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%.

15 FUTURE TRENDS PORTFOLIO The Future Trends Portfolio is composed of the T. Rowe Price Science & Technology Fund, the T. Rowe Price Health Sciences Fund, and the T. Rowe Price Financial Services Fund—three segments that are expected to provide critical products and services that drive the future economy. Each of these funds produced strong returns for the 12-month period, generating a double-digit gain for the portfolio.The portfolio outperformed its weighted Morningstar benchmark, which is composed of roughly equal allocations to the Morningstar Technology Index, Morningstar Health Funds Index, and Morningstar Financial Index.* Health care stocks soared during the period, and the return for the Health Sciences Fund exceeded 40%.The fund’s biotechnology and pharmaceuticals sector holdings generated the strongest contributions to performance.The health care sector was the top performer in the broad market for the past 12 months and has benefited from merger and acquisition activity, the successful development of new drugs and therapies to address major medical needs, and the approval of several breakthrough products developed by biotechnology companies.

The Financial Services Fund generated a double-digit advance for the past 12 months, driven by gains among money center and regional banks.The largest U.S. banks were top contributors to absolute performance as rising equity market values and a robust merger and acquisition environment benefited financial stocks. The Science & Technology Fund gained about 9% on the strength of the software sector. Internet e-commerce holdings in the media segment also generated strong results. However, hardware, telecommunication services, and energy-related technology holdings were particularly poor performers.

Each of the underlying funds shares a common strategic approach—they all seek to hold the best growth opportunities among companies with strong fundamental underpinnings. Investors continued to reward this strategy over the past year.

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) 6.18 17.05 Class A, including sales charge (issues on or after June 3, 2002) 4.26 14.93 Class A, excluding sales charge 10.03 21.29 Class B, including sales charge 4.63 16.42 Class B, excluding sales charge 9.63 20.42 Class C 9.89 21.00 Class C2 9.65 20.42 Weighted Benchmark2 7.54 15.22 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 Health Sciences Fund 32.5 33.7 T. Rowe Price Financial Services Fund 32.5 33.6 T.

Rowe Price Science & Technology Fund 35.0 32.7 Top five holdings of each underlying fund as of 6/30/15 (%) T. Rowe Price Health Sciences Fund Allergan 5.3 Cigna 4.5 Alexion Pharmaceuticals 3.9 Valeant Pharmaceuticals International 3.6 Aetna 3.4 T. Rowe Price Financial Services Fund JPMorgan Chase 4.9 Citigroup 4.9 Bank of America 4.2 State Street 3.3 First Niagara Financial 3.1 T. Rowe Price Science & Technology Fund Priceline 5.4 Amazon.com 5.3 Microsoft 5.0 Baidu 4.9 Google 4.5 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: Morningstar Technology Index—34.00%, Morningstar Financial Index—33.00%, and Morningstar Health Funds Index—33.00%. Portfolio highlights—Static portfolios

16 EQUITY PORTFOLIO Over the 12-month period ended June 30, 2015, the Equity Portfolio posted a positive return but underperformed its weighted benchmark.* Because of the portfolio’s long-term capital appreciation focus, its assets are 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. Overall, security selection within the underlying funds detracted from relative performance, while tactical positioning decisions were mostly neutral.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 as well as underweight positions in the health care and financials sectors. Mid-Cap Value detracted as a result of its overweight in energy and stock selection in consumer discretionary and utilities.

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 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. 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 (issues before June 3, 2002) -0.14 -1.74 Class A, including sales charge (issues on or after June 3, 2002) -1.95 -3.52 Class A, excluding sales charge 3.48 1.82 Class B, including sales charge -1.86 -2.94 Class B, excluding sales charge 3.14 1.06 Class C 3.41 1.58 Class C2 3.12 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 17.9 17.2 T. Rowe Price Equity Income Fund 15.3 15.2 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 10.6 10.2 John Hancock Disciplined Value Fund (subadvised by Boston Partners) 7.4 7.6 John Hancock Disciplined Value International Fund (subadvised by Boston Partners) 0.0 6.6 John Hancock II International Value Fund (subadvised by Templeton) 12.4 6.5 Oppenheimer International Growth Fund 11.3 6.1 John Hancock International Growth Fund (subadvised by Wellington Management Company) 0.0 6.0 John Hancock II Emerging Markets Fund (subadvised by Dimensional Fund Advisors) 5.6 5.8 T.

Rowe Price New Horizons Fund 5.9 5.7 T. Rowe Price Mid-Cap Value Fund 5.7 5.6 T. Rowe Price Real Assets Fund 4.1 3.8 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%.

17 FIXED INCOME PORTFOLIO The Fixed Income Portfolio posted a negative return for the 12-month period ended June 30, 2015, and underperformed its benchmark.* This portfolio utilizes a broadly diversified approach to income investing. It is primarily invested in the T. Rowe Price Spectrum Income Fund and John Hancock II Core Bond Fund (subadvised by Wells Capital Management).The John Hancock II Strategic Income Opportunities Fund accounts for the balance of the portfolio.

Spectrum Income, a multi-sector income fund with core holdings in investment-grade bonds and diversifying investments in higher-yielding, nondollar, and emerging markets bonds and dividend-paying stocks, underperformed its benchmark because of its out-of-benchmark holdings. Core Bond, which primarily invests in investment- grade bonds, including Treasuries; mortgage- and asset-backed securities; and, to a lesser extent, dollar-denominated foreign securities, underperformed due to overweight positions in credit and commercial mortgage-backed securities. Strategic Income Opportunities invests in developed and emerging markets government and corporate debt securities, U.S.

government and agency securities, and high yield bonds. It outperformed the benchmark because of favorable currency positioning, although the fund’s shorter-than-benchmark duration detracted.

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) -3.35 -3.65 Class A, including sales charge (issues on or after June 3, 2002) -5.10 -5.39 Class A, excluding sales charge 0.15 -0.15 Class B, including sales charge -5.18 -4.83 Class B, excluding sales charge -0.19 -0.87 Class C 0.04 -0.40 Class C2 -0.23 -0.91 Barclays U.S.Aggregate Bond Index -0.10 1.86 6/30/14 6/30/15 ■ Fixed Income 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Spectrum Income Fund 50.0 50.1 John Hancock II Core Bond Fund (subadvised by Wells Capital Management) 0.0 37.3 John Hancock II Strategic Income Opportunities Fund (subadvised by JHAM) 0.0 12.6 John Hancock II Total Return Fund (subadvised by PIMCO) 50.0 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.

