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JOHN HANCOCK TRUST
601 Congress Street, Boston, Massachusetts 02210

John Hancock Trust (“JHT” or the “Trust”) is an open-end management investment company, commonly known as a mutual fund. Shares of JHT are not offered directly to the public but are sold only to insurance companies and their separate accounts as the underlying investment medium for variable annuity and variable life insurance contracts (“variable contracts”). JHT provides a range of investment objectives through 107 separate investment portfolios or funds (each a “fund,” collectively the “funds”). The following funds are described in this Prospectus:

Ticker

Fund Name

Series I

Series III

Series NAV

500 Index Trust

N/A

All Cap Value Trust

N/A

American Asset Allocation Trust

N/A

JAAHX

N/A

American Blue Chip Income And Growth Trust

N/A

JACHX

N/A

American Bond Trust

N/A

JABHX

N/A

American Fundamental Holdings Trust

N/A

JFHHX

N/A

American Global Growth Trust

N/A

JAOHX

N/A

American Global Small Capitalization Trust

N/A

JASHX

N/A

American Growth Trust

N/A

JAGHX

N/A

American Growth-Income Trust

N/A

JARHX

N/A

American High-Income Bond Trust

N/A

JAHHX

N/A

American International Trust

N/A

JAIHX

N/A

American New World Trust

N/A

JANHX

N/A

Balanced Trust

JBLOX

N/A

Core Allocation Plus Trust

JGAOX

N/A

Core Allocation Trust

JCLOX

N/A

Core Balanced Trust

JCBOX

N/A

Core Fundamental Holdings Trust

N/A

JCFHX

N/A

Core Global Diversification Trust

N/A

JCGEX

N/A

Franklin Templeton Founding Allocation Trust

JFAOX

N/A


	Ticker
Fund Name	Series I		Series NAV

Fundamental Value Trust		N/A		N/A
Global Bond Trust		N/A		N/A
Global Trust		JEFGX		N/A
International Core Trust		N/A		N/A
International Small Company Trust		N/A		N/A
International Value Trust		N/A		N/A
Investment Quality Bond Trust		N/A		N/A
Lifestyle Balanced Trust		JELBX		N/A
Lifestyle Conservative Trust		JELCX		N/A
Lifestyle Growth Trust		JELGX		N/A
Lifestyle Moderate Trust		JELMX		N/A
Mid Cap Index Trust		JECIX		N/A
Mid Cap Stock Trust		N/A		N/A
Mid Value Trust		JEMUX		N/A
Money Market Trust		JHOXX		N/A
Mutual Shares Trust		JMSUX		N/A
Small Cap Growth Trust		JESGX		N/A
Small Cap Value Trust		JESVX		N/A
Total Bond Market Trust A		N/A		N/A
Total Return Trust		N/A		N/A
Ultra Short Term Bond Trust		JUSAX		N/A
Value Trust		JEVLX		N/A

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. No person, including any dealer or salesperson, has been authorized to give any information or to make any representations, unless the information or representation is set forth in this Prospectus. If any such unauthorized information or representation is given, it should not be relied upon as having been authorized by JHT, the adviser or any subadvisers to JHT or the principal underwriter of the shares. This Prospectus is not an offer to sell shares of JHT in any state where such offer or sale would be prohibited.

Prospectus dated May 3, 2010

as amended July 28, 2010

500 INDEX TRUST

Investment Objective

To approximate the aggregate total return of a broad-based U.S. domestic equity market index.

Fees and Expenses

This table describes the fees and expenses that you may pay if shares of the fund are held for your variable contract or qualified plan account. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. The fees and expenses do not reflect fees and expenses of any variable contract that may use the fund as its underlying investment medium and would be higher if they did.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series NAV

0.46%

0.00%

0.03%

0.49%

Examples. The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	Year 1		Year 3		Year 5		Year 10
Series NAV	$	50	$	157	$	274	$	616

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was 12% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the fund seeks to approximate the aggregate total return of a broad-based U.S. domestic equity market index. To pursue this goal, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in (a) the common stocks that are included in the S&P 500 Index and (b) securities (which may or may not be included in the S&P 500 Index) that the subadviser believes as a group will behave in a manner similar to the index. The subadviser may determine that the fund’s investments in certain instruments, such as index futures, total return swaps and exchanged-traded funds (“ETFs”) have similar economic characteristics as securities that are in the S&P 500 Index. As of February 26, 2010, the market capitalizations of companies included in the S&P 500 Index ranged from $1.4 billion to $307.3 billion.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund attempts to match the performance of the S&P 500 Index by: (a) holding all, or a representative sample, of the securities that comprise that index and/or (b) by holding securities (which may or may not be included in the index) that the subadviser believes as a group will behave in a manner similar to the index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the index exactly. The composition of an index changes from time to time, and the subadviser will reflect those changes in the composition of the fund’s portfolio as soon as practicable.

Use of Hedging and Other Strategic Transactions. The fund may invest in futures contracts and Depositary Receipts. The fund may invest in derivatives (investments whose value is based on securities, indexes or currencies).

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Credit and counterparty risk The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract or a borrower of a fund’s securities, may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor its obligations.

Economic and market events risk Events in the financial markets have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. In addition, reduced liquidity in credit and fixed income markets may adversely affect issuers worldwide.

Emerging markets risk The risks of investing in foreign securities are greater for investments in emerging markets. Emerging market countries may experience higher inflation, interest rates and unemployment as well as greater social, economic, regulatory and political uncertainties than more developed countries.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Hedging, derivatives and other strategic transactions risk Hedging and other strategic transactions may increase the volatility of a fund and, if the transaction is not successful, could result in a significant loss to a fund. In addition, the use of derivative instruments (such as options, futures and swaps) could produce disproportionate gains or losses, more than the principal amount invested. Investing in derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and, in a down market, could become harder to value or sell at a fair price.

Index management risk Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadviser may select securities that are not fully representative of the index, and the fund’s transaction expenses, and the size and timing of its cash flows, may result in the fund’s performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

Issuer risk An issuer of a security may perform poorly and, therefore, the value of its stocks and bonds may decline. An issuer of securities held by the fund could default or have its credit rating downgraded.

S&P 500 Index risk An investment in the fund involves risks similar to the risks of investing directly in the equity securities included in the S&P 500 Index.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series I). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series NAV:





-12.37%	-22.53%	28.01%	10.26%	4.39%	13.70%	5.03%	-37.26%	25.94%

2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		15.67% (Quarter ended 06/30/2009) Worst Quarter: −22.06% (Quarter ended 12/31/2008)

ALL CAP VALUE TRUST

Investment Objective

To seek capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.84%

0.05%

0.08%

0.97%


	Year 1		Year 3		Year 5		Year 10
Series I	$	99	$	309	$	536	$	1,190

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund primarily purchases equity securities of U.S. and multinational companies in all capitalization ranges that the subadviser believes are undervalued. The fund will invest at least 50% of its net assets in equity securities of large, seasoned companies with market capitalizations at the time of purchase that fall within the market capitalization range of the Russell 1000 Index ($239 million to $307.3 billion as of February 26, 2010). This range varies daily. The fund may invest the remainder of its assets in mid-sized and small company securities.

Equity securities may include common stocks, preferred stock, convertible securities, warrants, and similar instruments. The fund invests in companies that appear underpriced according to certain financial measurements of their intrinsic worth or business prospects (such as price-to-earnings or price-to-book ratios).

In selecting investments, the subadviser attempts to invest in securities selling at reasonable prices in relation to its assessment of their potential value. While there is the risk that an investment may never reach what the subadviser thinks is its full value, or may go down in value, the subadviser’s emphasis on large, seasoned company value stocks may limit the fund’s downside risk. This is because value stocks are believed to be underpriced, and large, seasoned company stocks tend to be issued by more established companies and less volatile than mid-sized or small company stock. Although small companies may present greater risks than larger companies, they also may present higher potential for attractive long-term returns. The subadviser generally sells a stock when it thinks it seems less likely to benefit from the current market and economic environment, shows deteriorating fundamentals, or has reached the subadviser valuation target.

The fund may not invest more than 10% of its net assets in foreign securities. The subadviser does not consider American Depositary Receipts (ADRs) and securities of companies domiciled outside the U.S. but that are traded in the United States to be subject to this limitation.

Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under “Additional Information About the Funds’ Principal Risks — Hedging, derivatives and other strategic transactions risk.”

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Foreign securities risk As compared to U.S. companies, there may be less publicly available information relating to foreign companies. Foreign securities may be subject to foreign taxes. The value of foreign securities is subject to currency fluctuations and adverse political and economic developments.

Liquidity risk Exposure exists when trading volume, lack of a market maker, or legal restrictions impair the ability to sell particular securities or close derivative positions at an advantageous price.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

AMERICAN ASSET ALLOCATION TRUST

Investment Objective

To seek to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.31%

0.25%

0.04%

0.60%


	Year 1		Year 3		Year 5		Year 10
Series III	$	61	$	192	$	335	$	750

Portfolio Turnover

The fund, which operates as a feeder fund does not pay transaction costs, such as commissions, when it buys and sells shares of the master fund (or “turns over” its portfolio). A master fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the master fund and of the fund. During its most recent fiscal year, the master fund’s portfolio turnover rate was 41% of the average value of its portfolio.

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Asset Allocation Fund, a series of American Funds Insurance Series. The master fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). In addition, the master fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below by Moody’s and BB+ or below by S&P or unrated but determined to be of equivalent quality). Such securities are sometimes referred to as “junk bonds.” The master fund is designed for investors seeking above-average total return.

In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the master fund’s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40% — 80% in equity securities, 20% — 50% in debt securities and 0% — 40% in money market instruments. The proportion of equities, debt and money market securities held by the master fund will vary with market conditions and the investment adviser’s assessment of their relative attractiveness as investment opportunities. The master fund may invest up to 15% of its assets in equity securities of issuers domiciled outside the U.S. and up to 5% of its assets in debt securities of non-U.S. issuers.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Fixed-income securities risk Fixed-income securities are affected by changes in interest rates and credit quality. A rise in interest rates typically causes bond prices to fall. The longer the average maturity of the bonds held by the fund, the more sensitive the fund is likely to be to interest-rate changes. There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments.

Lower-rated fixed-income securities risk and high-yield securities risk Lower-rated fixed-income securities and high-yield fixed-income securities (commonly know as junk bonds) are subject to greater credit quality risk and risk of default than higher-rated fixed-income securities. These securities may be considered speculative and the value of these securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments and can be difficult to resell.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The Combined Index represents 60% of the Standard & Poor’s 500 Index and 40% of the Barclays Capital U.S. Aggregate Bond Index.

The fund has added the returns of the Standard & Poor’s 500 Index and the Barclays Capital U.S. Aggregate Bond Index to the performance table below to show the individual returns of broad-based securities market indices.

AMERICAN BLUE CHIP INCOME AND GROWTH TRUST

Investment Objective

To seek to produce income exceeding the average yield on U.S. stocks generally (as represented by the average yield on the Standard & Poor’s 500 Composite Index) and to provide an opportunity for growth of principal consistent with sound common stock investing.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.43%

0.25%

0.06%

0.74%


	Year 1		Year 3		Year 5		Year 10
Series III	$	76	$	237	$	411	$	918

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Blue Chip Income and Growth Fund, a series of American Funds Insurance Series. The master fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations of $4 billion and above. The master fund may also invest up to 10% of its assets in common stocks of larger companies domiciled outside United States, so long as they are listed or traded in the U.S. The master fund will invest, under normal market conditions, at least 90% of equity assets in the stock of companies whose debt securities are rated at least investment grade. The fund invests, under normal market conditions, at least 90% of its assets in equity securities. The fund is designed for investors seeking both income and capital appreciation.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Past Performance

Calendar Year Total Returns for Series III:





-23.07%	30.25%	9.13%	6.66%	16.79%	1.48%	-35.51%	27.79%

2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		17.01% (Quarter ended 06/30/2003) Worst Quarter: −21.22% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

AMERICAN BOND TRUST

Investment Objective

To seek to maximize current income and preserve capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.38%

0.25%

0.04%

0.67%


	Year 1		Year 3		Year 5		Year 10
Series III	$	68	$	214	$	373	$	835

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Bond Fund, a series of American Funds Insurance Series. The fund will invest at least 65% of its assets in investment-grade debt securities (including cash and cash equivalents including securities issued and guaranteed by the U.S. and other governments, and securities backed by mortgage and other assets) and may invest up to 35% of its assets in debt securities (rated Ba1 or below by Moody’s Investor Service and BB+ or below by Standard & Poor’s Corporation or unrated but determined by the fund’s investment adviser to be of equivalent quality). Such securities are sometimes referred to as “junk bonds.” The fund may invest in debt securities of issuers domiciled outside the United States. The fund may also invest up to 20% of its assets in preferred stocks, including convertible and noncovertible preferred stocks. The fund is designed for investors seeking income and more price stability than stocks, and capital preservation over the long term.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Past Performance

Calendar Year Total Returns for Series III:





5.22%	8.48%	4.26%	13.07%	6.04%	1.51%	6.49%	2.76%	-9.76%	12.46%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		5.91% (Quarter ended 06/30/2009) Worst Quarter: −5.50% (Quarter ended 09/30/2008)

Average Annual Total Returns for period ended 12/31/2009

One

Five

Ten

Date of

Year

Inception

Series III

12.46%

2.42%

4.87%

1/2/2008

Barclays Capital Aggregate Bond Index

5.93%

4.97%

6.33%

1/3/1996

Management

Investment Adviser of the Master Fund: Capital Research and Management Company

Portfolio Managers

David C. Barclay; Senior Vice President - Fixed Income; managed the fund since 1997.
Mark H. Dalzell; Senior Vice President - Fixed Income; managed the fund since 2005.
David A. Hoag; Senior Vice President - Fixed Income; managed the fund since 2007.
Thomas H. Hogh; Senior Vice President - Fixed Income; managed the fund since 2007.

AMERICAN FUNDAMENTAL HOLDINGS TRUST

Investment Objective

To seek long term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series III

0.04%

0.25%

0.03%

0.37%

0.69%

¹“Acquired Fund Fees and Expenses” are based on the indirect net expenses associated with the fund’s investment in the underlying funds. The “Total Fund Operating Expenses” include fees and expenses incurred indirectly by a fund as a result of its investment in other investment companies (Acquired Fund Fees and Expenses). The Total Fund Operating Expenses shown may not correlate to the fund’s ratio of expenses to average net assets shown in the “Financial Highlights” section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.


	Year 1		Year 3		Year 5		Year 10
Series III	$	70	$	221	$	384	$	859

Portfolio Turnover

The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was 3% of the average value of its portfolio.

Principal Investment Strategies

The fund invests in other funds and other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below.

The fund currently invests primarily in four Underlying Funds of the American Funds Insurance Series^®: Bond Fund, Growth Fund, Growth-Income Fund, and International Fund. The fund is permitted to invest in six other Underlying Funds of the American Funds Insurance Series: Asset Allocation Fund, Blue Chip Income and Growth Fund, Global Growth Fund, Global Small Capitalization Fund, High-Income Bond Fund, and New World Fund as well as other Underlying Funds. When purchasing shares of the American Funds Insurance Series, the fund only purchases Class 1 shares (which are not subject to Rule 12b-1 fees).

The fund is authorized to invest without limitation in other Underlying Funds and in other types of investments. The fund may purchase any Underlying Funds except other JHT funds of funds and the following JHT feeder funds: the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust. When purchasing shares of other JHT Funds, the fund only purchases NAV shares (which are not subject to Rule 12b-1 fees).

The Underlying Funds as a group hold a wide range of equity type securities in their portfolios. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of these funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of these funds focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. The fixed-income funds collectively hold various types of debt instruments such as corporate bonds and mortgage backed, government issued, domestic and international securities.

The fund may invest in exchange traded funds (“ETFs”). The fund may also invest in the securities of other investment companies and may make direct investments in other types of investments. See “Other Permitted Investments by the Funds of Funds.”

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Funds in which it invests.

Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under “Additional Information about the Funds’ Principal Risks — Hedging, derivatives and other strategic transactions risk.”

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Derivatives risk Use of derivative instruments (such as options, futures and swaps) could produce disproportionate gains or losses, more than the principal amount invested. Investing in derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and, in a down market, could become harder to value or sell at a fair price.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Convertible securities risk The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. In addition, as the market price of the underlying common stock declines below the conversion price, the price of the convertible security tends to be increasingly influenced more by the yield of the convertible security.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Industry or sector investing risk The performance of a fund that focuses on a single industry or sector of the economy depends in large part on the performance of that industry or sector. As a result, the value of an investment may fluctuate more widely than it would in a fund that is diversified across industries or sectors.

Initial public offerings risk IPO shares may have a magnified impact on fund performance and are frequently volatile in price. They can be held for a short period of time causing an increase in portfolio turnover.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Mortgage-backed and asset-backed securities risk Different types of mortgage-backed securities and asset-backed securities are subject to different combinations of prepayment, extension, interest rate and/or other market risks.

Short sales risk Short sales involve costs and risk. The fund must pay the lender interest on the security it borrows, and the fund will lose money if the price of the security increases between the time of the short sale and the date when the fund replaces the borrowed security.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

AMERICAN GLOBAL GROWTH TRUST

Investment Objective

To seek to make the shareholders’ investment grow over time.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.54%

0.25%

0.07%

0.86%


	Year 1		Year 3		Year 5		Year 10
Series III	$	88	$	274	$	477	$	1,061

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Global Growth Fund, a series of American Funds Insurance Series. The Global Growth Fund invests primarily in common stocks of companies located around the world that the adviser believes have potential for growth. The fund may invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and/or markets. The fund expects to be invested in numerous countries around the world. The Global Growth Fund is designed for investors seeking capital appreciation through stocks. Investors in the Global Growth Fund should have a long-term perspective and, for example be able to tolerate potentially sharp, short-term declines in value.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

Calendar Year Total Returns for Series III:





-18.71%	-13.99%	-14.46%	35.62%	13.80%	14.37%	20.73%	14.49%	-38.21%	42.22%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		22.28% (Quarter ended 06/30/2009) Worst Quarter: −20.39% (Quarter ended 09/30/2001)

AMERICAN GLOBAL SMALL CAPITALIZATION TRUST

Investment Objective

To seek to make the shareholders’ investment grow over time.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.72%

0.25%

0.11%

1.08%


	Year 1		Year 3		Year 5		Year 10
Series III	$	110	$	343	$	595	$	1,317

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Global Small Capitalization Fund, a series of American Funds Insurance Series. Under normal circumstances, the Global Small Capitalization Fund invests primarily in stocks of smaller companies located around the world. Normally, the Global Small Capitalization Fund invests at least 80% of its net assets in growth-oriented common stocks and other equity securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations, measured at the time of purchase.

The Global Small Capitalization Fund holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The adviser currently defines “small market capitalization” companies to be companies with market capitalizations of $3.5 billion or less. The adviser has periodically reevaluated and adjusted this definition and may continue to do so in the future. The Global Small Capitalization Fund is designed for investors seeking capital appreciation through stocks. Investors in the Global Small Capitalization Fund should have a long-term perspective and for example, be able to tolerate potentially sharp, short-term declines in value.

Under normal circumstances, the Global Small Capitalization Fund invests a significant portion of its assets outside the United States. The fund may also invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and or markets. The fund expects to be invested in numerous countries around the world.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

Calendar Year Total Returns for Series III:





-16.33%	-12.63%	-18.83%	53.92%	21.13%	25.66%	24.35%	20.98%	-53.39%	61.16%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		29.16% (Quarter ended 06/30/2009) Worst Quarter: −31.29% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

AMERICAN GROWTH TRUST

Investment Objective

To seek to make the shareholders’ investment grow.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.33%

0.25%

0.05%

0.63%


	Year 1		Year 3		Year 5		Year 10
Series III	$	64	$	202	$	351	$	786

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the Growth Fund, a series of American Funds Insurance Series. The Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Growth Fund may also invest a portion of its assets in common stocks and other securities of issuers domiciled outside the U.S.

In seeking to pursue its investment objective, the Growth Fund may invest in the securities of issuers representing a broad range of market capitalizations. The Growth Fund is designed for investors seeking capital appreciation through stocks. Investors in the Growth Fund should have a long-term perspective for example, be able to tolerate potentially sharp, short-term declines in value.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

Calendar Year Total Returns for Series III:





4.47%	-18.15%	-24.45%	36.39%	11.91%	15.59%	9.64%	11.73%	-43.75%	39.32%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		22.75% (Quarter ended 12/31/2001) Worst Quarter: −27.18% (Quarter ended 09/30/2001)

AMERICAN GROWTH-INCOME TRUST

Investment Objective

To seek to make the shareholders’ investments grow and to provide the shareholder with income over time.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.28%

0.25%

0.04%

0.57%


	Year 1		Year 3		Year 5		Year 10
Series III	$	58	$	183	$	318	$	714

Portfolio Turnover

Principal Investment Strategies

The Fund invests all of its assets in Class 1 shares of its master fund, the Growth-Income Fund, a series of American Funds Insurance Series. The Growth-Income Fund invests primarily in common stocks or other securities which demonstrate the potential for appreciation and/or dividends. Although the fund focuses on investments in medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization size. The Growth-Income Fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the U.S. The Growth-Income Fund is designed for investors seeking both capital appreciation and income.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Past Performance

Calendar Year Total Returns for Series III:





7.95%	2.56%	-18.34%	31.98%	9.83%	5.29%	14.62%	4.48%	-37.18%	31.26%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		16.89% (Quarter ended 06/30/2003) Worst Quarter: −21.97% (Quarter ended 12/31/2008)

AMERICAN HIGH-INCOME BOND TRUST

Investment Objective

To seek to provide a high level of current income and, secondarily, capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.47%

0.25%

0.10%

0.82%


	Year 1		Year 3		Year 5		Year 10
Series III	$	84	$	262	$	455	$	1,014

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the High-Income Bond Fund, a series of American Funds Insurance Series. The High-Income Bond Fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by a nationally recognized statistical rating organization or unrated but determined by the master fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.”

The High-Income Bond Fund is designed for investors seeking a high level of current income and who are able to tolerate greater credit risk and price fluctuations than funds investing in higher quality bonds.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

Calendar Year Total Returns for Series III:





-3.06%	8.01%	-1.51%	29.79%	9.83%	2.46%	10.89%	0.93%	-23.93%	39.05%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		16.01% (Quarter ended 06/30/2009) Worst Quarter: −16.15% (Quarter ended 12/31/2008)

AMERICAN INTERNATIONAL TRUST

Investment Objective

To seek to make the shareholders’ investment grow over time.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.50%

0.25%

0.07%

0.82%


	Year 1		Year 3		Year 5		Year 10
Series III	$	84	$	262	$	455	$	1,014

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the International Fund, a series of American Funds Insurance Series. The International Fund invests primarily in common stocks of companies located outside the United States that the adviser believes have the potential for growth. The fund may invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and/or markets. The International Fund is designed for investors seeking capital appreciation through stocks. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp, short-term declines in value.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Past Performance

Calendar Year Total Returns for Series III:





-22.06%	-19.89%	-14.84%	34.34%	18.74%	20.87%	18.32%	19.41%	-41.97%	43.14%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		24.49% (Quarter ended 06/30/2009) Worst Quarter: −20.88% (Quarter ended 12/31/2008)

AMERICAN NEW WORLD TRUST

Investment Objective

To seek to make the shareholders’ investment grow over time.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series III

0.77%

0.25%

0.14%

1.16%


	Year 1		Year 3		Year 5		Year 10
Series III	$	118	$	368	$	638	$	1,409

Portfolio Turnover

Principal Investment Strategies

The fund invests all of its assets in Class 1 shares of its master fund, the New World Fund, a series of American Funds Insurance Series. The New World Fund invests primarily in stocks of companies with significant exposure to countries with developing economies and/or markets that the adviser believes have potential of providing capital appreciation.

The New World Fund may also invest in debt securities of issuers, including issuers of lower rated bonds (rated Ba1 or below or BB+ or below by a nationally recognized statistical rating organization or unrated but determined to be of equivalent quality by the fund’s adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.” The New World Fund is designed for investors seeking capital appreciation. Investors in the New World Fund should have a long-term perspective and for example, be able to tolerate potentially sharp, short-term declines in value.

Under normal market conditions, the fund invests at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets.

The New World Fund may invest in equity securities of any company, regardless of where it is based, if the New World Fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries. In addition, the New World Fund may invest up to 25% of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds (“junk bonds”) and government bonds, primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The New World Fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.

In determining whether a country is qualified, the New World Fund will consider such factors as the country’s per capita gross domestic product; the percentage of the country’s economy that is industrialized; market capital as a percentage of gross domestic product; the overall regulatory environment; the presence of government regulation limiting or banning foreign ownership; and

restrictions on repatriation of initial capital, dividends, interest and/or capital gains. The New World Fund’s investment adviser will maintain a list of qualified countries and securities in which the fund may invest. Qualified developing countries in which the fund may invest currently include, but are not limited to, Argentina, Bahrain, Brazil, Bulgaria, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Egypt, Hungary, India, Jordan, Kazakhstan, Lebanon, Malaysia, Malta, Mexico, Morocco, Oman, Panama, Peru, the Philippines, Poland, Russian Federation, South Africa, Thailand, Turkey, Ukraine, United Arab Emirates and Venezuela.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series III:





-12.43%	-3.99%	-5.45%	39.56%	19.07%	21.10%	32.88%	31.71%	-42.16%	49.55%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		23.87% (Quarter ended 06/30/2009) Worst Quarter: −22.29% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

One

Five

Ten

Date of

Year

Inception

Series III

49.55%

12.89%

9.25%

1/2/2008

MSCI AC World Index (gross of foreign withholding tax on dividends)

35.41%

3.64%

0.89%

6/18/1999

Management

Investment Adviser of the Master Fund: Capital Research and Management Company

Portfolio Managers

Carl M. Kawaja; Vice President; Senior Vice President; managed the fund since 1999.
Robert W. Lovelace; Vice President; Senior Vice President; managed the fund since 1999.
David C. Barclay; Senior Vice President - Fixed Income; managed the fund since 1999.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

BALANCED TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Net

Distribution

fund

Contractual

fund

Management

and service (12b-1)

Other

operating

expense

operating

Share Class

fee

fees

Expenses

expenses

reimbursement

expenses

Series I

0.84%

0.05%

0.34%

1.23%

-0.14%

1.09%


	Year 1		Year 3		Year 5		Year 10
Series I	$	111	$	376	$	662	$	1,476

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests in both equity and fixed-income securities. The fund employs growth, value and core approaches to allocate its assets among stocks of small, medium and large-capitalization companies in both the U.S. and foreign countries. The fund may purchase a variety of fixed income securities, including investment grade and below investment grade debt securities (commonly known as “junk bonds”) with maturities that range from short to longer term, as well as cash. Under normal market conditions, 55-75% of the fund will be invested in equity securities and 25-45% of the fund will be invested in fixed-income securities.

The precise mix of equity and fixed-income securities will depend on the subadviser’s outlook for the markets and generally reflect the subadviser’s long-term, strategic asset allocation analysis. The subadviser anticipates that adjustments to the targeted asset allocation will result primarily from changes to its outlook for the global and domestic economies, industry sectors and financial markets, and its assessment of the relative attractiveness of each asset class.

Equity Allocation

The fund will allocate its assets between U.S. and non-U.S. equity securities of small, medium and large-capitalization companies by employing growth, value and core approaches to selecting securities.

The fund may invest in common stocks of large, blue-chip growth companies. These are firms that, in the view of the subadviser, are well established in their industries and have the potential for above-average earnings growth. The subadviser focuses on companies with leading market positions, seasoned management, and strong financial fundamentals.

The fund may also invest in common stocks of large, well-established companies paying above-average dividends by employing a value approach to investing. The subadviser’s in-house research team seeks companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth.

The fund may invest in common stocks of mid and small capitalization companies using both growth and value approaches to investing. Mid capitalization growth stock selection is based on a combination of bottom-up analysis (focusing on selecting stocks based on the individual attributes of a company) and top-down analysis (focusing on industry sectors that are likely to generate the best returns) in an effort to identify companies with superior long-term appreciation prospects. Mid capitalization value stock selection seeks to identify mid capitalization companies whose stock prices do not appear to reflect their underlying values

Stocks of small capitalization companies may include emerging growth companies that offer the possibility of accelerating earnings growth. Based on quantitative models and fundamental research, a portion of the fund’s small capitalization portfolio is constructed using “bottom up” analysis taking into consideration stock characteristics, such as projected earnings and sales growth rates, valuation, use of capital resources, and earnings quality (i.e., the ability of reported earnings to reflect the company’s true earnings, as well as the usefulness of reported earnings to predict future earnings).

The fund may invest in stocks outside of the U.S. and will diversify broadly among developed and emerging countries throughout the world. Up to 40% of the fund’s total allocation to equity securities may be invested in foreign equity securities (in either developed or emerging markets). The subadviser’s team of analysts seeks to identify companies capable of achieving and sustaining above-average, long-term earnings growth. Present or anticipated earnings, cash flow, or book value, and valuation factors often influence the allocations among large-, mid- or small-capitalization companies. Foreign stocks may also be selected using a value approach to investing or by identifying a favorable combination of company fundamentals and valuation, providing exposure to both growth and value approaches to investing.

While the subadviser invests with an awareness of the global economic backdrop and our outlook for industry sectors and individual countries, bottom-up analysis is the focus of our decision-making. Country and sector allocations are driven primarily by individual stock selection and secondarily by top-down analysis. We may limit investments in markets that appear to have poor overall prospects.

The fund may invest in other equity-related securities or instruments, including but not limited to preferred stocks, depositary receipts, convertible securities, rights, and warrants. These equity-related instruments may include equity securities of, or derivatives linked to, emerging market issuers or indexes. The fund may invest in IPOs.

The fund may sell equity securities for a variety of reasons, such as to effect a change in asset allocation, secure gains, limit losses, or redeploy assets into more promising opportunities.

Fixed-Income Allocation

The fund’s fixed-income securities may include short, intermediate and long-term investment-grade corporate, U.S. government and agency obligations, mortgage-related and asset-backed securities, non-investment grade bonds (junk bonds), bank loans (loan participations and assignments), collateralized mortgage obligations, and foreign debt securities. Within this broad structure, investment decisions reflect the subadviser’s outlook on interest rates and the economy, industry and issuer conditions, and the prices and yields of the various securities. The fund’s fixed-income securities may also include cash and cash equivalents, and derivatives related to interest rates, currencies and fixed-income securities. Within the fund’s total allocation to fixed-income securities, up to 30% may be invested in below-investment grade holdings, up to 30% may be invested in foreign currency-denominated foreign debt securities, and up to 30% may be invested in debt obligations of emerging market countries and securities of companies located in emerging markets.

When selecting fixed-income or fixed-income related securities or instruments, the subadviser relies primarily on sector analysis and credit research. Sector analysis involves dividing the whole market into sectors and then studying the performance of each sector individually so that sectors can be compared to each other or to the market as a whole. Credit research focuses on both quantitative and qualitative criteria established by the subadviser such as fundamentals of the issuer, the characteristics of the securities, state of the industry, and prospects for the issuer and industry to evaluate the credit risks associated with fixed-income securities.

