Summary

• John Hancock Multimanager Lifestyle Aggressive Portfolio fund, while posting a negative absolute return, outperformed the benchmark.
• We benefited from having an underweight position in U.S. large-cap equities and corresponding overweights in U.S. mid caps, the international markets, and defensive equities.
• Asset allocation and underlying manager performance each contributed positively.

Quarterly commentary

• Financial assets experienced mixed returns in the first quarter.
• The fund, while posting a negative absolute return, outperformed the benchmark.
• Asset allocation and underlying manager performance each contributed positively.

Market review and