0000928816-11-000633.txt : 20130514 0000928816-11-000633.hdr.sgml : 20130514 20110505092546 ACCESSION NUMBER: 0000928816-11-000633 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20110228 FILED AS OF DATE: 20110505 DATE AS OF CHANGE: 20110724 EFFECTIVENESS DATE: 20110505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: John Hancock Funds III CENTRAL INDEX KEY: 0001329954 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21777 FILM NUMBER: 11812770 BUSINESS ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6176633000 MAIL ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 0001329954 S000001410 John Hancock Growth Opportunities Fund C000003771 Class A GMSGX C000003772 Class B GOSBX C000003773 Class C GMPCX C000003774 Class I GOSIX C000003775 Class NAV GMONX C000003777 Class 1 GOGOX 0001329954 S000001411 John Hancock International Core Fund C000003778 Class 1 C000003779 Class A GIDEX C000003780 Class B GOCBX C000003781 Class C GOCCX C000003782 Class I GOCIX C000003783 Class NAV GMINX C000003784 Class R1 GOCRX C000078722 Class R3 C000078723 Class R4 C000078724 Class R5 0001329954 S000001412 John Hancock International Growth Fund C000003785 Class A GOIGX C000003786 Class B GONBX C000003787 Class C GONCX C000003788 Class I GOGIX C000003789 Class NAV GMLNX C000003791 Class 1 GOIOX 0001329954 S000001414 John Hancock U.S. Core Fund C000003799 Class NAV C000003800 Class 1 C000003801 Class A GOCGX C000003802 Class B GOTBX C000003803 Class C GOTCX C000003804 Class I GOTIX C000003805 Class R1 GOTRX C000078725 Class R3 JUCHX C000078726 Class R4 JUCFX C000078727 Class R5 JUCVX 0001329954 S000014982 John Hancock International Allocation Portfolio C000040806 Class A JAIAX C000040807 Class B JAIBX C000040808 Class C JAICX C000040809 Class I JAIIX 0001329954 S000015905 John Hancock Classic Value Mega Cap Fund C000043680 Class A JMEAX C000043681 Class B JMEBX C000043682 Class C JMECX C000043683 Class I JMEIX C000043684 Class NAV 0001329954 S000015906 John Hancock Global Shareholder Yield Fund C000043686 Class I JGYIX C000043687 Class NAV C000043689 Class A JGYAX C000043690 Class B JGYBX C000043691 Class C JGYCX N-CSR 1 a_jhfundsiii.htm JOHN HANCOCK FUNDS III a_jhfundsiii.htm
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM N-CSR 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED 
 
MANAGEMENT INVESTMENT COMPANIES 
 
Investment Company Act file number 811-21777 
 
John Hancock Funds III 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Salvatore Schiavone
Treasurer
 
601 Congress Street 
 
Boston, Massachusetts 02210 
 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4497 
 
Date of fiscal year end:  February 28 
 
Date of reporting period:  February 28, 2011 

 

ITEM 1. REPORTS TO STOCKHOLDERS.




Management’s discussion of
Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

U.S. stocks delivered solid gains during the 12 months ended February 28, 2011, all of them occurring in the second half of the period. The first six months saw the market struggle with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill in the Gulf of Mexico and tepid data on the U.S. economy. However, after Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate economic growth, his remarks ignited an impressive rally that boosted the S&P 500 Index to a gain of 22.57%, while the average large blend fund monitored by Morningstar, Inc. advanced 20.92%.

During the 12-month period, John Hancock U.S. Core Fund’s Class A shares returned 14.26% at net asset value, trailing the S&P 500 Index and the Morningstar peer average. The Fund’s emphasis on quality was the main factor weighing on its results, particularly overweightings in health care and consumer staples, which underperformed the broader market. Conversely, the Fund had light exposures to outperforming cyclical sectors such as energy, materials and industrials. At the stock level, Microsoft Corp. was the Fund’s biggest detractor and largest holding at period end. In health care, drug manufacturer Merck & Company, Inc., health/personal products maker Johnson & Johnson and medical device maker Medtronic, Inc. held back performance. Positions in consumer staples holdings Wal-Mart Stores, Inc. and The Procter & Gamble Company also were unrewarding. Additionally, underweighting strong-performing energy companies Exxon Mobil Corp. and Schlumberger, Ltd. detracted. On the positive side, the Fund benefited from underweighting or not owning several weak-performing commercial banks, notably Bank of America Corp. and JPMorgan Chase & Co. Overweighting consumer electronics and computer maker Apple, Inc. also added value, as did wireless infrastructure manufacturer QUALCOMM, Inc. and enterprise software maker Oracle Corp.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

6  U.S. Core Fund | Annual report 

 


A look at performance

For the period ended February 28, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since        Since 
  1-year  5-year  10-year  inception  1-year  5-year  10-year  inception 
Class A1  8.53  —  —  –0.02  8.53  —  —  –0.08 
Class B1  8.51  —  —  –0.02  8.51  —  —  –0.09 
Class C1  12.52  —  —  0.38  12.52  —  —  1.79 
 
Class i1,2  14.81  —  —  1.50  14.81  —  —  7.28 
Class R11,2  13.92  —  —  0.84  13.92  —  —  4.03 
Class R32,3  13.99  —  —  20.21  13.99  —  —  38.64 
Class R42,3  14.37  —  —  20.57  14.37  —  —  39.38 
Class R52,3  14.68  —  —  20.93  14.68  —  —  40.12 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I, Class R1, Class R3, Class R4 and Class R5 shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.35%, Class B — 2.05%, Class C — 2.05%, Class I — 0.89%, Class R1 — 1.64%. Class R3 — 1.54%, Class R4 — 1.24% and Class R5 — 0.94%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.91%, Class B —7.27%, Class C — 3.86%, Class I — 1.33%, Class R1 — 19.92%, Class R3 — 7.43%, Class R4 — 7.17% and Class R5 — 6.92%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

1 From 6-12-06.

2 For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4 and Class R5 share prospectuses.

3 From 5-22-09.

Annual report | U.S. Core Fund  7 

 


A look at performance


 
  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B  6-12-06  $10,184  $9,991  $11,720 
Class C2  6-12-06  10,179  10,179  11,720 
Class I3  6-12-06  10,728  10,728  11,720 
Class R13  6-12-06  10,403  10,403  11,720 
Class R33  5-22-09  13,864  13,864  15,489 
Class R43  5-22-09  13,938  13,938  15,489 
Class R53  5-22-09  14,012  14,012  15,489 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 The contingent deferred sales charge, if any, is not applicable.

3 For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4 and Class R5 shares prospectuses.

8  U.S. Core Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value on  Expenses paid during 
  on 9-1-10  2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,214.50  $7.41 
Class B  1,000.00  1,210.50  11.24 
Class C  1,000.00  1,210.70  11.24 
Class I  1,000.00  1,217.30  4.84 
Class R1  1,000.00  1,213.30  9.00 
Class R3  1,000.00  1,213.80  8.51 
Class R4  1,000.00  1,215.70  6.87 
Class R5  1,000.00  1,217.50  5.17 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:


 
Annual report | U.S. Core Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value on  Expenses paid during 
  on 9-1-10  2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,018.10  $6.76 
Class B  1,000.00  1,014.60  10.24 
Class C  1,000.00  1,014.60  10.24 
Class I  1,000.00  1,020.30  4.41 
Class R1  1,000.00  1,016.70  8.20 
Class R3  1,000.00  1,017.10  7.75 
Class R4  1,000.00  1,018.60  6.26 
Class R5  1,000.00  1,020.10  4.71 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.35%, 2.05%, 2.05%, 0.88%, 1.64%, 1.55%, 1.25% and 0.94% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  U.S. Core Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
 
Microsoft Corp.  4.7%  The Procter & Gamble Company  2.7% 
Pfizer, Inc.  4.6%  Johnson & Johnson  2.6% 
Google, Inc., Class A  4.1%  Merck & Company, Inc.  2.5% 
Wal-Mart Stores, Inc.  3.9%  International Business Machines Corp.  2.4% 
 
Oracle Corp.  3.6%  The Coca-Cola Company  2.3% 
  
Sector Composition2,3       
Information Technology  27%  Energy  4% 
Health Care  25%  Financials  4% 
Consumer Staples  19%  Telecommunication Services  3% 
Consumer Discretionary  8%  Materials  1% 
 
Industrials  4%  Short-Term Investments & Other  5% 

 

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 2-28-11.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | U.S. Core Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 94.50%    $64,985,279 
(Cost $57,685,254)     
 
Consumer Discretionary 8.63%    5,931,530 
 
Auto Components 0.12%     
Autoliv, Inc.  500  37,445 
TRW Automotive Holdings Corp. (I)  800  45,440 
 
Distributors 0.14%     
Genuine Parts Company  1,800  94,842 
 
Diversified Consumer Services 0.36%     
Apollo Group, Inc., Class A (I)  3,000  135,780 
ITT Educational Services, Inc. (I)  500  37,925 
Strayer Education, Inc.  50  6,872 
Weight Watchers International, Inc.  1,100  67,243 
 
Hotels, Restaurants & Leisure 2.13%     
Chipotle Mexican Grill, Inc. (I)  160  39,200 
Darden Restaurants, Inc.  900  42,417 
Las Vegas Sands Corp. (I)  3,800  177,232 
McDonald’s Corp.  13,700  1,036,816 
Yum! Brands, Inc.  3,300  166,089 
 
Household Durables 0.15%     
Fortune Brands, Inc.  1,000  61,860 
Mohawk Industries, Inc. (I)  700  40,677 
 
Internet & Catalog Retail 0.22%     
Liberty Media Corp. — Interactive, Series A (I)  5,200  83,512 
Netflix, Inc. (I)(L)  330  68,201 
 
Leisure Equipment & Products 0.06%     
Hasbro, Inc.  900  40,410 
 
Media 1.55%     
Charter Communications, Inc., Class A (I)  1,000  45,770 
Comcast Corp., Class A  13,400  345,184 
Gannett Company, Inc.  2,900  47,879 
Liberty Global, Inc., Series A (I)  1,300  54,730 
The McGraw-Hill Companies, Inc.  2,200  85,096 
The Washington Post Company, Class B  80  34,647 
Time Warner Cable, Inc.  1,800  129,924 
Time Warner, Inc.  6,100  233,020 
Viacom, Inc., Class B  2,000  89,320 

 

12  U.S. Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Multiline Retail 0.71%     
Dollar Tree, Inc. (I)  2,300  $115,736 
Family Dollar Stores, Inc.  1,600  80,128 
Macy’s, Inc.  3,700  88,430 
Sears Holdings Corp. (I)(L)  2,000  166,620 
Target Corp.  700  36,785 
 
Specialty Retail 1.91%     
Advance Auto Parts, Inc.  1,600  100,288 
Aeropostale, Inc. (I)  4,549  118,001 
AutoNation, Inc. (I)(L)  2,400  80,736 
AutoZone, Inc. (I)  760  196,042 
Best Buy Company, Inc.  4,400  141,856 
Foot Locker, Inc.  1,900  37,753 
Home Depot, Inc.  5,000  187,350 
Jos. A. Bank Clothiers, Inc. (I)  359  16,553 
Limited Brands, Inc.  1,700  54,434 
O’Reilly Automotive, Inc. (I)  1,200  66,696 
PetSmart, Inc.  900  36,783 
Ross Stores, Inc.  1,100  79,244 
TJX Companies, Inc.  3,400  169,558 
Tractor Supply Company  600  31,242 
 
Textiles, Apparel & Luxury Goods 1.28%     
Coach, Inc. (L)  3,400  186,728 
Fossil, Inc. (I)  600  46,044 
NIKE, Inc., Class B  6,300  560,889 
VF Corp.  900  86,103 
 
Consumer Staples 19.62%    13,492,030 
 
Beverages 4.51%     
Brown Forman Corp., Class B  1,900  131,385 
Coca-Cola Enterprises, Inc.  3,600  94,680 
Hansen Natural Corp. (I)  1,500  86,325 
PepsiCo, Inc.  18,600  1,179,612 
The Coca-Cola Company  25,200  1,610,784 
 
Food & Staples Retailing 5.77%     
Costco Wholesale Corp.  2,400  179,496 
CVS Caremark Corp.  3,500  115,710 
Safeway, Inc.  2,400  52,368 
SUPERVALU, Inc.  2,000  17,260 
Sysco Corp.  7,600  211,204 
The Kroger Company  5,900  135,110 
Wal-Mart Stores, Inc.  51,640  2,684,247 
Walgreen Company  13,300  576,422 
 
Food Products 1.93%     
Campbell Soup Company (L)  3,600  121,176 
Dean Foods Company (I)  900  9,504 
Flowers Foods, Inc.  1,600  42,560 
General Mills, Inc.  6,700  248,838 
H.J. Heinz Company  2,000  100,440 

 

See notes to financial statements  Annual report | U.S. Core Fund  13 

 


  Shares  Value 
Food Products (continued)     
Hormel Foods Corp.  4,000  $109,600 
Kellogg Company  4,000  214,240 
Kraft Foods, Inc., Class A  5,400  171,936 
McCormick & Company, Inc., Class B  1,600  76,240 
Sara Lee Corp.  2,800  47,936 
The Hershey Company  3,500  183,120 
 
Household Products 4.08%     
Church & Dwight Company, Inc.  800  60,352 
Clorox Company  2,000  135,520 
Colgate-Palmolive Company  5,600  439,712 
Kimberly-Clark Corp.  4,800  316,320 
The Procter & Gamble Company  29,400  1,853,670 
 
Personal Products 0.48%     
Avon Products, Inc.  2,200  61,182 
Herbalife, Ltd.  1,000  78,410 
The Estee Lauder Companies, Inc., Class A  2,000  188,820 
 
Tobacco 2.85%     
Altria Group, Inc.  27,900  707,823 
Lorillard, Inc.  2,161  165,900 
Philip Morris International, Inc.  14,918  936,552 
Reynolds American, Inc.  4,300  147,576 
 
Energy 3.79%    2,607,664 
 
Energy Equipment & Services 0.35%     
Halliburton Company  241  11,313 
National Oilwell Varco, Inc.  1,900  151,183 
Rowan Companies, Inc. (I)  900  38,403 
Schlumberger, Ltd.  455  42,506 
 
Oil, Gas & Consumable Fuels 3.44%     
Anadarko Petroleum Corp.  217  17,757 
Apache Corp.  108  13,459 
Chevron Corp.  5,697  591,064 
ConocoPhillips  14,773  1,150,374 
Exxon Mobil Corp.  1,228  105,031 
Marathon Oil Corp.  4,400  218,240 
Occidental Petroleum Corp.  680  69,340 
Pioneer Natural Resources Company  600  61,404 
Sunoco, Inc.  1,200  50,232 
Valero Energy Corp.  3,100  87,358 
 
Financials 2.70%    1,857,394 
 
Commercial Banks 0.21%     
CapitalSource, Inc.  5,700  43,206 
CIT Group, Inc. (I)  1,500  64,980 
First Citizens BancShares, Inc.  50  10,100 
TCF Financial Corp.  700  11,361 
Valley National Bancorp  900  12,267 

 

14  U.S. Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Consumer Finance 0.10%     
SLM Corp. (I)  4,900  $72,618 
 
Diversified Financial Services 0.14%     
Bank of America Corp.  6,610  94,457 
 
Insurance 2.08%     
Allied World Assurance Company Holdings, Ltd.  800  49,368 
American Financial Group, Inc.  1,400  48,482 
American International Group, Inc. (I)(L)  7,600  281,656 
Arch Capital Group, Ltd. (I)  600  54,300 
Aspen Insurance Holdings, Ltd.  1,000  29,550 
Assurant, Inc.  1,100  44,693 
Axis Capital Holdings, Ltd.  1,000  36,320 
Brown & Brown, Inc.  1,900  49,666 
Chubb Corp.  1,000  60,680 
Endurance Specialty Holdings, Ltd.  600  29,754 
Everest Re Group, Ltd.  400  35,460 
Hartford Financial Services Group, Inc.  1,900  56,240 
PartnerRe, Ltd.  500  39,650 
Platinum Underwriters Holdings, Ltd.  200  8,340 
Prudential Financial, Inc.  1,500  98,745 
RenaissanceRe Holdings, Ltd.  600  40,212 
StanCorp Financial Group, Inc.  200  9,200 
The Travelers Companies, Inc.  4,900  293,657 
Torchmark Corp.  600  39,150 
Transatlantic Holdings, Inc.  600  30,558 
Validus Holdings, Ltd.  1,800  55,710 
W.R. Berkley Corp.  1,400  41,930 
 
Real Estate Investment Trusts 0.17%     
Annaly Capital Management, Inc.  4,900  87,857 
National Retail Properties, Inc.  500  12,845 
Omega Healthcare Investors, Inc.  600  14,382 
 
Health Care 24.66%    16,960,349 
 
Biotechnology 1.65%     
Amgen, Inc. (I)  12,300  631,359 
Biogen Idec, Inc. (I)(L)  2,300  157,320 
Cephalon, Inc. (I)  600  33,786 
Gilead Sciences, Inc. (I)  8,000  311,840 
 
Health Care Equipment & Supplies 3.86%     
Alere, Inc. (I)  2,659  102,744 
Baxter International, Inc.  7,863  417,918 
Becton, Dickinson & Company  2,600  208,000 
C.R. Bard, Inc.  800  78,208 
DENTSPLY International, Inc.  1,300  48,581 
Edwards Lifesciences Corp. (I)  1,480  125,859 
Gen-Probe, Inc. (I)  500  31,440 
IDEXX Laboratories, Inc. (I)(L)  900  69,930 
Intuitive Surgical, Inc. (I)  160  52,472 
Kinetic Concepts, Inc. (I)  1,100  53,867 
Medtronic, Inc.  16,400  654,688 

 

See notes to financial statements  Annual report | U.S. Core Fund  15 

 


  Shares  Value 
Health Care Equipment & Supplies (continued)     
ResMed, Inc. (I)(L)  1,700  $53,720 
St. Jude Medical, Inc. (I)  3,400  162,792 
STERIS Corp.  400  13,540 
Stryker Corp.  4,200  265,692 
Varian Medical Systems, Inc. (I)  1,200  83,136 
Zimmer Holdings, Inc. (I)  3,700  230,658 
 
Health Care Providers & Services 4.56%     
Aetna, Inc.  4,200  156,912 
AMERIGROUP Corp. (I)  500  28,675 
AmerisourceBergen Corp.  4,800  181,968 
Cardinal Health, Inc.  3,900  162,396 
Catalyst Health Solutions, Inc. (I)  300  13,563 
Coventry Health Care, Inc. (I)  2,000  60,400 
Express Scripts, Inc. (I)  5,300  297,966 
Health Net, Inc. (I)  1,400  41,188 
Henry Schein, Inc. (I)  900  62,082 
Humana, Inc. (I)  2,300  149,523 
Laboratory Corp. of America Holdings (I)  1,500  135,195 
Lincare Holdings, Inc. (L)  3,340  97,996 
McKesson Corp.  1,500  118,920 
MEDNAX, Inc. (I)  600  38,958 
Omnicare, Inc.  1,100  31,493 
Owens & Minor, Inc.  300  9,360 
Patterson Companies, Inc.  1,400  46,732 
Quest Diagnostics, Inc.  1,900  107,825 
Triple-S Management Corp., Class B (I)  3,591  70,958 
UnitedHealth Group, Inc.  21,356  909,338 
VCA Antech, Inc. (I)  700  17,528 
WellPoint, Inc. (I)  5,986  397,889 
 
Health Care Technology 0.11%     
Cerner Corp. (I)(L)  720  72,324 
 
Life Sciences Tools & Services 0.38%     
Covance, Inc. (I)  600  33,858 
Mettler-Toledo International, Inc. (I)  490  83,971 
Pharmaceutical Product Development, Inc.  1,500  41,205 
Techne Corp.  300  21,507 
Waters Corp. (I)  1,000  83,050 
 
Pharmaceuticals 14.10%     
Abbott Laboratories  19,400  933,140 
Allergan, Inc.  3,900  289,263 
Bristol-Myers Squibb Company  20,200  521,362 
Eli Lilly & Company  24,900  860,544 
Endo Pharmaceuticals Holdings, Inc. (I)  2,900  103,008 
Forest Laboratories, Inc. (I)  7,000  226,800 
Johnson & Johnson  28,700  1,763,328 
Merck & Company, Inc.  52,683  1,715,885 
Pfizer, Inc.  165,488  3,183,989 
Warner Chilcott PLC, Class A  4,337  102,700 

 

16  U.S. Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Industrials 4.44%    $3,055,280 
 
Aerospace & Defense 1.15%     
General Dynamics Corp.  3,700  281,644 
L-3 Communications Holdings, Inc.  800  63,432 
Northrop Grumman Corp.  1,300  86,684 
Precision Castparts Corp.  970  137,498 
Rockwell Collins, Inc.  1,200  77,328 
United Technologies Corp.  1,700  142,018 
 
Air Freight & Logistics 0.35%     
C.H. Robinson Worldwide, Inc.  2,400  173,736 
Expeditors International of Washington, Inc.  1,400  66,920 
 
Airlines 0.09%     
United Continental Holdings, Inc. (I)  2,600  62,504 
 
Commercial Services & Supplies 0.36%     
Copart, Inc. (I)(L)  1,000  42,010 
Pitney Bowes, Inc.  2,800  70,504 
Rollins, Inc.  2,250  44,145 
Stericycle, Inc. (I)  1,100  95,062 
 
Industrial Conglomerates 1.02%     
3M Company  7,600  700,948 
 
Machinery 1.07%     
Caterpillar, Inc.  1,700  174,981 
Cummins, Inc.  1,070  108,198 
Danaher Corp.  5,500  278,300 
Deere & Company  1,300  117,195 
Joy Global, Inc.  600  58,428 
 
Professional Services 0.13%     
Dun & Bradstreet Corp.  400  32,320 
IHS, Inc., Class A (I)  700  58,590 
 
Road & Rail 0.17%     
Union Pacific Corp.  1,200  114,492 
 
Trading Companies & Distributors 0.10%     
Fastenal Company (L)  1,100  68,343 
 
Information Technology 26.84%    18,457,845 
 
Communications Equipment 3.07%     
Aruba Networks, Inc. (I)  400  12,180 
Cisco Systems, Inc. (I)  36,600  679,296 
F5 Networks, Inc. (I)  580  68,446 
Harris Corp.  800  37,328 
QUALCOMM, Inc.  21,800  1,298,844 
Tellabs, Inc.  2,400  12,936 
 
Computers & Peripherals 3.51%     
Apple, Inc. (I)  4,310  1,522,335 
Dell, Inc. (I)  11,015  174,367 
Hewlett-Packard Company  9,300  405,759 
Lexmark International, Inc., Class A (I)  900  33,777 
NCR Corp. (I)  1,800  34,380 

 

See notes to financial statements  Annual report | U.S. Core Fund  17 

 


  Shares  Value 
Computers & Peripherals (continued)     
NetApp, Inc. (I)  1,700  $87,822 
Seagate Technology PLC (I)  2,900  36,830 
Western Digital Corp. (I)  3,919  119,843 
 
Electronic Equipment, Instruments & Components 0.21%     
Dolby Laboratories, Inc., Class A (I)  1,500  75,855 
Ingram Micro, Inc., Class A (I)  2,600  51,818 
Tech Data Corp. (I)  300  14,874 
 
Internet Software & Services 4.92%     
eBay, Inc. (I)  17,500  586,338 
Google, Inc., Class A (I)  4,567  2,801,398 
 
IT Services 4.61%     
Accenture PLC, Class A  5,900  303,732 
Amdocs, Ltd. (I)  2,400  71,616 
Automatic Data Processing, Inc.  3,700  185,000 
Broadridge Financial Solutions, Inc.  1,700  38,964 
Cognizant Technology Solutions Corp., Class A (I)  3,700  284,419 
Computer Sciences Corp.  900  43,317 
Fiserv, Inc. (I)  1,100  69,597 
Global Payments, Inc.  1,200  57,588 
International Business Machines Corp.  10,321  1,670,763 
Jack Henry & Associates, Inc.  1,300  41,483 
MasterCard, Inc., Class A  907  218,188 
NeuStar, Inc., Class A (I)  200  5,050 
Paychex, Inc.  4,000  134,520 
Total Systems Services, Inc. (L)  2,500  44,375 
 
Office Electronics 0.14%     
Xerox Corp.  8,800  94,600 
 
Semiconductors & Semiconductor Equipment 0.16%     
Texas Instruments, Inc.  3,100  110,391 
 
Software 10.22%     
Adobe Systems, Inc. (I)  2,300  79,350 
ANSYS, Inc. (I)  600  33,792 
BMC Software, Inc. (I)  1,900  94,050 
Citrix Systems, Inc. (I)  1,600  112,256 
FactSet Research Systems, Inc.  820  86,002 
Informatica Corp. (I)  1,400  65,814 
Intuit, Inc. (I)  5,600  294,448 
McAfee, Inc. (I)  900  43,155 
MICROS Systems, Inc. (I)  1,300  61,932 
Microsoft Corp.  122,241  3,249,166 
Oracle Corp.  74,147  2,439,436 
Quest Software, Inc. (I)  1,700  45,543 
Salesforce.com, Inc. (I)  610  80,685 
Symantec Corp. (I)  9,100  164,073 
TIBCO Software, Inc. (I)  1,200  29,544 
VMware, Inc., Class A (I)  1,800  150,570 

 

18  U.S. Core Fund | Annual report  See notes to financial statements 

 


      Shares  Value 
Materials 0.73%        $497,786 
 
Chemicals 0.55%         
E.I. Du Pont de Nemours & Company      3,900  213,993 
Ecolab, Inc.      2,000  97,280 
Sigma-Aldrich Corp.      1,000  63,890 
 
Metals & Mining 0.02%         
Commercial Metals Company      600  10,002 
 
Paper & Forest Products 0.16%         
Schweitzer-Mauduit International, Inc.      2,054  112,621 
 
Telecommunication Services 3.09%      2,125,401 
 
Diversified Telecommunication Services 2.97%       
AT&T, Inc.      28,000  794,640 
CenturyLink, Inc. (L)      1,900  78,242 
Verizon Communications, Inc.      31,700  1,170,364 
 
Wireless Telecommunication Services 0.12%       
MetroPCS Communications, Inc. (I)      2,200  31,680 
Telephone & Data Systems, Inc.      1,500  50,475 
 
Investment Companies 1.01%        $692,247 
(Cost $635,987)         
 
Financials 1.01%        692,247 
SPDR S&P 500 ETF Trust      5,199  692,247 
 
    Yield  Shares  Value 
Securities Lending Collateral 1.63%      $1,124,229 
(Cost $1,124,155)         
John Hancock Collateral Investment Trust (W)  0.2855% (Y)  112,340  1,124,229 
Short-Term Investments 3.34%        $2,299,518 
(Cost $2,299,512)         
 
    Maturity     
  Yield*  date  Par value  Value 
U.S. Government 0.43%        299,993 
U.S. Treasury Bill  0.180%  3-10-11  $300,000  299,993 
 
      Shares  Value 
Short-Term Securities 2.91%        1,999,525 
State Street Institutional Treasury Money         
Market Fund  0.0453% (Y)    1,999,525  1,999,525 
 
Total investments (Cost $61,744,908)† 100.48%      $69,101,273 
 
Other assets and liabilities, net (0.48%)      ($329,900) 
 
Total net assets 100.00%        $68,771,373 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

See notes to financial statements  Annual report | U.S. Core Fund  19 

 


Notes to Schedule of Investments

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $62,554,907. Net unrealized appreciation aggregated $6,546,366, of which $6,969,277 related to appreciated investment securities and $422,911 related to depreciated investment securities.

20  U.S. Core Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $60,620,753) including   
$1,091,259 of securities loaned (Note 2)  $67,977,044 
Investments in affiliated issuers, at value (Cost $1,124,155) (Note 2)  1,124,229 
 
Total investments, at value (Cost $61,744,908)  69,101,273 
Receivable for fund shares sold  791,944 
Dividends and interest receivable  142,140 
Receivable for securities lending income  2,226 
Other receivables and prepaid expenses  6,271 
 
Total assets  70,043,854 
 
Liabilities   
Payable for investments purchased  4,513 
Payable for fund shares repurchased  14,187 
Payable upon return of securities loaned (Note 2)  1,125,131 
Payable to affiliates   
Accounting and legal services fees  874 
Transfer agent fees  12,832 
Distribution and service fees  3 
Trustees’ fees  615 
Due to adviser  102,961 
Other liabilities and accrued expenses  11,365 
 
Total liabilities  1,272,481 
 
Net assets   
Capital paid-in  $63,928,417 
Undistributed net investment income  144,998 
Accumulated net realized loss on investments and futures contracts  (2,658,407) 
Net unrealized appreciation (depreciation) on investments  7,356,365 
Net assets  $68,771,373 

 

See notes to financial statements  Annual report | U.S. Core Fund  21 

 


F I N A N C I A L  S T A T E M E N T S

Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($31,179,454 ÷ 1,608,524 shares)  $19.38 
Class B ($824,284 ÷ 42,665 shares)1  $19.32 
Class C ($2,377,992 ÷ 123,169 shares)1  $19.31 
Class I ($34,172,344 ÷ 1,761,956 shares)  $19.39 
Class R1 ($113,771 ÷ 5,879 shares)  $19.35 
Class R3 ($34,510 ÷ 1,779.359 shares)  $19.39 
Class R4 ($34,509 ÷ 1,779.359 shares)  $19.39 
Class R5 ($34,509 ÷ 1,779.359 shares)  $19.39 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $20.40 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

22  U.S. Core Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $1,070,628 
Securities lending  11,561 
Interest  2,090 
Less foreign taxes withheld  (18) 
 
Total investment income  1,084,261 
 
Expenses   
Investment management fees (Note 5)  386,107 
Distribution and service fees (Note 5)  106,110 
Accounting and legal services fees (Note 5)  6,737 
Transfer agent fees (Note 5)  62,533 
Trustees’ fees (Note 5)  3,510 
State registration fees (Note 5)  56,044 
Printing and postage (Note 5)  11,383 
Professional fees  48,721 
Custodian fees  12,140 
Registration and filing fees  32,269 
Other  7,702 
 
Total expenses  733,256 
Less expense reductions (Note 5)  (140,827) 
 
Net expenses  592,429 
 
Net investment income  491,832 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  1,571,228 
Investments in affiliated issuers  (819) 
Futures contracts (Note 3)  89,593 
  1,660,002 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  5,111,297 
Investments in affiliated issuers  (137) 
Futures contracts (Note 3)  (18,147) 
Translation of assets and liabilities in foreign currencies  215 
  5,093,228 
Net realized and unrealized gain  6,753,230 
 
Increase in net assets from operations  $7,245,062 

 

See notes to financial statements  Annual report | U.S. Core Fund  23 

 


F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
  
Increase (decrease) in net assets     
 
From operations     
Net investment income  $491,832  $197,722 
Net realized gain (loss)  1,660,002  (1,312,068) 
Change in net unrealized appreciation (depreciation)  5,093,228  7,710,519 
 
Increase in net assets resulting from operations  7,245,062  6,596,173 
 
Distributions to shareholders     
From net investment income     
Class A  (167,314)  (77,787) 
Class I  (207,682)  (124,896) 
Class R1  (282)  (22) 
Class R3  (117)  (34) 
Class R4  (209)  (113) 
Class R5  (301)  (193) 
 
Total distributions  (375,905)  (203,045) 
 
From Fund share transactions (Note 6)  20,847,789  22,212,754 
 
Total increase  27,716,946  28,605,882 
 
Net assets     
Beginning of year  41,054,427  12,448,545 
 
End of year  $68,771,373  $41,054,427 
 
Undistributed net investment income  $144,998  $29,071 

 

24  U.S. Core Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of period  $17.06  $12.25  $19.42  $22.24  $20.00 
Net investment income2  0.14  0.11  0.15  0.16  0.12 
Net realized and unrealized gain (loss) on investments  2.29  4.76  (7.19)  (1.88)  2.41 
Total from investment operations  2.43  4.87  (7.04)  (1.72)  2.53 
Less distributions           
From net investment income  (0.11)  (0.06)  (0.13)  (0.17)  (0.09) 
From net realized gain  —  —  —  (0.93)  (0.20) 
Total distributions  (0.11)  (0.06)  (0.13)  (1.10)  (0.29) 
Net asset value, end of period  $19.38  $17.06  $12.25  $19.42  $22.24 
Total return (%)3,4  14.26  39.78  (36.34)  (8.16)  12.645 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $31  $22  $11  $18  $19 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.50  1.766  1.75  1.86  1.937 
Expenses net of fee waivers  1.35  1.356  1.35  1.34  1.347 
Expenses net of fee waivers and credits  1.35  1.356  1.35  1.34  1.347 
Net investment income  0.82  0.72  0.86  0.70  0.767 
Portfolio turnover (%)  78  44  61  81  36 
 

1 The inception date for Class A shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
7 Annualized.

See notes to financial statements  Annual report | U.S. Core Fund  25 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of period  $17.02  $12.26  $19.38  $22.20  $20.00 
Net investment income2  0.03  0.01  0.04  —3  0.02 
Net realized and unrealized gain (loss) on investments  2.27  4.75  (7.16)  (1.88)  2.40 
Total from investment operations  2.30  4.76  (7.12)  (1.88)  2.42 
From net investment income  —  —  —  (0.01)  (0.02) 
From net realized gain  —  —  —  (0.93)  (0.20) 
Total distributions  —  —  —  (0.94)  (0.22) 
Net asset value, end of period  $19.32  $17.02  $12.26  $19.38  $22.20 
Total return (%)4,5  13.51  38.83  (36.74)  (8.84)  12.076 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $1  —7  —7  —7  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  3.02  7.678  8.79  6.98  13.589 
Expenses net of fee waivers  2.05  2.088  2.40  2.05  2.049 
Expenses net of fee waivers and credits  2.05  2.058  2.05  2.05  2.049 
Net investment income  0.19  0.03  0.24  —10  0.129 
Portfolio turnover (%)  78  44  61  81  36 
 

1 The inception date for Class B shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
9 Annualized.
10 Less than 0.005%.



 

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of period  $17.01  $12.26  $19.39  $22.21  $20.00 
Net investment income2  0.02  —3  0.01  —4  0.03 
Net realized and unrealized gain (loss) on investments  2.28  4.75  (7.14)  (1.88)  2.40 
Total from investment operations  2.30  4.75  (7.13)  (1.88)  2.43 
From net investment income  —  —  —  (0.01)  (0.02) 
From net realized gain  —  —  —  (0.93)  (0.20) 
Total distributions  —  —  —  (0.94)  (0.22) 
Net asset value, end of period  $19.31  $17.01  $12.26  $19.39  $22.21 
Total return (%)5,6  13.52  38.74  (36.77)  (8.84)  12.127 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $2  $2  $1  $3  $3 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.40  3.928  3.43  2.94  3.829 
Expenses net of fee waivers  2.05  2.068  2.07  2.05  2.049 
Expenses net of fee waivers and credits  2.05  2.058  2.05  2.05  2.049 
Net investment income (loss)  0.12  —10  0.06  (0.01)  0.169 
Portfolio turnover (%)  78  44  61  81  36 
 

1 The inception date for Class C shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
9 Annualized.
10 Less than (0.005%).



 

26  U.S. Core Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of period  $17.06  $12.25  $19.43  $22.26  $20.00 
Net investment income2  0.24  0.16  0.21  0.25  0.18 
Net realized and unrealized gain (loss) on investments  2.28  4.79  (7.19)  (1.89)  2.41 
Total from investment operations  2.52  4.95  (6.98)  (1.64)  2.59 
Less distributions           
From net investment income  (0.19)  (0.14)  (0.20)  (0.26)  (0.13) 
From net realized gain  —  —  —  (0.93)  (0.20) 
Total distributions  (0.19)  (0.14)  (0.20)  (1.19)  (0.33) 
Net asset value, end of period  $19.39  $17.06  $12.25  $19.43  $22.26 
Total return (%)3  14.81  40.35  (36.06)  (7.82)  12.954 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $34  $16  —5  —5  —5 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.12  1.396  10.44  12.79  17.837 
Expenses net of fee waivers  0.88  0.876  0.95  0.95  0.957 
Expenses net of fee waivers and credits  0.88  0.876  0.95  0.95  0.957 
Net investment income  1.34  0.94  1.19  1.10  1.167 
Portfolio turnover (%)  78  44  61  81  36 
 

1 The inception date for Class I shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Includes the impact of proxy expenses, which amounted to less than 0.005% of average net assets.
7 Annualized.