The fund may sell fixed-income holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or credit quality or to shift assets into higher yielding securities or different sectors.

The fund may use derivative instruments as a means of gaining market exposure to either equity or fixed-income. Derivatives may be used to obtain long or short exposure to a particular security, asset class, region, industry, currency, interest rates, commodity (with the prior approval of the Adviser’s Complex Securities Committee), or index, or to other securities, groups of securities, or events. The fund may invest in over-the-counter and exchange-traded derivatives, including but not limited to futures, forward contracts, swaps, options, options on futures, swaptions (rights to enter into swaps), structured notes, and market access products. For purposes of the fund’s investment policies, derivative instruments will be classified as equity- or fixed-income related instruments based upon the characteristics of the derivative instrument and the underlying asset on which the derivative is based.

The fund may invest in a particular equity or fixed-income asset class by purchasing shares of exchange traded funds (ETFs) or other mutual funds that concentrate their investments in that asset class, provided the investment is consistent with the fund’s investment program and policies. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than

might otherwise be available by direct investments in the asset class. Any such investments will subject the fund to the risks of the particular asset class.

The fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund), as well as U.S.-dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies.

The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

In pursuing its investment objective, the fund’s management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the fund’s management believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Loan participations risk Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Real estate securities risk Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate.

Past performance

This section normally shows how the fund’s total return has varied from year to year, along with a broad-based securities market index for reference. Because the fund has less than one calendar year of performance as of the date of this prospectus, there is no past performance to report.

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

T. Rowe Price Associates, Inc.		Ned Notzon. Vice President; managed fund since 2009. Kim DeDominicis. Vice President; managed fund since 2009. Charles Shriver. Vice President; managed fund since 2009.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

CORE ALLOCATION PLUS TRUST

Investment Objective

To seek total return, consisting of long-term capital appreciation and current income.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.91%

0.05%

0.09%

1.05%


	Year 1		Year 3		Year 5		Year 10
Series I	$	107	$	334	$	579	$	1,283

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests in equity and fixed-income securities of issuers located within and outside the U.S. The fund will allocate its assets between fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term, and equity securities based upon the subadviser’s targeted asset mix, which may change over time.

Under normal circumstances, the targeted asset mix may range between 75%-50% equity instruments and 50%-25% fixed-income instruments and will generally reflect the subadviser’s long-term, strategic asset allocation analysis. The subadviser anticipates that adjustments to the targeted asset allocation will result primarily from changes to its outlook for the global and domestic economies, industry sectors and financial markets and, to a lesser extent, its opinion of the relative attractiveness of each asset class.

When selecting particular equity or equity-related securities or instruments, the subadviser relies primarily on proprietary fundamental analysis. Fundamental analysis involves the assessment of a company through such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues and other related measures of value.

When selecting fixed-income or fixed-income-related securities or instruments, the subadviser relies primarily on sector analysis and credit research. Sector analysis focuses on the differences in yields among security types, issuers and industry sectors. Credit research focuses on both quantitative and qualitative criteria established by the subadviser.

The fund may invest in listed and unlisted domestic and foreign equity and equity-related securities or instruments, including, but not limited to, common stock, preferred stock, depositary receipts (including American Depositary Receipts and Global Depositary Receipts), index-related securities (including exchange traded funds (ETFs)), real estate investment structures (including real estate investment trusts (REITs)), convertible securities, preferred stock, convertible preferred stock, rights,

warrants, derivatives linked to equity securities or indexes, and other similar equity equivalents. These equity and equity-related instruments may include equity securities of, or derivatives linked to, emerging market issuers or indexes.

The fund may also invest in fixed-income securities, fixed-income-related instruments, and cash and cash equivalents, including, but not limited to, government, agency, supranational, mortgage-backed, corporate, asset-backed, cash equivalents, and other fixed-income securities, as well as derivatives related to interest rates, currencies and fixed-income securities and instruments. These debt obligations may include non-investment-grade and emerging market debt issues.

Derivatives may be used to obtain long or short exposure to a particular security, asset class, region, industry, currency, commodity (with the prior approval of the Adviser’s Complex Securities Committee) or index, or to other securities, groups of securities, or events. Derivatives may be used to transfer value added in one strategy to a market exposure other than the benchmark of that strategy. The fund may invest in over-the-counter and exchange traded derivatives, including, but not limited to, futures, forward contracts, swaps, options, options on futures, swaptions, structured notes and market access products. For purposes of the fund’s investment policies, derivative instruments will be classified as equity- or fixed-income-related instruments based upon the characteristics of the derivative instrument and the underlying asset to which the derivative is linked.

The fund may invest in IPOs. The fund’s investment process may, at times, result in a higher-than-average portfolio turnover ratio and increased trading expenses.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Real estate securities risk Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 70% of the MSCI World Index and 30% of the Barclays Capital U.S. Aggregate Bond Index.

The fund has added the returns of the MSCI World Index and the Barclays Capital U.S. Aggregate Bond Index to the performance table below to show the individual returns of broad-based securities market indices.

Calendar Year Total Returns for Series I:





				-31.50%		25.20%

				2008		2009


Best Quarter:		14.50% (Quarter ended 06/30/2009) Worst Quarter: −15.88% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

CORE ALLOCATION TRUST

Investment Objective

To seek long term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Net

Distribution

fees

fund

Contractual

fund

Management

and service (12b-1)

Other

and

operating

expense

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

reimbursement

expenses

Series I

0.05%

0.40%

0.94%

1.44%

-0.33%

1.11%


	Year 1		Year 3		Year 5		Year 10
Series I	$	113	$	423	$	756	$	1,696

Portfolio Turnover

Principal Investment Strategies

The fund invests in other funds and other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below. The fund may invest a substantial portion of its assets in the Core Allocation Plus Trust, a fund of JHT, but is authorized to invest without limitation in other Underlying Funds and in other types of investments as described below.

The fund may purchase shares of any Underlying Fund except other JHT funds of funds and the following JHT feeder funds: the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust. When purchasing shares of other JHT funds, the fund only purchases Class NAV shares (which are not subject to Rule 12b-1 fees).

The Underlying Funds as a group hold a wide range of equity type securities in their portfolios. These include small-, mid- and large capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of the Underlying Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of the Underlying Funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities

(“commonly known as “junk bonds”) with maturities that range from short to longer term. The fixed-income Underlying Funds collectively hold various types of debt instruments such as corporate bonds, government issued, domestic and international securities.

The fund may invest in exchange traded funds (ETFs) and in the securities of other investment companies and make direct investments in other types of investments. See “Other Permitted Investments by the Funds of Funds” below.

The investment performance of the fund will reflect both its adviser’s allocation decisions with respect to Underlying Funds and the investments and investment decisions made by the Underlying Funds’ subadvisers.

The fund anticipates that the fund’s allocation through the Underlying Funds to equity, fixed-income, and foreign securities will generally be within the following ranges, however, the fund reserves the right to invest outside these ranges at any time:

equity securities: 50% to 75%

fixed-income securities: 25% to 50%

foreign securities: 0% to 100%

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past performance

Management

Investment Adviser: John Hancock Investment Management Services, LLC

Portfolio Managers

Bruce Speca. Portfolio Manager; managed fund since 2010.
Bob Boyda. Portfolio Manager; managed fund since 2010.
Steve Medina. Portfolio Manager; managed fund since 2010.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

CORE BALANCED TRUST

Investment Objective

To seek long term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Net

Distribution

fees

fund

Contractual

fund

Management

and service (12b-1)

Other

and

operating

expense

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

reimbursement

expenses

Series I

0.05%

0.26%

0.90%

1.26%

-0.19%

1.07%


	Year 1		Year 3		Year 5		Year 10
Series I	$	109	$	381	$	673	$	1,506

Portfolio Turnover

Principal Investment Strategies

The fund invests in other funds and other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below. The fund may invest a substantial portion of its assets in the Balanced Trust, a fund of JHT, but is authorized to invest without limitation in other Underlying Funds and in other types of investments.

The Underlying Funds as a group hold a wide range of equity type securities in their portfolios. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of the Underlying Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of the Underlying Funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities

(commonly known as “junk bonds”) with maturities that range from short to longer term. The fixed-income Underlying Funds collectively hold various types of debt instruments such as corporate bonds, government issued, domestic and international securities.

The fund may invest in exchange traded funds (“ETFs”) and make direct investments in other types of investments. See “Other Permitted Investments by the Funds of Funds” below.

The fund’s allocation through the Underlying Funds to equity, fixed-income, and foreign securities will generally be within the following ranges, however, the fund reserves the right to invest outside these ranges at any time:

equity securities: 55% to 75%

fixed-income securities: 25% to 45%

foreign securities: 0% to 100%

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past performance

Management

Investment Adviser: John Hancock Investment Management Services, LLC

Portfolio Managers

Bruce Speca. Portfolio Manager; managed fund since 2010.
Bob Boyda. Portfolio Manager; managed fund since 2010.
Steve Medina. Portfolio Manager; managed fund since 2010.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

CORE FUNDAMENTAL HOLDINGS TRUST

Investment Objective

To seek long term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Net

Distribution

fees

fund

Contractual

fund

Management

and service (12b-1)

Other

and

operating

expense

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

reimbursement

expenses

Series III

0.05%

0.15%

0.14%

0.48%

0.82%

-0.09%

0.73%


	Year 1		Year 3		Year 5		Year 10
Series III	$	75	$	253	$	446	$	1,005

Portfolio Turnover

Principal Investment Strategies

The fund invests in other funds and other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below.

The fund may invest a substantial portion of its assets in Underlying Funds that are series of the American Funds Insurance Series but is authorized to invest without limitation in other Underlying Funds and in other types of investments as described below.

derivatives such as options on securities and futures contracts. Certain of the Underlying Funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities (commonly known as “junk bonds”) with maturities that range from short to longer term. The fixed-income Underlying Funds collectively hold various types of debt instruments such as corporate bonds, government issued, domestic and international securities.

The fund may invest in exchange traded funds (ETFs) and in the securities of other investment companies and make direct investments in other types of investments, see “Other Permitted Investments by the Funds of Funds” below.

The investment performance of the fund will reflect both its subadviser’s allocation decisions with respect to Underlying Funds and the investments and investment decisions made by the Underlying Funds’ subadvisers.

equity securities: 50% to 75%

fixed-income securities: 25% to 50%

foreign securities: 0% to 40%

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past performance

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

MFC Global Investment Management (U.S.A.) Limited		Bruce Speca. Portfolio Manager; managed fund since 2010. Bob Boyda. Portfolio Manager; managed fund since 2010. Steve Medina. Portfolio Manager; managed fund since 2010.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

CORE GLOBAL DIVERSIFICATION TRUST

Investment Objective

To seek long term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Net

Distribution

fees

fund

Contractual

fund

Management

and service (12b-1)

Other

and

operating

expense

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

reimbursement

expenses

Series III

0.05%

0.15%

0.14%

0.57%

0.91%

-0.09%

0.82%


	Year 1		Year 3		Year 5		Year 10
Series III	$	84	$	281	$	495	$	1,111

Portfolio Turnover

Principal Investment Strategies

The fund invests in other funds and other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below. Under normal market conditions, the fund will invest a significant portion of its assets, directly or indirectly through Underlying Funds, in securities that are located outside the U.S.

The fund may purchase shares of any Underlying Fund except other JHT funds of funds and the following JHT feeder funds: the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust. When purchasing shares of other JHT funds, the fund only purchases NAV Class shares (which are not subject to Rule 12b-1 fees).

focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of the Underlying Funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities (“commonly known as “junk bonds”) with maturities that range from short to longer term. The fixed-income Underlying Funds collectively hold various types of debt instruments such as corporate bonds, government issued, domestic and international securities.

equity securities: 50% to 75%

fixed-income securities: 25% to 50%

foreign securities: 40% or more

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past performance

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

MFC Global Investment Management (U.S.A.) Limited		Bruce Speca. Portfolio Manager; managed fund since 2010. Bob Boyda. Portfolio Manager; managed fund since 2010. Steve Medina. Portfolio Manager; managed fund since 2010.

FRANKLIN TEMPLETON FOUNDING ALLOCATION TRUST

Investment Objective

To seek long-term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series I

0.04%

0.05%

0.03%

0.92%

1.04%


	Year 1		Year 3		Year 5		Year 10
Series I	$	106	$	331	$	574	$	1,271

Portfolio Turnover

Principal Investment Strategies

The fund invests in other funds and in other investment companies (collectively, “Underlying Funds”) as well as other types of investments as described below.

The fund currently invests primarily in three JHT Underlying Funds: Global Trust, Income Trust and Mutual Shares Trust. However, it is also authorized to invest without limitation in other Underlying Funds including exchange traded funds and in other types of investments.

The fund may purchase any funds except other JHT funds of funds and the JHT American Feeder Funds. When purchasing shares of other JHT funds, the fund only purchases Class NAV shares (which are not subject to Rule 12b-1 fees).

The fund may invest in other types of investments, described under “Other Permitted Investments by the Funds of Funds.”

The fund is monitored daily. To maintain target allocations in the Underlying Funds, daily cash flow for the fund will be directed to its Underlying Funds that most deviate from its target allocation. Quarterly, the subadviser may also rebalance the fund’s Underlying Funds to maintain target allocations.

The fund may at any time invest any percentage of its assets in any of the different investments described above. The subadviser may from time to time adjust the percentage of assets invested in any specific investment held by the fund. Such adjustments may be made, for example, to increase or decrease the fund’s holdings of particular asset classes, to adjust portfolio quality or the duration of fixed income securities or to increase or reduce the percent of the fund’s assets subject to the management of a particular Underlying Fund subadviser. In addition, changes may be made to reflect fundamental changes in the investment environment.

The investment performance of the fund will reflect both its adviser’s allocation decisions with respect to its investments and the investment decisions made by the adviser or subadviser to an investment company or similar entity in which the fund invests.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series II). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 70% of the Standard & Poor’s 500 Index and 30% of the Barclays Capital U.S. Aggregate Bond Index.

FUNDAMENTAL VALUE TRUST

Investment Objective

To seek growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.76%

0.05%

0.02%

0.83%


	Year 1		Year 3		Year 5		Year 10
Series I	$	85	$	265	$	460	$	1,025

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests primarily in common stocks of U.S. companies with market capitalizations of at least $10 billion. The fund may also invest in companies with smaller capitalizations.

The subadviser uses the Davis Investment Discipline in managing the fund’s portfolio. The Davis Investment Discipline involves conducting extensive research to try to identify companies with durable business models that can be purchased at attractive valuations relative to their intrinsic value. The subadviser emphasizes individual stock selection and believes that the ability to evaluate management is critical. The subadviser routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain.

The subadviser has developed the following list of characteristics that it believes help companies to create shareholder value over the long term and manage risk. While few companies possess all of these characteristics at any given time, the subadviser seeks to invest in companies that demonstrate a majority, or an appropriate mix of these characteristics, although there is no guarantee that it will be successful in doing so.


	•	Proven track record
	•	Significant alignment of interest in business
	•	Strong balance sheet
	•	Low cost structure
	•	High returns on capital
	•	Non-obsolescent products/services
	•	Dominant or growing market share
	•	Global presence and brand names
	•	Intelligent application of capital

The subadviser’s goal is to invest in companies for the long term. The subadviser considers selling a security if it believes the stock’s market price exceeds its estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the stock is no longer attractive.

The fund may invest up to 20% of total assets in foreign securities and up to 20% of total assets in fixed-income securities.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

GLOBAL BOND TRUST

Investment Objective

To seek maximum total return, consistent with preservation of capital and prudent investment management.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.70%

0.05%

0.07%

0.82%


	Year 1		Year 3		Year 5		Year 10
Series I	$	84	$	262	$	455	$	1,014

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities. These fixed income instruments may be denominated in foreign currencies or in U.S. dollars, which may be represented by forwards or derivatives, such as options, futures contracts, or swap agreements.

In selecting securities for the fund, the subadviser utilizes economic forecasting, interest rate anticipation, credit and call risk analysis, foreign currency exchange rate forecasting, and other security selection techniques. The proportion of the fund’s assets committed to investment in securities with particular characteristics (such as maturity, type and coupon rate) will vary based on the subadviser’s outlook for the U.S. and foreign economies, the financial markets, and other factors.

The types of fixed income securities in which the fund may invest include the following securities which, unless otherwise noted, may be issued by domestic or foreign issuers and may be denominated in U.S. dollars or foreign currencies:


	•	securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises;
	•	corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;
	•	mortgage-backed and other asset-backed securities;
	•	inflation-indexed bonds issued by both governments and corporations;
	•	structured notes, including hybrid or “indexed” securities and event-linked bonds;
	•	loan participations and assignments;
	•	delayed funding loans and revolving credit facilities;
	•	bank certificates of deposit, fixed time deposits and bankers’ acceptances;
	•	debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;


	•	repurchase agreements and reverse repurchase agreements;
	•	obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and
	•	obligations of international agencies or supranational entities.

Fixed-income securities may have fixed, variable, or floating rates of interest, including rates of interest that vary inversely at a multiple of a designated or floating rate, or that vary according to change in relative values of currencies.

Depending on the subadviser’s current opinion as to the proper allocation of assets among domestic and foreign issuers, investments in the securities of issuers located outside the United States will normally be at 25% of the fund’s net assets. The fund may invest up to 20% of its total assets in securities and instruments that are economically tied to emerging market countries. The fund may invest up to 10% of its total assets in fixed income securities that are rated below investment grade but rated B or higher by Moody’s or equivalently rated by S&P or Fitch, or, if unrated, determined by the subadviser to be of comparable quality. The fund may invest in baskets of foreign currencies (such as the euro) and directly in currencies. The average portfolio duration of this fund normally varies within two years (plus or minus) of the duration of the benchmark index.

The fund may invest up to 10% of its net assets in preferred stocks.

The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

The fund may make short sales of a security including short sales “against the box.”

The fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The fund is authorized to use all of the various investment strategies referred to under “Additional Information About the Funds’ Principal Risks and Investment Policies – Hedging, derivatives and other strategic transactions risk” including:


	•	purchase and sell options on domestic and foreign securities, securities indexes and currencies,
	•	purchase and sell futures and options on futures,
	•	purchase and sell currency or securities on a forward basis, and
	•	enter into interest rate, index, equity, total return, currency, and credit default swap agreements.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Changing distribution levels risk The amount of the distributions paid by the fund generally depends on the amount of income and/or dividends received by the fund on the securities it holds.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

the fund is likely to be to interest-rate changes. There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Loan participations risk Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender.

Non-diversified risk Overall risk can be reduced by investing in securities from a diversified pool of issuers, while overall risk is increased by investing in securities of a small number of issuers.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





1.68%	0.53%	20.12%	15.40%	10.38%	-6.66%	5.27%	9.63%	-4.48%	15.39%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		11.03% (Quarter ended 09/30/2009) Worst Quarter: −9.49% (Quarter ended 09/30/2008)

GLOBAL TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Net

Distribution

fund

Contractual

fund

Management

and service (12b-1)

Other

operating

expense

operating

Share Class

fee

fees

Expenses

expenses

reimbursement

expenses

Series I

0.82%

0.05%

0.09%

0.96%

-0.03%

0.93%


	Year 1		Year 3		Year 5		Year 10
Series I	$	95	$	303	$	528	$	1,175

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests primarily in the equity securities of companies located throughout the world, including emerging markets.

Depending upon current market conditions, the fund may invests up to 25% of its total assets in debt securities of companies and governments located anywhere in the world. Debt securities represent the obligation of the issuer to repay a loan of money to it, and generally pay interest to the holder. Bonds, notes and debentures are examples of debt securities. The fund also invests in depositary receipts. Equity securities may include common stocks, preferred stocks and convertible securities. The fund may lend certain of its portfolio securities to qualified banks and broker dealers.

When choosing equity investments for the fund, the subadviser applies a “bottom up,” value-oriented, long-term approach, focusing on the market price of a company’s securities relative to the subadviser’s evaluation of the company’s long-term earnings, asset value and cash flow potential. The subadviser also considers a company’s price/ earnings ratio, price/ cash flow ratio, profit margins and liquidation value.

The fund may use various derivative strategies to help to protect its assets, implement a cash or tax management strategy or enhance its returns. No more than 5% of the fund’s total assets may be invested in, or exposed to, options and swaps agreements (as measured at the time of investment).

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

INTERNATIONAL CORE TRUST

Investment Objective

To seek high total return.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.89%

0.05%

0.13%

1.07%


	Year 1		Year 3		Year 5		Year 10
Series I	$	109	$	340	$	590	$	1,306

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its total assets in equity investments. The fund typically invests in equity investments in companies from developed markets outside the U.S.

The subadviser relies principally on proprietary quantitative models to evaluate and select individual stocks, countries, and currencies. The subadviser also employs fundamental investment techniques in selecting stocks, countries, and currencies for the portfolio.

In selecting stocks for the portfolio, the subadviser seeks to identify stocks it believes (i) are undervalued (generally, stocks trading at prices below what the subadviser believes to be their fundamental value); (ii) have superior fundamentals; and/or (iii) have shown indications of improving investor sentiment. In selecting countries in which to invest and determining the fund’s currency exposures, the subadviser considers many factors, which may include aggregate stock market valuations, global competitiveness, and investor sentiment.

The subadviser also uses proprietary techniques to adjust the composition of the portfolio for other factors such as position, size, country, industry and sector weights, and market capitalization. The factors considered and the models used by the subadviser may change over time. The subadviser expects that stock selection will reflect a slight bias for value stocks. The subadviser seeks to manage the fund’s market capitalization exposure relative to the fund’s benchmark.

The fund intends to be fully invested and generally will not take temporary defensive positions through investment in cash and high-quality money market instruments. In pursuing its investment objective, the fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); (iii) manage risk by implementing shifts in investment exposure; or (iv) adjust its foreign currency exposure. The

fund’s foreign currency exposure may differ from the currency exposure represented by its equity investments. The fund may also take active overweighted and underweighted positions in particular currencies relative to its benchmark.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Large company risk Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

INTERNATIONAL SMALL COMPANY TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I¹

0.97%

0.05%

0.15%

1.17%

¹For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2009, expenses are estimated.


	Year 1		Year 3		Year 5		Year 10
Series I	$	119	$	372	$	644	$	1,420

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small cap companies in the particular markets in which the fund invests. As of December 31, 2009, the maximum market capitalization range of eligible companies for purchase was approximately $1,405 million to $3,769 million, depending on the country. The fund will primarily invest in equity securities of non-U.S. small companies of developed markets, but may also hold equity securities of companies located in emerging markets.

The fund will primarily invest in a broad and diverse group of readily marketable stocks of small companies associated with developed markets but may also hold equity securities associated with emerging markets. The fund invests its assets in securities listed on bona fide securities exchanges or traded on the over-the-counter markets, including securities listed or traded in the form of International Depositary Receipts (IDRs), American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), Non-Voting Depositary Receipts (NVDRs) and other similar securities, including dual listed securities. Each of these securities may be traded within or outside the issuer’s domicile country.

The subadviser measures company size on a country or region specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the subadviser first ranks eligible companies listed on selected exchanges based on the companies’ market capitalizations. The subadviser then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the fund with respect to each country or region. This threshold will vary by country or region, and dollar amounts will change due to market conditions.

The fund intends to purchase securities in each applicable country using a market capitalization weighted approach. The subadviser, using this approach and its judgment, will seek to set country weights based on the relative market capitalizations of

eligible small companies within each country. See “Market Capitalization Weighted Approach” below. As a result, the weightings of certain countries in the fund may vary from their weightings in international indices, such as those published by FTSE International, Morgan Stanley Capital International or Citigroup.

The fund also may use derivatives, such as futures contracts and options on futures contracts, to gain market exposure on the fund’s uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. The fund may enter into futures contracts and options on futures contracts for foreign or U.S. equity securities and indices. In addition to money market instruments and other short-term investments, the fund may invest in affiliated and unaffiliated unregistered money market funds to manage the fund’s cash pending investment in other securities or to maintain liquidity for the payment of redemptions or other purposes. Investments in money market funds may involve a duplication of certain fees and expenses.

The fund does not seek current income as an investment objective and investments will not be based upon an issuer’s dividend payment policy or record. However, many of the companies whose securities will be included in the fund do pay dividends. It is anticipated, therefore, that the fund will receive dividend income.

The subadviser will determine in its discretion when and whether to invest in countries that have been authorized for investment by its Investment Committee, depending on a number of factors such as asset growth in the fund and characteristics of each country’s market. The subadviser’s Investment Committee may authorize other countries for investment in the future and the fund may continue to hold investments in countries not currently authorized for investment but that had previously been authorized for investment.

Market Capitalization Weighted Approach

The fund structure involves market capitalization weighting in determining individual security weights and, where applicable, country or region weights. Market capitalization weighting means each security is generally purchased based on the issuer’s relative market capitalization. Market capitalization weighting will be adjusted by the subadviser for a variety of factors. The subadviser may consider such factors as free float, momentum, trading strategies, liquidity management and other factors determined to be appropriate by the subadviser given market conditions. The subadviser may deviate from market capitalization weighting to limit or fix the exposure of the fund to a particular country or issuer to a maximum proportion of the assets of the fund. The subadviser may exclude the stock of a company that meets applicable market capitalization criteria if the subadviser determines, in its judgement that the purchase of such security is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market capitalization weighting.

Country weights may be based on the total market capitalization of companies within each country. The calculation of country market capitalization may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or adjust the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also deviate from target weights due to general day-to-day trading patterns and price movements. As a result, the weighting of certain countries will likely vary from their weighting in published international indices. Also, deviation from target weights may result from holding securities from countries that are no longer authorized for future investments.

A more complete description of Market Capitalization Weighted Approach is set forth in the SAI.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series NAV). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





5.43%	-45.35%	39.28%

2007	2008	2009


Best Quarter:		31.13% (Quarter ended 6/30/2009) Worst Quarter: −22.53% (Quarter ended 9/30/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

INTERNATIONAL VALUE TRUST

Investment Objective

To seek long-term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Net

Distribution

fund

Contractual

fund

Management

and service (12b-1)

Other

operating

expense

operating

Share Class

fee

fees

Expenses

expenses

reimbursement

expenses

Series I

0.82%

0.05%

0.12%

0.99%

-0.01%

0.98%


	Year 1		Year 3		Year 5		Year 10
Series I	$	100	$	314	$	546	$	1,212

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of companies located outside the U.S., including in emerging markets.

Equity securities generally entitle the holder to participate in a company’s general operating results. These include common stocks and preferred stocks. The fund also invests in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), which are certificates typically issued by a bank or trust company that give their holders the right to receive securities issued by a foreign or domestic company.

The subadviser’s investment philosophy is “bottom-up,” value-oriented, and long-term. In choosing equity investments, the subadviser will focus on the market price of a company’s securities relative to its evaluation of the company’s long-term earnings, asset value and cash flow potential. A company’s historical value measure, including price/earnings ratio, profit margins and liquidation value, will also be considered.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





-6.46%	-9.97%	-17.84%	44.86%	21.54%	10.54%	29.59%	9.53%	-42.67%	35.77%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		24.18% (Quarter ended 06/30/2003) Worst Quarter: −23.56% (Quarter ended 09/30/2002)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

One

Five

Ten

Date of

Year

Inception

Series I

35.77%

4.08%

4.05%

5/1/1999

MSCI EAFE Index (gross of foreign withholding tax on dividends)

32.45%

4.02%

1.58%

5/1/1999

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

Templeton Investment Counsel, LLC		Tucker Scott, CFA. Lead Portfolio Manager, Executive Vice President; managed fund since 1999. Cindy Sweeting, CFA. President and Chairman; managed fund since 1999. Peter Nori, CFA. Executive Vice President; managed fund since 2006. Neil Devlin, CFA. Senior Vice President; managed fund since 2006.

Sub-Subadviser: Templeton Global Advisors Limited

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

INVESTMENT QUALITY BOND TRUST

Investment Objective

To provide a high level of current income consistent with the maintenance of principal and liquidity.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.59%

0.05%

0.06%

0.70%


	Year 1		Year 3		Year 5		Year 10
Series I	$	72	$	224	$	390	$	871

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated investment grade at the time of investment. The fund will tend to focus on corporate bonds and U.S. government bonds with intermediate to longer term maturities.

The subadviser’s investment decisions derive from a three-pronged analysis, including:


	•	sector analysis,
	•	credit research, and
	•	call protection.

Sector analysis focuses on the differences in yields among security types, issuers, and industry sectors. Credit research focuses on both quantitative and qualitative criteria established by the subadviser, such as call protection (payment guarantees), an issuer’s industry, operating and financial profiles, business strategy, management quality, and projected financial and business conditions. Individual purchase and sale decisions are made on the basis of relative value and the contribution of a security to the desired characteristics of the overall fund. Factors considered include:


	•	relative valuation of available alternatives,
	•	impact on portfolio yield, quality and liquidity, and
	•	impact on portfolio maturity and sector weights.

The subadviser attempts to maintain a high, steady and possibly growing income stream.

At least 80% of the fund’s net assets are invested in bonds and debentures, including:


	•	marketable debt securities of U.S. and foreign issuers (payable in U.S. dollars), rated as investment grade by Moody’s or S&P at the time of purchase, including privately placed debt securities, corporate bonds, asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities;


	•	securities issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities, including mortgage-backed securities; and
	•	cash and cash equivalent securities which are authorized for purchase by the Money Market Trust.

The balance (no more than 20%) of the fund’s net assets may be invested in below investment grade bonds and other securities including privately placed debt securities:


	•	U.S. and foreign debt securities,
	•	preferred stocks,
	•	convertible securities (including those issued in the Euromarket),
	•	securities carrying warrants to purchase equity securities, and
	•	non-investment grade and investment grade non-U.S. dollar fixed income securities, including up to 5% emerging market fixed income securities.

In pursuing its investment objective, the fund may invest up to 20% of its net assets in U.S. and foreign high yield (high risk) corporate and government debt securities (commonly known as “junk bonds”). These instruments are rated “Ba” or below by Moody’s or “BB” or below by S&P (or, if unrated, are deemed of comparable quality as determined by the subadviser). No minimum rating standard is required for a purchase of high yield securities by the fund. While the fund may only invest up to 20% of its net assets in securities rated in these rating categories at the time of investment, it is not required to dispose of bonds that may be downgraded after purchase, even though such downgrade may cause the fund to exceed this 20% maximum.

The fund normally maintains an average fund duration of between 3 and 7 years. However, the fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of a security to changes in interest rates.

The fund may make short sales of a security including short sales “against the box.”

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Changing distribution levels risk The amount of the distributions paid by the fund generally depends on the amount of income and/or dividends received by the fund on the securities it holds.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The fund has added the returns of the Barclays Capital U.S. Government Bond Index and the Barclays Capital U.S. Credit Bond Index to the performance table below to show the individual returns of broad-based securities market indices.

