0000928816-11-000778.txt : 20110606 0000928816-11-000778.hdr.sgml : 20110606 20110606104904 ACCESSION NUMBER: 0000928816-11-000778 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110606 DATE AS OF CHANGE: 20110606 EFFECTIVENESS DATE: 20110606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: John Hancock Funds III CENTRAL INDEX KEY: 0001329954 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21777 FILM NUMBER: 11894210 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 S000021539 John Hancock Rainier Growth Fund C000061643 Class A RGROX C000061644 Class R4 RGRFX C000061645 Class R5 RGRVX C000061646 Class ADV RGRDX C000061647 Class B RGRBX C000061648 Class C RGRCX C000061649 Class I RGRIX C000061650 Class NAV RGRNX C000061652 Class R1 RGRWX C000061654 Class R3 RGRHX C000066458 Class T JRGTX 0001329954 S000021761 John Hancock Leveraged Companies Fund C000062452 Class A JVCAX C000062453 Class B JVCBX C000062454 Class C JVCCX C000062455 Class I JVCIX 0001329954 S000022404 John Hancock Small Cap Opportunities Fund C000064445 Class A JCPAX C000064446 Class B JCPBX C000064447 Class C JCPCX C000064448 Class I JCPIX 0001329954 S000023715 John Hancock Disciplined Value Fund C000069762 Class A JVLAX C000069763 Class B JVLBX C000069764 Class C JVLCX C000069765 Class ADV JVLDX C000069766 Class I JVLIX C000069767 Class I2 JVLTX C000076624 Class R1 JDVOX C000076625 Class R3 JDVHX C000076626 Class R4 JDVFX C000076627 Class R5 JDVVX C000078798 Class 1 C000078799 Class NAV 0001329954 S000025272 John Hancock Core High Yield Fund C000075286 Class A JYIAX C000075287 Class B C000075288 Class C C000075289 Class NAV C000075290 Class I JVIIX 0001329954 S000026800 John Hancock Small Company Fund C000080572 Class A JCSAX C000080573 Class I JCSIX C000080574 Class ADV JCSDX C000080575 Class NAV C000088573 Class R1 JCSOX C000088574 Class R3 JCSHX C000088575 Class R4 JCSFX C000088576 Class R5 JCSVX 0001329954 S000028882 John Hancock Disciplined Value Mid Cap Fund C000088535 Class A JVMAX C000088536 Class I JVMIX C000088537 Class ADV JVMVX C000088538 Class NAV 0001329954 S000030739 John Hancock International Value Equity Fund C000095346 Class A JIEAX C000095347 Class I JIEEX C000095348 Class NAV 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:  March 31
 
Date of reporting period:  March 31, 2011 

 




A look at performance

Total returns for the period ended March 31, 2011

  Average annual total returns (%)   Cumulative total returns (%)  
  with maximum sales charge (POP)   with maximum sales charge (POP)  
 
  1-year 5-year 10-year 1-year 5-year 10-year
 
Class A1 10.64 1.22 3.45 10.64 6.23 40.36
 
Class B1 10.47 0.84 2.78 10.47 4.30 31.57
 
Class C1 14.47 1.23 2.78 14.47 6.30 31.57
 
Class I1,2 16.93 2.62 4.32 16.93 13.82 52.61
 
Class R11,2 15.96 1.63 3.19 15.96 8.41 36.89
 
Class R31,2 16.09 1.74 3.30 16.09 8.99 38.32
 
Class R41,2 16.43 2.04 3.61 16.43 10.65 42.55
 
Class R51,2 16.78 2.35 3.92 16.78 12.30 46.86
 
Class T1,2 10.42 0.63 2.78 10.42 3.20 31.60
 
Class AdV 1,2 16.60 2.36 4.06 16.60 12.38 48.82
 
Class NAV 1,2 17.00 2.70 4.41 17.00 14.23 53.94
 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A and Class T shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B 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, R1, R3, R4, R5, ADV and 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7-31-11 for Classes A, B, C, R1, R3, R4, R5, T and ADV. Had the fee waivers and expense limitations not been in place gross expenses would apply. For Classes I and NAV the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A Class B Class C Class I Class R1 Class R3 Class R4 Class R5 Class T Class ADV Class NAV
Net (%) 1.35 2.10 2.10 0.89 1.69 1.59 1.29 0.99 1.40 1.14 0.80
Gross (%) 1.39 2.15 2.27 0.89 13.21 12.58 12.23 11.87 1.43 1.41 0.80

 

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 performance data current to the most recent month end, 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.

6 Rainier Growth Fund | Annual report

 


This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Rainier Growth Fund1 for the share classes and periods indicated, assuming all dividends were reinvested. For comparison, we’ve shown the same investment in two separate indexes.


       
Class B1,4 Class C1,4 Class I1,2 Class R11,2 Class R31,2 Class R41,2 Class R51,2 Class T1,2 Class ADV1,2 Class NAV1,2
Began 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01 3-31-01
NAV $13,157 $13,157 $15,261 $13,689 $13,832 $14,255 $14,686 $13,853 $14,882 $15,394
POP $13,157 $13,157 $15,261 $13,689 $13,832 $14,255 $14,686 $13,160 $14,882 $15,394
Index 1 $13,428 $13,428 $13,428 $13,428 $13,428 $13,428 $13,428 $13,428 $13,428 $13,428
Index 2 $13,828 $13,828 $13,828 $13,828 $13,828 $13,828 $13,828 $13,828 $13,828 $13,828

 

Russell 1000 growth index is an unmanaged index containing those securities in the Russell 1000 Index with a greater-than-average growth orientation.

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 On 4-25-08, through a reorganization, the Fund acquired all of the assets of the Rainier Large Cap Growth Equity Portfolio (the Predecessor Fund). On that date, the Predecessor Fund offered its original share class and institutional share class in exchange for Class A and Class I shares, respectively, of John Hancock Rainier Growth Fund. Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 Class R5, Class ADV and Class NAV shares of John Hancock Rainier Growth Fund were first offered on 4-28-08. The Predecessor Fund’s original share class returns have been recalculated to reflect the gross fees and expenses of Class A shares. The returns prior to 4-28-08 are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class ADV and Class NAV shares, respectively. Class T shares were first offered 10-6-08; 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 T shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

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

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

Annual report | Rainier Growth Fund 7

 


Management’s discussion of

Fund performance

By Rainier Investment Management, Inc.

The market surprised investors by posting strong gains for the year ended March 31, 2011. The start of the period was rocky last spring as the European debt crisis, anemic economic growth and the possibility of a double-dip recession heightened investor fears. But then, equities began a sharp and sustained rebound in the fall after the Federal Reserve announced another initiative to help stimulate the economy. Stronger economic data, good corporate earnings news and growing evidence that the recovery was taking hold in early 2011 helped the market withstand unexpected shocks from political unrest in the Middle East and Africa and a devastating earthquake and tsunami in Japan.

For the year ended March 31, 2011, John Hancock Rainier Growth Fund’s Class A shares returned 16.44% at net asset value. The Fund’s performance was roughly in line with the average 16.77% advance of its peer group, the Morningstar, Inc. large-cap growth fund category, but lagged the 18.26% return of its benchmark, the Russell 1000 Growth Index. The Fund underperformed the index because of slight deviations in sector weightings which in aggregate hurt performance. Stock selection, which focused on companies with above-average earnings growth and reasonable stock valuations, was helpful.

Producer durables (industrials) had the biggest positive impact on results versus the index, largely because of very strong stock selection in a sector that posted strong gains as the economy recovered. Winners included Cummins, Inc. and Deere & Company. Financial services detracted the most from relative results, largely because of weak stock selection. The sector was one of the year’s worst performers due to pressures from both financial regulatory reform and litigation. Consumer staples also cost us some ground, including an ill-timed investment in Anheuser-Busch InBev NV. Energy overall had little impact on performance versus the index, but accounted for some of the year’s best and worst stock contributors. Standouts included Concho Resources, Inc., an oil company buoyed by a sharp rise in oil prices and Halliburton Company, a worldwide oil services company. In contrast, the Fund did not own ExxonMobil Corp., an integrated energy company that was a large index component. This lack of exposure hampered results versus the index, as rising oil prices lifted the stock.

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.

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.

8 Rainier 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 October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,165.70  $6.75 
Class B  1,000.00  1,160.50  11.31 
Class C  1,000.00  1,160.50  11.31 
Class I  1,000.00  1,168.00  4.65 
Class R1  1,000.00  1,163.50  9.12 
Class R3  1,000.00  1,164.10  8.58 
Class R4  1,000.00  1,166.20  6.97 
Class R5  1,000.00  1,167.20  5.35 
Class T  1,000.00  1,165.50  7.13 
Class ADV  1,000.00  1,166.70  6.16 
Class NAV  1,000.00  1,168.70  4.27 

 

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 March 31, 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 | Rainier 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 October 1, 2010, with the same investment held until March 31, 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 10-1-10 on 3-31-11 period ended 3-31-111
Class A $1,000.00 $1,018.70 $6.29
Class B 1,000.00 1,014.50 10.55
Class C 1,000.00 1,014.50 10.55
Class I 1,000.00 1,020.60 4.33
Class R1 1,000.00 1,016.50 8.50
Class R3 1,000.00 1,017.00 8.00
Class R4 1,000.00 1,018.50 6.49
Class R5 1,000.00 1,020.00 4.99
Class T 1,000.00 1,018.30 6.64
Class ADV 1,000.00 1,019.20 5.74
Class NAV 1,000.00 1,021.00 3.98

 

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 1.25%, 2.10%, 2.10%, 0.86%, 1.69%, 1.59%, 1.29%, 0.99%, 1.32%, 1.14% and 0.79% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class T, Class ADV and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

10 Rainier Growth Fund | Annual report

 


Portfolio summary

Top 10 Holdings (27.8% of Net Assets on 3-31-11)1    
Apple, Inc. 5.7% Amazon.com, Inc. 2.4%
Deere & Company 3.6% QUALCOMM, Inc. 2.2%
Oracle Corp. 2.8% Precision Castparts Corp. 2.0%
Google, Inc., Class A 2.7% EMC Corp. 1.9%
Schlumberger, Ltd. 2.6% National Oilwell Varco, Inc. 1.9%
 
Sector Composition2,3      
Information Technology 29% Consumer Staples 6%
Industrials 16% Materials 6%
Consumer Discretionary 16% Financials 5%
Energy 10% Telecommunication Services 1%
Health Care 10% Short-Term Investments & Other 1%

 

 

1 Cash and cash equivalents not included in Top 10 Holdings.

2 As a percentage of net assets on 3-31-11.

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 | Rainier Growth Fund 11

 


Fund’s investments

As of 3-31-11

  Shares Value
Common Stocks 98.51% $1,597,133,556
(Cost $1,244,648,649)    
 
Consumer Discretionary 15.56%   252,215,408
 
Auto Components 0.89%    
TRW Automotive Holdings Corp. (I) 262,350 14,450,232
 
Automobiles 1.39%    
Ford Motor Company (I) 1,505,030 22,439,997
 
Hotels, Restaurants & Leisure 3.05%    
Las Vegas Sands Corp. (I) 183,470 7,746,103
Marriott International, Inc., Class A (L) 620,480 22,076,678
McDonald’s Corp. 257,555 19,597,360
 
Internet & Catalog Retail 3.91%    
Amazon.com, Inc. (I) 218,970 39,443,066
Netflix, Inc. (I) 28,860 6,849,344
priceline.com, Inc. (I) 33,740 17,087,286
 
Media 1.46%    
The Walt Disney Company 550,620 23,726,216
 
Multiline Retail 1.98%    
Kohl’s Corp. 272,330 14,444,383
Target Corp. 353,550 17,681,036
 
Specialty Retail 1.68%    
Limited Brands, Inc. 539,350 17,733,828
Tiffany & Company 153,460 9,428,582
 
Textiles, Apparel & Luxury Goods 1.20%    
NIKE, Inc., Class B 257,745 19,511,297
 
Consumer Staples 5.76%   93,287,504
 
Beverages 4.69%    
Anheuser-Busch InBev NV, ADR (L) 357,990 20,466,288
Coca-Cola Enterprises, Inc. 592,550 16,176,615
Hansen Natural Corp. (I) 255,990 15,418,278
The Coca-Cola Company 360,190 23,898,607
 
Food & Staples Retailing 1.07%    
Costco Wholesale Corp. 236,330 17,327,716

 

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

 


  Shares Value
Energy 10.06%   $163,148,557
 
Energy Equipment & Services 5.51%    
Halliburton Company 340,730 16,981,983
National Oilwell Varco, Inc. 381,620 30,251,017
Schlumberger, Ltd. 452,070 42,160,048
 
Oil, Gas & Consumable Fuels 4.55%    
Concho Resources, Inc. (I) 258,680 27,756,364
Noble Energy, Inc. 180,710 17,465,622
Pioneer Natural Resources Company 279,960 28,533,523
 
Financials 5.46%   88,582,540
 
Capital Markets 3.82%    
BlackRock, Inc. 46,980 9,443,450
Franklin Resources, Inc. 96,605 12,083,353
T. Rowe Price Group, Inc. 422,800 28,082,376
The Charles Schwab Corp. 685,370 12,357,221
 
Consumer Finance 0.66%    
American Express Company 236,340 10,682,568
 
Diversified Financial Services 0.98%    
IntercontinentalExchange, Inc. (I) 128,975 15,933,572
 
Health Care 10.00%   162,154,630
 
Biotechnology 1.12%    
Alexion Pharmaceuticals, Inc. (I)(L) 80,940 7,987,159
Celgene Corp. (I) 177,355 10,203,233
 
Health Care Equipment & Supplies 0.88%    
Intuitive Surgical, Inc. (I)(L) 42,780 14,265,419
 
Health Care Providers & Services 2.52%    
AmerisourceBergen Corp. 420,210 16,623,508
Express Scripts, Inc. (I) 289,020 16,072,402
HCA Holdings, Inc. (I) 238,420 8,075,285
 
Health Care Technology 0.68%    
SXC Health Solutions Corp. (I) 201,390 11,036,172
 
Life Sciences Tools & Services 1.28%    
Agilent Technologies, Inc. (I) 464,780 20,812,848
 
Pharmaceuticals 3.52%    
Allergan, Inc. 259,265 18,413,000
Perrigo Company 170,590 13,565,317
Shire PLC, ADR (L) 182,360 15,883,556
Teva Pharmaceutical Industries, Ltd., SADR (L) 183,710 9,216,731
 
Industrials 15.77%   255,629,495
 
Aerospace & Defense 2.03%    
Precision Castparts Corp. 223,210 32,852,048
 
Air Freight & Logistics 1.20%    
Expeditors International of Washington, Inc. (L) 388,270 19,467,858

 

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

 


  Shares Value
Electrical Equipment 3.95%    
AMETEK, Inc. 384,330 $16,860,557
Emerson Electric Company 298,750 17,455,963
Rockwell Automation, Inc. (L) 313,880 29,708,742
 
Machinery 7.40%    
Cummins, Inc. 179,920 19,722,830
Deere & Company 597,710 57,912,122
Joy Global, Inc. 170,090 16,806,593
PACCAR, Inc. (L) 489,120 25,605,432
 
Road & Rail 1.19%    
CSX Corp. 244,750 19,237,350
 
Information Technology 28.77%   466,499,699
 
Communications Equipment 4.36%    
BancTec, Inc. (I)(R) 197,026 837,361
F5 Networks, Inc. (I) 98,880 10,142,122
Juniper Networks, Inc. (I) 573,905 24,149,922
QUALCOMM, Inc. 648,020 35,530,937
 
Computers & Peripherals 9.58%    
Apple, Inc. (I) 263,850 91,938,533
EMC Corp. (I) 1,148,735 30,498,914
Hewlett-Packard Company (I) 608,650 24,936,391
NetApp, Inc. (I) 163,450 7,875,021
 
Electronic Equipment, Instruments & Components 0.57%    
Corning, Inc. 446,940 9,220,372
 
Internet Software & Services 2.68%    
Google, Inc., Class A (I) 74,270 43,537,817
 
IT Services 2.09%    
Cognizant Technology Solutions Corp., Class A (I) 194,310 15,816,834
Visa, Inc., Class A 246,475 18,145,490
 
Semiconductors & Semiconductor Equipment 1.80%    
Broadcom Corp., Class A 505,475 19,905,606
Marvell Technology Group, Ltd. (I) 599,360 9,320,048
 
Software 7.69%    
Autodesk, Inc. (I) 326,920 14,420,441
Check Point Software Technologies, Ltd. (I)(L) 514,710 26,275,946
Citrix Systems, Inc. (I) 167,850 12,330,261
Intuit, Inc. (I) 277,250 14,721,975
Oracle Corp. 1,376,750 45,942,148
Salesforce.com, Inc. (I) 82,000 10,953,560
 
Materials 5.65%   91,636,536
Chemicals 3.63%    
E.I. du Pont de Nemours & Company 345,370 18,984,989
FMC Corp. 194,035 16,479,393
Potash Corp. of Saskatchewan, Inc. 397,050 23,398,157
 
Metals & Mining 2.02%    
Goldcorp, Inc. 324,650 16,167,570
Walter Energy, Inc. 122,620 16,606,427

 

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

 


    Shares Value
Telecommunication Services 1.48%     $23,979,187
Wireless Telecommunication Services 1.48%      
American Tower Corp., Class A (I)   462,740 23,979,187
 
  Yield (%) Shares Value
Securities Lending Collateral 4.57%     $74,026,931
(Cost $74,024,767)      
 
John Hancock Collateral Investment Trust (W) 0.2867 (Y) 7,397,589 74,026,931
 
    Par value Value
 
Short-Term Investments 0.70%     $11,417,000
(Cost $11,417,000)    
 
Repurchase Agreement 0.70%   11,417,000
Repurchase Agreement with State Street Corp. dated 3-31-11 at    
0.010% to be repurchased at $11,417,003 on 4-1-11,    
collateralized by $11,575,000 Federal National Mortgage Association,    
2.000% due 7-14-14 (valued at $11,647,344, including interest) $11,417,000 11,417,000
 
Total investments (Cost $1,330,090,416)† 103.78% $1,682,577,487
 
Other assets and liabilities, net (3.78%)     ($61,250,700)
 
Total net assets 100.00%   $1,621,326,787

 

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.

