John Hancock Freedom 529 - Annual report 6/30/15

John Hancock Freedom 529 - Annual report 6/30/15

John Hancock Freedom 529 - Annual report 6/30/15

John Hancock Freedom 529 Annual report 6/30/15

John Hancock Freedom 529 - Annual report 6/30/15

1 Table of contents 3 John Hancock Freedom 529 Letter 4 Investment commentary 6 Long-term returns 9 Portfolio highlights—Enrollment-based portfolios 9 Portfolio 2033–2036 10 Portfolio 2029–2032 11 Portfolio 2025–2028 12 Portfolio 2021–2024 13 Portfolio 2017–2020 14 College Portfolio 15 Portfolio highlights—Static portfolios 15 Future Trends Portfolio 16 Equity Portfolio 17 Fixed Income Portfolio 18 Short-Term Bond Portfolio 19 JH Money Market Portfolio 20 Portfolio highlights—Lifestyle portfolios 20 Lifestyle Growth 529 Portfolio 21 Lifestyle Balanced 529 Portfolio 22 Lifestyle Moderate 529 Portfolio 23 Portfolio highlights—Individual portfolios 23 T.

Rowe Price New Horizons 529 Portfolio 24 Jennison Capital Appreciation 529 Portfolio 25 T. Rowe Price Small-Cap Stock 529 Portfolio 26 T. Rowe Price Blue Chip Growth 529 Portfolio 27 Templeton International Value 529 Portfolio 28 T. Rowe Price Mid-Cap Value 529 Portfolio 29 T. Rowe Price Equity Income 529 Portfolio 30 American Mutual 529 Portfolio 32 Selected financial data John Hancock Freedom 529

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3 John Hancock Freedom 529 Letter 1 Diversification does not guarantee a profit or eliminate the risk of a loss. 2 How America Saves for College 2015, Sallie Mae, January 2015. This commentary reflects the CEO’s views as of 6/30/15.They are subject to change at any time. For more up-to-date ­ information, you can visit our website at jhinvestments.com. Dear College Saver: Economic growth in the United States has been relatively robust over the past year, with employment, housing, and corporate profits all strengthening.The U.S. Federal Reserve has widely signaled its intention to begin raising short-term interest rates this year in response to more robust economic activity.

Outside the United States, economies have struggled to replicate the kind of success we have enjoyed at home, with Europe and, more recently, China taking steps to jump-start flagging economies or stem the pace of economic slowdown.

This divergence of economic health around the world has created volatility in global markets, including in the United States.At the time of this writing, stocks have experienced their first correction (a decline of 10% or more) since 2011. Unpleasant as they are, these periods can ultimately be beneficial to the long-term health of markets, resetting valuations and investor expectations on a more realistic trajectory.The near-term challenge for many investors will be maintaining the discipline to stick to a well-constructed, long-term financial plan in the face of short-term market dynamics.As always, we recommend that your first course of action be a conversation with your financial advisor.

The benefits of planning1 We also believe investors can be well served by owning the kind of broadly diversified portfolios available in the John Hancock Freedom 529 Plan. Our portfolios are designed to offer a deeper level of diversification through a mix of different asset classes, managers, investment strategies, or securities in every portfolio.This diversification can be helpful over time in mitigating the effects of changing global markets.Your steady contributions are another key factor in your Plan’s success. More than one-quarter of parents saving for college (27%) use a 529 Plan and 41% use an automatic investment feature.2 Enhancements to the Plan Enhancing investment flexibility and expanding your Plan’s menu of investment choices are two ways we seek to help you build a more resilient college savings portfolio.That’s why I’m pleased to highlight the following enhancements to the John Hancock Freedom 529 Plan: ƒ ƒ Effective April 2015, the John Hancock Disciplined Value International Fund and John Hancock International Growth Fund were added to the Enrollment-Based Portfolios and the static Equity Portfolio to complement and broaden the existing international allocation within those portfolios.

ƒ ƒ In December 2014, legislation was approved that allows Account Holders to make investment changes twice per year per Beneficiary, up from once per year per Beneficiary. These and other enhancements can be found in your updated Plan Disclosure Document, which you can find in the college savings section of jhinvestments.com. We know you have many choices when it comes to saving for your child’s education, and on behalf of everyone at the firm, I thank you for choosing John Hancock Freedom 529. Sincerely, Andrew G.Arnott President and CEO John Hancock Investments

4 Barclays U.S.Aggregate Bond Index MSCI EAFE Index Russell 2000 Index Nasdaq Composite Index* S&P 500 5.30 13.13 4.75 6.49 5.88 -3.82 -0.10 1.86 1.23 7.42 Market Commentary Market performance has a direct effect on the overall performance of investments in the John Hancock Freedom 529 Plan.The following is designed to provide a summary of market performance for the period ended June 30, 2015.

Stocks Gained Amid Heightened Volatility U.S. stocks generated solid gains for the 12-month reporting period. According to recent government estimates, the U.S. economy contracted at an annualized real rate of 0.2% in the first quarter of 2015. Transitory factors, such as harsh winter weather, a stronger dollar, a West Coast ports strike, and plunging oil prices in the second half of 2014, contributed to the contraction. Over the last 12 months, however, U.S. economic growth has been relatively strong compared with growth in developed Asian and European countries.We believe the economy generated better growth in the second quarter as evidenced by increased consumer spending, a jump in home sales, a pickup in exports, and solid jobs and income growth.