Calendar Year Total Returns for Series I:





9.40%	7.33%	9.94%	7.32%	4.81%	2.26%	3.57%	6.21%	-1.67%	12.45%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		6.55% (Quarter ended 09/30/2009) Worst Quarter: −3.39% (Quarter ended 09/30/2008)

LIFESTYLE BALANCED TRUST

Investment Objective

To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series I

0.04%

0.05%

0.02%

0.73%

0.84%


	Year 1		Year 3		Year 5		Year 10
Series I	$	86	$	268	$	466	$	1,037

Portfolio Turnover

Principal Investment Strategies

The fund, except as otherwise described below, normally invests approximately 50% of its assets in underlying funds that invest primarily in equity securities and approximately 50% of its assets in underlying funds that invest primarily in fixed-income securities.

Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10% in either direction. Thus, based on its target percentage allocation of approximately 50% of its assets in equity underlying funds and 50% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying funds allocation ranging between 60%/40% and 40%/60%. Although variations beyond the 10% range are generally not permitted, the subadviser may determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its objective.

Within the prescribed percentage allocation, the subadviser selects the percentage level to be maintained in specific underlying funds. The subadviser may from time to time change the allocation in specific underlying funds or rebalance the underlying funds. To maintain target allocation in the underlying funds, daily cash flows for the fund will be directed to its underlying funds that most deviate from target.

The fund may invest in various underlying funds that as a group hold a wide range of equity type securities in their funds. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of these underlying funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of these underlying funds focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage backed, government issued, domestic and international securities.

The fund may also invest in the securities of other investment companies including exchange traded funds (ETFs) and may make direct investments in other types of investments. See “Other permitted investments.”

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under “Additional Information About the Funds’ Principal Risks — Hedging, derivatives and other strategic transactions risk.”

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Industry or sector risk Because the fund may focus on one or more industry or sector of the economy, its performance depends in large part on the performance of those sectors or industries. As a result, the value of your investment may fluctuate more widely than it would in a fund that is diversified across industries and sectors.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 50% of the Standard & Poor’s 500 Index and 50% of the Barclays Capital U.S. Aggregate Bond Index.

LIFESTYLE CONSERVATIVE TRUST

Investment Objective

To seek a high level of current income with some consideration given to growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series I

0.04%

0.05%

0.03%

0.69%

0.81%


	Year 1		Year 3		Year 5		Year 10
Series I	$	83	$	259	$	450	$	1,002

Portfolio Turnover

Principal Investment Strategies

The fund, except as otherwise described below, normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities.

Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10% in either direction. Thus, based on its target percentage allocation of approximately 20% of assets in equity underlying funds and 80% in fixed-income underlying funds, the fund may have an equity/fixed income underlying fund allocation ranging between 10%/90% and 30%/70%. Although variations beyond the 10% range are generally not permitted, the subadviser may determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 20% of the Standard & Poor’s 500 Index and 80% of the Barclays Capital U.S. Aggregate Bond Index.

LIFESTYLE GROWTH TRUST

Investment Objective

To seek long-term growth of capital. Current income is also a consideration.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series I

0.04%

0.05%

0.03%

0.74%

0.86%


	Year 1		Year 3		Year 5		Year 10
Series I	$	88	$	274	$	477	$	1,061

Portfolio Turnover

Principal Investment Strategies

The fund, except as otherwise described below, normally invests approximately 70% of its assets in underlying funds that invest primarily in equity securities and approximately 30% of its assets in underlying funds that invest primarily in fixed-income securities.

Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10% in either direction. Thus, based on its target percentage allocation of approximately 70% of its assets in equity underlying funds and 30% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying funds allocation ranging between 80%/20% and 60%/40%. Although variations beyond the 10% range are generally not permitted, the subadviser may determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its objective.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 70% of the Standard & Poor’s 500 Index and 30% of the Barclays Capital U.S. Aggregate Bond Index.

100

LIFESTYLE MODERATE TRUST

Investment Objective

To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Acquired

Fund

Total

Distribution

fees

fund

Management

and service (12b-1)

Other

and

operating

Share Class

fee

fees

Expenses

expenses¹

expenses

Series I

0.04%

0.05%

0.03%

0.71%

0.83%


	Year 1		Year 3		Year 5		Year 10
Series I	$	85	$	265	$	460	$	1,025

Portfolio Turnover

Principal Investment Strategies

The fund, except as otherwise described below, normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities.

Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10% in either direction. Thus, based on its target percentage allocation of approximately 40% of assets in equity underlying funds and 60% in fixed-income underlying funds, the fund may have an equity/fixed income underlying fund allocation ranging between 50%/50% and 30%/70%. Although variations beyond the 10% range are generally not permitted, the subadviser may determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal.

Within the prescribed percentage allocation, the subadviser selects the percentage level to be maintained in specific underlying funds. The subadviser may from time to time change this allocation in specific underlying funds or rebalance the underlying funds. To maintain target allocation in the underlying funds, daily cash flows for the fund will be directed to its underlying funds that most deviate from target.

102

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Fund of Funds

The Fund of Funds is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the Fund of Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Commodity risk Commodity investments involve the risk of volatile market price fluctuation of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Fund of funds risk The fund is subject to the performance of the underlying funds in which it invests.

Investment company securities risk The fund bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.

Principal Risks of Investing in the Underlying Funds

The principal risks of investing in the Underlying Funds include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

103

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The Combined Index represents 40% of the Standard & Poor’s 500 Index and 60% of the Barclays Capital U.S. Aggregate Bond Index.

104

MID CAP INDEX TRUST

Investment Objective

Seeks to approximate the aggregate total return of a mid cap U.S. domestic equity market index.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.47%

0.05%

0.03%

0.55%


	Year 1		Year 3		Year 5		Year 10
Series I	$	56	$	176	$	307	$	689

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in (a) the common stocks that are included in the S&P 400 Mid Cap Index and (b) securities (which may or may not be included in the S&P Mid Cap 400 Index) that the subadviser believes as a group will behave in a manner similar to the index. As of February 26, 2010, the market capitalizations of companies included in the S&P 400 Mid Cap Index ranged from $374 million to $8.1 billion.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds are passively managed funds that seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund attempts to match the performance of the S&P 400 Mid Cap Index by: (a) holding all, or a representative sample, of the securities that comprise that index and/or (b) by holding securities (which may or may not be included in the index) that the subadviser believes as a group will behave in a manner similar to the index. However, the fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the target index exactly. The composition of an index changes from time to time, and the subadviser will reflect those changes in the composition of the fund’s portfolio as soon as practicable.

The fund may invest in futures contracts and Depositary Receipts. The fund may invest in derivatives (investments whose value is based on securities, indexes or currencies). A more complete description of these investment strategies appears under “Hedging and Other Strategic Transactions” in the prospectus and SAI.

106

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

107

MID CAP STOCK TRUST

Investment Objective

To seek long-term growth of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.84%

0.05%

0.94%


	Year 1		Year 3		Year 5		Year 10
Series I	$	96	$	300	$	520	$	1,155

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of medium-sized companies with significant capital appreciation potential. For the fund, “medium-sized companies” are those with market capitalizations within the collective market capitalization range of companies represented in either the Russell MidCap Index ($239 million to $17.5 billion as of February 26, 2010) or the S&P MidCap 400 Index ($374 million to $8.1 billion as of February 26, 2010).

The subadviser’s investment approach is based primarily on proprietary fundamental analysis. Fundamental analysis involves the assessment of a company through such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues and other related measures of value. In analyzing companies for investment, the subadviser looks for, among other things, a strong balance sheet, strong earnings growth, attractive industry dynamics, strong competitive advantages (e.g., great management teams), and attractive relative value within the context of a security’s primary trading market. Securities are sold when the investment has achieved its intended purpose, or because it is no longer considered attractive. The fund may invest up to 25% of its total assets in foreign securities, including emerging market securities.

The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

109

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





-3.97%	-10.99%	-22.56%	42.33%	19.04%	14.57%	13.55%	23.57%	-43.76%	31.35%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		20.74% (Quarter ended 12/31/2001) Worst Quarter: −25.36% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

110

MID VALUE TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.96%

0.05%

1.06%


	Year 1		Year 3		Year 5		Year 10
Series I	$	108	$	337	$	585	$	1,294

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets in companies with market capitalizations that are within the S&P Mid Cap 400 Index ($374 million to $8.1 billion as of February 26, 2010) or the Russell MidCap Value Index ($239 million to $14.5 billion as of February 26, 2010). The fund invests in a diversified mix of common stocks of mid-size U.S. companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation.

The subadviser employs a value approach in selecting investments. The subadviser’s in-house research team seeks to identify companies whose stock prices do not appear to reflect their underlying values. The subadviser generally looks for companies with one or more of the following characteristics:


	•	Low stock prices relative to net assets, earnings, cash flow, sales or business franchise value;
	•	Demonstrated or potentially attractive operating margins, profits and/or cash flow;
	•	Sound balance sheets and other positive financial characteristics;
	•	Significant stock ownership by management/employees; and
	•	Experienced and capable management.

The fund’s sector exposure is broadly diversified as a result of stock selection and therefore may vary significantly from its benchmark, the Russell MidCap Value Index. The market capitalization of companies held by the fund and included in the indices changes over time. The fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside these ranges.

The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

In pursuing the fund’s investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might

112

arise when the subadviser believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development.

The fund may invest in IPOs. While most assets will be invested in U.S. common stocks, the fund may purchase other types of securities, for example: convertible securities and warrants, foreign securities (up to 20% of total assets), certain exchange traded funds (ETFs), and certain derivatives (investments whose value is based on indices or other securities). For purposes of the fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

The fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates.

Except when engaged in temporary defensive investing, the fund normally has less than 10% of its assets in cash and cash equivalents.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Hybrid instrument risk Hybrid instruments are potentially more volatile and carry greater market risk than traditional debt instruments. Hybrid instruments may bear interest or pay preferred dividends at below market rates and may be illiquid.

113

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series NAV). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





4.63%	0.53%	-15.19%	45.15%	18.74%	7.47%	20.31%	0.51%	-34.72%	46.21%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		23.12% (Quarter ended 06/30/2009) Worst Quarter: −23.60% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

One

Five

Ten

Date of

Year

Inception

Series I

46.21%

4.40%

6.67%

4/29/2005

Russell MidCap Value Index

34.21%

1.98%

7.58%

5/1/1998

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

T. Rowe Price Associates, Inc.		David J. Wallack. Vice President; managed fund since 2004.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

114

MONEY MARKET TRUST

Investment Objective

To obtain maximum current income consistent with preservation of principal and liquidity.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.47%

0.05%

0.04%

0.56%


	Year 1		Year 3		Year 5		Year 10
Series I	$	57	$	179	$	313	$	701

Principal Investment Strategies

Under normal market conditions, the fund invests in high quality, U.S. dollar-denominated money market instruments

The subadviser may invest the fund’s assets in high quality, U.S. dollar-denominated money market instruments of the following types:


	•	obligations issued or guaranteed as to principal and interest by the U.S. Government, or any agency or authority controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by Congress (“U.S. Government Securities”), or obligations of foreign governments including those issued or guaranteed as to principal or interest by the Government of Canada, the government of any province of Canada, or any Canadian or provincial Crown agency (any foreign obligation acquired by the fund must be payable in U.S. dollars);
	•	certificates of deposit, bank notes, time deposits, Eurodollars, Yankee obligations and bankers’ acceptances of U.S. banks, foreign branches of U.S. banks, foreign banks and U.S. savings and loan associations which at the date of investment have capital, surplus and undivided profits as of the date of their most recent published financial statements in excess of $100 million (or less than $100 million if the principal amount of such bank obligations is insured by the Federal Deposit Insurance Corporation or the Saving Association Insurance Fund);
	•	commercial paper which at the date of investment is rated (or guaranteed by a company whose commercial paper is rated) within the two highest rating categories by any NRSRO (such as “P-1” or “P-2” by Moody’s or “A-1” or “A-2” by S&P) or, if not rated, is issued by a company which the subadviser acting pursuant to guidelines established by the fund’s Board of Trustees, has determined to be of minimal credit risk and comparable quality. Securities in the highest rating category and their unrated equivalents are referred to as “First Tier” securities. Securities in the second-highest rating category and their equivalents are referred to as “Second Tier” securities;
	•	corporate obligations maturing in 397 days or less which at the date of investment are rated in the highest rating category by any NRSRO (such as “Aaa” by Moody’s or “AAA” by S&P);
	•	corporate obligations maturing in 45 days or less which at the date of investment are rated in the second highest rating category by any NRSRO (such as “Aa” by Moody’s or “AA” by Standard & Poor’s);
	•	short-term obligations issued by state and local governmental issuers;
	•	securities that have been structured to be eligible money market instruments such as participation interests in special purpose trusts that meet the quality and maturity requirements in whole or in part due to features for credit enhancement or for shortening effective maturity; and
	•	repurchase agreements with respect to any of the foregoing obligations.

115

Commercial paper may include variable amount master demand notes, which are obligations that permit investment of fluctuating amounts at varying rates of interest. Such notes are direct lending arrangements between the fund and the note issuer. The subadviser monitors the creditworthiness of the note issuer and its earning power and cash flow. The subadviser will also consider situations in which all holders of such notes would redeem at the same time. Variable amount master demand notes are redeemable on demand.

All of the fund’s investments in First Tier securities will mature in 397 days or less and the fund’s investments in Second Tier securities will mature in 45 days or less. The fund maintains a dollar-weighted average maturity of 60 days or less, and a dollar-weighted average life of 120 days or less. Unlike the fund’s weighted average maturity, the fund’s weighted average life is calculated without reference to the re-set dates of variable rate debt obligations held by the fund. By limiting the maturity of its investments, the fund seeks to lessen the changes in the value of its assets caused by fluctuations in short-term interest rates. In addition, the fund invests only in securities which the fund’s Board of Trustees determines to present minimal credit risks and which at the time of purchase are “eligible securities” as defined by Rule 2a-7 under the 1940 Act.

The fund may invest up to 20% of its total assets in any of the U.S. dollar-denominated foreign securities described above. The fund will not acquire any security if, after doing so, more than 5% of its total assets would be invested in illiquid securities. An “illiquid security” is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the fund. The fund may not invest more than 3% of its total assets in Second Tier securities or more than 0.50% in Second Tier securities of a single issuer. The fund is not authorized to enter into mortgage dollar rolls or warrants.

The foregoing policies concerning portfolio liquidity and quality are effective immediately and the foregoing policies concerning portfolio maturity are effective as of June 30, 2010.

As of the date of this Prospectus, the fund seeks to maintain a stable net asset value (“NAV”) per share of $10.00. Effective June 1, 2010, shares of the fund will be split 10 shares for each one share, and the fund will thereafter seek to maintain a stable NAV per share of $1.00. This share split will not change the aggregate value of the shares that you hold in the fund. For example, if, immediately before the share split, you hold 100 shares of the fund having a NAV per share of $10.00 and an aggregate NAV of $1,000.00, then, immediately after the share split, you will hold 1,000 shares having a NAV per share of $1.00 and an aggregate NAV of $1,000.00.

The fund generally expects to declare and pay dividends from net investment income on a daily basis on each share class as long as the income attributable to a class exceeds the expenses attributable to that class on each day. If class expenses exceed class income on any day, the fund will not pay a dividend on the class on that day and will resume paying dividends only when, on a future date, the accumulated net investment income of the class is positive. The fund has adopted this policy because, in the current investment environment of low interest rates, it may find that on any given day or on a number of consecutive days, its investment returns may be less than the expenses attributable to a class. For a more complete description of this policy, which can result in the fund not paying dividends on one or more classes for one or more periods that may be as short as a day or quite lengthy, see “General Information — Dividends” below. For a description of the allocation of expenses among fund share classes, see “Multiclass Pricing; Rule 12b-1 Plans” in the prospectus.

An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of a shareholder’s investment at $10.00 ($1.00 as of June 1, 2010) per share, it is possible to lose money by investing in the fund. For example, the fund could lose money if a security purchased by the fund is downgraded and the fund must sell the security at less than the cost of the security. There is no assurance that the fund will be able to maintain a constant per share NAV of $10.00 ($1.00 as of June 1, 2010).

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Changing distribution levels risk The amount of the distributions paid by the fund generally depends on the amount of income and/or dividends received by the fund on the securities it holds.

116

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:




5.88%	3.59%	1.18%	0.58%	0.81%	2.66%	4.44%	4.56%	1.76%	0.20%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		1.52% (Quarter ended 09/30/2000 and 12/31/2000) Worst Quarter: 0.00% (Quarter ended 12/31/2009)

Average Annual Total Returns for period ended 12/31/2009

One

Five

Ten

Date of

Year

Inception

Series I

0.20%

2.71%

2.55%

6/18/1985

Citigroup 3 Month Treasury Bill Index

0.16%

2.88%

2.84%

6/18/1985

Management

Investment Adviser: John Hancock Investment Management Services, LLC

Subadviser: MFC Global Investment Management (U.S.A.) Limited

117

MUTUAL SHARES TRUST

Investment Objective

To seek capital appreciation, which may occasionally be short-term. Income is a secondary objective.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.96%

0.05%

0.07%

1.08%


	Year 1		Year 3		Year 5		Year 10
Series I	$	110	$	343	$	595	$	1,317

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests primarily in equity securities (including convertible securities or securities the subadviser expects to be exchanged for common or preferred stock) of companies of any nation that the subadviser believes are available at market prices less than their value based on certain recognized or objective criteria (intrinsic value).

Following this value-oriented strategy, the fund invests primarily in:

• Undervalued Securities. Securities the subadviser believes are trading at a discount to intrinsic value.

And, to a lesser extent, the fund also invests in:

• Risk Arbitrage Securities. Securities of companies involved in restructurings (such as mergers, acquisitions, consolidations, liquidations, spinoffs, or tender or exchange offers) or that the subadviser believes are inexpensive relative to an economically equivalent security of the same or another company.

• Distressed Companies. Securities of companies that are, or are about to be, involved in reorganizations, financial realigning or bankruptcy.

In pursuit of its value-oriented strategy, the fund is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. However, as a general rule, the fund invests the equity portion of its portfolio primarily to predominantly in companies with market capitalizations (share price multiplied by the number of shares of common stock outstanding) greater than $5 billion, with a portion to significant amount in smaller companies. The fund may invest up to 35% of its assets in foreign securities including sovereign debt and participations in foreign government debt.

The fund’s investments in distressed companies typically involve the purchase of bank debt, lower-rated or defaulted debt securities, comparable unrated debt securities or other indebtedness (or participations in the indebtedness) of such companies. Such other indebtedness generally represents a specific commercial loan or portion of a loan made to a company by a financial institution such as a bank. Loan participations represent fractional interests in a company’s indebtedness and are generally made available by

119

banks or other institutional investors. By purchasing all or a part of a company’s direct indebtedness, the fund, in effect, steps into the shoes of the lender. If the loan is secured, the fund will have a priority claim to the assets of the company ahead of unsecured creditors and stockholders. The fund generally makes such investments to achieve capital appreciation rather than to seek income. When engaging in an arbitrage strategy, the fund typically buys one security while at the same time selling short another security. The fund generally buys the security that the subadviser believes is either inexpensive relative to the price of the other security or otherwise undervalued, and sells short the security that the subadviser believes is either expensive relative to the price of the other security or otherwise overvalued. In doing so, the fund attempts to profit from a perceived relationship between the values of the two securities. The fund generally engages in an arbitrage strategy in connection with an announced corporate restructuring or other corporate action or event.

The subadviser employs a research driven, fundamental value strategy for the fund. In choosing equity investments, the subadviser focuses on the market price of a company’s securities relative to the subadviser’s own evaluation of the company’s asset value, including an analysis of book value, cash flow potential, long-term earnings and multiples of earnings. Similarly, debt securities and other indebtedness, including loan participations, are generally selected based on the subadviser’s own analysis of the security’s intrinsic value rather than the coupon rate or rating of the security. The subadviser examines each investment separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type.

The fund may also engage from time to time in an “arbitrage” strategy. When engaging in an arbitrage strategy, a fund typically buys one security while at the same time selling short another security. Such fund generally buys the security that the manager believes is either cheap relative to the price of the other security or otherwise undervalued, and sell short the security that the manager believes is either expensive relative to the price of the other security or otherwise overvalued. In doing so, a fund attempts to profit from a perceived relationship between the values of the two securities. The fund generally engages in an arbitrage strategy in connection with an announced corporate restructuring, such as a merger, acquisition or tender offer, or other corporate action or event.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Arbitrage securities and distressed companies risk A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time a fund invests in risk arbitrage securities may not be completed on the terms contemplated, resulting in losses to the fund.

Distressed investments risk Many distressed investments, including loans, loan participations, bonds, notes and non-performing and sub-performing mortgage loans, are not publicly traded and may involve a substantial degree of risk.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

120

Loan participations risk Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series NAV). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

121

SMALL CAP GROWTH TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

1.06%

0.05%

0.04%

1.15%


	Year 1		Year 3		Year 5		Year 10
Series I	$	117	$	365	$	633	$	1,398

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small-cap companies. For the purposes of the fund, “small cap companies” are those with market capitalizations, at the time of investment, not exceeding the maximum market capitalization of any company represented in either the Russell 2000 Index ($4.6 billion as of February 26, 2010) or the S&P Small Cap 600 Index ($2.7 billion as of February 26, 2010).

The fund invests in small-cap companies that are believed to offer above-average potential for growth in revenues and earnings. Market capitalizations of companies in the indices change over time; however, the fund will not sell a security just because a company has grown to a market capitalization outside the maximum range of the indices.

The subadviser selects stocks using a combination of quantitative screens and bottom-up, fundamental security research. Quantitative screening seeks to narrow the list of small capitalization companies and to identify a group of companies with strong revenue growth and accelerating earnings. Fundamental equity research seeks to identify individual companies from that group with a higher potential for earnings growth and capital appreciation.

The subadviser looks for companies based on a combination of criteria including one or more of the following:


	•	Improving market shares and positive financial trends;
	•	Superior management with significant equity ownership; and
	•	Attractive valuations relative to earnings growth outlook.

The fund is likely to experience periods of higher turnover in portfolio securities because the subadviser frequently adjusts the selection of companies and/or their position size based on these criteria. The fund’s sector exposures are broadly diversified, but are primarily a result of stock selection and therefore may vary significantly from its benchmark. The fund may invest up to 25% of its total assets in foreign securities, including emerging market securities.

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Except as otherwise stated under “Additional Information About the Funds — Temporary Defensive Investing,” the fund normally has 10% or less (usually lower) of its total assets in cash and cash equivalents.

The fund may invest in Initial Public Offerings (IPOs). The fund may also purchase each of the following types of securities, but not as a principal investment strategy: certain Exchange Traded Funds (ETFs), and certain derivatives (investments whose value is based on an index or other securities).

The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class (Series NAV). The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

124

SMALL CAP VALUE TRUST

Investment Objective

To seek long-term capital appreciation.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

1.06%

0.05%

1.16%


	Year 1		Year 3		Year 5		Year 10
Series I	$	118	$	368	$	638	$	1,409

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small-cap companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation. For the purposes of the fund, “small cap companies” are those with market capitalizations, at the time of investment, not exceeding the maximum market capitalization of any company represented in either the Russell 2000 Index ($4.6 billion as of February 26, 2010) or the S&P Small Cap 600 Index ($2.7 billion as of February 26, 2010).

The fund invests primarily in a diversified mix of common stocks of U.S. small-cap companies. The subadviser employs a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify stocks the subadviser believes have distinct value characteristics based on industry-specific valuation criteria. The subadviser focuses on high quality companies with a proven record of above average rates of profitability that sell at a discount relative to the overall small-cap market.

Fundamental research is then used to identify those companies demonstrating one or more of the following characteristics:


	•	Sustainable competitive advantages within a market niche;
	•	Strong profitability and free cash flows;
	•	Strong market share positions and trends;
	•	Quality of and share ownership by management; and
	•	Financial structures that are more conservative than the relevant industry average.

The fund’s sector exposures are broadly diversified, but are primarily a result of stock selection and may, therefore, vary significantly from its benchmark. The fund may invest up to 15% of its total assets in foreign securities (with no more than 5% in emerging market securities).

126

Except as otherwise stated under “Additional Information about the Funds — Temporary Defensive Investing,” the fund normally has 10% or less (usually lower) of its total assets invested in cash and cash equivalents.

The fund may invest in IPOs. The fund may also purchase each of the following types of securities: REITs or other real estate-related equity securities, U.S. dollar-denominated foreign securities, certain ETFs, and certain derivatives (investments whose value is based on an index or other securities). For purposes of the fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Exchange-traded funds risk Owning an ETF generally reflects the risks of owning the underlying securities it is designed to track.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Real estate securities risk Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate.

Past Performance

127

a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:





34.19%	19.10%	-6.43%	37.97%	25.45%	9.21%	19.26%	-2.93%	-26.08%	28.65%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		20.57% (Quarter ended 09/30/2009) Worst Quarter: −23.31% (Quarter ended 12/31/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

One

Five

Ten

Date of

Year

Inception

Series I

28.65%

3.75%

12.02%

4/29/2005

Russell 2000 Value Index

20.58%

−0.01%

8.27%

8/30/1999

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

Wellington Management Company, LLP		Timothy J. McCormack, CFA. Senior Vice President and Equity Portfolio Manager; managed fund since 2008. Shaun F. Pedersen. Vice President and Equity Portfolio Manager; managed fund since 2004.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

128

TOTAL BOND MARKET TRUST A

Investment Objective

To seek to track the performance of the Barclays Capital U.S. Aggregate Bond Index (the “Barclays Index”) (which represents the U.S. investment grade bond market).

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series NAV

0.47%

0.00%

0.03%

0.50%


	Year 1		Year 3		Year 5		Year 10
Series NAV	$	51	$	160	$	280	$	628

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in securities listed in the Barclays Index.

The fund is an index fund, which differs from actively managed funds. Actively managed funds seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. The fund is a passively managed fund that seeks to mirror the performance of its target index, minimizing performance differences over time.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. The fund attempts to match the performance of the Barclays Index by holding a representative sample of the securities that comprise the Barclays Index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the target index exactly.

The fund is an intermediate term bond fund of high and medium credit quality that seeks to track the performance of the Barclays Index, which broadly represents the U.S. investment grade bond market.

The subadviser employs a passive management strategy using quantitative techniques to select individual securities that provide a representative sample of the securities in the Barclays Index.

The Barclays Index consists of dollar-denominated, fixed rate, investment grade debt securities with maturities generally greater than one year and outstanding par values of at least $200 million, including:


	•	U.S. Treasury and agency securities;

129


	•	Asset-backed and mortgage-backed securities, including mortgage pass-through securities and commercial mortgage- backed securities (“CMBS”) and collateralized mortgage offerings (“CMOs”);
	•	Corporate bonds, both U.S. and foreign (if dollar-denominated); and
	•	Foreign government and agency securities (if dollar-denominated).

The subadviser selects securities to match, as closely as practicable, the Barclays Index’s duration, cash flow, sector, credit quality, callability and other key performance characteristics.

The Barclays Index’s composition may change from time to time. The subadviser will reflect those changes as soon as practicable.

The fund may purchase other types of securities that are not primary investment vehicles. These would include, for example, certain derivatives (investments whose value is based on indexes or other securities).

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Past Performance

130

market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series NAV:




6.63%	5.86%	4.47%

2007	2008	2009


Best Quarter:		4.79% (Quarter ended 12/31/2008) Worst Quarter: −1.05% (Quarter ended 06/30/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

One

Since

Date of

Year

Inception

Series NAV

4.47%

5.35%

2/10/2006

Barclays Capital U.S. Aggregate Bond Index

5.93%

5.84%

2/10/2006

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

Declaration Management & Research LLC		Peter Farley, CFA. Senior Vice President; managed fund since 2005. Joshua Kuhnert, CFA. Assistant Vice President; managed fund since 2009.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

131

TOTAL RETURN TRUST

Investment Objective

To seek maximum total return, consistent with preservation of capital and prudent investment management.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.68%

0.05%

0.04%

0.77%


	Year 1		Year 3		Year 5		Year 10
Series I	$	79	$	246	$	428	$	954

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests at least 65% of its total assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives, such as options, futures contracts, or swap agreements.


	•	securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises;
	•	corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;
	•	mortgage-backed and other asset-backed securities;
	•	inflation-indexed bonds issued by both governments and corporations;
	•	structured notes, including hybrid or “indexed” securities and event-linked bonds;
	•	loan participations and assignments;
	•	delayed funding loans and revolving credit facilities;
	•	bank certificates of deposit, fixed time deposits and bankers’ acceptances;
	•	debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;
	•	repurchase agreements and reverse repurchase agreements;

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	•	obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and
	•	obligations of international agencies or supranational entities.

The fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities (“junk bonds”) rated B or higher by Moody’s or equivalently rated by S&P or Fitch, or, if unrated, determined by the subadviser to be of comparable quality. The fund may also invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The fund may invest in baskets of foreign currencies (such as the euro) and direct currency. The fund will normally limit its foreign currency exposure (from foreign-currency denominated securities or currencies) to 20% of its total assets. The fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries.

The fund may invest up to 10% of its net assets in preferred stocks.

The average portfolio duration of the fund normally varies within two years (plus or minus) of the duration of the benchmark index.

The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

The fund may make short sales of a security, including short sales “against the box.”

The fund is authorized to use all of the various investment strategies referred to under “Additional Information About the Funds’ Principal Risks — Hedging, derivatives and other strategic transactions risk” including:


	•	purchase and sell options on domestic and foreign securities, securities indexes and currencies,
	•	purchase and sell futures and options on futures,
	•	purchase and sell currency or securities on a forward basis, and
	•	enter into interest rate, index, equity, total return, currency, and credit default swap agreements.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Changing distribution levels risk The amount of the distributions paid by the fund generally depends on the amount of income and/or dividends received by the fund on the securities it holds.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

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fluctuations and adverse political and economic developments. Investments in emerging market countries are subject to greater levels of foreign investment risk.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Loan participations risk Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

Calendar Year Total Returns for Series I:




10.91%	8.28%	9.52%	5.02%	4.96%	2.40%	3.67%	8.57%	2.69%	13.59%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		6.43% (Quarter ended 09/30/2001) Worst Quarter: −3.56% (Quarter ended 09/30/2008)

Average Annual Total Returns for period ended 12/31/2009

The return for the Index under “Since Inception” may be calculated from the month end closest to the inception date of the fund.

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ULTRA SHORT TERM BOND TRUST

Goal and strategy

The fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.55%

0.05%

0.08%

0.68%


	Year 1		Year 3
Series I	$	69	$	218

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. Because the fund had not commenced operations as of the date of this prospectus, there is no portfolio turnover to report.

Goal and strategy

Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of domestic, investment grade, debt securities. Debt securities may be issued by governments, companies or special purpose entities and may include notes, discount notes, bonds, debentures, commercial paper, repurchase agreements, mortgage-backed and other asset-backed securities and assignments, participations and other interests in bank loans. The fund may also invest in cash and cash equivalents.