18 SHORT-TERM BOND PORTFOLIO The Short-Term Bond Portfolio posted a negative return for the 12-month period ended June 30, 2015, and underperformed its benchmark.* Extremely low short-term interest rates continued to restrain short-term bond yields and returns. In this environment, the portfolio’s modest out-of-benchmark position to Treasury inflation protected securities detracted from relative returns. Yield curve positioning contributed to relative return. Specifically, an overweight position to five-year notes and modest out-of-benchmark exposure to 10- and 20- year holdings performed well as longer-term Treasury yields fell during the period.

Investment-grade corporate bonds also benefited relative results, notably in the telecommunication services and financials sectors.

The portfolio’s benchmark, the Barclays 1–3 Year U.S. Government/Credit Bond Index, does not hold securitized sectors, such as mortgage-backed, commercial mortgage-backed, and asset-backed securities.The Short-Term Bond Fund typically underweights Treasuries and attempts to add incremental yield through overweight positions to investment-grade corporate bonds and securitized sectors. 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) -3.06 -3.61 Class A, including sales charge (issues on or after June 3, 2002) -4.82 -5.36 Class A, excluding sales charge 0.46 -0.11 Class B, including sales charge -4.91 -4.82 Class B, excluding sales charge 0.09 -0.86 Class C 0.35 -0.35 Class C2 0.08 -0.91 Barclays 1–3 Year U.S.

Government/Credit Bond Index 0.72 0.93 Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Short-Term Bond Fund 100.0 100.0 6/30/14 6/30/15 ■ Fixed Income 100% 100% Top five fund issuers as of 6/30/15 (%) T. Rowe Price Short-Term Bond Fund FNMA—Mortgages 8.6 U.S.Treasuries 3.6 FHLMC—Mortgages 2.9 Goldman Sachs 1.4 Commercial Mortgage PTCs 1.4 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.

19 JH MONEY MARKET PORTFOLIO In a low interest rate environment, the JH Money Market Portfolio posted flat results for the 12-month period ended June 30, 2015, and performed in line with its benchmark, the Citigroup 3-Month Treasury Bill Index.* However, the portfolio continued to offer investors principal stability and liquidity. The U.S. economy gained traction after a first-quarter slowdown.Although gross domestic product was modestly positive in the first quarter, most analysts forecast better economic growth for the balance of 2015.The jobless rate declined to 5.3% in June 2015, a seven-year low.The housing market picked up after a shaky start this year, with various gauges of new and existing home sales reaching their highest levels since the recession.

Inflation firmed since early this year but stayed below the Federal Reserve’s 2% target.

In this environment, money market rates stayed very low as the Fed kept the target range for the federal funds rate from 0.00% to 0.25%, a level it has maintained since December 2008.The combination of the Fed’s low interest rate monetary policy; a reduced supply of Treasury bills; and strong demand for high-quality, liquid assets continued to restrain money market yields within a narrow range. The Fed ceased its monthly purchases of Treasuries and agency mortgage-backed securities in October 2014.With the end of the central bank’s multiyear quantitative easing program, Fed officials began to prepare financial markets for its first short-term rate hike since 2006.Although the central bank is widely expected to start raising its benchmark rate from near zero sometime in 2015, Fed officials have assured markets that any rate increases will be small and gradual.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Original Money Market Portfolio 0.00 0.00 Class A 0.00 N/A Class C2 0.00 N/A Citigroup 3-Month Treasury Bill Index 0.01 0.02 6/30/14 6/30/15 ■ Fixed Income 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Summit Cash Reserves Fund 100.0 100.0 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 the Original Money Market Portfolio.

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.

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.

20 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 The weighted benchmark reflects the performance of the Russell 3000 Index—56.00%, MSCI All Country World Index ex USA—24.00%, Barclays U.S.Aggregate Bond Index—16.00%, and Bank of America Merrill Lynch U.S. High Yield Master II Index—4.00%. LIFESTYLE GROWTH 529 PORTFOLIO Over the 12-month period ended June 30, 2015, the Lifestyle Growth 529 Portfolio, which is entirely invested in the John Hancock Funds II Lifestyle Growth Portfolio, posted positive returns.The portfolio underperformed its weighted benchmark, which was modified on May 1, 2015, to better reflect the universe of investment opportunities based on the portfolio’s investment strategy.* The portfolio benefited from strong absolute returns across a range of its underlying strategies.

Over the past year, U.S. stocks outpaced most developed and emerging markets equities—fully diversified, globally oriented portfolios did not keep pace with the U.S. equity benchmark. For this reason, the Lifestyle Growth Portfolio, a global portfolio by design, was hurt by its non-U.S. exposure.Active equity managers also have been challenged relative to their respective benchmarks, which weighed on results during the period. Partially offsetting the relative performance shortfall was a favorable overweight position to select sector positions, including health care, technology, and financials.

In terms of manager selection, the portfolio’s contributors included the Capital Appreciation Fund (T. Rowe Price), Capital Appreciation Fund (Jennison), and Strategic Income Opportunities Fund (John Hancock).The portfolio’s detractors included the International Value Fund (Franklin Templeton), Natural Resources Fund (Jennison), and Absolute Return Currency Fund (First Quadrant). Performance comparison as of 6/30/151 (%) Class 6 months 12 months Class A, including sales charge -2.22 -3.03 Class A, excluding sales charge 3.20 2.35 Class B, including sales charge -2.21 -2.45 Class 6 months 12 months Class B, excluding sales charge 2.79 1.55 Class C2 2.80 1.55 Weighted benchmark2 2.28 3.21 Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 Absolute Return Currency Fund (First Quadrant) 2.19 1.67 Active Bond Fund (Declaration/JHAM) 0.98 1.04 All Cap Core Fund (QS Investors) 2.51 2.63 Alpha Opportunities Fund (Wellington) 4.78 4.45 Asia Pacific Total Return Bond Fund (JHAM) 0.61 0.60 Blue Chip Growth Fund (T.