There were periods of heightened market volatility amid intermittent concerns about sluggish global growth, geopolitical tensions in Ukraine and the Middle East, and fears that the Federal Reserve would raise short-term U.S. interest rates sooner than the expected mid-2015 time frame.Additionally, fears of a Greek exit from the eurozone stoked investor concerns at the end of the reporting period. Stocks in developed non-U.S. markets declined in U.S. dollar terms over the last 12 months and lagged U.S. shares, but local currency returns were solidly higher. Emerging markets equities also declined in U.S.

dollar terms but recorded gains in local currency terms during the reporting period.

The U.S. dollar strengthened markedly against most currencies. Much of the dollar strength stemmed from diverging monetary policies and economic growth prospects for the U.S. and overseas economies. Bonds Deliver Steady Results Ahead Of Possible Fed Action U.S. bonds produced positive returns over the last year. Longer-term Treasuries posted good results as yields declined despite pressure from the Fed’s decision to curtail and then end its asset purchases in October 2014.Asset-backed and agency mortgage-backed securities also recorded solid gains. High yield bonds, which trailed investment-grade issues in late 2014, performed well in the first half of 2015, supported by rising oil prices, moderate levels of new issuance, and demand for fixed income investments with above-average yield.

Local currency bonds in developed and emerging markets declined sharply in dollar terms, hurt by the dollar’s appreciation, while U.S. dollar-denominated emerging markets debt posted more modest losses.

Although the Fed could begin raising interest rates later in 2015, many global central banks, including the European Central Bank and the Bank of Japan, are in the midst of aggressive stimulus policies. Fed Chair Janet Yellen has repeatedly stated that the central bank’s first Investment commentary GLOBAL MARKET RETURNS AS OF 6/30/15 (%) Periods ended 6/30/15 ¢ ¢ 6-month return „ „ 12-month return *Principal return only. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell is a trademark of Russell Investment Group.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein.The MSCI data may not be further ­ redistributed or used as a basis for other indices or any securities or financial products.This report is not approved, reviewed, or produced by MSCI.

5 interest rate increase since 2006 will be data dependent and that the pace of subsequent rate hikes will be more moderate than in past tightening cycles. A Word On Volatility Due to market uncertainties, the overall market value of the investments in the John Hancock Freedom 529 Plan are likely to be highly volatile and could be subject to wide fluctuations in response to factors such as regulatory or legislative changes; worldwide political uncertainties; and general economic conditions, including inflation and unemployment rates.All of these factors are beyond our control and may cause the overall value of the investments in the John Hancock Freedom 529 Plan to decrease, regardless of performance or your selection of investment options.Any decrease in value could result in an actual or actuarial (unrealized) loss.

INTEREST RATE LEVELS (%) ¢ ¢ 10-year Treasury note „ „ 5-year Treasury note „ „ 90-day Treasury bill Definitions of the benchmarks cited in this report: Bank of America Merrill Lynch U.S. High Yield Master II Index—tracks the performance of U.S. dollar-denominated below investment-grade corporate debt issued in the U.S.; Barclays 1–3 Year Government/Credit Bond Index—tracks short-term debt instruments; Barclays 1–5 Year U.S.Treasury TIPS Index—measures the performance of inflation protected obligations of the U.S.Treasury with maturities of 1 to 5 years; Barclays U.S.Aggregate Bond Index—tracks investment-grade corporate and government bonds; Citigroup 3-Month Treasury Bill Index—tracks short-term U.S.

government debt instruments; Morningstar Financial—tracks funds that invest primarily in equity securities of financial services companies; Morningstar Health—tracks funds that invest primarily in equity securities of health care companies; Morningstar Specialty Technology—tracks funds that invest primarily in equity securities of technology companies; MSCI All Country (AC) World Index ex USA—measures equity market performance of developed and emerging countries, excluding the U.S.; MSCI EAFE Index—tracks the stocks of about 1,000 companies in Europe,Australasia, and the Far East (EAFE); Nasdaq Composite Index—tracks U.S.

stocks traded in the over-the-counter market; Russell 1000 Index—tracks the performance of the 1,000 largest U.S. companies; Russell 1000 Growth Index—tracks the Russell 1000 companies with higher price-to-book ratios and higher forecast growth values; Russell 1000 Value Index—tracks the Russell 1000 companies with lower price-to-book ratios and lower forecast growth values; Russell 2000 Index—tracks the stocks of 2,000 small-cap U.S. companies; Russell 2000 Growth Index—tracks the Russell 2000 com- panies with higher price-to-book ratios and higher forecast growth values; Russell 3000 Index—measures the performance of the 3,000 largest U.S.

companies representing approximately 98% of the investable U.S. equity market; Russell Midcap Value Index—tracks the performance of mid-cap stocks with lower price-to-book ratios and lower forecast growth values; S&P 500 Index—tracks the stocks of 500 primarily large-cap U.S. companies. It is not possible to invest in an index.