Investment grade securities include securities that are rated in one of the four highest rating categories as determined by a nationally recognized statistical rating organization, such as Standard & Poor’s Corporation (“S&P”), Fitch Investors Service, Inc. (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”), or are unrated securities determined by the subadviser to be of comparable quality. Investment grade securities are rated (from highest to lowest quality) as AAA, AA, A or BBB by S&P and Fitch or as Aaa, Aa, A or Baa by Moody’s.

The fund may invest up to 20% of its net assets in securities that are rated BBB by S&P or Fitch or Baa by Moody’s or unrated securities determined by the subadviser to be of comparable quality. The fund may invest up to 20% of its net assets in non-US debt securities including up to 5% of its nets assets in non-US debt securities that are denominated in a foreign currency.

Under normal circumstances, the fund’s dollar weighted average maturity will be two years or less and its duration will be one year or less. Up to 15% of the fund’s net assets may be invested in securities with maturities greater than three years.

Use of Hedging and Other Strategic Transactions. The fund is authorized to use various hedging, derivatives and other strategic transactions described under “Additional Information about the Funds’ Principal Risks – Hedging, derivatives and other strategic transactions risk.”

In particular, the fund may invest in derivatives, including futures, currency forwards, options, swap contracts and other derivative instruments. The fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.

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Principal Risks of Investing in the Fund

The fund is not a money market fund. The fund’s value will fluctuate and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The investment strategy may fail to produce the intended result.

High portfolio turnover risk Actively trading securities can increase transaction costs (thus lowering performance).

Past performance

Management

Investment Adviser: John Hancock Investment Management Services, LLC


Subadviser		Portfolio Managers

MFC Global Investment Management (U.S.), LLC		Howard C. Greene. Senior Vice President; managed fund since 2010. Jeffrey N. Given. Vice President; managed fund since 2010.

Other Important Information Regarding the Fund

For important information about taxes and financial intermediary compensation, please turn to “Additional Information about the Funds” at page 141 of the Prospectus.

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VALUE TRUST

Investment Objective

To realize an above-average total return over a market cycle of three to five years, consistent with reasonable risk.

Fees and Expenses

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Total

Distribution

fund

Management

and service (12b-1)

Other

operating

Share Class

fee

fees

Expenses

expenses

Series I

0.74%

0.05%

0.84%


	Year 1		Year 3		Year 5		Year 10
Series I	$	86	$	268	$	466	$	1,037

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund invests in equity securities of companies with capitalizations, at the time of investment, similar to the market capitalization of companies in the Russell MidCap Value Index ($239 million to $14.5 billion as of February 26, 2010).

The fund invests at least 65% of its total assets in equity securities. These primarily include common stocks but may also include preferred stocks, convertible securities, rights, warrants and ADRs. The fund may invest without limit in ADRs and may invest up to 20% of its total assets in foreign equities (investments in ADRs are not foreign securities for the purposes of this limit and the fund may invest without limitation in ADRs). The fund may invest up to 15% of its net assets in REITs.

The subadviser’s approach is to select equity securities which are believed to be undervalued relative to the stock market in general as measured by the Russell MidCap Value Index. Generally, medium market capitalization companies will consist primarily of those that the subadviser believes are selling below their intrinsic value and offer the opportunity for growth of capital. The fund emphasizes a “value” style of investing focusing on those companies with strong fundamentals, consistent track records, growth prospects, and attractive valuations. The subadviser may favor securities of companies that are in undervalued industries. The subadviser may purchase stocks that do not pay dividends. The subadviser may also invest the fund’s assets in companies with smaller or larger market capitalizations.

Information Regarding the Subadviser. Morgan Stanley Investment Management, Inc. (“Morgan Stanley”) is the subadviser to the Value Trust. On October 19, 2009, Invesco Ltd. announced that it had entered into a definitive agreement to acquire Morgan

138

Stanley’s retail asset management business, which includes the management of this fund. This transaction’s closing is subject to certain approvals and other conditions, and currently is expected to take place in mid 2010.

Under the 1940 Act, the closing of this transaction will cause the current subadvisory agreement with Morgan Stanley for this fund to terminate. In connection with the transaction, the Board has approved a new subadvisory agreement for the fund with Invesco Advisers, LLC, an affiliate of Invesco Ltd., that will become effective upon the closing of the transaction.

Principal Risks of Investing in the Fund

The fund is subject to risks, and you could lose money by investing in the fund. The principal risks of investing in the fund include:

Active management risk The subadviser’s investment strategy may fail to produce the intended result.

Equity securities risk The value of a company’s equity securities is subject to changes in the company’s financial condition, and overall market and economic conditions.

Medium and smaller company risk The prices of medium and small company stocks can change more frequently and dramatically than those of large company stocks.

Real estate securities risk Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate.

Past Performance

The following information provides some indication of the risks of investing in the fund by showing changes in performance from year to year and by showing how average annual returns for specified periods compare with those of a broad measure of market performance. Unless all share classes shown in the table have the same inception date, performance shown for periods prior to the inception date of a class is the actual performance of the fund’s oldest share class. The pre-inception performance of a share class has not been adjusted to reflect any difference in expenses (including Rule 12b−1 fees) between that class and the oldest class. As a result, the pre-inception performance shown for a class may be higher or lower than it would be if adjusted to reflect the actual expenses of the class. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

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ADDITIONAL INFORMATION ABOUT THE FUNDS

Taxes

For federal income tax purposes, each of the funds is treated as a separate entity, intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and intends to meet the diversification requirements that are applicable to mutual funds that serve as underlying investments for insurance company separate accounts. A fund that qualifies as a regulated investment company will not be subject to U.S. federal income tax on its net investment income and net capital gain that it distributes to its shareholders in each taxable year (provided that it distributes at least 90% of its net investment income and net tax exempt interest income for the taxable year). Insurance company separate accounts, the principal shareholders of the funds, generally do not pay tax on dividends and capital gain distributions from the funds.

Because shares of the funds may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the funds will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

Variable contract owners should consult with their own tax advisors as to the tax consequences of investments in the funds, including the application of state and local taxes.

More information about taxes is located in the SAI under the heading “Additional Information Concerning Taxes.”

Compensation of Financial Intermediaries

The funds are not sold directly to the general public but instead are offered as underlying investment options for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The source of funds for these payments to intermediaries may be the fees paid by the funds under their agreements with insurance and related companies for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary’s Web site for more information. In addition, payments by the funds to insurance and related companies may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

Temporary Defensive Investing (applicable to all funds except Money Market Trust )

During unusual or unsettled market conditions, for purposes of meeting redemption requests, or pending investment of its assets, a fund generally may invest all or a portion of its assets in cash and securities that are highly liquid, including: (a) high quality money market instruments, such as short-term U.S. government obligations, commercial paper, repurchase agreements or other cash equivalents; and (b) money market funds. In the case of funds investing extensively in foreign securities, these investments may be denominated in either U.S. or non-U.S. dollars and may include debt of foreign corporations and governments and debt of supranational organizations. To the extent a fund is in a defensive position, its ability to achieve its investment objective will be limited.

OTHER PERMITTED INVESTMENTS BY THE FUNDS OF FUNDS⁺

Each fund of funds may directly:


	•	Purchase U.S. government securities and short-term paper.
	•	Purchase shares of other registered open-end investment companies (and registered unit investment trusts) within the same “group of investment companies” as that term is defined in Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”), subject to the limits set forth under the 1940 Act and rules thereunder.
	•	Purchase shares of other registered open-end investment companies (and registered unit investment trusts) where the adviser is not the same as, or affiliated with, the Adviser, including exchange traded funds (“ETFs”), subject to the limits set forth under the 1940 Act and rules thereunder.
	•	Purchase securities of registered closed-end investment companies.
	•	Invest in foreign and domestic equity securities that may include common and preferred stocks of large, medium and small capitalization companies in both developed (including the U.S.) and emerging markets.
	•	Invest in foreign and domestic fixed income securities that may include debt securities of governments throughout the world (including the U.S.), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation protected securities, convertible bonds, mortgage-backed securities, asset-backed securities and collateralized debt securities. Investments in fixed income securities may include securities of issuers in both developed (including the

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		U.S.) and emerging markets and may include fixed income securities rated below investment grade (sometimes referred to as “junk bonds”).


	•	Invest up to 15% of its net assets in illiquid securities, including securities issued by limited partnerships and other pooled investment vehicles, including hedge funds.
	•	Make short sales of securities (borrow and sell securities not owned by the fund), either to realize appreciation when a security that the fund does not own declines in value or as a hedge against potential declines in the value of a fund security.
	•	With the prior approval of the Adviser’s Complex Securities Committee, invest in qualified publicly traded partnerships, including qualified publicly traded partnerships that invest principally in commodities or commodity-linked derivatives.*
	•	With the prior approval of the Adviser’s Complex Securities Committee, purchase and sell commodities and enter into swap contracts and other commodity-linked derivative instruments including those linked to physical commodities.*

A fund of funds may use various investment strategies such as hedging and other related transactions. For example, a fund of funds may use derivative instruments (such as options, futures and swaps) for hedging purposes, including hedging various market risks and managing the effective maturity or duration of debt instruments held by a fund of funds. In addition, these strategies may be used to gain exposure to a particular securities market. A fund of funds also may with prior approval of the Adviser’s Complex Securities Committee, purchase and sell commodities and may enter into swap contracts and other commodity-linked derivative instruments including those linked to physical commodities. Please refer to “Hedging and Other Strategic Transactions Risks” in the SAI.

*Because of uncertainties under federal tax laws as to whether income from commodity-linked derivative instruments and certain other instruments would constitute “qualifying income” to a regulated investment company, a fund of funds is not permitted to invest in such instruments unless the subadviser obtains prior written approval from the Adviser’s Complex Securities Committee. See “Additional Information Concerning Taxes” in the SAI.

+The Fund of Funds are:

Each Lifestyle Trust

American Fundamental Holdings Trust

Core Allocation Trust

Core Balanced Trust

Core Fundamental Holdings Trust

Core Global Diversification Trust

Franklin Templeton Founding Allocation Trust

(Collectively the “Fund of Funds”)

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ADDITIONAL INFORMATION ABOUT THE FUNDS OF FUNDS’
PRINCIPAL RISKS

The principal risks of investing in each fund of fund are summarized in the description of that fund above. These risks are more fully described below. The risks are described in alphabetical order and not in order of importance. JHT’s Statement of Additional Information dated the same date as this prospectus (the “SAI”) contains further details about these risks as well as information about additional risks.

Active management risk

A fund is subject to management risk because it relies on the subadviser’s ability to pursue the fund’s objective. The subadviser will apply investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that these will produce the desired results. The fund generally does not attempt to time the market and instead generally stays fully invested in the relevant asset class, such as domestic equities or foreign equities. Notwithstanding its benchmark, the fund may buy securities not included in its benchmark or hold securities in very different proportions than its benchmark. To the extent the fund invests in those securities, its performance depends on the ability of the subadviser to choose securities that perform better than securities that are included in the benchmark.

Commodity risk

Commodity investments involve the risk of volatile market price fluctuations of commodities resulting from fluctuating demand, supply disruption, speculation and other factors.

Derivatives risk

A fund’s use of certain derivative instruments (such as options, futures and swaps) could produce disproportionate gains or losses. Derivatives are generally considered more risky than direct investments and, in a down market, could become harder to value or sell at a fair price.

Exchange traded funds risk (“ETFs”)

These are a type of investment company bought and sold on a securities exchange. An ETF represents a fixed portfolio of securities designed to track a particular market index. A fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although lack of liquidity in an ETF could result in it being more volatile. ETFs have management fees, which increase their costs.

Fund of funds risk

A fund’s ability to achieve its investment objective will depend largely on the ability of the subadviser to select the appropriate mix of Underlying Funds. In addition, achieving the fund’s objective will depend on the performance of the Underlying Funds which depends on the Underlying Funds’ ability to meet their investment objectives. There can be no assurance that either the fund or the Underlying Funds will achieve their investment objectives. A fund is subject to the same risks as the Underlying Funds in which it invests. Each fund invests in Underlying Funds that invest in fixed-income securities (including in some cases high yield securities) and equity securities, including foreign securities, and engage in hedging and other strategic transactions. To the extent that a fund invests in these securities directly or engages in hedging and other strategic transactions, the fund will be subject to the same risks. As a fund’s asset mix becomes more conservative, the fund becomes more susceptible to risks associated with fixed-income securities.

Investment company securities risk

A fund may invest in securities of other investment companies. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Investments in closed-end funds may involve the payment of substantial premiums above the value of such investment companies’ portfolio securities.

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ADDITIONAL INFORMATION ABOUT THE FUNDS’ PRINCIPAL RISKS

The principal risks of investing in each fund are summarized in the description of that fund above. These risks are more fully described below. The risks are described in alphabetical order and not in order of importance. JHT’s Statement of Additional Information dated the same date as this prospectus (the “SAI”) contains further details about these risks as well as information about additional risks.

Active management risk

A fund that relies on the manager’s ability to pursue the fund’s goal is subject to management risk. The manager will apply investment techniques and risk analyses in making investment decisions for a fund and there can be no guarantee that these will produce the desired results. A fund generally does not attempt to time the market and instead generally stays fully invested in the relevant asset class, such as domestic equities or foreign equities. Notwithstanding its benchmark, a fund may buy securities not included in its benchmark or hold securities in very different proportions than its benchmark. To the extent a fund invests in those securities, its performance depends on the ability of the subadviser to choose securities that perform better than securities that are included in the benchmark.

Arbitrage securities and distressed companies risk

A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time a fund invests in risk arbitrage securities may not be completed on the terms contemplated, resulting in losses to the fund. Debt obligations of distressed companies typically are unrated, lower-rated, in default or close to default. Also, securities of distressed companies are generally more likely to become worthless than the securities of more financially stable companies.

Changing distribution levels risk

The amount of the distributions paid by a fund generally depends on the amount of income and/or dividends received by the fund on the securities it holds. A fund may not be able to pay distributions or may have to reduce its distribution level if the income and/or dividends the fund receives from its investments decline.

Convertible securities risk

Convertible securities generally offer lower interest or dividend yields than non-convertible fixed-income securities of similar credit quality because of the potential for capital appreciation. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, a convertible security’s market value also tends to reflect the market price of common stock of the issuing company, particularly when that stock price is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price or exchange ratio at which the convertible security can be converted or exchanged for the underlying common stock. As the market price of the underlying common stock declines below the conversion price, the price of the convertible security tends to be increasingly influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, convertible securities generally entail less risk than its common stock.

Credit and counterparty risk

This is the risk that the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see “Hedging, derivatives and other strategic transactions risk”), or a borrower of a fund’s securities, will be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor its obligations. Credit risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund’s share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their sub-divisions or instrumentalities. U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit of the United States, supported by the ability to borrow from the U.S. Treasury, supported only by the credit of the issuing U.S. government agency, instrumentality, corporation or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by Congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United

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States (e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a subadviser may have to assess the risk of the security itself. Asset-backed securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below investment-grade securities (also called junk bonds), which are fixed-income securities rated “Ba” or lower by Moody’s or “BB” or lower by Standard & Poor’s (S&P), or determined by a subadviser to be of comparable quality to securities so rated, are subject to increased credit risk. The sovereign debt of many foreign governments, including their sub-divisions and instrumentalities, falls into this category. Below investment-grade securities offer the potential for higher investment returns than higher-rated securities, but they carry greater credit risk: their issuers’ continuing ability to meet principal and interest payments is considered speculative, and they are more susceptible to real or perceived adverse economic and competitive industry conditions, and may be less liquid than higher-rated securities.

In addition, a fund is exposed to credit risk to the extent it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can only be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While the subadviser intends to monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

Distressed investments risk

Distressed investments include loans, loan participations, bonds, notes and non-performing and sub-performing mortgage loans, many of which are not publicly traded and which may involve a substantial degree of risk. In certain periods, there may be little or no liquidity in the markets for these securities or instruments. In addition, the prices of such securities or instruments may be subject to periods of abrupt and erratic market movements and above-average price volatility. It may be more difficult to value such securities and the spread between the bid and asked prices of such securities may be greater than normally expected. If the subadviser’s evaluation of the risks and anticipated outcome of an investment in a distressed security should prove incorrect, a fund may lose a substantial portion or all of its investment or it may be required to accept cash or securities with a value less than the fund’s original investment.

Economic and market events risk

Events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to, the U.S. government’s placement of Fannie Mae and Freddie Mac under conservatorship (see “Investment Policies — U.S. Government and Government Agency Obligations — U.S. Instrumentality Obligations”), the bankruptcy filings of Lehman Brothers, Chrysler and General Motors, the sale of Merrill Lynch to Bank of America, the U.S. Government support of American International Group and Citigroup, the sale of Wachovia to Wells Fargo, reports of credit and liquidity issues involving certain money market mutual funds, and emergency measures by the U.S. and foreign governments banning short-selling. Both domestic and foreign equity markets have been experiencing increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected, and it is uncertain whether or for how long these conditions will continue.

In addition to the unprecedented volatility in financial markets, the reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. This reduced liquidity may result in less money being available to purchase raw materials, goods and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their stock prices. These events and possible continuing market volatility may have an adverse effect on the funds.

Equity securities risk

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition, and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies in which the fund is invested declines, or if overall market and economic conditions deteriorate. Even a fund that invests in high-quality or “blue chip” equity securities, or securities of established companies with large market capitalizations (which generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

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Value investing risk. Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling at prices below what a subadviser believes to be their fundamental value and not necessarily because the issuing companies are expected to experience significant earnings growth. The funds bear the risk that the companies that issued these securities may not overcome the adverse business developments or other factors causing their securities to be perceived by the subadvisers to be underpriced or that the market may never come to recognize their fundamental value. A value stock may not increase in price, as anticipated by the subadviser investing in such securities, if other investors fail to recognize the company’s value and bid up the price or invest in markets favoring faster growing companies. A fund’s strategy of investing in value stocks also carries the risk that in certain markets value stocks will underperform growth stocks.

Growth investing risk. Certain equity securities (generally referred to as growth securities) are purchased primarily because a subadviser believes that these securities will experience relatively rapid earnings growth. Growth securities typically trade at higher multiples of current earnings than other securities. Growth securities are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, growth stock prices typically fall.

Exchange traded funds (ETFs) risk

These are a type of investment company bought and sold on a securities exchange. An ETF represents a fixed portfolio of securities designed to track a particular market index. A fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees which increase their costs.

Fixed-income securities risk

Fixed-income securities are generally subject to two principal types of risks: (a) interest-rate risk and (b) credit quality risk.

Interest-rate risk. Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of the fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.

Credit quality risk. Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. Funds that may invest in lower-rated fixed-income securities, commonly referred to as “junk” securities, are riskier than funds that may invest in higher-rated fixed-income securities. Additional information on the risks of investing in investment-grade fixed-income securities in the lowest-rating category and lower-rated fixed-income securities is set forth under “Fixed-income securities risk” in the prospectus.

Investment-grade fixed-income securities in the lowest-rating category risk. Investment-grade fixed-income securities in the lowest-rating category (rated “Baa” by Moody’s or “BBB” by S&P and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher-rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

Lower-rated fixed-income securities risk and high-yield securities risk. Lower-rated fixed-income securities are defined as securities rated below investment grade (rated “Ba” and below by Moody’s, and “BB” and below by S&P) (also called junk bonds). The general risks of investing in these securities are as follows:


	•	Risk to principal and income. Investing in lower-rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher-rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt.
	•	Price volatility. The price of lower-rated fixed-income securities may be more volatile than securities in the higher-rating categories. This volatility may increase during periods of economic uncertainty or change. The price of these securities is affected more than higher-rated fixed-income securities by the market’s perception of their credit quality, especially during times of adverse publicity. In the past, economic downturns or an increase in interest rates have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates have an even greater affect on highly leveraged issuers of these securities.
	•	Liquidity. The market for lower-rated fixed-income securities may have more limited trading than the market for investment-grade fixed-income securities. Therefore, it may be more difficult to sell these securities, and these securities may have to be sold at prices below their market value in order to meet redemption requests or to respond to changes in market conditions.

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	•	Dependence on subadviser’s own credit analysis. While a subadviser may rely on ratings by established credit-rating agencies, it will also supplement such ratings with its own independent review of the credit quality of the issuer. Therefore, the assessment of the credit risk of lower-rated fixed-income securities is more dependent on the subadviser’s evaluation than the assessment of the credit risk of higher-rated securities.

Additional risks regarding lower-rated corporate fixed-income securities. Lower-rated corporate debt securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated corporate fixed-income securities. Issuers of lower-rated corporate debt securities may also be highly leveraged, increasing the risk that principal and income will not be repaid.

Additional risks regarding lower-rated foreign government fixed-income securities. Lower-rated foreign government fixed-income securities are subject to the risks of investing in foreign countries described under “Foreign securities risk.” In addition, the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political conditions within the country. Emerging-market countries may experience high inflation, interest rates and unemployment, as well as exchange rate trade difficulties and political uncertainty or instability. These factors increase the risk that a foreign government will not make payments when due.

Prepayment of principal. Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves.

Foreign securities risk

Funds that invest in securities traded principally in securities markets outside the United States are subject to additional and more varied risks, as the value of foreign securities may change more rapidly and extremely than the value of U.S. securities. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities may not be subject to the same degree of regulation as U.S. issuers. Reporting, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. There are generally higher commission rates on foreign portfolio transactions, transfer taxes, higher custodial costs and the possibility that foreign taxes will be charged on dividends and interest payable on foreign securities. Also, for lesser developed countries, nationalization, expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency from a country), political changes or diplomatic developments could adversely affect a fund’s investments. In the event of nationalization, expropriation or other confiscation, a fund could lose its entire investment in a foreign security. All funds that invest in foreign securities are subject to these risks. Some of the foreign risks are also applicable to funds that invest a material portion of their assets in securities of foreign issuers traded in the U.S.

Emerging markets risk. Funds that invest a significant portion of their assets in the securities of issuers based in countries with “emerging market” economies are subject to greater levels of foreign investment risk than funds investing primarily in more developed foreign markets, since emerging market securities may present market, credit, currency, liquidity, legal, political and other risks greater than, or in addition to, risks of investing in developed foreign countries. These risks include: high currency exchange rate fluctuations; increased risk of default (including both government and private issuers); greater social, economic, and political uncertainty and instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on a fund’s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging market countries; the fact that companies in emerging market countries may be newly organized and may be smaller and less seasoned; the difference in, or lack of, auditing and financial reporting standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments in foreign jurisdictions; and significantly smaller market capitalizations of emerging market issuers.

Currency risk. Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Currency risk includes both the risk that currencies in which a fund’s investments are traded, or currencies in which a fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, and intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund’s currency exposure being substantially different than that suggested by its securities

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investments. All funds with foreign currency holdings and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards and swaps) may also involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund’s portfolio losses and reduce opportunities for gain when interest rates, stock prices or currency rates are changing.

Hedging, derivatives and other strategic transactions risk

The ability of a fund to utilize derivatives, hedging and other strategic transactions successfully will depend in part on its subadviser’s ability to predict pertinent market movements and market risk, counterparty risk, credit risk, interest risk and other risk factors, none of which can be assured. The skills required to successfully utilize hedging and other strategic transactions are different from those needed to select a fund’s securities. Even if the subadviser only uses hedging and other strategic transactions in a fund primarily for hedging purposes or to gain exposure to a particular securities market, if the transaction is not successful, it could result in a significant loss to a fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can exceed a fund’s initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform as promised.

A fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates or indexes. Examples of derivative instruments include options contracts, futures contracts, options on futures contracts and swap agreements (including, but not limited to, credit default swaps and swaps on exchange traded funds). Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. A fund may use derivatives for many purposes, including for hedging, and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to adjust efficiently the exposure of a fund to various securities, markets and currencies without a fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a fund uses derivatives for leverage, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit leverage risk, a fund may segregate assets determined to be liquid or, as permitted by applicable regulation, enter into certain offsetting positions to cover its obligations under derivative instruments. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities and other more traditional assets. In particular, the use of derivative instruments exposes a fund to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction, although either party may engage in an offsetting transaction that puts that party in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party’s consent to assign the transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, a fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While a subadviser intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market conditions. To the extent a fund contracts with a limited number of counterparties, the fund’s risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives also are subject to a number of other risks, including market risk and liquidity risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates or indexes they are designed to hedge or closely track. Suitable derivative transactions may not be available in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a subadviser may determine not to use derivatives to hedge or otherwise reduce risk exposure.

A detailed discussion of various hedging and other strategic transactions appears in the SAI. To the extent the fund utilizes hedging and other strategic transactions, it will be subject to the same risks.

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High portfolio turnover risk

A high fund portfolio turnover rate (over 100%) generally involves correspondingly greater brokerage commission expenses, which must be borne directly by a fund. The portfolio turnover rate of a fund may vary from year to year, as well as within a year.

Hybrid instrument risk

The risks of investing in Hybrid Instruments are a combination of the risks of investing in securities, options, futures and currencies. Therefore, an investment in a Hybrid Instrument may include significant risks not associated with a similar investment in a traditional debt instrument. The risks of a particular Hybrid Instrument will depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the benchmark for the Hybrid Instrument or the prices of underlying assets to which the instrument is linked. These risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the Hybrid Instrument and that may not be readily foreseen by the purchaser. Such factors include economic and political events, the supply and demand for the underlying assets, and interest rate movements. In recent years, various benchmarks and prices for underlying assets have been highly volatile, and such volatility may be expected in the future. Hybrid Instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Hybrid Instruments may also carry liquidity risk since the instruments are often “customized” to meet the needs of a particular investor. Therefore, the number of investors that would be willing and able to buy such instruments in the secondary market may be smaller than for more traditional debt securities.

Index management risk

Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadviser may select securities that are not fully representative of the index, and the fund’s transaction expenses, and the size and timing of its cash flows, may result in the fund’s performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

Industry or sector investing risk

When a fund’s investments are concentrated in a particular industry or sector of the economy, they are not as diversified as the investments of most mutual funds and are far less diversified than the broad securities markets. This means that concentrated funds tend to be more volatile than other mutual funds, and the values of their investments tend to go up and down more rapidly. In addition, a fund which invests in a particular industry or sector is particularly susceptible to the impact of market, economic, regulatory and other factors affecting that industry or sector.

Banking Risk. Commercial banks (including “money center” regional and community banks), savings and loan associations and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy) and significant competition. The profitability of these businesses is to a significant degree dependent upon the availability and cost of capital funds. Banks, thrifts and their holding companies are especially subject to the adverse effects of economic recession. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and, in many instances, state regulation. Neither such extensive regulation nor the federal insurance of deposits ensures the solvency or profitability of companies in this industry, and there is no assurance against losses in securities issued by such companies.

Financial Services Industry Risk. A fund investing principally in securities of companies in the financial services industry is particularly vulnerable to events affecting that industry. Companies in the financial services industry include commercial and industrial banks, savings and loan associations and their holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, leasing companies and insurance companies.

These companies compete with banks and thrifts to provide traditional financial service products, in addition to their traditional services, such as brokerage and investment advice. In addition, all financial service companies face shrinking profit margins due to new competitors, the cost of new technology and the pressure to compete globally.

Insurance companies are engaged in underwriting, selling, distributing or placing of property and casualty, life or health insurance. Insurance company profits are affected by many factors, including interest rate movements, the imposition of premium rate caps, competition and pressure to compete globally. Property and casualty insurance profits may also be affected by weather catastrophes and other disasters. Life and health insurance profits may be affected by mortality rates. Already extensively regulated, insurance companies’ profits may also be adversely affected by increased government regulations or tax law changes.

Health Sciences Risk. Companies in this sector are subject to the additional risks of increased competition within the health care industry, changes in legislation or government regulations, reductions in government funding, the uncertainty of governmental approval of a particular product, product liability or other litigation, patent expirations and the obsolescence of popular products.

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The prices of the securities of health sciences companies may fluctuate widely due to government regulation and approval of their products and services, which may have a significant effect on their price and availability. In addition, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial and may have a significant impact on a company’s market value or share price.

Insurance Risk. Insurance companies are particularly subject to government regulation and rate setting, potential anti-trust and tax law changes, and industry-wide pricing and competition cycles. Property and casualty insurance companies may also be affected by weather and other catastrophes. Life and health insurance companies may be affected by mortality and morbidity rates, including the effects of epidemics. Individual insurance companies may be exposed to reserve inadequacies, problems in investment portfolios (for example, due to real estate or “junk” bond holdings) and failures of reinsurance carriers.

Other Financial Services Companies Risk. Many of the investment considerations discussed in connection with banks and insurance also apply to financial services companies. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the availability and cost of capital and prevailing interest rates and significant competition. General economic conditions significantly affect these companies. Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this industry. Investment banking, securities brokerage and investment advisory companies are particularly subject to government regulation and the risks inherent in securities trading and underwriting activities.

Telecommunications Risk. Companies in the telecommunications sector are subject to the additional risks of rapid obsolescence, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environment, and a dependency on patent and copyright protection. The prices of the securities of companies in the telecommunications sector may fluctuate widely due to both federal and state regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges in the U.S. from foreign competitors engaged in strategic joint ventures with U.S. companies, and in foreign markets from both U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of telecommunications companies in their primary markets.

Technology Related Risk. A fund investing in technology companies, including companies engaged in Internet-related activities, is subject to the risk of short product cycles and rapid obsolescence of products and services and competition from new and existing companies. The realization of any one of these risks may result in significant earnings loss and price volatility. Some technology companies also have limited operating histories and are subject to the risks of a small or unseasoned company described under “Medium and smaller company risk.”

Utilities Risk. Issuers in the utilities sector are subject to many risks, including the following: increases in fuel and other operating costs; restrictions on operations, increased costs and delays as a result of environmental and safety regulations; coping with the impact of energy conservation and other factors reducing the demand for services; technological innovations that may render existing plants, equipment or products obsolete; the potential impact of natural or man-made disasters; difficulty in obtaining adequate returns on invested capital; difficulty in obtaining approval of rate increases; the high cost of obtaining financing, particularly during periods of inflation; increased competitions resulting from deregulation, overcapacity, and pricing pressures; and the negative impact of regulation. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their securities may react similarly and more in unison to these or other market conditions.

Initial public offerings (IPOs) risk

Certain funds may invest a portion of their assets in shares of IPOs. IPOs may have a magnified impact on the performance of a fund with a small asset base. The impact of IPOs on a fund’s performance likely will decrease as the fund’s asset size increases, which could reduce the fund’s returns. IPOs may not be consistently available to a fund for investing, particularly as the fund’s asset base grows. IPO shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading and limited information about the issuer. Therefore, a fund may hold IPO shares for a very short period of time. This may increase the turnover of a fund and may lead to increased expenses for a fund, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

Issuer risk

An issuer of a security purchased by a fund may perform poorly and, therefore, the value of its stocks and bonds may decline and the issuer may default on its obligations. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors.