 

CLASS R1 SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of period  $17.03  $12.23  $19.37  $22.20  $20.00 
Net investment income2  0.09  0.07  0.13  0.13  0.06 
Net realized and unrealized gain (loss) on investments  2.28  4.73  (7.16)  (1.88)  2.42 
Total from investment operations  2.37  4.80  (7.03)  (1.75)  2.48 
Less distributions           
From net investment income  (0.05)  —3  (0.11)  (0.15)  (0.08) 
From net realized gain  —  —  —  (0.93)  (0.20) 
Total distributions  (0.05)  —3  (0.11)  (1.08)  (0.28) 
Net asset value, end of period  $19.35  $17.03  $12.23  $19.37  $22.20 
Total return (%)4  13.92  39.28  (36.37)  (8.32)  12.385 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  —6  —6  —6  —6  —6 
Ratios (as a percentage of average net assets):           
Expenses before reductions  4.66  20.807  19.51  15.98  21.128 
Expenses net of fee waivers  1.67  1.667  1.95  1.45  1.698 
Expenses net of fee waivers and credits  1.67  1.667  1.45  1.45  1.698 
Net investment income  0.48  0.43  0.76  0.59  0.418 
Portfolio turnover (%)  78  44  61  81  36 
 

1 The inception date for Class R1 shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
8 Annualized.

 

 

See notes to financial statements  Annual report | U.S. Core Fund  27 

 


CLASS R3 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
 
Net asset value, beginning of period  $17.07  $14.05 
Net investment income2  0.10  0.03 
Net realized and unrealized gain on investments  2.29  3.01 
Total from investment operations  2.39  3.04 
Less distributions     
From net investment income  (0.07)  (0.02) 
Net asset value, end of period  $19.39  $17.07 
Total return (%)3  13.99  21.634 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  39.27  9.876 
Expenses net of fee waivers  1.58  1.666 
Expenses net of fee waivers and credits  1.58  1.666 
Net investment income  0.57  0.216 
Portfolio turnover (%)  78  44 
 

1 The inception date for Class R3 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

CLASS R4 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
Net asset value, beginning of period  $17.06  $14.05 
Net investment income2  0.15  0.06 
Net realized and unrealized gain on investments  2.30  3.01 
Total from investment operations  2.45  3.07 
Less distributions     
From net investment income  (0.12)  (0.06) 
Net asset value, end of period  $19.39  $17.06 
Total return (%)3  14.37  21.874 
Ratios and supplemental data     
Net assets, end of period (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  39.00  9.616 
Expenses net of fee waivers  1.28  1.366 
Expenses net of fee waivers and credits  1.28  1.366 
Net investment loss  0.87  0.506 
Portfolio turnover (%)  78  44 
 

1 The inception date for Class R4 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

 

28  U.S. Core Fund | Annual report  See notes to financial statements 

 


CLASS R5 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
Net asset value, beginning of period  $17.06  $14.05 
Net investment income2  0.21  0.10 
Net realized and unrealized gain on investments  2.29  3.02 
Total from investment operations  2.50  3.12 
Less distributions     
From net investment income  (0.17)  (0.11) 
Net asset value, end of period  $19.39  $17.06 
Total return (%)3  14.68  22.184 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  38.74  9.366 
Expenses net of fee waivers  0.98  1.066 
Expenses net of fee waivers and credits  0.98  1.066 
Net investment income  1.17  0.816 
Portfolio turnover (%)  78  44 
 

1 The inception date for Class R5 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

See notes to financial statements  Annual report | U.S. Core Fund  29 

 


Notes to financial statements

Note 1 — Organization

John Hancock U.S. Core Fund (the Fund) is a diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek a high total return.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments of the Fund are categorized as Level 1 under the hierarchy described above, except U.S. Treasury Bills, which are Level 2. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the

30  U.S. Core Fund | Annual report 

 


close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Annual report | U.S. Core Fund  31 

 


Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $1,848,409 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2018 — $1,848,409.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and 2010 was as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  $375,905  $203,045 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $145,320 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sales loss deferrals.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the 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 honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. 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 the Fund will succeed in enforcing them.

32  U.S. Core Fund | Annual report 

 


Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure. During year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from zero to $1.9 million, as measured at each quarter end. There were no open futures contracts as of February 28, 2011.

Effect of derivative instruments on the Statement of Operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

  STATEMENT OF   
  OPERATIONS  FUTURES 
RISK  LOCATION  CONTRACTS 
 
Equity contracts  Net realized gain  $89,593 

 

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

  STATEMENT OF   
  OPERATIONS  FUTURES 
RISK  LOCATION  CONTRACTS 
Equity contracts  Change in  ($18,147) 
  unrealized   
  appreciation   
  (depreciation)   

 

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Annual report | U.S. Core Fund  33 

 


Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.78% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.76% of the next $500,000,000; (c) 0.75% of the next $1,000,000,000; (d) 0.74% of the next $1,000,000,000; and (e) 0.72% of the Fund’s average daily net assets in excess of $3,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.78% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.35%, 2.05%, 2.05%, 0.89%, 1.64%, 1.54%, 1.24% and 0.94% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 0.87%, 1.75%, 1.65%, 1.35% and 1.05% for Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively.

Effective June 26, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.04% of average daily net assets. During the period from May 1, 2010 to June 26, 2010, the fee waiver and/or reimbursement was such that these expenses did not exceed 0.09% of average daily net assets.

Accordingly, these expense reductions amounted to $40,615, $5,407, $7,461, $48,692, $2,975, $11,875, $11,890 and $11,912 for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to the service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. The accounting and legal services fees incurred for the year ended February 28, 2011 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R3 and Class R4 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R1, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets.

34  U.S. Core Fund | Annual report 

 


CLASS  12b–1 FEES  SERVICE FEES 
Class A  0.30%  — 
Class B  1.00%  — 
Class C  1.00%  — 
Class R1  0.50%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $32,941 for the year ended February 28, 2011. Of this amount, $5,676 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $26,842 was paid as sales commissions to broker-dealers and $423 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $261 and $121 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5 shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Annual report | U.S. Core Fund  35 

 


Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
SHARE CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $78,782  $43,102  $3,804  $6,840 
Class B  5,587  1,488  4,052  120 
Class C  21,195  4,256  3,761  504 
Class I  —  12,373  6,827  3,776 
Class R1  310  350  2,923  66 
Class R3  157  320  11,559  25 
Class R4  79  320  11,559  25 
Class R5  —  324  11,559  27 
Total  $106,110  $62,533  $56,044  $11,383 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within other receivables and prepaid expenses and payable to affiliates — trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the year ended February 28, 2011 and for the year ended February 28, 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-101 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  460,570  $8,297,278  455,553  $7,151,566 
Distributions reinvested  8,755  163,886  4,368  75,873 
Repurchased  (177,915)  (3,252,228)  (72,964)  (1,132,654) 
 
Net increase  291,410  $5,208,936  386,957  $6,094,785 
 
Class B shares         
Sold  25,910  $455,620  11,993  $182,687 
Repurchased  (5,850)  (105,831)  (5,610)  (86,556) 
 
Net increase  20,060  $349,789  6,383  $96,131 
 
Class C shares         
Sold  40,635  $708,765  68,921  $1,077,457 
Repurchased  (16,680)  (297,360)  (21,998)  (334,545) 
 
Net increase  23,955  $411,405  46,923  $742,912 
 
Class I shares         
Sold  1,074,227  $19,696,800  1,020,503  $16,466,223 
Distributions reinvested  9,115  170,640  6,074  105,386 
Repurchased  (279,012)  (4,999,129)  (80,937)  (1,367,705) 
 
Net increase  804,330  $14,868,311  945,640  $15,203,904 

 

36  U.S. Core Fund | Annual report 

 


  Year ended 2-28-11  Year ended 2-28-101 
  Shares  Amount  Shares  Amount 
Class R1 shares         
 
Sold  502  $9,066  —  — 
Distributions reinvested  15  282  1  $22 
 
Net increase  517  $9,348  1  $22 
 
Class R3 shares         
Sold  —  —  1,779  $25,000 
 
Net increase  —  —  1,779  $25,000 
 
Class R4 shares         
Sold  —  —  1,779  $25,000 
 
Net increase  —  —  1,779  $25,000 
 
Class R5 shares         
Sold  —  —  1,779  $25,000 
 
Net increase  —  —  1,779  $25,000 
 
Net increase  1,140,272  $20,847,789  1,391,241  $22,212,754 


1 The inception date for Class R3, Class R4 and Class R5 shares is 5-22-09.

Affiliates of the Fund owned 49%, 91%, 100%, 100% and 100% of shares of beneficial interest of Class A, Class R1, Class R3, Class R4 and Class R5 shares on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $57,073,926 and $37,002,876, respectively, for the year ended February 28, 2011.

Annual report | U.S. Core Fund  37 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock U.S. Core Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock U.S. Core Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

38  U.S. Core Fund | Annual report 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended February 28, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | U.S. Core Fund  39 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
  
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
 
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
  
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
  
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

40  U.S. Core Fund | Annual report 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
  
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
  
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
  
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

Annual report | U.S. Core Fund  41 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
  
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
  
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

42  U.S. Core Fund | Annual report 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
  
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
  
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | U.S. Core Fund  43 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Grantham, Mayo, Van Otterloo & Co. LLC 
Stanley Martin*   
Hugh McHaffie  Principal distributor
Dr. John A. Moore  John Hancock Funds, LLC
Patti McGill Peterson*   
Gregory A. Russo  Custodian
John G. Vrysen  State Street Bank and Trust Company
   
Officers  Transfer agent
Keith F. Hartstein  John Hancock Signature Services, Inc.
President and Chief Executive Officer   
  Legal counsel  
Andrew G. Arnott  K&L Gates LLP
Senior Vice President and Chief Operating Officer   
  Independent registered
Thomas M. Kinzler  public accounting firm
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP 
 
Francis V. Knox, Jr. 
 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley
  Act, which requires mutual funds and other public
Charles A. Rizzo  companies to affirm that, to the best of their
Chief Financial Officer  knowledge, the information in their financial reports
  is fairly and accurately stated in all material respects.
Salvatore Schiavone 
 
Treasurer   
 
*Member of the Audit Committee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

44  U.S. Core Fund | Annual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock U.S. Core Fund.  6500A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

International stocks fared quite well during the 12 months ended February 28, 2011, thanks to a vigorous second-half rally. During the first half of the period, global markets struggled with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill from an explosion at a BP drilling rig in the Gulf of Mexico and tepid data on the U.S. economy that led investors to fear a double-dip recession. Over the summer, anxiety about the European debt situation eased, and BP managed to contain its leaking undersea well. Meanwhile, Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate U.S. economic growth. His remarks ignited an impressive global stock rally that boosted the MSCI EAFE Index to a gain of 20.54%, while the average large value fund monitored by Morningstar, Inc. advanced 19.64%.

During the period, John Hancock International Core Fund’s Class A shares returned 21.13% at net asset value. Our quantitative model’s momentum criteria were particularly helpful to relative performance during the period. At the sector level, the strongest contributions came from energy, financials and information technology. Geographically, Japan, Sweden and the United Kingdom were noteworthy contributors. A large underweighting in U.K.-based energy major BP PLC, a benchmark component, was timely. After the Gulf of Mexico spill occurred, we increased the position, although it remained underweighted versus our benchmark. An out-of-benchmark position in Canadian auto parts company Magna International, Inc. also bolstered performance, as did not owning Teva Pharmaceuticals, an Israel-based manufacturer of generic drugs, underweighting global bank HSBC Holdings PLC and overweighting Danish insulin maker Novo Nordisk A/S. Conversely, the Fund’s sizable overweighting in health care detracted from performance. On a country basis, weak picks in Switzerland and Hong Kong had a negative impact. At the stock level, overweighting two drug stocks, France’s Sanofi-Aventis S.A. and U.K.-headquartered GlaxoSmithKline PLC, was counterproductive, while Japanese bank Resona Holdings, Inc. saw its share price plunge when the company revealed its plans to raise substantial capital.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’s statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

6  International Core Fund | Annual report 

 


A look at performance

For the period ended February 28, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since        Since 
  1-year  5-year  10-year  inception  1-year  5-year  10-year  inception 
Class A1  15.09  0.56  —  2.31  15.09  2.85  —  13.27 
Class B2  15.28  0.56  —  2.40  15.28  2.81  —  13.79 
Class C2  19.32  0.89  —  2.56  19.32  4.54  —  14.77 
Class i2,3  21.73  2.09  —  3.78  21.73  10.88  —  22.42 
Class R12,3  20.71  1.39  —  3.04  20.71  7.13  —  17.74 
Class R33,4  20.87  —  —  18.84  20.87  —  —  35.86 
Class R43,4  21.21  —  —  19.20  21.21  —  —  36.59 
Class R53,4  21.59  —  —  19.56  21.59  —  —  37.33 
Class 13,5  21.75  —  —  –0.02  21.75  —  —  –0.10 
Class NAV3,6  21.85  —  —  0.80  21.85  —  —  3.63 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.60%, Class B — 2.30%, Class C — 2.30%, Class R1 — 1.89%, Class R3 —1.79%, Class R4 — 1.49% and Class R5 — 1.19%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.62%, Class B — 2.62%, Class C — 2.51%, Class R1 — 8.19%, Class R3 — 8.46%, Class R4 — 8.20% and Class R5 — 7.95%. For the other classes, the net expenses equal the gross expenses and are as follows: Class I — 1.05%, Class NAV — 1.01% and Class 1 — 1.05%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

1 On 6-9-06, through a reorganization, the Fund acquired all of the assets of the GMO International Disciplined Equity Fund (the predecessor fund). The predecessor fund offered its Class III shares, inception date 9-16-05, in exchange for Class A shares, which were first offered on 6-12-06. The predecessor fund’s Class III shares returns have been recalculated to reflect the gross fees and expenses of Class A shares.

2 Class B, Class C, Class I and Class R1 shares were first offered on 6-12-06. Returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I and Class R1 shares, respectively.

3 For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV share prospectuses.

4 From 5-22-09.

5 From 11-6-06.

6 From 8-29-06.

Annual report | International Core Fund  7 

 


A look at performance

  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B3  9-16-05  $11,473  $11,379  $12,901 
Class C3,4  9-16-05  11,477  11,477  12,901 
Class I3,5  9-16-05  12,242  12,242  12,901 
Class R13,5  9-16-05  11,774  11,774  12,901 
Class R35  5-22-09  13,586  13,586  14,315 
Class R45  5-22-09  13,659  13,659  14,315 
Class R55  5-22-09  13,733  13,733  14,315 
Class 15  11-6-06  9,990  9,990  10,260 
Class NAV5  8-29-06  10,363  10,363  10,740 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively, as of 2-28-10. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

MSCI EAFE Index (gross of foreign withholding tax on dividends) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The index consists of 21 developed market country indexes. It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 On 6-9-06, through a reorganization, the Fund acquired all of the assets of the GMO International Disciplined Equity Fund (the predecessor fund). The predecessor fund offered its Class III shares, inception date 9-16-05, in exchange for Class A shares, which were first offered on 6-12-06. The predecessor fund’s Class III shares returns have been recalculated to reflect the gross fees and expenses of Class A shares.

2 NAV represents net asset value and POP represents public offering price.

3 Class B, Class C, Class I and Class R1 shares were first offered on 6-12-06. Returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I and Class R1 shares, respectively.

4 The contingent deferred sales charge, if any, is not applicable.

5 For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV share prospectuses.

8  International Core Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,253.20  $9.05 
Class B  1,000.00  1,248.60  12.82 
Class C  1,000.00  1,249.00  12.83 
Class I  1,000.00  1,255.70  6.38 
Class R1  1,000.00  1,251.00  10.55 
Class R3  1,000.00  1,251.90  9.99 
Class R4  1,000.00  1,253.90  8.33 
Class R5  1,000.00  1,255.80  6.66 
Class 1  1,000.00  1,256.40  6.04 
Class NAV  1,000.00  1,256.50  5.76 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 


Annual report | International Core Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,016.80  $8.10 
Class B  1,000.00  1,013.40  11.48 
Class C  1,000.00  1,013.40  11.48 
Class I  1,000.00  1,019.10  5.71 
Class R1  1,000.00  1,015.40  9.44 
Class R3  1,000.00  1,015.90  8.95 
Class R4  1,000.00  1,017.40  7.45 
Class R5  1,000.00  1,018.90  5.96 
Class 1  1,000.00  1,019.40  5.41 
Class NAV  1,000.00  1,019.70  5.16 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.62%, 2.30%, 2.30%, 1.14%, 1.89%, 1.79%, 1.49%, 1.19%, 1.08% and 1.03% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  International Core Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
GlaxoSmithKline PLC  2.8%  Novartis AG  2.0% 
Total SA  2.6%  Royal Dutch Shell PLC, A shares  1.6% 
Sanofi-Aventis SA  2.6%  Novo Nordisk A/S  1.4% 
Eni SpA  2.3%  Enel SpA  1.4% 
AstraZeneca PLC  2.3%  Vodafone Group PLC  1.3% 
 
Sector Composition2,3       
Consumer Discretionary  16%  Telecommunication Services  7% 
Health Care  15%  Consumer Staples  6% 
Energy  12%  Utilities  5% 
Financials  12%  Information Technology  4% 
Industrials  11%  Short-Term Investments & Other  4% 
Materials  8%     

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings or Top Five Countries.

2 As a percentage of net assets on 2-28-11.

3 International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | International Core Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 94.16%  $1,508,777,873 
(Cost $1,352,542,643)     
 
Australia 4.26%    68,269,545 
BHP Billiton, Ltd.  74,944  3,540,700 
BlueScope Steel, Ltd.  1,094,561  2,334,544 
Commonwealth Bank of Australia  158,461  8,604,330 
Dexus Property Group  2,226,934  1,945,125 
General Property Trust, Ltd.  781,431  2,473,574 
Goodman Fielder, Ltd.  1,035,757  1,318,405 
Goodman Group  3,608,277  2,583,532 
ING Industrial Fund  1,895,397  1,023,682 
ING Office Fund  3,274,224  2,040,700 
Macquarie Office Trust  667,561  2,181,058 
Mirvac Group, Ltd.  1,274,507  1,692,657 
Newcrest Mining, Ltd.  40,437  1,568,012 
Pacific Brands, Ltd.  994,344  904,728 
Qantas Airways, Ltd. (I)  504,911  1,204,523 
QBE Insurance Group, Ltd. (L)  100,802  1,870,771 
Rio Tinto, Ltd.  50,195  4,381,043 
Stockland  907,935  3,521,933 
Suncorp-Metway, Ltd.  190,707  1,644,520 
TABCORP Holdings, Ltd.  329,604  2,559,564 
Telstra Corp., Ltd.  3,019,803  8,599,592 
Wesfarmers, Ltd.  131,945  4,450,513 
Westfield Group  96,810  964,389 
Woodside Petroleum, Ltd. (L)  104,191  4,539,501 
Woolworths, Ltd.  84,633  2,322,149 
 
Austria 0.55%    8,825,927 
Erste Group Bank AG  18,543  979,233 
Immofinanz AG (I)(L)  395,708  1,748,363 
OMV AG  98,452  4,190,394 
Raiffeisen International Bank Holding AG (L)  31,763  1,907,937 
 
Belgium 0.81%    13,004,057 
Ageas  556,722  1,766,137 
Belgacom SA  80,430  3,014,296 
Colruyt SA  45,245  2,273,638 
Delhaize Group SA  25,808  1,995,839 
Dexia SA (I)  315,923  1,380,206 

 

12  International Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Belgium (continued)     
Mobistar SA  19,088  $1,218,884 
Umicore  26,854  1,355,057 
 
Bermuda 0.10%    1,551,515 
Golden Ocean Group, Ltd. (L)  509,800  657,538 
Lancashire Holdings, Ltd.  91,502  893,977 
 
Canada 2.55%    40,858,275 
Barrick Gold Corp. (L)  100,100  5,283,442 
BCE, Inc. (L)  82,300  3,051,254 
Canadian Pacific Railway, Ltd.  12,400  841,600 
EnCana Corp.  320,500  10,417,776 
IGM Financial, Inc.  38,700  1,880,130 
Magna International, Inc.  87,000  4,284,854 
Methanex Corp.  44,600  1,297,763 
Metro, Inc.  33,900  1,535,279 
National Bank of Canada  23,065  1,777,207 
Research In Motion, Ltd. (I)  43,400  2,865,637 
RONA, Inc.  82,400  1,255,231 
Sun Life Financial, Inc.  103,300  3,431,106 
Teck Resources, Ltd., Class B  32,600  1,803,561 
Yellow Media, Inc. (L)  197,700  1,133,435 
 
Denmark 1.63%    26,207,386 
Carlsberg A/S  22,147  2,354,784 
D.S. Norden A/S  13,905  492,713 
Danske Bank A/S (I)  58,605  1,374,621 
Novo Nordisk A/S  174,608  21,985,268 
 
Finland 1.09%    17,537,421 
Metra Oyj  19,632  1,508,772 
Metso Oyj  58,864  3,041,851 
Neste Oil Oyj (L)  83,552  1,482,934 
Nokia AB Oyj  361,797  3,118,809 
Sampo Oyj, A Shares  39,726  1,232,335 
Stora Enso Oyj, Series R  281,980  3,182,498 
UPM-Kymmene Oyj  182,747  3,634,185 
YIT Oyj  11,664  336,037 
 
France 10.54%    168,902,508 
Arkema  24,632  1,802,173 
BNP Paribas  155,436  12,149,062 
Casino Guichard Perrachon SA  14,172  1,387,610 
Cie de Saint-Gobain SA  25,704  1,536,196 
Dassault Systemes SA  24,048  1,841,209 
Essilor International SA  25,100  1,792,509 
Eutelsat Communications  16,060  640,655 
France Telecom SA  173,048  3,834,704 
Hermes International SA  15,810  3,442,166 
L’Oreal SA  28,066  3,263,462 
Lagardere S.C.A.  65,191  2,934,087 
LVMH Moet Hennessy Louis Vuitton SA  64,577  10,179,025 

 

See notes to financial statements  Annual report | International Core Fund  13 

 


  Shares  Value 
France (continued)     
Nexans SA  7,234  $654,786 
PagesJaunes Groupe SA (L)  91,685  894,193 
Peugeot SA (I)  30,085  1,205,279 
PPR  17,043  2,587,328 
Renault SA (I)  59,891  3,672,708 
Rhodia SA  137,543  3,967,307 
Sanofi-Aventis SA  604,849  41,753,681 
Schneider Electric SA  26,581  4,396,499 
Societe Generale  88,551  6,233,915 
Technip SA  5,386  531,581 
Total SA  688,682  42,254,232 
Valeo SA (I)  47,654  2,967,404 
Vivendi SA  361,054  10,290,579 
Wendel  26,070  2,690,158 
 
Germany 6.30%    101,002,135 
Adidas AG  15,142  971,609 
Aixtron AG (L)  22,379  921,710 
BASF SE  92,890  7,723,923 
Bayerische Motoren Werke (BMW) AG  108,955  8,836,470 
Bilfinger Berger AG  20,564  1,723,799 
Daimler AG (I)  225,895  15,911,032 
Deutsche Lufthansa AG (I)  126,374  2,583,303 
Deutsche Post AG  42,756  784,115 
Dialog Semiconductor PLC (I)  22,032  450,048 
E.ON AG  454,823  14,930,404 
Fresenius AG  8,411  766,968 
Heidelberger Druckmaschinen AG (I)  41,808  204,641 
Infineon Technologies AG  590,881  6,463,088 
Kloeckner & Company SE (I)  67,574  2,198,720 
Lanxess AG  75,209  5,597,232 
Leoni AG (I)  23,361  978,382 
MAN AG  35,149  4,462,885 
MTU Aero Engines Holding AG  36,539  2,436,102 
Norddeutsche Affinerie AG (L)  44,282  2,356,591 
Puma AG  4,537  1,349,174 
RWE AG  19,638  1,325,334 
Salzgitter AG  31,388  2,605,572 
SAP AG  117,305  7,077,480 
Siemens AG  13,133  1,768,333 
Software AG  14,302  2,308,079 
Suedzucker AG  62,829  1,725,860 
Symrise AG  42,181  1,107,153 
Volkswagen AG  9,442  1,434,128 
 
Greece 0.47%    7,484,844 
Alpha Bank A.E. (I)  227,616  1,517,642 
National Bank of Greece SA (I)  239,371  2,241,372 
OPAP SA  143,654  2,999,867 
Public Power Corp. SA  46,958  725,963 

 

14  International Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Hong Kong 1.51%    $24,272,304 
Cathay Pacific Airways, Ltd.  605,000  1,414,337 
CLP Holdings, Ltd.  655,699  5,356,280 
Esprit Holdings, Ltd.  458,995  2,259,579 
Hong Kong & China Gas Company, Ltd.  713,130  1,607,017 
Hong Kong Electric Holdings, Ltd.  607,854  3,974,173 
Hutchison Whampoa, Ltd.  332,000  3,928,499 
Noble Group, Ltd.  253,727  409,790 
Pacific Basin Shipping, Ltd.  2,371,000  1,386,158 
Swire Pacific, Ltd., Class A  162,000  2,271,764 
Yue Yuen Industrial Holdings, Ltd.  526,718  1,664,707 
 
Ireland 0.98%    15,729,846 
C&C Group PLC  257,317  1,255,313 
CRH PLC  250,827  5,800,980 
DCC PLC  62,315  1,999,262 
Experian PLC  74,653  946,475 
Kerry Group PLC  76,353  2,774,705 
Paddy Power PLC  23,715  966,233 
Shire PLC  70,175  1,986,878 
 
Israel 0.29%    4,667,196 
Bezek Israeli Telecommunications Corp., Ltd.  647,541  1,762,314 
Israel Chemicals, Ltd.  104,982  1,745,324 
Partner Communications Company, Ltd.  62,197  1,159,558 
 
Italy 5.45%    87,374,334 
BGP Holdings PLC (I)  2,714,128  4 
Bulgari SpA  51,892  549,827 
Enel SpA  3,629,517  21,625,884 
Eni SpA  1,535,795  37,478,044 
Fiat SpA  157,084  1,460,449 
Finmeccanica SpA  41,892  524,307 
Fondiaria-Sai SpA (L)  159,263  1,500,138 
Italcementi SpA — RSP  38,152  193,569 
Mediaset SpA  205,570  1,321,467 
Milano Assicurazioni SpA  129,493  215,277 
Parmalat SpA  3  9 
Recordati SpA  92,425  863,610 
Saipem SpA  80,675  4,079,703 
Snam Rete Gas SpA  485,884  2,657,732 
Telecom Italia SpA  2,035,184  3,178,721 
Telecom Italia RSP  3,983,387  5,270,546 
Terna Rete Elettrica Nazionale SpA  419,339  1,933,781 
UniCredit Italiano SpA  1,756,898  4,521,266 
 
Japan 23.23%    372,156,580 
Advance Residence Investment Corp.  705  1,467,219 
AEON Company, Ltd. (L)  175,300  2,212,280 
AEON Credit Service Company, Ltd.  115,200  1,758,776 
Aiful Corp. (I)(L)  418,000  886,032 
Aisin Seiki Company, Ltd.  36,300  1,386,965 

 

See notes to financial statements  Annual report | International Core Fund  15 

 


  Shares  Value 
Japan (continued)     
All Nippon Airways Company, Ltd. (I)  342,000  $1,236,032 
Alps Electric Company, Ltd.  298,946  4,024,974 
Anritsu Corp. (L)  120,000  1,126,033 
Asahi Diamond Industrial Company, Ltd.  71,000  1,377,839 
Asahi Kasei Corp.  244,000  1,687,459 
Astellas Pharma, Inc.  170,900  6,711,641 
Bank of Yokohama, Ltd.  182,000  982,296 
Canon, Inc.  64,500  3,119,516 
Circle K Sunkus Company, Ltd.  32,600  551,066 
Cosmo Oil Company, Ltd.  434,000  1,575,135 
CyberAgent, Inc.  746  2,394,392 
Daiei, Inc. (I)(L)  123,050  501,297 
Daikyo, Inc. (I)(L)  829,000  1,611,827 
Dainippon Ink & Chemicals, Inc.  298,000  792,817 
Dainippon Screen Manufacturing Company, Ltd. (I)  446,000  4,326,764 
Daito Trust Construction Company, Ltd.  100,000  8,195,421 
Dena Company, Ltd.  87,400  3,374,286 
Denki Kagaku Kogyo Kabushiki Kaisha  246,000  1,321,920 
Don Quijote Company, Ltd. (L)  56,800  1,979,839 
Eisai Company, Ltd. (L)  61,780  2,311,326 
Electric Power Development Company, Ltd.  36,200  1,142,967 
Fanuc, Ltd.  67,400  10,491,252 
Fast Retailing Company, Ltd.  21,300  3,342,884 
Fuji Electric Holdings Company, Ltd.  304,000  1,030,080 
Fuji Heavy Industries, Ltd.  425,116  3,663,432 
Fuji Oil Company, Ltd.  48,500  694,393 
Gunze, Ltd.  178,000  766,160 
Hanwa Company, Ltd.  331,000  1,542,877 
Haseko Corp. (I)  1,737,000  1,620,600 
Hikari Tsushin, Inc.  31,000  757,756 
Hitachi, Ltd. (L)  1,487,000  9,027,456 
Honda Motor Company, Ltd.  246,412  10,743,854 
Inpex Corp.  219  1,539,988 
Isuzu Motors, Ltd.  864,000  3,893,324 
Itochu Corp.  387,000  4,019,691 
JFE Holdings, Inc.  68,700  2,170,279 
JX Holdings, Inc.  1,794,300  12,617,398 
K’s Holding Corp.  80,200  2,708,615 
Kajima Corp.  952,000  2,550,150 
Kakaku.com, Inc.  236  1,380,209 
Kao Corp.  207,850  5,604,440 
Kawasaki Kisen Kaisha, Ltd.  684,000  2,987,963 
KDDI Corp.  1,106  7,179,628 
Komatsu, Ltd.  186,500  5,713,158 
Konami Corp.  52,923  1,125,871 
Lawson, Inc.  25,100  1,236,560 
Leopalace21 Corp. (I)(L)  390,200  661,247 
Makino Milling Machine Company, Ltd. (I)  129,000  1,212,345 

 

16  International Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Japan (continued)     
Marubeni Corp.  587,824  $4,510,375 
Mazda Motor Corp.  1,151,000  2,968,280 
Mitsubishi Chemical Holdings Corp.  495,000  3,625,249 
Mitsubishi Corp.  68,595  1,903,860 
Mitsubishi Electric Corp.  320,000  3,793,949 
Mitsubishi UFJ Lease & Finance Company, Ltd.  44,510  1,978,926 
Mitsui Mining & Smelting Company, Ltd.  507,000  2,012,948 
Mitsui O.S.K. Lines, Ltd.  469,000  3,114,032 
Mizuho Financial Group, Inc.  3,090,300  6,371,526 
Murata Manufacturing Company, Ltd.  10,700  798,366 
Net One Systems Company, Ltd.  375  602,809 
Nintendo Company, Ltd.  8,700  2,554,645 
Nippon Light Metal Company, Ltd. (I)  972,000  2,094,730 
Nippon Steel Corp.  555,000  2,017,494 
Nippon Telegraph & Telephone Corp.  199,600  9,763,131 
Nippon Yakin Kogyo Company, Ltd. (I)(L)  217,500  617,212 
Nippon Yusen Kabushiki Kaisha  826,000  3,646,163 
Nissan Motor Company, Ltd.  841,700  8,632,381 
Nisshinbo Holdings, Inc.  88,000  965,463 
Nitori Company, Ltd.  24,250  2,147,350 
Nitto Denko Corp.  61,500  3,717,506 
NSK, Ltd.  160,000  1,529,262 
NTT DoCoMo, Inc.  5,208  9,787,156 
Obayashi Corp.  358,000  1,606,062 
OKUMA Corp. (I)  133,000  1,251,599 
Omron Corp.  47,500  1,321,575 
Oriental Land Company, Ltd.  15,400  1,541,506 
ORIX Corp. (L)  63,390  7,121,547 
Osaka Gas Company, Ltd.  895,120  3,405,095 
Pacific Metals Company, Ltd.  48,000  454,039 
Pioneer Corp. (I)  512,200  2,758,919 
Point, Inc.  38,340  1,839,762 
Resona Holdings, Inc.  602,400  3,290,433 
Ricoh Company, Ltd.  144,000  1,905,683 
Round One Corp.  219,700  1,441,371 
Ryohin Keikaku Company, Ltd. (L)  30,200  1,440,501 
Sankyo Company, Ltd.  50,000  2,836,003 
Sawai Pharmaceutical Company, Ltd. (L)  11,500  1,078,640 
Secom Company, Ltd.  42,000  2,118,990 
SEGA SAMMMY HOLDINGS, Inc.  107,600  2,453,388 
Seven & I Holdings Company, Ltd.  144,100  4,020,355 
Shimamura Company, Ltd.  11,700  1,131,702 
Showa Shell Sekiyu KK  119,300  1,081,440 
Softbank Corp.  126,600  5,210,733 
Sojitz Holdings Corp.  1,416,100  3,192,261 
Sumitomo Corp.  603,000  8,948,703 
Sumitomo Heavy Industries, Ltd.  184,000  1,294,623 
Taiheiyo Cement Corp. (I)  1,950,000  2,905,708 

 

See notes to financial statements  Annual report | International Core Fund  17 

 


  Shares  Value 
Japan (continued)     
Taisei Corp.  962,000  $2,276,190 
Taisho Pharmaceuticals Company, Ltd.  46,790  1,024,127 
Takeda Pharmaceutical Company, Ltd.  415,989  20,699,494 
Takefuji Corp.  83,020  1,015 
The Sumitomo Trust & Banking Company, Ltd.  603,841  3,844,728 
Toho Zinc Company, Ltd.  154,000  881,967 
Tokyo Gas Company, Ltd.  304,397  1,359,637 
Tokyo Steel Manufacturing Company, Ltd.  133,300  1,487,549 
Tokyo Tatemono Company, Ltd.  462,000  2,177,815 
TonenGeneral Sekiyu KK  124,133  1,463,702 
Tosoh Corp.  370,000  1,326,336 
Toyota Motor Corp.  275,400  12,847,898 
Toyota Tsusho Corp.  210,400  3,998,342 
Tsugami Corp. (L)  96,000  719,021 
Unicharm Corp.  38,800  1,502,453 
UNY Company, Ltd.  197,500  1,971,509 
USS Company, Ltd.  15,240  1,233,788 
Yahoo! Japan Corp.  3,295  1,241,754 
Yamada Denki Company, Ltd.  54,940  4,194,380 
Yamaha Motor Company, Ltd. (I)  98,200  1,741,463 
Zeon Corp.  295,000  3,022,232 
 
Netherlands 1.81%    28,967,827 
CSM  40,017  1,422,540 
Heineken NV  76,367  3,938,276 
ING Groep NV (I)  1,316,992  16,515,747 
Koninklijke BAM Groep NV  310,529  1,996,554 
Koninklijke Boskalis Westinster NV  29,116  1,513,645 
Koninklijke DSM NV  29,533  1,735,923 
Koninklijke Philips Electronics NV  1  33 
Koninklijke Vopak NV  16,044  776,569 
Reed Elsevier NV  1  13 
Wereldhave NV  10,529  1,068,527 
 
New Zealand 0.32%    5,097,111 
Fletcher Building, Ltd.  309,172  2,046,874 
Telecom Corp. of New Zealand, Ltd.  1,939,940  3,050,237 
 
Norway 0.17%    2,681,534 
DnB NOR ASA  88,393  1,367,176 
Yara International ASA  24,800  1,314,358 
 
Portugal 0.02%    259,199 
Jeronimo Martins SGPS SA  16,167  259,199 
 
Singapore 2.20%    35,185,832 
CapitaCommercial Trust  1,564,000  1,700,697 
Cosco Corp. Singapore, Ltd.  522,000  810,479 
Ezra Holdings, Ltd.  590,000  726,833 
Genting Singapore PLC (I)  2,360,000  3,563,980 
Golden Agri-Resources, Ltd.  8,913,000  4,592,886 
Jaya Holdings, Ltd. (I)  811,000  354,170 

 

18  International Core Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Singapore (continued)     
Midas Holdings, Ltd.  590,000  $345,067 
Neptune Orient Lines, Ltd. (I)  1,444,854  2,334,011 
Oversea-Chinese Banking Corp., Ltd.  367,000  2,665,782 
SembCorp Marine, Ltd.  912,573  3,843,638 
Singapore Exchange, Ltd.  419,000  2,604,766 
Singapore Press Holdings, Ltd.  825,000  2,518,015 
Singapore Telecommunications, Ltd.  2,104,350  4,929,224 
Suntec Real Estate Investment Trust  1,424,000  1,658,260 
Swiber Holdings, Ltd. (I)  531,000  329,018 
Venture Corp., Ltd.  119,000  886,486 
Yangzijiang Shipbuilding Holdings, Ltd.  936,000  1,322,520 
 
Spain 1.85%    29,606,592 
Banco Popular Espanol SA  440,427  2,664,047 
Banco Santander SA  484,954  5,968,815 
Gas Natural SDG SA  90,727  1,549,703 
Iberdrola SA  344,455  3,004,930 
Inditex SA  44,771  3,239,981 
Repsol YPF SA  273,172  9,163,464 
Telefonica SA  157,887  4,015,652 
 
Sweden 3.27%    52,442,133 
Alfa Laval AB  94,273  1,927,327 
Assa Abloy AB, Series B  59,188  1,656,487 
Atlas Copco AB, Series A  195,190  4,901,632 
Boliden AB  180,420  3,840,227 
Hennes & Mauritz AB, B Shares  227,472  7,423,122 
Modern Times Group AB, B Shares  30,584  2,048,377 
NCC AB  90,165  2,356,529 
Sandvik AB  243,614  4,670,593 
Scania AB, Series B  61,414  1,368,448 
Skandinaviska Enskilda Banken AB, Series A  201,250  1,831,284 
SKF AB, B Shares  99,899  2,787,176 
Swedbank AB, Class A (I)  454,864  8,013,132 
Trelleborg AB, Series B  236,195  2,362,209 
Volvo AB, Series B (I)  419,431  7,255,590 
 
Switzerland 5.54%    88,726,877 
Clariant AG (I)  137,661  2,269,467 
Compagnie Financiere Richemont SA, BR Shares  176,638  10,127,754 
Nestle SA  346,096  19,590,797 
Novartis AG  564,164  31,683,037 
Roche Holdings AG  83,373  12,570,736 
Swisscom AG  4,022  1,776,987 
Synthes AG  32,618  4,475,532 
The Swatch Group AG, BR Shares  14,619  6,232,567 
 
United Kingdom 19.22%    307,966,895 
3i Group PLC  335,850  1,704,797 
Acergy SA  86,216  2,217,664 
Aggreko PLC  84,000  1,975,600 

 

See notes to financial statements  Annual report | International Core Fund  19 

 