(L) All or a portion of this security is on loan as of 3-31-11.

(R) Direct placement securities are restricted to resale and the Fund has limited rights to registration under the Securities Act of 1933.

      Value as a percentage of Value as of
Issuer, description Acquisition date Acquisition cost Fund’s net assets 3-31-11
BancTec, Inc. 6-20-07 $4,728,640 0.05% $837,361
common stock        

 

(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 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $1,339,605,356. Net unrealized appreciation aggregated $342,972,131, of which $353,676,944 related to appreciated investment securities and $10,704,813 related to depreciated investment securities.

See notes to financial statements Annual report | Rainier Growth 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 3-31-11

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 $1,256,065,649)  
including $72,389,264 of securities loaned (Note 2) $1,608,550,556
Investments in affiliated issuers, at value (Cost $74,024,767) (Note 2) 74,026,931
 
Total investments, at value (Cost $1,330,090,416) 1,682,577,487
Cash 225
Receivable for investments sold 26,458,735
Receivable for fund shares sold 878,902
Dividends and interest receivable 900,619
Receivable for securities lending income 15,583
Other receivables and prepaid expenses 199,867
 
Total assets 1,711,031,418
 
Liabilities  
Payable for investments purchased 13,459,806
Payable for fund shares repurchased 1,762,831
Payable upon return of securities loaned (Note 2) 74,068,784
Payable to affiliates  
Accounting and legal services fees 31,137
Transfer agent fees 182,223
Distribution and service fees 36
Trustees’ fees 74,933
Due to adviser 6,602
Other liabilities and accrued expenses 118,279
 
Total liabilities 89,704,631
 
Net assets  
Capital paid-in $1,692,989,418
Accumulated distributions in excess of net investment income (54,521)
Accumulated net realized loss on investments (424,095,725)
Net unrealized appreciation (depreciation) on investments and translation  
of assets and liabilities in foreign currencies 352,487,615
Net assets $1,621,326,787

 

16 Rainier 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 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 ($412,625,344 ÷ 19,353,612 shares) $21.32
Class B ($30,533,831 ÷ 1,460,622 shares)1 $20.90
Class C ($21,719,132 ÷ 1,039,031 shares)1 $20.90
Class I ($237,080,154 ÷ 10,969,174 shares) $21.61
Class R1 ($229,983 ÷ 10,881 shares) $21.14
Class R3 ($94,427 ÷ 4,452 shares) $21.21
Class R4 ($95,259 ÷ 4,452 shares) $21.40
Class R5 ($96,100 ÷ 4,458 shares) $21.56
Class T ($83,287,050 ÷ 3,928,928 shares) $21.20
Class ADV ($22,221,215 ÷ 1,034,229 shares) $21.49
Class NAV ($813,344,292 ÷ 37,605,910 shares) $21.63
 
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $22.44
Class T (net asset value per share ÷ 95%)2 $22.32

 

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 | Rainier Growth Fund 17

 

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 3-31-11

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 $13,884,344
Securities lending 168,498
Interest 66,383
Less foreign taxes withheld (17,833)
 
Total investment income 14,101,392
 
Expenses  
Investment management fees (Note 4) 10,927,738
Distribution and service fees (Note 4) 1,768,176
Accounting and legal services fees (Note 4) 216,689
Transfer agent fees (Note 4) 1,388,801
Trustees’ fees (Note 4) 109,825
State registration fees (Note 4) 156,809
Printing and postage (Note 4) 82,266
Professional fees 180,404
Custodian fees 197,394
Registration and filing fees 27,270
Other 53,356
 
Total expenses 15,108,728
Less expense reductions (Note 4) (114,970)
 
Net expenses 14,993,758
Net investment loss (892,366)
 
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Investments in unaffiliated issuers 130,661,700
Investments in affiliated issuers (35,592)
  130,626,108
Change in net unrealized appreciation (depreciation) of  
Investments in unaffiliated issuers 102,957,897
Investments in affiliated issuers 4,179
Translation of assets and liabilities in foreign currencies 314
  102,962,390
 
Net realized and unrealized gain 233,588,498
 
Increase in net assets from operations $232,696,132

 

18 Rainier 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

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
  3-31-11 3-31-10
Increase (decrease) in net assets    
From operations    
Net investment income (loss) ($892,366) $837,443
Net realized gain (loss) 130,626,108 (35,593,479)
Change in net unrealized appreciation (depreciation) 102,962,390 446,159,707
 
Increase in net assets resulting from operations 232,696,132 411,403,671
 
Distributions to shareholders    
From net investment income    
Class I (217,850) (8,940)
Class R5 (41) (1)
Class NAV (907,978) (33,551)
 
Total distributions (1,125,869) (42,492)
 
From Fund share transactions (Note 5) (72,729,494) 194,788,353
 
Total increase 158,840,769 606,149,532
 
Net assets    
Beginning of year 1,462,486,018 856,336,486
 
End of year $1,621,326,787 $1,462,486,018
Undistributed (accumulated distributions in excess of) net    

investment income

 ($54,521) $791,607

 

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

 


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 3-31-11 3-31-10 3-31-091 3-31-082 3-31-072
 
Per share operating performance          
Net asset value, beginning of year $18.31 $12.84 $20.91 $20.44 $19.07
Net investment loss (0.06)3 (0.03)3 (0.01)3 (0.02) (0.04)
Net realized and unrealized gain (loss) on investments 3.07 5.50 (8.06) 0.49 1.41
Total from investment operations 3.01 5.47 (8.07) 0.47 1.37
Net asset value, end of year $21.32 $18.31 $12.84 $20.91 $20.44
Total return (%)4 16.44 42.605 (38.59)5 2.305 7.185
 
Ratios and supplemental data          
Net assets, end of year (in millions) $413 $384 $193 $164 $33
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.30 1.45 1.47 1.176 1.30
Expenses net of fee waivers 1.30 1.38 1.18 1.196 1.19
Expenses net of fee waivers and credits 1.30 1.34 1.18 1.196 1.19
Net investment loss (0.33) (0.18) (0.04) (0.27) (0.38)
Portfolio turnover (%) 90 102 101 86 101
 

 

1 After the close of business on 4-25-08, holders of Original Shares of the former Rainier Large Cap Growth Equity
Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John
Hancock Rainier Growth Fund. These shares were first offered on 4-28-08. Additionally, the accounting and
performance history of the Original Shares of the Predecessor Fund was redesignated as that of John Hancock
Rainier Growth Fund Class A.
2 Audited by previous independent registered public accounting firm.
3 Based on the average daily shares outstanding.
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 Prior to the reorganization (see Note 7), the Fund was subject to a contractual expense reimbursement and
recoupment plan.

CLASS B SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.10 $12.79 $22.46
Net investment loss2 (0.21) (0.15) (0.09)
Net realized and unrealized gain (loss) on investments 3.01 5.46 (9.58)
Total from investment operations 2.80 5.31 (9.67)
Net asset value, end of year $20.90 $18.10 $12.79
Total return (%)3,4 15.47 41.52 (43.05)5
 
Ratios and supplemental data      
Net assets, end of year (in millions) $31 $37 $27
Ratios (as a percentage of average net assets):      
Expenses before reductions 2.13 2.45 2.826
Expenses net of fee waivers 2.10 2.11 2.056
Expenses net of fee waivers and credits 2.10 2.09 2.046
Net investment loss (1.13) (0.94) (0.75)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class B shares is 4-28-08.
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 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

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

 

 
CLASS C SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.10 $12.79 $22.46
Net investment loss2 (0.21) (0.15) (0.09)
Net realized and unrealized gain (loss) on investments 3.01 5.46 (9.58)
Total from investment operations 2.80 5.31 (9.67)
Net asset value, end of year $20.90 $18.10 $12.79
Total return (%)3,4 15.47 41.52 (43.05)5
 
Ratios and supplemental data      
Net assets, end of year (in millions) $22 $24 $15
Ratios (as a percentage of average net assets):      
Expenses before reductions 2.16 2.34 2.826
Expenses net of fee waivers 2.10 2.21 2.056
Expenses net of fee waivers and credits 2.10 2.09 2.046
Net investment loss (1.13) (0.93) (0.77)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class C shares is 4-28-08.
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 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

CLASS I SHARES Period ended 3-31-11 3-31-10 3-31-091 3-31-082 3-31-072,3
Per share operating performance          
Net asset value, beginning of year $18.50 $12.92 $20.98 $20.44 $20.94
Net investment income4 0.02 0.04 0.04 —5 —5
Net realized and unrealized gain (loss) on investments 3.11 5.54 (8.09) 0.54 (0.50)
Total from investment operations 3.13 5.58 (8.05) 0.54 (0.50)
Less distributions          
From net investment income (0.02) —5 (0.01) — —
Net asset value, end of year $21.61 $18.50 $12.92 $20.98 $20.44
Total return (%) 16.93 43.20 (38.36) 2.64 (2.39)6,7
 
Ratios and supplemental data          
Net assets, end of year (in millions) $237 $208 $133 $136 $537
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.86 0.90 0.86 0.928 1.009
Expenses net of fee waivers 0.86 0.90 0.86 0.948 0.949
Expenses net of fee waivers and credits 0.86 0.90 0.86 0.948 0.949
Net investment income (loss) 0.10 0.26 0.22 (0.02) 0.159
Portfolio turnover (%) 90 102 101 86 10110
 

 

1 After the close of business on 4-25-08, holders of Institutional Shares of the former Rainier Large Cap Growth
Equity Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of
John Hancock Rainier Growth Fund. These shares were first offered on 4-28-08. Additionally, the accounting and
performance history of the Institutional Shares of the Predecessor Fund was redesignated as that of John Hancock
Rainier Growth Fund Class I.
2 Audited by previous independent registered public accounting firm.
3 The inception date for Class I shares is 2-20-07.
4 Based on the average daily shares outstanding.
5 Less than ($0.005) per share.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Prior to the reorganization (see Note 7), the Fund was subject to a contractual expense reimbursement and
recoupment plan.
9 Annualized.
10 Annualized based on investments held for a full year.

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

 


CLASS R1 SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.23 $12.84 $22.46
Net investment loss2 (0.14) (0.11) (0.08)
Net realized and unrealized gain (loss) on investments 3.05 5.50 (9.54)
Total from investment operations 2.91 5.39 (9.62)
Net asset value, end of year $21.14 $18.23 $12.84
Total return (%)3 15.96 41.98 (42.83)4
 
Ratios and supplemental data      
Net assets, end of year (in millions) —5 —5 —5
Ratios (as a percentage of average net assets):      
Expenses before reductions 8.39 13.91 8.706
Expenses net of fee waivers 1.72 1.78 1.646
Expenses net of fee waivers and credits 1.72 1.78 1.646
Net investment loss (0.75) (0.65) (0.50)6
Portfolio turnover (%) 90 102 101
 

 

1 The inception date for Class R1 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 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

CLASS R3 SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.27 $12.85 $22.46
Net investment loss2 (0.12) (0.07) (0.06)
Net realized and unrealized gain (loss) on investments 3.06 5.49 (9.55)
Total from investment operations 2.94 5.42 (9.61)
Net asset value, end of year $21.21 $18.27 $12.85
Total return (%)3 16.09 42.18 (42.79)4
 
Ratios and supplemental data      
Net assets, end of year (in millions) —5 —5 —5
Ratios (as a percentage of average net assets):      
Expenses before reductions 16.72 13.68 8.576
Expenses net of fee waivers 1.61 1.62 1.546
Expenses net of fee waivers and credits 1.61 1.62 1.546
Net investment loss (0.64) (0.46) (0.40)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class R3 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 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

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

 


CLASS R4 SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.38 $12.88 $22.46
Net investment loss2 (0.06) (0.03) (0.02)
Net realized and unrealized gain (loss) on investments 3.08 5.53 (9.56)
Total from investment operations 3.02 5.50 (9.58)
Net asset value, end of year $21.40 $18.38 $12.88
Total return (%)3 16.43 42.70 (42.65)4
Ratios and supplemental data      
Net assets, end of year (in millions) —5 —5 —5
Ratios (as a percentage of average net assets):      
Expenses before reductions 16.45 13.33 8.266
Expenses net of fee waivers 1.31 1.32 1.246
Expenses net of fee waivers and credits 1.31 1.32 1.246
Net investment loss (0.34) (0.16) (0.10)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class R4 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 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

CLASS R5 SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.47 $12.91 $22.46
Net investment income (loss)2 (0.02) 0.02 0.03
Net realized and unrealized gain (loss) on investments 3.12 5.54 (9.57)
Total from investment operations 3.10 5.56 (9.54)
Less distributions      
From net investment income (0.01) —3 (0.01)
Net asset value, end of year $21.56 $18.47 $12.91
Total return (%)4 16.78 43.07 (42.48)5
 
Ratios and supplemental data      
Net assets, end of year (in millions) —6 —6 —6
Ratios (as a percentage of average net assets):      
Expenses before reductions 16.17 12.97 7.957
Expenses net of fee waivers 1.01 1.02 0.947
Expenses net of fee waivers and credits 1.01 1.02 0.947
Net investment income (loss) (0.03) 0.14 0.207
Portfolio turnover (%) 90 102 1018
 

 

1 The inception date for Class R5 shares is 4-28-08.
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 Annualized.
8 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

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

 


CLASS T SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.24 $12.86 $16.59
Net investment loss2 (0.09) (0.11) (0.05)
Net realized and unrealized gain (loss) on investments 3.05 5.49 (3.68)
Total from investment operations 2.96 5.38 (3.73)
Net asset value, end of year $21.20 $18.24 $12.86
Total return (%)3 16.23 41.84 (22.48)4,5
 
Ratios and supplemental data      
Net assets, end of year (in millions) $83 $83 $72
Ratios (as a percentage of average net assets):      
Expenses before reductions 1.47 1.84 2.076
Expenses net of fee waivers 1.47 1.84 1.996
Expenses net of fee waivers and credits 1.47 1.84 1.986
Net investment loss (0.50) (0.69) (0.74)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class T shares is 10-6-08.
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 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

CLASS ADV SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.43 $12.90 $22.46
Net investment income (loss)2 (0.03) —3 (0.01)
Net realized and unrealized gain (loss) on investments 3.09 5.53 (9.55)
Total from investment operations 3.06 5.53 (9.56)
Net asset value, end of year $21.49 $18.43 $12.90
Total return (%) 16.604 42.874 (42.56)5
 
Ratios and supplemental data      
Net assets, end of year (in millions) $22 $18 $17
Ratios (as a percentage of average net assets):      
Expenses before reductions 1.37 1.25 1.146
Expenses net of fee waivers 1.14 1.14 1.146
Expenses net of fee waivers and credits 1.14 1.14 1.146
Net investment income (loss) (0.17) 0.01 (0.04)6
Portfolio turnover (%) 90 102 1017
 

 

1 The inception date for Class ADV shares is 4-28-08.
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 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

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

 


CLASS NAV SHARES Period ended 3-31-11 3-31-10 3-31-091
 
Per share operating performance      
Net asset value, beginning of year $18.51 $12.91 $22.46
Net investment income2 0.03 0.05 0.04
Net realized and unrealized gain (loss) on investments 3.11 5.55 (9.57)
Total from investment operations 3.14 5.60 (9.53)
Less distributions      
From net investment income (0.02) —3 (0.02)
Net asset value, end of year $21.63 $18.51 $12.91
Total return (%) 17.00 43.38 (42.44)4
 
Ratios and supplemental data      
Net assets, end of year (in millions) $813 $708 $400
Ratios (as a percentage of average net assets):      
Expenses before reductions 0.80 0.82 0.835
Expenses net of fee waivers 0.80 0.82 0.835
Expenses net of fee waivers and credits 0.80 0.82 0.835
Net investment income 0.16 0.33 0.265
Portfolio turnover (%) 90 102 1016
 

 

1 The inception date for Class NAV shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

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

 


Notes to financial statements

Note 1 — Organization

John Hancock Rainier 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 to maximize long-term 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 R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class T and Class ADV shares are closed to new 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, if any, printing and postage, transfer agent fees and state registration 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 31, 2009, Class R2 converted into Class A and Class R converted into Class R1.

The Fund is the accounting and performance successor of the Rainier Large Cap Growth Equity Portfolio (the Predecessor Fund). On April 28, 2008, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan of reorganization, in exchange for Class A and Class I shares of the Fund.

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.

26 Rainier Growth Fund | Annual report

 


The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2011, by major security category or type:

        LEVEL 3
      LEVEL 2 SIGNIFICANT
  TOTAL MARKET LEVEL 1 SIGNIFICANT UNOBSERVABLE
  VALUE AT 3-31-11 QUOTED PRICE OBSERVABLE INPUTS INPUTS
Common Stocks        
Consumer Discretionary $252,215,408 $252,215,408 — —
Consumer Staples 93,287,504 93,287,504 — —
Energy 163,148,557 163,148,557 — —
Financials 88,582,540 88,582,540 — —
Health Care 162,154,630 162,154,630 — —
Industrials 255,629,495 255,629,495 — —
Information Technology 466,499,699 465,662,338 — $837,361
Materials 91,636,536 91,636,536 — —
Telecommunication        
Services 23,979,187 23,979,187 — —
Securities Lending        
Collateral 74,026,931 74,026,931 — —
Short-Term Investments 11,417,000 — $11,417,000 —
 
Total Investments in        
Securities $1,682,577,487 $1,670,323,126 $11,417,000 $837,361

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.