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Liquidity risk

A fund is exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair the fund’s ability to sell particular securities or close derivative positions at an advantageous price. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds which invest in emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

Loan participations risk

A fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by a fund to receive scheduled interest or principal payments on a loan or a loan participation, because of a default, bankruptcy or any other reason, would adversely affect the income of the fund and would likely reduce the value of its assets. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. Even with secured loans, there is no assurance that the collateral securing the loan will be sufficient to protect a fund against losses in value or a decline in income in the event of a borrower’s non-payment of principal or interest, and in the event of a bankruptcy of a borrower, the fund could experience delays or limitations in its ability to realize the benefits of any collateral securing the loan. Furthermore, the value of any such collateral may decline and may be difficult to liquidate. Because a significant percent of loans and loan participations are not generally rated by independent credit rating agencies, a decision by a fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, and in the case of a loan participation, the intermediary. A fund may have limited rights to enforce the terms of an underlying loan.

Lower rated fixed income securities risk

Lower rated fixed income securities and high yield fixed-income securities (commonly known as “junk bonds”) are subject to the same risks as other fixed income securities but have greater credit quality risk and may be considered speculative. In addition, lower-rated corporate debt securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated corporate fixed-income securities. Issuers of lower-rated corporate debt securities may also be highly leveraged, increasing the risk that principal and income will not be repaid. Lower-rated foreign government fixed-income securities are subject to the risks of investing in foreign countries described under “Foreign securities risk.” In addition, the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political conditions within the country. Emerging-market countries may experience high inflation, interest rates and unemployment, as well as exchange rate trade difficulties and political uncertainty or instability. These factors increase the risk that a foreign government will not make payments when due.

Medium and smaller company risk

Market risk and liquidity risk may be pronounced for securities of companies with medium-sized market capitalizations and are particularly pronounced for securities of companies with smaller market capitalizations. These companies may have limited product lines, markets, or financial resources or they may depend on a few key employees. The securities of companies with medium and smaller market capitalizations may trade less frequently and in lesser volume than more widely held securities, and their value may fluctuate more sharply than those securities. They may also trade in the over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Investments in less seasoned companies with medium and smaller market capitalizations may present greater opportunities for growth and capital appreciation, but also involve greater risks than customarily are associated with more established companies with larger market capitalizations. These risks apply to all funds that invest in the securities of companies with smaller market capitalizations, each of which primarily makes investments in companies with smaller- or medium-sized market capitalizations.

Mortgage-backed and asset-backed securities risk

Mortgage-backed securities. Mortgage-backed securities represent participating interests in pools of residential mortgage loans, which are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments, and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by the fund and not the purchase of shares of the fund.

Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks, and savings and loan associations. Such securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments which are, in effect, a “pass-through” of the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed security will mature when all the mortgages in the

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pool mature or are prepaid. Therefore, mortgage-backed securities do not have a fixed maturity, and their expected maturities may vary when interest rates rise or fall.

When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on the fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower interest rate. Because prepayments increase when interest rates fall, the prices of mortgaged-backed securities do not increase as much as other fixed-income securities when interest rates fall.

When interest rates rise, homeowners are less likely to prepay their mortgages loans. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise.

The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying property, or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic, demographic and social factors and, accordingly, it is not possible to accurately predict the average life of a particular pool. The actual prepayment experience of a pool of mortgage loans may cause the yield realized by the fund to differ from the yield calculated on the basis of the average life of the pool. In addition, if the fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment, which may result in a loss to the fund.

Prepayments tend to increase during periods of falling interest rates, while during periods of rising interest rates, prepayments are likely to decline. Monthly interest payments received by a fund have a compounding effect, which will increase the yield to shareholders as compared to debt obligations that pay interest semiannually. Because of the reinvestment of prepayments of principal at current rates, mortgage-backed securities may be less effective than Treasury bonds of similar maturity at maintaining yields during periods of declining interest rates. Also, although the value of debt securities may increase as interest rates decline, the value of these pass-through type of securities may not increase as much, due to their prepayment feature.

Collateralized mortgage obligations. A fund may invest in mortgage-backed securities called collateralized mortgage obligations (CMOs). CMOs are issued in separate classes with different stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in classes with shorter maturities first. By investing in CMOs, a fund may manage the prepayment risk of mortgage-backed securities. However, prepayments may cause the actual maturity of a CMO to be substantially shorter than its stated maturity.

Asset-backed securities. Asset-backed securities include interests in pools of debt securities, commercial or consumer loans, or other receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the pool and its structure, the credit quality of the underlying assets, the market’s perception of the servicer of the pool, and any credit enhancement provided. In addition, asset-backed securities have prepayment risks similar to mortgage-backed securities.

Non-diversified risk

Overall risk can be reduced by investing in securities from a diversified pool of issuers, while overall risk is increased by investing in securities of a small number of issuers. Certain funds are not “diversified” within the meaning of 1940 Act. This means they are allowed to invest in the securities of a relatively small number of issuers, which may result in greater susceptibility to associated risks. As a result, credit, market and other risks associated with a fund’s investment strategies or techniques may be more pronounced for these funds than for funds that are “diversified.”

Real estate securities risk

Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate. These risks include:


	•	Declines in the value of real estate;
	•	Risks related to general and local economic conditions;
	•	Possible lack of availability of mortgage funds;
	•	Overbuilding;
	•	Extended vacancies of properties;
	•	Increased competition;
	•	Increases in property taxes and operating expenses;
	•	Changes in zoning laws;
	•	Losses due to costs resulting from the clean-up of environmental problems;
	•	Liability to third parties for damages resulting from environmental problems;
	•	Casualty or condemnation losses;
	•	Limitations on rents;

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	•	Changes in neighborhood values and the appeal of properties to tenants; and
	•	Changes in interest rates.

Therefore, for a fund investing a substantial amount of its assets in securities of companies in the real estate industry, the value of the fund’s shares may change at different rates compared to the value of shares of a fund with investments in a mix of different industries.

Securities of companies in the real estate industry include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the REITS, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax free pass-through of income under the Code, as amended, or to maintain their exemptions form registration under the 1940 Act. The above factors may also adversely affect a borrower’s or a lessee’s ability to meet its obligations to a REIT. In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

In addition, even the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements, than securities of larger issuers.

Short sales risk

Certain funds may make short sales of securities. This means a fund may sell a security that it does not own in anticipation of a decline in the market value of the security. A fund generally borrows the security to deliver to the buyer in a short sale. The fund must then buy the security at its market price when the borrowed security must be returned to the lender. Short sales involve costs and risk. The fund must pay the lender interest on the security it borrows, and the fund will lose money if the price of the security increases between the time of the short sale and the date when the fund replaces the borrowed security. A fund may also make short sales “against the box.” In a short sale against the box, at the time of sale, the fund owns or has the right to acquire the identical security, or one equivalent in kind or amount, at no additional cost.

Until a fund closes its short position or replaces a borrowed security, a fund will (i) segregate with its custodian cash or other liquid assets at such a level that the amount segregated plus the amount deposited with the lender as collateral will equal the current market value of the security sold short or (ii) otherwise cover its short position.

ADDITIONAL INFORMATION ABOUT THE FUNDS’
PRINCIPAL INVESTMENT POLICIES (INCLUDING EACH FUND OF FUND)

Subject to certain restrictions and except as noted below, a fund may use the following investment strategies and purchase the following types of securities.

Foreign Repurchase Agreements

A fund may enter into foreign repurchase agreements. Foreign repurchase agreements may be less well secured than U.S. repurchase agreements, and may be denominated in foreign currencies. They also may involve greater risk of loss if the counterparty defaults. Some counterparties in these transactions may be less creditworthy than those in U.S. markets.

Illiquid Securities

A fund is precluded from investing in excess of 15% of its net assets (or 10% in the case of the Money Market Fund) in securities that are not readily marketable. Investment in illiquid securities involves the risk that, because of the lack of consistent market demand for such securities, a fund may be forced to sell them at a discount from the last offer price.

Indexed/Structured Securities

Funds may invest in indexed/structured securities. These securities are typically short- to intermediate-term debt securities whose value at maturity or interest rate is linked to currencies, interest rates, equity securities, indices, commodity prices or other financial indicators. Such securities may be positively or negatively indexed (i.e., their value may increase or decrease if the reference index or instrument appreciates). Indexed/structured securities may have return characteristics similar to direct investments in the underlying instruments. A fund bears the market risk of an investment in the underlying instruments, as well as the credit risk of the issuer.

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Lending of Fund Securities

A fund may lend its securities so long as such loans do not represent more than 331/3% of the fund’s total assets. As collateral for the loaned securities, the borrower gives the lending portfolio collateral equal to at least 100% of the value of the loaned securities. The collateral may consist of cash, cash equivalents or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The borrower must also agree to increase the collateral if the value of the loaned securities increases. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially.

Loan Participations

The funds may invest in fixed-and floating-rate loans, which investments generally will be in the form of loan participations and assignments of such loans. Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. If a fund purchases a participation, it may only be able to enforce its rights through the lender and may assume the credit risk of the lender in addition to the borrower.

Mortgage Dollar Rolls

The funds may enter into mortgage dollar rolls. Under a mortgage dollar roll, a fund sells mortgage-backed securities for delivery in the future (generally within 30 days) and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date.

At the time a fund enters into a mortgage dollar roll, it will maintain on its records liquid assets such as cash or U.S. government securities equal in value to its obligations in respect of dollar rolls, and accordingly, such dollar rolls will not be considered borrowings.

The funds may only enter into covered rolls. A “covered roll” is a specific type of dollar roll for which there is an offsetting cash or cash equivalent security position that matures on or before the forward settlement date of the dollar roll transaction. Dollar roll transactions involve the risk that the market value of the securities sold by the funds may decline below the repurchase price of those securities. While a mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations in a fund’s NAV per share, the funds will cover the transaction as described above.

Repurchase Agreements

The funds may enter into repurchase agreements. Repurchase agreements involve the acquisition by a fund of debt securities subject to an agreement to resell them at an agreed-upon price. The arrangement is in economic effect a loan collateralized by securities. The fund’s risk in a repurchase transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible delays and expense in liquidating the instrument. Securities subject to repurchase agreements will be valued every business day and additional collateral will be requested if necessary so that the value of the collateral is at least equal to the value of the repurchased obligation, including the interest accrued thereon. Repurchases agreements maturing in more than seven days are deemed to be illiquid.

Reverse Repurchase Agreements

The funds may enter into “reverse” repurchase agreements. Under a reverse repurchase agreement, a fund may sell a debt security and agree to repurchase it at an agreed upon time and at an agreed upon price. The funds will maintain liquid assets such as cash, Treasury bills or other U.S. government securities having an aggregate value equal to the amount of such commitment to repurchase including accrued interest, until payment is made. While a reverse repurchase agreement may be considered a form of leveraging and may, therefore, increase fluctuations in a fund’s NAV per share, the funds will cover the transaction as described above.

U.S. Government Securities

The funds may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the full faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage Association. Securities that are only supported by the credit of the issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie Mac. See “Credit and counterparty risk” for additional information on Fannie Mae and Freddie Mac securities.

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Warrants

The funds may, subject to certain restrictions, purchase warrants, including warrants traded independently of the underlying securities. Warrants are rights to purchase securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. Warrants cease to have value if not exercised prior to their expiration dates.

When-Issued/Delayed-Delivery/Forward Commitment Securities

A fund may purchase or sell debt or equity securities on a “when-issued,” delayed-delivery or “forward commitment” basis. These terms mean that the fund will purchase or sell securities at a future date beyond customary settlement (typically trade date plus 30 days or longer) at a stated price and/or yield. At the time delivery is made, the value of when-issued, delayed-delivery or forward commitment securities may be more or less than the transaction price, and the yields then available in the market may be higher or lower than those obtained in the transaction.

These investment strategies and securities are described further in the SAI.

ADDITIONAL INFORMATION ABOUT EACH JHT FEEDER FUND’S AND EACH
AMERICAN FUNDS MASTER FUND’S INVESTMENTS

Master-Feeder Structure

Each of the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust (the “JHT Feeder Funds”), operates as a “feeder fund.” A “feeder fund” is a fund that does not buy investment securities directly; instead, each invests in a “master fund” which in turn purchases investment securities. Each JHT Feeder Fund has the same investment objective and limitations as its master fund. Each master fund is a series of American Funds Insurance Series (“American Funds Master Funds”). Each JHT Feeder Fund’s master fund is listed below:


JHT Feeder Fund		American Funds Master Fund
American Asset Allocation Trust		Asset Allocation Fund (Class 1 shares)
American Blue Chip Income and Growth Trust		Blue Chip Income and Growth Fund (Class 1 shares)
American Bond Trust		Bond Fund (Class 1 shares)
American Global Growth Trust		Global Growth Fund (Class 1 shares)
American Global Small Capitalization Trust		Global Small Capitalization Fund (Class 1 shares)
American Growth Trust		Growth Fund (Class 1 shares)
American Growth-Income Trust		Growth-Income Fund (Class 1 shares)
American High-Income Bond Trust		High-Income Bond Fund (Class 1 shares)
American International Trust		International Fund (Class 1 shares)
American New World Trust		New World Fund (Class 1 shares)

Each master fund may have other shareholders, each of which will pay its proportionate share of the master fund’s expenses. A large shareholder of a master fund could have more voting power than a JHT feeder fund on matters of a master fund submitted to shareholder vote. In addition, a large redemption by another shareholder of the master fund may increase the proportionate share of the costs of the master fund borne by the remaining shareholders of the master fund, including JHT Feeder Fund.

Each JHT Feeder Fund has the right to withdraw its entire investment from its corresponding master fund without shareholder approval if the Board determines that it is in the best interest of the JHT Feeder Fund and its shareholders to do so. At the time of such withdrawal, the Board would have to consider what action should be taken with respect to the JHT Feeder fund which may include: (a) investing all of the assets of the JHT Feeder Fund in another master fund; (b) electing to have another adviser manage the assets directly (either as an adviser to the JHT Feeder Fund or as a subadviser to the JHT Feeder Fund with John Hancock Investment Management Services, LLC as the adviser); or (c) taking other appropriate action. A withdrawal by a JHT Feeder Fund of its investment in the corresponding master fund could result in a distribution in kind of portfolio securities (as opposed to a cash distribution) to the JHT Feeder Fund. Should such a distribution occur, the JHT Feeder Fund could incur brokerage fees or other transaction costs in converting such securities to cash in order to pay redemptions. In addition, a distribution in kind to a JHT Feeder Fund could result in a less diversified portfolio of investments and could affect adversely the liquidity of the JHT Feeder Fund.

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Because each JHT Feeder Fund invests substantially all of its assets in a master fund, the JHT Feeder Fund will bear the fees and expenses of both the JHT Feeder Fund and the master fund. Therefore, JHT Feeder Fund fees and expenses may be higher than those of a fund that invests directly in securities.

The prospectus for the master fund is delivered together with this Prospectus.

Additional Investment Policies

Additional investment policies of the master funds are set forth in the statement of additional information of the master fund which is available upon request.

Advisory Arrangements

Because the JHT Feeder Funds invest solely in corresponding master funds, they do not have an investment adviser. See the master funds’ prospectus for a description of the master funds’ advisory arrangements.

Capital Research and Management Company (“CRMC”), an experienced investment management organization founded in 1931, serves as investment adviser to each American Funds Master Fund and to other mutual funds, including the American Funds. CRMC, a wholly owned subsidiary of The Capital Group Companies, Inc., is headquartered at 333 South Hope Street, Los Angeles, California 90071. CRMC manages the investment portfolio and business affairs of each American Funds Master Fund.

MANAGEMENT

Trustees

JHT is managed under the direction of its Trustees. The Board oversees the business activities of the funds and retains the services of the various firms that carry out the operations of the funds. The Board may change the investment objective and strategy of a fund without shareholder approval.

Investment Management

John Hancock Investment Management Services, LLC (the “Adviser”) is the investment adviser to JHT and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser is a Delaware limited liability company with its principal offices located at 601 Congress Street, Boston, Massachusetts 02210. Its ultimate controlling parent is Manulife Financial Corporation (“MFC”), a publicly traded company based in Toronto, Canada. MFC and its subsidiaries operate as “Manulife Financial” in Canada and Asia and principally as “John Hancock” in the United States.

The Adviser administers the business and affairs of JHT and, except in the case of the funds noted below, selects, contracts with and compensates subadvisers to manage the assets of most of the funds. The Adviser (i) monitors the compliance of the subadvisers with the investment objectives and related policies of the funds, (ii) reviews the performance of the subadvisers and (iii) reports periodically on such performance to the Board subject to Board approval, the Adviser may elect to directly manage fund assets directly and currently manages the assets of certain funds. As compensation for its services, the Adviser receives a fee from JHT computed separately for each fund. Appendix A to this Prospectus is a schedule of the management fees each fund currently is obligated to pay the Adviser.

Subject to the supervision of the Adviser and the Board, the subadvisers manage the assets of the funds. Each subadviser formulates an investment program for each fund it subadvises, consistent with the fund’s investment goal and strategy, and regularly reports to the Adviser and the Board with respect to such program. The subadvisers are compensated by the Adviser and not by the funds.

An SEC order permits the Adviser to appoint a subadviser or change the terms of a subadvisory agreement (including subadvisory fees) without the expense and delays associated with obtaining shareholder approval. This order does not, however, permit the Adviser to appoint a subadviser that is an affiliate of the Adviser or JHT without obtaining shareholder approval.

A discussion regarding the basis for the Board’s approval of the advisory and subadvisory agreements for the funds is available in the funds’ annual report to shareholders for the period ended December 31.

For information on the advisory fee for the master fund for each of the JHT Feeder Funds, please refer to the master fund prospectus (the American Funds Insurance Series prospectus) which accompanies this Prospectus.

The Adviser has contractually agreed to waive its management fee or reimburse expenses (the Reimbursement) for certain participating funds of the Trust and John Hancock Funds II. The Reimbursement will equal, on an annualized basis, 0.01% of that portion of the aggregate net assets of all the participating funds that exceeds $85 billion. The amount of the Reimbursement will be calculated daily and allocated among all the participating funds in proportion to the daily net assets of each such fund. The

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Reimbursement may be terminated or modified at any time by the Adviser with the approval of the Trust’s Board of Trustees (the Board).

Expense Recapture (applicable to all funds)

The Adviser may recapture operating expenses reimbursed or fees waived under previous expense limitation or waiver arrangements and made subsequent to January 1, 2009, for a period of three years following the beginning of the month in which such reimbursement or waivers occurred.

Direct Management of Funds by the Adviser

The Adviser directly manages the assets of the following funds:

Franklin Templeton Founding Allocation Trust

Core Allocation Trust

Core Balanced Trust

Core Disciplined Diversification Trust

The following persons are portfolio managers for these funds:

Bruce Speca


	•	Portfolio manager of the funds since 2010

	•	Chief Investment Officer and Executive Vice President, the Adviser

	•	Vice President and Portfolio Manager, MFC Global (U.S.A.)

	•	Joined the Adviser in 2003 and MFC Global (U.S.A.) in 2009

Bob Boyda


	•	Portfolio manager of the funds since 2010

	•	Senior Vice President, the Adviser

	•	Vice President and Portfolio Manager, MFC Global (U.S.A.)

	•	Joined the Adviser in 1997 and MFC Global (U.S.A.) in 2009

Steve Medina


	•	Portfolio manager of the funds since 2010

	•	Senior Vice President, the Adviser

	•	Vice President and Portfolio Manager, MFC Global (U.S.A.)

	•	Joined the Adviser in 1998 and MFC Global (U.S.A.) in 2009

For more information about the portfolio managers, including information about their compensation, other accounts they manage and any investments they may have in the funds, see the SAI.

Subadvisers and Portfolio Managers

Set forth below, in alphabetical order by subadviser, is additional information about the subadvisers and the fund portfolio managers. The SAI includes additional details about the portfolio managers, including information about their compensation, accounts they manage other than the funds and their ownership of fund securities.

Capital Research Management Company (“CRMC”)

CRMC is located at 333 South Hope Street, Los Angeles, California 90071. CRMC is a wholly-owned subsidiary of The Capital Group Companies, Inc. which itself is a wholly-owned subsidiary of The Capital Group Companies, Inc. CRMC has been providing investment management services since 1931.

CRMC manages equity assets through two investment divisions, Capital World Investors and Capital Research Global Investors, and manages fixed-income assets through its Fixed Income division. Capital World Investors and Capital Research Global Investors make investment decisions on an independent basis.

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CRMC uses a system of multiple portfolio counselors in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual counselors. Counselors decide how their respective segments will be invested, within the limits provided by a fund’s objective(s) and policies and by CRMC’s investment committee. In addition, CRMC’s investment analysts make investment decisions with respect to a portion of a fund’s portfolio.

The primary individual portfolio counselors for each of the master funds are:


	Primary Title with Investment
Portfolio Counselor	Adviser (or Affiliate)
for the Series/Title	and Investment Experience	Portfolio Counselor’s Role in
(If Applicable)	During Past Five Years	Management of the Fund(s)

James K. Dunton Vice Chairman of the Board	Senior Vice President — Capital Research Global Investors Investment professional for 48 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Growth-Income Trust and Blue Chip Income and Growth Trust
Donald D. O’Neal President and Trustee	Senior Vice President — Capital Research Global Investors Investment professional for 48 years in total, all with CRMC or affiliate	Serves as an equity portfolio counselor for Growth-Income Trust
Alan N. Berro Senior Vice President	Senior Vice President — Capital World Investors Investment professional for 24 years in total; 19 years with CRMC or affiliate	Serves as an equity portfolio counselor for Asset Allocation Trust
Abner D. Goldstine Senior Vice President	Senior Vice President — Fixed Income, CRMC Investment professional for 58 years in total; 43 years with CRMC or affiliate	Serves as a fixed-income portfolio counselor for High-Income Bond Trust
Carl M. Kawaja Vice President	Senior Vice President — Capital World Investors Investment professional for 22 years in total; 19 years with CRMC or affiliate	Serves as an equity portfolio counselor for New World Trust
Sung Lee Vice President	Senior Vice President — Capital Research Global Investors Investment professional for 16 years, all with CRMC or affiliate	Serves as a non-equity portfolio counselor for International Trust
Robert W. Lovelace Vice President	Senior Vice President — Capital World Investors Investment professional for 25 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Global Growth Trust and New World Trust
C. Ross Sappenfield Senior Vice President	Senior Vice President — Capital Research Global Investors Investment professional for 18 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Growth-Income Trust and Blue Chip Income and Growth Trust

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	Primary Title with Investment
Portfolio Counselor	Adviser (or Affiliate)
for the Series/Title	and Investment Experience	Portfolio Counselor’s Role in
(If Applicable)	During Past Five Years	Management of the Fund(s)

David C. Barclay	Senior Vice President — Fixed Income, CRMC Investment professional for 29 years in total; 22 years with Capital Research and Management Company or affiliate	Serves as a fixed-income portfolio counselor for High-Income Bond Trust, New World Trust and Bond Trust
Donnalisa Parks Barnum	Senior Vice President — Capital World Investors Investment professional for 29 years in total; 24 years with CRMC or affiliate	Serves as an equity portfolio counselor for Growth Trust
Christopher D. Buchbinder	Senior Vice President, Capital Research Global Investors Investment professional for 15 years all with CRMC or affiliate	Serves as an equity portfolio counselor for Blue Chip Income and Growth Trust
Gordon Crawford	Senior Vice President — Capital Research Global Investors Investment professional for 39 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Global Small Capitalization Trust
David A. Daigle	Senior Vice President — Fixed Income, CRMC Investment professional for 16 years, all with CRMC or affiliate	Serves as a fixed-income portfolio counselor for High-Income Bond Trust
Mark H. Dalzell	Senior Vice President — Fixed Income, CRMC Investment professional for 32 years in total; 22 years with CRMC or affiliate	Serves as a fixed-income portfolio counselor for Bond Trust
Mark E. Denning	Senior Vice President — Capital Research Global Investors Investment professional for 28 years, all with CRMC or affiliate	Serves as an equity portfolio counselor (primarily non-U.S.) for Global Small Capitalization Trust
J. Blair Frank	Senior Vice President — Capital Research Global Investors Investment professional for 17 years in total; 16 years with CRMC or affiliate	Serves as an equity portfolio counselor for Global Small Capitalization Trust and Growth-Income Trust
David A. Hoag	Senior Vice President — Fixed Income, CRMC Investment professional for 22 years in total; 19 years with CRMC or affiliate	Serves as a fixed-income portfolio counselor for Bond Trust

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	Primary Title with Investment
Portfolio Counselor	Adviser (or Affiliate)
for the Series/Title	and Investment Experience	Portfolio Counselor’s Role in
(If Applicable)	During Past Five Years	Management of the Fund(s)

Thomas H. Hogh	Senior Vice President — Fixed Income. CRMC Investment professional for 23 years in total; 20 years with CRMC or affiliate	Serves as a fixed-income portfolio counselor for Bond Trust
Claudia P. Huntington	Senior Vice President — Capital Research Global Investors Investment professional for 37 years in total; 35 years with CRMC or affiliate	Serves as an equity portfolio counselor for Growth-Income Trust
Gregg E. Ireland	Senior Vice President — Capital World Investors Investment professional for 38 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Growth Trust
Michael T. Kerr	Senior Vice President — Capital World Investors Investment professional for 27 years in total; 25 years with CRMC or affiliate	Serves as an equity portfolio counselor for Growth Trust
Gregory D. Johnson	Senior Vice President — Capital World Investors Investment professional for 17 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for Growth Trust
Harold H. La	Vice President – Capital Research Global Investors Investment professional for 12 years in total; 11 years with CRMC or affiliate	Serves as an equity portfolio counselor for Global Small Capitalization Trust
Jefferey T. Lager	Senior Vice President — Capital World Investors Investment professional for 15 years in total; 14 years with CRMC or affiliate	Serves as an equity portfolio counselor for Asset Allocation Trust
Marcus B. Linden	Senior Vice President — Fixed Income, Capital Research Company Investment professional for 15 years in total; 14 years with CRMC or affiliate	Serves as an equity portfolio counselor for High-Income Bond Trust
James B. Lovelace	Senior Vice President — Capital Research Global Investors. Investment professional for 28 years all with CRMC or affiliate	Serves as an equity portfolio counselor for Blue Chip Income and Growth Trust

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	Primary Title with Investment
Portfolio Counselor	Adviser (or Affiliate)
for the Series/Title	and Investment Experience	Portfolio Counselor’s Role in
(If Applicable)	During Past Five Years	Management of the Fund(s)

Jesper Lyckeus	Senior Vice President — Capital Research Global Investors Investment professional for 15 years in total; 14 years with CRMC or affiliate	Serves as a non-U.S. equity portfolio counselor for International Trust
Ronald B. Morrow	Senior Vice President — Capital World Investors Investment professional for 42 years in total; 13 years with CRMC or affiliate	Serves as an equity portfolio counselor for Growth Trust
James R. Mulally	Senior Vice President, Fixed-Income, CRMC Investment professional for 34 years in total; 30 years with CRMC or affiliate	Serves as a fixed-income portfolio counselor for Asset Allocation Trust and Bond Trust
Eugene P. Stein	Senior Vice President, Capital World Investors Investment professional for 39 years in total; 38 years with CRMC or affiliate	Serves as an equity portfolio counselor for Asset Allocation Trust
Christopher M. Thomsen	Senior Vice President, Capital Research Global Investors Investment professional for 13 years, all with CRMC or affiliate	Serves as an equity portfolio counselor for International Trust
Steven T. Watson	Senior Vice President — Capital World Investors Investment professional for 23 years in total; 20 years with CRMC or affiliate	Serves as an equity portfolio counselor for Global Growth Trust
Paul A. White	Senior Vice President — Capital World Investors Investment professional for 21 years in total; 11 years with CRMC	Serves as an equity portfolio counselor for Global Growth Trust
Dylan J. Yolles	Senior Vice President — Capital Research Global Investors Investment professional for 13 years in total; 10 years with CRMC or affiliate	Serves as an equity portfolio counselor for Growth-Income Trust

Additional information regarding the portfolio managers’ compensation, management of other accounts, and ownership of securities in The American Funds Insurance Series can be found in the SAI.

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Davis Selected Advisers, L.P. (“Davis”)

Davis was organized in 1969 and serves as the investment adviser for all of the Davis Funds, other mutual funds and other institutional clients. The sole general partner of Davis is Davis Investments, LLC, which is controlled by Christopher C. Davis. Davis is located at 2949 East Elvira Road, Suite 101, Tucson, Arizona 85756.


Fund		Portfolio Managers

Fundamental Value Trust		Christopher C. Davis
		Kenneth Charles Feinberg


	•	Christopher C. Davis. Chairman; a Director, President or Vice President of each of the Davis Funds; a portfolio manager with Davis since 1995.
	•	Kenneth Charles Feinberg. Co-Portfolio Manager; joined Davis in 1992; has co-managed other equity funds advised by Davis and also served as a research analyst.

Declaration Management & Research LLC (“Declaration”)

Declaration is a Delaware limited liability company located at 1800 Tysons Boulevard, Suite 200, McLean, Virginia 22102-4858. Declaration is an indirect wholly owned subsidiary of John Hancock Life Insurance Company (“JHLICO”). JHLICO is located at 200 Clarendon Street, Boston, Massachusetts 02117 and is an indirect wholly owned subsidiary of MFC based in Toronto, Canada. MFC is the holding company of The Manufacturers Life Insurance Company and its subsidiaries, collectively known as Manulife Financial.


Fund		Portfolio Managers

Total Bond Market Trust A		Peter Farley
		Joshua Kuhnert


	•	Peter Farley, CFA. Mr. Farley joined Declaration in 1996 and is a Senior Vice President. He manages Active Core portfolios, Corporate CDO products and oversees CMBS/CRE CDO Trading and Research. Mr. Farley is a member of Declaration’s Investment Committee.
	•	Joshua Kuhnert, CFA. Mr. Kuhnert joined Declaration in 2007 and is an Assistant Vice President. He manages Active Core and Index portfolios. Prior to 2007, Mr. Kuhnert was employed by ASB Capital Management, Commonwealth Advisors and Tricon Energy.

Dimensional Fund Advisors LP (“Dimensional”)

Dimensional was organized in 1981 as “Dimensional Fund Advisors, Inc.,” a Delaware corporation, and in 2006, it converted its legal name and organizational form to “Dimensional Fund Advisors LP,” a Delaware limited partnership. Dimensional is engaged in the business of providing investment management services. Dimensional is located at 6300 Bee Cave Road, Building One, Austin, Texas, 78746. Since its organization, Dimensional has provided investment management services primarily to institutional investors and mutual funds.

Dimensional uses a team approach. The investment team includes the Investment Committee of Dimensional, portfolio managers and trading personnel. The Investment Committee is composed primarily of certain officers and directors of Dimensional who are appointed annually. Investment strategies for funds managed by Dimensional are set by the Investment Committee, which meets on a regular basis and also as needed to consider investment issues. The Investment Committee also sets and reviews all investment related policies and procedures and approves any changes in regards to approved countries, security types and brokers.