  Shares  Value 
United Kingdom (continued)     
Amlin PLC  226,458  $1,427,374 
Antofagasta PLC  74,448  1,701,764 
ARM Holdings PLC  649,429  6,537,211 
Asos PLC (I)(L)  39,270  1,202,578 
Associated British Foods PLC  84,717  1,330,828 
AstraZeneca PLC  741,996  36,179,443 
Barclays PLC  1,528,173  7,935,299 
BG Group PLC  379,304  9,253,860 
BHP Billiton PLC  114,710  4,544,658 
BP PLC  933,714  7,524,459 
British American Tobacco PLC  88,822  3,554,549 
BT Group PLC  3,150,507  9,391,101 
Burberry Group PLC  297,824  5,803,942 
Capita Group PLC  134,818  1,589,897 
Centrica PLC  649,448  3,595,023 
Cobham PLC  507,987  1,861,988 
Compass Group PLC  294,452  2,648,905 
Cookson Group PLC (I)  43,396  461,086 
Daily Mail & General Trust  63,676  581,595 
Diageo PLC  226,690  4,432,120 
Dixons Retail PLC (I)  1,372,811  432,400 
Drax Group PLC  364,522  2,339,162 
Electrocomponents PLC  106,447  479,138 
Eurasian Natural Resources Corp.  91,329  1,431,265 
GlaxoSmithKline PLC  2,353,157  45,235,655 
Home Retail Group PLC  756,197  2,713,422 
HSBC Holdings PLC  171,097  1,883,100 
ICAP PLC  102,434  867,018 
IMI PLC  174,952  2,527,466 
Kazakhmys PLC  75,035  1,760,349 
Ladbrokes PLC  13,856  30,540 
Lloyds Banking Group PLC (I)  4,787,487  4,831,358 
National Express Group PLC (I)  93,384  376,225 
Next PLC  128,364  4,128,836 
Petrofac, Ltd.  67,161  1,520,623 
Punch Taverns PLC (I)  634,860  687,034 
Reckitt Benckiser Group PLC  90,566  4,667,489 
Reed Elsevier PLC  99,729  890,527 
Rio Tinto PLC  193,557  13,653,015 
Royal Dutch Shell PLC, A Shares  719,028  25,882,094 
Royal Dutch Shell PLC, B Shares  446,919  15,969,896 
Sage Group PLC  374,218  1,729,082 
Scottish & Southern Energy PLC  159,402  3,210,205 
Smith & Nephew PLC  216,744  2,510,083 
Standard Chartered PLC  200,534  5,302,171 
Taylor Woodrow PLC (I)  1,835,317  1,179,436 
Tesco PLC  256,723  1,688,412 
The Weir Group PLC  106,169  2,956,948 

 

20  International Core Fund | Annual report  See notes to financial statements 

 


      Shares  Value 
United Kingdom (continued)         
Travis Perkins PLC      138,518  $2,239,950 
Trinity Mirror PLC (I)      140,795  185,401 
Unilever PLC      1  30 
United Utilities Group PLC      101,648  979,204 
Vodafone Group PLC      7,600,234  21,565,727 
William Hill PLC      423,222  1,321,155 
Wolseley PLC (I)      164,064  5,709,168 
WPP PLC      168,025  2,311,523 
Xstrata PLC      220,682  5,036,980 
Yell Group PLC (I)(L)      2,421,736  279,067 
 
      Shares  Value 
Preferred Securities 1.06%        $17,006,279 
(Cost $12,776,808)         
 
Germany 1.06%        17,006,279 
Bayerische Motoren Werke AG      11,115  598,903 
Henkel AG & Company KGaA      19,368  1,167,467 
Porsche Automobil Holding SE      40,879  3,238,289 
ProSiebenSat.1 Media AG      94,563  3,058,860 
Volkswagen AG      52,736  8,942,760 
 
      Shares  Value 
Rights 0.00%        $1 
(Cost $0)         
 
Austria 0.00%        1 
Immofinanz AG (Expiration Date: 3-2-11, Strike Price: EUR 4.12) (I)(L)  395,708  1 
 
      Shares  Value 
Securities Lending Collateral 2.61%        $41,799,045 
(Cost $41,797,486)         
John Hancock Collateral Investment Trust (W)    0.2855% (Y)  4,176,814  41,799,045 
 
    Maturity     
    date  Par value  Value 
Short-Term Investments 3.68%        $58,852,163 
(Cost $58,852,092)         
 
U.S. Government 0.21%        3,349,920 
U.S. Treasury Bills  0.1800%  3-10-11  $3,350,000  3,349,920 
 
      Shares  Value 
Short-Term Securities 3.47%        55,502,243 
State Street Institutional Treasury Money         
Market Fund  0.0453% (Y)  55,502,243  55,502,243 
 
Total investments (Cost $1,465,969,029)† 101.51%  $1,626,435,361 
 
Other assets and liabilities, net (1.51%)      ($24,121,312) 
 
Total net assets 100.00%      $1,602,314,049 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

 

See notes to financial statements  Annual report | International Core Fund  21 

 


Notes to Schedule of Investments

Currency abbreviation

EUR  Euro 

 

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W)Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $1,488,147,472. Net unrealized appreciation aggregated $138,287,889, of which $204,457,955 related to appreciated investment securities and $66,170,066 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 2-28-11:

Consumer Discretionary  16% 
Health Care  15% 
Energy  12% 
Financials  12% 
Industrials  11% 
Materials  8% 
Telecommunication Services  7% 
Consumer Staples  6% 
Utilities  5% 
Information Technology  4% 
Short-Term Investments & Other  4% 

 

22  International Core Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $1,424,171,543)   
including $39,580,580 of securities loaned (Note 2)  $1,584,636,316 
Investments in affiliated issuers, at value (Cost $41,797,486) (Note 2)  41,799,045 
 
Total investments, at value (Cost $1,465,969,029)  1,626,435,361 
Foreign currency, at value (Cost $530,322)  534,886 
Cash held at broker for futures contracts  8,102,405 
Receivable for investments sold  1,555,702 
Receivable for forward foreign currency exchange contracts (Note 3)  2,077,843 
Receivable for fund shares sold  4,166,757 
Dividends and interest receivable  6,300,085 
Receivable for securities lending income  36,357 
Receivable for futures variation margin  232,630 
Other receivables and prepaid expenses  115,371 
 
Total assets  1,649,557,397 
 
Liabilities   
Payable for investments purchased  753 
Payable for forward foreign currency exchange contracts (Note 3)  2,922,469 
Payable for fund shares repurchased  1,577,835 
Payable upon return of securities loaned (Note 2)  41,764,997 
Payable to affiliates   
Accounting and legal services fees  26,383 
Transfer agent fees  124,477 
Distribution and service fees  110 
Trustees’ fees  33,952 
Investment management fees  37,909 
Other liabilities and accrued expenses  754,463 
 
Total liabilities  47,243,348 
 
Net assets   
Capital paid-in  $1,659,115,316 
Undistributed net investment income  2,757,635 
Accumulated net realized loss on investments, futures contracts and   
foreign currency transactions  (221,234,537) 
Net unrealized appreciation (depreciation) on investments, futures   
contracts and translation of assets and liabilities in foreign currencies  161,675,635 
 
Net assets  $1,602,314,049 

 

See notes to financial statements  Annual report | International Core Fund  23 

 


F I N A N C I A L   S T A T E M E N T S

Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($332,891,503 ÷ 10,791,010 shares)  $30.85 
Class B ($5,455,296 ÷ 177,672 shares)1  $30.70 
Class C ($5,444,780 ÷ 177,302 shares)1  $30.71 
Class I ($290,609,070 ÷ 9,391,796 shares)  $30.94 
Class R1 ($229,120 ÷ 7,446 shares)  $30.77 
Class R3 ($33,154 ÷ 1,072 shares)  $30.942 
Class R4 ($33,666 ÷ 1,088 shares)  $30.94 
Class R5 ($68,651 ÷ 2,219 shares)  $30.94 
Class 1 ($47,113,203 ÷ 1,520,089 shares)  $30.99 
Class NAV ($920,435,606 ÷ 29,712,520 shares)  $30.98 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)3  $32.47 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.
2 Net assets and shares outstanding have been rounded for presentation purposes. The net asset value is as reported on 2-28-11.
3 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

24  International Core Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $40,798,496 
Securities lending  1,567,413 
Interest  46,538 
Less foreign taxes withheld  (3,497,023) 
 
Total investment income  38,915,424 
 
Expenses   
Investment management fees (Note 5)  12,067,909 
Distribution and service fees (Note 5)  934,606 
Accounting and legal services fees (Note 5)  169,034 
Transfer agent fees (Note 5)  680,446 
Trustees’ fees (Note 5)  77,837 
State registration fees (Note 5)  119,689 
Printing and postage (Note 5)  238,359 
Professional fees  186,633 
Custodian fees  1,344,642 
Registration and filing fees  47,744 
Other  40,053 
 
Total expenses  15,906,952 
Less expense reductions (Note 5)  (88,821) 
 
Net expenses  15,818,131 
 
Net investment income  23,097,293 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  2,784,606 
Investments in affiliated issuers  (22,286) 
Futures contracts (Note 3)  584,787 
Foreign currency transactions  2,277,239 
 
  5,624,346 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  246,555,446 
Investments in affiliated issuers  945 
Futures contracts (Note 3)  3,767,544 
Translation of assets and liabilities in foreign currencies  (513,652) 
 
  249,810,283 
 
Net realized and unrealized gain  255,434,629 
 
Increase in net assets from operations  $278,531,922 

 

See notes to financial statements  Annual report | International Core Fund  25 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $23,097,293  $17,429,122 
Net realized gain (loss)  5,624,346  (138,521,721) 
Change in net unrealized appreciation (depreciation)   249,810,283  420,053,420 
 
Increase in net assets resulting from operations   278,531,922  298,960,821 
 
Distributions to shareholders     
From net investment income     
Class A  (3,147,377)  (3,861,204) 
Class B  (20,240)  (95,282) 
Class C  (19,160)  (73,557) 
Class I  (3,662,817)  (1,997,302) 
Class R1  (1,465)  (2,466) 
Class R3  (245)  (477) 
Class R4  (330)  (554) 
Class R5  (672)  (631) 
Class 1  (671,339)  (1,080,309) 
Class NAV  (13,024,392)  (18,258,674) 
 
Total distributions  (20,548,037)  (25,370,456) 
 
From Fund share transactions (Note 6)  179,570,655  188,583,389 
 
Total increase  437,554,540  462,173,754 
 
Net assets     
Beginning of year  1,164,759,509  702,585,755 
 
End of year  $1,602,314,049  $1,164,759,509 
 
Undistributed (Accumulated distributions in excess of)      
net investment income  $2,757,635  ($3,293,725) 

 

26  International Core Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.74  $18.43  $39.06  $43.30  $36.26 
Net investment income2  0.33  0.24  0.76  0.35  0.63 
Net realized and unrealized gain (loss) on investments  5.09  7.59  (18.65)  (0.35)  6.79 
Total from investment operations  5.42  7.83  (17.89)  —  7.42 
Less distributions           
From net investment income  (0.31)  (0.52)  (1.56)  (0.45)  — 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.31)  (0.52)  (2.74)  (4.24)  (0.38) 
Net asset value, end of year  $30.85  $25.74  $18.43  $39.06  $43.30 
Total return (%)3  21.13  42.33  (47.16)  (0.76)  20.48 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $333  $225  $54  $130  $12 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.61  1.954  1.75  1.68  2.23 
Expenses net of fee waivers  1.60  1.664  1.75  1.65  1.40 
Expenses net of fee waivers and credits  1.60  1.624  1.70  1.65  1.40 
Net investment income  1.21  0.94  2.33  0.78  1.58 
Portfolio turnover (%)  39  44  54  505  37 

 

1 Effective 6-12-06, shareholders of the former GMO International Disciplined Equity Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock International Core Fund. Additionally, the accounting and performance history of the former GMO International Disciplined Equity Fund was redesignated as that of John Hancock International Core Fund Class A.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
5 Excludes merger activity.

 

See notes to financial statements  Annual report | International Core Fund  27 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.62  $18.36  $38.80  $43.08  $35.92 
Net investment income (loss)2  0.18  0.17  0.53  —3  (0.25) 
Net realized and unrealized gain (loss) on investments  5.01  7.44  (18.49)  (0.33)  7.79 
Total from investment operations  5.19  7.61  (17.96)  (0.33)  7.54 
Less distributions           
From net investment income  (0.11)  (0.35)  (1.30)  (0.16)  — 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.11)  (0.35)  (2.48)  (3.95)  (0.38) 
Net asset value, end of year  $30.70  $25.62  $18.36  $38.80  $43.08 
Total return (%)4  20.28  41.35  (47.53)  (1.48)  21.015 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $5  $6  $7  $20  $1 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.36  3.076  2.75  2.48  6.837 
Expenses net of fee waivers  2.30  2.366  2.63  2.41  2.397 
Expenses net of fee waivers and credits  2.30  2.336  2.40  2.40  2.397 
Net investment income (loss)  0.65  0.69  1.64  —8  (0.84)7 
Portfolio turnover (%)  39  44  54  509  37 

 

1 The inception date for Class B shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
7 Annualized.
8 Less than 0.005%.
9 Excludes merger activity.

 

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.62  $18.36  $38.81  $43.09  $35.92 
Net investment income (loss)2  0.17  0.15  0.55  0.13  (0.24) 
Net realized and unrealized gain (loss) on investments  5.03  7.46  (18.52)  (0.46)  7.79 
Total from investment operations  5.20  7.61  (17.97)  (0.33)  7.55 
Less distributions           
From net investment income  (0.11)  (0.35)  (1.30)  (0.16)  — 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.11)  (0.35)  (2.48)  (3.95)  (0.38) 
Net asset value, end of year  $30.71  $25.62  $18.36  $38.81  $43.09 
Total return (%)3  20.32  41.35  (47.55)  (1.48)  21.044 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $5  $5  $4  $15  $4 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.47  2.695  2.59  2.49  3.726 
Expenses net of fee waivers  2.30  2.365  2.43  2.40  2.396 
Expenses net of fee waivers and credits  2.30  2.335  2.40  2.40  2.396 
Net investment income (loss)  0.62  0.60  1.69  0.28  (0.79)6 
Portfolio turnover (%)  39  44  54  507  37 

 

1 The inception date for Class C shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.
7 Excludes merger activity.

 

28  International Core Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, end of year  $25.80  $18.45  $39.20  $43.43  $35.92 
Net investment income2  0.45  0.35  0.94  0.55  0.16 
Net realized and unrealized gain (loss) on investments  5.12  7.63  (18.77)  (0.35)  7.73 
Total from investment operations  5.57  7.98  (17.83)  0.20  7.89 
Less distributions           
From net investment income  (0.43)  (0.63)  (1.74)  (0.64)  — 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.43)  (0.63)  (2.92)  (4.43)  (0.38) 
Net asset value, end of year  $30.94  $25.80  $18.45  $39.20  $43.43 
Total return (%)3  21.73  43.10  (46.91)  (0.33)  21.994 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $291  $84  $1  $3  —5 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.12  1.06  2.37  2.34  12.526 
Expenses net of fee waivers  1.12  1.06  1.18  1.18  1.206 
Expenses net of fee waivers and credits  1.12  1.06  1.18  1.18  1.206 
Net investment income  1.61  1.34  2.87  1.24  0.566 
Portfolio turnover (%)  39  44  54  507  37 

 

1 The inception date for Class I shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Excludes merger activity.

 

CLASS R1 SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.67  $18.36  $38.94  $43.19  $35.92 
Net investment income (loss)2  0.24  0.23  0.69  0.66  (0.03) 
Net realized and unrealized gain (loss) on investments  5.06  7.50  (18.54)  (0.69)  7.68 
Total from investment operations  5.30  7.73  (17.85)  (0.03)  7.65 
Less distributions           
From net investment income  (0.20)  (0.42)  (1.55)  (0.43)  — 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.20)  (0.42)  (2.73)  (4.22)  (0.38) 
Net asset value, end of year  $30.77  $25.67  $18.36  $38.94  $43.19 
Total return (%)3  20.71  42.00  (47.16)  (0.82)  21.324 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  —5  —5  —5  —5  —5 
Ratios (as a percentage of average net assets):           
Expenses before reductions  6.88  8.856  15.16  13.85  20.407 
Expenses net of fee waivers  1.92  1.926  2.10  1.70  1.947 
Expenses net of fee waivers and credits  1.92  1.926  1.70  1.70  1.947 
Net investment income (loss)  0.90  0.92  2.21  1.48  (0.10)7 
Portfolio turnover (%)  39  44  54  508  37 

 

1 The inception date for Class R1 shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
7 Annualized.
8 Excludes merger activity.

 

See notes to financial statements  Annual report | International Core Fund  29 

 


CLASS R3 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
Net asset value, beginning of year  $25.80  $23.33 
Net investment income2  0.29  0.02 
Net realized and unrealized gain on investments  5.08  2.90 
Total from investment operations  5.37  2.92 
Less distributions     
From net investment income  (0.23)  (0.45) 
Net asset value, end of year  $30.94  $25.80 
Total return (%)3  20.87  12.404 
 
Ratios and supplemental data     
Net assets, end of year (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  44.55  10.976 
Expenses net of fee waivers  1.83  1.916 
Expenses net of fee waivers and credits  1.83  1.916 
Net investment income  1.05  0.106 
Portfolio turnover (%)  39  44 

 

1 The inception date for Class R3 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

CLASS R4 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
Net asset value, beginning of year  $25.80  $23.33 
Net investment income2  0.37  0.08 
Net realized and unrealized gain on investments  5.08  2.91 
Total from investment operations  5.45  2.99 
Less distributions     
From net investment income  (0.31)  (0.52) 
Net asset value, end of year  $30.94  $25.80 
Total return (%)3  21.21  12.694 
 
Ratios and supplemental data     
Net assets, end of year (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  44.22  10.716 
Expenses net of fee waivers  1.53  1.616 
Expenses net of fee waivers and credits  1.53  1.616 
Net investment loss  1.34  0.406 
Portfolio turnover (%)  39  44 

 

1 The inception date for Class R4 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

30  International Core Fund | Annual report  See notes to financial statements 

 


CLASS R5 SHARES Period ended  2-28-11  2-28-101 
 
Per share operating performance     
Net asset value, beginning of year  $25.79  $23.33 
Net investment income2  0.44  0.14 
Net realized and unrealized gain on investments  5.10  2.91 
Total from investment operations  5.54  3.05 
Less distributions     
From net investment income  (0.39)  (0.59) 
Net asset value, end of year  $30.94  $25.79 
Total return (%)3  21.59  12.954 
 
Ratios and supplemental data     
Net assets, end of year (in millions)  —5  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  31.41  10.506 
Expenses net of fee waivers  1.22  1.316 
Expenses net of fee waivers and credits  1.22  1.316 
Net investment income  1.58  0.706 
Portfolio turnover (%)  39  44 

 

1 The inception date for Class R5 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

CLASS 1 SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.84  $18.48  $39.22  $43.43  $40.56 
Net investment income2  0.50  0.46  0.93  0.95  0.02 
Net realized and unrealized gain (loss) on investments  5.09  7.54  (18.74)  (0.72)  3.26 
Total from investment operations  5.59  8.00  (17.81)  0.23  3.28 
Less distributions           
From net investment income  (0.44)  (0.64)  (1.75)  (0.65)  (0.03) 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.44)  (0.64)  (2.93)  (4.44)  (0.41) 
Net asset value, end of year  $30.99  $25.84  $18.48  $39.22  $43.43 
Total return (%)3  21.75  43.11  (46.83)  (0.25)  8.114 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $47  $44  $34  $74  $82 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.07  1.085  1.10  1.16  1.236 
Expenses net of fee waivers  1.07  1.075  1.10  1.14  1.176 
Expenses net of all fee waivers and credits  1.07  1.075  1.10  1.14  1.176 
Net investment income  1.83  1.83  2.88  2.09  0.166 
Portfolio turnover (%)  39  44  54  507  37 

 

1 The inception date for Class 1 shares is 11-6-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.
7 Excludes merger activity.

 

See notes to financial statements  Annual report | International Core Fund  31 

 


CLASS NAV SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $25.82  $18.47  $39.21  $43.42  $39.18 
Net investment income2  0.51  0.49  0.99  0.95  0.08 
Net realized and unrealized gain (loss) on investments  5.10  7.51  (18.78)  (0.70)  4.58 
Total from investment operations  5.61  8.00  (17.79)  0.25  4.66 
Less distributions           
From net investment income  (0.45)  (0.65)  (1.77)  (0.67)  (0.04) 
From net realized gain  —  —  (1.18)  (3.79)  (0.38) 
Total distributions  (0.45)  (0.65)  (2.95)  (4.46)  (0.42) 
Net asset value, end of year  $30.98  $25.82  $18.47  $39.21  $43.42 
Total return (%)3  21.85  43.14  (46.80)  (0.20)  11.904 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $920  $800  $603  $1,415  $1,244 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.02  1.045  1.04  1.11  1.086 
Expenses net of fee waivers  1.02  1.025  1.04  1.08  1.086 
Expenses net of fee waivers and credits  1.02  1.025  1.04  1.08  1.086 
Net investment income  1.87  1.99  3.06  2.09  0.386 
Portfolio turnover (%)  39  44  54  507  37 

 

1 The inception date for Class NAV shares is 8-29-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.
7 Excludes merger activity.

 

32  International Core Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock International Core Fund (the Fund) is a diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek high total return.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Annual report | International Core Fund  33 

 


The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 2-28-11  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $68,269,545  —  $68,269,545  — 
Austria  8,825,928  —  8,825,928  — 
Belgium  13,004,057  —  13,004,057  — 
Bermuda  1,551,515  —  1,551,515  — 
Canada  40,858,275  $40,858,275  —  — 
Denmark  26,207,386  —  26,207,386  — 
Finland  17,537,421  —  17,537,421  — 
France  168,902,508  —  168,902,508  — 
Germany  101,002,135  —  101,002,135  — 
Greece  7,484,844  —  7,484,844  — 
Hong Kong  24,272,304  —  24,272,304  — 
Ireland  15,729,846  —  15,729,846  — 
Israel  4,667,196  —  4,667,196  — 
Italy  87,374,334  —  87,374,334  — 
Japan  372,156,580  —  372,156,580  — 
Netherlands  28,967,827  —  28,967,827  — 
New Zealand  5,097,111  —  5,097,111  — 
Norway  2,681,534  —  2,681,534  — 
Portugal  259,199  —  259,199  — 
Singapore  35,185,832  —  35,185,832  — 
Spain  29,606,592  —  29,606,592  — 
Sweden  52,442,133  —  52,442,133  — 
Switzerland  88,726,877  —  88,726,877  — 
United Kingdom  307,966,895  —  307,966,895  — 
Preferred Securities         
Germany  17,006,279  —  17,006,279  — 
Securities Lending         
Collateral  41,799,045  41,799,045  —  — 
Short-Term Investments  58,852,163  55,502,243  3,349,920  — 
 
Total Investments in         
Securities  $1,626,435,361  $138,159,563  $1,488,275,798  — 
Other Financial         
Instruments         
Futures  $1,940,287  $1,940,287  —  — 
Forward Foreign         
Currency Contracts  ($844,626)  —  ($844,626)  — 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies, including forward foreign

34  International Core Fund | Annual report 

 


currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Real estate investment trusts. From time to time, the Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Distributions from REITs received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Annual report | International Core Fund  35 

 


The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net unrealized appreciation.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar agreement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $208,228,163 available to offset future net realized capital gains as of February 28, 2011. The following table details the capital loss carryforward available as of February 28, 2011.

CAPITAL LOSS CARRYFORWARD EXPIRING AT FEBRUARY 28   
2017  2018  2019 
$18,555,069  $182,628,123  $7,044,971 

 

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain

 

36  International Core Fund | Annual report 

 


their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  $20,548,037  $25,370,456 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $11,905,858 of undistributable ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, passive foreign investment companies, wash sale loss deferrals and derivative transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the 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 honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. 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 the Fund will succeed in enforcing them.

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

Annual report | International Core Fund  37 

 


During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from $92.0 million to $133.8 million, as measured at each quarter end.

          UNREALIZED 
OPEN  NUMBER OF        APPRECIATION 
CONTRACTS  CONTRACTS  POSITION  EXPIRATION DATE  NOTIONAL VALUE  (DEPRECIATION) 
DAX Index Futures  72  Long  Mar 2011  $18,071,686  $648,954 
FTSE 100 Index  264  Long  Mar 2011  25,636,547  624,775 
Futures           
FTSE MIB Index  141  Long  Mar 2011  21,868,052  1,732,374 
Futures           
SGX MSCI Singapore  170  Long  Mar 2011  9,453,059  (46,249) 
Index Futures           
TOPIX Index Futures  93  Long  Mar 2011  10,811,442  582,928 
ASX SPI 200 Index  226  Short  Mar 2011  (27,761,782)  (201,143) 
Futures           
S&P TSE 60 Index  121  Short  Mar 2011  (20,240,770)  (1,401,352) 
Futures           
Total          $1,940,287 

 

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral, the risk that currency movements will not occur, thereby reducing the Fund’s total return, and the potential for losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

During the year ended February 28, 2011, the Fund used forward foreign currency contracts to hedge against anticipated currency exchange rates. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held forward foreign currency contracts with USD absolute values ranging from $115.2 million to $308.5 million, as measured at each quarter end.

38  International Core Fund | Annual report 

 


  PRINCIPAL  PRINCIPAL       
  AMOUNT  AMOUNT COVERED      UNREALIZED 
  COVERED BY  BY CONTRACT    SETTLEMENT  APPRECIATION 
CURRENCY  CONTRACT  (USD)  COUNTERPARTY  DATE  (DEPRECIATION) 
Buys           
GBP  3,234,062  $5,182,332  Bank of America N.A.  4-20-11  $72,819 
GBP  3,260,002  5,217,470  Brown Brothers  4-20-11  79,831 
      Harriman & Company     
GBP  17,093,966  27,332,055  Mellon Bank NA  4-20-11  444,587 
GBP  16,602,804  26,527,014  Morgan Stanley  4-20-11  451,521 
      Capital Services, Inc.     
HKD  41,093,478  5,276,512  Barclays Bank PLC  4-20-11  2,540 
HKD  105,805,753  13,582,253  Brown Brothers  4-20-11  10,027 
      Harriman & Company     
HKD  41,093,478  5,275,672  Morgan Stanley  4-20-11  3,380 
      Capital Services, Inc.     
HKD  82,186,956  10,549,503  State Street Bank &  4-20-11  8,601 
      Trust Company     
SEK  160,534,185  24,596,837  Deutsche Bank AG  4-20-11  689,678 
SGD  26,662,857  20,801,430  Bank of America N.A.  4-20-11  169,447 
SGD  13,331,429  10,399,742  Barclays Bank PLC  4-20-11  85,697 
SGD  1,876,439  1,463,503  Mellon Bank NA  4-20-11  12,354 
SGD  3,752,879  2,926,530  Royal Bank of Scotland  4-20-11  25,186 
PLC
SGD  1,876,439  1,463,145  State Street Bank &  4-20-11  12,713 
      Trust Company     
Total    $160,593,998      $2,068,381 
 
Sells           
CAD  20,258,042  $20,465,067  Bank of America N.A.  4-20-11  ($364,430) 
CAD  5,475,675  5,531,158  Morgan Stanley  4-20-11  (98,979) 
      Capital Services, Inc.     
CAD  9,324,164  9,422,402  Royal Bank of Scotland  4-20-11  (164,785) 
PLC
CHF  7,466,186  7,693,292  Barclays Bank PLC  4-20-11  (346,214) 
CHF  4,484,764  4,620,705  Brown Brothers  4-20-11  (208,439) 
      Harriman & Company     
CHF  1,830,252  1,881,253  Deutsche Bank AG  4-20-11  (89,542) 
CHF  8,197,186  8,453,853  Royal Bank of Scotland  4-20-11  (372,785) 
PLC
DKK  56,230,617  10,147,211  Royal Bank of Scotland  4-20-11  (256,201) 
PLC
DKK  56,230,617  10,154,880  State Street Bank &  4-20-11  (248,531) 
      Trust Company     
EUR  5,256,000  7,076,169  Morgan Stanley  4-20-11  (172,418) 
      Capital Services, Inc.     
EUR  10,666,523  14,351,828  Royal Bank of Scotland  4-20-11  (358,448) 
PLC
EUR  2,701,000  3,634,844  State Street Bank &  4-20-11  (90,124) 
      Trust Company     
JPY  251,402,000  3,017,687  JPMorgan Chase Bank  4-20-11  (56,533) 
JPY  424,686,000  5,098,149  Mellon Bank NA  4-20-11  (95,040) 
NZD  3,623,763  2,726,338  Royal Bank of Scotland  4-20-11  9,462 
PLC
Total    $114,274,836      ($2,913,007) 

 

Annual report | International Core Fund  39 

 

Currency Abbreviations
CAD  Canadian Dollar  HKD  Hong Kong Dollar 
CHF  Swiss Franc  JPY  Japanese Yen 
DKK  Danish Krone  NZD  New Zealand Dollar 
EUR  Euro  SEK  Swedish Krona 
GBP  Pound Sterling  SGD  Singapore Dollar 

 

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at February 28, 2011 by risk category:

    FINANCIAL  ASSET  LIABILITY 
  STATEMENT OF ASSETS AND  INSTRUMENTS  DERIVATIVES  DERIVATIVES 
RISK  LIABILITIES LOCATION  LOCATION  FAIR VALUE  FAIR VALUE 
Equity contracts  Receivable for futures  Futures†  $3,589,031  ($1,648,744) 
 
 
Foreign exchange  Receivable/payable for  Forward for-  2,077,843  (2,922,469) 
contracts  forward foreign currency  eign currency     
  contracts  contracts     
Total      $5,666,874  ($4,571,213) 

 

† Reflects cumulative appreciation/deprecation of futures as disclosed in Note 3. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

Effect of derivative instruments on the Statement of Operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

      FOREIGN   
  STATEMENT OF  FUTURES  CURRENCY   
RISK  OPERATIONS LOCATION  CONTRACTS  TRANSACTIONS*  TOTAL 
Equity contracts  Net realized gain  $584,787  —  $584,787 
 
Foreign exchange  Net realized gain  —  $2,336,962  2,336,962 
contracts  (loss)       
Total    $584,787  $2,336,962  $2,921,749 

 

* Realized gain/loss associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

      TRANSLATION OF ASSETS   
  STATEMENT OF OPERATIONS  FUTURES  AND LIABILITIES IN   
RISK  LOCATION  CONTRACTS  FOREIGN CURRENCIES*  TOTAL 
Equity contracts  Change in unrealized  $3,767,544  —  $3,767,544 
  appreciation       
  (depreciation)       
Foreign exchange  Change in unrealized  —  ($632,837)  (632,837) 
contracts  appreciation       
  (depreciation)       
Total    $3,767,544  ($632,837)  $3,134,707 

 

* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

 

40  International Core Fund | Annual report 

 


Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: a) 0.920% of the first $100,000,000 of the Fund’s average daily net assets; b) 0.895% of the next $900,000,000; c) 0.880% of the next $1,000,000,000; d) 0.850% of the next $1,000,000,000; e) 0.825% of the next $1,000,000,000; and f) 0.800% of the Fund’s average daily net asset in excess of $4,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.89% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.60%, 2.30%, 2.30%, 1.14%, 1.89%, 1.79%, 1.49%, 1.19% and 1.10% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5 and Class 1 shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.60%, 2.30%, 2.30%, 1.12%, 2.00%, 1.90%, 1.60%, 1.30%, 1.10% and 1.05% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $29,949, $3,265, $8,547, $9,495, $12,495, $12,509 and $12,561 for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended February 28, 2011, amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class 1 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a

Annual report | International Core Fund  41 

 


service plan for Class R1, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEES  SERVICE FEE 
Class A  0.30%  — 
Class B  1.00%  — 
Class C  1.00%  — 
Class R1  0.50%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 
Class 1  0.05%  — 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $35,481 for the year ended February 28, 2011. Of this amount, $5,248 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $24,001 was paid as sales commissions to broker-dealers and $6,232 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $8,698 and $340 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5 shares and 0.04% for Class I shares, based on each class’s average daily net assets.

42  International Core Fund | Annual report 

 


• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $803,006  $552,198  $24,444  $195,311 
Class B  57,089  19,097  (1,219)  1,428 
Class C  51,226  13,465  7,848  1,546 
Class I  —  94,225  42,727  40,624 
Class R1  1,144  479  9,337  257 
Class R3  146  320  12,184  85 
Class R4  73  320  12,184  85 
Class R5  2  342  12,184  117 
Class 1  21,920  —  —  (1,094) 
Total  $934,606  $680,446  $119,689  $238,359 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates – Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-101 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  4,988,845  $135,149,591  6,631,074  $175,433,435 
Distributions reinvested  107,875  3,096,325  127,968  3,461,527 
Repurchased  (3,062,983)  (83,492,001)  (937,289)  (23,342,208) 
 
Net increase  2,033,737  $54,753,915  5,821,753  $155,552,754 
 
Class B shares         
Sold  16,897  $459,057  34,238  $822,466 
Distributions reinvested  657  18,794  3,234  87,218 
Repurchased  (89,983)  (2,431,531)  (157,836)  (3,860,326) 
 
Net decrease  (72,429)  ($1,953,680)  (120,364)  ($2,950,642) 
 
Class C shares         
Sold  42,245  $1,142,066  33,391  $831,273 
Distributions reinvested  552  15,791  2,024  54,586 
Repurchased  (70,516)  (1,901,411)  (70,882)  (1,706,967) 
 
Net decrease  (27,719)  ($743,554)  (35,467)  ($821,108) 
 
Class I shares         
Sold  7,465,309  $205,795,143  3,684,749  $84,068,147 
Distributions reinvested  125,109  3,598,127  69,850  1,892,236 
Repurchased  (1,435,344)  (40,176,056)  (566,742)  (14,806,818) 
 
Net increase  6,155,074  $169,217,214  3,187,857  $71,153,565 

 

Annual report | International Core Fund  43 

 


  Year ended 2-28-11  Year ended 2-28-101 
  Shares  Amount  Shares  Amount 
Class R1 shares         
Sold  1,366  $35,353  2,549  $60,268 
Distributions reinvested  51  1,465  91  2,466 
Repurchased  (323)  (8,639)  (897)  (22,016) 
 
Net increase  1,094  $28,179  1,743  $40,718 
 
Class R3 shares         
Sold  —  —  1,072  $25,000 
 
Net increase  —  —  1,072  $25,000 
 
Class R4 shares         
Sold  16  $504  1,072  $25,000 
 
Net increase  16  $504  1,072  $25,000 
 
Class R5 shares         
Sold  959  $27,352  1,425  $34,030 
Distributions reinvested  9  255  —  — 
Repurchased  —  (8)  (174)  (4,500) 
 
Net increase  968  $27,599  1,251  $29,530 
 
Class 1 shares         
Sold  125,007  $3,404,068  125,633  $3,081,025 
Distributions reinvested  23,310  671,339  39,820  1,080,309 
Repurchased  (312,147)  (8,546,125)  (306,337)  (7,335,607) 
 
Net decrease  (163,830)  ($4,470,718)  (140,884)  ($3,174,273) 
 
Class NAV shares         
Sold  3,439,057  $88,261,114  4,768,948  $118,536,541 
Distributions reinvested  452,550  13,024,392  673,503  18,258,674 
Repurchased  (5,176,286)  (138,574,310)  (7,076,676)  (168,092,370) 
 
Net decrease  (1,284,679)  ($37,288,804)  (1,634,225)  ($31,297,155) 
 
Net increase  6,642,232  $179,570,655  7,083,808  $188,583,389 

 

1 The inception date for Class R3, Class R4 and Class R5 shares is 5-22-09.

Affiliates of the Fund owned 47%, 100%, 99% and 48% of shares of beneficial interest of Class R1, Class R3, Class R4 and Class R5 shares, respectively, on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $710,197,121 and $500,879,445, respectively, for the year ended February 28, 2011.

44  International Core Fund | Annual report 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock International Core Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Core Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

Annual report | International Core Fund  45 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended February 28, 2011.

The Fund designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

Income derived from foreign sources was $22,101,128. The Fund intends to pass through foreign tax credits of $1,716,697 for the fiscal year ended February 28, 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

46  International Core Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees 

 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
 
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
 
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

Annual report | International Core Fund  47 

 


Independent Trustees (continued)

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
 
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
 
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

48  International Core Fund | Annual report 

 


Non-Independent Trustees3 (continued)

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
 
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
 
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

Annual report | International Core Fund  49 

 


Principal officers who are not Trustees (continued)

Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
 
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

50  International Core Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Grantham, Mayo, Van Otterloo & Co. LLC 
Stanley Martin* 
Hugh McHaffie  Principal distributor
Dr. John A. Moore  John Hancock Funds, LLC
Patti McGill Peterson* 
Gregory A. Russo  Custodian
John G. Vrysen  State Street Bank and Trust Company
 
Officers  Transfer agent
Keith F. Hartstein  John Hancock Signature Services, Inc.
President and Chief Executive Officer 
Legal counsel
Andrew G. Arnott  K&L Gates LLP
Senior Vice President and Chief Operating Officer 
  Independent registered
Thomas M. Kinzler  public accounting firm
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP
 
Francis V. Knox, Jr. 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley
Act, which requires mutual funds and other public
Charles A. Rizzo  companies to affirm that, to the best of their
Chief Financial Officer  knowledge, the information in their financial reports
is fairly and accurately stated in all material respects.
Salvatore Schiavone 
Treasurer
 

*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | International Core Fund  51 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Core Fund.  6600A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

U.S. stocks delivered solid gains during the 12 months ended February 28, 2011, all of them occurring in the second half of the period. The first six months saw the market struggle with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill in the Gulf of Mexico and tepid data on the U.S. economy. However, after Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate economic growth, an impressive rally ensued that boosted the Fund’s benchmark, the Russell 2500 Growth Index, to a gain of 36.42% for the period, while the average small growth fund monitored by Morningstar, Inc. advanced 34.61%.