0.0 0.5 1.0 1.5 2.0 2.5 3.0 6/15 5/15 4/15 3/15 2/15 1/15 12/14 11/14 10/14 9/14 8/14 7/14 6/14

6 JOHN HANCOCK FREEDOM 529 INVESTMENT PERFORMANCE Performance information for each of the John Hancock Freedom 529 Investment Options as of June 30, 2015, follows. For more recent performance, please visit johnhancockfreedom529.com or contact your financial advisor. Current performance may be higher or lower than that quoted.As always, past performance does not indicate future results. Average annual total returns as of 6/30/15 Without a sales charge (%) With a sales charge (%) Inception date ENROLLMENT-BASED 1 year 3 years 5 years 10 years ITD 1 year 3 years 5 years 10 years ITD Portfolio 2033–2036 ClassA1 N/A N/A N/A N/A -1.90 N/A N/A N/A N/A -7.05 5/29/15 Class C24 N/A N/A N/A N/A -2.00 N/A N/A N/A N/A -2.00 5/29/15 Portfolio 2029–2032 ClassA1 1.83 14.47 N/A N/A 9.25 -3.52 12.43 N/A N/A 7.84 4/29/11 Class B3 1.01 13.64 N/A N/A 8.40 -2.99 12.86 N/A N/A 8.03 4/29/11 Class C24 1.08 13.65 N/A N/A 8.44 1.08 13.65 N/A N/A 8.44 4/29/11 Portfolio 2025–2028 ClassA2 1.46 13.77 13.93 N/A 5.29 -3.86 11.74 12.71 N/A 4.60 4/30/07 Class B3 0.70 12.94 13.11 N/A 4.52 -3.30 12.15 12.99 N/A 4.52 4/30/07 Class C24 0.70 12.96 13.10 N/A 4.51 0.70 12.96 13.10 N/A 4.51 4/30/07 Portfolio 2021–2024 ClassA2 1.12 11.38 12.23 6.34 8.20 -4.19 9.39 11.02 5.76 7.73 4/30/03 Class B3 0.33 10.54 11.38 5.50 6.55 -3.67 9.71 11.25 5.50 6.55 9/30/03 Class C24 0.38 10.53 11.39 5.51 7.35 0.38 10.53 11.39 5.51 7.35 4/30/03 Portfolio 2017–2020 ClassA1 0.87 8.93 10.12 6.06 4.89 -2.66 7.64 9.34 5.68 4.63 7/2/01 ClassA2 (effective 6/3/02) 0.87 8.93 10.12 6.06 4.89 -4.43 6.99 8.94 5.49 4.49 7/2/01 Class B3 0.15 8.13 9.31 5.24 6.33 -3.85 7.27 9.17 5.24 6.33 9/30/03 Class C4 0.64 8.66 9.84 5.79 4.63 0.64 8.66 9.84 5.79 4.63 7/2/01 Class C24 0.12 8.10 9.30 5.23 7.49 0.12 8.10 9.30 5.23 7.49 9/30/02 College Portfolio ClassA1 -0.18 3.69 4.72 4.29 4.01 -3.68 2.46 3.98 3.92 3.74 7/2/01 ClassA2 (effective 6/3/02) -0.18 3.69 4.72 4.29 4.01 -5.42 1.84 3.60 3.73 3.61 7/2/01 Class B3 -0.93 2.92 3.93 3.46 3.51 -4.89 1.97 3.76 3.46 3.51 9/30/03 Class C4 -0.43 3.42 4.45 4.02 3.73 -0.43 3.42 4.45 4.02 3.73 7/2/01 Class C24 -0.86 2.92 3.95 3.47 3.80 -0.86 2.92 3.95 3.47 3.80 9/30/02 LIFESTYLE Lifestyle Growth 529 ClassA2 2.35 12.03 11.42 N/A 5.46 -3.03 10.03 10.22 N/A 4.83 6/30/06 Class B3 1.55 11.18 10.57 N/A 4.68 -2.45 10.37 10.44 N/A 4.68 6/30/06 Class C24 1.55 11.23 10.60 N/A 4.64 1.55 11.23 10.60 N/A 4.64 6/30/06 Lifestyle Balanced 529 ClassA2 1.33 9.46 9.54 N/A 5.33 -3.99 7.51 8.36 N/A 4.70 6/30/06 Class B3 0.54 8.65 8.73 N/A 4.52 -3.46 7.79 8.58 N/A 4.52 6/30/06 Class C24 0.61 8.64 8.74 N/A 4.53 0.61 8.64 8.74 N/A 4.53 6/30/06 Lifestyle Moderate 529 ClassA2 0.19 6.84 7.77 N/A 5.24 -5.07 4.94 6.61 N/A 4.61 6/30/06 Class B3 -0.61 6.05 6.94 N/A 4.41 -4.58 5.15 6.78 N/A 4.41 6/30/06 Class C24 -0.54 6.06 6.96 N/A 4.44 -0.54 6.06 6.96 N/A 4.44 6/30/06 Long-term returns* *  The long-term returns are annualized through June 30, 2015.

However, if a portfolio has less than 1 year of performance history, the since-inception (ITD) figure is not annualized and represents a cumulative total return.