In accordance with the team approach, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding fund management including running buy and sell programs based on the parameters established by the Investment Committee. Stephen A. Clark coordinates the efforts of all portfolio managers with respect to certain domestic equity, international equity and mixed allocation portfolios. Karen E. Umland, Joe H. Chi and Jes S. Fogdall coordinate the efforts of all portfolio

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managers with respect to international equity portfolios. For this reason, Dimensional has identified the following persons as primarily responsible for coordinating the day-to-day management of the funds as set forth below.


Fund		Portfolio Managers

International Small Company Trust		Karen E. Umland
		Stephen A. Clark
		Joseph H. Chi
		Jed S. Fogdall


	•	Stephen A. Clark. Senior Portfolio Manager and Vice President of Dimensional and chairman of the Investment Committee. Mr. Clark received his MBA from the University of Chicago and his BS from Bradley University. Mr. Clark joined Dimensional as a Portfolio Manager in 2001 and has been responsible for the portfolio management group since January 2006.
	•	Karen E. Umland. Senior Portfolio Manager and Vice President of Dimensional and a member of the Investment Committee. She received her BA from Yale University in 1988 and her MBA from the University of California at Los Angeles in 1993. Ms. Umland joined Dimensional in 1993 and has been a Portfolio Manager and responsible for the international equity portfolios since 1998.
	•	Joseph H. Chi. Portfolio Manager and Vice President of Dimensional. Mr. Chi has an MBA and BS from the University of California, Los Angeles and also a JD from the University of Southern California. Mr. Chi joined Dimensional as a Portfolio Manager in 2005 and has been responsible for the international equity portfolios since 2010.
	•	Jed S. Fogdall. Portfolio Manager and Vice President of Dimensional. Mr. Fogdall has an MBA from the University of California, Los Angeles and a BS from Purdue University. Mr. Fogdall joined Dimensional as a Portfolio Manager in 2004 and has been responsible for the international equity portfolios since 2010.

Franklin Mutual Advisers (“Franklin Mutual”)

Franklin Mutual is located at 101 John F. Kennedy Parkway, Short Hills, New Jersey 07078. Franklin Mutual is an indirect wholly owned subsidiary of Franklin Resources, Inc.


Fund		Portfolio Manager

Mutual Shares Trust		Peter Langerman
		F. David Segal, CFA
		Deborah A. Turner, CFA


	•	Peter Langerman is President, Chief Executive Officer of Franklin Mutual. Mr. Langerman rejoined Franklin Templeton Investments in 2005. He joined Franklin Templeton Investments in 1996, serving in various capacities, including President and Chief Executive Officer of Franklin Mutual before leaving in 2002 and serving as director of New Jersey’s Division of Investment, overseeing employee pension funds.
	•	F. David Segal. Prior to joining Franklin Templeton Investments in 2002, Mr. Segal was an analyst in the Structured Finance Group of MetLife for the period 1999-2002.
	•	Deborah A. Turner has been with Franklin Templeton Investments since 1996.

Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”)

GMO, with offices at 40 Rowes Wharf, Boston, Massachusetts 02110, is a private company founded in 1977 that provides investment advisory services to, among others, the GMO Funds. As of February 28, 2010, GMO managed on a worldwide basis approximately $103 billion for institutional investors such as pension plans, endowments and foundations.


Fund		Portfolio Managers

International Core Trust		Quantitative Equity Division

Quantitative Equity Division. Day-to-day management of the fund is the responsibility of the Division. The Division’s members work collaboratively to manage the fund, and no one person is primarily responsible for day-to-day management. The senior member of the Division responsible for managing the implementation and monitoring the overall portfolio management of the funds are:


	•	Dr. Thomas Hancock. Co-Director of the Division; joined GMO in 1995 and has been responsible for overseeing the portfolio management of GMO’s international developed market and global quantitative equity portfolios since 1998.
	•	Sam Wilderman, CFA. Co-Director of the Division: joined GMO in 1996 and has been responsible for overseeing the portfolio management of GMO’s U.S. quantitative equity portfolios since 2005.

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The senior members allocate responsibility for portions of the fund to various members of the Division, oversee the implementation of trades on behalf of the fund, review the overall composition of the fund’s portfolios, and monitor cash flows.

Lord, Abbett & Co. LLC (“Lord Abbett”)

Lord Abbett was founded in 1929 and manages one of America’s oldest mutual fund complexes. Lord Abbett is located at 90 Hudson Street, Jersey City, New Jersey 07302-3973.


Fund		Portfolio Managers

All Cap Value Trust		Robert P. Fetch
		Deepak Khanna


	•	Robert P. Fetch. Partner and Director; joined Lord Abbett in 1995.
	•	Deepak Khanna. Portfolio Manager; returned to Lord Abbett in 2007; previously a Managing Director at Jennison Associates (2005-2007); previously served as a senior research analyst at Lord Abbett (2000-2005).

Messrs. Fetch and Khanna are jointly and primarily responsible for the day-to-day management of the fund.

MFC Global Investment Management (U.S.), LLC (“MFC Global (U.S.)”)

MFC Global (U.S.), a Delaware limited liability company located at 101 Huntington Avenue, Boston, Massachusetts, was founded in 1979. It is a wholly-owned subsidiary of John Hancock Financial Services, Inc. (“JHFS”) and an affiliate of the Adviser. JHFS is a subsidiary of MFC based in Toronto, Canada. MFC is the holding company of the Manufacturers Life Insurance Company and its subsidiaries, collectively known as Manulife Financial.


Fund		Portfolio Managers

Ultra Short Term Bond Trust		Howard C. Greene
		Jeffrey N. Given


	•	Jeffrey N. Given. Vice President; joined MFC Global (U.S.) in 1993.


	•	Howard C. Greene. Senior Vice President; joined MFC Global (U.S.) in 2002; previously a Vice President of Sun Life Financial Services Company of Canada.

MFC Global Investment Management (U.S.A.) Limited (“MFC Global (U.S.A.)”)

MFC Global (U.S.A.) is a corporation subject to the laws of Canada. Its principal business at the present time is to provide investment management services to the portfolios of the fund for which it is the subadviser as well as other portfolios advised by the Adviser. MFC Global (U.S.A.) is an indirect, wholly-owned subsidiary of MFC based in Toronto, Canada. MFC is the holding company of The Manufacturers Life Insurance Company and its subsidiaries, including Elliott & Page Limited and Manulife Asset Management (Hong Kong) Limited (“MAMHK”), collectively known as Manulife Financial. The address of MFC Global (U.S.A.) is 200 Bloor Street East, Toronto, Ontario, Canada M4W 1E5. In rendering investment advisory services to Pacific Rim Trust, MFC Global (U.S.A.) may use the portfolio management, research and other resources of MAMHK, an affiliate of MFC Global (U.S.A.).


Fund		Portfolio Managers

500 Index Trust		Carson Jen
		Narayan Ramani
American Fundamental Holdings Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Core Fundamental Holdings Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Core Global Diversification Trust		Bob Boyda
		Steve Medina
		Bruce Speca

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Fund		Portfolio Managers

Lifestyle Balanced Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Lifestyle Conservative Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Lifestyle Growth Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Lifestyle Moderate Trust		Bob Boyda
		Steve Medina
		Bruce Speca
Mid Cap Index Trust		Carson Jen
		Narayan Ramani
Money MarketTrust		Maralyn Kobayashi
		Faisal Rahman


	•	Bob Boyda. Portfolio manager of the fund since 2010; Senior Vice President, the Adviser; Vice President and Portfolio Manager, MFC Global (U.S.A.); Joined the Adviser in 1997 and MFC Global (U.S.A.) in 2009.
	•	Faisal Rahman CFA. Portfolio Manager joined MFC Global (U.S.A.) in 2001.
	•	Carson Jen. Vice President and Senior Portfolio Manager, Index Funds, at MFC Global Investment Management; joined MFC Global (U.S.A.) in 1997.
	•	Maralyn Kobayashi. Vice President and Senior Portfolio Manager of Money Market Trust; joined MFC Global (U.S.A.) in 1981.
	•	Steve Medina. Portfolio manager of the fund since 2010; Senior Vice President, the Adviser; Vice President and Portfolio Manager, MFC Global (U.S.A.); Joined the Adviser in 1998 and MFC Global (U.S.A. ) in 2009.
	•	Narayan Ramani. Assistant Vice President and Senior Portfolio Manager, Index Funds at MFC Global Investment Management; joined MFC Global (U.S.A.) in 1998.
	•	Bruce Speca. Portfolio manager of the fund since 2010; Chief Investment Officer and Executive Vice President, the Adviser; Vice President and Portfolio Manager, MFC Global (U.S.A.); Joined the Adviser in 2003 and MFC Global (U.S.A.) in 2009.

Pacific Investment Management Company LLC (“PIMCO”)

Pacific Investment Management Company LLC (“PIMCO”), a Delaware limited liability company, is a majority-owned subsidiary of Allianz Global Investors of America L.P., (“AGI LP”). Allianz SE (“Allianz SE”) is the indirect majority owner of AGI LP. Allianz SE is a European-based, multinational insurance and financial services holding company.


Fund		Portfolio Managers

Total Return Trust		William H. Gross
Global Bond Trust		Scott Mather


	•	William H. Gross, CFA. Mr. Gross is a founder and Managing Director of PIMCO and has been associated with PIMCO for more than thirty years. He is the author of numerous articles on the bond market and has frequently appeared in national publications and media.
	•	Scott Mather. Mr. Mather is a Managing Director, member of PIMCO’s Investment Committee and head of global portfolio management. He joined PIMCO in 1998.

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Templeton Global Advisors Limited (“Templeton Global”)

Templeton Global is located at Box N-7759, Lyford Cay, Nassau, Bahamas and has been in the business of providing investment advisory services since 1954. As of August 31, 2009, Templeton Global and its affiliates managed over $495.7 billion in assets. Templeton Global is an indirect wholly owned subsidiary of Franklin Resources, Inc.


Fund		Portfolio Managers

Global Trust		Cindy Sweeting, CFA
		Tucker Scott, CFA
		Lisa Myers, CFA


	•	Cindy Sweeting, CFA. Lead Portfolio Manager; President and Chairman; joined Templeton Global in 1997.
	•	Tucker Scott, CFA. Executive Vice President; joined Templeton Global in 1996.
	•	Lisa Myers, CFA. Executive Vice President; joined Templeton Global in 1996.

Templeton Investment Counsel, LLC (“Templeton”)
Templeton Global Advisors Limited serves as sub-subadviser

Templeton is located at 500 East Broward Blvd., Suite 2100, Ft. Lauderdale, Florida 33394, and has been in the business of providing investment advisory services since 1954. As of August 31, 2009, Templeton and its affiliates managed over $495.7 billion in assets. Templeton is an indirect wholly owned subsidiary of Franklin Resources, Inc.


Fund		Portfolio Managers

International Value Trust		Tucker Scott, CFA
		Cindy Sweeting, CFA
		Peter Nori, CFA
		Neil Devlin, CFA


	•	Tucker Scott, CFA. Lead Portfolio Manager, Executive Vice President; joined Templeton Global in 1996.
	•	Cindy Sweeting, CFA. President and Chairman; joined Templeton in 1997.
	•	Peter Nori, CFA. Executive Vice President; joined Templeton in 1994; previously worked at Franklin since 1987.
	•	Neil Devlin, CFA. Senior Vice President; joined Templeton in 2006; previously worked at Boston Partners since 2000.

T. Rowe Price Associates, Inc. (“T. Rowe Price”)

T. Rowe Price, 100 East Pratt Street, Baltimore, Maryland 21202, was founded in 1937. As of December 31, 2008, T. Rowe Price and its affiliates managed over $276.3 billion for over ten million individual and institutional investor accounts.


Fund		Portfolio Managers

Balanced Trust		Ned Notzon
		Kim DeDominicis
		Charles Shriver
Mid Value Trust		David J. Wallack


	•	Kim DeDominicis. Vice President; joined T. Rowe Price in 2003.
	•	Ned Notzon. Vice President; joined T. Rowe Price in 1989.
	•	Charles Shriver. Vice President; joined T. Rowe Price in 1991.
	•	David J. Wallack. Vice President; joined T. Rowe Price in 1990.

Wellington Management Company, LLP (“Wellington Management”)

Wellington Management is a Massachusetts limited liability partnership with principal offices at 75 State Street, Boston, Massachusetts 02109. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of December 31, 2009, Wellington Management had investment management authority with respect to approximately $537 billion* in assets.

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* The firm-wide asset totals do not include agency mortgage-backed security pass-through accounts managed for the Federal Reserve.


Fund		Portfolio Managers

Core Allocation Plus Trust		Evan S. Grace , CFA
		Rick A. Wurster, CFA
Investment Quality Bond Trust		Thomas L. Pappas, CFA
		Christopher L. Gootkind, CFA
		Christopher A. Jones, CFA
Mid Cap Stock Trust		Michael T. Carmen, CFA
		Mario E. Abularach, CFA
		Stephen Mortimer
Small Cap Growth Trust		Steven C. Angeli, CFA
		Mario E. Abularach, CFA
		Stephen Mortimer
Small Cap Value Trust		Timothy J. McCormack, CFA
		Shaun F. Pedersen


	•	Mario E. Abularach, CFA. Vice President and Equity Research Analyst of Wellington Management; joined the firm as an investment professional in 2001.
	•	Steven C. Angeli, CFA. Senior Vice President and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 1994.
	•	Michael T. Carmen, CFA. Senior Vice President and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 1999.
	•	Christopher L. Gootkind, CFA. Vice President and Fixed Income Portfolio Manager of Wellington Management, joined the firm as an investment professional in 2000.
	•	Evan S. Grace, CFA. Vice President and Portfolio Manager of Wellington Management, joined the firm as an investment professional in 1994.
	•	Christopher A. Jones, CFA. Senior Vice President and Fixed Income Portfolio Manager of Wellington Management, joined the firm as an investment professional in 1994.
	•	Timothy J. McCormack, CFA. Senior Vice President and Equity Portfolio Manager of Wellington Management, joined the firm as an investment professional in 2000.
	•	Stephen Mortimer. Senior Vice President and Equity Portfolio Manager of Wellington Management joined the firm as an investment professional in 2001.
	•	Thomas L. Pappas, CFA. Senior Vice President and Fixed Income Portfolio Manager of Wellington Management, joined the firm as an investment professional in 1987.
	•	Shaun F. Pedersen. Vice President and Equity Portfolio Manager of Wellington Management, joined the firm as an investment professional in 2004.
	•	Rick A. Wurster, CFA. Vice President and Asset Allocation Portfolio Manager of Wellington Management, joined the firm as an investment professional in 2006. Prior to joining Wellington Management, Mr. Wurster was an associate principal with McKinsey & Company (2000 — 2006).

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SHARE CLASSES AND RULE 12B-1 PLANS

Share Classes

The funds may issue four classes of shares: Series I, Series II, Series III and NAV shares (not all funds issue all shares classes). Each share class is the same except for differences in the allocation of fund expenses and voting rights as described below.

The expenses of each fund are generally borne by its Series I, Series II, Series III and NAV shares (as applicable) based on the net assets of the fund attributable to shares of each class. “Class expenses,” however, are allocated to each class. “Class expenses” include Rule 12b-1 fees (if any) paid by a share class and other expenses determined by the Adviser to be properly allocable to a particular class. The Adviser will make such allocations in a manner and using such methodology as it determines to be reasonably appropriate, subject to ratification or approval by the Board. The kinds of expenses that the Adviser may allocate to a particular class include the following: (i) printing and postage expenses related to preparing and distributing to the shareholders of a specific class (or owners of contracts funded by shares of such class) materials such as shareholder reports, prospectuses and proxies; (ii) professional fees relating solely to such class; (iii) Trustees’ fees, including independent counsel fees, relating specifically to one class; and (iv) expenses associated with meetings of shareholders of a particular class.

All shares of each fund have equal voting rights and are voted in the aggregate, and not by class, except that shares of each class have exclusive voting rights on any matter submitted to shareholders that relates solely to the arrangement of that class and have separate voting rights when any matter is submitted to shareholders in which the interests of one class differ from the interests of any other class or when voting by class is otherwise required by law.

Rule 12b-1 Plans

Rule 12b-1 fees will be paid to the JHT’s Distributor, John Hancock Distributors, LLC, or any successor thereto (the “Distributor”).

To the extent consistent with applicable laws, regulations and rules, the Distributor may use Rule 12b-1 fees:

(i) for any expenses relating to the distribution of the shares of the class,

(ii) for any expenses relating to shareholder or administrative services for holders of the shares of the class (or owners of contracts funded in insurance company separate accounts that invest in the shares of the class) and

(iii) for the payment of “service fees” that come within Rule 2830(d)(5) of the Conduct Rules of the Financial Industry Regulatory Authority.

Without limiting the foregoing, the Distributor may pay all or part of the Rule 12b-1 fees from a fund to one or more affiliated and unaffiliated insurance companies that have issued variable insurance contracts for which the fund serves as an investment vehicle as compensation for providing some or all of the types of services described in the preceding sentence; this provision, however, does not obligate the Distributor to make any payments of Rule 12b-1 fees and does not limit the use that the Distributor may make of the Rule 12b-1 fees it receives. Currently, all such payments are made to insurance companies affiliated with JHT’s investment adviser and Distributor. However, payments may be made to nonaffiliated insurance companies in the future.

The annual Rule 12b-1 fee rate currently accrued by each fund is set forth in the expense table of each fund. Subject to the approval of the Board, each fund may under the 12b-1 Plans charge Rule 12b-1 fees up to the following maximum annual rates:

Series I shares

an annual rate of up to 0.15%* of the net assets of the Series I shares

*0.60% in the case of the American Bond Trust, American Growth Trust, American Blue Chip Income and Growth Trust, American Growth-Income Trust and American International Trust, American Asset Allocation Trust, American Global Growth Trust, American Global Small Capitalization Trust, American High-Income Bond Trust, American New World Trust, American Fundamental Holdings Trust, American Global Diversification Trust and Core Diversified Growth & Income Trust.

*0.35% in the case of the Core Fundamental Holdings Trust and Core Global Diversification Trust.

Series II shares

an annual rate of up to 0.35%* of the net assets of the Series II shares

*0.75% in the case of the American Bond Trust, American Growth Trust, American Blue Chip Income and Growth Trust, American Growth-Income Trust and American International Trust, American Asset Allocation Trust, American Global Growth Trust, American Global Small Capitalization Trust, American High-Income Bond Trust, American New World Trust, American Fundamental Holdings Trust, American Global Diversification Trust, Core Diversified Growth & Income Trust.

*0.55% in the case of the Core Fundamental Holdings Trust and Core Global Diversification Trust.

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Series III shares

an annual rate of up to 0.25% of the net assets of the Series III shares

*0.15% in the case of the Core Fundamental Holdings Trust and Core Global Diversification Trust.

Rule 12b-1 fees are paid out of a fund’s assets on an ongoing basis. Therefore, these fees will increase the cost of an investment in a fund and may, over time, be greater than other types of sales charges.

GENERAL INFORMATION

Purchase and Redemption of Shares

Shares of each fund are offered continuously, without sales charge, and are sold and redeemed at a price equal to their net asset value (NAV) next computed after a purchase payment or redemption request is received. Depending upon the NAV at that time, the amount paid upon redemption may be more or less than the cost of the shares redeemed. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption. However, JHT may suspend the right of redemption or postpone the date of payment beyond seven days during any period when:


	•	trading on the New York Stock Exchange (“NYSE”) is restricted, as determined by the SEC, or the NYSE is closed for other than weekends and holidays;
	•	an emergency exists, as determined by the SEC, as a result of which disposal by JHT of securities owned by it is not reasonably practicable or it is not reasonably practicable for JHT fairly to determine the value of its net assets; or
	•	the SEC by order so permits for the protection of security holders of JHT.

Shares of the funds are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment media for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHT that operate as funds of funds and invest in other funds (“Underlying Funds”) and to certain qualified retirement plans (“qualified plans”).

Due to differences in tax treatments and other considerations, the interests of holder of variable annuity and variable life insurance contracts, and the interests of holders of variable contracts and qualified plan investors, that participate in JHT may conflict. The Board of Trustees of JHT (the “Board” or “Trustees”) will monitor events in order to identify the existence of any material irreconcilable conflicts and determine what action, if any, should be taken in response to any such conflict.

Calculation of NAV

The NAV of each fund’s share class is determined once daily as of the close of regular trading of the New York Stock Exchange (NYSE) (typically 4:00 p.m., Eastern Standard Time) on each business day that the NYSE is open. On holidays or other days when the NYSE is closed, the NAV is not calculated and the funds do not transact purchase or redemption requests. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission.

Each fund’s (except the Money Market Trusts) share class has its own NAV, which is computed by dividing the total assets, minus liabilities, allocated to each share class by the number of fund shares outstanding for that class.

Valuation of Securities

Except as noted below, securities held by a fund are primarily valued on the basis of market quotations or official closing prices. Securities held by each Money Market Trust and certain short-term debt instruments are valued on the basis of amortized cost. Shares of other open-end investments companies held by a fund are valued based on the NAV of the underlying fund.

Fair Valuation of Securities. If market quotations or official closing prices are not readily available or do not accurately reflect fair value for a security or if a security’s value has been materially affected by events occurring before the fund’s pricing time but after the close of the exchange or market on which the security is principally traded, the security will be valued at its fair value as determined in good faith by the Trustees. The Trustees have delegated the responsibility to fair value securities to the fund’s Pricing Committee, and the actual calculation of a security’s fair value may be made by persons acting pursuant to the direction of the Trustees.

In deciding whether to a fair value a security, a fund’s Pricing Committee may review a variety of factors, including:

in the case of foreign securities:


	•	developments in foreign markets,
	•	the performance of U.S. securities markets after the close of trading in the market, and
	•	the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities.

169

in the case of fixed income securities:


	•	actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets.

in the case of all securities:


	•	political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded,
	•	announcements relating to the issuer of the security concerning matters such as trading suspensions, acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry, and
	•	events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets).

Fair value pricing of securities is intended to help ensure that a fund’s NAV reflects the fair market value of the fund’s portfolio securities as of the close of regular trading on the NYSE (as opposed to a value that is no longer reflects market value as of such close), thus limiting the opportunity for aggressive traders or market timers to purchase shares of the fund at deflated prices reflecting stale security valuations and promptly sell such shares at a gain thereby diluting the interests of long-term shareholders. However, a security’s valuation may differ depending on the method used for determining value, and no assurance can be given that fair value pricing of securities will successfully eliminate all potential opportunities for such trading gains. The use of fair value pricing has the effect of valuing a security based upon the price that a fund might reasonably expect to receive if it sold that security in an orderly transaction between market participants but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been used had a readily available market price for the investment existed, and these differences could be material. With respect to any portion of a fund’s assets that is invested in an other open-end investment company, that portion of the fund’s NAV is calculated based on the NAV of that investment company. The prospectus for the other investment company explains the circumstances and effects of fair value pricing for that other investment company.

Dividends

JHT intends to declare as dividends substantially all of the net investment income, if any, of each fund. Dividends from the net investment income and the net capital gain, if any, for each fund will be declared not less frequently than annually and reinvested in additional full and fractional shares of that fund or paid in cash.

The Money Market Trust seeks to maintain a constant per share NAV of $10.00. As of June 1, 2010, as the result of a 10-for-one share split effective on that date, the Money Market Trust will also seek to maintain a constant NAV per share of $1.00. Dividends from net investment income for each of these funds will generally be declared and reinvested, or paid in cash, as to a share class daily. However, if class expenses exceed class income on any given day, as may occur from time to time in the current investment environment, the fund may determine not to pay a dividend on the class on that day and to resume paying dividends on that class only when, on a future date, the accumulated net investment income of the class is positive. The accumulated net investment income for a class on any day is equal to the accumulated income attributable to that class less the accumulated expenses attributable to that class since the last payment of a dividend on that class. When a fund resumes paying a dividend on a class, the amount of the initial dividend will be the accumulated net investment income for the class on the date of payment. As a result of this policy, a fund: (1) on any given day, may pay a dividend on all of its classes, on none of its classes or on some but not all of its classes; (2) may not pay a dividend on one or more classes for one or more indeterminate periods which may be as short as a day or quite lengthy; and (3) may, during a period in which it does not pay a dividend on a class, have days on which the net investment income for that class is positive but is not paid as a dividend because the accumulated net investment income for the class continues to be negative. In addition, a shareholder who purchases shares of a class with a negative accumulated net investment income could hold those shares during a period of positive net investment income and never receive a dividend unless and until that accumulated positive net investment income exceeded the negative accumulated net investment income at the time of purchase.

Disruptive Short Term Trading

None of the funds is designed for short-term trading (frequent purchases and redemption of shares) or market timing activities, which may increase portfolio transaction costs, disrupt management of a fund (affecting a subadviser’s ability to effectively manage a fund in accordance with its investment objective and policies) and dilute the interest in a fund held for long-term investment (“Disruptive Short-Term Trading”).

The Board has adopted procedures to deter Disruptive Short-Term Trading and JHT seeks to deter and prevent such trading through several methods:

First, to the extent that there is a delay between a change in the value of a fund’s holdings, and the time when that change is reflected in the NAV of the fund’s shares, the fund is exposed to the risk that investors may seek to exploit this delay by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. JHT seeks to deter and prevent this activity,

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sometimes referred to as “market timing” or “stale price arbitrage,” by the appropriate use of “fair value” pricing of the funds’ portfolio securities. See “Purchases and Redemption of Shares” above for further information on fair value pricing.

Second, management of JHT will monitor purchases and redemptions of JHT shares either directly or through procedures adopted by the affiliated insurance companies that use JHT as their underlying investment vehicle. If management of JHT becomes aware of short-term trading that it believes, in its sole discretion, is having or may potentially have the effect of materially increasing portfolio transaction costs, significantly disrupting portfolio management or significantly diluting the interest in a fund held for long-term investment i.e. Disruptive Short-Term Trading, JHT may impose restrictions on such trading as described below.

Pursuant to Rule 22c-2 under the 1940 Act, JHT and each insurance company that uses JHT as an underlying investment vehicle have entered into information sharing agreements under which the insurance companies are obligated to: (i) adopt, and enforce during the term of the agreement, a short-term trading policy the terms of which are acceptable to JHT; (ii) furnish JHT, upon its request, with information regarding contract holder trading activities in shares of JHT; and (iii) enforce its short-term trading policy with respect to contract holders identified by JHT as having engaged in Disruptive Short-Term Trading. Further, when requested information regarding contract holder trading activities is in the possession of a financial intermediary rather than the insurance company, the agreement obligates the insurance company to undertake to obtain such information from the financial intermediary or, if directed by JHT, to cease to accept trading instructions from the financial intermediary for the contract holder.

Investors in JHT should note that insurance companies have legal and technological limitations on their ability to impose restrictions on Disruptive Short-Term Trading that such limitations and ability may vary among insurance companies and by insurance product. Investors should also note that insurance company separate accounts and omnibus or other nominee accounts, in which purchases and sales of fund shares by multiple investors are aggregated for presentation to a fund on a net basis, inherently make it more difficult for JHT to identify short-term transactions in a fund and the investor who is effecting the transaction. Therefore, no assurance can be given that JHT will be able to impose uniform restrictions on all insurance companies and all insurance products or that it will be able to successfully impose restrictions on all Disruptive Short-Term Trading. If JHT is unsuccessful in restricting Disruptive Short-Term Trading, the affected funds may incur higher brokerage costs, may maintain higher cash levels (limiting their ability to achieve their investment objective and affecting the subadviser’s ability to effectively manage them) and may be exposed to dilution with respect to interests held for long-term investment.

Market timers may target funds with the following types of investments:


	1.	Funds with significant investments in foreign securities traded on markets that close before the fund determines its NAV.

	2.	Funds with significant investments in high yield securities that are infrequently traded; and

	3.	Funds with significant investments in small cap securities.

Market timers may also target funds with other types of investments for frequent trading of shares.

Policy Regarding Disclosure of Fund Portfolio Holdings

A description of the funds’ policies and procedures regarding disclosure of portfolio holdings can be found in the SAI.

Marketing Expense Allowance

JHT’s distributor, John Hancock Distributors, LLC pays American Funds Distributors, Inc. (“AFD”) a marketing expense allowance for AFD’s marketing assistance equal to the marketing expense rate set forth below multiplied by the dollar amount of new and subsequent investments received by the American Fund Insurance Series from the JHT Feeder Funds and the fund of funds during the calendar year.


		Aggregate Amount of New and Subsequent Investments
		Received by the American Funds Insurance Series from
		the Feeder Funds and the fund of funds [(excluding
		exchanges other than exchanges through dollar cost
Marketing Expense Rate		averaging programs)] during the calendar year.
0.16%		$0-1.5 Billion
0.14%		Between $1.5 and $3.0 Billion
0.10%		Excess of $3.0 Billion

Calculation of Portfolio Turnover

A fund’s portfolio turnover rate for the fiscal year ended December 31, 2009 includes the effect of certain short term investments, if any, in a collateral management vehicle.

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JOHN HANCOCK TRUST

FINANCIAL HIGHLIGHTS

The financial highlights table below for each fund is intended to help investors understand the financial performance of the fund for the past five years (or since inception in the case of a fund in operation for less than five years.) Certain information reflects financial results for a single share of a fund. The total returns presented in the table represent the rate that an investor would have earned (or lost) on an investment in a particular fund (assuming reinvestment of all dividends and distributions). The total return information shown in the Financial Highlights tables does not reflect the fees and expenses of any separate account which may use JHT as its underlying investment medium or of any variable insurance contract that may be funded in such a separate account. If these fees and expenses were included, the total return figures for all periods shown would be reduced. A fund’s portfolio turnover rate for the fiscal year ended December 31, 2009 includes the effect of certain short term investments, if any, in a collateral management vehicle.

The financial statements of JHT as of December 31, 2009, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The report of PricewaterhouseCoopers LLP is included, along with JHT’s financial statements, in JHT’s annual report which has been incorporated by reference into the SAI and is available upon request.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Fundamental Holdings Trust

Series III

12-31-2009

7.61

0.22

^1,2

1.86

2.08

(0.18

)

—

(0.18

)

9.51

27.27

^3,4

0.32

^5,6

0.28

⁶

2.52

12-31-2008

11.91

0.75

^1,2

(4.41

)

(3.66

)

(0.31

)

(0.33

)

—

(0.64

)

7.61

(30.61

)^3,4

0.34

^6,7

0.29

⁵

8.29

12-31-2007⁸

12.50

0.25

^1,2

(0.63

)

(0.38

)

(0.21

)

—

(0.21

)

11.91

(3.00

)^3,4,9

2.90

^6,7

0.70

^6,7,10

12.35

^2,10

—

¹¹

—

⁹

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁵Does not include expenses of the investment companies in which the Portfolio invests.

⁶Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.82%, 0.25% – 0.73% and 0.33% – 0.89%, based on the mix of underlying funds held by the portfolio for the periods ended 12-31-09, 12-31-08 and 12-31-07, respectively.

⁷Does not take into consideration expense reductions during the periods shown.

⁸The inception date for Series I, Series II and Series III shares is 10-31-07.

⁹Not annualized.

¹⁰Annualized.