During the 12-month period, John Hancock Growth Opportunities Fund’s Class A shares returned 40.83% at net asset value, handily beating the Russell 2500 Growth Index and the Morningstar peer average. Favorable stock selection was the main driver of the Fund’s outperformance, with industrials, information technology and consumer discretionary adding the most value. At the stock level, the Fund’s results were aided by two communications equipment stocks, Acme Packet, Inc. and F5 Networks, Inc. Acme Packet, the top contributor, makes session-border-control equipment used to integrate Internet Protocol (IP) capabilities with corporate phone systems. The company hit a sweet spot in the adoption of its products, and its stock gained more than 350% during the period. Other contributors included Polypore International, Inc. and WABCO Holdings, Inc., both from the industrials sector. Consumer discretionary holdings Fossil, Inc. and Deckers Outdoor Corp. bolstered performance as well. Conversely, an underweighting and weak stock selection in energy detracted. Stocks that had a negative impact included Genworth Financial, Inc., which was hampered by poor performance in its residential mortgage and mortgage insurance businesses. Additionally, the company suffered a downgrade in its credit rating. Lincare Holdings, Inc. a provider of respiratory care equipment, Cree, Inc., a maker of LED (light-emitting diode) lights, and coal producer Massey Energy Company also weighed on performance. We sold Genworth, Cree and Massey Energy during the period.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’s statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

The Fund is non-diversified, which means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a diversified fund. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

6  Growth Opportunities Fund | Annual report 

 


A look at performance

For the period ended February 28, 2011           
 
  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
 
Class A2  33.78  –0.51  —  1.00  33.78  –2.51  —  5.57 
Class B2  34.84  –0.51  —  1.13  34.84  –2.54  —  6.31 
Class C2  38.78  –0.12  —  1.29  38.78  –0.60  —  7.26 
Class i2,3  41.44  1.00  —  2.44  41.44  5.12  —  14.03 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.50%, Class B — 2.20%, Class C — 2.20% and Class I — 1.04%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.81%, Class B —2.52%, Class C — 2.98% and Class I — 25.10%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

1 From 9-16-05.

2 On 6-9-06, through a reorganization the Fund acquired all of the assets of the GMO Small/Mid Cap Growth Fund (the predecessor fund). The predecessor fund offered its Class III shares, inception date 9-16-05, in exchange for Class A shares, which were first offered on 6-12-06. The predecessor fund’s Class III shares returns have been recalculated to reflect the gross fees and expenses of Class A shares. The inception date for Class B, Class C and Class I shares is 6-12-06; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C and Class I shares, respectively.

3 For certain types of investors, as described in the Fund’s Class I share prospectus.

Annual report | Growth Opportunities Fund  7 

 


A look at performance



  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B1  9-16-05  $10,731  $10,631  $14,413 
Class C1,3  9-16-05  10,726  10,726  14,413 
Class I1,4  9-16-05  11,403  11,403  14,413 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 2500 Growth Index is an unmanaged index containing those securities in the Russell 2500 Index with a greater-than-average growth orientation.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 On 6-9-06, through a reorganization the Fund acquired all of the assets of the GMO Small/Mid Cap Growth Fund (the predecessor fund). The predecessor fund offered its Class III shares, inception date 9-16-05, in exchange for Class A shares, which were first offered on 6-12-06. The predecessor fund’s Class III shares’ returns have been recalculated to reflect the gross fees and expenses of Class A shares. The inception date for Class B, Class C and Class I shares is 6-12-06; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C and Class I shares, respectively.

2 NAV represents net asset value and POP represents public offering price.

3 The contingent deferred sales charge, if any, is not applicable.

4 For certain types of investors, as described in the Fund’s Class I share prospectus.

8 

 Growth Opportunities Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,424.30  $9.02 
Class B  1,000.00  1,420.00  13.20 
Class C  1,000.00  1,419.30  13.20 
Class I  1,000.00  1,427.70  6.26 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:


Annual report | Growth Opportunities Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,017.40  $7.50 
Class B  1,000.00  1,013.90  10.99 
Class C  1,000.00  1,013.90  10.99 
Class I  1,000.00  1,019.60  5.21 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.50%, 2.20%, 2.20% and 1.04% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Growth Opportunities Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
Acme Packet, Inc.  2.9%  Atmel Corp.  2.3% 
Chipotle Mexican Grill, Inc.  2.9%  Mettler-Toledo International, Inc.  2.0% 
Riverbed Technology, Inc.  2.6%  Erie Indemnity Company  1.8% 
TIBCO Software, Inc.  2.6%  Albemarle Corp.  1.7% 
Herbalife, Ltd.  2.3%  Fossil, Inc.  1.6% 
 
Sector Composition2,3       
Information Technology  28%  Energy  5% 
Consumer Discretionary  20%  Consumer Staples  5% 
Industrials  17%  Financials  5% 
Health Care  11%  Telecommunication Services  1% 
Materials  6%  Short-Term Investments & Other  2% 

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

2 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

3 As a percentage of net assets on 2-28-11.

Annual report | Growth Opportunities Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 98.03%    $70,349,103 
(Cost $54,079,129)     
 
Consumer Discretionary 20.26%    14,543,468 
 
Auto Components 2.95%     
Autoliv, Inc.  900  67,401 
BorgWarner, Inc. (I)  9,000  698,490 
Cooper Tire & Rubber Company  2,300  53,958 
Dorman Products, Inc. (I)  4,100  142,147 
Lear Corp.  400  42,320 
Standard Motor Products, Inc.  1,300  15,119 
Tenneco, Inc. (I)(L)  9,000  358,920 
TRW Automotive Holdings Corp. (I)  13,000  738,400 
 
Diversified Consumer Services 2.02%     
CPI Corp.  400  9,228 
Pre-Paid Legal Services, Inc. (I)(L)  2,700  178,038 
Sotheby’s  8,000  393,760 
Universal Technical Institute, Inc.  800  14,720 
Weight Watchers International, Inc.  14,000  855,820 
 
Hotels, Restaurants & Leisure 4.32%     
BJ’s Restaurants, Inc. (I)  500  17,975 
California Pizza Kitchen, Inc. (I)  4,700  79,148 
Carrols Restaurant Group, Inc. (I)  1,400  11,088 
CEC Entertainment, Inc. (I)  2,900  112,201 
Chipotle Mexican Grill, Inc. (I)(L)  8,400  2,058,000 
Cracker Barrel Old Country Store, Inc.  3,900  194,376 
DineEquity, Inc. (I)  1,500  85,815 
Domino’s Pizza, Inc. (I)  5,300  89,411 
Life Time Fitness, Inc. (I)  3,600  138,060 
Panera Bread Company, Class A (I)  1,600  186,800 
Texas Roadhouse, Inc., Class A (I)  1,300  22,074 
The Cheesecake Factory, Inc. (I)  3,600  104,544 
 
Internet & Catalog Retail 0.15%     
1-800-Flowers.com, Inc., Class A (I)  4,300  11,782 
HSN, Inc. (I)  3,000  97,440 
 
Leisure Equipment & Products 0.76%     
Polaris Industries, Inc. (L)  7,100  535,695 
Sturm Ruger & Company, Inc.  700  12,642 

 

12  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Media 0.06%     
Arbitron, Inc.  1,000  $39,810 
 
Specialty Retail 4.88%     
Abercrombie & Fitch Company, Class A  1,300  74,581 
AnnTaylor Stores Corp. (I)  1,300  30,173 
AutoNation, Inc. (I)(L)  2,000  67,280 
Big 5 Sporting Goods Corp.  1,900  26,486 
Hibbett Sports, Inc. (I)  6,400  201,024 
Jos. A. Bank Clothiers, Inc. (I)  6,650  306,632 
Monro Muffler Brake, Inc.  3,450  112,746 
PetSmart, Inc.  13,900  568,093 
Sally Beauty Holdings, Inc. (I)  21,200  274,964 
The Cato Corp., Class A  7,700  186,725 
The Children’s Place Retail Stores, Inc. (I)  3,100  141,670 
The Finish Line, Inc., Class A  100  1,746 
Tractor Supply Company  21,500  1,119,505 
Williams-Sonoma, Inc.  10,800  389,772 
 
Textiles, Apparel & Luxury Goods 5.12%     
CROCS, Inc. (I)  19,900  351,235 
Deckers Outdoor Corp. (I)  9,300  820,446 
Fossil, Inc. (I)  15,400  1,181,796 
G-III Apparel Group, Ltd. (I)  700  27,524 
Liz Claiborne, Inc. (I)(L)  7,700  39,578 
Maidenform Brands, Inc. (I)  3,500  94,990 
Oxford Industries, Inc.  2,200  53,064 
Steven Madden, Ltd. (I)  4,350  187,659 
Under Armour, Inc., Class A (I)(L)  13,900  920,597 
 
Consumer Staples 4.94%    3,542,342 
 
Beverages 1.11%     
Boston Beer Company, Inc. (I)  4,200  389,844 
Hansen Natural Corp. (I)  7,000  402,850 
 
Food & Staples Retailing 0.85%     
BJ’s Wholesale Club, Inc. (I)  1,000  48,420 
Casey’s General Stores, Inc.  1,100  45,177 
Pricesmart, Inc.  7,600  270,484 
Ruddick Corp.  3,000  110,100 
Susser Holdings Corp. (I)  600  8,310 
The Pantry, Inc. (I)  500  7,880 
United Natural Foods, Inc. (I)  2,800  118,860 
 
Food Products 0.18%     
B&G Foods, Inc.  1,700  25,500 
Darling International, Inc. (I)  7,300  101,397 
John B. Sanfilippo & Son, Inc. (I)  200  2,410 
 
Household Products 0.09%     
WD-40 Company  1,600  65,056 

 

See notes to financial statements  Annual report | Growth Opportunities Fund  13 

 


  Shares  Value 
Personal Products 2.56%     
Herbalife, Ltd.  20,900  $1,638,769 
Inter Parfums, Inc.  3,800  68,666 
USANA Health Sciences, Inc. (I)  3,700  128,834 
 
Tobacco 0.15%     
Vector Group, Ltd.  6,500  109,785 
 
Energy 5.22%    3,742,949 
 
Energy Equipment & Services 4.06%     
CARBO Ceramics, Inc.  2,600  322,322 
Core Laboratories NV  3,100  320,385 
Dresser-Rand Group, Inc. (I)  4,200  206,976 
Dril-Quip, Inc. (I)  7,100  544,570 
Hercules Offshore, Inc. (I)  2,000  9,880 
Lufkin Industries, Inc.  5,200  406,380 
Newpark Resources, Inc. (I)  1,400  9,772 
OYO Geospace Corp. (I)  200  20,336 
Rowan Companies, Inc. (I)  1,600  68,272 
RPC, Inc. (L)  49,850  976,063 
Superior Energy Services, Inc. (I)  800  30,648 
 
Oil, Gas & Consumable Fuels 1.16%     
Apco Oil and Gas International, Inc.  1,700  137,598 
Callon Petroleum Company (I)  4,400  36,872 
Clayton Williams Energy, Inc. (I)  3,500  371,280 
Cloud Peak Energy, Inc. (I)  3,000  61,500 
Enbridge Energy Management LLC (I)  2  134 
Holly Corp.  3,300  188,562 
International Coal Group, Inc. (I)  100  987 
Teekay Tankers, Ltd., Class A  400  4,276 
Whiting Petroleum Corp. (I)  400  26,136 
 
Financials 4.79%    3,436,561 
 
Capital Markets 0.14%     
Virtus Investment Partners, Inc. (I)  1,700  99,076 
 
Commercial Banks 0.09%     
Bank of the Ozarks, Inc. (L)  1,000  43,050 
First Interstate Bancsystem, Inc.  300  4,286 
OmniAmerican Bancorp, Inc. (I)  400  6,268 
SunTrust Banks, Inc.  100  3,017 
SY Bancorp, Inc.  400  9,920 
 
Consumer Finance 1.69%     
Credit Acceptance Corp. (I)  7,800  550,680 
EZCORP, Inc., Class A (I)  12,900  369,972 
First Cash Financial Services, Inc. (I)  6,200  202,988 
Nelnet, Inc., Class A  900  20,097 
World Acceptance Corp. (I)  1,100  65,791 
 
Diversified Financial Services 0.08%     
Interactive Brokers Group, Inc., Class A  100  1,545 
Life Partners Holdings, Inc.  1,625  13,423 

 

14  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Diversified Financial Services (continued)     
MarketAxess Holdings, Inc.  800  $17,112 
Portfolio Recovery Associates, Inc. (I)  300  25,005 
 
Insurance 2.25%     
Axis Capital Holdings, Ltd.  6,000  217,920 
Brown & Brown, Inc.  4,200  109,788 
Endurance Specialty Holdings, Ltd.  300  14,877 
Erie Indemnity Company, Class A  18,200  1,271,088 
 
Real Estate Investment Trusts 0.54%     
Alexander’s, Inc.  300  118,719 
Anworth Mortgage Asset Corp.  100  714 
Apollo Commercial Real Estate Finance, Inc.  300  5,106 
Associated Estates Realty Corp.  4,800  78,000 
Chesapeake Lodging Trust  300  5,580 
Colony Financial, Inc.  200  4,250 
CreXus Investment Corp.  300  3,960 
Getty Realty Corp.  700  20,594 
MFA Financial, Inc.  100  847 
Pennymac Mortgage Investment Trust  200  3,770 
Saul Centers, Inc.  2,700  124,200 
Terreno Realty Corp. (I)  200  3,666 
Urstadt Biddle Properties, Inc., Class A  700  13,573 
Walter Investment Management Corp.  392  7,679 
 
Health Care 10.35%    7,429,940 
 
Biotechnology 0.48%     
Emergent Biosolutions, Inc. (I)  2,600  54,704 
Immunogen, Inc. (I)  100  901 
Incyte Corp. (I)(L)  7,400  101,232 
InterMune, Inc. (I)  3,800  139,118 
Neurocrine Biosciences, Inc. (I)  5,400  36,450 
NPS Pharmaceuticals, Inc. (I)  1,600  12,368 
 
Health Care Equipment & Supplies 2.84%     
Analogic Corp.  900  48,780 
Atrion Corp.  100  17,634 
Delcath Systems, Inc. (I)(L)  6,100  39,955 
Exactech, Inc. (I)  1,900  36,005 
Hill-Rom Holdings, Inc.  21,200  807,084 
Merit Medical Systems, Inc. (I)  4,800  81,984 
Neogen Corp. (I)  4,800  179,472 
NxStage Medical, Inc. (I)(L)  26,700  550,821 
Orthofix International NV (I)  2,800  88,480 
The Cooper Companies, Inc.  3,100  191,642 
 
Health Care Providers & Services 2.34%     
Almost Family, Inc. (I)  900  35,100 
AMERIGROUP Corp. (I)  3,500  200,725 
AMN Healthcare Services, Inc. (I)  1,200  8,964 
Chemed Corp.  2,300  150,512 
Corvel Corp. (I)  5,300  262,350 

 

See notes to financial statements  Annual report | Growth Opportunities Fund  15 

 


  Shares  Value 
Health Care Providers & Services (continued)     
Health Management Associates, Inc., Class A (I)  42,600  $426,000 
HMS Holdings Corp. (I)  2,000  151,120 
Lincare Holdings, Inc.  50  1,467 
Molina Healthcare, Inc. (I)  6,100  213,683 
MWI Veterinary Supply, Inc. (I)  1,100  76,142 
National Research Corp.  1,000  32,710 
Rural/Metro Corp. (I)  4,600  68,954 
The Providence Service Corp. (I)  2,600  42,666 
US Physical Therapy, Inc. (I)  500  9,885 
 
Health Care Technology 0.44%     
Computer Programs & Systems, Inc.  800  43,208 
SXC Health Solutions Corp. (I)  5,500  271,425 
 
Life Sciences Tools & Services 3.46%     
Albany Molecular Research, Inc. (I)  100  452 
Dionex Corp. (I)  1,300  153,166 
eResearch Technology, Inc. (I)  10,900  69,215 
Mettler-Toledo International, Inc. (I)  8,300  1,422,371 
Parexel International Corp. (I)  8,600  201,842 
PerkinElmer, Inc.  6,400  169,600 
Pharmaceutical Product Development, Inc.  16,500  453,255 
Sequenom, Inc. (I)  1,628  9,996 
 
Pharmaceuticals 0.79%     
Akorn, Inc. (I)  19,000  106,210 
Hi-Tech Pharmacal Company, Inc. (I)  800  18,472 
Impax Laboratories, Inc. (I)  12,500  257,375 
Questcor Pharmaceuticals, Inc. (I)(L)  11,300  146,448 
The Medicines Company (I)  2,300  39,997 
 
Industrials 16.78%    12,040,423 
 
Aerospace & Defense 0.89%     
Astronics Corp. (I)  2,400  51,744 
Cubic Corp.  500  25,155 
DigitalGlobe, Inc. (I)  19  613 
GeoEye, Inc. (I)  4,600  204,930 
Hexcel Corp. (I)  15,700  291,235 
TransDigm Group, Inc. (I)  800  64,304 
 
Air Freight & Logistics 0.24%     
HUB Group, Inc., Class A (I)  600  20,976 
Pacer International, Inc. (I)  1,100  5,973 
Park-Ohio Holdings Corp. (I)  1,400  30,912 
UTi Worldwide, Inc.  5,700  113,430 
 
Airlines 0.72%     
Alaska Air Group, Inc. (I)  700  41,615 
Hawaiian Holdings, Inc. (I)  500  3,320 
Skywest, Inc.  100  1,650 
United Continental Holdings, Inc. (I)(L)  19,440  467,338 

 

16  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Building Products 0.21%     
A.O. Smith Corp.  2,500  $101,000 
AAON, Inc. (L)  1,700  52,190 
Masco Corp.  100  1,359 
 
Commercial Services & Supplies 1.06%     
Consolidated Graphics, Inc. (I)  600  32,724 
Deluxe Corp.  7,100  181,405 
Herman Miller, Inc.  1,700  45,798 
HNI Corp.  100  3,173 
Interface, Inc., Class A  7,400  123,358 
Knoll, Inc. (L)  6,100  126,087 
Rollins, Inc.  10,200  200,124 
Schawk, Inc., Class A  2,300  41,561 
Standard Parking Corp. (I)  300  5,448 
 
Construction & Engineering 0.35%     
Chicago Bridge & Iron Company NV (I)  5,900  209,568 
KBR, Inc.  1,300  42,640 
 
Electrical Equipment 3.46%     
Acuity Brands, Inc. (L)  2,700  152,604 
AMETEK, Inc.  24,800  1,040,360 
AZZ, Inc.  1,200  51,192 
Franklin Electric Company, Inc.  1,900  80,750 
Polypore International, Inc. (I)  17,300  1,011,012 
Thomas & Betts Corp. (I)  1,600  88,624 
Vicor Corp.  3,700  56,351 
 
Machinery 6.45%     
Actuant Corp., Class A  1,400  39,620 
Altra Holdings, Inc. (I)  600  12,978 
ArvinMeritor, Inc. (I)  19,500  349,440 
Blount International, Inc. (I)  2,300  34,960 
CLARCOR, Inc.  1,100  45,254 
Colfax Corp. (I)  1,800  39,924 
EnPro Industries, Inc. (I)  500  19,840 
Force Protection, Inc. (I)  100  504 
FreightCar America, Inc. (I)  100  2,812 
Gardner Denver, Inc.  9,300  680,202 
Middleby Corp. (I)  3,700  331,779 
Pall Corp.  3,200  173,952 
RBC Bearings, Inc. (I)  1,400  50,666 
Sauer-Danfoss, Inc. (I)  7,600  232,028 
The Toro Company  8,600  536,640 
Timken Company  10,600  516,432 
TriMas Corp. (I)  23,400  481,338 
WABCO Holdings, Inc. (I)  18,500  1,080,955 
 
Professional Services 1.35%     
Acacia Research — Acacia Technologies (I)  3,800  111,416 
Administaff, Inc.  6,000  179,580 
Exponent, Inc. (I)  2,500  98,375 

 

See notes to financial statements  Annual report | Growth Opportunities Fund  17 

 


  Shares  Value 
Professional Services (continued)     
IHS, Inc., Class A (I)  5,100  $426,870 
The Advisory Board Company (I)  2,900  148,364 
VSE Corp.  100  2,711 
 
Road & Rail 0.95%     
Celadon Group, Inc. (I)  2,000  29,220 
Genesee & Wyoming, Inc., Class A (I)  5,700  296,913 
Old Dominion Freight Lines, Inc. (I)  10,000  307,800 
Ryder Systems, Inc.  1,000  47,830 
 
Trading Companies & Distributors 1.10%     
Applied Industrial Technologies, Inc.  6,800  217,872 
CAI International, Inc. (I)  500  10,590 
DXP Enterprises, Inc. (I)  2,600  55,276 
TAL International Group, Inc.  3,800  132,544 
Textainer Group Holdings, Ltd.  3,900  137,865 
Titan Machinery, Inc. (I)  400  10,292 
WESCO International, Inc. (I)(L)  3,900  227,058 
 
Information Technology 28.04%    20,122,482 
 
Communications Equipment 7.88%     
Acme Packet, Inc. (I)(L)  28,000  2,106,720 
ADTRAN, Inc.  19,700  895,956 
Aruba Networks, Inc. (I)  1,800  54,810 
Finisar Corp. (I)  1,200  49,224 
Ixia (I)  17,200  301,860 
Loral Space & Communications, Inc. (I)  4,600  348,036 
Plantronics, Inc.  1,000  34,890 
Riverbed Technology, Inc. (I)  45,100  1,862,179 
Tellabs, Inc.  300  1,617 
 
Computers & Peripherals 1.15%     
NCR Corp. (I)  34,700  662,770 
Stratasys, Inc. (I)  1,400  63,532 
Super Micro Computer, Inc. (I)  6,500  97,175 
 
Electronic Equipment, Instruments & Components 1.06%     
Anixter International, Inc.  900  64,458 
Coherent, Inc. (I)  800  49,400 
Comverge, Inc. (I)  100  509 
DDi Corp.  3,000  31,110 
FARO Technologies, Inc. (I)  2,900  103,385 
Insight Enterprises, Inc. (I)  1,100  20,119 
MTS Systems Corp.  300  13,893 
Spectrum Control, Inc. (I)  500  7,005 
Trimble Navigation, Ltd. (I)  9,200  452,180 
Universal Display Corp. (I)  400  16,836 
 
Internet Software & Services 1.38%     
Ancestry.com, Inc. (I)  5,100  167,586 
Earthlink, Inc.  100  823 
IAC/InterActiveCorp (I)  3,300  102,531 
Liquidity Services, Inc. (I)  2,900  46,603 

 

18  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Internet Software & Services (continued)     
LogMeIn, Inc. (I)(L)  2,000  $71,780 
OpenTable, Inc. (I)  5,900  524,333 
Stamps.com, Inc.  800  10,752 
Support.com, Inc. (I)  1,600  8,928 
Travelzoo, Inc. (I)  1,400  55,230 
ValueClick, Inc. (I)  100  1,493 
 
IT Services 2.24%     
Cardtronics, Inc. (I)  6,900  130,755 
Forrester Research, Inc.  600  21,708 
Gartner, Inc. (I)  3,500  132,020 
Global Cash Access Holdings, Inc. (I)  14,700  50,568 
iGate Corp.  7,000  126,700 
Sapient Corp. (I)  20,000  237,000 
Syntel, Inc.  5,800  305,370 
VeriFone Systems, Inc. (I)  12,400  563,456 
Virtusa Corp. (I)  2,300  38,847 
 
Office Electronics 0.17%     
Zebra Technologies Corp., Class A (I)  3,300  123,156 
 
Semiconductors & Semiconductor Equipment 6.79%     
Atmel Corp. (I)  110,700  1,625,076 
AXT, Inc. (I)  1,900  14,098 
Cirrus Logic, Inc. (I)(L)  25,800  602,430 
Entropic Communications, Inc. (I)(L)  28,000  259,280 
GSI Technology, Inc. (I)  1,400  13,174 
GT Solar International, Inc. (I)(L)  18,100  193,489 
IXYS Corp. (I)  3,100  38,502 
Lattice Semiconductor Corp. (I)  23,400  155,376 
Micrel, Inc.  10,760  144,614 
MIPS Technologies, Inc. (I)  16,500  200,805 
MKS Instruments, Inc.  100  3,002 
Novellus Systems, Inc. (I)  3,700  147,852 
NVE Corp. (I)  1,100  65,175 
OmniVision Technologies, Inc. (I)  8,900  272,518 
Silicon Image, Inc. (I)  16,600  133,464 
Skyworks Solutions, Inc. (I)(L)  25,100  902,094 
TriQuint Semiconductor, Inc. (I)  7,100  101,175 
 
Software 7.37%     
ACI Worldwide, Inc. (I)  3,400  106,454 
Actuate Corp. (I)  4,500  21,465 
Ariba, Inc. (I)  6,300  194,985 
Compuware Corp. (I)  11,800  132,868 
FactSet Research Systems, Inc.  2,200  230,736 
Fortinet, Inc. (I)  600  24,504 
Informatica Corp. (I)(L)  10,600  498,306 
Manhattan Associates, Inc. (I)  3,600  115,920 
MICROS Systems, Inc. (I)  13,900  662,196 
Opnet Technologies, Inc.  3,600  122,688 
Parametric Technology Corp. (I)  10,200  241,740 

 

See notes to financial statements  Annual report | Growth Opportunities Fund  19 

 


  Shares  Value 
Software (continued)     
Progress Software Corp. (I)  4,050  $118,908 
Quest Software, Inc. (I)  14,700  393,813 
Radiant Systems, Inc. (I)  11,300  193,795 
Renaissance Learning, Inc.  5,700  61,218 
Rovi Corp. (I)  210  11,612 
Smith Micro Software, Inc. (I)  9,100  85,267 
Synchronoss Technologies, Inc. (I)  4,500  154,170 
TIBCO Software, Inc. (I)  75,500  1,858,810 
Virnetx Holding Corp.  5,300  63,600 
 
Materials 6.26%    4,492,798 
 
Chemicals 4.12%     
Albemarle Corp.  20,800  1,197,248 
Balchem Corp.  3,800  136,800 
Ferro Corp. (I)  1,200  19,104 
Hawkins, Inc.  2,300  88,021 
Innophos Holdings, Inc.  800  34,264 
International Flavors & Fragrances, Inc.  11,200  637,840 
Kraton Performance Polymers, Inc. (I)  5,600  192,080 
LSB Industries, Inc. (I)  2,100  63,588 
NewMarket Corp.  1,100  140,921 
Omnova Solutions, Inc. (I)  4,200  29,568 
PolyOne Corp. (I)  12,300  170,724 
Quaker Chemical Corp.  1,100  42,603 
Rockwood Holdings, Inc. (I)  3,000  139,650 
The Scotts Miracle-Gro Company, Class A  1,200  67,404 
 
Containers & Packaging 0.46%     
Ball Corp.  1,800  64,980 
Crown Holdings, Inc. (I)  1,700  65,416 
Rock-Tenn Company, Class A (L)  1,100  75,515 
Silgan Holdings, Inc.  3,300  120,384 
 
Metals & Mining 1.60%     
Brush Engineered Materials, Inc. (I)  300  13,131 
Carpenter Technology Corp.  8,300  345,112 
Globe Specialty Metals, Inc.  6,400  149,056 
Stillwater Mining Company (I)  7,400  176,638 
Titanium Metals Corp. (I)  13,900  263,961 
US Gold Corp. (I)  28,000  203,280 
 
Paper & Forest Products 0.08%     
Clearwater Paper Corp. (I)  700  55,510 
 
Telecommunication Services 1.33%    954,251 
 
Diversified Telecommunication Services 0.11%     
Consolidated Communications Holdings, Inc.  4,300  78,647 
 
Wireless Telecommunication Services 1.22%     
MetroPCS Communications, Inc. (I)  54,900  790,560 
USA Mobility, Inc.  5,700  85,044 

 

20  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Utilities 0.06%      $43,889 
 
Gas Utilities 0.06%       
South Jersey Industries, Inc.    800  43,889 
 
  Yield  Shares  Value 
Securities Lending Collateral 9.43%      $6,770,934 
(Cost $6,770,627)       
John Hancock Collateral Investment Trust (W)  0.2855% (Y)  676,593  6,770,934 
 
  Yield  Shares  Value 
Short-Term Investments 2.53%      $1,818,545 
(Cost $1,818,545)       
State Street Institutional Treasury       

Money Market Fund 

 0.0453% (Y)  1,818,545  1,818,545 
 
Total investments (Cost $62,668,301)† 109.99%      $78,938,582 
 
Other assets and liabilities, net (9.99%)      ($7,171,788) 
 
Total net assets 100.00%      $71,766,794 

 

The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W)Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $62,711,639. Net unrealized appreciation aggregated $16,226,943, of which $16,799,125 related to appreciated investment securities and $572,182 related to depreciated investment securities.

See notes to financial statements  Annual report | Growth Opportunities Fund  21 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $55,897,674) including   
$6,585,457 of securities loaned (Note 2)  $72,167,648 
Investments in affiliated issuers, at value (Cost $6,770,627) (Note 2)  6,770,934 
 
Total investments, at value (Cost $62,668,301)  78,938,582 
Receivable for investments sold  933,550 
Receivable for fund shares sold  70,481 
Dividends and interest receivable  14,646 
Receivable for securities lending income  1,609 
Other receivables and prepaid expenses  12,598 
 
Total assets  79,971,466 
 
Liabilities   
Payable for investments purchased  1,204,428 
Payable for fund shares repurchased  63,123 
Payable upon return of securities loaned (Note 2)  6,770,167 
Payable to affiliates   
Accounting and legal services fees  1,196 
Transfer agent fees  21,307 
Trustees’ fees  8,015 
Due to Adviser  27,038 
Other liabilities and accrued expenses  109,398 
 
Total liabilities  8,204,672 
 
Net assets   
Capital paid-in  $86,292,529 
Accumulated net investment loss  (5,598) 
Accumulated net realized loss on investments and futures contracts  (30,790,418) 
Net unrealized appreciation (depreciation) on investments  16,270,281 
 
Net assets  $71,766,794 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($63,118,428 ÷ 2,652,231 shares)  $23.80 
Class B ($5,144,341 ÷ 223,090 shares)1  $23.06 
Class C ($3,321,521 ÷ 144,111 shares)1  $23.05 
Class I ($182,504 ÷ 7,510 shares)  $24.30 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $25.05 

 

1 Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

22  Growth Opportunities Fund | Annual report  See notes to financial statements 

 

F I N A N C I A L  S T A T E M E N T S


Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $370,844 
Securities lending  31,606 
Interest  2,823 
Less foreign taxes withheld  (163) 
 
Total investment income  405,110 
 
Expenses   
Investment management fees (Note 5)  475,337 
Distribution and service fees (Note 5)  228,099 
Accounting and legal services fees (Note 5)  11,558 
Transfer agent fees (Note 5)  169,920 
Trustees’ fees (Note 5)  3,962 
State registration fees (Note 5)  38,020 
Printing and postage (Note 5)  22,184 
Professional fees  46,722 
Custodian fees  12,772 
Registration and filing fees  25,164 
Other  79,547 
 
Total expenses  1,113,285 
Less expense reductions (Note 5)  (172,440) 
 
Net expenses  940,845 
 
Net investment loss  (535,735) 
 
Realized and unrealized gain (loss)   
 
Net realized gain on   
Investments in unaffiliated issuers  10,021,126 
Investments in affiliated issuers  741 
Futures contracts (Note 3)  305,152 
  10,327,019 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  11,154,809 
Investments in affiliated issuers  (2,668) 
Futures contracts (Note 3)  (112,098) 
  11,040,043 
 
Net realized and unrealized gain  21,367,062 
 
Increase in net assets from operations  $20,831,327 

 

See notes to financial statements  Annual report | Growth Opportunities Fund  23 

 

F I N A N C I A L  S T A T E M E N T S


Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment loss  ($535,735)  ($389,560) 
Net realized gain (loss)  10,327,019  (8,764,202) 
Change in net unrealized appreciation (depreciation)  11,040,043  27,627,086 
 
Increase in net assets resulting from operations  20,831,327  18,473,324 
 
From Fund share transactions (Note 6)  (2,659,363)  (7,035,680) 
 
Total increase  18,171,964  11,437,644 
Net assets     
Beginning of year  53,594,830  42,157,186 
 
End of year  $71,766,794  $53,594,830 
Accumulated net investment loss  ($5,598)  ($942) 

 

24  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $16.90  $11.53  $20.76  $24.34  $23.29 
Net investment loss2  (0.16)  (0.10)  (0.10)  (0.15)  (0.07)3 
Net realized and unrealized gain (loss) on investments  7.06  5.47  (9.13)  (3.43)  1.36 
Total from investment operations  6.90  5.37  (9.23)  (3.58)  1.29 
Less distributions           
From net realized gain  —  —  —  —4  (0.24) 
Net asset value, end of year  $23.80  $16.90  $11.53  $20.76  $24.34 
Total return (%)5,6  40.83  46.57  (44.46)  (14.69)  5.57 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $63  $47  $36  $72  $5 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.74  2.127  2.01  1.81  5.59 
Expenses net of fee waivers  1.50  1.647  1.81  1.55  1.32 
Expenses net of fee waivers and credits  1.50  1.517  1.54  1.54  1.32 
Net investment loss  (0.82)  (0.68)  (0.52)  (0.64)  (0.34)3 
Portfolio turnover (%)  126  125  140  2628  96 
 


1 Effective 6-12-06, shareholders of the former GMO Small/Mid Cap Growth Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Growth Opportunities Fund. Additionally, the accounting and performance history of the former GMO Small/Mid Cap Growth Fund was redesignated as that of John Hancock Growth Opportunities Fund Class A.
2 Based on the average daily shares outstanding.
3 Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.14% of average net assets.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Does not reflect the effect of sales charges, if any.
7 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
8 Excludes merger activity.

See notes to financial statements  Annual report | Growth Opportunities Fund  25 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $16.49  $11.33  $20.52  $24.23  $22.17 
Net investment loss2  (0.28)  (0.20)  (0.23)  (0.31)  (0.20)3 
Net realized and unrealized gain (loss) on investments  6.85  5.36  (8.96)  (3.40)  2.50 
Total from investment operations  6.57  5.16  (9.19)  (3.71)  2.30 
Less distributions           
From net realized gain  —  —  —  —4  (0.24) 
Net asset value, end of year  $23.06  $16.49  $11.33  $20.52  $24.23 
Total return (%)5,6  39.84  45.54  (44.79)  (15.29)  10.407 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $5  $5  $5  $13  —8 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.69  3.199  3.07  2.61  14.6210 
Expenses net of fee waivers  2.20  2.249  2.72  2.25  2.2210 
Expenses net of fee waivers and credits  2.20  2.219  2.24  2.24  2.2210 
Net investment loss  (1.52)  (1.38)  (1.24)  (1.34)  (1.21)3,10 
Portfolio turnover (%)  126  125  140  26211  96 
 


1 The inception date for Class B shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.02 per share and 0.11% of average net assets.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Does not reflect the effect of sales charges, if any.
7 Not annualized.
8 Less than $500,000.
9 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
10 Annualized.
11 Excludes merger activity.

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $16.49  $11.32  $20.53  $24.23  $22.17 
Net investment loss2  (0.29)  (0.20)  (0.21)  (0.32)  (0.19)3 
Net realized and unrealized gain (loss) on investments  6.85  5.37  (9.00)  (3.38)  2.49 
Total from investment operations  6.56  5.17  (9.21)  (3.70)  2.30 
Less distributions           
From net realized gain  —  —  —  —4  (0.24) 
Net asset value, end of year  $23.05  $16.49  $11.32  $20.53  $24.23 
Total return (%)5,6  39.78  45.67  (44.86)  (15.25)  10.407 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $3  $2  $2  $3  $1 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.78  3.278  3.45  3.14  10.439 
Expenses net of fee waivers  2.20  2.288  2.55  2.25  2.229 
Expenses net of fee waivers and credits  2.20  2.218  2.24  2.24  2.229 
Net investment loss  (1.53)  (1.39)  (1.21)  (1.35)  (1.15)3,9 
Portfolio turnover (%)  126  125  140  26210  96 
   


 1 The inception date for Class C shares is 6-12-06.

2 Based on the average daily shares outstanding.
3 Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.11% of average net assets.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Does not reflect the effect of sales charges, if any.
7 Not annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
9 Annualized.
10 Excludes merger activity.

26  Growth Opportunities Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.18  $11.66  $20.90  $24.41  $22.17 
Net investment loss2  (0.06)  (0.04)  (0.01)  (0.07)  (0.02)3 
Net realized and unrealized gain (loss) on investments  7.18  5.56  (9.23)  (3.44)  2.50 
Total from investment operations  7.12  5.52  (9.24)  (3.51)  2.48 
Less distributions           
From net realized gain  —  —  —  —4  (0.24) 
Net asset value, end of year  $24.30  $17.18  $11.66  $20.90  $24.41 
Total return (%)5  41.44  47.34  (44.21)  (14.36)  11.226 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  —7  —7  —7  —7  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  7.92  26.998 121.96  12.17  16.269 
Expenses net of fee waivers  1.04  1.078  1.09  1.04  1.139 
Expenses net of fee waivers and credits  1.04  1.078  1.09  1.04  1.139 
Net investment loss  (0.31)  (0.27)  (0.04)  (0.30)  (0.10)3,9 
Portfolio turnover (%)  126  125  140  26210  96 
 

 

1 The inception date for Class I shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.11% of average net assets.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.
9 Annualized.
10 Excludes merger activity.