Rowe Price) 4.56 4.28 Capital Appreciation Fund (Jennison) 4.16 3.90 Capital Appreciation Fund (T. Rowe Price) 4.16 4.64 China Emerging Leaders (Atlantis) 0.70 0.00 Core Bond Fund (Wells Capital) 0.00 0.27 Disciplined Value Fund (Boston Partners) 1.55 1.89 Emerging Markets Debt Fund (JHAM) 0.75 0.98 Emerging Markets Equity Fund (JHAM) 0.00 0.49 Emerging Markets Fund (DFA) 5.06 4.71 Equity Income Fund (T. Rowe Price) 3.84 4.32 Financial Industries Fund (JHAM) 1.72 2.04 Floating Rate Income Fund (WAMCO) 3.08 2.90 Focused High Yield Fund (JHAM) 1.08 0.59 Fundamental Global Franchise Fund (JHAM) 0.96 1.01 Fundamental Large Cap Value Fund (JHAM) 2.97 3.31 Global Absolute Return Strategies Fund (Standard Life) 1.13 1.91 Global Bond Fund (PIMCO) 0.39 0.28 Global Equity Fund (JHAM) 1.00 1.02 Global Income Fund (Stone Harbor) 0.72 0.67 Global Real Estate Fund (DeAWM) 0.59 0.47 Global Shareholder Yield Fund (Epoch) 1.38 1.41 Global Short Duration Credit Fund (JHAM) 0.36 0.48 Health Sciences Fund (T.

Rowe Price) 1.47 1.10 High Yield Fund (WAMCO) 0.75 0.32 International Core Fund (GMO) 1.96 2.60 International Growth Opportunities Fund (Baillie Gifford) 1.54 1.94 As percent of net assets 6/30/14 6/30/15 International Growth Stock Fund (Invesco) 1.71 2.09 International Small Cap Fund (Franklin Templeton) 1.33 1.67 International Small Company Fund (DFA) 1.34 1.66 International Value Equity Fund (JHAM) 1.12 1.42 International Value Fund (Franklin Templeton) 3.92 4.00 Mid Cap Stock Fund (Wellington) 3.43 3.32 Mid-Cap Value Fund (T. Rowe Price) 2.69 2.56 Mutual Shares (Franklin Templeton) 1.17 0.00 Natural Resources Fund (Jennison) 1.57 1.21 New Opportunities Fund (DFA/Invesco/Brandywine/GW&K) 0.00 0.50 Real Estate Fund (T.

Rowe Price) 0.49 0.47 Real Return Bond Fund (PIMCO) 0.49 0.67 Redwood Fund (Boston Partners) 0.70 0.82 Science & Technology Fund (Allianz/T. Rowe Price) 2.51 2.43 Seaport Fund (Wellington) 0.29 0.34 Short Duration Credit Opportunities Fund (Stone Harbor) 1.37 1.58 Small Cap Core Fund (JHAM) 0.62 0.50 Small Cap Growth Fund (Wellington) 0.52 0.52 Small Cap Opportunities Fund (DFA/Invesco) 0.37 0.00 Small Cap Value Fund (Wellington) 0.46 0.69 Small Company Growth Fund (Invesco) 0.48 0.47 Small-Cap Value Fund (T. Rowe Price) 0.69 0.47 Spectrum Income Fund (T. Rowe Price) 1.09 1.04 Strategic Growth Fund (JHAM) 4.24 3.88 Strategic Income Opportunities Fund (JHAM) 1.74 1.65 Technical Opportunities Fund (Wellington) 2.51 2.36 Total Return Fund (PIMCO) 0.98 0.77 U.S.

Equity Fund (GMO) 2.11 2.16 U.S. High Yield Bond Fund (Wells Capital) 0.65 0.38 Value Equity Fund (Barrow Hanley) 1.28 1.32 Value Fund (Invesco) 1.17 1.13 Portfolio highlights—Lifestyle portfolios

21 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 The weighted benchmark reflects the performance of the Russell 3000 Index—42.00%, MSCI All Country World Index ex USA—18.00%, Barclays U.S.Aggregate Bond Index—32.00%, and Bank of America Merrill Lynch U.S. High Yield Master II Index—8.00%. LIFESTYLE BALANCED 529 PORTFOLIO Over the 12-month period ended June 30, 2015, the Lifestyle Balanced 529 Portfolio, which is entirely invested in the John Hancock Funds II Lifestyle Balanced Portfolio, posted positive returns. However, the portfolio underperformed its weighted benchmark, which was modified on May 1, 2015, to better reflect the universe of investment opportunities based on the portfolio’s investment strategy.* The portfolio benefited from strong absolute returns across a range of its underlying strategies.

Over the past year, as U.S. stocks outpaced developed and emerging markets equities—fully diversified, globally oriented portfolios did not keep pace with U.S. equity benchmark. For this reason, the Lifestyle Balanced Portfolio, a global portfolio by design, was hurt by its non-U.S. exposure.Active equity managers also have been challenged relative to their respective benchmarks, which weighed on results during the period. Partially offsetting the relative performance shortfall was a favorable overweight position to select sector positions, including health care, technology, and financials.

In terms of manager selection, contributors for the year included the Capital Appreciation Fund (T. Rowe Price), Capital Appreciation Fund (Jennison), and Strategic Income Opportunities Fund (John Hancock).The portfolio’s detractors included the International Value Fund (Franklin Templeton), Natural Resources Fund (Jennison), and Absolute Return Currency Fund (First Quadrant). Performance comparison as of 6/30/151 (%) Class 6 months 12 months Class A, including sales charge -3.00 -3.99 Class A, excluding sales charge 2.37 1.33 Class B, including sales charge -3.01 -3.46 Class 6 months 12 months Class B, excluding sales charge 1.99 0.54 Class C2 2.05 0.61 Weighted benchmark2 1.85 2.79 Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 Absolute Return Currency Fund (First Quadrant) 2.37 1.83 Active Bond Fund (Declaration/JHAM) 3.42 3.59 All Cap Core Fund (QS Investors) 1.51 1.59 Alpha Opportunities Fund (Wellington) 3.23 3.02 Asia Pacific Total Return Bond Fund (JHAM) 1.03 1.03 Blue Chip Growth Fund (T.