¹¹Less than $500,000.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Core Allocation Trust

Series I

12-31-2009¹

12.50

0.46

2.33

2.79

(0.24

)

(0.29

)

—

(0.53

)

14.76

22.25

^3,4,5

0.50

^6,7,8

0.12

^6,7

4.77

⁶

¹The inception date for Series I and Series II shares is 5-1-09.

172

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁴Not annualized.

⁵Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Annualized.

⁷Ratios do not include expenses indirectly incurred from underlying funds whose expense ratios can vary between 0.49% and 1.06% based on the mix of underlying funds held by the portfolio for 2009.

⁸Does not take into consideration expense reductions during the periods shown.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Core Balanced Trust

Series I

12-31-2009¹

12.50

0.39

2.29

2.68

(0.18

)

(0.07

)

—

(0.25

)

14.93

21.41

^3,4,5

0.36

^6,7

0.12

⁶

4.02

⁶

¹The inception date for Series I and Series II shares is 5-1-09.

²Based on the average daily shares outstanding.

³Not annualized.

⁴Assumes dividend reinvestment (if applicable).

⁵Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Annualized.

⁷Does not take into consideration expense reductions during the periods shown.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Ratio

Net real-

of net

ized and

Ratio

investment

Net asset

Net

unrealized

Total from

Net asset

of gross

of net

income

Net

value,

investment

gain (loss)

investment

From net

value,

expenses

(loss) to

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

to average

average

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

net assets

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Core Fundamental Holdings Trust

Series III

12-31-2009¹

12.50

0.42

^2,3

2.00

2.42

(0.26

)

(0.01

)

—

(0.27

)

14.65

19.35

^4,5

0.34

^6,7

0.20

^6,8

4.42

^2,6

¹The inception date for Series II and Series III shares is 5-1-09.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Based on the average daily shares outstanding.

⁴Not annualized.

⁵Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Annualized.

⁷Does not take into consideration expense reductions during the periods shown.

⁸Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.54% based on the mix of underlying funds held by the portfolio for 2009.

173

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Core Global Diversification Trust

Series III

12-31-2009¹

12.50

0.50

^2,3

2.45

2.95

(0.26

)

—

⁴

—

(0.26

)

15.19

23.58

^5,6,7

0.34

^8,9

0.20

^8,10

5.02

^3,8

¹The inception date for Series II and Series III shares is 5-1-09.

²Based on the average daily shares outstanding.

³Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

⁴Less than $0.005 per share.

⁵Assumes dividend reinvestment (if applicable).

⁶Not annualized.

⁷Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁸Annualized.

⁹Does not take into consideration expense reductions during the periods shown.

¹⁰Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.56% based on the mix of underlying funds held by the portfolio for 2009.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Franklin Templeton Founding Allocation Trust

Series I

12-31-2009

7.36

0.39

^1,2

1.93

2.32

(0.35

)

—

(0.35

)

9.33

31.47

^3,4

0.12

⁵

0.08

^6,7

4.68

12-31-2008⁸

11.16

0.59

^1,2

(3.94

)

(3.35

)

(0.27

)

(0.18

)

—

(0.45

)

7.36

(30.39

)^3,4,9

0.15

^5,6,10

0.08

^6,7,10

7.77

¹⁰

⁹

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁵Does not take into consideration expense reductions during the periods shown.

⁶Does not include expenses of the investment companies in which the Portfolio invests.

⁷Ratios do not include expenses indirectly incurred from underlying funds whose expense ratios can vary between 0.86% – 1.03%, 0.87% – 1.06% and 0.86% – 1.06% based on the mix of underlying funds held by the portfolio for 2009, 2008 and 2007.

⁸The inception date for Series I shares is 1-28-08.

⁹Not annualized.

¹⁰Annualized.

174

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																													Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																	Ratios to average net assets
						Net real-
						ized and																							Expenses			Expenses
	Net asset		Net			unrealized			Total from															Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net												value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital			Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in			distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)			($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Lifestyle Balanced Trust
Series I
12-31-2009		8.59		0.38	^1,2		2.26			2.64			(0.36	)		(0.08	)		—			(0.44	)		10.79		30.75	³		0.11	⁴		0.11	^4,5		3.91	¹		774		34
12-31-2008		13.61		0.34	^1,2		(4.46	)		(4.12	)		(0.37	)		(0.53	)		—			(0.90	)		8.59		(31.30	)³		0.12	⁴		0.12	⁴		2.94	¹		581		36
12-31-2007		13.84		0.60	^1,2		0.27			0.87			(0.62	)		(0.48	)		—			(1.10	)		13.61		6.47	³		0.11	⁴		0.11	⁴		4.28	¹		1,065		13
12-31-2006		13.91		0.26	^1,2		1.36			1.62			(0.25	)		(1.40	)		(0.04	)		(1.69	)		13.84		12.73	³		0.10	⁴		0.10	⁴		1.96	¹		1,132		19
12-31-2005		13.79		0.27	^1,2		0.62			0.89			(0.28	)		(0.49	)		—			(0.77	)		13.91		6.88	³		0.12	⁴		0.12	⁴		2.08	¹		1,031		99

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁴Does not include expenses of the underlying affiliated funds in which the Portfolio invests.

⁵Ratios do not include expenses indirectly incurred from underlying funds whose expense ratios can vary based on the mix of underlying funds held by the Portfolio. The range of expense ratios of the underlying funds held by the Portfolios was as follows:


Period Ended		Lifestyle Balanced Trust

12/31/2009		0.49%-1.23%
12/31/2008		0.49%-1.17%
12/31/2007		0.49%-1.12%


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Lifestyle Conservative Trust
Series I
12-31-2009		10.26		0.51	^1,2		1.71			2.22			(0.49	)		(0.16	)		—		(0.65	)		11.83		21.71	³		0.12	⁴		0.12	^4,5		4.58	¹		229		37
12-31-2008		13.02		0.55	^1,2		(2.55	)		(2.00	)		(0.51	)		(0.25	)		—		(0.76	)		10.26		(15.57	)³		0.12	⁴		0.12	^4,5		4.52	¹		168		31
12-31-2007		13.43		0.91	^1,2		(0.21	)		0.70			(0.93	)		(0.18	)		—		(1.11	)		13.02		5.38	³		0.11	⁴		0.11	^4,5		6.84	¹		182		27
12-31-2006		13.42		0.39	^1,2		0.67			1.06			(0.44	)		(0.61	)		—		(1.05	)		13.43		8.44	³		0.11	⁴		0.11	⁴		3.00	¹		171		34
12-31-2005		14.20		0.42	^1,2		(0.05	)		0.37			(0.43	)		(0.72	)		—		(1.15	)		13.42		2.88	³		0.12	⁴		0.12	⁴		3.16	¹		182		104

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁴Does not include expenses of the underlying affiliated funds in which the Portfolio invests.

175

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Period Ended		Lifestyle Conservative Trust

12/31/2009		0.49%-0.99%
12/31/2008		0.49%-1.11%
12/31/2007		0.63%-1.06%


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Lifestyle Growth Trust
Series I
12-31-2009		7.99		0.26	^1,2		2.40			2.66			(0.26	)		(0.05	)		—		(0.31	)		10.34		33.30	³		0.12	⁴		0.12	^4,5		2.90	¹		659		37
12-31-2008		13.76		0.25	^1,2		(5.09	)		(4.84	)		(0.26	)		(0.67	)		—		(0.93	)		7.99		(36.56	)³		0.12	⁴		0.12	^4,5		2.20	¹		512		40
12-31-2007		13.94		0.40	^1,2		0.61			1.01			(0.49	)		(0.70	)		—		(1.19	)		13.76		7.44	³		0.11	⁴		0.11	^4,5		2.84	¹		946		17
12-31-2006		14.06		0.18	^1,2		1.57			1.75			(0.21	)		(1.66	)		—		(1.87	)		13.94		13.50	³		0.10	⁴		0.10	⁴		1.31	¹		1,030		22
12-31-2005		13.40		0.17	^1,2		0.94			1.11			(0.17	)		(0.28	)		—		(0.45	)		14.06		8.66	³		0.12	⁴		0.12	⁴		1.30	¹		901		111

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁴Does not include expenses of the underlying affiliated funds in which the Portfolio invests.


Period Ended		Lifestyle Growth Trust

12/31/2009		0.49%-1.25%
12/31/2008		0.49%-1.18%
12/31/2007		0.49%-1.29%


Per share operating performance for a share outstanding throughout the period																													Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																	Ratios to average net assets
						Net real-
						ized and																							Expenses			Expenses
	Net asset		Net			unrealized			Total from															Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net												value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital			Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in			distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)			($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Lifestyle Moderate Trust
Series I
12-31-2009		9.15		0.43	^1,2		2.07			2.50			(0.42	)		(0.08	)		—			(0.50	)		11.15		27.26	³		0.12	⁴		0.12	^4,5		4.24	¹		278		31
12-31-2008		13.00		0.43	^1,2		(3.53	)		(3.10	)		(0.45	)		(0.30	)		—			(0.75	)		9.15		(24.23	)³		0.12	⁴		0.12	⁴		3.72	¹		215		28
12-31-2007		13.37		0.74	^1,2		(0.06	)		0.68			(0.75	)		(0.30	)		—			(1.05	)		13.00		5.29	³		0.11	⁴		0.11	⁴		5.54	¹		333		13
12-31-2006		13.35		0.30	^1,2		0.99			1.29			(0.31	)		(0.93	)		(0.03	)		(1.27	)		13.37		10.42	³		0.11	⁴		0.11	⁴		2.33	¹		349		19
12-31-2005		13.80		0.33	^1,2		0.19			0.52			(0.33	)		(0.64	)		—			(0.97	)		13.35		4.15	³		0.12	⁴		0.12	⁴		2.51	¹		327		101

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

176

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

⁴Does not include expenses of the underlying affiliated funds in which the Portfolio invests.


Period Ended		Lifestyle Moderate Trust

12/31/2009		0.49%-1.23%
12/31/2008		0.34%-1.17%
12/31/2007		0.34%-1.38%


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions															Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net										value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net		From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain		paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)		($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
500 Index Trust
Series NAV
12-31-2009		7.75		0.15	¹		1.85			2.00			(0.15	)		—		—		(0.15	)		9.60		25.94	^2,3		0.49	⁴		0.49			1.88			4,440		3
12-31-2008		12.47		0.20	¹		(4.84	)		(4.64	)		(0.08	)		—		—		(0.08	)		7.75		(37.26	)^2,3		0.49	⁴		0.49			2.22			3,210		4
12-31-2007		12.16		0.19	¹		0.42			0.61			(0.30	)		—		—		(0.30	)		12.47		5.03	^2,3		0.49	⁴		0.49			1.53			370		5
12-31-2006		10.80		0.15	¹		1.32			1.47			(0.11	)		—		—		(0.11	)		12.16		13.70	^2,3		0.52	⁴		0.51			1.35			38		15
12-31-2005⁵		10.28		0.03	¹		0.49			0.52			—			—		—		—			10.80		5.06	⁶		0.52	⁷		0.52	⁷		1.80	⁷		256		11

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵The inception date for Series NAV shares is 10-31-05.

⁶Not annualized.

⁷Annualized.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
All Cap Value Trust
Series I
12-31-2009		5.62		0.03	¹		1.46			1.49			(0.03	)		—			—		(0.03	)		7.08		26.61	^2,3		0.97	⁴		0.97		0.50		36		90
12-31-2008		8.16		0.05	¹		(2.35	)		(2.30	)		(0.06	)		(0.18	)		—		(0.24	)		5.62		(28.78	)²		0.99	⁴		0.99		0.72		36		77
12-31-2007		13.03		0.09	¹		0.92			1.01			(0.24	)		(5.64	)		—		(5.88	)		8.16		8.33	^2,3,5		0.95	⁴		0.95		0.68		63		63
12-31-2006		14.70		0.11	¹		1.68			1.79			(0.15	)		(3.31	)		—		(3.46	)		13.03		13.71	^2,3		0.92	⁴		0.92		0.86		68		57
12-31-2005		14.54		0.11	¹		0.67			0.78			(0.08	)		(0.54	)		—		(0.62	)		14.70		5.71	²		0.94			0.94		0.78		70		78

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:

177

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


	Impact on NAV per share		Total Return Excluding
	from Payment from		Payment from
	Affiliate for the		Affiliate for the
Portfolio	Year Ended 12-31-2007		Year Ended 12-31-2007

All Cap Value Series I	$	0.01		8.20	%

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Asset Allocation Trust

Series III

12-31-2009

8.44

0.27

^1,2

1.69

1.96

(0.22

)

(0.22

)

—

(0.44

)

9.96

23.82

0.28

⁴

0.28

⁴

2.99

143

12-31-2008⁵

12.34

0.78

^1,2

(4.39

)

(3.61

)

(0.28

)

(0.01

)

—

(0.29

)

8.44

(29.17

)^3,6,7

0.29

^4,8,9

0.28

⁴

8.21

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.82%, 0.25% – 0.73% and 0.33% – 0.89%, based on the mix of underlying funds held by the portfolio for the periods ended 12-31-09, 12-31-08 and 12-31-07, respectively.

⁵The inception date for Series III shares is 1-2-08.

⁶Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁷Not annualized.

⁸Annualized.

⁹Does not take into consideration expense reductions during the periods shown.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Blue Chip Income and Growth Trust

Series III

12-31-2009

8.84

0.27

^1,2

1.98

2.25

(0.18

)

(0.66

)

—

(0.84

)

10.25

27.79

0.30

⁴

0.30

⁴

2.93

106

12-31-2008⁵

14.66

0.73

^1,2

(5.84

)

(5.11

)

(0.45

)

(0.26

)

—

(0.71

)

8.84

(35.51

)³

0.33

⁴

0.33

⁴

7.12

131

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁵The inception date for Series III shares is 1-2-08.

178

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Bond Trust

Series III

12-31-2009

10.70

0.53

^1,2

0.80

1.33

(0.35

)

—

(0.35

)

11.68

12.46

0.28

⁴

0.28

⁴

4.64

137

12-31-2008⁵

13.19

1.89

^1,2

(3.14

)

(1.25

)

(1.22

)

(0.02

)

—

(1.24

)

10.70

(9.76

)^3,6

0.30

^4,7

0.30

^4,7

16.52

^2,7

121

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁵The inception date for Series III shares is 1-2-08.

⁶Not annualized.

⁷Annualized.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Global Growth Trust

Series III

12-31-2009

7.74

0.20

^1,2

2.87

3.07

(0.13

)

(0.51

)

—

(0.64

)

10.17

42.22

^3,4

0.30

^5,6

0.28

⁵

2.17

12-31-2008⁷

13.07

0.66

^1,2

(5.66

)

(5.00

)

(0.20

)

(0.13

)

—

(0.33

)

7.74

(38.21

)^3,4,8

0.30

^5,6

0.28

^5,9

7.23

^2,9

—

¹⁰

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁵Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.82%, 0.25% – 0.73% and 0.33% – 0.89%, based on the mix of underlying funds held by the portfolio for the periods ended 12-31-09, 12-31-08 and 12-31-07, respectively.

⁶Does not take into consideration expense reductions during the periods shown.

⁷The inception date for Series III shares is 1-2-08.

⁸Not annualized.

⁹Annualized.

¹⁰Less than $500,000.

179

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Global Small Capitalization Trust

Series III

12-31-2009

6.01

0.02

^1,2

3.26

3.28

—

(0.89

)³

—

(0.89

)

8.40

61.16

^4,5

0.32

^6,7

0.28

^6,7

0.31

12-31-2008⁸

13.31

(0.02

)^1,2

(7.09

)

(7.11

)

—

(0.19

)

—

(0.19

)

6.01

(53.39

)^4,5,9

0.33

^6,7,10

0.28

⁶,^6,7,10

(0.28

)^2,10

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Less than $0.005 per share.

⁴Assumes dividend reinvestment (if applicable).

⁵Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Does not take into consideration expense reductions during the periods shown.

⁷Ratios do not include expense indirectly incurred from underlying funds whose expense ratios can vary between 0.29% – 0.82%, 0.25% – 0.73% and 0.33% – 0.89%, based on the mix of underlying funds held by the portfolio for the periods ended 12-31-09, 12-31-08 and 12-31-07, respectively.

⁸The inception date for Series III shares is 1-2-08.

⁹Not annualized.

¹⁰Annualized.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Growth Trust

Series III

12-31-2009

11.57

0.11

^1,2

3.76

3.87

(0.08

)

(2.16

)

—

(2.24

)

13.20

39.32

0.28

⁴

0.28

⁴

0.89

12-31-2008⁵

21.53

0.53

^1,2

(9.87

)

(9.34

)

(0.18

)

(0.44

)

—

(0.62

)

11.57

(43.75

)³

0.29

⁴

0.29

⁴

3.80

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁵The inception date for Series III shares is 1-2-08.

180

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American Growth-Income Trust

Series III

12-31-2009

11.50

0.26

^1,2

3.03

3.29

(0.19

)

(1.08

)

—

(1.27

)

13.52

31.26

0.28

⁴

0.28

⁴

2.15

12-31-2008⁵

19.30

0.84

^1,2

(7.93

)

(7.09

)

(0.30

)

(0.41

)

—

(0.71

)

11.50

(37.18

)^3,6

0.29

^4,7

0.29

^4,7

6.24

¹Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

²Based on the average daily shares outstanding.

³Assumes dividend reinvestment (if applicable).

⁵The inception date for Series III shares is 1-2-08.

⁶Not annualized.

⁷Annualized.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American High Income Bond Trust

Series III

12-31-2009

7.80

2.33

^1,2

0.71

3.04

(0.65

)

—

(0.65

)

10.19

39.05

^3,4

0.34

^5,6

0.28

⁶

22.94

12-31-2008⁷

11.32

2.53

^1,2

(5.26

)

(2.73

)

(0.79

)

—

(0.79

)

7.80

(23.93

)^3,4,8

0.36

^5,6,9

0.28

^6,9

26.70

^2,9

—

¹⁰

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁵Does not take into consideration expense reductions during the periods shown.

⁷The inception date for Series III shares is 1-2-08.

⁸Not annualized.

⁹Annualized.

¹⁰Less than $500,000.

181

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American International Trust

Series III

12-31-2009

14.27

0.64

^1,2

4.18

4.82

(0.21

)

(3.41

)

—

(3.62

)

15.47

43.14

0.28

⁴

0.28

⁴

4.36

12-31-2008⁵

26.60

1.07

^1,2

(12.03

)

(10.96

)

(0.60

)

(0.77

)

—

(1.37

)

14.27

(41.97

)^3,6

0.29

^4,7

0.29

^4,7

6.08

^2,7

—

⁸

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁵The inception date for Series III shares is 1-2-08.

⁶Not annualized.

⁷Annualized.

⁸Less than $500,000.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

American New World Trust

Series III

12-31-2009

8.13

0.24

^1,2

3.73

3.97

(0.16

)

(0.13

)

—

(0.29

)

11.81

49.55

^3,4

0.34

^5,6

0.28

⁵

2.31

12-31-2008⁷

14.71

0.47

^1,2

(6.68

)

(6.21

)

(0.19

)

(0.18

)

—

(0.37

)

8.13

(42.16

)^3,4,8

0.33

⁹,^5,6

0.28

^5,9

4.60

^2,9

—

¹⁰

¹Based on the average daily shares outstanding.

²Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

³Assumes dividend reinvestment (if applicable).

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Does not take into consideration expense reductions during the periods shown.

⁷The inception date for Series III shares is 1-2-08.

⁸Not annualized.

⁹Annualized.

¹⁰Less than $500,000.

182

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Balanced Trust

Series I

12-31-2009¹

12.50

0.11

2.58

2.69

(0.13

)

(0.23

)

—

(0.36

)

14.83

21.52

^3,4,5

1.23

^6,7

1.06

⁶

1.12

⁶

—

⁸

⁹

¹The inception date for Series I and Series NAV shares is 4-30-09.

²Based on the average daily shares outstanding.

³Not annualized.

⁴Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁵Assumes dividend reinvestment (if applicable).

⁶Annualized.

⁷Does not take into consideration expense reductions during the periods shown.

⁸Less than $500,000.

⁹The Portfolio turnover rates including the effect of “TBA” (to be announced) for the period ended was 89%.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Core Allocation Plus Trust

Series I

12-31-2009

8.50

0.11

2.03

2.14

(0.16

)

(0.35

)

—

(0.51

)

10.13

25.20

^2,3

1.12

1.16

174

⁴

12-31-2008⁵

12.50

0.12

(4.06

)

(3.94

)

(0.06

)

—

(0.06

)

8.50

(31.50

)^2,6

1.63

⁷

1.63

1.12

⁴

¹Based on the average daily shares outstanding.

²Total returns would have been lower had certain expenses not been reduced during the periods shown.

³Assumes dividend reinvestment (if applicable).

⁴The Portfolio turnover rate including the effect of “TBA” (to be announced) is 213% and 122% for the year ended 12-31-09 and 12-31-08, respectively.

⁵The inception date for Series I, Series II and Series NAV shares is 1-2-08.

⁶Not annualized.

⁷Does not take into consideration expense reductions during the periods shown.

183

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
Fundamental Value Trust
Series I
12-31-2009		9.79		0.10	¹		3.00			3.10			(0.10	)		—			—		(0.10	)		12.79		31.78	^2,3		0.83	⁴		0.83		0.92		448		22	⁵
12-31-2008		16.50		0.13	¹		(6.55	)		(6.42	)		(0.12	)		(0.17	)		—		(0.29	)		9.79		(39.32	)^2,3		0.86	⁴		0.86		1.04		406		28	⁵
12-31-2007		16.82		0.19	¹		0.47			0.66			(0.28	)		(0.70	)		—		(0.98	)		16.50		4.04	^2,3		0.85	⁴		0.85		1.13		177		8
12-31-2006		15.32		0.13	¹		2.01			2.14			(0.12	)		(0.52	)		—		(0.64	)		16.82		14.51	^2,3		0.86	⁴		0.86		0.86		204		18
12-31-2005		14.14		0.12	¹		1.12			1.24			(0.06	)		—			—		(0.06	)		15.32		8.84	^2,3		0.92	⁴		0.90		0.84		202		36

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Excludes merger activity.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
Global Trust
Series I
12-31-2009		10.54		0.18	¹		3.12			3.30			(0.20	)		—			—		(0.20	)		13.64		31.37	^2,3		0.96	⁴		0.93		1.58		182		10
12-31-2008		17.91		0.33	¹		(7.40	)		(7.07	)		(0.30	)		—			—		(0.30	)		10.54		(39.51	)^2,3		1.00	⁴		0.99		2.26		131		12
12-31-2007		19.20		0.26	¹		(0.02	)		0.24			(0.45	)		(1.08	)		—		(1.53	)		17.91		1.28	^2,3,5		0.97	⁴		0.96		1.35		303		40
12-31-2006		16.17		0.27	¹		2.99			3.26			(0.23	)		—			—		(0.23	)		19.20		20.32	^2,3		1.01	⁴		0.99		1.58		359		27
12-31-2005		14.79		0.22	¹		1.35			1.57			(0.19	)		—			—		(0.19	)		16.17		10.72	^2,3		1.05	⁴		1.00		1.43		344		24

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


	Impact on NAV per share		Total Return Excluding
	from Payment from		Payment from
	Affiliate for the		Affiliate for the
Portfolio	Year Ended 12-31-2007		Year Ended 12-31-2007

Global Series I	$	0.03		1.11	%

184

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including					Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions			Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)		(in millions)		(%)
Global Bond Trust
Series I
12-31-2009		14.44		0.47	¹		1.11			1.58			(1.79	)		(2.09	)		—		(3.88	)		12.14		15.39	^2,3		0.83			0.83			3.76		96		280	⁴
12-31-2008		15.20		0.72	¹		(1.39	)		(0.67	)		(0.09	)		—			—		(0.09	)		14.44		(4.48	)^2,3		0.89	⁵		0.89			4.69		99		487	⁴
12-31-2007		14.93		0.59	¹		0.79			1.38			(1.11	)		—			—		(1.11	)		15.20		9.63	^2,3		0.86	^5,6		0.86	⁶		3.96		117		325	⁴
12-31-2006		14.37		0.53	¹		0.22			0.75			—			(0.19	)		—		(0.19	)		14.93		5.27	^2,3,7		0.85	^5,8		0.85	⁸		3.61		115		204
12-31-2005		16.28		0.44	¹		(1.49	)		(1.05	)		(0.73	)		(0.13	)		—		(0.86	)		14.37		(6.66	)²		0.86			0.86			2.89		132		327	⁹

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴The Portfolio turnover rates including the effect of “TBA” (to be announced) for the periods ended were as follows: 469% for 12-31-2009, 800% for 12-31-2008 and 877% for 2007.

⁵Does not take into consideration expense reductions during the periods shown.

⁶Includes interest and fees on inverse floaters. The impact of this expense to the gross and net expense ratios was less than 0.01%

⁷John Hancock Life Insurance Company made a voluntary payment to the portfolio. Excluding this payment, the impact on total return would have been less than 0.01%.

⁸Includes interest expense on securities sold short. Excluding interest expense the expense ratios for the period ended would have been as follows: The interest expense amounted to less than 0.01% of average net assets.

⁹Excludes merger activity.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
International Core Trust
Series I
12-31-2009		8.12		0.18	¹		1.22			1.40			(0.20	)		(0.24	)		—		(0.44	)		9.08		18.64	^2,3		1.04	⁴		1.04		2.17		64		43
12-31-2008		14.39		0.30	¹		(5.79	)		(5.49	)		(0.62	)		(0.16	)		—		(0.78	)		8.12		(38.62	)^2,3		1.11	⁴		1.11		2.52		64		63
12-31-2007		15.16		0.32	¹		1.33			1.65			(0.35	)		(2.07	)		—		(2.42	)		14.39		11.49	^2,3,5		1.07	⁴		1.07		2.07		129		39
12-31-2006		12.78		0.28	¹		2.79			3.07			(0.08	)		(0.61	)		—		(0.69	)		15.16		24.69	^2,3		1.04	⁴		1.04		2.01		141		39
12-31-2005		11.11		0.12	¹		1.64			1.76			(0.09	)		—			—		(0.09	)		12.78		15.94	²		1.19			1.19		1.03		134		147

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


	Impact on NAV per share		Total Return Excluding
	from Payment from		Payment from
	Affiliate from the		Affiliate from the
Portfolio	Year Ended 12-31-2007		Year Ended 12-31-2007

International Core Series I	$	0.01		11.42	%

185

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

International Small Company Trust

Series I

12-31-2009¹

9.00

—

^2,3

(0.15

)

(0.15

)

(0.07

)

—

(0.07

)

8.78

(1.66

)^4,5

1.11

^6,7

1.11

⁶

(0.12

)⁶

133

⁸

¹The inception date for Series I and Series II shares is 11-16-09.

²Based on the average daily shares outstanding.

³Less than $0.005 per share.

⁴Assumes dividend reinvestment (if applicable).

⁵Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁶Annualized.

⁷Does not take into consideration expense reductions during the periods shown.

⁸Excludes merger activity.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
International Value Trust
Series I
12-31-2009		9.06		0.22	¹		2.83			3.05			(0.22	)		(0.47	)		—		(0.69	)		11.42		35.77	^2,3		0.94	⁴		0.93		2.26		175		25
12-31-2008		17.14		0.47	¹		(7.61	)		(7.14	)		(0.50	)		(0.44	)		—		(0.94	)		9.06		(42.67	)^2,3		1.04	⁴		1.02		3.47		165		18
12-31-2007		19.38		0.43	¹		1.26			1.69			(0.84	)		(3.09	)		—		(3.93	)		17.14		9.53	^2,3,5		1.02	⁴		1.00		2.32		387		24
12-31-2006		15.99		0.46	¹		4.05			4.51			(0.33	)		(0.79	)		—		(1.12	)		19.38		29.59	^2,3		0.98	⁴		0.97		2.67		453		38
12-31-2005		14.80		0.33	¹		1.20			1.53			(0.15	)		(0.19	)		—		(0.34	)		15.99		10.54	^2,3		1.06	⁴		1.02		2.23		404		76

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


	Impact on NAV per share		Total Return Excluding
	from Payment from		Payment from
	Affiliate from the		Affiliate from the
Portfolio	Year Ended 12-31-2007		Year Ended 12-31-2007

International Value Series I	$	0.01		9.46	%

186

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions															Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net										value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net		From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain		paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)		($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
Investment Quality Bond Trust
Series I
12-31-2009		10.36		0.50	¹		0.78			1.28			(0.55	)		—		—		(0.55	)		11.09		12.45	^2,3		0.70	⁴		0.70		4.60		191		20
12-31-2008		11.30		0.56	¹		(0.75	)		(0.19	)		(0.75	)		—		—		(0.75	)		10.36		(1.67	)^2,3		0.73	⁴		0.73		5.08		139		105
12-31-2007		11.66		0.59	¹		0.11			0.70			(1.06	)		—		—		(1.06	)		11.30		6.21	^2,3		0.71	⁴		0.71		5.08		164		70
12-31-2006		11.98		0.55	¹		(0.16	)		0.39			(0.71	)		—		—		(0.71	)		11.66		3.57	^2,3		0.72	⁴		0.72		4.79		183		28
12-31-2005		12.41		0.61	¹		(0.34	)		0.27			(0.70	)		—		—		(0.70	)		11.98		2.26	²		0.74			0.74		5.08		227		30

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.


Per share operating performance for a share outstanding throughout the period																													Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																	Ratios to average net assets
						Net real-
						ized and																							Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset						before			including					Net
	value,		investment			gain (loss)			investment			From net											value,						reductions			reductions		Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of			Total			and amounts			and amounts		investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period			return			recaptured			recaptured		income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)			(%)			(%)			(%)		(%)			(in millions)		(%)
Mid Cap Index Trust
Series I
12-31-2009		10.67		0.14	¹		3.72			3.86			(0.13	)		(0.18	)		—		(0.31	)		14.22			36.76	^2,3		0.55	⁴		0.55		1.22			325		15	⁵
12-31-2008		17.42		0.16	¹		(6.36	)		(6.20	)		(0.15	)		(0.40	)		—		(0.55	)		10.67			(36.45	)^2,3		0.55	⁴		0.55		1.10			240		41
12-31-2007		18.84		0.20	^1,6		1.22			1.42			(0.27	)		(2.57	)		—		(2.84	)		17.42	⁷		7.57	^2,3,7		0.55	⁴		0.54		0.99	⁶		397		29
12-31-2006		18.05		0.20	¹		1.53			1.73			(0.12	)		(0.82	)		—		(0.94	)		18.84			9.72	^2,3		0.57	⁴		0.57		1.09			377		15	⁵
12-31-2005		16.78		0.16	¹		1.77			1.93			(0.09	)		(0.57	)		—		(0.66	)		18.05			12.02	²		0.57			0.57		0.95			220		19

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Excludes merger activity.