See notes to financial statements  Annual report | Growth Opportunities Fund  27 

 


Notes to financial statements

Note 1 — Organization

John Hancock Growth Opportunities Fund (the Fund) is a non-diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term capital growth.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, state registration fees and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Class R1 shares converted into Class A shares on August 21, 2009.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments are categorized as Level 1 under the hierarchy described above. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the

28  Growth Opportunities Fund | Annual report 

 


close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date for dividends of foreign securities where the dividend may not be known until after ex-date.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Annual report | Growth Opportunities Fund  29 

 


Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $30,747,080 available to offset future net realized capital gains. The loss carryforward expires as follows: February 28, 2017 — $11,007,488 and February 28, 2018 — $19,739,592.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, at least annually. There were no distributions during the years ended February 28, 2011 and February 28, 2010.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the Fund had no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to net operating losses, wash sale loss deferrals and merger related transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the 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 honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. 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 the Fund will succeed in enforcing them.

30  Growth Opportunities Fund | Annual report 

 


Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to maintain diversity and liquidity of the portfolio. During year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from zero to $2.2 million, as measured at each quarter end. There were no open futures contracts as of February 28, 2011.

Effect of derivative instruments on the Statement of Operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

RISK  STATEMENT OF OPERATIONS LOCATION  FUTURES CONTRACTS 
Equity contracts  Net realized gain  $305,152 

 

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

RISK  STATEMENT OF OPERATIONS LOCATION  FUTURES 
  Change in unrealized appreciation   
Equity contracts  (depreciation)  ($112,098) 

 

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Annual report | Growth Opportunities Fund  31 

 


Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.80% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.78% of the next $500,000,000; and (c) 0.77% of the next $1,500,000,000; and (d) 0.76% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.80% of the Fund’s average daily net assets.

The Adviser has agreed to reimburse or limit certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. In addition, fees incurred under any agreement or plans of the Fund dealing with services for the shareholders and others with beneficial interest in shares of the Fund, are excluded. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.50%, 2.20%, 2.20% and 1.04% for Class A, Class B, Class C and Class I shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.02% for Class I shares.

Accordingly, these expense reductions amounted to $123,423, $22,539, $15,101 and $11,377 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended February 28, 2011 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $32,748 for the year ended February 28, 2011. Of this amount, $5,175 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $19,940 was paid as sales commissions to broker-dealers and $7,633 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

32  Growth Opportunities Fund | Annual report 

 


Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $8,151 and $86 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the performance of the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:   
 
  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $156,179  $146,649  $8,412  $19,240 
Class B  45,912  16,142  9,306  1,434 
Class C  26,008  6,719  9,969  966 
Class I  —  410  10,333  544 
 
Total  $228,099  $169,920  $38,020  $22,184 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and payable to affiliates — trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Annual report | Growth Opportunities Fund  33 

 


Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  309,928  $6,227,473  239,627  $3,485,927 
Exchanged from Class R1  —  —  6,731  100,417 
Repurchased  (428,241)  (8,291,062)  (581,309)  (8,514,817) 
Net decrease  (118,313)  ($2,063,589)  (334,951)  ($4,928,473) 
 
Class B shares         
Sold  38,918  $771,837  33,636  $477,682 
Repurchased  (98,790)  (1,855,707)  (152,890)  (2,199,177) 
Net decrease  (59,872)  ($1,083,870)  (119,254)  ($1,721,495) 
 
Class C shares         
Sold  72,408  $1,350,138  20,040  $295,286 
Repurchased  (53,653)  (968,349)  (45,542)  (585,976) 
Net increase (decrease)  18,755  $381,789  (25,502)  ($290,690) 
 
Class I shares         
Sold  50,028  $943,676  5,869  $76,363 
Repurchased  (44,392)  (837,369)  (5,195)  (76,017) 
Net increase  5,636  $106,307  674  $346 
 
Class R1 shares         
Sold  —  —  381  $5,049 
Exchanged for Class A  —  —  (6,769)  (100,417) 
Net decrease  —  —  (6,388)  ($95,368) 
 
Net decrease  (153,794)  ($2,659,363)  (485,421)  ($7,035,680) 

 

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $71,878,215 and $73,894,903, respectively, for the year ended February 28, 2011.

Note 8 — Subsequent event

At the close of business on April 8, 2011, the Fund was acquired by the John Hancock Small Company Fund (the Acquiring Fund). This reorganization was approved by the Board of Trustees on December 7, 2010 and subsequently approved by the shareholders of the Fund on March 23, 2011. Under the terms of the reorganization, the Fund transferred all of its assets and liabilities to the Acquiring Fund in exchange for shares of equal value of the Acquiring Fund. Upon completion of the reorganization the Fund terminated. In addition, the Fund incurred $71,600 of merger expenses, which amounted to 0.12% of average net assets.

34  Growth Opportunities Fund | Annual report 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of  John Hancock Growth Opportunities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Growth Opportunities Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

Annual report | Growth Opportunities Fund  35 

 


Shareholder meeting

The Fund held a Special Meeting of Shareholders on March 23, 2011. The following proposal was considered by the shareholders:

Proposal: Approve an Agreement and Plan of Reorganization between John Hancock Growth Opportunities Fund and John Hancock Small Company Fund. The votes cast are set forth below.

THE PROPOSAL PASSED ON MARCH 23, 2011.

FOR  AGAINST  ABSTAIN  UNINSTRUCTED 
1,145,331.1523  69,182.3307  72,823.8580  266,667.0000 

 

36  Growth Opportunities Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
  
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
  
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
  
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
  
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

Annual report | Growth Opportunities Fund  37 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
  
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
  
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
  
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

38  Growth Opportunities Fund | Annual report 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
  
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
  
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

Annual report | Growth Opportunities Fund  39 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
  
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
  
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

40  Growth Opportunities Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Grantham, Mayo, Van Otterloo & Co. LLC 
Stanley Martin* 
Hugh McHaffie  Principal distributor 
Dr. John A. Moore  John Hancock Funds, LLC  
Patti McGill Peterson* 
Gregory A. Russo  Custodian 
John G. Vrysen  State Street Bank and Trust Company 
 
Officers  Transfer agent 
Keith F. Hartstein  John Hancock Signature Services, Inc. 
President and Chief Executive Officer 
  Legal counsel 
Andrew G. Arnott  K&L Gates LLP  
Senior Vice President and Chief Operating Officer 
  Independent registered   
Thomas M. Kinzler  public accounting firm 
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP 
 
Francis V. Knox, Jr.  The report is certified under the Sarbanes-Oxley  
Chief Compliance Officer  Act, which requires mutual funds and other public 
companies to affirm that, to the best of their 
Charles A. Rizzo  knowledge, the information in their financial reports 
Chief Financial Officer  is fairly and accurately stated in all material respects. 
Salvatore Schiavone 
Treasurer   
 
*Member of the Audit Committee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Growth Opportunities Fund  41 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Growth Opportunities Fund.  8400A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

International stocks fared quite well during the 12 months ended February 28, 2011, thanks to a vigorous second-half rally. During the first half of the period, global markets struggled with concern about the European sovereign debt crisis, weakness in the energy sector following the BP drilling rig explosion and oil leak in the Gulf of Mexico and tepid data on the U.S. economy that led investors to fear a double-dip recession. Over the summer, anxiety about the European debt situation eased and BP managed to contain its leaking undersea well. Meanwhile, the Federal Reserve proposed another round of quantitative easing to stimulate U.S. economic growth. The Fed’s remarks ignited a global stock rally that boosted the MSCI EAFE Growth Index to a gain of 21.72%, while the average large blend fund monitored by Morningstar, Inc. advanced 20.63%.

During the period, John Hancock International Growth Fund’s Class A shares returned 21.58% at net asset value. The strongest sector contributions came from industrials, financials and consumer staples. Geographically, Denmark, Sweden and Japan were noteworthy contributors. The top individual contributor was Danish insulin maker Novo Nordisk A/S, whose stock advanced by more than 80%. Overweighting U.K.-headquartered mining company Rio Tinto PLC also helped, as did underweighting two weak benchmark components from the financial sector, Barclays PLC and Westpac Banking Corp. Not owning Israel-based Teva Pharmaceuticals further bolstered performance. Conversely, the Fund’s sizable overweighting in health care weighed on performance, although we offset that negative with positive stock selection in the sector. On a country basis, weak picks in Switzerland detracted. Additionally, our efforts to hedge an out-of-benchmark Canadian exposure via currency forward contracts had a mildly negative impact. At the stock level, a large overweighting in U.K. drug stock GlaxoSmithKline PLC was counterproductive. Other notable detractors were benchmark components we underweighted or didn’t own for quality or valuation reasons: Australian natural resources company BHP Billiton Ltd, Swiss bank UBS AG and two German stocks, automaker Daimler AG and industrial conglomerate Siemens AG.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

6  International Growth Fund | Annual report 

 


A look at performance

 
For the period ended February 28, 2011           
 
  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
 
Class A  15.52  —  —  2.78  15.52  —  —  13.85 
 
Class B  15.56  —  —  2.75  15.56  —  —  13.66 
 
Class C  19.59  —  —  3.11  19.59  —  —  15.56 
 
Class I2  22.08  —  —  4.37  22.08  —  —  22.41 
 
Class 12  22.11  —  —  4.39  22.11  —  —  22.50 
 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I and Class 1 shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.70%, Class B — 2.40%, Class C — 2.40 and Class 1 — 1.20%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.79%, Class B — 4.17%, Class C — 3.67% and Class 1 — 1.22%. For Class I, the net expenses equal the gross expenses and are 1.23%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

1 From 6-12-06.

2 For certain types of investors, as described in the Fund’s Class I and Class 1 shares prospectuses.

Annual report | International Growth Fund  7 

 


A look at performance



  Period  Without  With maximum     
  beginning  sales charge  sales charge  Index 1  Index 2 
Class B  6-12-06  $11,566  $11,366  $11,552  $11,991 
Class C2  6-12-06  11,556  11,556  11,552  11,991 
Class I3  6-12-06  12,241  12,241  11,552  11,991 
Class 13  6-12-06  12,250  12,250  11,552  11,991 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I and Class 1 shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

MSCI EAFE Index (gross of foreign withholding tax on dividends) — Index 1 — is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index consists of 21 developed market country indexes.

MSCI EAFE Growth Index (gross of foreign withholding tax on dividends) — Index 2 — is a free float-adjusted market capitalization index that is designed to measure the performance of growth-oriented developed market stocks within Europe, Australasia and the Far East. The Index consists of 21 developed market country indexes.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 The contingent deferred sales charge, if any, is not applicable.

3 For certain types of investors, as described in the Fund’s Class I and Class 1 shares prospectuses.

8  International Growth Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,232.10  $8.86 
Class B  1,000.00  1,226.80  13.25 
Class C  1,000.00  1,227.10  13.25 
Class I  1,000.00  1,234.30  6.32 
Class 1  1,000.00  1,234.60  6.26 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:


Annual report | International Growth Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,016.90  $8.00 
Class B  1,000.00  1,012.90  11.98 
Class C  1,000.00  1,012.90  11.98 
Class I  1,000.00  1,019.10  5.71 
Class 1  1,000.00  1,019.20  5.66 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.60%, 2.40%, 2.40%, 1.14% and 1.13% for Class A, Class B, Class C, Class I and Class 1 shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  International Growth Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
GlaxoSmithKline PLC  3.5%  British American Tobacco PLC  1.6% 
Nestle SA  3.2%  SAP AG  1.5% 
Novo Nordisk A/S  2.9%  Daimler AG  1.4% 
Roche Holdings AG  2.4%  Honda Motor Company, Ltd.  1.2% 
Novartis AG  1.8%  Canon, Inc.  1.2% 
 
Sector Composition2,3       
Health Care  17%  Financials  8% 
Consumer Discretionary  16%  Telecommunication Services  4% 
Industrials  16%  Energy  3% 
Consumer Staples  13%  Utilities  2% 
Materials  9%  Short-Term Securities & Other  4% 
Information Technology  8%     
  

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents not included in Top 10 Holdings and Top Five Countries.

2 As a percentage of net assets on 2-28-11.

3 International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | International Growth Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 93.99%    $242,526,085 
(Cost $203,718,076)     
 
Australia 4.02%    10,383,783 
BHP Billiton, Ltd.  45,178  2,134,417 
Cochlear, Ltd.  3,748  296,225 
CSL, Ltd.  15,954  579,731 
Fortescue Metals Group, Ltd. (I)  31,629  216,178 
JB Hi-Fi, Ltd. (L)  7,072  141,478 
Newcrest Mining, Ltd.  17,436  676,110 
Rio Tinto, Ltd.  16,443  1,435,153 
Sims Group, Ltd.  6,858  131,100 
Telstra Corp., Ltd.  193,663  551,500 
Wesfarmers, Ltd.  15,801  532,969 
Westpac Banking Corp.  16,846  405,667 
Woodside Petroleum, Ltd. (L)  22,686  988,407 
Woolworths, Ltd.  83,638  2,294,848 
 
Austria 0.27%    688,618 
Andritz AG  2,881  243,497 
Immofinanz AG (I)(L)  39,303  173,653 
Immofinanz AG — Escrow Shares (I)(L)  49,581  0 
Raiffeisen International Bank Holding AG  2,773  166,568 
Voestalpine AG  2,267  104,900 
 
Belgium 0.97%    2,509,541 
Anheuser-Busch InBev NV  5,495  307,082 
Bekaert SA  4,005  434,743 
Belgacom SA  6,631  248,512 
Colruyt SA  9,285  466,587 
Delhaize Group SA  2,611  201,919 
Mobistar SA  3,863  246,676 
Telenet Group Holding NV (I)  5,111  229,204 
Umicore  7,428  374,818 
 
Bermuda 0.23%    582,458 
Alliance Oil Company, Ltd., SADR (I)  6,651  119,596 
Frontline, Ltd.  3,858  104,455 
Golden Ocean Group, Ltd. (L)  63,400  81,773 
Seadrill, Ltd.  7,262  276,634 

 

12  International Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Canada 3.12%    $8,050,162 
Bank of Montreal (L)  6,200  395,401 
Barrick Gold Corp.  27,600  1,456,773 
Canadian National Railway Company  22,600  1,652,983 
Eldorado Gold Corp.  15,300  260,630 
Enbridge, Inc.  4,600  274,849 
Imperial Oil, Ltd.  3,900  203,079 
Magna International, Inc.  10,700  526,988 
Pacific Rubiales Energy Corp.  6,600  221,189 
Potash Corp. of Saskatchewan, Inc.  2,400  147,871 
Research In Motion, Ltd. (I)  12,700  838,562 
Rogers Communications, Inc., Class B  10,100  356,575 
Royal Bank of Canada  4,200  245,503 
Saputo, Inc.  4,900  207,590 
Shaw Communications, Inc., Class B  6,000  127,775 
Shoppers Drug Mart Corp.  8,700  368,936 
Silver Wheaton Corp. (I)  5,500  233,802 
Teck Resources, Ltd., Class B  6,400  354,073 
Valeant Pharmaceuticals International, Inc.  4,425  177,583 
 
Cayman Islands 0.14%    366,540 
Sands China, Ltd. (I)  90,000  214,789 
Wynn Macau, Ltd.  56,000  151,751 
 
Denmark 3.55%    9,153,370 
A P Moller Maersk A/S, Series A  21  208,186 
Carlsberg A/S  5,058  537,793 
Danske Bank A/S (I)  15,321  359,365 
Novo Nordisk A/S  58,767  7,399,479 
Novozymes A/S, B Shares  4,639  648,547 
 
Finland 1.11%    2,868,437 
Kone Oyj (L)  11,134  607,369 
Metra Oyj  5,174  397,636 
Metso Oyj  9,734  503,013 
Nokia AB Oyj  20,710  178,527 
Nokian Renkaat Oyj  6,062  247,076 
Stora Enso Oyj, Series R  25,531  288,149 
UPM-Kymmene Oyj  32,518  646,667 
 
France 6.38%    16,472,940 
Air Liquide SA  2,323  300,664 
Arkema  3,329  243,563 
BNP Paribas  20,446  1,598,084 
Bureau Veritas SA  4,684  361,493 
Carrefour SA  5,212  255,888 
Christian Dior SA  1,369  197,408 
Cie de Saint-Gobain SA  3,778  225,792 
Credit Agricole SA  12,073  212,183 
Danone SA  9,579  600,374 
Dassault Systemes SA  3,681  281,832 
Essilor International SA  4,567  326,151 

 

See notes to financial statements  Annual report | International Growth Fund  13 

 


  Shares  Value 
France (continued)     
Eutelsat Communications  5,471  $218,245 
Hermes International SA  3,669  798,818 
L’Oreal SA  7,961  925,690 
Legrand SA, ADR  8,608  361,040 
LVMH Moet Hennessy Louis Vuitton SA  11,960  1,885,209 
Neopost SA  2,001  189,795 
Peugeot SA (I)  5,367  215,015 
PPR  3,033  460,445 
Publicis Groupe SA  3,402  194,076 
Renault SA (I)  13,874  850,798 
Rhodia SA  6,377  183,939 
Safran SA  8,249  293,776 
Sanofi-Aventis SA  19,065  1,316,087 
Schneider Electric SA  5,011  828,820 
SEB SA  1,638  161,071 
Societe Generale  11,284  794,384 
Total SA  19,529  1,198,206 
Valeo SA (I)  4,387  273,178 
Vallourec SA  1,832  189,647 
Wendel  3,040  313,697 
Zodiac SA  3,122  217,572 
 
Germany 6.47%    16,703,916 
Adidas AG  5,063  324,875 
BASF SE  17,048  1,417,563 
Bayerische Motoren Werke (BMW) AG  30,580  2,480,100 
Beiersdorf AG  4,055  243,421 
Daimler AG (I)  51,634  3,636,868 
Deutsche Lufthansa AG (I)  13,692  279,888 
Henkel AG & Company, KGaA  993  50,704 
Infineon Technologies AG  57,022  623,710 
K&S AG  3,272  252,567 
Lanxess AG  11,207  834,051 
Linde AG  1,491  227,632 
MAN AG  7,053  895,523 
Metro AG  2,605  190,542 
Norddeutsche Affinerie AG (L)  1,710  91,002 
SAP AG  62,792  3,788,493 
Software AG  1,774  286,291 
Stada Arzneimittel AG  7,447  297,930 
Suedzucker AG  3,083  84,687 
Symrise AG  6,284  164,940 
Volkswagen AG  2,281  346,457 
Wacker Chemie AG  1,012  186,672 
 
Greece 0.38%    969,065 
Alpha Bank A.E. (I)  14,196  94,653 
EFG Eurobank Ergasias SA (I)  14,671  93,765 
National Bank of Greece SA (I)  44,525  416,914 
OPAP SA  17,418  363,733 

 

14  International Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Hong Kong 2.44%    $6,286,908 
BOC Hong Kong Holdings, Ltd.  79,500  247,474 
Cathay Pacific Airways, Ltd.  83,000  194,033 
CLP Holdings, Ltd.  110,500  902,653 
Esprit Holdings, Ltd.  83,663  411,863 
Hang Seng Bank, Ltd.  31,700  507,214 
Hong Kong & China Gas Company, Ltd.  299,550  675,027 
Hong Kong Electric Holdings, Ltd.  85,500  559,002 
Hong Kong Exchanges & Clearing, Ltd.  37,400  813,369 
Hutchison Whampoa, Ltd.  74,000  875,629 
Jardine Matheson Holdings, Ltd.  6,000  277,078 
SJM Holdings, Ltd.  142,000  210,503 
Sun Hung Kai Properties, Ltd.  8,000  129,261 
Swire Pacific, Ltd., Class A  34,500  483,802 
 
Ireland 1.01%    2,612,006 
CRH PLC  24,280  561,534 
Experian PLC  42,058  533,225 
Shire PLC  53,588  1,517,247 
 
Israel 0.07%    192,700 
Israel Chemicals, Ltd.  11,591  192,700 
 
Italy 0.16%    419,063 
Assicurazioni Generali SpA  5,014  113,464 
Fiat SpA  14,478  134,606 
Mediobanca SpA  16,159  170,993 
 
Japan 19.35%    49,920,127 
AEON Company, Ltd. (L)  17,800  224,635 
Asahi Glass Company, Ltd.  18,000  251,404 
Astellas Pharma, Inc.  12,700  498,759 
Canon, Inc.  61,500  2,974,422 
Central Japan Railway Company, Ltd.  43  385,039 
Chugai Pharmaceutical Company, Ltd.  18,300  352,061 
Daihatsu Motor Company, Ltd.  12,000  189,573 
Daiichi Sankyo Company, Ltd.  11,100  238,216 
Dainippon Ink & Chemicals, Inc.  44,000  117,060 
Daito Trust Construction Company, Ltd.  13,000  1,065,405 
Dena Company, Ltd.  11,900  459,428 
Denso Corp.  4,300  161,154 
Eisai Company, Ltd. (L)  13,000  486,359 
FamilyMart Company, Ltd.  3,800  143,835 
Fanuc, Ltd.  15,900  2,474,939 
Fast Retailing Company, Ltd.  4,600  721,937 
Fuji Heavy Industries, Ltd.  44,000  379,169 
Fujitsu, Ltd.  24,000  162,414 
Gree, Inc.  8,500  138,693 
Hirose Electric Company, Ltd.  2,700  309,565 
Hisamitsu Pharmaceutical Company, Inc.  10,900  440,293 
Hitachi, Ltd.  324,000  1,966,978 
Honda Motor Company, Ltd.  68,300  2,977,961 

 

See notes to financial statements  Annual report | International Growth Fund  15 

 


  Shares  Value 
Japan (continued)     
Hoya Corp.  32,900  $787,410 
Idemitsu Kosan Company, Ltd.  1,300  153,867 
Inpex Corp.  130  914,148 
Ishikawajima-Harima Heavy Industries Company, Ltd.  55,000  144,422 
Isuzu Motors, Ltd.  118,000  531,727 
Itochu Corp.  30,300  314,720 
Japan Tobacco, Inc.  88  365,981 
JX Holdings, Inc.  89,400  628,655 
Kao Corp.  46,000  1,240,338 
Kawasaki Kisen Kaisha, Ltd.  55,000  240,260 
KDDI Corp.  64  415,458 
Keyence Corp.  4,100  1,118,276 
Kintetsu Corp. (L)  51,000  161,217 
Kobe Steel Company, Ltd.  88,000  240,990 
Komatsu, Ltd.  39,700  1,216,152 
Kurita Water Industries, Ltd.  5,300  150,549 
Lawson, Inc.  6,100  300,519 
Marubeni Corp.  13,000  99,749 
Mazda Motor Corp.  62,000  159,890 
Mitsubishi Chemical Holdings Corp.  114,000  834,906 
Mitsubishi Electric Corp.  52,000  616,517 
Mitsubishi Estate Company, Ltd.  11,000  225,210 
Mitsui O.S.K. Lines, Ltd.  61,000  405,023 
Murata Manufacturing Company, Ltd.  10,100  753,598 
Nabtesco Corp.  6,900  164,069 
NHK Spring Company, Ltd.  19,000  222,831 
Nidec Corp. (L)  3,500  326,116 
Nintendo Company, Ltd.  3,800  1,115,822 
Nippon Yusen Kabushiki Kaisha  77,000  339,897 
Nissan Motor Company, Ltd.  91,100  934,311 
Nitori Company, Ltd.  5,800  513,593 
Nitto Denko Corp.  10,300  622,607 
Nomura Research Institute, Ltd.  8,300  194,775 
NSK, Ltd.  22,000  210,274 
NTT Data Corp.  37  131,909 
NTT DoCoMo, Inc.  554  1,041,107 
Odakyu Electric Railway Company, Ltd.  42,000  391,320 
Olympus Corp.  6,400  187,646 
Omron Corp.  9,600  267,097 
Ono Pharmaceutical Company, Ltd.  2,200  115,106 
Oriental Land Company, Ltd.  4,300  430,420 
ORIX Corp.  880  98,864 
Rakuten, Inc.  259  230,516 
Resona Holdings, Inc.  12,700  69,370 
Ricoh Company, Ltd.  29,000  383,783 
Sankyo Company, Ltd.  2,600  147,472 
Santen Pharmaceutical Company, Ltd.  6,500  254,167 
Sawai Pharmaceutical Company, Ltd.  2,500  234,487 

 

16  International Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Japan (continued)     
Secom Company, Ltd.  13,200  $665,968 
SEGA SAMMMY HOLDINGS, Inc.  10,900  248,531 
Shimamura Company, Ltd.  1,900  183,781 
Shin-Etsu Chemical Company, Ltd.  11,700  674,187 
Shionogi & Company, Ltd.  12,600  239,231 
Shiseido Company, Ltd.  18,000  366,681 
SMC Corp.  3,400  582,109 
Softbank Corp.  43,000  1,769,838 
Stanley Electric Company, Ltd.  12,400  228,202 
Sumitomo Corp.  34,700  514,959 
Sumitomo Heavy Industries, Ltd.  22,000  154,792 
Sysmex Corp.  3,200  207,685 
Takeda Pharmaceutical Company, Ltd.  42,100  2,094,884 
Teijin, Ltd.  39,000  188,981 
Terumo Corp.  15,500  850,177 
The Sumitomo Trust & Banking Company, Ltd.  24,000  152,811 
THK Company, Ltd.  6,700  177,302 
Toshiba Corp.  47,000  308,254 
Toyota Tsusho Corp.  12,100  229,943 
Trend Micro, Inc.  7,300  226,946 
Tsumura & Company, Ltd.  6,200  201,229 
Unicharm Corp.  19,300  747,354 
Yahoo! Japan Corp.  1,116  420,576 
Yamada Denki Company, Ltd.  4,520  345,078 
Yamato Kogyo Company, Ltd.  4,200  138,556 
Zeon Corp.  23,000  235,632 
 
Luxembourg 0.33%    838,442 
Millicom International Cellular SA  5,161  452,530 
Oriflame Cosmetics SA  3,026  177,308 
SES SA  8,103  208,604 
 
Netherlands 2.06%    5,311,352 
Aegon NV (I)  30,018  230,895 
ASML Holding NV  7,445  322,969 
Fugro NV  4,794  403,734 
Heineken NV  7,027  362,385 
Koninklijke (Royal) KPN NV  61,895  1,002,245 
Koninklijke Philips Electronics NV  10,932  356,796 
Koninklijke Vopak NV  4,877  236,059 
Reed Elsevier NV  36,234  478,404 
Unilever NV (L)  63,545  1,917,865 
 
Norway 0.48%    1,242,818 
Norsk Hydro ASA  20,011  165,098 
Statoil ASA  5,134  135,302 
Telenor ASA  6,900  114,681 
TGS Nopec Geophysical Company ASA  10,055  260,178 
Yara International ASA  10,709  567,559 

 

 
See notes to financial statements  Annual report | International Growth Fund  17 

 


  Shares  Value 
Singapore 3.32%    $8,570,613 
CapitaCommercial Trust  157,000  170,722 
Cosco Corp. Singapore, Ltd.  161,000  249,975 
Ezra Holdings, Ltd.  103,000  126,888 
Fraser and Neave, Ltd.  55,000  243,138 
Genting Singapore PLC (I)  388,000  585,943 
Golden Agri-Resources, Ltd.  773,000  398,328 
Hyflux, Ltd.  82,500  126,377 
Keppel Corp., Ltd.  94,000  836,408 
Midas Holdings, Ltd.  131,000  76,617 
Neptune Orient Lines, Ltd. (I)  142,000  229,386 
Olam International, Ltd.  62,000  136,327 
Oversea-Chinese Banking Corp., Ltd.  67,000  486,669 
SembCorp Industries, Ltd.  65,000  243,626 
SembCorp Marine, Ltd.  148,000  623,357 
Singapore Airport Terminal Services, Ltd.  76,000  152,471 
Singapore Exchange, Ltd.  79,000  491,113 
Singapore Post, Ltd.  183,000  163,982 
Singapore Press Holdings, Ltd.  207,000  631,793 
Singapore Technologies Engineering, Ltd.  218,000  547,701 
Singapore Telecommunications, Ltd.  497,000  1,164,172 
SMRT Corp., Ltd.  89,000  137,182 
StarHub, Ltd.  51,000  105,378 
United Overseas Bank, Ltd.  14,000  199,162 
Wilmar International, Ltd.  57,000  229,130 
Yangzijiang Shipbuilding Holdings, Ltd.  152,000  214,768 
 
Spain 0.57%    1,469,686 
Inditex SA  14,339  1,037,683 
Red Electrica De Espana  2,381  128,070 
Telefonica SA  11,950  303,933 
 
Sweden 6.29%    16,221,955 
Alfa Laval AB  24,884  508,731 
Assa Abloy AB, Series B  24,111  674,791 
Atlas Copco AB, Series A  61,884  1,554,038 
Atlas Copco AB, Series B  46,356  1,052,711 
Boliden AB  16,459  350,329 
Elekta AB, Series B  12,312  469,552 
Getinge AB, Series B  4,236  103,447 
Hennes & Mauritz AB, B Shares  77,493  2,528,839 
Hexagon AB  15,807  349,039 
Investor AB, B Shares  19,871  457,314 
Kinnevik Investment AB  8,028  180,139 
Lundin Petroleum AB (I)  11,701  145,737 
Modern Times Group AB, B Shares  5,121  342,981 
Sandvik AB  36,739  704,364 
Scania AB, Series B  42,176  939,780 
Skandinaviska Enskilda Banken AB, Series A  54,899  499,556 
SKF AB, B Shares  42,897  1,196,824 
Swedbank AB, Class A (I)  51,380  905,138 

 

18  International Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Sweden (continued)     
Swedish Match AB  19,019  $600,482 
Tele2 AB, Series B  19,071  434,421 
Telefonaktiebolaget LM Ericsson, B Shares  49,301  633,529 
Volvo AB, Series B (I)  91,927  1,590,213 
 
Switzerland 9.61%    24,803,492 
Compagnie Financiere Richemont SA, BR Shares  29,363  1,683,563 
Geberit AG  2,422  522,621 
Kuehne & Nagel International AG  2,062  277,124 
Nestle SA  145,403  8,230,551 
Nobel Biocare Holding AG  7,730  148,656 
Novartis AG  80,368  4,513,408 
Roche Holdings AG  41,303  6,227,545 
Schindler Holding AG  3,094  348,551 
SGS SA  386  671,468 
Sonova Holding AG  3,687  490,297 
Swisscom AG  674  297,785 
Synthes AG  4,504  617,996 
The Swatch Group AG, BR Shares  802  341,919 
UBS AG (Swiss Exchange) (I)  21,740  432,008 
 
United Kingdom 21.66%    55,888,093 
Admiral Group PLC  27,988  768,311 
Aggreko PLC  38,577  907,294 
AMEC PLC (I)  15,001  283,803 
Antofagasta PLC  14,862  339,722 
ARM Holdings PLC  100,196  1,008,582 
Asos PLC (I)  10,289  315,083 
Associated British Foods PLC (I)  15,547  244,229 
AstraZeneca PLC  41,610  2,028,888 
Babcock International Group PLC  17,470  159,304 
BAE Systems PLC  35,239  188,651 
Balfour Beatty PLC  29,784  169,405 
Barclays PLC  111,473  578,843 
BG Group PLC  58,791  1,434,321 
BHP Billiton PLC  16,541  655,332 
British American Tobacco PLC  101,989  4,081,476 
British Sky Broadcasting Group PLC  91,419  1,169,503 
BT Group PLC  342,045  1,019,575 
Bunzl PLC  23,132  285,726 
Burberry Group PLC  69,734  1,358,964 
Cairn Energy PLC (I)  22,013  153,257 
Capita Group PLC  40,873  482,012 
Carnival PLC  1,121  50,179 
Centrica PLC  187,362  1,037,143 
Chemring Group PLC (I)  3,054  162,949 
Cobham PLC  85,258  312,507 
Compass Group PLC (I)  79,536  715,510 
Croda International PLC  17,255  444,249 
Diageo PLC  141,782  2,772,045 

 

See notes to financial statements  Annual report | International Growth Fund  19 

 


  Shares  Value 
United Kingdom (continued)     
Drax Group PLC  13,172  $84,526 
Eurasian Natural Resources Corp.  15,303  239,821 
Fresnillo PLC  12,854  334,490 
GKN PLC  61,175  208,696 
GlaxoSmithKline PLC  473,482  9,101,929 
ICAP PLC  40,766  345,050 
IG Group Holdings PLC  42,806  311,934 
IMI PLC  23,154  334,497 
Informa PLC  42,872  302,842 
Inmarsat PLC  27,790  302,950 
Intercontinental Hotels Group PLC  22,850  508,037 
International Power PLC  29,310  159,269 
Intertek Group PLC  19,376  568,159 
Investec PLC  13,087  100,573 
ITV PLC (I)  166,557  236,661 
Legal & General Group PLC  195,590  377,631 
Lloyds Banking Group PLC (I)  1,617,088  1,631,907 
Man Group PLC  94,837  442,790 
Marks & Spencer Group PLC  52,305  294,487 
National Grid PLC  23,205  215,827 
Next PLC  14,547  467,905 
Petrofac, Ltd.  18,340  415,244 
Petropavlovsk PLC  9,294  164,216 
Randgold Resources, Ltd. (I)  2,713  219,643 
Reckitt Benckiser Group PLC  42,844  2,208,046 
Reed Elsevier PLC  71,603  639,377 
Rio Tinto PLC  30,830  2,174,669 
Rolls-Royce Group PLC (I)  47,868  480,099 
Sage Group PLC  51,391  237,453 
Scottish & Southern Energy PLC  6,039  121,620 
Serco Group PLC  24,578  217,525 
Severn Trent PLC  17,804  430,835 
Smith & Nephew PLC  62,908  728,529 
Smiths Group PLC  29,038  632,535 
Spectris PLC  8,906  201,959 
Standard Chartered PLC  90,504  2,392,943 
Tesco PLC  32,136  211,352 
The Weir Group PLC  23,492  654,284 
Tullett Prebon PLC  14,637  96,873 
Unilever PLC  14,297  424,230 
Vodafone Group PLC  484,878  1,375,845 
Wolseley PLC (I)  13,535  470,997 
WPP PLC  41,686  573,475 
Xstrata PLC  49,048  1,119,500 

 

20  International Growth Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Preferred Securities 0.93%      $2,397,754 
(Cost $1,639,369)       
 
Germany 0.93%      2,397,754 
Porsche Automobil Holding SE    3,814  302,131 
ProSiebenSat.1 Media AG    10,663  344,920 
Volkswagen AG    10,324  1,750,703 
 
    Shares  Value 
Rights 0.00%      $0 
(Cost $0)       
 
Austria 0.00%      0 
Immofinanz AG (Expiration Date: 3-2-11, Strike Price: EUR 4.12) (I)(L)  39,303  0 
 
    Shares  Value 
Warrants 0.00%      $3,230 
(Cost $5,399)       
 
Canada 0.00%      3,230 
Kinross Gold Corp. (Expiration Date: 9-17-14, Strike Price: $21.30) (I)  1,133  3,230 
    Shares  Value 
Securities Lending Collateral 1.19%      $3,069,679 
(Cost $3,069,468)       
John Hancock Collateral Investment Trust (W)  0.2855% (Y)  306,741  3,069,679 
 
    Shares  Value 
 
Short-Term Investments 4.16%      $10,748,557 
(Cost $10,748,557)       
 
Short-Term Securities 4.16%      10,748,557 
State Street Institutional Treasury Money Market Fund  0.0453% (Y)  10,748,557  10,748,557 
 
Total investments (Cost $219,180,869)† 100.27%    $258,745,305 
 
Other assets and liabilities, net (0.27%)      ($707,785) 
 
Total net assets 100.00%      $258,037,520 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

See notes to financial statements  Annual report | International Growth Fund  21 

 


Notes to Schedule of Investments

Currency abbreviation

EUR Euro

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investments of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $220,040,489. Net unrealized appreciation aggregated $38,704,816, of which $41,315,160 related to appreciated investment securities and $2,610,344 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 2-28-11:

Health Care  17% 
Consumer Discretionary  16% 
Industrials  16% 
Consumer Staples  13% 
Materials  9% 
Information Technology  8% 
Financials  8% 
Telecommunication Services  4% 
Energy  3% 
Utilities  2% 
Short-Term Securities & Other  4% 

 

22  International Growth Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $216,111,401) including   
$2,934,685 of securities loaned (Note 2)  $255,675,626 
Investments in affiliated issuers, at value (Cost $3,069,468) (Note 2)  3,069,679 
 
Total investments, at value (Cost $219,180,869)  258,745,305 
Foreign currency, at value (Cost $249,551)  251,893 
Cash held at broker for futures contracts  1,278,640 
Receivable for forward foreign currency exchange contracts (Note 3)  371,523 
Receivable for fund shares sold  699,821 
Dividends and interest receivable  730,029 
Receivable for securities lending income  2,258 
Receivable for futures variation margin  52,263 
Other receivables and prepaid expenses  14,168 
 
Total assets  262,145,900 
 
Liabilities   
Payable for forward foreign currency exchange contracts (Note 3)  677,897 
Payable for fund shares repurchased  167,672 
Payable upon return of securities loaned (Note 2)  3,072,429 
Payable to affiliates   
Accounting and legal services fees  3,351 
Transfer agent fees  29,737 
Trustees’ fees  1,826 
Due to adviser  6,831 
Other liabilities and accrued expenses  148,637 
 
Total liabilities  4,108,380 
 
Net assets   
Capital paid-in  $221,707,048 
Accumulated distributions in excess of net investment income  (470,256) 
Accumulated net realized loss on investments, futures contracts and   
foreign currency transactions  (2,639,521) 
Net unrealized appreciation (depreciation) on investments, futures   
contracts and translation of assets and liabilities in foreign currencies  39,440,249 
 
Net assets  $258,037,520 

 

See notes to financial statements  Annual report | International Growth Fund  23 

 

