The fund may invest in underlying funds that invest ina broad range of equity and fixed-income securities and asset classes. The fund may also invest inunderlying 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-backedsecurities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlyingfunds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducingrisk, obtaining efficient market exposure and/or enhancinginvestment returns.The fund will invest in various passively managed underlyingfunds (commonly known as index funds) that as a group hold a wide range of equity-type securitiesin their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designedto track an index or group of indexes. Equity type securitiesinclude small-, mid-, and large-capitalization stocks, domestic and foreign securities (includingemerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Eachof the equity underlying funds has its own investmentstrategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combininggrowth 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. Certainof the underlying funds focus their investment strategy on fixed-income securities, which may includeinvestment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-gradedebt securities are also referred to as junk bonds. Thefixed-income underlying funds collectively hold various types of debt instruments such as corporatebonds and mortgage backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlyingfunds 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. governmentsecurities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rateswaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/orenhancing investment returns.To the extent legally permitted, the Board of Trusteesof the fund may, in its discretion, determine to combine the fund with another fund without shareholderapproval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that theBoard of Trustees will so determine at any point.The fund bears its own expenses and, in addition, indirectlybears its proportionate share of the expenses of the underlying funds in which it invests. Thefund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.