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Classic Value Fund (PZFVX)

Daily Price as of 11/20/17

POP Change ($) Change (%)

Management Team

No Photo Available
Richard S. Pzena

On the fund since 1996
Investing since 1980

No Photo Available
John Flynn

On the fund since 2017
Investing since 2000

No Photo Available
Benjamin S. Silver, CFA, CPA

On the fund since 2012
Investing since 1991

Top Holdings (%)

as of 10/31/17
Citigroup, Inc. 4.16
Hewlett Packard Enterprise Company 3.92
Royal Dutch Shell PLC 3.84
Bank of America Corp. 3.68
Oracle Corp. 3.67
Cognizant Technology Solutions Corp. 3.52
Dover Corp. 3.30
Mylan NV 3.23
Wal-Mart Stores, Inc. 3.23
Morgan Stanley 3.23
The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers.

Goal and strategy

The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in domestic equity securities. In managing the portfolio, the subadvisor seeks to identify companies that it believes are currently undervalued relative to the market, based on estimated future earnings and cash flow. In choosing individual securities, the subadvisor screens a dynamic universe of the 500 largest publicly traded U.S. companies.

Average Annual Total Returns1

Month-End Performance (%) as of 10/31/17
(not annualized)
MKT -3.38 4.94 19.64 7.36 13.86 3.88
Quarter-End Performance (%) as of 9/30/17
(not annualized)
MKT -1.40 3.18 16.28 7.07 13.30 3.54

Cumulative Returns

Month-End Performance (%) as of 10/31/17
MKT -3.38 4.94 19.64 23.76 91.38 46.39

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited.

Performance figures assume that all distributions are reinvested. POP (public offering price) figures for Class A shares reflect the maximum sales charge, which is 5.0% for equity, asset allocation, and alternative/specialty funds and 4.0% for fixed-income funds (reduced from 4.5%, effective 2/3/14), with the following exceptions: John Hancock Absolute Return Currency Fund and John Hancock Global Conservative Absolute Return Fund have a maximum sales charge of 3.0%, and John Hancock Floating Rate Income Fund and John Hancock Short Duration Credit Opportunities Fund have a maximum sales charge of 2.5% (reduced from 3.0% and 4.5%, respectively, effective 2/3/14). Performance quoted without sales charges would be reduced if the sales charges were applied. Performance for other share classes will vary. For money market funds, the yield quoted more closely reflects the current earnings of the fund than the total return performance shown. Sales charges do not apply to money market funds and as a result, those funds do not quote POP performance figures. The fund operating expenses are 1.19%.

Morningstar Rating3

Overall Rating

As of 10/31/17 the Fund was rated 3 stars out of 1102 funds, 4 stars out of 956 funds and 1 stars out of 682 funds for the 3-, 5- and 10-year periods, respectively.

Overall rating is based on the 3-, 5-, and 10-year (if applicable) Morningstar Risk-Adjusted Returns and accounts for variation in a fund's monthly performance. Other classes may be rated differently.

The funds have experienced negative performance for various time periods, including, but not limited to, the 3-, 5-, or 10-year periods for which the Morningstar star ratings are issued.

For each managed product (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10.0% of funds in each category, the next 22.5%, 35.0%, 22.5%, and bottom 10.0% receive 5, 4, 3, 2, or 1 star(s), respectively. The overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The rating formula most heavily weights the 3-year rating, using the following calculation: 100% 3-year rating for 36 to 59 months of total returns, 60% 5-year rating/40% 3-year rating for 60 to 119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. Star ratings do not reflect the effect of any applicable sales load. Past performance does not guarantee future results.

1 6/24/96 is the inception date for the oldest class of shares, Class A shares. Class R1 shares were first offered on 8/5/03; Class R3, R4 and R5 shares were first offered on 5/22/09; Class R6 shares were first offered on 9/1/11; Class R2 shares were first offered on 3/1/12; returns prior to these dates are those of Class A shares that have been recalculated to reflect the gross fees and expenses of Class R1, R3, R4, R5, R6 and R2 shares.
2 As of the most recent month end. The Morningstar Style Box™ reveals the fund’s investment style.

For equity funds, the vertical axis shows the market capitalization, or size, of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
3 Morningstar proprietary ratings reflect risk-adjusted performance through the most recent month end. The ratings are subject to change every month.