F I N A N C I A L  S T A T E M E N T S


Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($44,727,389 ÷ 2,131,369 shares)  $20.99 
Class B ($792,690 ÷ 37,876 shares)1  $20.93 
Class C ($1,119,316 ÷ 53,541 shares)1  $20.91 
Class I ($203,642,618 ÷ 9,678,402 shares)  $21.04 
Class 1 ($7,755,507 ÷ 368,920 shares)  $21.02 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $22.09 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

24  International Growth Fund | Annual report  See notes to financial statements 

 

F I N A N C I A L  S T A T E M E N T S


Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $5,159,835 
Securities lending  115,060 
Interest  7,030 
Less foreign taxes withheld  (393,205) 
 
Total investment income  4,888,720 
 
Expenses   
Investment management fees (Note 5)  1,892,983 
Distribution and service fees (Note 5)  111,562 
Accounting and legal services fees (Note 5)  24,325 
Transfer agent fees (Note 5)  136,113 
Trustees’ fees (Note 5)  13,996 
State registration fees (Note 5)  42,537 
Printing and postage (Note 5)  9,544 
Professional fees  64,185 
Custodian fees  224,873 
Registration and filing fees  29,912 
Other  9,520 
 
Total expenses  2,559,550 
Less expense reductions (Note 5)  (21,255) 
 
Net expenses  2,538,295 
 
Net investment income  2,350,425 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  7,188,523 
Investments in affiliated issuers  (3,237) 
Futures contracts (Note 3)  1,370,588 
Foreign currency transactions  (262,726) 
  8,293,148 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  33,642,964 
Investments in affiliated issuers  1 
Futures contracts (Note 3)  147,964 
Translation of assets and liabilities in foreign currencies  (342,565) 
  33,448,364 
 
Net realized and unrealized gain  41,741,512 
 
Increase in net assets from operations  $44,091,937 

 

See notes to financial statements  Annual report | International Growth Fund  25 

 

F I N A N C I A L  S T A T E M E N T S


Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $2,350,425  $935,458 
Net realized gain (loss)  8,293,148  (3,844,492) 
Change in net unrealized appreciation (depreciation)  33,448,364  25,186,082 
 
Increase in net assets resulting from operations  44,091,937  22,277,048 
 
Distributions to shareholders     
From net investment income     
Class A  (211,992)  (118,341) 
Class I  (1,859,699)  (1,187,527) 
Class 1  (65,793)  (48,594) 
Class NAV1  (47,095)  (45,290) 
 
Total distributions  (2,184,579)  (1,399,752) 
 
From Fund share transactions (Note 6)  49,129,284  103,903,777 
 
Total increase  91,036,642  124,781,073 
 
Net assets     
Beginning of year  167,000,878  42,219,805 
 
End of year  $258,037,520  $167,000,878 
 
Accumulated distributions in excess of net investment income  ($470,256)  ($423,376) 

 

1 Class NAV shares were terminated on 12-22-10.

26  International Growth Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.36  $12.46  $22.86  $23.94  $20.00 
Net investment income (loss)2  0.13  0.14  0.31  0.26  (0.01) 
Net realized and unrealized gain (loss) on investments  3.61  4.86  (10.31)  0.53  4.44 
Total from investment operations  3.74  5.00  (10.00)  0.79  4.43 
Less distributions           
From net investment income  (0.11)  (0.10)  (0.40)  (0.18)  (0.09) 
From net realized gain  —  —  —  (1.69)  (0.40) 
Total distributions  (0.11)  (0.10)  (0.40)  (1.87)  (0.49) 
Net asset value, end of year  $20.99  $17.36  $12.46  $22.86  $23.94 
Total return (%)3  21.58  40.07  (44.00)  2.85  22.184 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $45  $23  $13  $26  $20 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.60  1.685  1.94  2.21  2.286 
Expenses net of fee waivers  1.60  1.645  1.62  1.56  1.666 
Expenses net of fee waivers and credits  1.60  1.635  1.62  1.56  1.666 
Net investment income (loss)  0.69  0.86  1.59  1.02  (0.06)6 
Portfolio turnover (%)  48  37  59  97  41 
 



1 The inception date for Class A shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.

 

See notes to financial statements  Annual report | International Growth Fund  27 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.36  $12.48  $22.81  $23.91  $20.00 
Net investment income (loss)2  0.01  0.05  0.15  (0.01)  (0.16) 
Net realized and unrealized gain (loss) on investments  3.56  4.83  (10.25)  0.60  4.48 
Total from investment operations  3.57  4.88  (10.10)  0.59  4.32 
Less distributions           
From net investment income  —  —  (0.23)  —  (0.01) 
From net realized gain  —  —  —  (1.69)  (0.40) 
Total distributions  —  —  (0.23)  (1.69)  (0.41) 
Net asset value, end of year  $20.93  $17.36  $12.48  $22.81  $23.91 
Total return (%)3  20.56  39.10  (44.43)  2.03  21.644 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $1  $1  $1  $1  $1 
Ratios (as a percentage of average net assets):           
Expenses before reductions  4.24  4.835  4.68  4.62  10.946 
Expenses net of fee waivers  2.40  2.445  2.65  2.41  2.396 
Expenses net of fee waivers and credits  2.40  2.405  2.40  2.40  2.396 
Net investment income (loss)  0.04  0.29  0.80  (0.03)  (0.94)6 
Portfolio turnover (%)  48  37  59  97  41 
 



1 The inception date for Class B shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.

 

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.34  $12.47  $22.79  $23.90  $20.00 
Net investment income (loss)2  0.01  (0.01)  0.20  0.05  (0.16) 
Net realized and unrealized gain (loss) on investments  3.56  4.88  (10.29)  0.53  4.47 
Total from investment operations  3.57  4.87  (10.09)  0.58  4.31 
Less distributions           
From net investment income  —  —  (0.23)  —  (0.01) 
From net realized gain  —  —  —  (1.69)  (0.40) 
Total distributions  —  —  (0.23)  (1.69)  (0.41) 
Net asset value, end of year  $20.91  $17.34  $12.47  $22.79  $23.90 
Total return (%)3  20.59  39.05  (44.43)  1.99  21.594 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $1  $1  $1  $2  $2 
Ratios (as a percentage of average net assets):           
Expenses before reductions  3.45  3.955  3.81  3.73  6.716 
Expenses net of fee waivers  2.40  2.415  2.42  2.40  2.396 
Expenses net of fee waivers and credits  2.40  2.405  2.40  2.40  2.396 
Net investment income (loss)  0.03  (0.06)  1.03  0.21  (0.98)6 
Portfolio turnover (%)  48  37  59  97  41 
 


 

1 The inception date for Class C shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
6 Annualized.

 

28  International Growth Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.40  $12.48  $22.90  $23.97  $20.00 
Net investment income2  0.23  0.14  0.18  0.36  0.07 
Net realized and unrealized gain (loss) on investments  3.60  4.95  (10.12)  0.54  4.45 
Total from investment operations  3.83  5.09  (9.94)  0.90  4.52 
Less distributions           
From net investment income  (0.19)  (0.17)  (0.48)  (0.28)  (0.15) 
From net realized gain  —  —  —  (1.69)  (0.40) 
Total distributions  (0.19)  (0.17)  (0.48)  (1.97)  (0.55) 
Net asset value, end of year  $21.04  $17.40  $12.48  $22.90  $23.97 
Total return (%)3  22.08  40.76  (43.74)  3.27  22.604 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $204  $134  $23  $1  —5 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.14  1.236  1.67  5.07  17.207 
Expenses net of fee waivers  1.14  1.216  1.20  1.20  1.197 
Expenses net of fee waivers and credits  1.14  1.216  1.20  1.20  1.197 
Net investment income  1.21  0.84  1.16  1.43  0.427 
Portfolio turnover (%)  48  37  59  97  41 
 



1 The inception date for Class I shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.
7 Annualized.

 

CLASS 1 SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $17.38  $12.47  $22.89  $23.97  $20.00 
Net investment income2  0.23  0.20  0.36  0.29  0.07 
Net realized and unrealized gain (loss) on investments  3.60  4.89  (10.29)  0.61  4.45 
Total from investment operations  3.83  5.09  (9.93)  0.90  4.52 
Less distributions           
From net investment income  (0.19)  (0.18)  (0.49)  (0.29)  (0.15) 
From net realized gain  —  —  —  (1.69)  (0.40) 
Total distributions  (0.19)  (0.18)  (0.49)  (1.98)  (0.55) 
Net asset value, end of year  $21.02  $17.38  $12.47  $22.89  $23.97 
Total return (%)3  22.11  40.73  (43.72)  3.28  22.634 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $8  $5  $3  $3  $1 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.13  1.245  1.51  1.83  2.006 
Expenses net of fee waivers  1.13  1.195  1.15  1.15  1.156 
Expenses net of all fee waivers and credits  1.13  1.195  1.15  1.15  1.156 
Net investment income 1.21  1.23  1.94  1.14  0.416 
Portfolio turnover (%)  48  37  59  97  41 
 



1 The inception date for Class 1 shares is 6-12-06.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
6 Annualized.

 

See notes to financial statements  Annual report | International Growth Fund  29 

 


Notes to financial statements

Note 1 — Organization

John Hancock International Growth Fund (the Fund) is a diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek high total return primarily through capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Class NAV shares were terminated on December 22, 2010.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

30  International Growth Fund | Annual report 

 


        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 2-28-11  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $10,383,783  —  $10,383,783  — 
Austria  688,618  —  688,618  — 
Belgium  2,509,541  —  2,509,541  — 
Bermuda  582,458  —  582,458  — 
Canada  8,050,162  $8,050,162  —  — 
Cayman Islands  366,540  —  366,540  — 
Denmark  9,153,370  —  9,153,370  — 
Finland  2,868,437  —  2,868,437  — 
France  16,472,940  —  16,472,940  — 
Germany  16,703,916  —  16,703,916  — 
Greece  969,065  —  969,065  — 
Hong Kong  6,286,908  —  6,286,908  — 
Ireland  2,612,006  —  2,612,006  — 
Israel  192,700  —  192,700  — 
Italy  419,063  —  419,063  — 
Japan  49,920,127  —  49,920,127  — 
Luxembourg  838,442  —  838,442  — 
Netherlands  5,311,352  —  5,311,352  — 
Norway  1,242,818  —  1,242,818  — 
Singapore  8,570,613  —  8,570,613  — 
Spain  1,469,686  —  1,469,686  — 
Sweden  16,221,955  —  16,221,955  — 
Switzerland  24,803,492  —  24,803,492  — 
United Kingdom  55,888,093  —  55,888,093  — 
Preferred Securities         
Germany  2,397,754  —  2,397,754  — 
Warrants         
Canada  3,230  3,230  —  — 
Securities Lending         
Collateral  3,069,679  3,069,679  —  — 
Short-Term Investments  10,748,557  10,748,557  —  — 
 
Total Investments in         
Securities  $258,745,305  $21,871,628  $236,873,677  — 
Other Financial         
Instruments         
Futures  $162,636  $162,636  —  — 
Forward Foreign         
Currency Contracts  ($306,374)  —  ($306,374)  — 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies, including forward foreign currency contracts, are valued in U.S. dollars, based on foreign currency exchange

Annual report | International Growth Fund  31 

 


rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

Foreign currency translation. Assets, including investments, and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net unrealized appreciation.

32  International Growth Fund | Annual report 

 


Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses of the Trust that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $1,852,776 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2018 — $1,852,776. Net currency losses of $613,644, that are a result of security transactions occurring after October 31, 2010, are treated as occurring on March 1, 2011, the first day of the Fund’s next taxable year.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Annual report | International Growth Fund  33 

 


Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  $2,184,579  $1,399,752 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the Fund has no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, passive foreign investment companies, wash sale deferrals and derivative transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the 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 honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. 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 the Fund will succeed in enforcing them.

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, currency or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statements of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure, maintain diversification and liquidity and adjust exposure to foreign currencies. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from $12.3 million to $20.7 million as measured at each quarter end.

34  International Growth Fund | Annual report 

 


          UNREALIZED 
OPEN  NUMBER OF        APPRECIATION 
CONTRACTS  CONTRACTS  POSITION  EXPIRATION DATE  NOTIONAL VALUE  (DEPRECIATION) 
DAX Index Futures  23  Long  Mar 2011  $5,772,900  $159,237 
FTSE 100 Index  67  Long  Mar 2011  6,506,245  131,858 
Futures           
SGX MSCI Singapore  8  Long  Mar 2011  444,850  (2,176) 
Index Futures           
ASX SPI 200 Index  42  Short  Mar 2011  (5,159,269)  (50,867) 
Futures           
FTSE MIB Index  2  Short  Mar 2011  (310,185)  (24,818) 
Futures           
S&P TSE 60 Index  5  Short  Mar 2011  (836,395)  (50,598) 
Futures           
Total          $162,636 

 

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral, the risk that currency movements will not occur, thereby reducing the Fund’s total return, and the potential for losses in excess of the amounts recognized on the Statements of Assets and Liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

During the year ended February 28, 2011, the Fund used forward foreign currency contracts to hedge against anticipated currency exchange rates.

The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held forward foreign currency contracts with USD absolute values ranging from $24.2 million to $50.8 million, as measured at each quarter end.

    PRINCIPAL       
  PRINCIPAL  AMOUNT       
  AMOUNT  COVERED      UNREALIZED 
  COVERED BY  BY CONTRACT    SETTLEMENT   APPRECIATION 
CURRENCY  CONTRACT  (USD)  COUNTERPARTY  DATE  (DEPRECIATION) 
Buys           
AUD  149,033  $148,167  Brown Brothers  4-20-11  $2,652 
      Harriman & Company     
AUD  724,675  719,928  JPMorgan Chase Bank  4-20-11  13,434 
EUR  540,433  727,435  Bank of America N.A.  4-20-11  17,880 
EUR  945,132  1,268,892  Deutsche Bank AG  4-20-11  34,546 
EUR  664,614  894,239  Royal Bank of Scotland PLC  4-20-11  22,334 
GBP  881,417  1,412,402  Bank of America N.A.  4-20-11  19,846 
GBP  474,203  758,654  Barclays Bank PLC  4-20-11  11,897 
GBP  1,146,471  1,834,870  Brown Brothers  4-20-11  28,075 
      Harriman & Company     
GBP  1,553,874  2,484,733  JPMorgan Chase Bank  4-20-11  40,217 
GBP  1,211,533  1,935,718  Morgan Stanley Capital  4-20-11  32,948 
      Services, Inc.     

 

Annual report | International Growth Fund  35 

 


    PRINCIPAL       
  PRINCIPAL  AMOUNT       
  AMOUNT  COVERED      UNREALIZED 
  COVERED BY  BY CONTRACT    SETTLEMENT   APPRECIATION 
CURRENCY  CONTRACT  (USD)  COUNTERPARTY  DATE  (DEPRECIATION) 
Buys (continued)         
HKD  8,392,911  $1,077,672  Barclays Bank PLC  4-20-11  $519 
HKD  11,190,548  1,436,527  Brown Brothers  4-20-11  1,060 
      Harriman & Company     
HKD  4,697,105  603,879  Mellon Bank NA  4-20-11  (468) 
HKD  8,392,911  1,077,501  Morgan Stanley Capital  4-20-11  690 
      Services, Inc.     
HKD  16,785,822  2,154,625  State Street Bank &  4-20-11  1,757 
Trust Company
JPY  322,142,600  3,862,598  Deutsche Bank AG  4-20-11  76,659 
JPY  73,531,690  882,633  JPMorgan Chase Bank  4-20-11  16,535 
NOK  2,404,324  416,882  Brown Brothers  4-20-11  11,351 
      Harriman & Company     
SGD  1,845,284  1,439,626  Bank of America N.A.  4-20-11  11,727 
SGD  922,641  719,745  Barclays Bank PLC  4-20-11  5,931 
SGD  766,929  601,631  Brown Brothers  4-20-11  1,574 
      Harriman & Company     
SGD  751,694  586,273  Mellon Bank NA  4-20-11  4,949 
SGD  751,694  586,419  Morgan Stanley Capital  4-20-11  4,804 
      Services, Inc.     
SGD  751,694  586,178  Royal Bank of Scotland PLC  4-20-11  5,045 
SGD  751,694  586,130  State Street Bank &  4-20-11  5,093 
Trust Company
Total    $28,803,357      $371,055 
 
Sells           
CAD  4,246,070  $4,289,462  Bank of America N.A.  4-20-11  ($76,384) 
CAD  2,102,590  2,124,215  Royal Bank of Scotland PLC  4-20-11  (37,687) 
CHF  1,870,933  1,927,843  Barclays Bank PLC  4-20-11  (86,757) 
CHF  1,093,905  1,127,063  Brown Brothers  4-20-11  (50,842) 
      Harriman & Company     
CHF  1,717,392  1,771,166  Royal Bank of Scotland PLC  4-20-11  (78,102) 
CHF  2,693,080  2,776,114  State Street Bank &  4-20-11  (123,765) 
Trust Company
NOK  2,125,898  362,732  Barclays Bank PLC  4-20-11  (15,910) 
NOK  4,812,506  821,093  Brown Brothers  4-20-11  (36,059) 
      Harriman & Company     
NOK  2,125,898  362,311  Royal Bank of Scotland PLC  4-20-11  (16,331) 
SEK  7,155,724  1,097,992  Barclays Bank PLC  4-20-11  (29,141) 
SEK  9,540,966  1,463,877  Brown Brothers  4-20-11  (38,966) 
      Harriman & Company     
SEK  6,411,075  982,297  Deutsche Bank AG  4-20-11  (27,543) 
SEK  7,181,998  1,100,200  JPMorgan Chase Bank  4-20-11  (31,071) 
SEK  7,155,724  1,098,262  Mellon Bank NA  4-20-11  (28,871) 
Total    $21,304,627      ($677,429) 

 

36  International Growth Fund | Annual report 

 


Currency Abbreviations     
AUD  Australian Dollar  HKD  Hong Kong Dollar 
CAD  Canadian Dollar  JPY  Japanese Yen 
CHF  Swiss Franc  NOK  Norwegian Krone 
EUR  Euro  SEK  Swedish Krona 
GBP  Pound Sterling  SGD  Singapore Dollar 

 

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at February 28, 2011 by risk category:

    FINANCIAL  ASSET  LIABILITY 
  STATEMENT OF ASSETS AND  INSTRUMENTS  DERIVATIVES  DERIVATIVES 
RISK  LIABILITIES LOCATION  LOCATION  FAIR VALUE  FAIR VALUE 
Equity contracts  Receivable for futures varia-  Futures†  $291,095  ($128,459) 
  tion margin; net unrealized       
  appreciation (depreciation)       
  on investments       
Foreign exchange  Receivable/Payable for  Forward foreign  371,523  (677,897) 
contracts  forward foreign currency  currency     
  exchange contracts  contracts     
Total      $662,618  ($806,356) 

 

† Reflects cumulative appreciation/depreciation of futures as disclosed in Note 3. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

Effect of derivative instruments on the Statement of Operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

      FOREIGN   
  STATEMENT OF  FUTURES  CURRENCY   
RISK  OPERATIONS LOCATION  CONTRACTS  TRANSACTIONS*  TOTAL 
Equity contracts  Net realized gain  $1,370,588  —  $1,370,588 
Foreign exchange  Net realized gain       
contracts  (loss)  —  ($275,418)  (275,418) 
Total    $1,370,588  ($275,418)  $1,095,170 

 

* Realized gain/loss associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2011:

      TRANSLATION   
      OF ASSETS   
      AND LIABILITIES   
    FUTURES  IN FOREIGN   
RISK  STATEMENT OF OPERATIONS LOCATION  CONTRACTS  TRANSACTIONS*  TOTAL 
Equity contracts  Change in unrealized appreciation  $147,964  —  $147,964 
  (depreciation)       
Foreign exchange  Change in unrealized appreciation  —  ($364,800)  (364,800) 
contracts  (depreciation)       
Total    $147,964  ($364,800)  ($216,836) 

 

* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

Annual report | International Growth Fund  37 

 


Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: a) 0.920% of the first $100,000,000 of the Fund’s average daily net assets; b) 0.895% of the next $900,000,000; c) 0.880% of the next $1,000,000,000; d) 0.850% of the next $1,000,000,000; e) 0.825% of the next $1,000,000,000; and f) 0.800% of the Fund’s average daily net asset in excess of $4,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.91% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.70%, 2.40%, 2.40%, 1.24% and 1.20% for Class A, Class B, Class C, Class I and Class 1 shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.70%, 2.40%, 2.40%, 1.22%, 1.20% and 1.15% for Class A, Class B, Class C, Class I, Class 1 and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $11,045 and $10,210 for Class B and Class C shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended February 28, 2011, amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C and Class 1 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual

38  International Growth Fund | Annual report 

 


rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b-1 FEES 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 
Class 1  0.05% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $15,406 for the year ended February 28, 2011. Of this amount, $2,556 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $12,086 was paid as sales commissions to broker-dealers and $764 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $1,165 and $64 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Annual report | International Growth Fund  39 

 


Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $92,883  $53,409  $10,509  $2,741 
Class B  5,990  2,055  10,708  195 
Class C  9,707  2,302  10,689  314 
Class I  —  78,347  10,631  6,434 
Class 1  2,982  —  —  (140) 
Total  $111,562  $136,113  $42,537  $9,544 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  1,001,925  $18,930,095  368,180  $6,341,223 
Exchanged from Class R1  —  —  7,263  121,989 
Distributions reinvested  10,486  210,444  6,431  116,714 
Repurchased  (182,969)  (3,423,082)  (105,391)  (1,656,573) 
 
Net increase  829,442  $15,717,457  276,483  $4,923,353 
 
Class B shares         
Sold  18,488  $350,796  11,882  $200,465 
Repurchased  (13,173)  (234,105)  (20,091)  (318,226) 
 
Net increase (decrease)  5,315  $116,691  (8,209)  ($117,761) 
 
Class C shares         
Sold  14,797  $278,217  43,030  $684,156 
Repurchased  (12,304)  (222,459)  (40,666)  (591,385) 
 
Net increase  2,493  $55,758  2,364  $92,771 
 
Class I shares         
Sold  3,607,016  $67,388,025  6,511,940  $108,774,330 
Distributions reinvested  919  18,465  499  9,073 
Repurchased  (1,611,195)  (30,758,599)  (638,236)  (10,431,836) 
 
Net increase  1,996,740  $36,647,891  5,874,203  $98,351,567 
 
Class R1 shares         
Sold  —  —  1,969  $26,066 
Exchanged for Class A  —  —  (7,270)  (121,989) 
Repurchased  —  —  (897)  (12,532) 
 
Net decrease  —  —  (6,198)  ($108,455) 

 

40  International Growth Fund | Annual report 

 


  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class 1 shares         
Sold  191,560  $3,635,364  155,089  $2,534,636 
Distributions reinvested  3,275  65,793  2,674  48,594 
Repurchased  (102,225)  (1,936,307)  (84,600)  (1,398,184) 
 
Net increase  92,610  $1,764,850  73,163  $1,185,046 
 
Class NAV shares1         
Sold  25,913  $465,996  194,492  $2,950,895 
Distributions reinvested  2,350  47,095  2,499  45,290 
Repurchased  (288,620)  (5,686,454)  (191,058)  (3,418,929) 
 
Net increase (decrease)  (260,357)  ($5,173,363)  5,933  ($422,744) 
 
Net increase  2,666,243  $49,129,284  6,217,739  $103,903,777 
 
1 Class NAV shares were terminated on 12-22-10.      

 

Affiliates of the Fund owned 39% of shares of beneficial interest of Class A on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $140,485,265 and $94,075,467, respectively, for the year ended February 28, 2011.

Annual report | International Growth Fund  41 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of John Hancock Funds III and Shareholders of  John Hancock International Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Growth Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

42  International Growth Fund | Annual report 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended February 28, 2011.

The Fund designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

Income derived from foreign sources was $2,812,259. The Fund intends to pass through foreign tax credits of $227,679 for the fiscal year ended February 28, 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | International Growth Fund  43 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
  
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
  
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
  
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
  
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

44  International Growth Fund | Annual report 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
  
Dr. John A. Moore, Born: 1939  2006  47 
 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
  
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
  
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

Annual report | International Growth Fund  45 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
  
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
  
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

46  International Growth Fund | Annual report 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
  
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
  
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | International Growth Fund  47 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Grantham, Mayo, Van Otterloo & Co. LLC 
Stanley Martin* 
Hugh McHaffie  Principal distributor 
Dr. John A. Moore  John Hancock Funds, LLC  
Patti McGill Peterson* 
Gregory A. Russo  Custodian 
John G. Vrysen  State Street Bank and Trust Company 
 
Officers  Transfer agent 
Keith F. Hartstein  John Hancock Signature Services, Inc.  
President and Chief Executive Officer 
  Legal counsel  
Andrew G. Arnott  K&L Gates LLP  
Senior Vice President and Chief Operating Officer 
  Independent registered 
Thomas M. Kinzler  public accounting firm 
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP 
   
Francis V. Knox, Jr. 
 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley   
  Act, which requires mutual funds and other public 
Charles A. Rizzo  companies to affirm that, to the best of their 
Chief Financial Officer  knowledge, the information in their financial reports  
is fairly and accurately stated in all material respects.   
Salvatore Schiavone 
 
Treasurer 
 
*Member of the Audit Committee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

48  International Growth Fund | Annual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Growth Fund.  8700A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Portfolio performance

By John Hancock Asset Management1

During the 12-month period ended February 28, 2011, international developed markets posted strong results, with the MSCI EAFE Index returning 20.54%. In Europe, Germany’s strong recovery helped propel its markets to a 32.18% gain. Japan lagged the overall MSCI EAFE Index, with a 17.45% return, weighed down by the impact of a stronger yen.

Emerging markets had a return of 21.23% for the 12-month period — roughly in line with developed international markets. Over the 12-month period, the euro advanced about 1% against the U.S. dollar, adding a small tailwind to the returns of U.S. investors, as their euro-based proceeds would translate into more dollars.

Portfolio performance

For the 12 months ended February 28, 2011, John Hancock International Allocation Portfolio’s Class A shares posted a total return of 22.43% at net asset value, versus 20.54% for the benchmark MSCI EAFE Index and 20.63% for the average foreign large blend fund, according to Morningstar, Inc.

Both asset allocation and performance by underlying managers added to relative results during the period. Allocations to the international small-cap sector helped performance, while weightings to emerging markets partially offset that with modest underperformance. Among managers, International Opportunities Fund (Marsico) had strong relative performance, helped by stock selection in consumer discretionary, materials and industrials sectors. International Value Fund (Franklin) had success with strong stock selection in financials and health care.

During the period, we established a new position in the International Growth Stock Fund (Invesco). This move was made to further diversify our exposures within the growth portion of the Portfolio. Additionally, we moved from the International Growth Fund (GMO) to the International Core Fund (GMO), which we feel will better complement the rest of our overall developed-market exposures.

This commentary reflects the views of the portfolio managers through the end of the Portfolio’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting.

1 Effective 1-1-11, Manulife Asset Management (US) LLC has been added as a subadviser. Manulife Asset Management (US) LLC and Manulife Asset Management (North America) Limited are doing business as John Hancock Asset Management.

6  International Allocation Portfolio | Annual report 

 


A look at performance

For the period ended February 28, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
Class A  16.30  —  —  –2.03  16.30  —  —  –8.19 
Class B  16.35  —  —  –1.95  16.35  —  —  –7.89 
Class C  20.49  —  —  –1.50  20.49  —  —  –6.12 
Class I 2  22.87  —  —  –0.38  22.87  —  —  –1.56 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.68%, Class B — 2.38%, Class C — 2.38% and Class I — 1.22%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.16%, Class B — 3.78%, Class C — 3.06% and Class I — 5.32%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

1 From 12-29-06.

2 For certain types of investors, as described in the Portfolio’s Class I share prospectus.

Annual report | International Allocation Portfolio  7 

 


A look at performance

 

  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B  12-29-06  $9,377  $9,211  $9,641 
Class C2  12-29-06  9,388  9,388  9,641 
Class I3  12-29-06  9,844  9,844  9,641 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Portfolio’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

MSCI EAFE Index (gross of foreign withholding tax on dividends) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 The contingent deferred sales charge, if any, is not applicable.

3 For certain types of investors, as described in the Portfolio’s Class I share prospectus.

8  International Allocation Portfolio | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding portfolio expenses

As a shareholder of the Portfolio, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other portfolio expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Portfolio’s actual ongoing operating expenses, and is based on the Portfolio’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111,2 
Class A  $1,000.00  $1,235.20  $3.49 
Class B  1,000.00  1,229.60  7.35 
Class C  1,000.00  1,231.10  7.36 
Class I  1,000.00  1,237.80  0.94 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

Annual report | International Allocation Portfolio  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Portfolio’s ongoing operating expenses with those of any other portfolio. It provides an example of the Portfolio’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Portfolio’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other portfolio shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111,2 
Class A  $1,000.00  $1,021.70  $3.16 
Class B  1,000.00  1,018.20  6.66 
Class C  1,000.00  1,018.20  6.66 
Class I  1,000.00  1,024.00  0.85 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Portfolio’s annualized expense ratio of 0.63%, 1.33%, 1.33% and 0.17% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 The Portfolio’s expense ratios do not include fees and expenses indirectly incurred by the underlying funds, whose ratios can vary based on the mix of underlying funds. The range of expense ratios of the underlying funds held were 0.91% to 1.11%.

10  International Allocation Portfolio | Annual report 

 


Asset allocation


1 As a percentage of net assets on 2-28-11.

Annual report | International Allocation Portfolio  11 

 


Portfolio’s investments

Investment companies

Underlying Funds’ Subadvisers

Dimensional Fund Advisors LP  (DFA) 
Templeton Investment Counsel, LLC  (Franklin) 
Grantham, Mayo, Van Otterloo & Co. LLC  (GMO) 
Invesco Advisers, Inc.  (Invesco) 
Marsico Capital Management, LLC  (Marsico) 
John Hancock Asset Management*  (John Hancock) 


*Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.

As of 2-28-11

  Shares  Value 
Affiliated Investment Companies 100.11%    $20,119,079 
(Cost $17,088,215)     
 
EQUITY 100.11%    20,119,079 
 
International Large Cap 74.59%     
John Hancock Funds II (G)     
International Growth Stock, Class NAV (Invesco)  222,510  2,498,790 
International Opportunities, Class NAV (Marsico)  174,253  2,498,790 
International Value, Class NAV (Franklin)  321,672  4,995,567 
John Hancock Funds III (G)     
International Core, Class NAV (GMO)  161,251  4,995,567 
 
Emerging Markets 18.01%     
John Hancock Funds II (G)     
Emerging Markets, Class NAV (DFA)  224,698  2,615,480 
 
John Hancock Investment Trust III (G)     
Greater China Opportunities, Class NAV (John Hancock1) (A)  49,311  1,005,954 
 
International Small Cap 7.51%     
John Hancock Funds II (G)     
International Small Company, Class NAV (DFA)  167,845  1,508,931 
 
Total investments (Cost $17,088,215)† 100.11%    $20,119,079 
 
Other assets and liabilities, net (0.11%)    ($22,965) 
 
Total net assets 100.00%    $20,096,114 

 

The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the portfolio.

(A) The subadviser is an affiliate of the adviser.

(G) The underlying fund’s subadviser is shown parenthetically.

1 Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $19,468,650. Net unrealized appreciation aggregated $650,429, of which $650,429 related to appreciated investment securities and $0 related to depreciated investment securities.

12  International Allocation Portfolio | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Portfolio’s balance sheet. It shows the value of what the Portfolio owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in affiliated funds, at value  20,119,079 
 
Total investments, at value (Cost $17,088,215)  20,119,079 
Receivable for portfolio shares sold  97,179 
Receivable due from adviser  4,107 
Other receivables and prepaid expenses  22,177 
 
Total assets  20,242,542 
 
Liabilities   
Due to custodian  314 
Payable for investments purchased  79,879 
Payable for fund shares repurchased  12,969 
Payable to affiliates   
Accounting and legal services fees  292 
Transfer agent fees  6,072 
Trustees’ fees  641 
Other liabilities and accrued expenses  46,261 
 
Total liabilities  146,428 
 
Net assets   
Capital paid-in  $32,711,953 
Undistributed net investment income  137,738 
Accumulated net realized loss on investments  (15,784,441) 
Net unrealized appreciation (depreciation) on investments  3,030,864 
 
Net assets  $20,096,114 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Portfolio has an   
unlimited number of shares authorized with no par value   
Class A ($11,482,643 ÷ 1,375,601 shares)  $8.35 
Class B ($2,310,198 ÷ 278,210 shares)1  $8.30 
Class C ($6,034,038 ÷ 726,153 shares)1  $8.31 
Class I ($269,235 ÷ 32,114 shares)  $8.38 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $8.79 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.
2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

See notes to financial statements  Annual report | International Allocation Portfolio  13 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Portfolio’s investment income earned and expenses incurred in operating the Portfolio. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $231,592 
 
Total investment income  231,592 
 
Expenses   
Investment management fees (Note 4)  13,122 
Distribution and service fees (Note 4)  103,948 
Accounting and legal services fees (Note 4)  2,853 
Transfer agent fees (Note 4)  39,723 
Trustees’ fees (Note 4)  1,417 
State registration fees (Note 4)  39,582 
Printing and postage (Note 4)  9,899 
Professional fees  36,929 
Custodian fees  12,001 
Registration and filing fees  20,993 
Other  4,426 
 
Total expenses  284,893 
Less expense reductions (Note 4)  (118,808) 
 
Net expenses  166,085 
 
Net investment income  65,507 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in affiliated issuers  (190,146) 
Capital gain distributions received from affiliated underlying funds  156,004 
  (34,142) 
Change in net unrealized appreciation (depreciation) of   
Investments in affiliated issuers  3,589,573 
 
  3,589,573 
 
Net realized and unrealized gain  3,555,431 
 
Increase in net assets from operations  $3,620,938 

 

14  International Allocation Portfolio | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Portfolio’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Portfolio share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $65,507  $75,504 
Net realized loss  (34,142)  (10,066,907) 
Change in net unrealized appreciation (depreciation)  3,589,573  20,230,923 
 
Increase in net assets resulting from operations  3,620,938  10,239,520 
 
Distributions to shareholders     
From net investment income     
Class A  —  (83,517) 
Class B  —  (2,809) 
Class C  —  (12,136) 
Class I  —  (3,728) 
From net realized gain     
Class A  —  (2,419) 
Class B  —  (300) 
Class C  —  (1,298) 
Class I  —  (72) 
 
Total distributions  —  (106,279) 
 
From Portfolio share transactions (Note 5)  (607,486)  (10,301,661) 
 
Total increase (decrease)  3,013,452  (168,420) 
 
Net assets     
Beginning of year  17,082,662  17,251,082 
 
End of year  $20,096,114  $17,082,662 
 
Undistributed (distributions in excess of) net investment income  $137,738  ($408) 

 

See notes to financial statements  Annual report | International Allocation Portfolio  15 

 


Financial highlights

The Financial Highlights show how the Portfolio’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $6.82  $4.31  $9.48  $9.96  $10.00 
Net investment income (loss)2,3  0.05  0.02  0.12  0.13  (0.01) 
Net realized and unrealized gain (loss) on investments  1.48  2.55  (4.86)  (0.03)  (0.03) 
Total from investment operations  1.53  2.57  (4.74)  0.10  (0.04) 
Less distributions           
From net investment income  —  (0.06)  (0.14)  (0.13)  — 
From net realized gain  —  —4  (0.29)  (0.45)  — 
Total distributions  —  (0.06)  (0.43)  (0.58)  — 
Net asset value, end of year  $8.35  $6.82  $4.31  $9.48  $9.96 
Total return (%)5  22.43  59.59  (50.67)  0.70  (0.40)6 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $11  $10  $13  $30  $3 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.157  1.067,8  0.927  1.117  8.539 
Expenses net of fee waivers  0.657  0.677,8  0.617  0.587  0.609 
Expenses net of fee waivers and credits  0.657  0.667,8  0.617  0.587  0.609 
Net investment income (loss)3  0.62  0.29  1.56  1.21  (0.60)9 
Portfolio turnover (%)  64  41  23  23  3 

 

1 The inception date for Class A shares is 12-29-06.
2 Based on the average daily shares outstanding.
3 Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
8 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
9 Annualized.

 

16  International Allocation Portfolio | Annual report  See notes to financial statements 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $6.84  $4.32  $9.46  $9.95  $10.00 
Net investment income (loss)2,3  —  0.03  0.06  0.07  (0.02) 
Net realized and unrealized gain (loss) on investments  1.46  2.51  (4.83)  (0.06)  (0.03) 
Total from investment operations  1.46  2.54  (4.77)  0.01  (0.05) 
Less distributions           
From net investment income  —  (0.02)  (0.08)  (0.05)  — 
From net realized gain  —  —4  (0.29)  (0.45)  — 
Total distributions  —  (0.02)  (0.37)  (0.50)  — 
Net asset value, end of year  $8.30  $6.84  $4.32  $9.46  $9.95 
Total return (%)5  21.35  58.73  (51.01)  (0.13)  (0.50)6 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  $2  $1  $1  $2  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.338  3.068,9  3.038  4.028  28.5810 
Expenses net of fee waivers  1.348  1.448,9  1.538  1.348  1.2610 
Expenses net of fee waivers and credits  1.348  1.378,9  1.318  1.338  1.2610 
Net investment income (loss)3  0.05  0.48  0.80  0.70  (1.26)10 
Portfolio turnover (%)  64  41  23  23  3 

 

1 The inception date for Class B shares is 12-29-06.
2 Based on the average daily shares outstanding.
3 Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
9 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
10 Annualized.