    INFORMATION  
INVESTMENTS IN SECURITIES HEALTH CARE TECHNOLOGY TOTAL
Balance as of 3-31-10 $486,050 $1,293,918 $1,779,968
Realized gain (loss) (745,463) — (745,463)
Changed in unrealized appreciation (depreciation) 826,285 (456,557) 369,728
Purchases — — —
Sales (566,872) — (566,872)
Transfers into Level 3 — — —
Transfers out of Level 3 — — —
Balance as of 3-31-11 — $837,361 $837,361
Change in unrealized at year end* — (456,557) (456,557)

 

*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at year end.

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 close of trading. Certain short-term securities are valued at amortized cost.

Annual report | Rainier Growth Fund 27

 


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.

Repurchase agreements. The Fund may enter into repurchase agreements. When the 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 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 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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

28 Rainier Growth 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, printing and postage, transfer agent fees and state registration fees, 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 $414,580,785 available to offset future net realized capital gains as of March 31, 2011.

At March 31, 2011, capital loss carryforward available to offset future realized gains is as follows:

CAPITAL LOSS CARRYFORWARD EXPIRING AT MARCH 31  
2012 2016 2017 2018
$86,800,122 $25,121,985 $47,871,200 $254,787,478

 

It is estimated that $81,871,220 of the loss carryforward, which was acquired on October 3, 2008, in a merger with John Hancock Technology Fund, will likely expire unused because of limitations.

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 March 31, 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 March 31, 2011 and March 31, 2010 was as follows:

  MARCH 31, 2011 MARCH 31, 2010
Ordinary Income $1,125,869 $42,492

 

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 March 31, 2011, the Fund had no distributable earnings on a tax basis.

Annual report | Rainier Growth Fund 29

 


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 net operating losses, expiration of capital loss carryforward, wash sale loss deferrals and merger related transactions.

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 Fund. 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 based on aggregate net assets of the Fund and John Hancock Growth Equity Trust (Growth Equity). Growth Equity is a series of John Hancock Variable Insurance Trust (formerly John Hancock Trust), an affiliate of the Fund, managed by the Adviser. The management fee is equivalent, on an annual basis, to the sum of: (a) 0.750% of the first $3,000,000,000 of the Fund’s aggregate net assets; (b) 0.725% of the next $3,000,000,000; and (c) 0.700% of the Fund’s aggregate net assets in excess of $6,000,000,000. The Adviser has a subadvisory agreement with Rainier Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.75% 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, shareholder services fees and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements and limits are such that these expenses will not exceed 1.35%, 2.10%, 2.10%, 0.94%, 1.69%, 1.59%, 1.29%, 0.99%, 1.40% and 1.14% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class T and Class ADV shares, respectively. The expense reimbursements and limits will continue in effect until July 31, 2011. Prior to August 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 0.92% for Class I shares. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.80%, 1.65%, 1.35%, 1.05% and 1.98% for Class R1, Class R3, Class R4, Class R5 and Class T shares, respectively.

30 Rainier Growth Fund | Annual report

 


Accordingly, these expense reductions amounted to $9,473, $13,980, $12,389, $12,602, $12,712, $12,825 and $40,989 for Class B, Class C, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively, for the year ended March 31, 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. The accounting and legal services fees incurred for the year ended March 31, 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, Class T and Class ADV 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 for each class of the Fund’s shares.

CLASS 12b–1 FEE 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 T 0.30% —
Class ADV 0.25% —

 

Currently, only 0.25% is charged to Class A shares for 12b-1 fees.

Sales charges. Class A and Class T shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $125,006 and $40,962, respectively, for the year ended March 31, 2011. Of this amount, $16,146 and $6,189 were retained and used for printing prospectuses, advertising, sales literature and other purposes, $87,527 and $24,195 were paid as sales commissions to broker-dealers and $21,333 and $10,578 were paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser for Class A and Class T shares, respectively.

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 March 31, 2011, CDSCs received by the Distributor amounted to $54,175 and $1,193 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. Class NAV shares do

Annual report | Rainier Growth Fund 31

 


not pay transfer agent fees. 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, B, C, R1, R3, R4, R5, T and ADV 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 for Class A, B, C, I, R1, R3, R4, R5 and T shares. Class ADV shares were not assessed for these monthly fees.

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

Class level expenses. Class level expenses for the year ended March 31, 2011 were:

  DISTRIBUTION TRANSFER STATE PRINTING AND
CLASS AND SERVICE FEES AGENT FEES REGISTRATION FEES POSTAGE
Class A $953,053 $852,895 $26,843 $45,073
Class B 316,893 85,126 15,060 3,359
Class C 216,119 57,325 14,798 5,950
Class I — 97,981 27,854 —
Class R1 281 360 13,388 57
Class R3 208 278 13,595 —
Class R4 71 278 13,595 —
Class R5 — 278 13,595 —
Class T 236,158 255,135 3,201 25,115
Class ADV 45,393 39,145 14,880 2,712
Total $1,768,176 $1,388,801 $156,809 $82,266

 

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.

32 Rainier Growth Fund | Annual report

 


Note 5 — Fund share transactions

Transactions in Fund shares for the year ended March 31, 2011 and year ended March 31, 2010 were as follows:

  Year ended 3-31-11 Year ended 3-31-10
  Shares Amount Shares Amount
Class A shares        
Sold 3,094,419 $57,820,459 4,995,167 $79,987,175
Issued in reorganization (Note 7) — — 4,832,192 76,878,774
Exchanged from Class R2 — — 4,460 69,930
Repurchased (4,714,525) (89,251,765) (3,868,875) (63,049,457)
 
Net increase (decrease) (1,620,106) ($31,431,306) 5,962,944 $93,886,422
 
Class B shares        
Sold 142,985 $2,677,017 153,015 $2,413,612
Issued in reorganization (Note 7) — — 916,109 14,459,832
Repurchased (748,365) (13,742,006) (1,145,331) (18,226,006)
 
Net decrease (605,380) ($11,064,989) (76,207) ($1,352,562)
 
Class C shares        
Sold 52,563 $977,754 81,494 $1,284,710
Issued in reorganization (Note 7) — — 373,087 5,888,163
Repurchased (321,596) (5,930,646) (308,528) (4,923,072)
 
Net increase (decrease) (269,033) ($4,952,892) 146,053 $2,249,801
 
Class I shares        
Sold 2,591,470 $49,596,314 3,279,891 $52,265,579
Distributions reinvested 8,647 178,817 416 7,253
Repurchased (2,889,847) (53,823,414) (2,314,726) (37,707,245)
 
Net increase (decrease) (289,730) ($4,048,283) 965,581 $14,565,587
 
Class R shares        
Exchanged for Class R1 — — (4,669) ($72,849)
 
Net decrease — — (4,669) ($72,849)
 
Class R1 shares        
Sold 1,300 $26,275 451 $7,546
Exchanged from Class R — — 4,654 72,849
Repurchased (125) (2,162) (3) (46)
 
Net increase 1,175 $24,113 5,102 $80,349
 
Class R2 shares        
Exchanged for Class A — — (4,452) ($69,930)
 
Net decrease — — (4,452) ($69,930)
 
Class R5 shares        
Distributions reinvested 2 $41 — —
 
Net increase 2 $41 — —
 
Class T shares        
Sold 87,219 $1,620,253 143,513 $2,254,141
Repurchased (707,067) (13,076,910) (1,159,979) (18,515,245)
 
Net decrease (619,848) ($11,456,657) (1,016,466) ($16,261,104)

 

Annual report | Rainier Growth Fund 33

 


  Year ended 3-31-11 Year ended 3-31-10
  Shares Amount Shares Amount
Class ADV shares        
Sold 410,535 $7,788,383 476,085 $7,145,887
Repurchased (340,936) (6,229,450) (795,118) (12,194,104)
 
Net increase (decrease) 69,599 $1,558,933 (319,033) ($5,048,217)
 
Class NAV shares        
Sold 2,133,669 $40,791,972 7,913,853 $117,933,320
Distributions reinvested 43,885 907,978 1,923 33,551
Repurchased (2,810,046) (53,058,404) (650,429) (11,156,015)
Net increase (decrease) (632,492) ($11,358,454) 7,265,347 $106,810,856
 
Net increase (decrease) (3,965,813) ($72,729,494) 12,924,200 $194,788,353

 

There were no Fund share transactions for the years ended March 31, 2011 and March 31, 2010 for Class R3 and Class R4 shares.

Affiliates of the Fund owned 82%, 100%, 100%, 100% and 100% of shares of beneficial interest of Class R1, Class R3, Class R4, Class R5 and Class NAV shares, respectively, on March 31, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,288,393,551 and $1,371,217,802, respectively, for the year ended March 31, 2011.

Note 7 — Reorganization

On September 25, 2009, the shareholders of John Hancock Health Sciences Fund (the Acquired Fund) voted to approve an Agreement and Plan of Reorganization (the Agreement) in exchange for a representative amount of shares of John Hancock Rainier Growth Fund (the Acquiring Fund).

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Acquired Fund in exchange for a representative amount of shares of the Acquiring Fund; (b) the liquidation of the Acquired Fund; and (c) the distribution to the Acquired Fund’s shareholders of such Acquiring Fund’s shares. The reorganization consolidated the Acquired Fund with a fund with a similar objective and the combined fund is better positioned in the market to increase asset size and achieve economies of scale. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Acquired Fund or its shareholders. Thus, the investments were transferred to the Acquiring Fund at the Acquired Fund’s identified cost. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Acquired Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on October 2, 2009.

34 Rainier Growth Fund | Annual report

 


The following outlines the reorganization:
SHARES SHARES
ACQUIRED NET DEPRECIATION REDEEMED ISSUED ACQUIRING
ASSET VALUE OF OF ACQUIRED BY THE BY THE ACQUIRING FUND FUND TOTAL NET
ACQUIRING ACQUIRED THE ACQUIRED FUND’S ACQUIRED ACQUIRING NET ASSETS PRIOR ASSETS AFTER
FUND FUND FUND INVESTMENTS FUND FUND TO COMBINATION COMBINATION
Rainier Health $97,226,769 $412,956 3,813,093 6,121,388 $1,174,437,197 $1,271,663,966
Growth Sciences
Fund Fund

 

Because the combined Fund has been managed as a single integrated Fund since the reorganization was completed, it is not practicable to separate the amounts of net investment income and gains attributable to the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations for the year ended March 31, 2010. See Note 5 for capital shares issued in connection with the above referenced reorganization.

Annual report | Rainier Growth Fund 35

 


Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Rainier 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 Rainier Growth Fund (the “Fund”) at March 31, 2011, and the results of its operations for the year ended, the changes in its net assets for the two years then ended and the financial highlights for the three years then ended, 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 March 31, 2011 by correspondence with the custodian, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

The financial highlights of the Fund for the periods ending on or before March 31, 2008 were audited by another independent registered public accounting firm, whose report dated May 20, 2008 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 20, 2011

36 Rainier 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 March 31, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended March 31, 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 for calendar year 2011.

Annual report | Rainier Growth Fund 37

 


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).

 

38 Rainier 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, 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 | Rainier Growth Fund 39

 


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).

 

40 Rainier 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, 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.

Annual report | Rainier Growth Fund 41

 


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* Rainier Investment Management, 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  
 
Charles A. Rizzo  
Chief Financial Officer  
 
Salvatore Schiavone  
Treasurer  
 
*Member of the Audit Committee  
†Non-Independent Trustee  

 

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 

 

42 Rainier 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 Rainier Growth Fund. 3340A 3/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. 5/11

 




John Hancock Leveraged Companies Fund   
 
Table of Contents   
 
Management’s discussion of Fund performance  Page 3 
A look at performance  Page 4 
Your expenses  Page 6 
Portfolio summary  Page 7 
Portfolio of investments  Page 8 
Financial statements  Page 12 
Financial highlights  Page 15 
Notes to financial statements  Page 19 
Trustees and Officers  Page 28 
More information  Page 36 

 

2 

 


John Hancock Leveraged Companies Fund

Management’s Discussion of Fund Performance

By John Hancock Asset Management (formerly MFC Global Investment Management (U.S.), LLC) 1

The 12 months ended March 31, 2011 included an ongoing rebound by the economy and financial markets, supported by stimulative monetary and fiscal policies. These included the extension of Bush-era tax cuts and the Federal Reserve’s decision to enact a second round of quantitative easing. Against that backdrop, investors continued to reach for risk assets, making for positive returns for stocks and credit-sensitive bonds. For the 12 month period, John Hancock Leveraged Companies Fund’s Class A shares posted a total return of 12.09% at net asset value. That compares with the 24.17% return of the Fund’s benchmark, the Credit Suisse Leveraged Equity Index, the 15.65% return of the broad S&P 500 Index, the 14.18% return of the Bank of America Merrill Lynch U.S. High Yield Master II Index and the 11.97% average return of the moderate allocation funds tracked by Morningstar, Inc.

The Fund managed positive, double-digit gains thanks to significant contributions from a broad range of investments, including stakes in cable, media, finance and auto-related securities. Leading contributions came from holding the stock and convertible bonds of Sirius XM Radio, Inc. and the stock and corporate bonds of Canadian Satellite Radio Holdings, Inc., whose subscriber growth is tied to auto sales. Auto battery and parts makers Exide Technologies, Autoliv, Inc. and Tenneco, Inc. were other leading auto-related contributors. In addition, the stock of paper and packaging company Smurfit-Stone Container Corp. made a key contribution when it became the target of a takeover offer at a significant premium. Charter Communications, Inc., Cablevision Systems Corp. and Time Warner Cable, Inc. were key contributors in the cable and media space.

Two of the largest detractors were airline securities hurt by the effect of $100 a barrel oil -- Delta Air Lines, Inc. and United Continental Holdings, Inc. Nevertheless, we believe our investment thesis for the sector remains intact as airlines continue to benefit from debt reduction, ample liquidity, industry consolidation, cost controls and capacity discipline. These factors have so far allowed the airlines to maintain profitability and pass through fare increases despite modest economic growth and surging oil prices. A number of other detractors were gaming securities hurt by regional economic downturns, including the stocks and convertible securities of Greektown Superholdings, Inc., Mashantucket Western Pequot Tribe and Trump Entertainment Resorts, Inc.

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. 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.

Past performance is no guarantee of future results.

1 Manulife Asset Management (US) LLC is doing business as John Hancock Asset Management.

3 

 


A Look at Performance 

Leveraged Companies Fund 

For the period ended March 31, 2011 

  Average annual total returns (%)    Cumulative total returns (%)     
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since         Since 
Class  1-year  5-year  10-year  Inception1  1-year  5-year  10-year  Inception1 
A  6.46  -  -  9.42  6.46  -  -  30.03 
B  6.33  -  -  9.76  6.33  -  -  31.22 
C  10.33  -  -  10.61  10.33  -  -  34.22 
I2  12.66  -  -  11.78  12.66  -  -  38.40 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7 31 11. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:  

         
  Class A  Class B  Class C  Class I 
Net (%)  1.35  2.05  2.05  0.89 
Gross (%)  10.79  11.50  11.50  9.17 

 

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 performance data current to the most recent month end, 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. 

Footnotes on the following page. 

4 

 


A look at performance


  Class B  Class C4  Class I2 
Began  5-1-08  5-1-08  5-1-08 
NAV  $13,422  $13,422  $13,840 
POP  $13,122  $13,422  $13,840 
Index 1  $9,850  $9,850  $9,850 
Index 2  $10,225  $10,225  $10,225 
Index 3  $13,739  $13,739  $13,739 

 

Credit Suisse Leveraged Equity Index is an unmanaged market-weighted index designed to represent securities of the investable universe of the U.S. dollar denominated high-yield debt market.

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

Bank of America Merrill Lynch U.S. High Yield Master II Index is an unmanaged index composed of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers.

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 From 5-1-08.

2 For certain types of investors, as described in the Fund’s prospectuses.

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

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

Annual report | Leveraged Companies Fund 
5

 


Leveraged Companies Fund
Your expenses

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

Understanding your 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 (if applicable), 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 your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,131.40  $7.17 
Class B  1,000.00  1,128.00  10.88 
Class C  1,000.00  1,128.00  10.88 
Class I  1,000.00  1,135.00  4.74 

 

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 March 31, 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:

Example

[ My account value $8,600.00 / $1,000.00 = 8.6 ] x $[ “expenses paid” from table ] = My actual expenses

Hypothetical example for comparison purposes

This table allows you to compare your 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 your fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2010, with the same investment held until March 31, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,018.20  $6.79 
Class B  1,000.00  1,014.70  10.30 
Class C  1,000.00  1,014.70  10.30 
Class I  1,000.00  1,020.50  4.48 

 

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% and 0.89% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

6 

 

Leveraged Companies Fund
Portfolio Summary

  Value as a 
  percentage of 
Top 10 Holdings1 (55.2% of Net Assets)  Fund's net assets 
Delta Air Lines, Inc.  8.8% 
Greektown Superholdings, Inc., Series A  7.9% 
Exide Technologies  6.5% 
Charter Communications, Inc., Class A  6.0% 
Sirius XM Radio, Inc.  6.0% 
US Airways Group, Inc.  5.4% 
United Continental Holdings, Inc.  5.0% 
Ford Motor Company (Expiration Date 01/01/2013; Strike Price $9.20)  3.5% 
MBIA Insurance Corp. (14.000% to 01/15/2013, then 3 month LIBOR + 11.260%)  3.1% 
AMR Corp.  3.0% 
 
  Value as a 
  percentage of 
Sector Composition2  Fund's net assets 
Consumer Discretionary  46% 
Industrials  28% 
Financials  14% 
Materials  3% 
Investment Companies  3% 
Telecommunication Services  1% 
Health Care  1% 
Consumer Staples  1% 
Securities Lending Collateral & Other  3% 
 
  Value as a 
  percentage of 
Portfolio Composition  Fund's net assets 
Common Stocks  69% 
Preferred Securities  8% 
Corporate Bonds  8% 
Convertible Bonds  5% 
Warrants  4% 
Investment Companies  3% 
Securities Lending Collateral & Other  3% 

 

1 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.

