Summary

• John Hancock Multimanager 2010 Lifetime Portfolio underperformed the benchmark.
• The fund's modest underperformance was almost entirely due to its overweight position in equities and its corresponding underweight in bonds.
• On the positive side, we benefited from having an underweight in U.S. large caps in favor of an overweight in U.S. mid caps.

• Financial assets experienced mixed returns in the first quarter.
• The fund underperformed the

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