 

See notes to financial statements  Annual report | International Allocation Portfolio  17 

 


CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $6.84  $4.32  $9.46  $9.95  $10.00 
Net investment income (loss)2,3  —4  0.03  0.06  0.08  (0.02) 
Net realized and unrealized gain (loss) on investments  1.47  2.51  (4.83)  (0.07)  (0.03) 
Total from investment operations  1.47  2.54  (4.77)  0.01  (0.05) 
Less distributions           
From net investment income  —  (0.02)  (0.08)  (0.05)  — 
From net realized gain  —  —4  (0.29)  (0.45)  — 
Total distributions  —  (0.02)  (0.37)  (0.50)  — 
Net asset value, end of year  $8.31  $6.84  $4.32  $9.46  $9.95 
Total return (%)5  21.49  58.73  (51.01)  (0.13)  (0.50)6 
Ratios and supplemental data           
Net assets, end of year (in millions)  $6  $5  $3  $8  $1 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.967  2.117,8  1.927  2.317  18.629 
Expenses net of fee waivers  1.357  1.407,8  1.317  1.337  1.279 
Expenses net of fee waivers and credits  1.357  1.377,8  1.317  1.337  1.279 
Net investment income (loss)3  (0.06)  0.44  0.76  0.79  (1.27)9 
Portfolio turnover (%)  64  41  23  23  3 

 

1 The inception date for Class C shares is 12-29-06.
2 Based on the average daily shares outstanding.
3 Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
8 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
9 Annualized.

 

18  International Allocation Portfolio | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-08  2-28-071 
 
Per share operating performance           
Net asset value, beginning of year  $6.82  $4.30  $9.49  $9.97  $10.00 
Net investment income2,3  0.07  0.09  0.11  0.16  —4 
Net realized and unrealized gain (loss) on investments  1.49  2.52  (4.84)  (0.03)  (0.03) 
Total from investment operations  1.56  2.61  (4.73)  0.13  (0.03) 
Less distributions           
From net investment income  —  (0.09)  (0.17)  (0.16)  — 
From net realized gain  —  —4  (0.29)  (0.45)  — 
Total distributions  —  (0.09)  (0.46)  (0.61)  — 
Net asset value, end of year  $8.38  $6.82  $4.30  $9.49  $9.97 
Total return (%)5  22.87  60.62  (50.48)  1.02  (0.30)6 
 
Ratios and supplemental data           
Net assets, end of year (in millions)  —7  —7  —7  $1  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  5.698  4.688,9  1.358  7.178  25.0110 
Expenses net of fee waivers  0.188  0.198,9  0.168  0.188  0.1710 
Expenses net of fee waivers and credits  0.188  0.198,9  0.168  0.188  0.1710 
Net investment income (loss)3  0.91  1.46  1.44  1.55  (0.17)10 
Portfolio turnover (%)  64  41  23  23  3 

 

1 The inception date for Class I shares is 12-29-06.
2 Based on the average daily shares outstanding.
3 Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
9 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
10 Annualized.

 

See notes to financial statements  Annual report | International Allocation Portfolio  19 

 


Notes to financial statements

Note 1 — Organization

John Hancock International Allocation Portfolio (the Portfolio) is a diversified series of John Hancock Funds III (JHF III or the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Portfolio is to seek long-term growth of capital. The Portfolio is designed to provide diversification of investments within the international asset class.

The Portfolio operates as a “fund of funds”, investing in Class NAV shares of affiliated underlying funds of the Trust and John Hancock Funds II (JHF II) and other permitted investments, including other affiliated funds in the John Hancock Funds complex.

The Portfolio may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

The accounting policies of the underlying funds of the Portfolio are outlined in the underlying funds’ shareholder reports, available without charge by calling 1-800-344-1029 and jhfunds.com, on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or at the SEC’s public reference room in Washington, D.C. The underlying funds are not covered by this report.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Portfolio:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Portfolio uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Portfolio’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments are categorized as Level 1 under the hierarchy described above.

20  International Allocation Portfolio | Annual report 

 


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Portfolio uses the following valuation techniques. Investments by the Portfolio in underlying affiliated funds and/or other investment companies are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Portfolio becomes aware of the dividends.

Line of credit. The Portfolio may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Portfolio to make properly authorized payments. The Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Portfolio property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Portfolio and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Portfolio had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Portfolio intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Annual report | International Allocation Portfolio  21 

 


For federal income tax purposes, the Portfolio has a capital loss carryforward of $13,389,130 available to offset future net realized capital gains as of February 28, 2011. The following table details the capital loss carryforward available as of February 28, 2011.

CAPITAL LOSS CARRYFORWARD EXPIRING AT FEBRUARY 28   
2017  2018  2019 
$1,965,278  $6,868,187  $4,555,665 

 

Net capital losses of $14,876, that are a result of security transactions occurring after October 31, 2010, are treated as occurring on March 1, 2011, the first day of the Portfolio’s next taxable year.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolio will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Portfolio’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Portfolio generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  —  $106,279 

 

Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $138,154 of undistributable ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Short-term gains from underlying funds are treated as ordinary income for tax purposes. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Portfolio’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals and short-term distributions received from underlying funds.

Note 3 — Guarantees and indemnifications

Under the Portfolio’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts with service providers that contain general indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. The risk of material loss from such claims is considered remote.

22  International Allocation Portfolio | Annual report 

 


Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Portfolio. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Portfolio has an investment management contract with the Adviser under which the Portfolio pays the Adviser a management fee that has two components: (a) a fee on assets invested in the funds of JHF II and JHF III (Portfolio Assets) and (b) a fee on assets invested in other permitted investments (other than JHF II and JHF III), including other affiliated funds in the John Hancock Funds complex (Other Assets). The Portfolio pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.05% of the first $500,000,000 of the Portfolio Assets; (b) 0.04% of the Portfolio Assets in excess of $500,000,000; (c) 0.50% of the first $500,000,000 of the Other Assets and (d) 0.49% of the Other Assets in excess of $500,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (North America) Limited (formerly, MFC Global Investment Management (U.S.A.) Limited) and John Hancock Asset Management, a division of Manulife Asset Management (US) LLC). The Portfolio is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.07% of the Portfolio’s average daily net assets, which includes a voluntary waiver by the Adviser of 0.035% of the Portfolio’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Portfolio. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 0.63%, 1.33%, 1.33% and 0.17% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 0.68%, 1.38%, 1.38% and 0.20% for Class A, Class B, Class C and Class I shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Effective May 1, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.16% of average daily net assets.

Accordingly, these expense reductions amounted to $52,997, $17,220, $33,335 and $15,256 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Portfolio reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Portfolio, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended February 28, 2011, amounted to an annual rate of 0.02% of the Portfolio’s average daily net assets.

Distribution and service plans. The Portfolio has a distribution agreement with the Distributor. The Portfolio has adopted distribution and service plans with respect to Class A, Class B, and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services

Annual report | International Allocation Portfolio  23 

 


provided as the distributor of shares of the Portfolio. The Portfolio may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Portfolio’s shares.

CLASS  12b–1 FEES 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $14,651 for the year ended February 28, 2011. Of this amount, $2,444 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $11,461 was paid as sales commissions to broker-dealers and $746 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $2,457 and $393 for Class B and Class C shares, respectively.

Transfer agent fees. The Portfolio has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Portfolio and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Portfolio paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Portfolio paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

24  International Allocation Portfolio | Annual report 

 


Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $31,780  $22,978  $8,013  $5,024 
Class B  17,501  4,378  8,740  1,156 
Class C  54,667  11,869  9,320  3,368 
Class I  —  498  13,509  351 
Total  $103,948  $39,723  $39,582  $9,899 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Portfolio share transactions

Transactions in Portfolio shares for the years ended February 28, 2011 and 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  299,343  $2,223,804  522,788  $3,506,036 
Distributions reinvested  —  —  10,629  75,571 
Repurchased  (429,709)  (3,132,873)  (2,065,514)  (14,287,346) 
Net decrease  (130,366)  ($909,069)  (1,532,097)  ($10,705,739) 
 
Class B shares         
Sold  124,785  $912,788  82,988  $561,962 
Distributions reinvested  —  —  385  2,746 
Repurchased  (35,612)  (257,341)  (49,422)  (311,321) 
Net increase  89,173  $655,447  33,951  $253,387 
 
Class C shares         
Sold  185,601  $1,310,203  232,661  $1,591,552 
Distributions reinvested  —  —  1,523  10,860 
Repurchased  (221,117)  (1,580,337)  (225,150)  (1,384,944) 
Net increase (decrease)  (35,516)  ($270,134)  9,034  $217,468 
 
Class I shares         
Sold  12,543  $92,073  23,320  $141,232 
Distributions reinvested  —  —  355  2,524 
Repurchased  (24,742)  (175,803)  (33,711)  (210,533) 
Net decrease  (12,199)  ($83,730)  (10,036)  ($66,777) 
 
Net decrease  (88,908)  ($607,486)  (1,499,148)  ($10,301,661) 

 

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $11,427,071 and $11,839,574, respectively, for the year ended February 28, 2011.

Annual report | International Allocation Portfolio  25 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock International Allocation Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Allocation Portfolio (the “Portfolio”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

26  International Allocation Portfolio | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
 
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
 
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

Annual report | International Allocation Portfolio  27 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
 
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
 
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

28  International Allocation Portfolio | Annual report 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
 
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
 
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

Annual report | International Allocation Portfolio  29 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
 
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

30  International Allocation Portfolio | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  John Hancock Asset Management 
Stanley Martin* 
Hugh McHaffie  Principal distributor
Dr. John A. Moore  John Hancock Funds, LLC
Patti McGill Peterson* 
Gregory A. Russo  Custodian
John G. Vrysen  State Street Bank and Trust Company
 
Officers  Transfer agent
Keith F. Hartstein  John Hancock Signature Services, Inc.
President and Chief Executive Officer 
Legal counsel
Andrew G. Arnott  K&L Gates LLP
Senior Vice President and Chief Operating Officer 
  Independent registered
Thomas M. Kinzler  public accounting firm
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP
 
Francis V. Knox, Jr. 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley
  Act, which requires mutual funds and other public
Charles A. Rizzo  companies to affirm that, to the best of their 
Chief Financial Officer  knowledge, the information in their financial reports 
  is fairly and accurately stated in all material respects.
Salvatore Schiavone 
Treasurer
 
*Member of the Audit Committee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | International Allocation Portfolio  31 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Allocation Portfolio.  3180A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Fund performance

By Epoch Investment Partners, Inc.

The 12 months ended February 28, 2011, produced positive global equity performance against a backdrop of economic and political uncertainty. It was a year in which growth shares outperformed value-oriented stocks, and developed and emerging-market stocks finished on roughly equal footing, as measured by the MSCI indexes. For the fiscal year, John Hancock Global Shareholder Yield Fund’s Class A shares posted a total return of 20.64% at net asset value. By comparison, the MSCI World Index had a return of 22.31%. The average return of the world stock funds tracked by Morningstar, Inc. was 21.32%.

The Fund’s shortfall compared with the benchmark MSCI World Index can be explained by the fact that the value-oriented, dividend-paying stocks we typically favor generally lagged the returns of the higher-beta, growth-oriented shares that drove the index’s return. Indeed, our stock selection had a positive effect on performance for the fiscal year; nevertheless, the Fund trailed the index because we held overweight positions in the lagging utilities and staples sectors. It also hurt to be underrepresented in three of the four best-performing market segments for the fiscal year. Stock choices in energy shares were other key detractors, including Diamond Offshore Drilling, Inc. and France Telecom SA. At the other end of the spectrum, after utilities, our stock selection contributed strongly in the information technology sector, especially smart-phone maker HTC Corp. Stock selection and an overweight position made the telecommunication sector another source of strength, as several of the top-10 contributors to return resided in this sector, such as BCE, Inc., Vodafone Group PLC, Swisscom AG, CenturyLink, Inc. and Verizon Communications, Inc. Stock choices also drove outperformance in the utilities and consumer staples sectors, where the most helpful holdings were NiSource, Inc. in utilities and Altria Group, Inc. and Philip Morris International in consumer staples.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

 

6  Global Shareholder Yield Fund | Annual report 

 


A look at performance

For the period ended February 28, 2011

                  SEC 30-day  SEC 30-day 
  Average annual total returns (%)  Cumulative total returns (%)  yield (%)  yield (%) 
  with maximum sales charge (POP)  with maximum sales charge (POP)  subsidized  unsubsidized1 
        Since        Since  as of  as of 
  1-year  5-year  10-year  inception  1-year  5-year  10-year  inception  2-28-11  2-28-11 
Class A2  14.56  —  —  0.37  14.56  —  —  1.51  2.24  2.24 
Class B2  14.65  —  —  0.26  14.65  —  —  1.05  1.88  –2.18 
Class C2  18.78  —  —  0.99  18.78  —  —  4.00  1.89  1.19 
Class i2,3  21.09  —  —  2.18  21.09  —  —  8.99  2.93  2.88 
Class NAV 3,4  21.19  —  —  2.85  21.19  —  —  8.31  3.12  3.12 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.55%, Class B — 2.25%, Class C — 2.25% and Class I — 1.09%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.66%, Class B — 3.33%, Class C — 2.56% and Class I — 1.12%. For Class NAV the net expenses equal the gross expenses and are 0.99%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

1 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.

2 From 3-1-07.

3 For certain types of investors, as described in the Fund’s Class I and Class NAV shares prospectuses.

4 From 4-28-08.

Annual report | Global Shareholder Yield Fund  7 

 


A look at performance

  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B  3-1-07  $10,389  $10,105  $10,101 
Class C2  3-1-07  10,400  10,400  10,101 
Class I3  3-1-07  10,899  10,899  10,101 
Class NAV3  4-28-08  10,831  10,831  9,625 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the fund’s Class B, Class C, Class I and Class NAV shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

MSCI World Index (gross of foreign withholding tax on dividends) — is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 The contingent deferred sales charge, if any, is not applicable.

3 For certain types of investors, as described in the Fund’s Class I and Class NAV shares prospectuses.

8  Global Shareholder Yield Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,186.80  $8.46 
Class B  1,000.00  1,183.00  12.18 
Class C  1,000.00  1,184.30  12.19 
Class I  1,000.00  1,190.30  5.92 
Class NAV  1,000.00  1,190.90  5.38 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

 
Annual report | Global Shareholder Yield Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,017.10  $7.80 
Class B  1,000.00  1,013.60  11.23 
Class C  1,000.00  1,013.60  11.23 
Class I  1,000.00  1,019.40  5.46 
Class NAV  1,000.00  1,019.90  4.96 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.56%, 2.25%, 2.25%, 1.09% and 0.99% for Class A, Class B, Class C, Class I and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Global Shareholder Yield Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
Swisscom AG  2.0%  Diageo PLC  1.7% 
Philip Morris International, Inc.  1.9%  France Telecom SA  1.7% 
BCE, Inc.  1.8%  Pearson PLC  1.7% 
Vodafone Group PLC  1.8%  National Grid PLC  1.6% 
Imperial Tobacco Group PLC  1.7%  CenturyLink, Inc.  1.6% 
 
Sector Composition2,3       
Consumer Staples  18%  Information Technology  6% 
Telecommunication Services  15%  Health Care  6% 
Utilities  13%  Financials  5% 
Consumer Discretionary  11%  Materials  4% 
Energy  10%  Short-Term Investments & Other  4% 
Industrials  8%     

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 2-28-11.

3 International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | Global Shareholder Yield Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 95.63%    $338,634,007 
(Cost $282,424,876)     
 
Australia 1.77%    6,249,632 
BHP Billiton, Ltd., SADR  27,100  2,563,660 
JB Hi-Fi, Ltd.  88,600  1,772,478 
Westpac Banking Corp.  79,461  1,913,494 
 
Belgium 2.08%    7,382,158 
Anheuser-Busch InBev NV  86,520  4,835,069 
Mobistar SA  39,888  2,547,089 
 
Brazil 0.91%    3,219,633 
CPFL Energia SA  123,800  3,219,633 
 
Canada 3.06%    10,826,878 
BCE, Inc.  174,000  6,451,011 
Rogers Communications, Inc., Class B  81,300  2,870,249 
Shaw Communications, Inc., Class B  70,700  1,505,618 
 
France 7.23%    25,617,912 
Air Liquide SA  14,840  1,920,727 
France Telecom SA  268,800  5,956,547 
SCOR SE  103,300  3,035,058 
Total SA  81,100  4,975,908 
Vinci SA  80,600  4,850,216 
Vivendi SA  171,200  4,879,456 
 
Germany 3.08%    10,891,632 
BASF SE  45,500  3,783,384 
Daimler AG (I)  49,000  3,451,341 
Muenchener Rueckversicherungs AG  21,900  3,656,907 
 
Hong Kong 0.44%    1,550,456 
China Mobile, Ltd., SADR  32,800  1,550,456 
 
Italy 1.24%    4,374,466 
Terna Rete Elettrica Nazionale SpA  948,600  4,374,466 
 
Netherlands 1.56%    5,534,350 
Royal Dutch Shell PLC, ADR  76,600  5,534,350 
 
Norway 1.54%    5,448,155 
Orkla ASA  169,700  1,547,713 
StatoilHydro ASA, SADR  147,800  3,900,442 

 

12  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Philippines 0.38%    $1,358,798 
Philippine Long Distance Telephone Company, SADR  27,351  1,358,798 
 
Spain 1.57%    5,564,895 
Telefonica SA  218,800  5,564,895 
 
Sweden 0.46%    1,642,829 
Assa Abloy AB, Series B  58,700  1,642,829 
 
Switzerland 4.27%    15,102,588 
Nestle SA  99,000  5,603,904 
Roche Holdings AG  16,700  2,517,977 
Swisscom AG  15,800  6,980,707 
 
Taiwan 2.51%    8,882,798 
HTC Corp.  101,650  3,693,302 
Quanta Computer, Inc.  1,179,000  2,314,865 
Taiwan Semiconductor Manufacturing Company, Ltd., SADR  233,900  2,874,631 
 
United Kingdom 18.25%    64,633,069 
AstraZeneca PLC, SADR  102,300  5,030,091 
BAE Systems PLC  759,400  4,065,427 
British American Tobacco PLC  42,400  1,696,797 
Compass Group PLC  261,700  2,354,266 
Diageo PLC, SADR  76,600  5,994,716 
FirstGroup PLC  838,572  4,971,945 
Imperial Tobacco Group PLC  192,100  6,172,734 
Meggitt PLC  414,000  2,275,409 
National Grid PLC  624,260  5,806,173 
Next PLC  70,729  2,275,003 
Pearson PLC  345,900  5,912,665 
Reckitt Benckiser Group PLC  49,700  2,561,383 
Scottish & Southern Energy PLC  174,200  3,508,222 
Unilever PLC  53,000  1,572,652 
United Utilities Group PLC  257,663  2,482,140 
Vodafone Group PLC  2,226,500  6,317,712 
William Morrison Supermarket PLC  363,250  1,635,734 
 
United States 45.28%    160,353,758 
Abbott Laboratories  39,100  1,880,710 
Altria Group, Inc.  192,600  4,886,262 
Arthur J. Gallagher & Company  114,800  3,604,720 
AT&T, Inc.  133,900  3,800,082 
Automatic Data Processing, Inc.  40,300  2,015,000 
Bemis Company, Inc.  51,900  1,704,915 
Bristol-Myers Squibb Company  144,300  3,724,383 
CenturyLink, Inc.  136,700  5,629,306 
Chevron Corp.  26,400  2,739,000 
CMS Energy Corp.  128,000  2,465,280 
Coca-Cola Enterprises, Inc.  71,400  1,877,820 
Comcast Corp., Special Class A  124,700  3,032,704 
ConocoPhillips  25,700  2,001,259 

 

See notes to financial statements  Annual report | Global Shareholder Yield Fund  13 

 


  Shares  Value 
United States (continued)     
Diamond Offshore Drilling, Inc.  44,300  $3,465,589 
DPL, Inc.  59,400  1,545,588 
Duke Energy Corp.  185,800  3,342,542 
E.I. Du Pont de Nemours & Company  67,700  3,714,699 
Emerson Electric Company  30,400  1,813,664 
Enterprise Products Partners LP  39,100  1,704,760 
Exxon Mobil Corp.  34,700  2,967,891 
Genuine Parts Company  38,700  2,039,103 
H.J. Heinz Company  36,300  1,822,986 
Honeywell International, Inc.  56,600  3,277,706 
Johnson & Johnson  73,800  4,534,272 
Kellogg Company  40,800  2,185,248 
Kimberly-Clark Corp.  58,900  3,881,510 
Kinder Morgan Energy Partners LP  50,000  3,682,500 
Lorillard, Inc.  60,400  4,636,908 
McDonald’s Corp.  23,800  1,801,184 
Merck & Company, Inc.  71,200  2,318,984 
Microchip Technology, Inc.  94,500  3,487,995 
Microsoft Corp.  150,900  4,010,922 
Nicor, Inc.  50,900  2,684,466 
NiSource, Inc.  262,400  5,027,584 
NYSE Euronext  59,900  2,216,300 
Oracle Corp.  120,000  3,948,000 
PepsiCo, Inc.  26,400  1,674,288 
Philip Morris International, Inc.  105,400  6,617,012 
Pitney Bowes, Inc.  150,600  3,792,108 
Progress Energy, Inc.  35,600  1,627,276 
Regal Entertainment Group  227,500  3,398,850 
Reynolds American, Inc.  62,200  2,134,704 
SCANA Corp.  42,700  1,728,496 
Southern Company  84,400  3,216,484 
Spectra Energy Corp.  69,300  1,853,775 
TECO Energy, Inc.  176,300  3,192,793 
The Coca-Cola Company  29,200  1,866,464 
The Travelers Companies, Inc.  32,800  1,965,704 
Time Warner, Inc.  72,600  2,773,320 
Tupperware Brands Corp.  70,000  3,755,500 
Vectren Corp.  90,800  2,389,856 
Verizon Communications, Inc.  122,100  4,507,932 
Waste Management, Inc.  43,100  1,597,286 
Williams Partners LP  53,800  2,790,068 

 

14  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Preferred Securities 0.69%    $2,442,755 
(Cost $2,301,838)     
 
United States 0.69%    2,442,755 
MetLife, Inc., Series B, 6.500%  98,300  2,442,755 
 
Short-Term Investments 3.12%    $11,064,075 
(Cost $11,064,075)     
 
United States 3.12%    11,064,075 
State Street Institutional Treasury Money Market Fund, 0.045% (Y)  11,064,075  11,064,075 
 
Total investments (Cost $295,790,789)† 99.44%    $352,140,837 
 
Other assets and liabilities, net 0.56%    $1,985,637 
 
Total net assets 100.00%    $354,126,474 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $298,651,623. Net unrealized appreciation aggregated $53,489,214, of which $54,878,701 related to appreciated investment securities and $1,389,487 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of total net assets on 2-28-11:

Consumer Staples  18% 
Telecommunication Services  15% 
Utilities  13% 
Consumer Discretionary  11% 
Energy  10% 
Industrials  8% 
Information Technology  6% 
Health Care  6% 
Financials  5% 
Materials  4% 
Short-Term Investments and Other  4% 

 

See notes to financial statements  Annual report | Global Shareholder Yield Fund  15 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments, at value (Cost $295,790,789)  $352,140,837 
Foreign currency, at value (Cost $85,533)  85,709 
Receivable for fund shares sold  2,521,390 
Dividends and interest receivable  1,124,398 
Receivable due from adviser  2,826 
Other receivables and prepaid expenses  46,079 
 
Total assets  355,921,239 
 
Liabilities   
Payable for investments purchased  1,055,353 
Payable for fund shares repurchased  582,378 
Payable to affiliates   
Accounting and legal services fees  5,366 
Transfer agent fees  27,681 
Trustees’ fees  3,406 
Other liabilities and accrued expenses  120,581 
 
Total liabilities  1,794,765 
 
Net assets   
Capital paid-in  $332,238,098 
Undistributed net investment income  1,147,879 
Accumulated net realized loss on investments and foreign   
currency transactions  (35,629,576) 
Net unrealized appreciation on investments and translation of assets and   
liabilities in foreign currencies  56,370,073 
 
Net assets  $354,126,474 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($55,888,433 ÷ 5,883,971 shares)  $9.50 
Class B ($2,091,710 ÷ 220,339 shares)1  $9.49 
Class C ($10,531,019 ÷ 1,109,027 shares)1  $9.50 
Class I ($123,131,857 ÷ 12,923,454 shares)  $9.53 
Class NAV ($162,483,455 ÷ 17,056,448 shares)  $9.53 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $10.00 

 

1 Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

16  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $13,115,758 
Interest  1,370 
Less foreign taxes withheld  (623,656) 
 
Total investment income  12,493,472 
 
Expenses   
Investment management fees (Note 4)  2,451,550 
Distribution and service fees (Note 4)  157,215 
Accounting and legal services fees (Note 4)  38,071 
Transfer agent fees (Note 4)  120,755 
Trustees’ fees (Note 4)  19,400 
State registration fees (Note 4)  47,357 
Printing and postage (Note 4)  43,199 
Professional fees  67,259 
Custodian fees  142,537 
Registration and filing fees  26,412 
Other  16,063 
 
Total expenses  3,129,818 
Less expense reductions (Note 4)  (21,913) 
 
Net expenses  3,107,905 
 
Net investment income  9,385,567 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments  7,320,587 
Foreign currency transactions  (162,614) 
 
  7,157,973 
Change in net unrealized appreciation (depreciation) of   
Investments  38,306,117 
Translation of assets and liabilities in foreign currencies  26,029 
 
  38,332,146 
 
Net realized and unrealized gain  45,490,119 
 
Increase in net assets from operations  $54,875,686 

 

See notes to financial statements  Annual report | Global Shareholder Yield Fund  17 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $9,385,567  $7,764,203 
Net realized gain (loss)  7,157,973  (16,931,286) 
Change in net unrealized appreciation (depreciation)  38,332,146  69,100,321 
 
Increase in net assets resulting from operations  54,875,686  59,933,238 
 
Distributions to shareholders     
From net investment income     
Class A  (723,542)  (492,495) 
Class B  (28,890)  (22,183) 
Class C  (90,915)  (78,356) 
Class I  (3,013,058)  (2,859,421) 
Class R1  —  (1,490) 
Class NAV  (4,805,780)  (3,900,810) 
 
Total distributions  (8,662,185)  (7,354,755) 
 
From Fund share transactions (Note 5)  65,670,818  51,057,676 
 
Total increase  111,884,319  103,636,159 
 
Net assets     
Beginning of year  242,242,155  138,605,996 
 
End of year  $354,126,474  $242,242,155 
 
Undistributed net investment income  $1,147,879  $709,494 

 

18  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $8.10  $6.10  $9.52  $10.00 
Net investment income2  0.24  0.25  0.36  0.35 
Net realized and unrealized gain (loss) on investments  1.40  1.99  (3.57)  (0.51) 
Total from investment operations  1.64  2.24  (3.21)  (0.16) 
Less distributions         
From net investment income  (0.24)  (0.24)  (0.21)  (0.29) 
From net realized gain  —  —  —  (0.03) 
Total distributions  (0.24)  (0.24)  (0.21)  (0.32) 
Net asset value, end of year  $9.50  $8.10  $6.10  $9.52 
Total return (%)3,4  20.64  37.19  (34.21)  (1.84) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $56  $22  $11  $27 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.55  1.665  1.72  1.79 
Expenses net of fee waivers  1.55  1.565  1.56  1.45 
Expenses net of fee waivers and credits  1.55  1.555  1.55  1.45 
Net investment income  2.80  3.34  4.28  3.31 
Portfolio turnover (%)  39  53  54  24 

 

1 The inception date for Class A shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

 

See notes to financial statements  Annual report | Global Shareholder Yield Fund  19 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $8.10  $6.09  $9.51  $10.00 
Net investment income2  0.19  0.20  0.29  0.22 
Net realized and unrealized gain (loss) on investments  1.38  2.00  (3.56)  (0.45) 
Total from investment operations  1.57  2.20  (3.27)  (0.23) 
Less distributions         
From net investment income  (0.18)  (0.19)  (0.15)  (0.23) 
From net realized gain  —  —  —  (0.03) 
Total distributions  (0.18)  (0.19)  (0.15)  (0.26) 
Net asset value, end of year  $9.49  $8.10  $6.09  $9.51 
Total return (%)3,4  19.65  36.49  (34.72)  (2.54) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $2  $1  $1  $1 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.91  3.545  3.94  3.89 
Expenses net of fee waivers  2.25  2.295  2.43  2.23 
Expenses net of fee waivers and credits  2.25  2.255  2.25  2.23 
Net investment income  2.18  2.68  3.50  2.11 
Portfolio turnover (%)  39  53  54  24 

 

1 The inception date for Class B shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

 

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $8.10  $6.10  $9.51  $10.00 
Net investment income2  0.18  0.20  0.29  0.22 
Net realized and unrealized gain (loss) on investments  1.40  1.99  (3.55)  (0.45) 
Total from investment operations  1.58  2.19  (3.26)  (0.23) 
Less distributions         
From net investment income  (0.18)  (0.19)  (0.15)  (0.23) 
From net realized gain  —  —  —  (0.03) 
Total distributions  (0.18)  (0.19)  (0.15)  (0.26) 
Net asset value, end of year  $9.50  $8.10  $6.10  $9.51 
Total return (%)3,4  19.78  36.27  (34.62)  (2.54) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $11  $4  $3  $5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.39  2.635  2.72  3.00 
Expenses net of fee waivers  2.25  2.275  2.28  2.23 
Expenses net of fee waivers and credits  2.25  2.255  2.25  2.22 
Net investment income  2.10  2.66  3.50  2.08 
Portfolio turnover (%)  39  53  54  24 

 

1 The inception date for Class C shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

 

20  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $8.13  $6.11  $9.53  $10.00 
Net investment income2  0.29  0.30  0.29  0.33 
Net realized and unrealized gain (loss) on investments  1.38  2.00  (3.46)  (0.44) 
Total from investment operations  1.67  2.30  (3.17)  (0.11) 
Less distributions         
From net investment income  (0.27)  (0.28)  (0.25)  (0.33) 
From net realized gain  —  —  —  (0.03) 
Total distributions  (0.27)  (0.28)  (0.25)  (0.36) 
Net asset value, end of year  $9.53  $8.13  $6.11  $9.53 
Total return (%)3  21.09  38.08  (33.87)  (1.43) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $123  $86  $57  $3 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.09  1.194  1.21  2.16 
Expenses net of fee waivers  1.08  1.084  1.10  1.09 
Expenses net of fee waivers and credits  1.08  1.084  1.10  1.09 
Net investment income  3.40  3.96  3.78  3.14 
Portfolio turnover (%)  39  53  54  24 

 

1 The inception date for Class I shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

 

CLASS NAV SHARES Period ended  2-28-11  2-28-10  2-28-091 
 
Per share operating performance       
Net asset value, beginning of year  $8.13  $6.11  $9.71 
Net investment income2  0.30  0.29  0.29 
Net realized and unrealized gain (loss) on investments  1.38  2.01  (3.67) 
Total from investment operations  1.68  2.30  (3.38) 
Less distributions       
From net investment income  (0.28)  (0.28)  (0.22) 
Net asset value, end of year  $9.53  $8.13  $6.11 
Total return (%)3  21.19  38.16  (35.32)4 
 
Ratios and supplemental data       
Net assets, end of year (in millions)  $162  $129  $67 
Ratios (as a percentage of average net assets):       
Expenses before reductions  0.99  1.055  1.096 
Expenses net of fee waivers  0.99  1.005  1.056 
Expenses net of fee waivers and credits  0.99  1.005  1.056 
Net investment income  3.49  3.84  4.276 
Portfolio turnover (%)  39  53  54 

 

1 The inception date for Class NAV shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
6 Annualized.

 

See notes to financial statements  Annual report | Global Shareholder Yield Fund  21 

 


Notes to financial statements

Note 1 — Organization

John Hancock Global Shareholder Yield Fund (the Fund) is a diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The primary investment objective of the Fund is to seek to provide a high level of income. Capital appreciation is a secondary objective.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, print and postage, state registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

22  Global Shareholder Yield Fund | Annual report 

 


The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 2-28-11  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $6,249,632  $2,563,660  $3,685,972  — 
Belgium  7,382,158  —  7,382,158  — 
Brazil  3,219,633  3,219,633  —  — 
Canada  10,826,878  10,826,878  —  — 
France  25,617,912  —  25,617,912  — 
Germany  10,891,632  —  10,891,632  — 
Hong Kong  1,550,456  1,550,456  —  — 
Italy  4,374,466  —  4,374,466  — 
Netherlands  5,534,350  5,534,350  —  — 
Norway  5,448,155  3,900,442  1,547,713  — 
Philippines  1,358,798  1,358,798  —  — 
Spain  5,564,895  —  5,564,895  — 
Sweden  1,642,829  —  1,642,829  — 
Switzerland  15,102,588  —  15,102,588  — 
Taiwan  8,882,798  2,874,631  6,008,167  — 
United Kingdom  64,633,069  11,024,807  53,608,262  — 
United States  160,353,758  160,353,758  —  — 
Preferred Securities         
United States  2,442,755  2,442,755  —  — 
Short-Term Investments  11,064,075  11,064,075     
 
Total Investments in         
Securities  $352,140,837  $216,714,243  $135,426,594  — 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Annual report | Global Shareholder Yield Fund  23 

 


Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date except for dividends of foreign securities where the dividend may not be known until after ex-date. In these cases dividend income is recorded when the Fund becomes aware of the dividends.

Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net unrealized appreciation.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer

24  Global Shareholder Yield Fund | Annual report 

 


agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $32,768,742 available to offset future net realized capital gains. The loss carryforward expires as follows: February 28, 2017 — $3,529,884 and February 28, 2018 — $29,238,858.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends quarterly and capital gain distributions, if any, at least annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 were as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  $8,662,185  $7,354,755 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $1,149,666 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is

Annual report | Global Shareholder Yield Fund  25 

 


unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.875% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.850% of the next $500,000,000; and (c) 0.800% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with Epoch Investment Partners, Inc. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.875% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.55%, 2.25%, 2.25% and 1.09% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.07% and 1.00% for Class I and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $9,789, $7,446 and $4,678 for Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended February 28, 2011 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEES 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $159,439 for the year ended February 28, 2011. Of this amount, $26,289 was retained and used for printing prospectuses, advertising, sales literature and other

 

26  Global Shareholder Yield Fund | Annual report 

 


purposes, $132,990 was paid as sales commissions to broker-dealers and $160 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $5,202 and $3,686 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services received in connection with the performance of the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $89,480  $56,105  $15,059  $5,674 
Class B  14,948  3,464  9,768  528 
Class C  52,787  11,235  9,188  999 
Class I  —  49,951  13,342  35,998 
Total  $157,215  $120,755  $47,357  $43,199 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

 

Annual report | Global Shareholder Yield Fund  27 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  4,386,382  $39,308,009  1,434,058  $10,960,022 
Exchanged from Class R1  —  —  13,111  101,374 
Distributions reinvested  74,691  629,739  52,831  394,297 
Repurchased  (1,275,643)  (11,028,313)  (554,163)  (4,116,860) 
Net increase  3,185,430  $28,909,435  945,837  $7,338,833 
 
Class B shares         
Sold  109,440  $973,264  77,695  $606,655 
Distributions reinvested  3,088  25,713  2,748  20,403 
Repurchased  (44,582)  (387,162)  (30,723)  (240,120) 
Net increase  67,946  $611,815  49,720  $386,938 
 
Class C shares         
Sold  756,536  $6,843,306  226,872  $1,757,846 
Distributions reinvested  7,194  60,372  6,336  47,012 
Repurchased  (165,715)  (1,417,482)  (136,551)  (975,972) 
Net increase  598,015  $5,486,196  96,657  $828,886 
 
Class I shares         
Sold  9,776,895  $84,148,820  7,646,302  $56,063,766 
Distributions reinvested  342,757  2,878,289  360,676  2,669,843 
Repurchased  (7,811,522)  (65,298,399)  (6,757,683)  (50,648,524) 
Net increase  2,308,130  $21,728,710  1,249,295  $8,085,085 
 
Class R1 shares         
Sold  —  —  2,272  $14,473 
Exchanged for Class A  —  —  (13,113)  (101,374) 
Distributions reinvested  —  —  215  1,490 
Net decrease  —  —  (10,626)  ($85,411) 
 
Class NAV shares         
Sold  1,838,986  $14,832,210  4,816,056  $34,847,758 
Distributions reinvested  571,534  4,805,780  521,545  3,900,810 
Repurchased  (1,198,975)  (10,703,328)  (534,873)  (4,245,223) 
Net increase  1,211,545  $8,934,662  4,802,728  $34,503,345 
 
Net increase  7,371,066  $65,670,818  7,133,611  $51,057,676 

 

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $169,262,937 and $106,215,633, respectively, for the year ended February 28, 2011.

28  Global Shareholder Yield Fund | Annual report 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Global Shareholder Yield Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Global Shareholder Yield Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

Annual report | Global Shareholder Yield Fund  29 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended February 28, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

30  Global Shareholder Yield Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
 
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
 
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

Annual report | Global Shareholder Yield Fund  31 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
 
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
 
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

32  Global Shareholder Yield Fund | Annual report 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
 
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
 
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

Annual report | Global Shareholder Yield Fund  33 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
 
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

34  Global Shareholder Yield Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Epoch Investment Partners, Inc. 
Stanley Martin* 
Hugh McHaffie  Principal distributor
Dr. John A. Moore  John Hancock Funds, LLC
Patti McGill Peterson* 
Gregory A. Russo  Custodian
John G. Vrysen  State Street Bank and Trust Company
 
Officers  Transfer agent
Keith F. Hartstein  John Hancock Signature Services, Inc.
President and Chief Executive Officer 
Legal counsel
Andrew G. Arnott  K&L Gates LLP
Senior Vice President and Chief Operating Officer   
  Independent registered
Thomas M. Kinzler  public accounting firm
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP
 
Francis V. Knox, Jr. 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley
  Act, which requires mutual funds and other public
Charles A. Rizzo  companies to affirm that, to the best of their 
Chief Financial Officer  knowledge, the information in their financial reports 
  is fairly and accurately stated in all material respects.
Salvatore Schiavone 
Treasurer
 
*Member of the Audit Committee
 

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Global Shareholder Yield Fund  35 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Global Shareholder Yield Fund.  3200A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 




Management’s discussion of

Fund performance

By Pzena Investment Management, LLC

The U.S. stock market generated strong returns for the year ended February 28, 2011. Stocks fell early in the period as a host of concerns — ranging from weaker-than-expected economic data, to a sovereign debt crisis in Europe, to a soaring U.S. fiscal deficit — clouded the economic outlook. In the second half of the period, however, the equity market shifted gears as evidence of improving economic activity, combined with another round of quantitative easing measures from the Federal Reserve, boosted investor confidence in the economy. The result was a sharp market rebound that extended through the end of the period. Most broad major stock indexes gained more than 20% for the 12 months.