7 Average annual total returns as of 6/30/15 Without a sales charge (%) With a sales charge (%) Inception date STATIC 1 year 3 years 5 years 10 years ITD 1 year 3 years 5 years 10 years ITD Future Trends Portfolio ClassA1 21.29 25.34 21.44 11.10 8.01 17.05 23.86 20.58 10.71 7.73 7/2/01 ClassA2 (effective 6/3/02) 21.29 25.34 21.44 11.10 8.01 14.93 23.10 20.14 10.51 7.59 7/2/01 Class B3 20.42 24.38 20.55 10.23 10.10 16.42 23.73 20.46 10.23 10.10 9/30/03 Class C4 21.00 25.03 21.16 10.80 7.70 21.00 25.03 21.16 10.80 7.70 7/2/01 Class C24 20.42 24.40 20.54 10.22 11.92 20.42 24.40 20.54 10.22 11.92 9/30/02 Equity Portfolio ClassA1 1.82 14.39 14.32 7.27 5.75 -1.74 13.04 13.50 6.89 5.49 7/2/01 ClassA2 (effective 6/3/02) 1.82 14.39 14.32 7.27 5.75 -3.52 12.36 13.09 6.69 5.35 7/2/01 Class B3 1.06 13.56 13.46 6.42 7.34 -2.94 12.78 13.34 6.42 7.34 9/30/03 Class C4 1.58 14.13 14.04 6.99 5.49 1.58 14.13 14.04 6.99 5.49 7/2/01 Class C24 1.08 13.55 13.48 6.43 8.44 1.08 13.55 13.48 6.43 8.44 9/30/02 Fixed Income Portfolio ClassA1 -0.15 2.70 4.01 4.81 5.41 -3.65 1.49 3.28 4.44 5.15 7/2/01 ClassA2 (effective 6/3/02) -0.15 2.70 4.01 4.81 5.41 -5.39 0.87 2.90 4.25 5.01 7/2/01 Class B3 -0.87 1.92 3.26 3.99 4.09 -4.83 0.95 3.08 3.99 4.09 9/30/03 Class C4 -0.40 2.45 3.76 4.53 5.13 -0.40 2.45 3.76 4.53 5.13 7/2/01 Class C24 -0.91 1.93 3.24 3.99 4.45 -0.91 1.93 3.24 3.99 4.45 9/30/02 Short-Term Bond Portfolio ClassA1 -0.11 0.32 0.78 2.29 2.49 -3.61 -0.86 0.06 1.92 2.23 7/2/01 ClassA2 (effective 6/3/02) -0.11 0.32 0.78 2.29 2.49 -5.36 -1.46 -0.30 1.74 2.10 7/2/01 Class B3 -0.86 -0.43 0.03 1.49 1.25 -4.82 -1.43 -0.17 1.49 1.25 9/30/03 Class C4 -0.35 0.10 0.54 2.02 2.23 -0.35 0.10 0.54 2.02 2.23 7/2/01 Class C24 -0.91 -0.42 0.03 1.48 1.39 -0.91 -0.42 0.03 1.48 1.39 9/30/02 INDIVIDUAL T.

Rowe Price New Horizons 529 Portfolio ClassA2 10.32 20.27 22.56 11.24 12.09 4.53 18.13 21.25 10.64 11.53 9/30/04 Class B3 9.48 19.37 21.65 10.37 11.20 5.48 18.67 21.56 10.37 11.20 9/30/04 Class C24 9.49 19.38 21.65 10.39 11.23 9.49 19.38 21.65 10.39 11.23 9/30/04 Templeton International Value 529 Portfolio ClassA2 -11.38 10.41 7.68 N/A -0.36 -16.04 8.44 6.53 N/A -1.07 11/30/07 Class B3 -12.12 9.58 6.86 N/A -1.08 -15.63 8.74 6.71 N/A -1.08 11/30/07 Class C24 -12.13 9.59 6.87 N/A -1.09 -12.13 9.59 6.87 N/A -1.09 11/30/07 T. Rowe Price Small-Cap Stock 529 Portfolio ClassA2 5.09 16.73 18.10 9.55 11.44 -0.42 14.65 16.83 8.96 10.95 4/30/03 Class B3 4.29 15.85 17.22 8.68 9.77 0.29 15.10 17.11 8.68 9.77 9/30/03 Class C24 4.32 15.86 17.23 8.68 10.52 4.32 15.86 17.23 8.68 10.52 4/30/03 T.

Rowe Price Mid-Cap Value 529 Portfolio ClassA2 3.38 17.75 15.05 8.77 11.83 -2.05 15.65 13.81 8.18 11.36 9/30/02 Class B3 2.61 16.87 14.18 7.91 9.65 -1.39 16.13 14.06 7.91 9.65 9/30/03 Class C24 2.60 16.86 14.18 7.92 10.92 2.60 16.86 14.18 7.92 10.92 9/30/02 Jennison Capital Appreciation 529 Portfolio ClassA2 13.66 18.87 18.18 N/A 7.97 7.69 16.76 16.91 N/A 7.21 11/30/07 Class B3 12.80 17.99 17.30 N/A 7.18 8.80 17.27 17.19 N/A 7.18 11/30/07 Class C24 12.86 18.00 17.29 N/A 7.20 12.86 18.00 17.29 N/A 7.20 11/30/07 T. Rowe Price Blue Chip Growth 529 Portfolio ClassA2 12.33 19.48 19.56 8.96 10.25 6.43 17.35 18.27 8.37 9.79 9/30/02 Class B3 11.54 18.61 18.68 8.11 8.27 7.54 17.89 18.58 8.11 8.27 9/30/03 Class C24 11.49 18.58 18.65 8.11 9.38 11.49 18.58 18.65 8.11 9.38 9/30/02