Rowe Price) 3.39 3.09 Capital Appreciation Fund (Jennison) 2.90 2.61 Capital Appreciation Fund (T. Rowe Price) 3.80 4.41 China Emerging Leaders (Atlantis) 0.49 0.00 Core Bond Fund (Wells Capital) 1.04 1.34 Disciplined Value Fund (Boston Partners) 1.15 1.40 Emerging Markets Debt Fund (JHAM) 1.00 1.32 Emerging Markets Equity Fund (JHAM) 0.00 0.33 Emerging Markets Fund (DFA) 3.29 3.06 Equity Income Fund (T. Rowe Price) 2.75 3.08 Financial Industries Fund (JHAM) 1.44 1.72 Floating Rate Income Fund (WAMCO) 5.92 5.84 Focused High Yield Fund (JHAM) 1.72 1.04 Fundamental Global Franchise Fund (JHAM) 0.88 0.91 Fundamental Large Cap Value Fund (JHAM) 2.11 2.29 Global Absolute Return Strategies Fund (Standard Life) 1.32 2.05 Global Bond Fund (PIMCO) 1.22 1.18 Global Equity Fund (JHAM) 0.90 0.96 Global Income Fund (Stone Harbor) 1.22 1.13 Global Real Estate Fund (DeAWM) 0.74 0.69 Global Shareholder Yield Fund (Epoch) 1.35 1.33 Global Short Duration Credit Fund (JHAM) 0.37 1.09 Health Sciences Fund (T.

Rowe Price) 1.21 0.95 High Yield Fund (WAMCO) 1.45 0.58 International Core Fund (GMO) 1.55 2.08 International Growth Opportunities Fund (Baillie Gifford) 1.16 1.53 As percent of net assets 6/30/14 6/30/15 International Growth Stock Fund (Invesco) 1.34 1.65 International Small Cap Fund (Franklin Templeton) 0.96 1.22 International Small Company Fund (DFA) 1.00 1.21 International Value Equity Fund (JHAM) 0.87 1.11 International Value Fund (Franklin Templeton) 3.08 3.13 Investment Quality Bond Fund (Wellington) 0.84 1.34 Mid Cap Stock Fund (Wellington) 2.30 2.31 Mid-Cap Value Fund (T. Rowe Price) 1.87 1.82 Natural Resources Fund (Jennison) 1.51 1.15 New Opportunities Fund (DFA/Invesco/Brandywine/GW&K) 0.00 0.37 Real Estate Fund (T.

Rowe Price) 0.49 0.45 Real Return Bond Fund (PIMCO) 0.99 0.98 Redwood Fund (Boston Partners) 0.70 0.79 Science & Technology Fund (Allianz/T. Rowe Price) 1.99 1.95 Seaport Fund (Wellington) 0.25 0.32 Short Duration Credit Opportunities Fund (Stone Harbor) 3.33 3.61 Small Cap Core Fund (JHAM) 0.47 0.37 Small Cap Growth Fund (Wellington) 0.39 0.39 Small Cap Opportunities Fund (DFA/Invesco) 0.28 0.00 Small Cap Value Fund (Wellington) 0.36 0.53 Small Company Growth Fund (Invesco) 0.35 0.35 Small-Cap Value Fund (T. Rowe Price) 0.53 0.37 Spectrum Income Fund (T. Rowe Price) 3.06 2.58 Strategic Growth Fund (JHAM) 2.91 2.61 Strategic Income Opportunities Fund (JHAM) 3.59 4.09 Technical Opportunities Fund (Wellington) 1.49 1.39 Total Return Fund (PIMCO) 3.35 2.47 U.S.

Equity Fund (GMO) 1.93 1.96 U.S. High Yield Bond Fund (Wells Capital) 1.25 0.73 Value Equity Fund (Barrow Hanley) 0.87 0.86 Value Fund (Invesco) 0.85 0.82

22 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 The weighted benchmark reflects the performance of the Russell 3000 Index—28.00%, MSCI All Country World Index ex USA—12.00%, Barclays U.S.Aggregate Bond Index—48.00%, and Bank of America Merrill Lynch U.S. High Yield Master II Index—12.00%. LIFESTYLE MODERATE 529 PORTFOLIO Over the 12-month period ended June 30, 2015, the Lifestyle Moderate 529 Portfolio, which is entirely invested in the John Hancock Funds II Lifestyle Moderate Portfolio, posted positive returns.The portfolio underperformed its weighted benchmark, which was modified on May 1, 2015, to better reflect the universe of investment opportunities based on the portfolio’s investment strategy.* The portfolio benefited from strong absolute returns across a range of its underlying strategies.

Over the past year, as U.S. stocks outpaced developed and emerging markets equities—fully diversified, globally oriented portfolios did not keep pace with the U.S. equity benchmark. For this reason, the Lifestyle Moderate Portfolio, a global portfolio by design, was hurt by its non-U.S. exposure.Active equity managers also have been challenged relative to their respective benchmarks, which weighed on results during the period. Partially offsetting the relative performance shortfall was a favorable overweight position to select sector positions, including health care, technology, and financials.

In terms of manager selection, contributors for the year included the Capital Appreciation Fund (T. Rowe Price), Capital Appreciation Fund (Jennison), and Strategic Income Opportunities Fund (John Hancock).The portfolio’s detractors included the International Value Fund (Franklin Templeton), Natural Resources Fund (Jennison), and Absolute Return Currency Fund (First Quadrant). Performance comparison as of 6/30/151 (%) Class 6 months 12 months Class A, including sales charge -3.98 -5.07 Class A, excluding sales charge 1.34 0.19 Class B, including sales charge -4.11 -4.58 Class 6 months 12 months Class B, excluding sales charge 0.89 -0.61 Class C2 0.96 -0.54 Weighted benchmark2 1.57 2.48 Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 Absolute Return Currency Fund (First Quadrant) 2.38 2.04 Active Bond Fund (Declaration/JHAM) 7.66 8.00 Alpha Opportunities Fund (Wellington) 2.24 2.03 Asia Pacific Total Return Bond Fund (JHAM) 1.48 1.70 Blue Chip Growth Fund (T.