See notes to financial statements   
 
7 

 

 

Leveraged Companies Fund
As of 3-31-11

  Shares  Value 
 
Common Stocks 69.59%    $1,228,420 
(Cost $963,690)     
 
Consumer Discretionary 29.10%    513,748 
Auto Components 10.38%     
Autoliv, Inc.  150  11,135 
Exide Technologies (I)  10,220  114,260 
Federal Mogul Corp. (I)  800  19,920 
Tenneco, Inc. (I)  894  37,950 
 
Hotels, Restaurants & Leisure 0.90%     
Greektown Superholdings, Inc. (I)  92  8,194 
Trump Entertainment Resorts, Inc. (I)  260  1,170 
Wendy's/Arby's Group, Inc., Class A  1,285  6,464 
 
Media 17.82%     
Cablevision Systems Corp., Class A  1,495  51,742 
Canadian Satellite Radio Holdings, Inc., Class A (I)  5,900  19,170 
Charter Communications, Inc., Class A (I)  2,104  106,526 
Madison Square Garden, Inc., Class A (I)  373  10,067 
Sirius XM Radio, Inc. (I)  64,006  106,250 
SuperMedia, Inc. (I)  91  568 
Time Warner Cable, Inc.  285  20,332 
 
Consumer Staples 0.63%    11,133 
Food Products 0.63%     
Kraft Foods, Inc., Class A  355  11,133 
 
Energy 0.19%    3,335 
Oil, Gas & Consumable Fuels 0.19%     
Dominion Petroleum, Ltd., GDR (I)  33,000  3,335 
 
Financials 10.79%    190,449 
Capital Markets 3.79%     
American Capital, Ltd. (I)  560  5,544 
Janus Capital Group, Inc.  460  5,736 
Knight Capital Group, Inc., Class A (I)  160  2,144 
Morgan Stanley  525  14,343 
Solar Senior Capital, Ltd. (I)  360  6,707 
Tetragon Financial Group, Ltd.  1,365  10,370 
The Blackstone Group LP  350  6,258 
The Goldman Sachs Group, Inc.  100  15,847 
 
Commercial Banks 0.70%     
Wells Fargo & Company  390  12,363 
 
Consumer Finance 0.29%     
Discover Financial Services  215  5,186 
 
Diversified Financial Services 3.82%     
Bank of America Corp.  3,320  44,256 
Citigroup, Inc. (I)  785  3,470 
KKR Financial Holdings LLC  2,010  19,678 
 
Insurance 0.20%     
American International Group, Inc. (I)  100  3,514 
 
Real Estate Investment Trusts 1.30%     
iStar Financial, Inc. (I)  2,500  22,950 

 

See notes to financial statements   
 
8 

 

 

Leveraged Companies Fund
As of 3-31-11

  Shares  Value 
Financials (continued)     
Thrifts & Mortgage Finance 0.69%     
The PMI Group, Inc. (I)  4,475  $12,083 
 
Health Care 0.67%    11,850 
Pharmaceuticals 0.67%     
Johnson & Johnson  200  11,850 
 
Industrials 23.70%    418,321 
Aerospace & Defense 0.50%     
AAR Corp. (I)  315  8,732 
 
Air Freight & Logistics 0.50%     
FedEx Corp.  95  8,887 
 
Airlines 21.92%     
Delta Air Lines, Inc. (I)  15,843  155,261 
Pinnacle Airlines Corp. (I)  8,265  47,524 
United Continental Holdings, Inc. (I)(L)  3,840  88,282 
US Airways Group, Inc. (I)(L)  11,000  95,810 
 
Building Products 0.17%     
USG Corp. (I)  185  3,082 
 
Road & Rail 0.36%     
Union Pacific Corp.  65  6,391 
 
Trading Companies & Distributors 0.25%     
TAL International Group, Inc.  120  4,352 
 
Information Technology 0.42%    7,354 
Software 0.42%     
Microsoft Corp.  290  7,354 
 
Materials 3.16%    55,760 
Chemicals 2.80%     
American Pacific Corp. (I)  6,550  39,824 
Huntsman Corp.  550  9,559 
 
Containers & Packaging 0.36%     
Smurfit-Stone Container Corp. (I)  165  6,377 
 
Telecommunication Services 0.69%    12,264 
Wireless Telecommunication Services 0.69%     
Leap Wireless International, Inc. (I)  275  4,260 
Sprint Nextel Corp. (I)  1,725  8,004 
Utilities 0.24%    4,206 
Independent Power Producers & Energy Traders 0.24%     
Calpine Corp. (I)  265  4,206 
Preferred Securities 8.25%    $145,652 
(Cost $164,208)     
 
Consumer Discretionary 8.25%    145,652 
Auto Components 0.36%     
The Goodyear Tire & Rubber Company, 5.875%  126  6,436 

 

See notes to financial statements   
9 

 

 


Leveraged Companies Fund
As of 3-31-11

      Shares  Value 
Consumer Discretionary (continued)         
Hotels, Restaurants & Leisure 7.89%         
Greektown Superholdings, Inc., Series A (I)      1,563  $139,216 
 
    Maturity  Par value   
  Rate (%)  date    Value 
Corporate Bonds 7.80%        $137,688 
(Cost $160,864)         
 
Consumer Discretionary 3.30%        58,238 
Hotels, Restaurants & Leisure 0.68%         
Fontainebleau Las Vegas Holdings LLC (H)(S)  10.250  06/15/15  $100,000  500 
Mashantucket Western Pequot Tribe, Series A (H)(S)  8.500  11/15/15  115,000  11,500 
 
Media 2.62%         
Canadian Satellite Radio Holdings, Inc.  12.750  02/15/14  45,000  46,238 
SuperMedia, Inc., Escrow Certificates (I)  —  11/15/16  115,000  0 
 
Financials 3.12%        55,000 
Insurance 3.12%         
MBIA Insurance Corp. (14.000% to 01/15/2013, then 3 month         
LIBOR + 11.260%) (S)  14.000  01/15/33  100,000  55,000 
 
Industrials 1.38%        24,450 
Aerospace & Defense 1.38%         
Colt Defense LLC/Colt Finance Corp. (S)  8.750  11/15/17  30,000  24,450 
 
Convertible Bonds 4.78%        $84,420 
(Cost $72,898)         
 
Consumer Discretionary 1.80%        31,800 
Media 1.80%         
XM Satellite Radio, Inc. (S)  7.000  12/01/14  24,000  31,800 
 
Industrials 2.98%        52,620 
Airlines 2.98%         
AMR Corp.  6.250  10/15/14  50,000  52,620 
 
      Shares  Value 
 
Investment Companies 2.50%        $44,019 
(Cost $35,419)         
 
iShares MSCI Japan Index Fund      1,880  19,383 
ProShares Ultra Dow 30      315  19,508 
ProShares Ultra MSCI Japan      75  5,128 
 
Warrants 3.57%        $63,037 
(Cost $66,806)         
 
Consumer Discretionary 3.54%        62,447 
Charter Communications, Inc., Class A (Expiration Date: 11/30/2014; Strike Price:     
$46.86) (I)      102  1,199 
Ford Motor Company (Expiration Date 01/01/2013; Strike Price $9.20) (I)    9,600  61,248 
 
Financials 0.03%        590 
American International Group, Inc. (Expiration Date 01/19/2021; Strike Price $45.00) (I)  53  590 

 

See notes to financial statements   
 
10 

 


Leveraged Companies Fund
As of 3-31-11

  Yield  Shares  Value 
Securities Lending Collateral 8.02%      $141,510 
(Cost $141,514)       
 
John Hancock Collateral Investment Trust (W)  0.2867% (Y)  14,141  141,510 
 
Total investments (Cost $1,605,399)† 104.51%      $1,844,746 
Other assets and liabilities, net (4.51%)      ($79,590) 
Total net assets 100.00%      $1,765,156 

 

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

GDR Global Depositary Receipt

LIBOR London Interbank Offered Rate

MSCI Morgan Stanley Capital International

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 3-31-11.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

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

(Y) The rate shown is the annualized seven-day yield as of 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $1,612,575. Net unrealized appreciation aggregated $232,171, of which $434,784 related to appreciated investment securities and $202,613 related to depreciated investment securities.

See notes to financial statements   
 
11 

 


Leveraged Companies Fund

Statement of Assets and Liabilities — March 31, 2011

Assets   
Investments in unaffiliated issuers, at value   
(Cost $1,463,885) including $133,080 of   
securities loaned (Note 2)  $1,703,236 
Investments in affiliated issuers, at value (Cost   
$141,514) (Note 2)  141,510 
 
Total investments, at value (Cost $1,605,399)  1,844,746 
 
Cash  94,588 
Dividends and interest receivable  6,821 
Receivable for securities lending income  23 
Receivable due from adviser  297 
Other receivables and prepaid expenses  72 
 
Total assets  1,946,547 
 
 
Liabilities   
Payable for investments purchased  24 
Payable upon return of securities loaned (Note   
2)  141,500 
Payable to affiliates   
Accounting and legal services fees  29 
Transfer agent fees  353 
Trustees' fees  14 
Other liabilities and accrued expenses  39,471 
 
Total liabilities  181,391 
 
 
Net assets   
Capital paid-in  $1,539,520 
Accumulated undistributed net investment   
income  5,336 
Accumulated net realized loss on investments   
and foreign currency transactions  (19,023) 
Net unrealized appreciation (depreciation) on   
investments and translation of assets and   
liabilities in foreign currencies  239,323 
 
Net assets  $1,765,156 
 
 
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 ($342,402 ÷ 29,307 shares)  $11.68 
Class B ($335,489 ÷ 28,802 shares)1  $11.65 
Class C ($335,473 ÷ 28,803 shares)1  $11.65 
Class I ($751,792 ÷ 64,221 shares)  $11.71 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $12.29 

 

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   
 
12 

 


Leveraged Companies Fund

Statement of Operations — For the Year Ended March 31, 2011

Investment income   
Interest  $26,272 
Dividends  8,191 
Securities lending  376 
Less foreign taxes withheld  (71) 
 
Total investment income  34,768 
 
Expenses   
Investment management fees (Note 5)  10,797 
Distribution and service fees (Note 5)  7,338 
Accounting and legal services fees (Note 5)  183 
Transfer agent fees (Note 5)  1,673 
Trustees' fees (Note 5)  167 
State registration fees (Note 5)  139 
Professional fees  48,843 
Custodian fees  16,836 
Registration and filing fees  15,495 
Other  8,071 
 
Total expenses  109,542 
 
Less expense reductions (Note 5)  (87,681) 
 
Net expenses  21,861 
 
Net investment income  12,907 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  (5,038) 
Investments in affiliated issuers  29 
Foreign currency transactions  (1,788) 
  (6,797) 
 
Change in net unrealized appreciation   
(depreciation) of   
Investments in unaffiliated issuers  145,698 
Investments in affiliated issuers  2 
Translation of assets and liabilities in foreign   
currencies  322 
  146,022 
 
Net realized and unrealized gain  139,225 
 
Increase in net assets from operations  $152,132 

 

See notes to financial statements.   
 
13 

 


Leveraged Companies Fund     
 
Statements of Changes in Net Assets     
 
 
  Year ended  Year ended 
  3-31-11  3-31-10 
 
Increase (decrease) in net assets     
From operations     
Net investment income  $12,907  $28,945 
Net realized gain (loss)  (6,797)  106,434 
Change in net unrealized appreciation     
(depreciation)  146,022  646,527 
 
Increase in net assets resulting from     
operations  152,132  781,906 
 
 
Distributions to shareholders     
From net investment income     
Class A  (3,450)  (14,079) 
Class B  (1,313)  (12,806) 
Class C  (1,312)  (12,807) 
Class I  (6,583)  (14,628) 
From net realized gain     
Class A  (8,144)  (4,304) 
Class B  (8,052)  (4,275) 
Class C  (8,053)  (4,276) 
Class I  (11,545)  (4,316) 
Total distributions  (48,452)  (71,491) 
 
From Fund share transactions (Note 6)  319,964  191,393 
 
 
Total increase  423,644  901,808 
 
Net assets     
Beginning of year  1,341,512  439,704 
 
End of year  $1,765,156  $1,341,512 
 
Accumulated undistributed net investment     
income  $5,336  $3,732 

 

See notes to financial statements.   
 
14 

 


Leveraged Companies Fund

Financial Highlights (For a share outstanding throughout the period)

Class A Shares       
 
Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $10.78  $4.19  $10.00 
Net investment income2  0.12  0.29  0.33 
Net realized and unrealized gain (loss) on       
investments  1.19  7.00  (5.83) 
 
Total from investment operations  1.31  7.29  (5.50) 
 
Less distributions       
From net investment income  (0.12)  (0.54)  (0.31) 
From net realized gain  (0.29)  (0.16)  — 
 
Total distributions  (0.41)  (0.70)  (0.31) 
 
Net asset value, end of period  $11.68  $10.78  $4.19 
 
Total return (%)3,4  12.09  177.42  (55.97)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $342  $305  $110 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  7.43  10.56  13.916 
Expenses net of fee waivers  1.35  1.41  1.216 
Expenses net of fee waivers and credits  1.35  1.35  1.216 
Net investment income  1.07  3.63  4.876 
Portfolio turnover (%)  34  83  18 

 

1 The inception date for Class A shares is 5-1-08.
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 Annualized.

See notes to financial statements   
 
15 

 


Leveraged Companies Fund

Financial Highlights (For a share outstanding throughout the period)

Class B Shares       
 
Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $10.76  $4.19  $10.00 
Net investment income2  0.04  0.23  0.28 
Net realized and unrealized gain (loss) on       
investments  1.19  6.99  (5.82) 
Total from investment operations  1.23  7.22  (5.54) 
 
Less distributions       
From net investment income  (0.05)  (0.49)  (0.27) 
From net realized gain  (0.29)  (0.16)  — 
Total distributions  (0.34)  (0.65)  (0.27) 
 
Net asset value, end of period  $11.65  $10.76  $4.19 
 
Total return (%)3,4  11.33  175.60  (56.26)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $335  $301  $109 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  8.13  11.27  14.586 
Expenses net of fee waivers  2.05  2.11  1.916 
Expenses net of fee waivers and credits  2.05  2.05  1.916 
Net investment income  0.37  2.93  4.166 
Portfolio turnover (%)  34  83  18 

 

1 The inception date for Class B shares is 5-1-08.
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 Annualized.

See notes to financial statements   
 
16 

 


Leveraged Companies Fund

Financial Highlights (For a share outstanding throughout the period)

Class C Shares       
 
Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $10.76  $4.19  $10.00 
Net investment income2  0.04  0.23  0.28 
Net realized and unrealized gain (loss) on       
investments  1.19  6.99  (5.82) 
Total from investment operations  1.23  7.22  (5.54) 
 
Less distributions       
From net investment income  (0.05)  (0.49)  (0.27) 
From net realized gain  (0.29)  (0.16)  — 
Total distributions  (0.34)  (0.65)  (0.27) 
 
Net asset value, end of period  $11.65  $10.76  $4.19 
 
Total return (%)3,4  11.33  175.60  (56.26)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $335  $301  $109 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  8.13  11.27  14.596 
Expenses net of fee waivers  2.05  2.11  1.916 
Expenses net of fee waivers and credits  2.05  2.05  1.916 
Net investment income  0.37  2.93  4.166 
Portfolio turnover (%)  34  83  18 

 

1 The inception date for Class C shares is 5-1-08.
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 Annualized.

See notes to financial statements   
 
17 

 


Leveraged Companies Fund

Financial Highlights (For a share outstanding throughout the period)

Class I Shares       
 
Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $10.79  $4.19  $10.00 
Net investment income2  0.17  0.32  0.35 
Net realized and unrealized gain (loss) on       
investments  1.20  7.00  (5.83) 
Total from investment operations  1.37  7.32  (5.48) 
 
Less distributions       
From net investment income  (0.16)  (0.56)  (0.33) 
From net realized gain  (0.29)  (0.16)  — 
Total distributions  (0.45)  (0.72)  (0.33) 
 
Net asset value, end of period  $11.71  $10.79  $4.19 
 
Total return (%)3  12.66  178.23  (55.85)4 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $752  $433  $111 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  7.03  9.14  13.625 
Expenses net of fee waivers  0.93  1.09  0.905 
Expenses net of fee waivers and credits  0.93  1.04  0.905 
Net investment income  1.48  4.01  5.185 
Portfolio turnover (%)  34  83  18 

 

1 The inception date for Class I shares is 5-1-08.
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 Annualized.

See notes to financial statements   
 
18 

 


Leveraged Companies
Notes to financial statements

Note 1 — Organization

John Hancock Leveraged Companies 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 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. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, transfer agent fees, printing and postage and state registration 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, credit quality and fundamental financial data of the underlying issuer. 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 March 31, 2011 by major security category or type:

  Total    Level 2  Level 3 
  Market  Level 1  Significant  Significant 
  Value at  Quoted  Observable Unobservable 
  3-31-11  Price  Inputs  Inputs 
Common Stocks  $1,228,420  $1,205,351  $13,705  $9,364 
Preferred Securities  145,652  6,436  —  139,216 
Corporate Bonds  137,688  —  137,688  — 
Convertible Bonds  84,420  —  84,420  — 
Investment Companies  44,019  44,019  —  — 
Warrants  63,037  63,037  —  — 
Securities Lending Collateral  141,510  141,510  —  — 
Total Investments in Securities  $1,844,746  $1,460,353  $235,813  $148,580 

 

19 

 


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.