8 Average annual total returns as of 6/30/15 Without a sales charge (%) With a sales charge (%) Inception date INDIVIDUAL 1 year 3 years 5 years 10 years ITD 1 year 3 years 5 years 10 years ITD T. Rowe Price Equity Income 529 Portfolio ClassA2 -0.88 13.45 13.59 5.98 7.77 -6.08 11.42 12.37 5.41 7.29 4/30/03 Class B3 -1.61 12.61 12.74 5.15 6.42 -5.55 11.82 12.61 5.15 6.42 9/30/03 Class C24 -1.62 12.60 12.75 5.16 6.89 -1.62 12.60 12.75 5.16 6.89 4/30/03 American Mutual 529 Portfolio ClassA2 4.06 13.55 13.98 6.80 7.95 -1.40 11.53 12.76 6.23 7.47 4/30/03 Class B3 3.29 12.72 13.13 5.97 6.68 -0.71 11.93 13.01 5.97 6.68 9/30/03 Class C24 3.32 12.73 13.15 5.97 7.10 3.32 12.73 13.15 5.97 7.10 4/30/03 Average annual total returns as of 6/30/15 Without a sales charge (%) Total return (%) Inception date STATIC 1 year 3 years 5 years 10 years ITD 7 day simple yield5 7 day compound yield5 JH Money Market Portfolio5 Original Money Market Portfolio 0.00 0.00 0.00 1.15 1.16 0.00 0.00 9/30/04 ClassA N/A N/A N/A N/A 0.00 0.00 0.00 8/29/14 Class C24 N/A N/A N/A N/A 0.00 0.00 0.00 8/29/14 The performance data presented represent past performance.

Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529 portfolios and the value of an investor’s units will fluctuate and may be worth more or less than original cost when redeemed.

1 Performance with a sales charge reflects a 3.5% maximum sales charge for units purchased prior to June 3, 2002. 2  Performance with a sales charge reflects a 5.25% maximum sales charge for units purchased from on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Please see plan disclosure document for additional details. Performance with a sales charge reflects a 5.00% (4.00% for Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014.

3  All Class B portfolios carry a 6-year contingent deferred sales charge or CDSC (maximum of 5%, declining over 6 years).

Class B returns with a sales charge reflect the applicable sales charge for the period shown. Class B units of each portfolio are charged an annual program management fee of 0.25%, an annualTrust fee of 0.05% and an annual distribution and service fee of 0.25%. 4  Class C2 units do not have a sales charge. ForAccounts established on or after October 1, 2002, Class C units are referred to as Class C2. 5  TheTrustee has authorized the Program Manager to waive all or a portion of the annual program management fee for the JH Money Market Portfolio to the extent necessary to maintain the respective net yield of the Original JH Money Market Portfolio, JH Money Market Portfolio ClassA, and JH Money Market Portfolio Class C2 at 0.0% or above.The fee waiver has the effect of increasing the portfolio’s net yield.Without this waiver, the yield on the portfolio could be lower.

An investment in the JH Money Market Portfolio is not insured or guaranteed by the FDIC or any other government agency.Although the portfolio seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the portfolio.

Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it were reflected, performance would be lower. The performance of the enrollment-based Investment Options reflects changes in asset allocations over time relating to the targeted college enrollment date of Beneficiaries for which the particular Investment Option is designed.Assets are automatically moved to the College Portfolio in the second quarter of the third year in the title of the Investment Option and may not remain invested in the referenced Investment Option for a portion of the period reported.

9 PORTFOLIO 2033–2036 Portfolio 2033–2036 launched on May 29, 2015, just before stocks sold off in June on concerns about the Greek debt crisis and Chinese stock market volatility.As a result, the portfolio posted negative returns from its inception through June 30, 2015.The portfolio performed in line with its weighted benchmark.* Because of the portfolio’s long-term capital appreciation focus, its assets are primarily held in a diversified selection of growth and value funds investing in stocks of companies based in the U.S. and developed and emerging markets.

Later in the portfolio’s life cycle, it will incorporate more lower-volatility, fixed income investments.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class Since inception 5/29/15 Class A, including sales charge -7.05 Class A, excluding sales charge -1.90 Class C2 -2.00 Weighted Benchmark2 -2.00 6/30/15 ■ Equity 100% Portfolio composition (%) As percent of net assets 6/30/15 T. Rowe Price Blue Chip Growth Fund 15.5 T. Rowe Price Equity Income Fund 14.3 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 10.4 T. Rowe Price Mid-Cap Value Fund 8.0 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 7.5 T. Rowe Price New Horizons Fund 7.4 John Hancock International Growth Fund (subadvised by Wellington Management Company) 6.0 Oppenheimer International Growth Fund 6.0 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 6.0 John Hancock II International Value Fund (subadvised by Templeton) 6.0 T.

Rowe Price Real Assets Fund 4.9 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 4.3 American Mutual Fund 3.7 The performance data presented represent past performance. Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed. Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7.

*This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—70.00% and MSCI AC World Index ex USA—30.00%. Portfolio highlights—Enrollment-based portfolios

10 PORTFOLIO 2029–2032 Over the 12-month period ended June 30, 2015, Portfolio 2029–2032 posted a positive return but underperformed its weighted benchmark.* Because of the portfolio’s long-term capital appreciation focus, its assets are primarily held in a diversified selection of growth and value funds invested in the stocks of companies based in the U.S. and developed and emerging markets.

Later in the portfolio’s life cycle, it will incorporate more lower-volatility, fixed income investments. The portfolio’s inclusion of diversifying sectors—particularly through the Real Assets Fund—weighed on performance.The fund invests in securities of companies that are involved in activities related to real assets, such as commodities, real estate, energy, and natural resources.While the environment for energy and commodities stocks appears challenging in the near term, the fundamentals underpinning real estate investment trusts, particularly outside the U.S., look solid.The portfolio remained underweight to real assets stocks because we believe that subdued global economic growth will continue to pressure energy and materials prices.