Rowe Price) 2.59 2.54 Capital Appreciation Fund (Jennison) 2.19 2.04 Capital Appreciation Fund (T. Rowe Price) 3.67 4.14 Core Bond Fund (Wells Capital) 2.54 3.21 Emerging Markets (Dimensional) 2.30 0.00 Emerging Markets Debt Fund (JHAM) 1.51 1.87 Emerging Markets Equity Fund (JHAM) 0.00 0.21 Emerging Markets Fund (DFA) 0.00 1.84 Enduring Equity Fund (Wellington) 0.54 0.48 Equity Income Fund (T. Rowe Price) 3.24 3.12 Floating Rate Income Fund (WAMCO) 9.05 8.54 Focused High Yield Fund (JHAM) 2.12 1.43 Fundamental Global Franchise Fund (JHAM) 0.72 0.88 Fundamental Large Cap Value Fund (JHAM) 3.12 3.06 Fundamental Value (Davis) 0.00 0.00 Global Absolute Return Strategies Fund (Standard Life) 1.62 2.31 Global Bond Fund (PIMCO) 2.41 2.29 Global Equity Fund (JHAM) 0.80 0.89 Global Income Fund (Stone Harbor) 1.63 1.47 Global Real Estate Fund (DeAWM) 0.50 0.47 Global Shareholder Yield Fund (Epoch) 1.05 1.23 Global Short Duration Credit Fund (JHAM) 0.33 1.05 High Yield Fund (WAMCO) 1.70 0.93 As percent of net assets 6/30/14 6/30/15 International Core Fund (GMO) 1.01 1.15 International Growth Opportunities Fund (Baillie Gifford) 0.73 0.95 International Growth Stock Fund (Invesco) 0.89 1.03 International Small Cap Fund (Franklin Templeton) 0.66 0.85 International Small Company Fund (DFA) 0.67 0.85 International Value Equity Fund (JHAM) 0.59 0.66 International Value Fund (Franklin Templeton) 1.91 2.00 Investment Quality Bond Fund (Wellington) 1.80 3.20 Mid Cap Stock Fund (Wellington) 1.54 1.52 Mid-Cap Value Fund (T.

Rowe Price) 1.72 1.65 Natural Resources Fund (Jennison) 1.07 0.82 Real Estate Fund (T. Rowe Price) 0.49 0.46 Real Return Bond Fund (PIMCO) 1.35 1.48 Redwood Fund (Boston Partners) 0.89 0.76 Seaport Fund (Wellington) 0.20 0.31 Short Duration Credit Opportunities Fund (Stone Harbor) 4.03 4.24 Small Cap Growth Fund (Wellington) 0.33 0.33 Small Cap Value Fund (Wellington) 0.31 0.46 Small Company Growth Fund (Invesco) 0.30 0.29 Small-Cap Value Fund (T. Rowe Price) 0.46 0.32 Spectrum Income Fund (T. Rowe Price) 3.82 3.26 Strategic Growth Fund (JHAM) 2.18 2.04 Strategic Income Opportunities Fund (JHAM) 4.61 5.15 Total Return Fund (PIMCO) 7.66 5.50 U.S.

Equity Fund (GMO) 1.95 1.89 U.S. High Yield Bond Fund (Wells Capital) 1.44 1.06

23 T. ROWE PRICE NEW HORIZONS 529 PORTFOLIO The T. Rowe Price New Horizons 529 Portfolio posted a double-digit gain for the 12-month period ended June 30, 2015, but underperformed its benchmark, the Russell 2000 Growth Index.* The portfolio is entirely invested in the T. Rowe Price New Horizons Fund, which primarily invests in small-cap growth stocks. The fund’s large sector positions to information technology and consumer discretionary posted good absolute returns. However, stock selection in both sectors detracted from relative results. In the technology space, the fund is focused on holding companies that are growing market share and have capable management teams that can take advantage of opportunities regardless of the economic environment.The fund’s goal is to own companies with business models that can sustain above- average earnings growth for 10 years or more.

Stock selection in health care, the benchmark’s best-performing sector, generated a solid relative performance contribution. However, the fund’s underweight position to the sector detracted from relative results.The health care sector has many strong small-cap innovative growth companies that are benefiting from advancing technologies.The fund looks to own health care companies that can grow into large-caps, especially in the therapeutics area, where small-cap companies can bring new drugs that meet unmet medical needs to market.

The fund has maintained a below-benchmark position to materials stocks as they typically do not hold the growth prospects that meet the fund’s investing criteria.The underweight position contributed to relative returns over the fiscal year.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge 1.83 4.53 Class A, excluding sales charge 7.47 10.32 Class B, including sales charge 2.05 5.48 Class B, excluding sales charge 7.05 9.48 Class C2 7.06 9.49 Russell 2000 Growth Index 8.74 12.34 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) Top five holdings as of 6/30/15 (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price New Horizons Fund 100.0 100.0 T. Rowe Price New Horizons Fund O’Reilly Automotive 2.1 SS&C Technologies Holdings 2.1 Dexcom 1.6 Netflix 1.5 Restoration Hardware Holdings 1.5 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.

Portfolio highlights—Individual portfolios

24 JENNISON CAPITAL APPRECIATION 529 PORTFOLIO The Jennison Capital Appreciation 529 Portfolio, which is entirely invested in the John Hancock II Capital Appreciation Fund, posted strong gains in the 12 months ended June 30, 2015, and outperformed its benchmark, the Russell 1000 Growth Index.* Selection of individual stocks based on business fundamentals drives the portfolio’s construction. Health care, information technology, and consumer discretionary holdings were significant contributors to absolute and relative return.

In the health care sector, biotechnology, pharmaceuticals, life sciences, and services holdings posted robust returns.

In the information technology sector, the top-performing segments included technology, hardware, storage, peripherals, IT services, and Internet software and services. Outperformance in the consumer discretionary sector was driven by holdings in the Internet and catalog retail; textiles, apparel, and luxury goods; and media industries. Energy holdings in the exploration and production and energy equipment and services industries hurt absolute results, although they contributed to relative performance as they outperformed the energy sector in the benchmark. Stock selection in materials and industrials and business services detracted from relative results.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge 2.67 7.69 Class A, excluding sales charge 8.36 13.66 Class B, including sales charge 2.91 8.80 Class B, excluding sales charge 7.91 12.80 Class C2 7.97 12.86 Russell 1000 Growth Index 3.96 10.56 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 John Hancock II Capital Appreciation Fund (subadvised by Jennison) 100.0 100.0 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.

25 T. ROWE PRICE SMALL-CAP STOCK 529 PORTFOLIO Over the 12-month reporting period ended June 30, 2015, the T. Rowe Price Small-Cap Stock 529 Portfolio generated a gain but underperformed its benchmark.* The portfolio is entirely invested in the T. Rowe Price Small-Cap Stock Fund, which invests in a blend of small-cap growth and value stocks. Stock selection in the information technology and materials sectors detracted from relative returns for the 12-month period. Sector positioning was negative overall, overweight positions to industrials and energy—by far the worst-performing sectors in the benchmark and the fund for the period—hurt relative results.

Stock selection generated a strong contribution to relative performance in the financials, consumer discretionary, and consumer staples sectors.Although financials is the largest sector position, the fund is underweight relative to the benchmark, which partially offset good stock selection.The fund has large positions in regional banks that have attractive valuations and strong fundamental underpinnings. Stock selection in the energy and industrials and business services sectors also generated a solid positive relative performance contribution.