  Common  Preferred  Corporate   
Investment in Securities  Stocks  Securities  Bonds  Total 
Balance as of 3-31-10  —  $16,983  $25,571  $42,554 
Realized gain (loss)  —  9,523  —  9,523 
Change in unrealized appreciation         
(depreciation)  ($8,271)  (29,473)  (2,013)  (39,757) 
Purchases  17,635  157,908  —  175,543 
Sales  —  (15,725)  —  (15,725) 
Transfers into Level 3  —  —  —  — 
Transfers out of Level 3  —  —  (23,558)  (23,558) 
Balance as of 3-31-11  $9,364  $139,216  —  $148,580 
Change in unrealized at period end*  ($8,271)  ($18,692)  ($2,013)  ($28,976) 

 

*Change in unrealized appreciation (depreciation) attributable to level 3 securities held at the period end.

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 by the Fund in open-end management investment companies are valued at their respective net asset values each business day. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies, including forward foreign 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, which may include methodologies based on market inputs, income assumptions, or cost basis. Such securities represent 8.4% of net assets as of March 31, 2011. 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

20 

 


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. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful.

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.

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. 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.

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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011 the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

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.

21 

 


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.

Net capital losses of $11,847, that are a result of security transactions occurring after October 31, 2010 are treated as occurring on April 1, 2011, the first day of the Fund’s next taxable year.

As of March 31, 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 March 31, 2011 and March 31, 2010 was as follows:

  March 31, 2011  March 31, 2010 
Ordinary Income  $44,990  $64,128 
Long-Term Capital Gain  3,462  7,363 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of expenses that may be applied differently to each class. As of March 31, 2011, the components of distributable earnings on a tax basis included $5,318 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 defaulted bonds, foreign currency transactions and partnerships.

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.

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

22 

 


forward agreement, 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 March 31, 2011, the Fund used forward foreign currency contracts to manage currency exposure from a non-US common stock portfolio holding. The following table summarizes the contracts held at March 31, 2011. During the year ended March 31, 2011, the Fund held forward foreign currency contracts with USD absolute values ranging up to approximately $28,500, as measured at each quarter end.

  PRINCIPAL  PRINCIPAL       
  AMOUNT  AMOUNT      UNREALIZED 
  COVERED BY  COVERED BY    SETTLEMENT  APPRECIATION 
CURRENCY  CONTRACT  CONTRACT (USD)  COUNTERPARTY  DATE  (DEPRECATION) 
SELL           
EUR  20,110  $28,476  Canadian Imperial Bank  6-30-11  ($24) 
 
 
Currency Abbreviation         
EUR  Euro         

 

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) 0.750% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.725% of the next $500,000,000 of the Fund’s average net assets; and (c) 0.700% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly MFC Global Investment Management (U.S.), LLC), an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.75% of the Fund’s average daily net assets.

Effective July 1, 2010, the Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, brokerage commissions, interest, litigation and indemnification expenses 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% for Class A, 2.05% for Class B, 2.05% for Class C and 0.89% for Class I

23 

 


shares. The fee waivers and/or reimbursements will continue in effect until July 31, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.35% for Class A, 2.05% for Class B, 2.05% for Class C and 1.05% for Class I shares.

Accordingly, the expense reductions or reimbursements related to these agreements were $19,695, $19,363, $19,362 and $29,261 for Class A, Class B, Class C and Class I shares, respectively, for the year ended March 31, 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 March 31, 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 Fee 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges. For the year ended March 31, 2011, there were no up-front sales charges received by the Distributor with regard to sales of Class A shares.

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 March 31, 2011, there were no CDSCs received by the Distributor 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:

24 

 


• 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 for all share classes.

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

Class level expenses. Class level expenses for the year ended March 31, 2011 were:

  Distribution and    State registration 
Class  service fees  Transfer agent fees  fees 
Class A  $971  $487  $35 
Class B  3,184  478  35 
Class C  3,183  478  35 
Class I  —  230  34 
Total  $7,338  $1,673  $139 

 

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 March 31, 2011 and for the year ended March 31, 2010 were as follows:

  Year ended  Year ended
  3-31-11 3-31-10
  Shares  Amount  Shares  Amount 
Class A shares         
Distributions reinvested  980  $11,594  2,056  $18,382 
Repurchased  —  —  (11)  (91) 
Net increase  980  $11,594  2,045  $18,291 
 
Class B shares         
Distributions reinvested  792  $9,365  1,911  $17,081 
Net increase  792  $9,365  1,911  $17,081 
 
Class C shares         
Distributions reinvested  792  $9,365  1,911  $17,082 
Net increase  792  $9,365  1,911  $17,082 
 
Class I shares         
Sold  22,532  $271,512  11,695  $119,995 
Distributions reinvested  1,530  18,128  2,119  18,944 
Net increase  24,062  $289,640  13,814  $138,939 
Net increase  26,626  $319,964  19,681  $191,393 
 

 

Affiliates of the Fund owned 100% of the shares of beneficial interest of the Fund on March 31, 2011.

Note 7 - Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $750,923 and $484,153, respectively, for the year ended March 31, 2011.

25 

 


To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Leveraged Companies 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 Leveraged Companies Fund (the “Fund”) at March 31, 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 March 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 25, 2011

26 

 


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 March 31, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended March 31, 2011.

The Fund designates distributions to shareholders of $3,462 as a long-term capital gain dividend for the fiscal year ended March 31, 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 for calendar year 2011.

27 

 


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  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Steven R.  1944  Chairperson (since January 2011); Chairman  2006  46 
Pruchansky    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.  1940  Chief Executive Officer, Director and Treasurer,  2006  46 
Carlin    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).     

 

28 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
William H.  1944  Professor, University of Texas, Austin, Texas  2006  46 
Cunningham    (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.  1952  Chief Executive Officer, American Red  2008  46 
Jackson(2)    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 Corporation. (1996-
    2009); Board of Directors of Boston Stock     
    Exchange (2002–2008); Board of Directors     
of Harvard Pilgrim Healthcare (health
    benefits company) (since 2007).     

 

29 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Charles L.  1938  Vice Chairperson (since March 2011);  2006  46 
Ladner(2)    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).     
 
Stanley  1947  Senior Vice President/Audit Executive,  2008  46 
Martin(2)    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.  1939  President and Chief Executive Officer,  2006  46 
Moore    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).     

 

30 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Patti McGill  1943  Principal, PMP Globalinc (consulting) (since  2006  47 
Peterson(2)    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.  1949  Vice Chairman, Risk & Regulatory Matters,  2008  46 
Russo    KPMG LLP (“KPMG”) (2002–2006); Vice     
    Chairman, Industrial Markets, KPMG (1998–     
    2002).     

 

31 

 


Non-Independent Trustees(3)     
 
Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Hugh  1959  Executive Vice President, John Hancock  2010  46 
McHaffie    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).     
John G.  1955  Senior Vice President, John Hancock  2009  47 
Vrysen    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).     

 

32 

 


Principal officers who are not Trustees   
 
 
Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Keith F. Hartstein  1956  Senior Vice President, John Hancock  2006 
President and Chief    Financial Services (since 2004); Director,   
Executive Officer    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  1971  Senior Vice President, John Hancock  2009 
Senior Vice    Financial Services (since 2009); Executive   
President and Chief    Vice President, John Hancock Advisers,   
Operating Officer    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).   

 

33 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Thomas M. Kinzler  1955  Vice President, John Hancock Financial  2006 
Secretary and Chief    Services (since 2006); Secretary and Chief   
Legal Officer    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).
 
Francis V. Knox, Jr.  1947  Vice President, John Hancock Financial  2006 
Chief Compliance    Services (since 2005); Chief Compliance   
Officer    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  1957  Vice President, John Hancock Financial  2007 
Chief Financial    Services (since 2008); Senior Vice   
Officer    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).

 

34 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Salvatore  1965  Assistant Vice President, John Hancock  2010 
Schiavone    Financial Services (since 2007); Vice   
Treasurer    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 (2009-2010);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.

1Each Trustee serves until resignation, retirement age or until his or her successor is elected.

2Member of Audit Committee.

3Because 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 1040, of the Fund.

35 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management Services, LLC 
James F. Carlin   
William H. Cunningham  Subadviser 
Deborah C. Jackson*  John Hancock Asset Management 
Charles L. Ladner, Vice Chairperson*   
Stanley Martin*  Principal distributor 
Hugh McHaffie†  John Hancock Funds, LLC 
Dr. John A. Moore   
Patti McGill Peterson*  Custodian 
Gregory A. Russo  State Street Bank and Trust Company 
John G. Vrysen†   
  Transfer agent 
  John Hancock Signature Services, Inc. 
Officers   
Keith F. Hartstein  Legal counsel 
President and Chief Executive Officer  K&L Gates LLP 
Andrew G. Arnott   
Senior Vice President and Chief Operating Officer  Independent registered public accounting firm 
Thomas M. Kinzler  PricewaterhouseCoopers LLP 
Secretary and Chief Legal Officer   
Francis V. Knox, Jr.   
Chief Compliance Officer   
Charles A. Rizzo   
Chief Financial Officer   
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record, if any, 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: 
www. 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 

 

36 

 




John Hancock Small Cap Opportunities Fund

Table of Contents   
 
Management’s discussion of Fund performance  Page 3 
A look at performance  Page 4 
Your expenses  Page 6 
Portfolio summary  Page 7 
Portfolio of investments  Page 8 
Financial statements  Page 12 
Financial highlights  Page 15 
Notes to financial statements  Page 19 
Trustees and Officers  Page 29 
More information  Page 37 

 

2 

 


John Hancock Small Cap Opportunities Fund

Management’s Discussion of Fund Performance
By John Hancock Asset Management (formerly MFC Investment Management (U.S.), LLC)1

U.S. stocks posted double-digit gains for the year ended March 31, 2011. The stock market was choppy in the spring and summer of 2010 as weaker-than-expected economic data cast doubts on the sustainability of the burgeoning economic recovery. During the latter half of the year, however, economic activity improved markedly, boosting investor confidence that a full-fledged economic expansion was under way. As a result, stocks enjoyed a sharp rally over the last six months. For the full year, the broad equity indexes gained more than 15%, with small-cap stocks leading the market’s advance. In addition, growth-oriented issues outperformed value shares across all market capitalizations.

Fund performance

For the year ended March 31, 2011, John Hancock Small Cap Opportunities Fund’s Class A shares posted a total return of 34.27% at net asset value, outpacing both the 29.11% return of the average small growth fund, according to Morningstar, Inc., and the 31.04% return of the Fund’s benchmark, the Russell 2000 Growth Index.

Portfolio review

One of the primary contributing factors to the Fund’s outperformance of its benchmark index and peer group average was our ability and willingness to capitalize on investment opportunities created by day-to-day market volatility, particularly during the erratic market environment in the first six months of the year. The market fluctuations allowed us to add to some of our favorite portfolio holdings at relatively cheap prices and Fund shareholders were rewarded when these stocks rebounded during the last half of the year.

Sector allocation and stock selection were also important contributors to the Fund’s robust performance during the year. From a sector allocation perspective, overweight positions relative to the benchmark in the energy and materials sectors added value as rising commodity prices provided a lift to these segments of the market. Stock selection in the materials sector also played a significant role, led by Canadian metals producer Avalon Rare Metals, Inc. and agricultural chemicals maker LSB Industries, Inc. Other top contributors included semiconductor manufacturer Atmel Corp. and energy producer Brigham Exploration Company. The most significant individual detractors included language software maker Rosetta Stone, Inc. and gaming equipment maker WMS Industries, Inc.

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.

Investments in smaller companies may involve greater risks than those in larger, more well-known companies. See the prospectus for the risks of investing in small-cap stocks. 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.

1 Manulife Asset Management (US) LLC is doing business as John Hancock Asset Management.

3 

 


A Look at Performance 

Small Cap Opportunities Fund 

For the period ended March 31, 2011 

                  
 
  Average annual total returns (%)    Cumulative total returns (%)     
  with maximum sales charge (POP)    with maximum sales charge (POP)   
        Since       Since
Class  1-year  5-year  10-year   Inception1 1-year  5-year  10-year   Inception1
A  27.58  -  -  36.18  27.58  -  -  100.12 
B  28.31  -  -  37.49  28.31  -  -  104.46 
C  32.31  -  -  38.38  32.31  -  -  107.46 
I2  34.77  -  -  39.86  34.77  -  -  112.47 


Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7 31 11. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:  

  Class A  Class B  Class C  Class I 
Net (%)  1.65  2.35  2.35  1.19 
Gross (%)  4.26  4.96  4.96  3.75 


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 performance data current to the most recent month end, 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. 

Footnotes on the following page. 

4 

 


A look at performance

 

 
  Class B  Class C4  Class I2 
Began  1-2-09  1-2-09  1-2-09 
NAV  $20,746  $20,746  $21,247 
POP  $20,446  $20,746  $21,247 
Index  $18,962  $18,962  $18,962 


Russell 2000 Growth Index is an unmanaged index which measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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 From 1-2-09.

2 For certain types of investors, as described in the Fund’s prospectuses.

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

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

Annual report | Small Cap Opportunities Fund 

 

5 

 


Small Cap Opportunities Fund

Your expenses

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

Understanding your 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 October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,336.20  $9.61 
Class B  1,000.00  1,331.20  13.66 
Class C  1,000.00  1,331.20  13.66 
Class I  1,000.00  1,338.50  6.94 

 

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 March 31, 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:


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 October 1, 2010, with the same investment held until March 31, 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 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,016.70  $8.30 
Class B  1,000.00  1,013.20  11.80 
Class C  1,000.00  1,013.20  11.80 
Class I  1,000.00  1,019.00  5.99 


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 1.65%, 2.35%, 2.35% and 1.19% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

6 

 


Small Cap Opportunities Fund

Portfolio Summary

  Value as a 
  percentage of 
Top 10 Holdings1 (23.2% of Net Assets)  Fund's net assets 
KVH Industries, Inc.  3.1% 
Darling International, Inc.  2.8% 
Coventry Health Care, Inc.  2.7% 
Ancestry.com, Inc.  2.4% 
Atmel Corp.  2.1% 
Lazard, Ltd., Class A  2.1% 
MEDNAX, Inc.  2.0% 
Tempur-Pedic International, Inc.  2.0% 
Trex Company, Inc.  2.0% 
International Coal Group, Inc.  2.0% 
 
  Value as a 
  percentage of 
Country Concentration  Fund's net assets 
United States  75% 
Canada  15% 
Bermuda  2% 
Panama  1% 
Virgin Islands  1% 
Spain  1% 
Cayman Islands  1% 
Netherlands  1% 
Short-Term Investments & Other  3% 
 
  Value as a 
  percentage of 
Sector Concentration2  Fund's net assets 
Information Technology  24% 
Consumer Discretionary  15% 
Health Care  14% 
Industrials  12% 
Materials  12% 
Energy  10% 
Financials  7% 
Consumer Staples  3% 
Short-Term Investments & Other  3% 


1 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.