Overall, security selection within the underlying funds detracted from relative performance.The T. Rowe Price Equity Income and Mid-Cap Value Funds and the John Hancock International Value Fund underperformed their style-specific benchmarks. Equity Income trailed its benchmark because of stock selection and its overweight position to the energy sector as well as underweight positions in the health care and financials sectors. Mid-Cap Value detracted because of its overweight in the energy sector and stock selection in consumer discretionary. International Value posted a loss for the 12-month period and underperformed its style-specific benchmark.

The portfolio’s best contributors included the John Hancock II Capital Appreciation Fund and the T. Rowe Price Blue Chip Growth and New Horizons Funds. Capital Appreciation generated a solid double-digit gain in the fiscal year and outperformed its style-specific benchmark as a result of contributions from the health care, information technology, and consumer discretionary sectors. Blue Chip Growth outperformed its benchmark as a result of stock selection and an overweight position in health care and stock selection in the materials sector. New Horizons benefited from stock selection and an overweight position in health care and security selection and an underweight to the energy sector.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -1.86 -3.52 Class A, excluding sales charge 3.58 1.83 Class B, including sales charge -1.83 -2.99 Class B, excluding sales charge 3.17 1.01 Class C2 3.16 1.08 Weighted benchmark2 2.70 3.59 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Blue Chip Growth Fund 15.4 15.6 T. Rowe Price Equity Income Fund 14.3 14.2 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 10.4 10.5 T. Rowe Price Mid-Cap Value Fund 8.0 8.0 T.

Rowe Price New Horizons Fund 7.5 7.6 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 7.4 7.5 Oppenheimer International Growth Fund 11.9 6.1 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 6.0 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 6.0 John Hancock II International Value Fund (subadvised by Templeton) 11.9 5.9 T. Rowe Price Real Assets Fund 5.1 4.8 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 4.3 4.1 American Mutual Fund 3.8 3.7 The performance data presented represent past performance.

Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed. Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7. *This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—70.00% and MSCI AC World Index ex USA—30.00%.

11 PORTFOLIO 2025–2028 Over the 12-month period ended June 30, 2015, Portfolio 2025–2028 posted a positive return but underperformed its weighted benchmark.* Because of the portfolio’s long-term capital appreciation focus, its assets are primarily held in a diversified selection of growth and value funds invested in the stocks of companies based in the U.S. and developed and emerging markets.The portfolio also includes an allocation to lower-volatility, fixed income funds.

Overall, security selection within the underlying funds detracted from relative performance.The T. Rowe Price Equity Income and Mid-Cap Value Funds and the John Hancock II International Value Fund (subadvised by Templeton) underperformed their style-specific benchmarks. Equity Income trailed its benchmark because of stock selection and its overweight position to the energy sector. Mid-Cap Value detracted because of its overweight in energy and stock selection in the consumer discretionary and utilities sectors. International Value posted a loss for the 12-month period and underperformed its style-specific benchmark.

The portfolio’s best contributors included the John Hancock II Capital Appreciation Fund and the T. Rowe Price Blue Chip Growth and New Horizons Funds. Capital Appreciation generated a solid double-digit gain in the fiscal year and outperformed its style-specific benchmark as a result of contributions from the health care, technology, and consumer discretionary sectors. Blue Chip Growth outperformed its benchmark as a result of stock selection and an overweight position in health care and stock selection in the materials sector. New Horizons benefited from stock selection and an overweight position in health care and security selection and an underweight to the energy sector.

The portfolio’s inclusion of diversifying sectors—particularly through the Real Assets Fund—weighed on performance.The fund invests in securities of companies that are involved in activities related to real assets, such as commodities, real estate, energy, and natural resources. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -2.37 -3.86 Class A, excluding sales charge 3.04 1.46 Class B, including sales charge -2.28 -3.30 Class B, excluding sales charge 2.72 0.70 Class C2 2.72 0.70 Weighted benchmark2 2.32 3.34 6/30/14 6/30/15 ■ Fixed Income ■ Equity 90.2% 9.8% 84.9% 15.1% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T.

Rowe Price Blue Chip Growth Fund 13.9 13.2 T. Rowe Price Equity Income Fund 12.9 12.1 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 9.4 9.0 T. Rowe Price Spectrum Income Fund 4.9 7.6 T. Rowe Price Mid-Cap Value Fund 7.2 6.8 T. Rowe Price New Horizons Fund 6.8 6.4 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 6.7 6.4 John Hancock II Core Bond Fund (subadvised by Wells Capital Management) 0.0 5.6 Oppenheimer International Growth Fund 10.7 5.2 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 5.1 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 5.1 John Hancock II International Value Fund (subadvised by Templeton) 10.7 5.0 T.

Rowe Price Real Assets Fund 4.6 4.0 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 3.9 3.5 American Mutual Fund 3.4 3.1 John Hancock II Strategic Income Opportunities Fund (subadvised by JHAM) 0.0 1.9 John Hancock II Total Return Fund (subadvised by PIMCO) 4.9 0.0 The performance data presented represent past performance. Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed.

Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7. *This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—59.50%, MSCI AC World Index ex USA—25.50%, and Barclays U.S.Aggregate Bond Index—15.00%.