The fund remained overweight in the industrials and business services sector, its second-largest position, because there are many companies with attractive valuations, durable businesses, and seasoned management teams. Historically, the machinery and commercial services and supplies industries have been the significant areas of investment for the fund. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -2.62 -0.42 Class A, excluding sales charge 2.78 5.09 Class B, including sales charge -2.60 0.29 Class B, excluding sales charge 2.40 4.29 Class C2 2.43 4.32 Russell 2000 Index 4.75 6.49 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) Top five holdings as of 6/30/15 (%) As percent of net assets 6/30/14 6/30/15 T.

Rowe Price Small-Cap Stock Fund 100.0 100.0 T. Rowe Price Small-Cap Stock Fund Incyte 1.7 Brunswick 1.3 SS&C Technologies Holdings 1.2 E*TRADE Financial 1.2 TreeHouse Foods 1.0 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.

26 T. ROWE PRICE BLUE CHIP GROWTH 529 PORTFOLIO Over the 12-month period ended June 30, 2015, the T. Rowe Price Blue Chip Growth 529 Portfolio posted a double-digit gain and outperformed its benchmark in a strong environment for large-cap growth stocks.* The portfolio is entirely invested in the T. Rowe Price Blue Chip Growth Fund, which primarily invests in large-cap growth stocks. The fund’s best absolute and relative results came from the health care sector.The fund’s overweight position and stock selection, particularly in the pharmaceuticals industry, generated strong relative returns.

Health care was also the top-performing sector in the benchmark for the period. Stock selection in the materials and consumer staples sectors contributed to relative results as well.

An underweight position and stock selection in the information technology sector was the largest relative performance detractor for the past 12 months.The consumer discretionary sector underperformed as a result of stock selection, although the fund benefited from an overweight position.The fund’s holdings in the health care, information technology, and consumer discretionary sectors accounted for approximately three-quarters of the fund’s assets at the end of the fiscal year. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge 0.60 6.43 Class A, excluding sales charge 6.18 12.33 Class B, including sales charge 0.83 7.54 Class B, excluding sales charge 5.83 11.54 Class C2 5.80 11.49 Russell 1000 Growth Index 3.96 10.56 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) Top five holdings as of 6/30/15 (%) As percent of net assets 6/30/14 6/30/15 T.

Rowe Price Blue Chip Growth Fund 100.0 100.0 T. Rowe Price Blue Chip Growth Fund Amazon.com 5.1 Google 4.5 McKesson 3.0 Priceline 2.9 Facebook 2.9 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.

27 TEMPLETON INTERNATIONAL VALUE 529 PORTFOLIO The Templeton International Value 529 Portfolio, which is entirely invested in the John Hancock II International Value Fund, posted a negative return and underperformed its benchmark for the 12-month period ended June 30, 2015.* Developed and emerging markets stocks declined during the period. The portfolio’s overweight position and stock selection in the energy sector detracted from relative performance—most notably, several out-of-benchmark Canadian holdings.An overweight position in information technology contributed to relative returns, but stock selection in the sector was a larger detractor.

Stock selection in the consumer staples and consumer discretionary sectors also weighed on relative performance as did an underweight position in consumer discretionary. During the period, the U.S. dollar appreciated against most foreign currencies, which hurt the portfolio’s performance because investments in securities with non-U.S. currency exposure lost value as the dollar rose.

Several sectors contributed to relative performance.An overweight position to the health care sector aided relative results, especially off-benchmark pharmaceutical holdings in China and Israel. Stock selection and an underweight position to utilities contributed to relative returns. Stock selection in telecommunication services also benefited relative performance, particularly in off-benchmark holdings in Chinese telecom providers. The portfolio seeks high-quality companies with strong fundamentals and solid earnings growth potential. Despite an uncertain economic environment, the portfolio remains focused on long-term investment in potentially undervalued stocks.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -0.76 -16.04 Class A, excluding sales charge 4.74 -11.38 Class B, including sales charge -0.70 -15.63 Class B, excluding sales charge 4.30 -12.12 Class C2 4.31 -12.13 MSCI EAFE Index 5.88 -3.82 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 John Hancock II International Value Fund (subadvised by Templeton) 100.0 100.0 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.

28 T. ROWE PRICE MID-CAP VALUE 529 PORTFOLIO During the 12-month period ended June 30, 2015, the T. Rowe Price Mid-Cap Value 529 Portfolio posted a positive return but underperformed its benchmark, the Russell Midcap Value Index.* The portfolio is entirely invested in the T. Rowe Price Mid-Cap Value Fund, which primarily invests in undervalued mid-cap stocks. Mid-cap stocks generally underperformed large- and small-caps over the past 12 months, and value stocks generally underperformed their growth counterparts across all market capitalizations.

The fund’s overweight position in the energy sector, the worst absolute performing sector in the benchmark, hurt the fund’s relative performance.

Stock selection in the consumer discretionary sector also detracted from the relative returns. Stock selection in utilities weighed on relative results as well, although our underweight position in the poor-performing sector limited the negative impact. Stock selection in the industrials and business services sector was the largest contributor to relative returns.The fund also generated positive relative performance in health care and financials thanks to stock selection.

Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -2.60 -2.05 Class A, excluding sales charge 2.79 3.38 Class B, including sales charge -2.57 -1.39 Class B, excluding sales charge 2.43 2.61 Class C2 2.40 2.60 Russell Midcap Value Index 0.41 3.67 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) Top five holdings as of 6/30/15 (%) As percent of net assets 6/30/14 6/30/15 T. Rowe Price Mid-Cap Value Fund 100.0 100.0 T. Rowe Price Mid-Cap Value Fund Hospira 3.3 Textron 2.8 E*TRADE Financial 2.5 Northern Trust 2.5 FirstEnergy 2.5 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.

29 T. ROWE PRICE EQUITY INCOME 529 PORTFOLIO In the 12-month period ended June 30, 2015, the T. Rowe Price Equity Income 529 Portfolio posted a negative return and underperformed its benchmark, the Russell 1000 Value Index.* The portfolio is entirely invested in the T. Rowe Price Equity Income Fund, which primarily invests in undervalued large-cap companies that have a strong track record of paying above-average dividends. While U.S. stocks generally produced strong performance, value stocks struggled relative to their growth counterparts. Stock selection and an overweight position in the energy sector was the largest relative performance detractor.To a lesser extent, underweight positions and stock selection in the health care and financials sectors detracted from the fund’s relative results.