7 

 


Small Cap Opportunities Fund
As of 3-31-11

  Shares  Value 
Common Stocks 96.54%    $4,044,854 
(Cost $2,987,215)     
 
Consumer Discretionary 14.75%    617,906 
 
Diversified Consumer Services 0.95%     
Global Education & Technology Group, Ltd., ADR (I)(L)  6,491  39,791 
 
Hotels, Restaurants & Leisure 4.12%     
Bally Technologies, Inc. (I)  2,147  81,264 
Bravo Brio Restaurant Group, Inc. (I)  1,856  32,833 
WMS Industries, Inc. (I)  1,651  58,363 
 
Household Durables 4.19%     
iRobot Corp. (I)(L)  1,500  49,335 
Lennar Corp., Class A  2,283  41,368 
Tempur-Pedic International, Inc. (I)  1,673  84,754 
 
Media 1.97%     
IMAX Corp. (I)  2,577  82,412 
 
Specialty Retail 1.84%     
A.C. Moore Arts & Crafts, Inc. (I)  9,555  26,181 
Lumber Liquidators Holdings, Inc. (I)  2,045  51,105 
 
Textiles, Apparel & Luxury Goods 1.68%     
G-III Apparel Group, Ltd. (I)  1,876  70,500 
 
Consumer Staples 2.85%    119,317 
 
Food Products 2.85%     
Darling International, Inc. (I)  7,763  119,317 
 
Energy 10.16%    425,807 
 
Oil, Gas & Consumable Fuels 10.16%     
Africa Oil Corp. (I)  20,521  41,063 
Americas Petrogas, Inc. (I)  17,058  40,031 
Americas Petrogas, Inc., Common Shares (I)  12,307  30,466 
BNK Petroleum, Inc. (I)  6,130  29,717 
Brigham Exploration Company (I)(L)  1,507  56,030 
International Coal Group, Inc. (I)  7,331  82,840 
Ivanhoe Energy, Inc. (I)  18,141  50,976 
Patriot Coal Corp. (I)  2,455  63,413 
Surge Energy, Inc. (I)  3,513  31,271 
 
Financials 7.18%    300,810 
 
Capital Markets 4.59%     
Evercore Partners, Inc., Class A  1,303  44,680 
Lazard, Ltd., Class A  2,116  87,983 
Solar Senior Capital, Ltd. (I)  3,212  59,840 
 
Commercial Banks 2.59%     
East West Bancorp, Inc.  1,850  40,626 
Zions Bancorporation  2,935  67,681 

 

See notes to financial statements

8 

 


Small Cap Opportunities Fund
As of 3-31-11

  Shares  Value 
Health Care 13.66%    $572,497 
 
Biotechnology 1.15%     
Isis Pharmaceuticals, Inc. (I)  1,785  16,136 
United Therapeutics Corp. (I)  480  32,170 
 
Health Care Equipment & Supplies 4.97%     
Align Technology, Inc. (I)  2,312  47,350 
ArthroCare Corp. (I)  865  28,839 
RTI Biologics, Inc. (I)  14,962  42,791 
SonoSite, Inc. (I)  942  31,387 
Thoratec Corp. (I)  2,241  58,109 
 
Health Care Providers & Services 4.70%     
Coventry Health Care, Inc. (I)  3,491  111,328 
MEDNAX, Inc. (I)  1,284  85,527 
 
Life Sciences Tools & Services 0.05%     
Sequenom, Inc. (I)  328  2,076 
 
Pharmaceuticals 2.79%     
Impax Laboratories, Inc. (I)  1,666  42,400 
Par Pharmaceutical Companies, Inc. (I)  1,700  52,836 
Somaxon Pharmaceuticals, Inc. (I)(L)  7,614  21,548 
 
Industrials 12.29%    514,754 
 
Aerospace & Defense 2.82%     
Hexcel Corp. (I)  3,358  66,119 
The Keyw Holding Corp. (I)  4,226  51,895 
 
Air Freight & Logistics 2.03%     
Atlas Air Worldwide Holdings, Inc. (I)  601  41,902 
UTi Worldwide, Inc.  2,137  43,253 
 
Airlines 1.45%     
Copa Holdings SA, Class A  1,153  60,878 
 
Building Products 2.74%     
Quanex Building Products Corp.  1,597  31,349 
Trex Company, Inc. (I)  2,551  83,214 
 
Commercial Services & Supplies 1.26%     
Steelcase, Inc., Class A  4,652  52,940 
 
Machinery 1.20%     
Flow International Corp. (I)  493  2,164 
Graham Corp.  2,013  48,191 
 
Professional Services 0.79%     
FTI Consulting, Inc. (I)  857  32,849 
 
Information Technology 23.44%    982,012 
 
Communications Equipment 3.57%     
KVH Industries, Inc. (I)  8,579  129,714 
Meru Networks, Inc. (I)  971  19,721 
 
Electronic Equipment, Instruments & Components 0.81%     
NeoPhotonics Corp. (I)  2,983  33,738 

 

See notes to financial statements

9 

 


Small Cap Opportunities Fund
As of 3-31-11

    Shares  Value 
Information Technology (continued)       
 
Internet Software & Services 6.62%       
Ancestry.com, Inc. (I)    2,802  $99,331 
Dice Holdings, Inc. (I)    2,790  42,157 
TechTarget, Inc. (I)    6,037  53,790 
The Knot, Inc. (I)    4,096  49,357 
VistaPrint NV (I)    631  32,749 
 
IT Services 2.68%       
Cardtronics, Inc. (I)    3,526  71,754 
Telvent GIT SA    1,399  40,725 
 
Semiconductors & Semiconductor Equipment 4.06%       
Atmel Corp. (I)    6,491  88,472 
Cypress Semiconductor Corp. (I)    3,108  60,233 
Netlogic Microsystems, Inc. (I)    509  21,388 
 
Software 5.70%       
Concur Technologies, Inc. (I)    969  53,731 
Monotype Imaging Holdings, Inc. (I)    4,891  70,920 
Rosetta Stone, Inc. (I)(L)    4,280  56,539 
Ultimate Software Group, Inc. (I)    982  57,693 
 
Materials 12.21%      511,751 
 
Chemicals 4.00%       
Karnalyte Resources, Inc. (I)    2,808  35,915 
LSB Industries, Inc. (I)    2,081  82,491 
Neo Material Technologies, Inc. (I)    5,091  48,993 
 
Construction Materials 0.96%       
Eagle Materials, Inc.    1,334  40,367 
 
Metals & Mining 5.46%       
Avalon Rare Metals, Inc. (I)    9,565  77,151 
Frontier Rare Earths, Ltd. (I)    2,478  6,894 
Pretium Resources, Inc. (I)    3,296  33,725 
Rare Element Resources, Ltd. (I)(L)    5,399  70,996 
San Gold Corp. (I)    15,230  40,215 
 
Paper & Forest Products 1.79%       
Schweitzer-Mauduit International, Inc.    1,482  75,004 
 
Warrants 0.05%      $1,902 
(Cost $0)       
Frontier Rare Earths, Ltd. (Expiration Date: 11-30-12, Strike Price: CAD 4.60) (I)  4,394  1,902 
 
  Yield  Shares  Value 
 
Securities Lending Collateral 3.55%      $148,769 
(Cost $148,762)       
John Hancock Collateral Investment Trust (W)  0.2867%(Y)  14,867  148,769 

 

See notes to financial statements

10 

 


Small Cap Opportunities Fund
As of 3-31-11

  Shares  Value 
Short-Term Investments 3.96%    $166,000 
(Cost $166,000)     
 
Repurchase Agreement 3.96%    166,000 
Repurchase Agreement with State Street Corp. dated 3-31-11 at     
0.010% to be repurchased at $166,000 on 4-1-11, collateralized by     
$160,000 Federal Home Loan Mortgage Corp., 4.500% due 7-15-13     
(valued at $173,800, including interest)  166,000  166,000 
 
Total investments (Cost $3,301,977)† 104.10%    $4,361,525 
 
Other assets and liabilities, net (4.10%)    ($171,614) 
 
Total net assets 100.00%    $4,189,911 


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

CAD Canadian Dollar

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 3-31-11.

(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 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $3,396,060. Net unrealized appreciation aggregated $965,465, of which $1,089,744 related to appreciated investment securities and $124,279 related to depreciated investment securities.

 

The Fund had the following country composition as a percentage of total net assets on 3-31-11:

United States  75% 
Canada  15% 
Bermuda  2% 
Panama  1% 
Virgin Islands  1% 
Spain  1% 
Cayman Islands  1% 
Netherlands  1% 
Short-Term Investments & Other  3% 

 

See notes to financial statements

11 

 


Small Cap Opportunities Fund

Statement of Assets and Liabilities — March 31, 2011

Assets   
Investments in unaffiliated issuers, at value   
(Cost $3,153,215) including $144,051 of   
securities loaned (Note 2)  $4,212,756 
Investments in affiliated issuers, at value (Cost   
$148,762) (Note 2)  148,769 
 
Total investments, at value (Cost $3,301,977)  4,361,525 
 
Cash  877 
Foreign currency, at value (Cost $18,613)  18,746 
Receivable for investments sold  30,449 
Dividends and interest receivable  721 
Receivable for securities lending income  650 
Receivable due from adviser  177 
Other receivables and prepaid expenses  157 
 
Total assets  4,413,302 
 
Liabilities   
Payable for investments purchased  33,734 
Payable upon return of securities loaned (Note 2)  148,830 
Payable to affiliates   
Accounting and legal services fees  67 
Transfer agent fees  971 
Trustees' fees  25 
Other liabilities and accrued expenses  39,764 
 
Total liabilities  223,391 
  
Net assets   
Capital paid-in  $2,648,155 
Accumulated undistributed net investment loss  (8,816) 
Accumulated net realized gain (loss) on   
investments, written options and foreign   
currency transactions  490,732 
Net unrealized appreciation (depreciation) on   
investments and translation of assets and   
liabilities in foreign currencies  1,059,840 
 
Net assets  $4,189,911 
  
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 ($1,053,403 ÷ 61,329 shares)  $17.18 
Class B ($1,037,029 ÷ 61,161 shares)1  $16.96 
Class C ($1,037,040 ÷ 61,161 shares)1  $16.96 
Class I ($1,062,439 ÷ 61,444 shares)  $17.29 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $18.08 


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

12 

 


Small Cap Opportunities Fund

Statement of Operations — For the Year Ended March 31, 2011

Investment income   
Dividends  $13,436 
Securities lending  3,681 
Interest  15 
Less foreign taxes withheld  (43) 
 
Total investment income  17,089 
 
Expenses   
Investment management fees (Note 5)  30,302 
Distribution and service fees (Note 5)  19,239 
Accounting and legal services fees (Note 5)  415 
Transfer agent fees (Note 5)  4,153 
Trustees' fees (Note 5)  361 
State registration fees (Note 5)  221 
Professional fees  38,233 
Custodian fees  16,955 
Registration and filing fees  15,069 
Other  8,171 
 
Total expenses  133,119 
Less expense reductions (Note 5)  (71,545) 
 
Net expenses  61,574 
 
Net investment loss  (44,485) 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  821,993 
Investments in affiliated issuers  (37) 
Written options (Note 3)  1,969 
Foreign currency transactions  (828) 
  823,097 
 
Change in net unrealized appreciation   
(depreciation) of   
Investments in unaffiliated issuers  281,234 
Investments in affiliated issuers  18 
Written options (Note 3)  (144) 
Translation of assets and liabilities in foreign   
currencies  292 
  281,400 
 
Net realized and unrealized gain  1,104,497 
 
Increase in net assets from operations  $1,060,012 

 

See notes to financial statements

13 

 


Small Cap Opportunities Fund

Statements of Changes in Net Assets

  Year ended  Year ended 
  3-31-11  3-31-10 
 
Increase (decrease) in net assets     
From operations     
Net investment loss  ($44,485)  ($35,438) 
Net realized gain  823,097  434,245 
Change in net unrealized appreciation     
(depreciation)  281,400  853,399 
 
Increase in net assets resulting from     
operations  1,060,012  1,252,206 
  
Distributions to shareholders     
From net investment income     
Class A  (4,267)  — 
Class I  (6,925)  — 
From net realized gain     
Class A  (105,616)  (55,334) 
Class B  (105,671)  (55,334) 
Class C  (105,671)  (55,335) 
Class I  (105,579)  (55,335) 
 
Total distributions  (433,729)  (221,338) 
 
From Fund share transactions (Note 6)  433,729  221,338 
 
Total increase  1,060,012  1,252,206 
 
Net assets     
Beginning of year  3,129,899  1,877,693 
 
End of year  $4,189,911  $3,129,899 
 
Accumulated undistributed net investment     
loss  ($8,816)  ($14,959) 

 

See notes to financial statements

14 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class A Shares

Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $14.49  $9.39  $10.00 
Net investment loss2  (0.16)  (0.14)  (0.03) 
Net realized and unrealized gain (loss) on       
investments  4.88  6.35  (0.58) 
Total from investment operations  4.72  6.21  (0.61) 
 
Less distributions       
From net investment income  (0.08)  —  — 
From net realized gain  (1.95)  (1.11)  — 
Total distributions  (2.03)  (1.11)  — 
 
Net asset value, end of period  $17.18  $14.49  $9.39 
 
Total return (%)3,4  34.27  67.14  (6.10)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $1,053  $785  $470 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  3.71  4.03  12.346 
Expenses net of fee waivers  1.59  1.36  1.656 
Expenses net of fee waivers and credits  1.59  1.36  1.656 
Net investment loss  (1.08)  (1.07)  (1.42)6 
Portfolio turnover (%)  105  101  27 


1 Period from 1-2-09 (inception date) to 3-31-09.
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 Annualized.

See notes to financial statements

15 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class B Shares

Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $14.36  $9.38  $10.00 
Net investment loss2  (0.26)  (0.23)  (0.05) 
Net realized and unrealized gain (loss) on       
investments  4.81  6.32  (0.57) 
Total from investment operations  4.55  6.09  (0.62) 
 
Less distributions       
From net realized gain  (1.95)  (1.11)  — 
Net asset value, end of period  $16.96  $14.36  $9.38 
 
Total return (%)3,4  33.31  65.91  (6.20)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $1,037  $778  $469 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  4.41  4.73  13.046 
Expenses net of fee waivers  2.29  2.06  2.356 
Expenses net of fee waivers and credits  2.29  2.06  2.356 
Net investment loss  (1.78)  (1.77)  (2.12)6 
Portfolio turnover (%)  105  101  27 


1 Period from 1-2-09 (inception date) to 3-31-09.
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 Annualized.

See notes to financial statements

16 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class C Shares

Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $14.36  $9.38  $10.00 
Net investment loss2  (0.26)  (0.23)  (0.05) 
Net realized and unrealized gain (loss) on       
investments  4.81  6.32  (0.57) 
Total from investment operations  4.55  6.09  (0.62) 
 
Less distributions       
From net realized gain  (1.95)  (1.11)  — 
Net asset value, end of period  $16.96  $14.36  $9.38 
 
Total return (%)3,4  33.31  65.91  (6.20)5 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $1,037  $778  $469 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  4.41  4.73  13.046 
Expenses net of fee waivers  2.29  2.06  2.356 
Expenses net of fee waivers and credits  2.29  2.06  2.356 
Net investment loss  (1.78)  (1.77)  (2.12)6 
Portfolio turnover (%)  105  101  27 


1 Period from 1-2-09 (inception date) to 3-31-09.
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 Annualized.

See notes to financial statements

17 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class I Shares

Period ended       
  3-31-11  3-31-10  3-31-091 
Per share operating performance       
Net asset value, beginning of period  $14.56  $9.41  $10.00 
Net investment loss2  (0.10)  (0.10)  (0.02) 
Net realized and unrealized gain (loss) on       
investments  4.91  6.36  (0.57) 
Total from investment operations  4.81  6.26  (0.59) 
 
Less distributions       
From net investment income  (0.13)  —  — 
From net realized gain  (1.95)  (1.11)  — 
Total distributions  (2.08)  (1.11)  — 
 
Net asset value, end of period  $17.29  $14.56  $9.41 
 
Total return (%)3  34.77  67.54  (5.90)4 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $1,062  $788  $470 
Ratios (as a percentage of average net       
assets):       
Expenses before reductions  3.30  3.72  12.045 
Expenses net of fee waivers  1.17  1.06  1.105 
Expenses net of fee waivers and credits  1.17  1.06  1.105 
Net investment loss  (0.66)  (0.77)  (0.87)5 
Portfolio turnover (%)  105  101  27 


1 Period from 1-2-09 (inception date) to 3-31-09.
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 Annualized.

See notes to financial statements

18 

 


Small Cap Opportunities Fund
Notes to financial statements

Note 1 — Organization

John Hancock Small Cap Opportunities 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 long-term 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. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, transfer agent fees, printing and postage and state registration 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.

The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2011 by major security category or type:

19 

 


      Level 2  Level 3 
  Total Market    Significant  Significant 
  Value at  Level 1 Quoted  Observable  Unobservable 
  3-31-11  Price  Inputs  Inputs 
Common Stocks         
Consumer Discretionary  $617,906  $617,906  —  — 
Consumer Staples  119,317  119,317  —  — 
Energy  425,807  385,776  $40,031  — 
Financials  300,810  300,810  —  — 
Health Care  572,497  572,497  —  — 
Industrials  514,754  514,754  —  — 
Information Technology  982,012  982,012  —  — 
Materials  511,751  511,751  —  — 
Warrants  1,902  1,902  —  — 
Securities Lending Collateral  148,769  148,769  —  — 
Short-Term Investments  166,000  —  166,000  — 
Total Investments in Securities  $4,361,525  $4,155,494  $206,031  — 


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 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 by the Fund in open-end management investment companies are valued at their respective net asset values each business day. Foreign securities and currencies, including forward foreign 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.

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

20 

 


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. 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.

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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

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.

As of March 31, 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 March 31, 2011 and March 31, 2010 was as follows:

  March 31, 2011  March 31, 2010 
Ordinary Income  $224,463  $221,338 
Long -Term Capital Gain  $209,266  — 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of expenses that may be applied

21 

 


differently to each class. As of March 31, 2011, the components of distributable earnings on a tax basis included $305,923 of undistributed ordinary income and $270,009 of undistributed long-term capital gains.

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 passive foreign investment companies and wash sale 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.

Options. There are two types of options, a put option and a call option. Options are traded either over-the-counter or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the Fund’s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the Fund’s exposure to such changes. Risks related to the use of options include the loss of the premium, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Options listed on an exchange are valued at their closing price. If no closing price is available, then they are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. For options not listed on an exchange, an independent pricing source is used to value the options at the mean between the last bid and ask prices. When the Fund purchases an option, the premium paid by the Fund is included in the Portfolio of Investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, the Fund realizes a loss equal to the cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the Fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the Fund.

During the year ended March 31, 2011, the Fund wrote option contracts to manage against anticipated currency exchange rates. The following table summarizes the Fund’s written options activities during the year ended March 31, 2011 and there were no open written option contracts as of March 31, 2011.

22 

 


    PREMIUMS 
  NUMBER OF  RECEIVED 
  CONTRACTS  (PAID) 
Outstanding, beginning of year  2  $414 
Options written  12  2,432 
Options closed  (12)  (2,432) 
Options expired  (2)  (414) 
Outstanding, end of year  -  - 

 

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 March 31, 2011:

    Investments  Written   
  Statement of Operations  (Purchased  Options   
Risk  Location  Options)  Contracts  Total 
Equity contracts  Net realized gain (loss)  ($1,186)  $1969  $783 
Total    ($1,186)  $1,969  $783 

 

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 March 31, 2011:

    Written 
  Statement of Operations  Options 
Risk  Location  Contracts 
  Change in unrealized   
  appreciation   
Equity contracts  (depreciation)  ($144) 
Total    ($144) 

 

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).