⁶Net investment income/loss per share and ratio of net investment income/loss to average net assets reflects special dividend received by the Portfolio, which amounted to the following amounts:

Percentage of

Portfolio

Series

Per Share

average net assets

Mid Cap Index

0.04

0.21

⁷Payments from Affiliates increased the end of period net asset value by less than $0.01 for Series II and Series NAV and by $0.01 per share for Series I and the total return by less than 0.01% for Series II and Series NAV and by 0.05% for Series I. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $17.42, $17.36 and $17.42 and 7.57%, 7.39% and 7.61% for Series I, Series II and Series NAV, respectively. .

187

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions															Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including					Net
	value,		investment			gain (loss)			investment			From net										value,					reductions			reductions		Net			assets,
	beginning		income			on invest-			oper-			investment		From net			From capital		Total			end of		Total			and amounts			and amounts		investment			end of		Portfolio
	of period		(loss)			ments			ations			income		realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)		($)			($)		($)			($)		(%)			(%)			(%)		(%)			(in millions)		(%)
Mid Cap Stock Trust
Series I
12-31-2009		8.74		(0.01	)¹		2.75			2.74			—		—			—		—			11.48		31.35	²		0.94	³		0.94		(0.09	)		203		175
12-31-2008		15.98		(0.02	)¹		(6.84	)		(6.86	)		—		(0.38	)		—		(0.38	)		8.74		(43.76	)^2,4		0.94	³		0.94		(0.12	)		186		130	⁵
12-31-2007		16.97		(0.03	)¹		3.63			3.60			—		(4.59	)		—		(4.59	)		15.98		23.57	^2,4,6		0.94	³		0.93		(0.20	)		355		133
12-31-2006		15.57		—	^1,7		2.07			2.07			—		(0.67	)		—		(0.67	)		16.97		13.55	^2,4,8		0.93	³		0.93		—	⁹		361		123
12-31-2005		14.13		(0.04	)¹		1.99			1.95			—		(0.51	)		—		(0.51	)		15.57		14.57	⁴		0.97			0.97		(0.31	)		383		196	⁵

¹Based on the average daily shares outstanding.

²Total returns would have been lower had certain expenses not been reduced during the periods shown.

³Does not take into consideration expense reductions during the periods shown.

⁴Assumes dividend reinvestment (if applicable).

⁵Excludes merger activity.

⁶Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


	Impact on NAV per share		Total Return Excluding
	from Payment from		Payment from
	Affiliate for the		Affiliate for the
Portfolio	Year Ended 12-31-2007		Year Ended 12-31-2007

Mid Cap Stock Series I	$	0.01		23.49	%

⁷Less than $0.005 per share.

⁸John Hancock Life Insurance Company made a voluntary payment to the portfolio. Excluding this payment, the impact on total return would have been less than 0.01%.

⁹Less than 0.005%.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Mid Value Trust
Series I
12-31-2009		6.74		0.06	¹		3.05			3.11			(0.05	)		—			—		(0.05	)		9.80		46.21	^2,3		1.06	⁴		1.02			0.76			260		62	⁵
12-31-2008		10.69		0.13	¹		(3.77	)		(3.64	)		(0.11	)		(0.20	)		—		(0.31	)		6.74		(34.72	)^2,3		1.13	⁴		1.08			1.56			33		85
12-31-2007		13.67		0.22	¹		(0.11	)		0.11			(0.28	)		(2.81	)		—		(3.09	)		10.69		0.51	^2,3		1.09	⁴		1.04			1.70			11		69
12-31-2006		12.36		0.09	¹		2.27			2.36			(0.03	)		(1.02	)		—		(1.05	)		13.67		20.31	^2,3		1.10	⁴		1.06			0.72			6		59
12-31-2005⁶		11.05		0.06	¹		1.42			1.48			—			(0.17	)		—		(0.17	)		12.36		13.49	^2,3,7		1.19	^4,8		1.17	⁸		0.66	⁸		1		47

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Excludes merger activity.

188

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

⁶The inception date for Series I and Series II shares is on 4-29-05.

⁷Not annualized.

⁸Annualized.


Per share operating performance for a share outstanding throughout the period																									Ratios and supplemental data
			Income (loss) from
			investment operations							Less Distributions															Ratios to average net assets
						Net real-
						ized and																			Expenses			Expenses
	Net asset		Net			unrealized		Total from												Net asset					before			including				Net
	value,		investment			gain (loss)		investment		From net										value,					reductions			reductions		Net		assets,
	beginning		income			on invest-		oper-		investment			From net		From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments		ations		income			realized gain		paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)		($)		($)			($)		($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
Money Market Trust
Series I
12-31-2009		10.00		0.02	¹		—		0.02		(0.02	)		—		—		(0.02	)		10.00		0.20	^2,3		0.57	⁴		0.53		0.19		3,383		—
12-31-2008		10.00		0.18	¹		—		0.18		(0.18	)		—		—		(0.18	)		10.00		1.76	^2,3		0.58	⁴		0.58		1.66		3,708		—
12-31-2007		10.00		0.45	¹		—		0.45		(0.45	)		—		—		(0.45	)		10.00		4.56	^2,3		0.56	⁴		0.55		4.43		2,504		—
12-31-2006		10.00		0.44	¹		—		0.44		(0.44	)		—		—		(0.44	)		10.00		4.43	^2,3		0.56	⁴		0.56		4.36		2,316		—
12-31-2005		10.00		0.26	¹		—		0.26		(0.26	)		—		—		(0.26	)		10.00		2.60	²		0.56			0.56		2.63		2,113		—

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

Per share operating performance for a share outstanding throughout the period

Ratios and supplemental data

Income (loss) from

investment operations

Less Distributions

Ratios to average net assets

Net real-

ized and

Expenses

Net asset

Net

unrealized

Total from

Net asset

before

including

Net

value,

investment

gain (loss)

investment

From net

value,

reductions

Net

assets,

beginning

income

on invest-

oper-

investment

From net

From capital

Total

end of

Total

and amounts

investment

end of

Portfolio

of period

(loss)

ments

ations

income

realized gain

paid-in

distributions

period

return

recaptured

income (loss)

period

turnover

Period ended

($)

(%)

(in millions)

(%)

Mutual Shares Trust

Series I

12-31-2009

7.33

0.12

1.81

1.93

(0.21

)

—

(0.21

)

9.05

27.16

^2,3

1.08

⁴

1.08

1.45

123

12-31-2008⁵

10.91

0.11

(3.60

)

(3.49

)

(0.09

)

—

(0.09

)

7.33

(31.98

)^2,3,6

1.13

^4,7

1.11

⁷

1.38

⁷

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵The inception date for Series I shares is 1-28-08.

⁶Not annualized.

⁷Annualized.

189

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions															Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net										value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment		From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income		realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)		($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Small Cap Growth Trust
Series I
12-31-2009		6.16		(0.04	)¹		2.17			2.13			—		—			—		—			8.29		34.58	^2,3		1.15	⁴		1.15			(0.54	)		55		200
12-31-2008		10.33		(0.02	)¹		(4.05	)		(4.07	)		—		(0.10	)		—		(0.10	)		6.16		(39.68	)^2,3		1.19	⁴		1.19			(0.28	)		31		191	⁵
12-31-2007		11.53		(0.02	)¹		1.46			1.44			—		(2.64	)		—		(2.64	)		10.33		13.99	^2,3,6		1.18	⁴		1.17			(0.20	)		29		104
12-31-2006		10.16		(0.08	)¹		1.45			1.37			—		—			—		—			11.53		13.48	^3,7		1.22	⁴		1.22			(0.73	)		23		162
12-31-2005⁸		8.06		(0.06	)¹		2.38			2.32			—		(0.22	)		—		(0.22	)		10.16		29.00	^2,9		1.23	¹⁰		1.23	¹⁰		(0.90	)¹⁰		1		140

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Excludes merger activity.

⁶Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


	Impact on NAV per share			Total Return Excluding
	from Payment from			Payment from
	Affiliate for the			Affiliate for the
Portfolio	Year Ended 12-31-2007			Year Ended 12-31-2007

Small Cap Growth Series I		—	¹¹		13.99	%

⁷John Hancock Life Insurance Company made a voluntary payment to the portfolio. Excluding this payment, the impact on total return would have been less than 0.01%.

⁸The inception date for Series I and Series II shares is on 4-29-05.

⁹Not annualized.

¹⁰Annualized.

¹¹Less than $0.005 per share.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including						Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Small Cap Value Trust
Series I
12-31-2009		11.76		0.09	¹		3.27			3.36			(0.08	)		—			—		(0.08	)		15.04		28.65	^2,3		1.16	⁴		1.16			0.73			137		29
12-31-2008		16.20		0.16	¹		(4.37	)		(4.21	)		(0.18	)		(0.05	)		—		(0.23	)		11.76		(26.08	)^2,3		1.17	⁴		1.17			1.08			96		42
12-31-2007		20.58		0.18	¹		(0.59	)		(0.41	)		(0.18	)		(3.79	)		—		(3.97	)		16.20		(2.93	)^2,3		1.16	⁴		1.16			0.92			117		46	⁵
12-31-2006		20.94		0.17	¹		3.36			3.53			(0.01	)		(3.88	)		—		(3.89	)		20.58		19.26	^2,3,6		1.19	⁴		1.19			0.88			74		49
12-31-2005⁷		18.45		0.04	¹		2.68			2.72			—			(0.23	)		—		(0.23	)		20.94		14.78	^2,8		1.18	⁹		1.18	⁹		0.27	⁹		1		68

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

190

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

⁴Does not take into consideration expense reductions during the periods shown.

⁵Excludes merger activity.

⁶John Hancock Life Insurance Company made a voluntary payment to the portfolio. Excluding this payment, the impact on total return would have been less than 0.01%.

⁷The inception date for Series I and Series II shares is on 4-29-05.

⁸Not annualized.

⁹Annualized.


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations								Less Distributions																Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including						Net
	value,		investment			gain (loss)			investment		From net											value,					reductions			reductions			Net			assets,
	beginning		income			on invest-			oper-		investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment			end of		Portfolio
	of period		(loss)			ments			ations		income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)			period		turnover
Period ended	($)		($)			($)			($)		($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)			(in millions)		(%)
Total Bond Market Trust A
Series NAV
12-31-2009		13.38		0.49	¹		0.11			0.60		(0.38	)		(0.14	)		—		(0.52	)		13.46		4.47	^2,3		0.50	⁴		0.50			3.63			1,029		39
12-31-2008		12.87		0.53	¹		0.22			0.75		(0.21	)		(0.03	)		—		(0.24	)		13.38		5.86	^2,3		0.52	⁴		0.52			4.04			651		139
12-31-2007⁵		12.57		0.61	¹		0.22			0.83		(0.53	)		—			—		(0.53	)		12.87		6.63	^2,3		0.52	⁴		0.51			4.76			102		91
12-31-2006⁶		12.50		0.52	¹		(0.04	)⁷		0.48		(0.41	)		—			—		(0.41	)		12.57		3.85	^2,3,8		0.55	^4,9		0.54	⁹		4.56	⁹		33		66	⁸

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Prior to 11-9-07, the Portfolio was named Bond Index Trust A.

⁶The inception date for Series I, Series II and Series NAV is 2-10-06, 5-3-07 and 2-10-06, respectively.

⁷The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

⁸Not annualized.

⁹Annualized.


Per share operating performance for a share outstanding throughout the period																											Ratios and supplemental data
			Income (loss) from
			investment operations								Less Distributions																Ratios to average net assets
						Net real-
						ized and																					Expenses			Expenses
	Net asset		Net			unrealized			Total from													Net asset					before			including					Net
	value,		investment			gain (loss)			investment		From net											value,					reductions			reductions			Net		assets,
	beginning		income			on invest-			oper-		investment			From net			From capital		Total			end of		Total			and amounts			and amounts			investment		end of		Portfolio
	of period		(loss)			ments			ations		income			realized gain			paid-in		distributions			period		return			recaptured			recaptured			income (loss)		period		turnover
Period ended	($)		($)			($)			($)		($)			($)			($)		($)			($)		(%)			(%)			(%)			(%)		(in millions)		(%)
Total Return Trust
Series I
12-31-2009		13.47		0.49	¹		1.25			1.74		(0.56	)		(0.66	)		—		(1.22	)		13.99		13.59	^2,3		0.77	⁴		0.77			3.52		348		244	⁵
12-31-2008		13.92		0.57	¹		(0.20	)		0.37		(0.67	)		(0.15	)		—		(0.82	)		13.47		2.69	^2,3		0.80	⁴		0.79			4.10		327		145	⁵
12-31-2007		13.83		0.64	¹		0.51			1.15		(1.06	)		—			—		(1.06	)		13.92		8.57	^2,3		0.81	^4,6,7		0.81	^7,8		4.67		339		196	⁵
12-31-2006		13.81		0.57	¹		(0.08	)		0.49		(0.47	)		—			—		(0.47	)		13.83		3.67	^2,3		0.81	⁴		0.81			4.21		368		254
12-31-2005		14.17		0.44	¹		(0.11	)		0.33		(0.34	)		(0.35	)		—		(0.69	)		13.81		2.40	²		0.82			0.82			3.18		438		409	⁹

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

191

JOHN HANCOCK TRUST
FINANCIAL HIGHLIGHTS

⁴Does not take into consideration expense reductions during the periods shown.

⁵The Portfolio turnover rates including the effect of “TBA” (to be announced) for the periods ended were as follows: 562% for 12-31-09, 476% for 12-31-08 and 286% for 12-31-07.

⁶Includes interest expense on securities sold short. The interest expense amounted to 0.01% or less of average net assets.

⁷Includes interest and fees on inverse floaters. The impact of this expense to the gross and net expense ratios was less than 0.01%.

⁸Interest expense on securities sold short. The interest expense amounted to 0.01% or less of average net assets.

⁹Excludes merger activity.


Per share operating performance for a share outstanding throughout the period																												Ratios and supplemental data
			Income (loss) from
			investment operations									Less Distributions																Ratios to average net assets
						Net real-
						ized and																						Expenses			Expenses
	Net asset		Net			unrealized			Total from														Net asset					before			including				Net
	value,		investment			gain (loss)			investment			From net											value,					reductions			reductions		Net		assets,
	beginning		income			on invest-			oper-			investment			From net			From capital		Total			end of		Total			and amounts			and amounts		investment		end of		Portfolio
	of period		(loss)			ments			ations			income			realized gain			paid-in		distributions			period		return			recaptured			recaptured		income (loss)		period		turnover
Period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)		(%)			(%)			(%)		(%)		(in millions)		(%)
Value Trust
Series I
12-31-2009		9.84		0.14	¹		3.89			4.03			(0.15	)		—			—		(0.15	)		13.72		41.18	^2,3		0.84	⁴		0.84		1.29		191		70
12-31-2008		17.36		0.16	¹		(7.09	)		(6.93	)		(0.16	)		(0.43	)		—		(0.59	)		9.84		(40.87	)^2,3		0.85	⁴		0.85		1.09		133		50
12-31-2007		22.72		0.18	¹		1.54			1.72			(0.32	)		(6.76	)		—		(7.08	)		17.36		8.22	^2,3,5		0.83	⁴		0.83		0.80		273		73
12-31-2006		21.89		0.18	¹		3.95			4.13			(0.09	)		(3.21	)		—		(3.30	)		22.72		21.05	^2,3		0.83	⁴		0.83		0.83		290		65
12-31-2005		19.57		0.08	¹		2.36			2.44			(0.12	)		—			—		(0.12	)		21.89		12.56	²		0.86			0.86		0.39		263		67

¹Based on the average daily shares outstanding.

²Assumes dividend reinvestment (if applicable).

³Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁴Does not take into consideration expense reductions during the periods shown.

⁵Payments from Affiliates increased the end of period net asset value per share and the total return by the following amounts:


			Total Return Excluding
	Impact on NAV per Share		Payment from
	from Affiliate for the		Affiliate for the
Portfolio	year ended 12-31-2007		year ended 12-31-2007

Value Series I	$	0.03		8.03	%

192

APPENDIX A

SCHEDULE OF MANAGEMENT FEES

Set forth below is the schedule of the annual percentage rates of the management fees for the funds. For certain funds the advisory or management fee for the fund is calculated by applying to the net assets of the fund an annual fee rate, which is determined based on the application of the annual percentage rates for the fund to the “Aggregate Net Assets” of the fund. Aggregate Net Assets of a fund include the net assets of the fund, and in most cases, the net assets of one or more other John Hancock Fund Complex funds (or portions thereof) indicated below that have the same subadviser as the fund. If a fund and such other fund(s) (or portions thereof) cease to have the same subadviser, their assets will no longer be aggregated for purposes of determining the applicable annual fee rate for the fund.


Fund	APR		Advisory Fee Breakpoint


500 Index Trust		0.470%	— first $500 million; and
		0.460%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the 500 Index Fund, a series of JHF II.)

All Cap Value Trust		0.850%	— first $250 million;
		0.800%	— next $250 million; and
		0.750%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the All Cap Value Fund, a series of JHF II.)

American Fundamental Holdings Trust		0.050%	— first $500 million; and
		0.040%	— excess over $500 million. (Aggregate Net Assets include the net assets of the American Fundamental Holdings Trust, the American Global Diversification Trust and the Core Diversified Growth & Income Trust, each a series of JHT and the Core Fundamental Holdings Fund, Core Global Diversification Fund and Core Diversified Growth & Income Fund, each a series of John Hancock Funds II.)

Balanced Trust		0.840%	— first $250 million;
		0.810%	— next $250 million;
		0.800%	— next $500 million; and
		0.780%	— excess over $1 billion.

Core Allocation Plus Trust		0.915%	— first $500 million; and
		0.865%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Core Allocation Plus Fund, a series of JHF II.)

Core Allocation Trust			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II or JHF III (“Affiliated Funds Assets”)^* and (b) a fee on assets not invested in Affiliated Funds (“Other Assets”). The fee on Affiliated Funds Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Affiliated Fund Assets of the fund.
		0.050%	— first $500 million; and
		0.040%	— excess over $500 million.
			The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $500 million; and
		0.490%	— excess over $500 million.

193


Fund	APR		Advisory Fee Breakpoint


Core Balanced Trust			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II or JHF III (“Affiliated Funds Assets”)* and (b) a fee on assets not invested in Affiliated Funds (“Other Assets”). The fee on Affiliated Funds Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Affiliated Fund Assets of the fund.
		0.050%	— first $500 million; and
		0.040%	— excess over $500 million.
			The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $500 million; and
		0.490%	— excess over $500 million.

Core Fundamental Holdings Trust			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II, JHF III and American Funds Insurance Series (“Affiliated and AFIS Funds Assets”)^* and (b) a fee on assets not invested in Affiliated and AFIS Funds (“Other Assets”). The fee on Affiliated Funds and AFIS Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Affiliated and AFIS Fund Assets of the fund.
		0.050%	— first $500 million; and
		0.040%	— excess over $500 million.
			The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $500 million; and
		0.490%	— excess over $500 million.

Core Global Diversification Trust			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II, JHF III and American Funds Insurance Series (“Affiliated and AFIS Funds Assets”)^* and (b) a fee on assets not invested in Affiliated and AFIS Funds (“Other Assets”). The fee on Affiliated Funds and AFIS Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Affiliated and AFIS Fund Assets of the fund.
		0.050%	— first $500 million; and
		0.040%	— excess over $500 million.
			The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $500 million; and
		0.490%	— excess over $500 million.

Franklin Templeton Founding Allocation Trust			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II or JHF III (“Affiliated Funds Assets”)^* and (b) a fee on assets not invested in Affiliated Funds (“Other Assets”).
			(a) The fee on Affiliated Funds Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Affiliated Fund Assets of the fund.
		0.050%	— first $500 million; and
		0.040%	— excess over $500 million.
			(b) The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the fund determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $500 million; and
		0.490%	— excess over $500 million.

194


Fund	APR		Advisory Fee Breakpoint


Fundamental Value Trust		0.850%	— first $50 million;
		0.800%	— next $450 million; and
		0.750%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Fundamental Value Fund, a series of JHF II)

Global Bond Trust		0.700%	— at all asset levels.

Global Trust		0.850%	— first $1 billion; and
		0.800%	— excess over $1 billion. (Aggregate Net Assets include the net assets of the fund, the Income Trust, Mutual Shares Trust, and International Value Trust, each a series of JHT, and Global Fund, Income Fund, Mutual Shares Fund, International Small Cap Fund, and International Value Fund, each a series of JHF II.)

International Core Trust		0.920%	— first $100 million;
		0.895%	— next $900 million;
		0.880%	— next $1 billion;
		0.850%	— next $1 billion;
		0.825%	— next $1 billion; and
		0.800%	— excess over $4 billion. (Aggregate Net Assets include the net assets of the fund and the International Core Fund, a series of JHF III.)

International Small Company Trust		0.950%	— all asset levels

International Value Trust		0.950%	— first $150 million;
		0.850%	— next $150 million; and
		0.800%	— excess over $300 million. (Aggregate Net Assets include the net assets of the fund, Income Trust, Mutual Share Trust and the Global Trust, a series of JHT, Income Fund, International Small Cap Fund, Mutual Share Fund and the International Value Fund and the Global Fund, each a series of JHF II.) When Aggregate Net Assets exceed $300 million, the advisory fee rate is 0.800% on all net assets of the fund.

Investment Quality Bond Trust		0.600%	— first $500 million; and
		0.550%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Investment Quality Bond Fund, a series of JHF II.)

Lifestyle Balanced Trust

Lifestyle Conservative Trust

Lifestyle Growth Trust

195


Fund	APR		Advisory Fee Breakpoint


Lifestyle Moderate Trust (Collectively, the “JHT Lifestyle Trusts”)
			The management fee has two components: (a) a fee on assets invested in funds of JHT, JHF II or JHF III (“Affiliated Funds Assets”)^* and (b) a fee on assets not invested in Affiliated Funds (“Other Assets”).
			(a) The fee on Affiliated Funds Assets is stated as an annual percentage of the current value of the aggregate net assets of the JHT Lifestyle Trusts and the Lifestyle Portfolios that are series of JHF II determined in accordance with the following schedule and that rate is applied to the Affiliated Fund Assets of the fund.
		0.050%	— first $7.5 billion; and
		0.040%	— excess over $7.5 billion.
			(b) The fee on Other Assets is stated as an annual percentage of the current value of the net assets of the JHT Lifestyle Trusts and the Lifestyle Portfolios that are series of JHF II determined in accordance with the following schedule and that rate is applied to the Other Assets of the fund.
		0.500%	— first $7.5 billion; and
		0.490%	— excess over $7.5 billion.

Mid Cap Index Trust		0.490%	— first $250 million;
		0.480%	— next $250 million; and
		0.460%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Mid Cap Index Fund, a series of JHF II.)

Mid Cap Stock Trust		0.875%	— first $200 million;
		0.850%	— next $300 million; and
		0.825%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Mid Cap Stock Fund, a series of JHF II.)

Mid Value Trust		1.050%	— first $50 million; and
		0.950%	— excess over $50 million (Aggregate Net Assets include the net assets of the fund and the Mid Value Fund, a series of JHF II.)

Money Market Trust		0.500%	— first $500 million; and
		0.470%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Money Market Fund, a series of JHF II.)

Mutual Shares Trust		0.960%	— all asset levels.

Small Cap Growth Trust		1.100%	— first $100 million; and
		1.050%	— excess over $100 million. (Aggregate Net Assets include the net assets of the fund and the Small Cap Growth Fund, a series of JHF II.)

Small Cap Value Trust		1.100%	— first $100 million;
		1.050%	— next $500 million; and
		1.000%	— excess over $600 million. (Aggregate Net Assets include the net assets of the fund and the Small Cap Value Fund, a series of JHF II.)

Total Bond Market Trust A		0.470%	— all asset levels.

196


Fund	APR		Advisory Fee Breakpoint


Total Return Trust			If PIMCO is the subadviser to the fund, the following fee schedule shall apply: If Relationship Net Assets* equal or exceed $3 billion, the following fee schedule shall apply:
		0.700%	— first $1 billion of Total Return Net Assets **; and
		0.675%	— excess over $1 billion of Total Return Net Assets **.
			If Relationship Net Assets* are less than $3 Billion, the following fee schedule shall apply:
		0.700%	— all net asset** levels
			If PIMCO is not the subadviser to the fund, the following fee schedule shall apply:
		0.700%	— first $1 billion of Total Return Net Assets **; and
		0.675%	— excess over $1 billion of Total Return Net Assets **.
			*The term Relationship Net Assets shall mean the aggregate net assets of all portfolios of the JHT and the JHF II that are subadvised by the PIMCO. These funds currently include the Total Return Trust, the Real Return Bond Trust and the Global Bond Trust, each a series of the JHT, and the Total Return Fund, the Real Return Bond Fund and the Global Bond Fund, each a series of JHF II.
			**The term Total Return Net Assets includes the net assets of the Total Return Trust, a series of JHT, and the Total Return Fund, a series of JHF II.

Ultra Short Term Bond Trust		0.550%	— first $250 million; and
		0.530%	— excess over $250 million. (Aggregate Net Assets include the net assets only of the fund.)

Value Trust		0.750%	— first $200 million;
		0.725%	— next $300 million; and
		0.650%	— excess over $500 million. (Aggregate Net Assets include the net assets of the fund and the Value Fund, a series of JHF II.)

^* The following JHT funds are not included in Affiliated Fund Assets: Money Market Trust B, 500 Index Trust B, International Equity Index Trust B and Total Bond Market Trust B.

197

FOR MORE INFORMATION

The following documents are available, which offer further information on JHT:

Annual/Semi-Annual Report to Shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information

The SAI contains more detailed information on all aspects of the Funds. The SAI includes a summary of JHT’s policy regarding disclosure of portfolio holdings as well as legal and regulatory matters. The current SAI has been filed with the SEC and is incorporated by reference into (and is legally a part of) this Prospectus.

To request a free copy of the current annual/semiannual report or the SAI, please contact John Hancock:

By mail: John Hancock Trust

601 Congress Street

Boston, MA 02210

By phone: 1-800-344-1029

On the Internet: www.jhlifeinsurance.com or www.jhannuities.com

Or You May View or Obtain These Documents and Other Information

About the Fund from the SEC:

By mail: Public Reference Section

Securities and Exchange Commission

Washington, DC 20549-0102

(duplicating fee required)

In person: at the SEC’s Public Reference Room in Washington, DC

For access to the Reference Room call 1-202-551-8090

By electronic request: publicinfo@sec.gov

(duplicating fee required)

On the Internet: www.sec.gov

1940 Act File No. 811-04146

198





-27.83%	38.36%	15.96%	5.71%	13.71%	8.33%	-28.78%	26.61%

2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		16.35% (Quarter ended 9/30/2009) Worst Quarter: −23.92% (Quarter ended 09/30/2002)


Subadviser		Portfolio Managers

Lord, Abbett & Co. LLC		Robert P. Fetch. Partner and Director; managed fund since 2001. Deepak Khanna. Portfolio Manager; managed fund since 2008.





4.61%	0.77%	-12.19%	22.15%	8.50%	9.46%	14.96%	6.25%	-29.17%	23.82%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		12.24% (Quarter ended 06/30/2003) Worst Quarter: −16.28% (Quarter ended 12/31/2008)


Best Quarter:		13.63% (Quarter ended 06/30/2009) Worst Quarter: −16.05% (Quarter ended 12/31/2008)


Best Quarter:		17.60% (Quarter ended 06/30/2009) Worst Quarter: −18.07% (Quarter ended 12/31/2008)





-16.20%	29.83%	11.80%	8.84%	14.51%	4.04%	-39.32%	31.78%

2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		20.60% (Quarter ended 06/30/2009) Worst Quarter: −24.81% (Quarter ended 12/31/2008)


Subadviser		Portfolio Managers

Davis Selected Advisers, L.P.		Christopher C. Davis. Chairman; managed fund since 2001. Kenneth Charles Feinberg. Co-Portfolio Manager; managed fund since 2001.





				-30.61%		27.27%

				2008		2009





12.19%	-16.09%	-19.11%	27.46%	14.75%	10.72%	20.32%	1.28%	-39.51%	31.37%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		19.16% (Quarter ended 09/30/2009) Worst Quarter: −19.79% (Quarter ended 12/31/2008)


Subadviser		Portfolio Managers

Templeton Global Advisors Limited		Cindy Sweeting, CFA. Lead Portfolio Manager; President and Chairman; managed fund since 2007. Tucker Scott, CFA. Executive Vice President; managed fund since 2007. Lisa Myers, CFA. Executive Vice President; managed fund since 2003.





-16.57%	-21.54%	-21.69%	30.27%	15.59%	15.94%	24.69%	11.49%	-38.62%	18.64%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		20.53% (Quarter ended 06/30/2009) Worst Quarter: −22.22% (Quarter ended 09/30/2002)


Subadviser		Portfolio Managers

Grantham, Mayo, Van Otterloo & Co. LLC		Dr. Thomas Hancock. Co-Director of Quantitative Equity Division; managed fund since 2005. Sam Wilderman, CFA. Co-Director of Quantitative Equity Division: managed fund since 2005.


Subadviser		Portfolio Managers

Dimensional Fund Advisors LP		Karen E. Umland. Senior Portfolio Manager and Vice President; managed fund since 2006. Stephen A. Clark. Senior Portfolio Manager and Vice President; managed fund since 2010. Joseph H. Chi. Portfolio Manager and Vice President; managed fund since 2010. Jed S. Fogdall. Portfolio Manager and Vice President; managed fund since 2010.





2.34%	-4.85%	-9.95%	23.97%	13.49%	6.88%	12.73%	6.47%	-31.30%	30.75%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		15.83% (Quarter ended 06/30/2009) Worst Quarter: −17.72% (Quarter ended 12/31/2008)





7.54%	3.28%	1.80%	11.47%	8.59%	2.88%	8.44%	5.38%	-15.57%	21.71%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		10.58% (Quarter ended 06/30/2009) Worst Quarter: −8.32% (Quarter ended 12/31/2008)





-3.18%	-9.16%	-15.84%	29.55%	14.59%	8.66%	13.50%	7.44%	-36.56%	33.30%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		17.89% (Quarter ended 06/30/2009) Worst Quarter: −20.75% (Quarter ended 12/31/2008)





3.92%	-1.09%	-4.07%	17.83%	11.04%	4.15%	10.42%	5.29%	-24.23%	27.26%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		13.89% (Quarter ended 06/30/2009) Worst Quarter: −13.28% (Quarter ended 12/31/2008)





-1.73%	-15.16%	34.57%	15.83%	12.02%	9.72%	7.57%	-36.45%	36.76%

2001	2002	2003	2004	2005	2006	2007	2008	2009


Best Quarter:		19.86% (Quarter ended 09/30/2009) Worst Quarter: −25.65% (Quarter ended 12/31/2008)


Best Quarter:		17.30% (Quarter ended 06/30/2009) Worst Quarter: −21.47% (Quarter ended 12/31/2008)


Subadviser		Portfolio Managers

Franklin Mutual Advisers		Peter Langerman. President, Chief Executive Officer; managed fund since 2007. F. David Segal. Co-Portfolio Manager; managed fund since 2007. Deborah A. Turner. Assistant Portfolio Manager; managed fund since 2007.





-8.89%	-3.78%	-28.21%	48.83%	9.45%	17.23%	13.48%	13.99%	-39.68%	34.58%

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009