Consumer discretionary holdings were positive relative performance contributors for the year as a result of an overweight position. Good stock selection benefited the fund’s holdings in the materials sector, although an overweight position detracted. Stock selection in the utilities sector also contributed to relative performance. The fund’s largest overweight position at the end of the reporting period was in the consumer discretionary sector.The fund has considerable exposure to media companies that produce or distribute content and typically generate strong cash flow, much of which is returned to shareholders in the form of dividends and buybacks.

In general, the fund’s holdings are in large-cap companies with seasoned management teams that have demonstrated the ability to generate improving profit margins. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -7.05 -6.08 Class A, excluding sales charge -1.89 -0.88 Class B, including sales charge -7.10 -5.55 Class B, excluding sales charge -2.21 -1.61 Class C2 -2.22 -1.62 Russell 1000 Value Index -0.61 4.13 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) Top five holdings as of 6/30/15 (%) As percent of net assets 6/30/14 6/30/15 T.

Rowe Price Equity Income Fund 100.0 100.0 T. Rowe Price Equity Income Fund JPMorgan Chase 3.1 GE 3.1 Wells Fargo 2.4 U.S. Bancorp 1.9 Bank of America 1.9 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.

30 AMERICAN MUTUAL 529 PORTFOLIO The American Mutual 529 Portfolio posted positive performance for the 12-month period ended June 30, 2015, but underperformed its benchmark, the Russell 1000 Value Index.* The portfolio employs a relatively conservative investment approach and favors investments in high-quality, dividend-paying companies. Historically, the significant investment in companies with higher dividend yields has hurt the portfolio when the market advances strongly. However, this strategy has tended to do better than the broad stock market during declines because dividend-paying equities are typically less volatile than the overall market.

Over the past year, the portfolio’s energy sector holdings detracted from absolute returns, but the portfolio’s underweight position to the sector helped relative returns. Investments in materials stocks weighed on both absolute and relative returns, while an underweight to the financials sector hurt relative returns.The portfolio’s overweight in the health care sector and security selection in the consumer discretionary and information technology sectors contributed to absolute and relative returns.

The portfolio strives to generate consistent gains over the long term by seeking to preserve capital in down markets and keep pace in up markets. Over full market cycles, this approach can provide a smoother, less volatile stream of returns for investors seeking growth. Performance comparison as of 6/30/151 (%) Asset class breakdown Class 6 months 12 months Class A, including sales charge -6.50 -1.40 Class A, excluding sales charge -1.32 4.06 Class B, including sales charge -6.62 -0.71 Class B, excluding sales charge -1.70 3.29 Class C2 -1.66 3.32 Russell 1000 Value Index -0.61 4.13 6/30/14 6/30/15 ■ Equity 100% 100% Portfolio composition (%) As percent of net assets 6/30/14 6/30/15 American Mutual Fund 100.0 100.0 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.

31

32 As of the fiscal year ended 6/30/15 (in thousands, except per-unit values) INVESTMENTS Portfolio 2033–2036 Portfolio 2029–2032 Portfolio 2025–2028 Portfolio 2021–2024 Portfolio 2017–2020 Portfolio 2013–2016 College Portfolio Short-Term Bond Portfolio Fixed Income Portfolio American Mutual Fund $15 $5,222 $11,927 $17,901 $18,783 – $10,728 – – John Hancock DisciplinedValue Fund (Boston Partners) 31 10,611 24,387 35,978 38,106 – 21,510 – – John Hancock DisciplinedValue International Fund (Boston Partners) 25 8,481 19,444 28,684 19,159 – 4,042 – – John Hancock Funds II CapitalAppreciation Fund (Jennison) 43 14,850 34,124 49,881 52,699 – 29,919 – – John Hancock Funds II Core Bond Fund (Wells – 21,271 98,785 178,632 – 130,537 – $23,637 John Hancock Funds II Emerging MarketsValue Fund (Dimensional FundAdvisors) 17 5,862 13,282 19,643 7,377 – John Hancock Funds II FundamentalValue Fund (Davis – John Hancock Funds II InternationalValue Fund (Templeton) 25 8,323 18,924 27,967 18,814 – 4,073 – – John Hancock Funds II Lifestyle Balanced Portfolio – John Hancock Funds II Lifestyle Growth Portfolio – John Hancock Funds II Lifestyle Moderate Portfolio – John Hancock Funds II Strategic Income Opportunities Fund (JHAM – 7,074 32,953 59,678 – 43,520 – 7,957 John Hancock Funds III International Growth Fund (Wellington) 25 8,527 19,547 28,836 19,260 – 4,068 – – Oppenheimer International Growth Fund 25 8,655 19,709 28,968 19,570 – 4,208 – – T.

Rowe Price Blue Chip Growth Fund 64 22,086 50,214 74,278 78,510 – 44,662 – – T. Rowe Price Equity Income Fund 59 20,139 46,036 67,615 71,750 – 40,923 – – T. Rowe Price Financial Services Fund – T. Rowe Price Health Sciences Fund – T. Rowe Price Inflation Focused Bond Fund – 69,383 – 350,122 – – T. Rowe Price Mid-CapValue Fund 33 11,340 25,831 38,252 21,947 – T. Rowe Price New Horizons Fund 30 10,741 24,440 35,827 20,503 – T. Rowe Price RealAssets Fund 20 6,783 15,337 22,526 19,310 – 8,247 – – T. Rowe Price Science &Technology Fund – T. Rowe Price Short-Term Bond Fund $ 30,109 – T. Rowe Price Small-Cap Stock Fund – T.