23 

 


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) 0.90% of the first $1,000,000,000 of the Fund’s average daily net assets; and (b) 0.85% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly, MFC Global Investment Management (U.S.), LLC), an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.90% of the Fund’s average daily net assets.

Effective October 19, 2010, the Adviser voluntarily agreed to waive fees and/or reimburse certain fund level expenses to 0.27% of the Fund’s average net assets which are allocated pro rata to all share classes of the Fund. For the period between April 1, 2010 and October 18, 2010, the Adviser voluntarily agreed to waive fees and/or reimburse certain fund level expenses to 0.19% of the Fund’s average net assets which are allocated pro rata to all share classes of the Fund. This agreement excludes brokerage commissions, interest, advisory fees, distribution and service fees, transfer agent fees, state registration fees, printing and postage, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, brokerage commissions, interest, litigation and indemnification expenses 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 1.65% for Class A, 2.35% for Class B, 2.35% for Class C and 1.19% for Class I shares. The fee waivers and/or reimbursements will continue in effect until July 31, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.65% for Class A, 2.35% for Class B, 2.35% for Class C and 1.10% for Class I shares.

Accordingly, the expense reductions or reimbursements related to these agreements were $17,941, $17,719, $17,719 and $18,166 for Class A, Class B, Class C and Class I shares, respectively, for the year ended March 31, 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 March 31, 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 Fee 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges. For the year ended March 31, 2011, there were no up-front sales charges received by the Distributor with regard to sales of Class A shares.

24 

 


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 March 31, 2011, there were no CDSCs received by the Distributor for Class B or Class C shares.

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 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 for all share classes.

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

Class level expenses. Class level expenses for the year ended March 31, 2011 were:

Class  Distribution and  Transfer agent fees  State registration 
  service fees    fees 
Class A  $2,537  $1,268  $62 
Class B  8,351  1,252  56 
Class C  8,351  1,252  46 
Class I  —  381  57 
Total  $19,239  $4,153  $221 

 

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 March 31, 2011 and for the year ended March 31, 2010

25 

 


were as follows:

  Year ended Year ended
  3-31-11 3-31-10
 
 
  Shares    Amount  Shares    Amount 
Class A shares             
Distributions reinvested  7,172  $  109,883  4,157  $  55,334 
 
 
 
 
Net increase  7,172  $  109,883  4,157  $  55,334 
 
 
 
 
Class B shares             
Distributions reinvested  6,975  $  105,671  4,186  $  55,334 
 
 
 
 
Net increase  6,975  $  105,671  4,186  $  55,334 
 
 
 
 
Class C shares             
Distributions reinvested  6,975  $  105,671  4,186  $  55,335 
 
 
 
 
Net increase  6,975  $  105,671  4,186  $  55,335 
 
 
 
 
Class I shares             
Distributions reinvested  7,305  $  112,504  4,139  $  55,335 
 
 
 
 
Net increase  7,305  $  112,504  4,139  $  55,335 
 
 
 
 
Net increase  28,427  $  433,729  16,668  $  221,338 
 

 

Affiliates of the Fund owned 100% of shares of beneficial interest of the Fund on March 31, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $3,463,734 and $3,669,656, respectively, for the year ended March 31, 2011.

26 

 


To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Small Cap 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 Small Cap Opportunities Fund (the “Fund”) at March 31, 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 March 31, 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
May 20, 2011

27 

 


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 March 31, 2011.

The Fund has designated distributions to shareholders of $209,266 as a long-term capital gain dividend.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended March 31, 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 for calendar year 2011.

28 

 


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  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Steven R.  1944  Chairperson (since January 2011); Chairman  2006  46 
Pruchansky    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.  1940  Chief Executive Officer, Director and Treasurer,  2006  46 
Carlin    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).     

 

29 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
William H.  1944  Professor, University of Texas, Austin, Texas  2006  46 
Cunningham    (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.  1952  Chief Executive Officer, American Red  2008  46 
Jackson(2)    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 Corporation. (1996-     
    2009); Board of Directors of Boston Stock     
    Exchange (2002–2008); Board of Directors     
of Harvard Pilgrim Healthcare (health     
    benefits company) (since 2007).     

 

30 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Charles L.  1938  Vice Chairperson (since March 2011);  2006  46 
Ladner(2)    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).     
 
Stanley  1947  Senior Vice President/Audit Executive,  2008  46 
Martin(2)    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.  1939  President and Chief Executive Officer,  2006  46 
Moore    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).     

 

31 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Patti McGill  1943  Principal, PMP Globalinc (consulting) (since  2006  47 
Peterson(2)    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.  1949  Vice Chairman, Risk & Regulatory Matters,  2008  46 
Russo    KPMG LLP (“KPMG”) (2002–2006); Vice     
    Chairman, Industrial Markets, KPMG (1998–     
    2002).     

 

32 

 


Non-Independent Trustees(3)

Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Hugh  1959  Executive Vice President, John Hancock  2010  46 
McHaffie    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).     
John G.  1955  Senior Vice President, John Hancock  2009  47 
Vrysen    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).     

 

33 

 


Principal officers who are not Trustees

Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Keith F. Hartstein  1956  Senior Vice President, John Hancock  2006 
President and Chief    Financial Services (since 2004); Director,   
Executive Officer    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  1971  Senior Vice President, John Hancock  2009 
Senior Vice    Financial Services (since 2009); Executive   
President and Chief    Vice President, John Hancock Advisers,   
Operating Officer    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).   

 

34 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Thomas M. Kinzler  1955  Vice President, John Hancock Financial  2006 
Secretary and Chief    Services (since 2006); Secretary and Chief   
Legal Officer    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).   
 
Francis V. Knox, Jr.  1947  Vice President, John Hancock Financial  2006 
Chief Compliance    Services (since 2005); Chief Compliance   
Officer    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  1957  Vice President, John Hancock Financial  2007 
Chief Financial    Services (since 2008); Senior Vice   
Officer    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).   

 

35 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Salvatore  1965  Assistant Vice President, John Hancock  2010 
Schiavone    Financial Services (since 2007); Vice   
Treasurer    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 (2009-2010);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.

1Each Trustee serves until resignation, retirement age or until his or her successor is elected.

2Member of Audit Committee.

3Because 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 1040, of the Fund.

36 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management Services, LLC 
James F. Carlin   
William H. Cunningham  Subadviser 
Deborah C. Jackson*  John Hancock Asset Management 
Charles L. Ladner   
Stanley Martin, Vice Chairperson *  Principal distributor 
Hugh McHaffie†  John Hancock Funds, LLC 
Dr. John A. Moore   
Patti McGill Peterson*  Custodian 
Gregory A. Russo  State Street Bank and Trust Company 
John G. Vrysen†   
  Transfer agent 
Officers   John Hancock Signature Services, Inc. 
Keith F. Hartstein   
President and Chief Executive Officer  Legal counsel 
Andrew G. Arnott  K&L Gates LLP 
Senior Vice President and Chief Operating Officer   
Thomas M. Kinzler  Independent registered public accounting firm 
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP 
Francis V. Knox, Jr.   
Chief Compliance Officer   
Charles A. Rizzo   
Chief Financial Officer   
Salvatore Schiavone   
Treasurer   
  
*Member of the Audit Committee   
†Non-Independent Trustee   


The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record, if any, 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: 
www. 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 

 

37 

 




A look at performance

Total returns for the period ended March 31, 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  7.54  2.44  4.86  —  7.54  12.80  60.73  — 
Class B1  7.28  2.14  4.34  —  7.28  11.15  52.95  — 
Class C1  11.28  2.48  4.34  —  11.28  13.04  52.95  — 
Class i1,2  13.66  3.86  5.79  —  13.66  20.87  75.59  — 
Class i21,2  13.65  3.72  5.57  —  13.65  20.05  71.98  — 
Class R11,2  12.80  3.12  5.02  —  12.80  16.62  63.24  — 
Class R31,2  12.93  3.23  5.13  —  12.93  17.22  64.90  — 
Class R41,2  13.25  3.53  5.44  —  13.25  18.97  69.87  — 
Class R51,2  13.61  3.85  5.76  —  13.61  20.79  75.08  — 
Class AdV 1,2  13.42  3.39  5.19  —  13.42  18.12  65.91  — 
Class NAV 2  13.71  —  —  24.623  13.71  —  —  49.973 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B 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, I2, R1, R3, R4, R5, ADV and 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-11 for classes A, B, C, I2 and ADV and 7-31-11 for classes R1, R3, R4 and R5. Had the fee waivers and expense limitations not been in place gross expenses would apply. For Classes I and NAV the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class B  Class C  Class I  Class I2  Class R1  Class R3  Class R4  Class R5  Class ADV  Class NAV 
Net (%)  1.30  2.05  2.05  0.88  0.85  1.64  1.54  1.24  0.94  1.00  0.83 
Gross (%)  1.33  2.41  2.17  0.88  1.14  2.61  8.21  2.55  7.75  31.96  0.83 

 

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 performance data current to the most recent month end, 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.

6  Disciplined Value Fund | Annual report 

 


 

  Class B1,5  Class C1,5  Class I1,2  Class I21,2  Class R11,2   Class R31,2   Class R41,2   Class R51,2   Class ADV1,2   Class NAV2,3 
Began  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  5-29-09 
NAV  $15,295  $15,295  $17,559  $17,198  $16,324  $16,490  $16,987  $17,508  $16,591  $14,997 
POP  $15,295  $15,295  $17,559  $17,198  $16,324  $16,490  $16,987  $17,508  $16,591  $14,997 
Index 1  $15,582  $15,582  $15,582  $15,582  $15,582  $15,582  $15,582  $15,582  $15,582  $15,232 
Index 2  $13,828  $13,828  $13,828  $13,828  $13,828  $13,828  $13,828  $13,828  $13,828  $15,173 

 

Russell 1000 V alue index is an unmanaged index containing those securities in the Russell 1000 Index with a lower price-to-book ratio and less-than-average growth orientation.

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 On 12-19-08, through a reorganization, the Fund acquired all of the assets of the Robeco Boston Partners Large Cap Value Fund (the predecessor fund). On that date, the predecessor fund offered its Investor share class in exchange for Class A shares (inception 12-22-08) and its institutional class in exchange for Class I. Class B, Class C and Class ADV shares were first offered on 12-22-08; the inception date of Class R3, Class R4 and Class R5 shares is 5-22-09; the inception date of Class NAV shares is 5-29-09; the inception date of Class R1 shares is 7-13-09. The returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class ADV, Class R3, Class R4, Class R5 and Class R1, respectively. The predecessor fund’s Institutional share class returns have been recalculated to reflect the gross fees and expenses of Class I shares. The inception date of Class I2 shares is 12-22-08; returns prior to that date are those of Class I shares recalculated to apply the gross fees and expenses of Class I2 shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

3 From 5-29-09.

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

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

Annual report | Disciplined Value Fund  7 

 


Management’s discussion of

Fund performance

By Robeco Investment Management, Inc.

The 12-month period ended March 31, 2011 was marked by a series of catastrophes — starting with the European sovereign debt crisis and the Gulf of Mexico oil spill in April 2010 and culminating in Middle Eastern and African political turmoil and the Japanese earthquake. At the same time, inflation worries and commodity prices were on the rise. Nonetheless, the equity market powered through these challenges, fueled by two significant developments during the reporting period. First, corporate America experienced a very robust earnings recovery that propelled stock valuations, and second, the Federal Reserve’s stimulus measures gave investors the confidence to move back toward riskier assets, including stocks.

For the 12-month period ended March 31, 2011, John Hancock Disciplined Value Fund’s Class A shares had a total return of 13.20% at net asset value. That performance trailed the 14.16% return of the average large-cap value fund, according to Morningstar, Inc., as well as the 15.65% return of the S&P 500 Index and the 15.15% return of the Fund’s benchmark, the Russell 1000 Value Index.

The main source of the Fund’s underperformance was its overweighting in the struggling technology sector — primarily its positions in Microsoft Corp. and Hewlett-Packard Company, which were dogged by concerns about the long-term viability of the desktop computer market in the era of tablet computing. Stock selection in the energy sector was also disappointing. Although the Fund’s energy holdings generally fared well, they did not outperform to the same extent as energy companies whose returns are closely linked to oil prices — a group to which we had limited exposure. The communications sector was another source of underperformance, largely due to the Fund’s underweighting in this strong-performing category.

On the positive side, good stock selection in consumer services was a notable contributor to performance, especially our holdings in Autoliv, Inc., a Swedish maker of automotive safety components, and media companies Viacom, Inc. and CBS Corp. In the finance sector, our stock selection was very favorable, especially Capital One Financial Corp., Discover Financial Services and Berkshire Hathaway, Inc. This upside was tempered, however, by the Fund’s overweighting in the group, as the sector’s return lagged the broad market.

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.

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.

8  Disciplined Value 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 October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,176.00  $6.67 
Class B  1,000.00  1,171.00  11.10 
Class C  1,000.00  1,171.00  11.10 
Class I  1,000.00  1,178.70  4.62 
Class I2  1,000.00  1,178.60  4.62 
Class R1  1,000.00  1,173.80  8.89 
Class R3  1,000.00  1,174.20  8.35 
Class R4  1,000.00  1,175.40  6.73 
Class R5  1,000.00  1,178.20  5.10 
Class ADV  1,000.00  1,177.20  5.43 
Class NAV  1,000.00  1,178.20  4.24 

 

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 March 31, 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 | Disciplined Value 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 October 1, 2010, with the same investment held until March 31, 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 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,018.80  $6.19 
Class B  1,000.00  1,014.70  10.30 
Class C  1,000.00  1,014.70  10.30 
Class I  1,000.00  1,020.70  4.28 
Class I2  1,000.00  1,020.70  4.28 
Class R1  1,000.00  1,016.80  8.25 
Class R3  1,000.00  1,017.30  7.75 
Class R4  1,000.00  1,018.70  6.24 
Class R5  1,000.00  1,020.20  4.73 
Class ADV  1,000.00  1,019.90  5.04 
Class NAV  1,000.00  1,021.00  3.93 

 

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 1.23%, 2.05%, 2.05%, 0.85%, 0.85%, 1.64%, 1.54%, 1.24%, 0.94%, 1.00% and 0.78% for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R3, Class R4, Class R5, Class ADV and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

10  Disciplined Value Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (29.5% of Net Assets on 3-31-11)1     
JPMorgan Chase & Company  4.4%  Occidental Petroleum Corp.  3.1% 
Chevron Corp.  3.7%  Microsoft Corp.  2.3% 
Wells Fargo & Company  3.2%  Bank of America Corp.  2.3% 
Berkshire Hathaway, Inc., Class B  3.2%  Viacom, Inc., Class B  2.2% 
Pfizer, Inc.  3.2%  SLM Corp.  1.9% 
 
Sector Composition2,3       
Financials  27%  Consumer Staples  4% 
Information Technology  15%  Materials  2% 
Consumer Discretionary  14%  Telecommunication Services  1% 
Energy  12%  Utilities  1% 
Health Care  12%  Short-Term Investments & Other  3% 
Industrials  9%     

 

1 Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 3-31-11.

