Summary

• John Hancock Disciplined Value Fund slightly underperformed the benchmark.
• Broad-based equity indexes posted modest losses in the quarter.
• The trajectory of the conflict and its effect on energy supplies remained highly uncertain at the end of March.

Quarterly commentary¹

• Despite a challenging market environment, the Russell 1000 Value Index (the fund's benchmark) gained 2.10% in the first quarter.
• The fund slightly underperformed the benchmark.
• Stock selection was the primary detractor from

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