Rowe Price Spectrum Income Fund – – 28,882 132,046 237,680 – 173,391 – 31,716 T. Rowe Price Summit Cash Reserves Fund – Investments, at value $412 $141,620 $380,429 $740,140 $951,161 – $869,950 $30,109 $63,310 TOTAL ASSETS Net assets ClassA $304 $95,285 $243,886 $459,453 $538,680 – $453,585 $13,912 $31,393 Class B – 2,760 14,048 18,325 14,830 – 8,847 911 960 Class C – 71,467 – 91,989 3,398 4,218 Class C2 112 43,521 122,288 262,021 325,560 – 314,997 11,868 26,699 Original Class – Net assets value per unit ClassA 9.81 14.46 15.24 26.10 24.39 – 21.66 17.64 26.14 Class B – 14.00 14.35 21.07 20.57 – 14.99 11.57 16.01 Class C – 23.54 – 20.86 17.02 25.16 Class C2 9.80 14.02 14.34 23.70 25.10 – 16.08 11.92 17.42 Original Class – Maximum offering price per unit ClassA 9.81 15.26 16.08 27.55 25.27 – 22.45 18.28 27.09 Class B – 14.00 14.35 21.07 20.57 – 14.99 11.57 16.01 Class C – 23.54 – 20.86 17.02 25.16 Class C2 9.80 14.02 14.34 23.70 25.10 – 16.08 11.92 17.42 Original Class – CHANGES IN NET ASSETS (7/1/14—6/30/15) Net investment income (loss) – $298 $1,739 $6,463 $11,098 $3,689 $2,067 $173 $1,492 Net realized gain (loss) – 6,803 22,236 42,058 47,552 84,848 8,910 (85) 1,151 Change in net unrealized gain/loss $(8) (4,800) (19,241) (42,357) (52,869) (89,054) (13,950) (237) (2,965) Increase (decrease) from operations (8) 2,301 4,734 6,164 5,781 (517) (2,973) (149) (322) Decrease from distributions – Increase (decrease) from unit transactions 424 47,372 48,873 58,630 37,440 (702,171) 564,286 (1,696) (2,356) Increase (decrease) in net assets during the period 416 49,673 53,607 64,794 43,221 (702,688) 561,313 (1,845) (2,678) Selected financial data

33 Equity Portfolio Future Trends Portfolio JH Money Market Portfolio Lifestyle Growth 529 Portfolio Lifestyle Balanced 529 Portfolio Lifestyle Moderate 529 Portfolio T. Rowe Price New Horizons 529 Portfolio T. Rowe Price Blue Chip Growth 529 Portfolio T. Rowe Price Mid-Cap Value 529 Portfolio Templeton International Value 529 Portfolio T. Rowe Price Equity Income 529 Portfolio T. Rowe Price Small-Cap Stock 529 Portfolio Jennison Capital Appreciation 529 Portfolio American Mutual 529 Portfolio $9,705 $ 30,242 19,960 – 17,266 – 26,639 $ 19,475 – – 15,328 – – 17,054 $ 29,577 – $ 147,436 – $ 250,395 – $ 54,338 – – 15,790 – 16,007 – 45,148 $ 50,138 – 39,752 $ 29,869 – – $32,211 – – 32,298 – – 14,684 $ 38,305 – 15,041 $ 36,695 – 9,928 – – 31,345 – – $ 23,828 – – – – – $65,045 – $262,302 $95,854 $65,045 $250,395 $147,436 $54,338 $36,695 $50,138 $38,305 $29,577 $29,869 $23,828 $19,475 $30,242 $142,320 $57,197 $7,655 $149,016 $79,947 $30,361 $24,304 $30,573 $26,120 $19,214 $18,649 $15,953 $13,042 $20,330 2,212 1,792 – 5,732 3,155 1,242 977 852 784 669 552 627 523 462 33,763 10,289 – 83,826 26,516 7,233 95,523 64,242 22,700 11,398 18,689 11,386 9,685 10,647 7,240 5,897 9,430 – – 50,219 – 27.35 36.74 1.00 16.14 15.96 15.83 34.10 34.71 41.60 9.73 24.85 37.35 17.89 25.36 22.98 30.96 – 15.09 14.89 14.74 31.30 25.43 29.50 9.21 20.78 29.90 16.92 21.37 26.42 35.32 – 28.11 42.04 1.00 15.04 14.90 14.78 31.39 31.35 37.49 9.20 22.50 33.78 16.94 23.05 – – 1.00 – 28.34 38.07 1.00 17.03 16.84 16.71 35.99 36.63 43.91 10.27 26.23 39.42 18.88 26.77 22.98 30.96 1.00 15.09 14.89 14.74 31.30 25.43 29.50 9.21 20.78 29.90 16.92 21.37 26.42 35.32 – 28.11 42.04 1.00 15.04 14.90 14.78 31.39 31.35 37.49 9.20 22.50 33.78 16.94 23.05 – – 1.00 – $637 $(374) – $4,578 $3,036 $1,239 $(265) $(380) $47 $505 $272 $(157) $(138) $344 23,737 8,911 – 1,256 912 1,867 3,777 3,030 4,695 (443) 1,628 1,891 1,612 1,357 (20,517) 7,375 – (927) (2,507) (3,213) (303) 2,362 (3,585) (3,803) (2,230) (671) 670 (734) 3,857 15,912 – 4,907 1,441 (107) 3,209 5,012 1,157 (3,741) (330) 1,063 2,144 967 – (12,892) 5,550 39 18,475 9,302 2,215 2,269 5,080 1,238 1,537 2,116 (135) 1,787 2,188 (9,035) 21,462 39 23,382 10,743 2,108 5,478 10,092 2,395 (2,204) 1,786 928 3,931 3,155

John Hancock Freedom 529 P.O. Box 17603 Baltimore, MD 21297-1603 866-222-7498 johnhancockfreedom529.com 529 PLANS ARE NOT FDIC INSURED, MAY LOSE VALUE, AND ARE NOT BANK OR STATE GUARANTEED. If your state or your designated Beneficiary’s state offers a 529 Plan, you may want to consider what, if any, potential state income tax or other ­ benefits it offers before ­ investing. State tax or other benefits should be one of many factors to be considered prior to making an investment decision. Please consult with your financial, tax, or other ­ advisor about how these state benefits, if any, may apply to your specific circumstances.You may also contact your state 529 Plan or any other 529 college savings plan to learn more about their features.

Please contact your financial consultant or call 866-222-7498 to obtain a Plan Disclosure Document or prospectus for any of the underlying funds.The Plan Disclosure Document contains complete details on investment objectives, risks, fees, charges, and expenses, as well as more information about municipal fund securities and the underlying investment companies that should be considered before investing. Please read the Plan Disclosure Document carefully prior to investing. John Hancock Freedom 529 is a college savings plan offered by the Education Trust of Alaska, managed by T. Rowe Price, and distributed by John Hancock Distributors LLC through other broker-dealers that have a selling agreement with John Hancock Distributors LLC.

John Hancock Distributors LLC is a ­ member of FINRA and is listed with the ­ Municipal Securities Rulemaking Board (MSRB). © 2015 John Hancock.All rights reserved. Information included in this material is believed to be accurate as of the September 2015 printing date. CDJG6GS3F 9/15