For the year ended February 28, 2011, John Hancock Classic Value Mega Cap Fund’s Class A shares posted a total return of 19.12% at net asset value. The Fund performed in line with the 19.13% return of the Russell Top 200 Value Index, but trailed the 22.16% return of the Russell 1000 Value Index and the 20.44% return of the average large value fund, according to Morningstar, Inc.

The Fund’s underweight position in the energy sector and an emphasis on aerospace and defense companies in the industrials sector accounted for most of its underperformance. The most notable individual decliners included defense contractor L-3 Communications Holdings, Inc., diversified technology firm Hewlett-Packard Company and energy producer BP PLC. On the positive side, the leading performers in the Fund were primarily stocks that benefited from improving economic conditions, including electronic components manufacturer Tyco Electronics Ltd., advertising firm Omnicom Group, Inc. and financial services firm UBS AG.

We continue to find high-quality companies with dominant market positions trading at depressed valuations. Recent examples include network products maker Cisco Systems, Inc., money transfer firm The Western Union Company and medical instruments maker Becton, Dickinson & Company.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

The Fund has been classified as non-diversified and may invest more than 5% of assets in securities of individual companies. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

6  Classic Value Mega Cap Fund | Annual report 

 


A look at performance

For the period ended February 28, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
      Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
Class A  13.23  —  —  –7.28  13.23  —  —  –26.08 
Class B  13.34  —  —  –7.43  13.34  —  —  –26.58 
Class C  17.31  —  —  –6.72  17.31  —  —  –24.29 
Class i2  19.67  —  —  –5.65  19.67  —  —  –20.77 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.37%, Class B — 2.12%, Class C — 2.12% and Class I — 0.96%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 3.74%, Class B — 10.90%, Class C — 7.05% and Class I — 8.29%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

1 From 3-1-07.

2 For certain types of investors, as described in the Fund’s Class I share prospectus.

Annual report | Classic Value Mega Cap Fund  7 

 


A look at performance

  Period  Without  With maximum     
  beginning  sales charge  sales charge  Index 1  Index 2 
Class B  3-1-07  $7,560  $7,342  $9,269  $8,854 
Class C2  3-1-07  7,571  7,571  9,269  8,854 
Class I3  3-1-07  7,923  7,923  9,269  8,854 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 1000 Value — Index 1 — is an unmanaged index containing those securities in the Russell 1000 Index with a less-than-average growth orientation.

Russell Top 200 Value — Index 2 — is an unmanaged index which measures the performance of the largest 200 companies within the Russell 3000 Index with a less-than-average growth orientation.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 The contingent deferred sales charge, if any, is not applicable.

3 For certain types of investors, as described in the Fund’s Class I share prospectus.

8  Classic Value Mega Cap Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,283.00  $7.76 
Class B  1,000.00  1,278.90  11.98 
Class C  1,000.00  1,278.50  11.98 
Class I  1,000.00  1,286.60  5.44 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2011, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

 
Annual report | Classic Value Mega Cap Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 9-1-10  on 2-28-11  period ended 2-28-111 
Class A  $1,000.00  $1,018.00  $6.85 
Class B  1,000.00  1,014.30  10.59 
Class C  1,000.00  1,014.30  10.59 
Class I  1,000.00  1,020.00  4.81 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.37%, 2.12%, 2.12% and 0.96% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Classic Value Mega Cap Fund | Annual report 

 


Portfolio summary

Top 10 Holdings1       
Hewlett-Packard Company  4.7%  Dell, Inc.  3.4% 
Exxon Mobil Corp.  4.6%  Omnicom Group, Inc.  3.2% 
The Allstate Corp.  4.0%  L-3 Communications Holdings, Inc.  3.1% 
Northrop Grumman Corp.  3.9%  UBS AG  3.1% 
BP PLC  3.7%  Edison International  3.0% 
 
Sector Composition2,3       
Financials  33%  Consumer Discretionary  6% 
Information Technology  20%  Utilities  3% 
Health Care  11%  Materials  3% 
Energy  10%  Consumer Staples  2% 
Industrials  9%  Short-Term Investments & Other  3% 

 

 

1 As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 2-28-11.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the perofrmance of those sectors.

Annual report | Classic Value Mega Cap Fund  11 

 


Fund’s investments

As of 2-28-11

  Shares  Value 
Common Stocks 96.42%    $6,186,614 
(Cost $5,318,846)     
 
Consumer Discretionary 5.82%    373,565 
 
Media 3.76%     
Omnicom Group, Inc.  3,975  202,328 
Viacom, Inc., Class B  875  39,078 
 
Specialty Retail 2.06%     
Lowe’s Companies, Inc.  5,050  132,159 
 
Consumer Staples 1.83%    117,497 
 
Personal Products 1.83%     
Avon Products, Inc.  4,225  117,497 
 
Energy 9.89%    634,589 
 
Oil, Gas & Consumable Fuels 9.89%     
BP PLC, SADR  4,850  235,080 
Exxon Mobil Corp.  3,425  292,940 
Royal Dutch Shell PLC, ADR  1,475  106,569 
 
Financials 33.21%    2,130,750 
 
Capital Markets 9.76%     
Morgan Stanley  5,075  150,626 
State Street Corp.  3,350  149,812 
The Goldman Sachs Group, Inc.  775  126,930 
UBS AG (I)  10,000  198,500 
 
Commercial Banks 4.33%     
PNC Financial Services Group, Inc.  2,475  152,708 
Wells Fargo & Company  3,875  125,008 
 
Consumer Finance 1.49%     
Capital One Financial Corp.  1,925  95,807 
 
Diversified Financial Services 7.36%     
Bank of America Corp.  8,675  123,966 
Citigroup, Inc. (I)  33,306  155,872 
JPMorgan Chase & Company  4,125  192,596 
 
Insurance 10.27%     
ACE, Ltd.  2,900  183,425 
Hartford Financial Services Group, Inc.  2,075  61,420 
MetLife, Inc.  3,375  159,840 
The Allstate Corp.  8,000  254,240 

 

12  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Health Care 10.71%      $687,189 
 
Health Care Equipment & Supplies 6.05%       
Becton, Dickinson & Company    2,075  166,000 
Medtronic, Inc.    1,625  64,870 
Zimmer Holdings, Inc. (I)    2,525  157,409 
 
Health Care Providers & Services 2.17%       
Aetna, Inc.    3,725  139,166 
 
Pharmaceuticals 2.49%       
Johnson & Johnson    2,600  159,744 
 
Industrials 8.93%      572,807 
 
Aerospace & Defense 8.93%       
L-3 Communications Holdings, Inc.    2,525  200,207 
Northrop Grumman Corp.    3,725  248,383 
The Boeing Company    1,725  124,217 
 
Information Technology 20.09%      1,289,385 
 
Communications Equipment 1.96%       
Cisco Systems, Inc. (I)    6,775  125,744 
 
Computers & Peripherals 8.10%       
Dell, Inc. (I)    13,600  215,288 
Hewlett-Packard Company    6,975  304,316 
 
Electronic Equipment, Instruments & Components 2.34%       
Tyco Electronics, Ltd.    4,162  149,998 
 
IT Services 2.01%       
The Western Union Company    5,875  129,191 
 
Software 5.68%       
CA, Inc.    7,525  186,470 
Microsoft Corp.    6,711  178,378 
 
Materials 2.93%      187,808 
 
Chemicals 2.93%       
PPG Industries, Inc.    2,125  187,808 
 
Utilities 3.01%      193,024 
 
Electric Utilities 3.01%       
Edison International    5,200  193,024 
 
Short-Term Investments 3.15%      $202,000 
(Cost $202,000)       
 
  Par Value    Value 
Repurchase Agreement 3.15%      $202,000 
 
Repurchase Agreement with State Street Corp. dated       
2-28-11 at 0.010% to be repurchased at $202,000       
on 3-1-11, collateralized by $210,000 Federal Home       
Loan Mortgage Corp., 4.50% due 6-23-25       
(valued at $210,525, including interest)  $202,000    202,000 

 

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  13 

 


Total investments (Cost $5,520,846)† 99.57%  $6,388,614 
 
Other assets and liabilities, net 0.43%  $27,846 
 
Total net assets 100.00%  $6,416,460 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $6,212,871. Net unrealized appreciation aggregated $175,743, of which $249,003 related to appreciated investment securities and $73,260 related to depreciated investment securities.

The Fund had the following country concentration as a percentage of total net assets on 2-28-11.

United States  86% 
Switzerland  5% 
United Kingdom  4% 
Netherlands  2% 
Short-Term Investments & Other  3% 

 

14  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments, at value (Cost $5,520,846)  $6,388,614 
Cash  987 
Receivable for fund shares sold  26,995 
Dividends and interest receivable  12,875 
Receivable for securities lending income  6 
Receivable due from adviser  3,459 
Other receivables and prepaid expenses  27,444 
 
Total assets  6,460,380 
 
Liabilities   
Payable to affiliates   
Accounting and legal services fees  142 
Transfer agent fees  1,679 
Trustees’ fees  125 
Other liabilities and accrued expenses  41,974 
 
Total liabilities  43,920 
 
Net assets   
Capital paid-in  $10,373,671 
Undistributed net investment income  19 
Accumulated net realized loss on investments  (4,824,998) 
Net unrealized appreciation on investments  867,768 
 
Net assets  $6,416,460 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($5,121,079 ÷ 699,452 shares)  $7.32 
Class B ($302,997 ÷ 41,550 shares)1  $7.29 
Class C ($604,609 ÷ 82,875 shares)1  $7.30 
Class I ($387,775 ÷ 52,839 shares)  $7.34 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $7.71 

 

1 Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  15 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $74,256 
Securities lending  145 
Interest  6 
 
Total investment income  74,407 
 
Expenses   
Investment management fees (Note 4)  38,438 
Distribution and service fees (Note 4)  16,502 
Accounting and legal services fees (Note 4)  780 
Transfer agent fees (Note 4)  8,209 
Trustees’ fees (Note 4)  491 
State registration fees (Note 4)  35,783 
Printing and postage (Note 4)  2,663 
Professional fees  35,589 
Custodian fees  12,098 
Registration and filing fees  23,447 
Other  5,030 
 
Total expenses  179,030 
Less expense reductions (Note 4)  (108,659) 
 
Net expenses  70,371 
 
Net investment income  4,036 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  406,318 
Investments in affiliated issuers  (33) 
 
  406,285 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  443,628 
Investments in affiliated issuers  (3) 
 
  443,625 
 
Net realized and unrealized gain  849,910 
 
Increase in net assets from operations  $853,946 

 

16  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  2-28-11  2-28-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $4,036  $19,525 
Net realized gain (loss)  406,285  (173,212) 
Change in net unrealized appreciation (depreciation)  443,625  2,161,309 
 
Increase in net assets resulting from operations  853,946  2,007,622 
 
Distributions to shareholders     
From net investment income     
Class A  (2,954)  (29,972) 
Class B  —  (192) 
Class C  —  (460) 
Class I  (990)  (3,794) 
 
Total distributions  (3,944)  (34,418) 
 
From Fund share transactions (Note 5)  1,433,426  (443,268) 
 
Total increase  2,283,428  1,529,936 
 
Net assets     
Beginning of year  4,133,032  2,603,096 
 
End of year  $6,416,460  $4,133,032 
 
Undistributed (accumulated distributions in excess of) net     
investment income  $19  ($73) 

 

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  17 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $6.15  $3.45  $7.60  $10.00 
Net investment income2  0.01  0.03  0.09  0.13 
Net realized and unrealized gain (loss) on investments  1.17  2.72  (4.16)  (2.23) 
Total from investment operations  1.18  2.75  (4.07)  (2.10) 
Less distributions         
From net investment income  (0.01)  (0.05)  (0.08)  (0.11) 
From net realized gain  —  —  —  (0.19) 
Total distributions  (0.01)  (0.05)  (0.08)  (0.30) 
Net asset value, end of year  $7.32  $6.15  $3.45  $7.60 
Total return (%)3,4  19.12  79.57  (53.77)  (21.28) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $5  $3  $2  $5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  3.09  3.705  2.82  2.52 
Expenses net of fee waivers  1.37  1.395  1.37  1.37 
Expenses net of fee waivers and credits  1.37  1.395  1.37  1.37 
Net investment income  0.16  0.59  1.49  1.34 
Portfolio turnover (%)  58  76  114  38 

 

1 The inception date for Class A shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.

 

18  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

 


CLASS B SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $6.16  $3.47  $7.60  $10.00 
Net investment income (loss)2  (0.04)  (0.01)  0.05  0.05 
Net realized and unrealized gain (loss) on investments  1.17  2.71  (4.15)  (2.21) 
Total from investment operations  1.13  2.70  (4.10)  (2.16) 
Less distributions         
From net investment income  —  (0.01)  (0.03)  (0.05) 
From net realized gain  —  —  —  (0.19) 
Total distributions  —  (0.01)  (0.03)  (0.24) 
Net asset value, end of year  $7.29  $6.16  $3.47  $7.60 
Total return (%)3,4  18.34  77.74  (54.01)  (21.85) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  —5  —5  —5  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  6.75  12.016  14.22  11.98 
Expenses net of fee waivers  2.12  2.156  2.70  2.12 
Expenses net of fee waivers and credits  2.12  2.136  2.12  2.12 
Net investment income (loss)  (0.58)  (0.24)  0.80  0.58 
Portfolio turnover (%)  58  76  114  38 

 

1 The inception date for Class B shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Less than $500,000.
6 Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

 

CLASS C SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $6.17  $3.47  $7.61  $10.00 
Net investment income (loss)2  (0.04)  (0.01)  0.05  0.06 
Net realized and unrealized gain (loss) on investments  1.17  2.72  (4.16)  (2.21) 
Total from investment operations  1.13  2.71  (4.11)  (2.15) 
Less distributions         
From net investment income  —  (0.01)  (0.03)  (0.05) 
From net realized gain  —  —  —  (0.19) 
Total distributions  —  (0.01)  (0.03)  (0.24) 
Net asset value, end of year  $7.30  $6.17  $3.47  $7.61 
Total return (%)3,4  18.31  78.03  (54.07)  (21.75) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $1  —5  —5  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  5.29  7.456  7.51  6.38 
Expenses net of fee waivers  2.12  2.146  2.29  2.12 
Expenses net of fee waivers and credits  2.12  2.136  2.12  2.12 
Net investment income (loss)  (0.60)  (0.19)  0.78  0.68 
Portfolio turnover (%)  58  76  114  38 

 

1 The inception date for Class C shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Less than $500,000.
6 Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

 

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  19 

 


CLASS I SHARES Period ended  2-28-11  2-28-10  2-28-09  2-29-081 
 
Per share operating performance         
Net asset value, beginning of year  $6.15  $3.45  $7.61  $10.00 
Net investment income2  0.04  0.05  0.12  0.17 
Net realized and unrealized gain (loss) on investments  1.17  2.72  (4.17)  (2.23) 
Total from investment operations  1.21  2.77  (4.05)  (2.06) 
Less distributions         
From net investment income  (0.02)  (0.07)  (0.11)  (0.14) 
From net realized gain  —  —  —  (0.19) 
Total distributions  (0.02)  (0.07)  (0.11)  (0.33) 
Net asset value, end of year  $7.34  $6.15  $3.45  $7.61 
Total return (%)3  19.67  80.19  (53.56)  (20.87) 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  —4  —4  —4  —4 
Ratios (as a percentage of average net assets):         
Expenses before reductions  5.73  8.735  17.79  13.02 
Expenses net of fee waivers  0.95  0.955  0.97  0.97 
Expenses net of fee waivers and credits  0.95  0.955  0.97  0.97 
Net investment income  0.56  0.80  1.96  1.80 
Portfolio turnover (%)  58  76  114  38 

 

1 The inception date for Class I shares is 3-1-07.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Less than $500,000.
5 Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.

 

20  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock Classic Value Mega Cap Fund (the Fund) is a non-diversified series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term growth of capital.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, print and postage, state registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Effective at the close of business on August 21, 2009, Class R1 shares converted into Class A shares.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments of the Fund are categorized as Level 1 under the hierarchy described above, except Repurchase Agreements, which are Level 2. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies are valued in

Annual report | Classic Value Mega Cap Fund  21 

 


U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Repurchase agreements. The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date except for dividends of foreign securities where the dividend may not be known until after ex-date. In these cases dividend income is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

22  Classic Value Mega Cap Fund | Annual report 

 


Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has a capital loss carryforward of $4,132,973 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2017 — $1,205,196 and February 28, 2018 — $2,927,777.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, at least annually.

The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

  FEBRUARY 28, 2011  FEBRUARY 28, 2010 
Ordinary Income  $3,944  $34,418 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $96 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Annual report | Classic Value Mega Cap Fund  23 

 


Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.79% of the first $2,500,000,000 of the Fund’s average daily net assets; (b) 0.78% of the next $2,500,000,000; and (c) 0.77% of the Fund’s average daily net asset in excess of $5,000,000,000. The Adviser has a subadvisory agreement with Pzena Investment Management, LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.79% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.37%, 2.12%, 2.12% and 0.96% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 0.94% for Class I shares. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Effective May 1, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.16% of average daily net assets.

Accordingly, these expense reductions, described above, amounted to $65,103, $10,498, $15,109 and $17,949 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting

24  Classic Value Mega Cap Fund | Annual report 

 


and legal services fees incurred for the year ended February 28, 2011 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEES 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Currently, only 0.25% is charged for Class A shares for 12b-1 fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $8,975 for the year ended February 28, 2011. Of this amount, $1,191 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $7,194 was paid as sales commissions to broker-dealers and $590 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2011, CDSCs received by the Distributor amounted to $1,649 and $0 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services receives in connection with the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

Annual report | Classic Value Mega Cap Fund  25 

 


• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
SHARE CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $9,466  $6,418  $9,217  $1,450 
Class B  2,267  177  7,316  172 
Class C  4,769  1,105  7,667  377 
Class I  —  509  11,583  664 
Total  $16,502  $8,209  $35,783  $2,663 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  352,716  $2,377,573  109,696  $629,324 
Exchanged from Class R1  —  —  10,510  61,586 
Distributions reinvested  390  2,652  4,769  29,332 
Repurchased  (168,024)  (1,084,501)  (256,886)  (1,470,756) 
Net increase (decrease)  185,082  $1,295,724  (131,911)  ($750,514) 
 
Class B shares         
Sold  19,702  $132,319  13,088  $77,435 
Distributions reinvested  —  —  31  192 
Repurchased  (11,722)  (75,860)  (771)  (3,451) 
Net increase  7,980  $56,459  12,348  $74,176 
 
Class C shares         
Sold  34,568  $228,531  28,288  $160,131 
Distributions reinvested  —  —  57  349 
Repurchased  (11,909)  (75,046)  (31,198)  (162,017) 
Net increase (decrease)  22,659  $153,485  (2,853)  ($1,537) 
 
Class I shares         
Sold  25,917  $164,566  58,081  $340,017 
Distributions reinvested  7  45  130  800 
Repurchased  (37,015)  (236,853)  (6,705)  (42,023) 
Net increase (decrease)  (11,091)  ($72,242)  51,506  $298,794 

 

26  Classic Value Mega Cap Fund | Annual report 

 


  Year ended 2-28-11  Year ended 2-28-10 
  Shares  Amount  Shares  Amount 
Class R1 shares         
Exchanged for Class A  —  —  (10,524)  ($61,586) 
Repurchased  —  —  (512)  (2,601) 
Net decrease  —  —  (11,036)  ($64,187) 
 
Net increase (decrease)  204,630  $1,433,426  (81,946)  ($443,268) 

 

Affiliates of the Fund owned 48% and 25% of shares of beneficial interest of Class A and Class B shares on February 28, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $3,925,195 and $2,721,824, respectively, for the year ended February 28, 2011.

Annual report | Classic Value Mega Cap Fund  27 

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Classic Value Mega Cap Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Classic Value Mega Cap Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

28  Classic Value Mega Cap Fund | Annual report 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended February 28, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | Classic Value Mega Cap Fund  29 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  47 
Chairperson (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (since 2008); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
James F. Carlin, Born: 1940  2006  47 
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical 
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance 
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/ 
investments) (since 1987).     
 
William H. Cunningham, Born: 1944  2006  47 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson,2 Born: 1952  2008  47 
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of 
Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 
2001); Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of 
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (since 2007).     
 
Charles L. Ladner,2 Born: 1938  2006  47 
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement 
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice 
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); 
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas 
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association 
(Cooperating Association, National Park Service) (until 2005).     

 

30  Classic Value Mega Cap Fund | Annual report 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Stanley Martin,2 Born: 1947  2008  47 
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); 
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive 
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000); 
Partner, KPMG LLP (1971–1998).     
 
Dr. John A. Moore, Born: 1939  2006  47 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former   
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     
 
Patti McGill Peterson,2 Born: 1943  2006  47 
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy 
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President, 
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public 
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the 
Association of Colleges and Universities of the State of New York. Director of the following: Niagara 
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until 
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007); 
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development 
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational 
Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  47 
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie,4 Born: 1959  2010  47 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail 
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment 
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual 
Business Product Management, MetLife, Inc. (1999–2006).     

 

Annual report | Classic Value Mega Cap Fund  31 

 


Non-Independent Trustees3 (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
John G. Vrysen, Born: 1955  2009  47 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II 
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009); 
Trustee, John Hancock retail funds (since 2009).     
 
Principal officers who are not Trustees     
 
Name, Year of Birth    Officer 
Position(s) held with Fund    of the 
Principal occupation(s) and other    Trust 
directorships during past 5 years    since 
 
Keith F. Hartstein, Born: 1956    2006 
President and Chief Executive Officer     
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief 
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief 
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).     
 
Andrew G. Arnott, Born: 1971    2009 
Senior Vice President and Chief Operating Officer     
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, 
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment 
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President, 
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust 
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, 
LLC (until 2009).     
 
Thomas M. Kinzler, Born: 1955    2006 
Secretary and Chief Legal Officer     
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, 
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel, 
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML 
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and 
MassMutual Premier Funds (2004–2006).     

 

32  Classic Value Mega Cap Fund | Annual report 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock 
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,   
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008). 
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Trust (since 2007);   
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman   
Sachs (2005–2007).   
 
Salvatore Schiavone,4 Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer, 
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant   
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research   
Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

4 Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | Classic Value Mega Cap Fund  33 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management 
James F. Carlin  Services, LLC 
William H. Cunningham   
Deborah C. Jackson*  Subadviser 
Charles L. Ladner, Vice Chairperson*  Pzena Investment Management, LLC 
Stanley Martin* 
Hugh McHaffie  Principal distributor
Dr. John A. Moore  John Hancock Funds, LLC
Patti McGill Peterson* 
Gregory A. Russo  Custodian
John G. Vrysen  State Street Bank and Trust Company
 
Officers  Transfer agent
Keith F. Hartstein  John Hancock Signature Services, Inc.
President and Chief Executive Officer 
Legal counsel
Andrew G. Arnott  K&L Gates LLP
Senior Vice President and Chief Operating Officer   
  Independent registered
Thomas M. Kinzler  public accounting firm
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP
 
Francis V. Knox, Jr. 
Chief Compliance Officer  The report is certified under the Sarbanes-Oxley
Act, which requires mutual funds and other public
Charles A. Rizzo  companies to affirm that, to the best of their
Chief Financial Officer  knowledge, the information in their financial reports
is fairly and accurately stated in all material respects.
Salvatore Schiavone 
Treasurer
 
*Member of the Audit Committee
 

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

 

34  Classic Value Mega Cap Fund | Annual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Classic Value Mega Cap Fund.  3220A 2/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  4/11 

 


ITEM 2. CODE OF ETHICS.

As of the end of the period, February 28, 2011, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer and Chief Financial Officer (respectively, the principal executive officer, the principal financial officer, the “Covered Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that it has one “audit committee financial expert” as that term is defined in Item 3(b) of Form N-CSR: Stanley Martin who is “independent” as that term is defined in Item 3(a) (2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant, PricewaterhouseCoopers LLP (“PWC”) for the audits of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $202,369 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $25,833, John Hancock Global Shareholder Yield Fund - $25,833, John Hancock Growth Opportunities Fund -$28,680, John Hancock International Growth Fund - $33,065, John Hancock U.S. Core Fund -$28,088, John Hancock International Core Fund - $36,863 and John Hancock International Allocation Fund - $24,007) and $233,674 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $27,125, John Hancock Global Shareholder Yield Fund - $27,125, John Hancock Growth Opportunities Fund - $29,929, John Hancock International Growth Fund - $34,239, John Hancock Value Opportunities Fund -$27,641, John Hancock U.S. Core Fund - $27,641, John Hancock International Core Fund -$36,283 and John Hancock International Allocation Fund - $23,691). John Hancock Value Opportunities liquidated prior to February 28, 2011.

(b) Audit-Related Services

Audit-related fees for assurance and related services by PWC amounted to $7,982 for the fiscal year ended February 28, 2011(broken out as follows: John Hancock Classic Value Mega Cap Fund - $347, John Hancock Global Shareholder Yield Fund - $347, John Hancock Growth Opportunities Fund - $347, John Hancock International Growth Fund - $347, John Hancock U.S. Core Fund - $347, John Hancock International Core Fund - $347 and John Hancock International Allocation Fund - $5,900) and $14,863 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $1,184, John Hancock Global Shareholder Yield Fund - $1,184, John Hancock Growth Opportunities Fund - $1,184, John Hancock International Growth Fund - $1,184, John Hancock Value Opportunities Fund - $1,184, John Hancock U.S. Core Fund - $1,184, John Hancock International Core Fund - $1,184 and John Hancock International Allocation Fund - $6,575) billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). The nature of the services provided was security counts and service provider internal controls review.

(c) Tax Fees

The aggregate fees billed for professional services rendered by PWC for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $23,223 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $2,926, John Hancock Global Shareholder Yield Fund - $2,926, John Hancock Growth Opportunities - $3,598, John Hancock International Growth Fund - $3,715, John Hancock U.S. Core Fund - $2,926, John


Hancock International Core Fund - $4,558 and John Hancock International Allocation Portfolio -$2,574) and $26,887 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $2,841, John Hancock Global Shareholder Yield Fund -$2,841, John Hancock Growth Opportunities - $3,493, John Hancock International Growth Fund - $3,606, John Hancock Value Opportunities Fund - $2,841, John Hancock U.S. Core Fund -$2,841, John Hancock International Core Fund - $5,925 and John Hancock International Allocation Portfolio - $2,499). The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements.

(d) All Other Fees

Other fees amounted to $133 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $19, John Hancock Global Shareholder Yield Fund - $19, John Hancock Growth Opportunities - $19, John Hancock International Growth Fund - $19, John Hancock U.S. Core Fund - $19, John Hancock International Core Fund - $19 and John Hancock International Allocation Portfolio - $19) and $440 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $55, John Hancock Global Shareholder Yield Fund - $55, John Hancock Growth Opportunities - $55, John Hancock International Growth Fund - $55, John Hancock Value Opportunities Fund - $55, John Hancock U.S. Core Fund - $55, John Hancock International Core Fund - $55 and John Hancock International Allocation Portfolio - $559) billed to the registrant or to the control affiliates.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per year/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to PWC for the Reporting Period, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.


(g) The aggregate non-audit fees billed by PWC for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $2,028,605 for the fiscal year ended February 28, 2011 and $5,696,633 for the fiscal year ended February 28, 2010.

(h) The registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services that were rendered by PWC to the investment adviser and any control affiliate that provides services that were not pre-approved pursuant to paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X, to be compatible with maintaining PWC’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Stanley Martin - Chairman
Deborah C. Jackson
Charles L. Ladner
Patti McGill Peterson

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Not applicable.
(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached “John Hancock Funds – Governance Committee Charter”.

ITEM 11. CONTROLS AND PROCEDURES.

(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in this Form N-CSR is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such disclosure controls and procedures include controls and procedures designed to ensure that such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.


Within 90 days prior to the filing date of this Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant’s management, including the registrant's principal executive officer and the registrant’s principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures relating to information required to be disclosed on Form N-CSR. Based on such evaluation, the registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures are operating effectively to ensure that:

(i) information required to be disclosed in this Form N-CSR is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission, and

(ii) information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) CHANGE IN REGISTRANT’S INTERNAL CONTROL: Not applicable.

ITEM 12. EXHIBITS.

(a)(1) See attached Code of Ethics.

(a)(2)(i) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER.

(a)(2)(ii) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER.

(b) CERTIFICATION PURSUANT TO Rule 30a-2(b) OF THE INVESTMENT COMPANY ACT OF 1940.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Governance Committee Charter”.

(c)(2) Contact person at the registrant.


SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Funds III 
 
 
By:  /s/ Keith F. Hartstein 
  Keith F. Hartstein 
President and
  Chief Executive Officer 
 
 
Date:  April 19, 2011 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:  /s/ Keith F. Hartstein 
Keith F. Hartstein
President and
  Chief Executive Officer 
 
 
Date:  April 19, 2011 
 
 
 
By:  /s/ Charles A. Rizzo 
Charles A. Rizzo
  Chief Financial Officer 
 
 
Date:  April 19, 2011 

 

EX-99.CERT 2 b_jhfundsiiicert.htm CERTIFICATION b_jhfundsiiicert.htm

CERTIFICATION

I, Keith F. Hartstein, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 19, 2011  /s/ Keith F. Hartstein 
  Keith F. Hartstein 
  President and Chief Executive Officer 

 


CERTIFICATION

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 19, 2011  /s/ Charles A. Rizzo 
  Charles A. Rizzo 
  Chief Financial Officer 

 

 EX-99.906 CERT 3 c_jhfundsiiicertnos.htm CERTIFICATION 906 c_jhfundsiiicertnos.htm
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002

 

In connection with the attached Report of John Hancock Funds III (the “registrant”) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

/s/ Keith F. Hartstein 
Keith F. Hartstein 
President and Chief Executive Officer 
 
Dated: April 19, 2011 
 
 
/s/ Charles A. Rizzo 
Charles A. Rizzo 
Chief Financial Officer 
  
Dated: April 19, 2011 

 

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-99.CODE ETH 4 d_codeofethics.htm CODE OF ETHICS d_codeofethics.htm

John Hancock Trust

John Hancock Funds

John Hancock Funds II

John Hancock Funds III

 

Sarbanes-Oxley Code of Ethics

for

Principal Executive, Principal Financial Officers & Treasurer

 

 

I.                   Covered Officers/Purpose of the Code

This code of ethics (this “Code”) for John Hancock Trust, John Hancock Funds[1], John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (“1940 Act”), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a “Fund”), applies to each Fund’s Principal Executive Officer (“President”), Principal Financial Officer (“Chief Financial Officer”) and Treasurer (“Treasurer”) (the “Covered Officers” as set forth in Exhibit A) for the purpose of promoting:

 

⇒      honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

⇒      full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

 

⇒      compliance with applicable laws and governmental rules and regulations;

 

⇒      the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

⇒      accountability for adherence to the Code.

1 of 6

 

Each of the Covered Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 

 

II.                Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Fund.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Each of the Covered Officers is an officer or employee of the investment adviser or a service provider (“Service Provider”) to the Fund. The Fund’s, the investment adviser’s and the Service Provider’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board of Trustees/Directors (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Codes.

           

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of an Covered Officer should not be placed improperly before the interest of the Fund.

 

*                      *                      *

2 of 6

 

 

Each Covered Officer must:

 

⇒      not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

 

⇒      not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

 

⇒      not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

 

Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund’s Chief Compliance Officer (“CCO”).  Examples of these include:

 

⇒      service as a director/trustee on the board of any public or private company;

 

⇒      the receipt of any non-nominal gifts;

 

⇒      the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct);

 

⇒      any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and

 

⇒      a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

 

 

III.             Disclosure & Compliance

⇒      Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

 

⇒      Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and to governmental regulators and self-regulatory organizations;

3 of 6

 

 

⇒      Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund’s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

 

⇒      It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

 

IV.              Reporting & Accountability

Each Covered Officer must:

 

⇒      upon adoption of the Code (or thereafter as applicable, upon becoming an Covered Officer), affirm in writing to the Fund’s CCO that he/she has received, read, and understands the Code;

 

⇒      annually thereafter affirm to the Fund’s CCO that he/she has complied with the requirements of the Code;

 

⇒      not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

 

⇒      notify the Fund’s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and

 

⇒      report at least annually any change in his/her affiliations from the prior year.

 

The Fund’s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund’s Board or the Compliance Committee thereof (the “Committee”).

 

The Fund will follow these procedures in investigating and enforcing this Code:

 

⇒      the Fund’s CCO will take all appropriate action to investigate any potential violations reported to him/her;

 

⇒      if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

 

⇒      any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;

 

4 of 6

 

⇒      if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant’s Executive Officer;

 

⇒      the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and

 

⇒      any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

 

V.                 Other Policies & Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund’s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund’s and its investment adviser’s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

 

VI.              Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund’s Board, including a majority of independent directors.

 

 

VII.           Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund’s Board and its counsel, the investment adviser and the relevant Service Providers.

 

 

VIII.        Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

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Exhibit A

Persons Covered by this Code of Ethics

(As of September 2010)

 

John Hancock Trust

⇒      Principal Executive Officer and President – Hugh McHaffie

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Michael J. Leary

 

John Hancock Funds

⇒      Principal Executive Officer and President – Keith Hartstein

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Salvatore Schiavone

 

John Hancock Funds II

⇒      Principal Executive Officer and President – Hugh McHaffie

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Michael J. Leary

 

John Hancock Funds III

⇒      Principal Executive Officer and President – Keith Hartstein

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Salvatore Schiavone

 

[1] John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Equity Trust; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Patriot Premium Dividend Fund II; Trust; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock World Fund; John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund.

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 EX-99 5 e_governancecommcharter.htm GOVERNANCE COMMITTEE CHARTER e_governancecommcharter.htm
JOHN HANCOCK FUNDS
NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER 

A. Composition. The Nominating, Governance and Administration Committee (the “Committee”) shall be composed entirely of Trustees who are “independent” as defined in the rules of the New York Stock Exchange (“NYSE”) or any other exchange, as applicable, and are not “interested persons” as defined in the Investment Company Act of 1940 of any of the funds, or of any fund’s investment adviser or principal underwriter (the “Independent Trustees”) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee.

B. Overview. The overall charter of the Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board and corporate governance matters applicable to the Independent Trustees, as well as issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the funds, and to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.

C. Specific Responsibilities. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall deem necessary or appropriate:

1. To consider and determine nominations of individuals to serve as Trustees.

2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

3. To consider and determine the amount of compensation to be paid by the funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the funds required of them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

4. To consider and determine the duties and compensation of the Chairman of the Board.

5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

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6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

7. To develop and recommend to the Board, if deemed desirable, guidelines for corporate governance (“Corporate Governance Guidelines”) for the funds that take into account the rules of the NYSE and any applicable law or regulation, and to periodically review and assess the Corporate Governance Guidelines and recommend any proposed changes to the Board for approval.

8. To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: D&O insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; and publication expenses.

9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940 of any of the funds or any fund’s investment adviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.

10. To periodically review the Board’s committee structure and the charters of the Board’s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of its committee structure.

12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

D. Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate.

E. Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or

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reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.

F. Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the funds’ expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the funds as it deems desirable.

G. Evaluation. At least annually, the Committee shall evaluate its own performance, including whether the Committee is meeting frequently enough to discharge its responsibilities appropriately.

H. Review. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.

Last revised: December 9, 2008

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ANNEX A

General Criteria

1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.

2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to contribute positively to the decision-making process of the funds.

3. Nominees should have a commitment to understand the funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all shareholders.

5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.

Application of Criteria to Existing Trustees

The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Nominating, Governance and Administration Committee (the “Committee”) shall consider the existing Trustee’s performance on the Board and any committee.

Review of Shareholder Nominations

Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder’s candidate among the slate of its designated nominees, the candidate’s name will be placed on the funds’ proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder’s candidate will be

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treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the funds’ proxy statement.

As long as an existing Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Committee. The Committee may retain a consultant to assist the Committee in a search for a qualified candidate.

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April 19, 2011

EDGAR

United States Securities and
Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Re:  Form N-CSR 
  John Hancock Funds III (the “Registrant”) on behalf of: 
  Growth Opportunities Fund 
  International Core Fund 
  International Growth Fund 
  U.S. Core Fund 
  International Allocation Portfolio 
  Global Shareholder Yield Fund 
  Classic Value Mega Cap Fund 
 
  File Nos. 333-125838; 811-21777 

 

Ladies and Gentlemen:

Enclosed herewith for filing pursuant to the Investment Company Act of 1940 and the Securities Exchange Act of 1934 is the Registrant’s Form N-CSR filing for the period ending February 28, 2011.

If you have any questions or comments regarding this filing, please contact the undersigned at (617) 663-4497.

Sincerely, 
 
 
/s/ Salvatore Schiavone 
Salvatore Schiavone 
Treasurer