12 PORTFOLIO 2021–2024 Over the 12-month period ended June 30, 2015, Portfolio 2021–2024 posted a positive return but underperformed its weighted benchmark.* The portfolio systematically increases its allocation to lower-volatility, fixed income investments as part of its long-term strategy to become more conservative over time. At the end of the fiscal year, approximately two-thirds of the portfolio’s holdings were in a diversified selection of growth and value funds invested in the stocks of companies based in the U.S.

and developed and emerging markets.Approximately one-third of the portfolio was invested in fixed income holdings. Overall, security selection within the underlying funds detracted from relative performance.The John Hancock II International Value Fund (subadvised by Templeton) posted a loss and underperformed its style-specific benchmark, as did the T. Rowe Price Spectrum Income and Equity Income Funds. Spectrum Income underperformed its style-specific benchmark due to the inclusion of out-of-benchmark asset classes, such as nondollar, high yield, and emerging markets bonds. Equity Income trailed its benchmark because of stock selection and its overweight position to the energy sector as well as underweight positions in the health care and financials sectors.

The portfolio’s best contributors included the John Hancock II Capital Appreciation Fund and the T. Rowe Price Blue Chip Growth and New Horizons Funds. Capital Appreciation generated a solid double-digit gain in the fiscal year and outperformed its style-specific benchmark as a result of contributions from the health care, technology, and consumer discretionary sectors. Blue Chip Growth outperformed its benchmark as a result of stock selection and an overweight position in health care and stock selection in materials. New Horizons benefited from stock selection and an overweight position in health care.

The portfolio’s inclusion of diversifying sectors—particularly through the Real Assets Fund—weighed on performance.The fund invests in securities of companies that are involved in activities related to real assets, such as commodities, real estate, energy, and natural resources.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -2.98 -4.19 Class A, excluding sales charge 2.39 1.12 Class B, including sales charge -3.02 -3.67 Class B, excluding sales charge 1.98 0.33 Class C2 2.02 0.38 Weighted benchmark2 1.78 3.03 6/30/14 6/30/15 ■ Fixed Income ■ Equity 69.9% 30.1% 64.3% 35.7% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Spectrum Income Fund 15.1 17.8 John Hancock II Core Bond Fund (subadvised by Wells Capital Management) 0.0 13.4 T. Rowe Price Blue Chip Growth Fund 10.7 10.0 T.

Rowe Price Equity Income Fund 10.0 9.1 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 7.3 6.7 T. Rowe Price Mid-Cap Value Fund 5.6 5.2 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 5.3 4.9 T. Rowe Price New Horizons Fund 5.2 4.8 John Hancock II Strategic Income Opportunities Fund (subadvised by JHAM) 0.0 4.5 Oppenheimer International Growth Fund 8.3 3.9 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 3.9 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 3.9 John Hancock II International Value Fund (subadvised by Templeton) 8.3 3.8 T.

Rowe Price Real Assets Fund 3.6 3.0 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 3.0 2.7 American Mutual Fund 2.6 2.4 John Hancock II Total Return Fund (subadvised by PIMCO) 15.0 0.0 The performance data presented represent past performance. Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed. Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7.

*This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—45.15%, MSCI AC World Index ex USA—19.36%, and Barclays U.S.Aggregate Bond Index—35.49%.

13 PORTFOLIO 2017–2020 Over the 12-month period ended June 30, 2015, Portfolio 2017–2020 posted a positive return but underperformed its weighted benchmark.* The portfolio systematically increases its allocation to lower-volatility, fixed income investments as part of its long-term strategy to become more conservative over time. At the end of the fiscal year, roughly 60% of the portfolio was invested in bonds and conservative fixed income holdings, with the balance in a diversified selection of growth and value funds invested in the stocks of companies based in the U.S.

and developed and emerging markets.

Overall, security selection within the underlying funds detracted from relative performance. Spectrum Income, Equity Income, and the John Hancock II International Value Fund (subadvised by Templeton) posted losses and underperformed their style-specific benchmarks.The portfolio’s best contributors included the John Hancock II Capital Appreciation Fund and the T. Rowe Price Blue Chip Growth and New Horizons Funds. The portfolio’s inclusion of diversifying sectors—particularly through the Real Assets Fund—also weighed on performance.The fund invests in securities of companies that are involved in activities related to real assets, such as commodities, real estate, energy, and natural resources.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge (issues before June 3, 2002) -1.97 -2.66 Class A, including sales charge (issues on or after June 3, 2002) -3.75 -4.43 Class A, excluding sales charge 1.58 0.87 Class B, including sales charge -3.77 -3.85 Class B, excluding sales charge 1.23 0.15 Class C 1.47 0.64 Class C2 1.21 0.12 Weighted Benchmark2 1.20 2.86 6/30/14 6/30/15 ■ Fixed Income ■ Equity 48.8% 51.2% 42.6% 57.4% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Spectrum Income Fund 24.9 25.0 John Hancock II Core Bond Fund (subadvised by Wells Capital Management) 0.0 18.8 T.

Rowe Price Blue Chip Growth Fund 8.4 8.3 T. Rowe Price Equity Income Fund 7.8 7.5 T. Rowe Price Inflation Focused Bond Fund 1.4 7.3 John Hancock II Strategic Income Opportunities Fund (subadvised by JHAM) 0.0 6.3 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 5.6 5.5 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 4.1 4.0 T. Rowe Price Mid-Cap Value Fund 3.3 2.3 T. Rowe Price New Horizons Fund 3.1 2.1 Oppenheimer International Growth Fund 5.2 2.1 T. Rowe Price Real Assets Fund 2.5 2.0 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 2.0 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 2.0 John Hancock II International Value Fund (subadvised by Templeton) 5.2 2.0 American Mutual Fund 2.1 2.0 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 1.5 0.8 John Hancock II Total Return Fund (subadvised by PIMCO) 24.9 0.0 The performance data presented represent past performance.

Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed. Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7. *This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—33.33%, MSCI AC World Index ex USA—9.40%, Barclays U.S.Aggregate Bond Index—50.02%, and Barclays 1–5 Year U.S.Treasury TIPS Index—7.25%.

14 COLLEGE PORTFOLIO The College Portfolio posted a negative return for the 12-month period ended June 30, 2015, and underperformed its weighted benchmark.* Portfolio 2013–2016 was merged into the College Portfolio on June 5, 2015, when it reached its target date. The portfolio is largely invested in a diversified blend of bonds and conservative fixed income securities, representing about 80% of assets.

It also maintains a 20% allocation in equities.This structure should allow investors to generate growth in their college savings accounts, while minimizing the risk of principal loss through a combination of diversification and conservative fixed income investments.

Overall, security selection within the underlying funds detracted from relative performance.The Inflation Focused Bond Fund, the portfolio’s largest component, posted a modest loss for the year and performed in line with its style-specific benchmark. It normally invests 50% or more of its assets in a diversified mix of short- and intermediate-term investment-grade, inflation-linked securities. Spectrum Income underperformed its style-specific benchmark, because of the inclusion of out-of- benchmark asset classes, such as nondollar, high yield, and emerging markets bonds. Equity Income trailed its benchmark because of stock selection and its overweight position to the energy sector as well as underweight positions in the health care and financials sectors.The portfolio’s inclusion of diversifying sectors—particularly through the Real Assets Fund—also weighed on performance.

The portfolio’s best contributors included the John Hancock II Capital Appreciation Fund and the T. Rowe Price Blue Chip Growth Fund. Capital Appreciation generated a solid double-digit gain in the fiscal year and outperformed its style-specific benchmark as a result of contributions from the health care, technology, and consumer discretionary sectors. Blue Chip Growth outperformed its benchmark due to stock selection and an overweight position in health care and stock selection in materials. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge (issues before June 3, 2002) -2.69 -3.68 Class A, including sales charge (issues on or after June 3, 2002) -4.46 -5.42 Class A, excluding sales charge 0.84 -0.18 Class B, including sales charge -4.53 -4.89 Class B, excluding sales charge 0.47 -0.93 Class C 0.68 -0.43 Class C2 0.50 -0.86 Weighted Benchmark2 0.88 1.17 6/30/14 6/30/15 ■ Fixed Income ■ Equity 20.3% 79.7% 19.8% 80.2% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T.

Rowe Price Inflation Focused Bond Fund 39.8 40.3 T. Rowe Price Spectrum Income Fund 20.0 19.9 John Hancock II Core Bond Fund (subadvised by Wells Capital Management) 0.0 15.0 T. Rowe Price Blue Chip Growth Fund 5.2 5.1 John Hancock II Strategic Income Opportunities Fund (subadvised by JHAM) 0.0 5.0 T. Rowe Price Equity Income Fund 4.8 4.7 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 3.5 3.4 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 2.5 2.5 American Mutual Fund 1.3 1.2 T. Rowe Price Real Assets Fund 1.1 0.9 Oppenheimer International Growth Fund 0.9 0.5 John Hancock II International Value Fund (subadvised by Templeton) 1.0 0.5 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 0.5 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 0.5 John Hancock II Total Return Fund (subadvised by PIMCO) 19.9 0.0 The performance data presented represent past performance.

Past performance is not a guarantee of future results, and current performance may be higher or lower than the performance quoted. Investment returns in John Hancock Freedom 529’s portfolios and the value of an investor’s units will fluctuate and may be worth more or less than the original cost when redeemed. Performance current to the most recent month-end is available at johnhancockfreedom529.com or by calling 1-866-222-7498.Average annual total returns may be found on pages 6–7. *This commentary compares the benchmark with performance of Class A shares excluding sales charge.

1 Performance for “Class A, including sales charge” reflects a 5.25% maximum sales charge for units purchased on or after June 3, 2002, until September 2, 2014, unless grandfather rules apply. Performance with a sales charge reflects a 5.00% (4.00% for the Short-Term Bond and Fixed Income Portfolios) maximum sales charge for units purchased on or after September 2, 2014. The application of breakpoint pricing or rights of accumulation to a Class A Account could result in a lesser sales charge. Class B units carry a 6-year contingent deferred sales charge (maximum of 5.00%, declining over 6 years).

Performance for “Class B, including sales charge” reflects the applicable sales charge for the periods shown. Class C2 units are not assessed a sales charge. Performance figures reflect the deduction of program fees, underlying investment management fees, and other expenses of the underlying mutual funds in which the portfolio invests. Performance does not reflect the annual account maintenance fee of $25. If it did, performance would be lower. Please refer to the Plan Disclosure Document for more detailed information on the fees and expenses, including the applicable program management fee, trust fee, and distribution and service fee, associated with each class.

2 As of June 30, 2015, the weighted benchmark is composed of: Russell 3000 Index—18.00%, MSCI AC World Index ex USA—2.00%, Barclays U.S.Aggregate Bond Index—40.00%, and Barclays 1–5 Year U.S.Treasury TIPS Index—40.00%.