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 | Disciplined Value Fund  11 

 


Fund’s investments

As of 3-31-11

  Shares  Value 
Common Stocks 97.01%  $1,440,038,943 
(Cost $1,213,844,958)     
 
Consumer Discretionary 14.55%    216,035,933 
 
Auto Components 1.54%     
Autoliv, Inc. (L)  181,130  13,445,276 
Visteon Corp. (I)(L)  150,194  9,385,623 
 
Media 7.84%     
CBS Corp., Class B (L)  780,505  19,543,845 
Cinemark Holdings, Inc. (L)  384,910  7,448,009 
Comcast Corp., Class A (L)  653,035  16,143,025 
Liberty Media Corp. — Starz, Series A (I)  157,937  12,255,911 
Omnicom Group, Inc.  290,150  14,234,759 
Time Warner, Inc.  401,375  14,329,088 
Viacom, Inc., Class B  699,515  32,541,438 
 
Multiline Retail 1.96%     
Kohl’s Corp.  180,422  9,569,583 
Macy’s, Inc.  463,675  11,248,756 
Target Corp.  165,220  8,262,652 
 
Specialty Retail 3.21%     
Guess?, Inc.  338,095  13,304,038 
Home Depot, Inc.  201,355  7,462,216 
Lowe’s Companies, Inc.  294,690  7,788,657 
The Gap, Inc. (L)  487,465  11,045,957 
Williams-Sonoma, Inc. (L)  198,200  8,027,100 
 
Consumer Staples 3.66%    54,288,497 
 
Beverages 0.64%     
Anheuser-Busch InBev NV, ADR (L)  166,030  9,491,935 
 
Food & Staples Retailing 1.83%     
Wal-Mart Stores, Inc.  363,535  18,921,997 
Walgreen Company  205,420  8,245,559 
 
Tobacco 1.19%     
Philip Morris International, Inc.  268,612  17,629,006 
 
Energy 11.72%    173,947,728 
 
Oil, Gas & Consumable Fuels 11.72%     
Canadian Natural Resources, Ltd. (L)  163,035  8,058,820 
Chevron Corp.  518,045  55,653,574 
EOG Resources, Inc. (L)  139,630  16,547,551 

 

12  Disciplined Value Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Oil, Gas & Consumable Fuels (continued)     
Exxon Mobil Corp.  199,644  $16,796,050 
Noble Energy, Inc.  74,595  7,209,607 
Occidental Petroleum Corp.  436,330  45,592,122 
PetroBakken Energy, Ltd., Class A  238,920  4,539,480 
Royal Dutch Shell PLC, ADR (L)  268,330  19,550,524 
 
Financials 27.10%    402,278,891 
 
Capital Markets 1.32%     
Morgan Stanley  449,245  12,273,373 
Raymond James Financial, Inc. (L)  191,540  7,324,490 
 
Commercial Banks 6.58%     
Barclays PLC, SADR (L)  639,395  11,598,625 
PNC Financial Services Group, Inc.  194,035  12,222,265 
U.S. Bancorp  987,335  26,095,264 
Wells Fargo & Company  1,505,835  47,734,970 
 
Consumer Finance 5.67%     
American Express Company  412,356  18,638,491 
Capital One Financial Corp. (L)  272,100  14,138,316 
Discover Financial Services  967,315  23,331,638 
SLM Corp. (I)  1,832,285  28,033,961 
 
Diversified Financial Services 6.68%     
Bank of America Corp.  2,531,280  33,741,962 
JPMorgan Chase & Company  1,420,180  65,470,298 
 
Insurance 6.85%     
ACE, Ltd.  156,039  10,095,723 
Berkshire Hathaway, Inc., Class B (I)  565,539  47,296,027 
MetLife, Inc.  328,013  14,672,021 
Reinsurance Group of America, Inc.  132,055  8,290,413 
The Travelers Companies, Inc.  173,304  10,308,122 
Validus Holdings, Ltd.  330,421  11,012,932 
 
Health Care 11.67%    173,238,503 
 
Biotechnology 1.12%     
Amgen, Inc. (I)  310,675  16,605,579 
 
Health Care Equipment & Supplies 0.52%     
Covidien PLC  148,570  7,716,726 
 
Health Care Providers & Services 5.06%     
DaVita, Inc. (I)  116,160  9,932,842 
Humana, Inc. (I)  377,385  26,394,307 
Lincare Holdings, Inc. (L)  248,330  7,365,468 
McKesson Corp.  267,085  21,113,069 
Omnicare, Inc. (L)  343,600  10,304,564 
 
Pharmaceuticals 4.97%     
Johnson & Johnson  450,896  26,715,588 
Pfizer, Inc.  2,318,580  47,090,360 

 

See notes to financial statements  Annual report | Disciplined Value Fund  13 

 


  Shares  Value 
Industrials 9.16%    $135,936,807 
 
Aerospace & Defense 4.22%     
Honeywell International, Inc.  401,010  23,944,307 
Huntington Ingalls Industries, Inc. (I)  29,039  1,205,125 
Northrop Grumman Corp.  174,235  10,926,277 
Raytheon Company  279,620  14,224,269 
United Technologies Corp.  144,595  12,239,967 
 
Industrial Conglomerates 2.47%     
Koninklijke Philips Electronics NV (L)  337,770  10,866,061 
Siemens AG, SADR (L)  75,419  10,358,045 
Tyco International, Ltd.  345,535  15,469,602 
 
Machinery 1.05%     
Illinois Tool Works, Inc.  211,655  11,370,107 
Oshkosh Corp. (I)  119,340  4,222,249 
 
Professional Services 1.42%     
Equifax, Inc. (L)  197,860  7,686,861 
Manpower, Inc.  213,485  13,423,937 
 
Information Technology 15.58%    231,269,716 
 
Communications Equipment 1.39%     
Harris Corp. (L)  416,665  20,666,584 
 
Computers & Peripherals 3.33%     
EMC Corp. (I)  465,515  12,359,423 
Hewlett-Packard Company  645,198  26,433,762 
Seagate Technology PLC (I)  347,240  5,000,256 
Western Digital Corp. (I)  150,105  5,597,415 
 
Electronic Equipment, Instruments & Components 2.36%     
Avnet, Inc. (I)(L)  386,690  13,182,262 
TE Connectivity, Ltd.  628,295  21,877,232 
 
Internet Software & Services 1.65%     
eBay, Inc. (I)  559,685  17,372,622 
IAC/InterActiveCorp (I)  228,505  7,058,519 
 
IT Services 2.14%     
CGI Group, Inc., Class A (I)  801,762  16,780,879 
International Business Machines Corp.  46,035  7,506,927 
The Western Union Company  358,490  7,445,837 
 
Office Electronics 0.82%     
Xerox Corp.  1,150,275  12,250,429 
 
Software 3.89%     
Microsoft Corp.  1,352,069  34,288,470 
Oracle Corp.  702,700  23,449,099 
 
Materials 2.09%    31,108,305 
 
Chemicals 0.59%     
Albemarle Corp.  146,336  8,746,503 
 
Containers & Packaging 0.90%     
Ball Corp.  272,210  9,758,729 
Rock-Tenn Company, Class A (L)  52,480  3,639,488 

 

14  Disciplined Value Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Metals & Mining 0.60%       
Reliance Steel & Aluminum Company    155,133  $8,963,585 
 
Telecommunication Services 0.75%      11,135,939 
 
Wireless Telecommunication Services 0.75%       
Vodafone Group PLC, SADR    387,337  11,135,939 
 
Utilities 0.73%      10,798,624 
 
Electric Utilities 0.73%       
Edison International    295,125  10,798,624 
 
  Yield (%)  Shares  Value 
Securities Lending Collateral 7.01%      $103,991,733 
(Cost $103,990,345)       
 
John Hancock Collateral Investment Trust (W)  0.2867 (Y)  10,392,003  103,991,733 
 
    Par value  Value 
Short-Term Investments 2.61%      $38,714,000 
(Cost $38,714,000)       
 
Repurchase Agreement 2.61%      38,714,000 
 
Repurchase Agreement with State Street Corp. dated 3-31-11 at 0.010% to     
be repurchased at $38,714,011 on 4-1-11, collateralized by $38,435,000     
U.S. Treasury Notes, 3.500% due 5-15-20 (valued at $39,491,963,     
including interest)    $38,714,000  38,714,000 
 
Total investments (Cost $1,356,549,303)† 106.63%  $1,582,744,676 
 
Other assets and liabilities, net (6.63%)      ($98,361,248) 
 
Total net assets 100.00%    $1,484,383,428 
 

 

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.

(L) All or a portion of this security is on loan as of 3-31-11.

(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 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $1,361,546,930. Net unrealized appreciation aggregated $221,197,746, of which $233,914,505 related to appreciated investment securities and $12,716,759 related to depreciated investment securities.

See notes to financial statements  Annual report | Disciplined Value 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 3-31-11

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 $1,252,558,958)   
including $101,640,389 of securities loaned (Note 2)  $1,478,752,943 
Investments in affiliated issuers, at value (Cost $103,990,345) (Note 2)  103,991,733 
 
Total investments, at value (Cost $1,356,549,303)  1,582,744,676 
Cash  959 
Receivable for investments sold  8,623,935 
Receivable for fund shares sold  4,161,195 
Dividends and interest receivable  1,411,202 
Receivable for securities lending income  18,385 
Other receivables and prepaid expenses  122,200 
 
Total assets  1,597,082,552 
 
Liabilities   
Payable for investments purchased  7,376,428 
Payable for fund shares repurchased  870,848 
Payable upon return of securities loaned (Note 2)  104,021,765 
Payable to affiliates   
Accounting and legal services fees  28,000 
Transfer agent fees  203,750 
Distribution and service fees  2,208 
Trustees’ fees  4,075 
Due to adviser  4,463 
Other liabilities and accrued expenses  187,587 
 
Total liabilities  112,699,124 
 
Net assets   
Capital paid-in  $1,292,779,756 
Undistributed net investment income  1,141,305 
Accumulated net realized loss on investments and foreign   
currency transactions  (35,733,418) 
Net unrealized appreciation (depreciation) on investments and translation   
of assets and liabilities in foreign currencies  226,195,785 
 
Net assets  $1,484,383,428 

 

16  Disciplined Value 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 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 ($600,969,386 ÷ 43,443,912 shares)  $13.83 
Class B ($7,961,219 ÷ 598,551 shares)1  $13.30 
Class C ($30,423,081 ÷ 2,287,156 shares)1  $13.30 
Class I ($399,330,107 ÷ 29,543,185 shares)  $13.52 
Class I2 ($23,101,158 ÷ 1,707,654 shares)  $13.53 
Class R1 ($1,386,464 ÷ 102,575 shares)  $13.52 
Class R3 ($104,902 ÷ 7,760 shares)  $13.52 
Class R4 ($1,045,669 ÷ 77,342 shares)  $13.52 
Class R5 ($14,708,741 ÷ 1,087,190 shares)  $13.53 
Class ADV ($38,809 ÷ 2,873 shares)  $13.51 
Class NAV ($405,313,892 ÷ 29,951,571 shares)  $13.53 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $14.56 

 

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 | Disciplined Value Fund  17 

 


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 3-31-11

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  $16,489,915 
Securities lending  181,284 
Interest  5,696 
Less foreign taxes withheld  (120,077) 
 
Total investment income  16,556,818 
 
Expenses   
Investment management fees (Note 4)  7,538,232 
Distribution and service fees (Note 4)  1,263,428 
Accounting and legal services fees (Note 4)  138,251 
Transfer agent fees (Note 4)  915,311 
Trustees’ fees (Note 4)  60,279 
State registration fees (Note 4)  179,393 
Printing and postage (Note 4)  36,447 
Professional fees  109,480 
Custodian fees  141,355 
Registration and filing fees  120,081 
Other  25,895 
 
Total expenses  10,528,152 
Less expense reductions (Note 4)  (98,850) 
 
Net expenses  10,429,302 
 
Net investment income  6,127,516 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  37,526,250 
Investments in affiliated issuers  (28,118) 
Foreign currency transactions  1,905 
  37,500,037 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  155,605,904 
Investments in affiliated issuers  4,189 
Translation of assets and liabilities in foreign currencies  379 
 
  155,610,472 
 
Net realized and unrealized gain  193,110,509 
 
Increase in net assets from operations  $199,238,025 

 

18  Disciplined Value 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 
  3-31-11  3-31-10 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $6,127,516  $2,671,090 
Net realized gain  37,500,037  5,628,114 
Change in net unrealized appreciation (depreciation)  155,610,472  84,592,845 
 
Increase in net assets resulting from operations  199,238,025  92,892,049 
 
Distributions to shareholders     
From net investment income     
Class A  (1,174,517)  (317,909) 
Class I  (1,922,243)  (734,059) 
Class I2  (119,077)  (422) 
Class R3  (34)  — 
Class R4  (2,863)  (81) 
Class R5  (895)  (164) 
Class ADV  (163)  (111) 
Class NAV  (2,402,882)  (1,182,121) 
From net realized gain     
Class A  (2,592,490)  — 
Class B  (34,905)  — 
Class C  (133,777)  — 
Class I  (1,734,582)  — 
Class I2  (107,108)  — 
Class R1  (5,586)  — 
Class R3  (518)  — 
Class R4  (4,917)  — 
Class R5  (855)  — 
Class ADV  (191)  — 
Class NAV  (1,991,992)  — 
 
Total distributions  (12,229,595)  (2,234,867) 
 
From Fund share transactions (Note 5)  705,112,078  458,333,062 
 
Total increase  892,120,508  548,990,244 
 
Net assets     
Beginning of year  592,262,920  43,272,676 
 
End of year  $1,484,383,428  $592,262,920 
 
Undistributed net investment income  $1,141,305  $634,558 

 

See notes to financial statements  Annual report | Disciplined Value Fund  19 

 


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  3-31-11  3-31-10  3-31-091,2  8-31-083  8-31-073  8-31-063 
 
Per share operating performance             
Net asset value, beginning of period  $12.31  $8.09  $12.32  $15.62  $14.77  $15.22 
Net investment income4  0.05  0.08  0.08  0.15  0.15  0.13 
Net realized and unrealized gain (loss)             
on investments  1.57  4.18  (4.18)  (1.90)  2.07  1.57 
Total from investment operations  1.62  4.26  (4.10)  (1.75)  2.22  1.70 
Less distributions             
From net investment income  (0.03)  (0.04)  (0.13)  (0.15)  (0.13)  (0.13) 
From net realized gain  (0.07)  —  —  (1.40)  (1.24)  (2.02) 
Total distributions  (0.10)  (0.04)  (0.13)  (1.55)  (1.37)  (2.15) 
Net asset value, end of period  $13.83  $12.31  $8.09  $12.32  $15.62  $14.77 
Total return (%)5  13.20  52.686  (33.33)6,7  (12.29)6  15.456  12.146 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $601  $162  $10  $16  $23  $21 
Ratios (as a percentage of average net assets):             
Expenses before reductions  1.24  1.26  1.768  1.39  1.32  1.46 
Expenses net of fee waivers  1.24  1.06  1.008  1.00  1.00  1.11 
Expenses net of fee waivers and credits  1.24  1.05  1.008  1.00  1.00  1.11 
Net investment income  0.38  0.74  1.458  1.10  0.95  0.87 
Portfolio turnover (%)  50  59  529  78  62  58 

 

1 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 12-19-08, holders of Investor share class of the former Robeco Large Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Disciplined Value Fund. These shares were first offered on 12-22-08. Additionally, the accounting and performance history of the Investor share class of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
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 Annualized.
9 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

20  Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS B SHARES Period ended  3-31-11  3-31-10  3-31-091 
 
Per share operating performance       
Net asset value, beginning of period  $11.91  $7.88  $8.82 
Net investment income (loss)2  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  1.51  4.06  (0.96) 
Total from investment operations  1.46  4.03  (0.94) 
Less distributions       
From net realized gain  (0.07)  —  — 
Net asset value, end of period  $13.30  $11.91  $7.88 
Total return (%)3,4  12.28  51.14  (10.66)5 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $8  $5  —6 
Ratios (as a percentage of average net assets):       
Expenses before reductions  2.27  2.58  4.247 
Expenses net of fee waivers  2.05  2.12  2.077 
Expenses net of fee waivers and credits  2.05  2.05  2.057 
Net investment income (loss)  (0.45)  (0.25)  1.187 
Portfolio turnover (%)  50  59  528 

 

1 The inception date for Class B shares is 12-22-08.
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 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

CLASS C SHARES Period ended  3-31-11  3-31-10  3-31-091 
 
Per share operating performance       
Net asset value, beginning of period  $11.91  $7.87  $8.82 
Net investment income (loss)2  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  1.51  4.07  (0.97) 
Total from investment operations  1.46  4.04  (0.95) 
Less distributions       
From net realized gain  (0.07)  —  — 
Net asset value, end of period  $13.30  $11.91  $7.87 
Total return (%)3,4  12.28  51.33  (10.77)5 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $30  $19  —6 
Ratios (as a percentage of average net assets):       
Expenses before reductions  2.07  2.24  4.417 
Expenses net of fee waivers  2.05  2.08  2.067 
Expenses net of fee waivers and credits  2.05  2.05  2.057 
Net investment income (loss)  (0.45)  (0.27)  1.267 
Portfolio turnover (%)  50  59  528 

 

1 The inception date for Class C shares is 12-22-08.
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 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

See notes to financial statements  Annual report | Disciplined Value Fund  21 

 


CLASS I SHARES Period ended  3-31-11  3-31-10  3-31-091,2  8-31-083  8-31-073  8-31-063 
 
Per share operating performance             
 
Net asset value, beginning of period  $12.03  $7.90  $12.08  $15.34  $14.53  $15.00 
Net investment income4  0.09  0.11  0.09  0.18  0.20  0.16 
Net realized and unrealized gain (loss)             
on investments  1.54  4.08  (4.10)  (1.84)  2.02  1.55 
Total from investment operations  1.63  4.19  (4.01)  (1.66)  2.22  1.71 
Less distributions             
From net investment income  (0.07)  (0.06)  (0.17)  (0.20)  (0.17)  (0.16) 
From net realized gain  (0.07)  —  —  (1.40)  (1.24)  (2.02) 
Total distributions  (0.14)  (0.06)  (0.17)  (1.60)  (1.41)  (2.18) 
Net asset value, end of period  $13.52  $12.03  $7.90  $12.08  $15.34  $14.53 
Total return (%)  13.66  53.145  (33.33)5,6  (11.99)5  15.705  12.435 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $399  $158  $33  $44  $43  $36 
Ratios (as a percentage of average net assets):             
Expenses before reductions  0.86  0.88  1.377  1.14  1.07  1.22 
Expenses net of fee waivers  0.86  0.80  0.757  0.75  0.75  0.86 
Expenses net of fee waivers and credits  0.86  0.80  0.757  0.75  0.75  0.86 
Net investment income  0.75  1.01  1.727  1.37  1.20  1.11 
Portfolio turnover (%)  50  59  528  78  62  58 

 

1 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 12-19-08, holders of Institutional share class of the former Robeco Large Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of the John Hancock Disciplined Value Fund. These shares were first offered on 12-22-08. Additionally, the accounting and performance history of the Institutional share class of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Fund Class I.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.
8 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

CLASS I2 SHARES Period ended  3-31-11  3-31-10  3-31-091 
 
Per share operating performance       
Net asset value, beginning of period  $12.04  $7.90  $8.82 
Net investment income2  0.09  0.11  0.05 
Net realized and unrealized gain (loss) on investments  1.54  4.09  (0.97) 
Total from investment operations  1.63  4.20  (0.92) 
Less distributions       
From net investment income  (0.07)  (0.06)  — 
From net realized gain  (0.07)  —  — 
Total distributions  (0.14)  (0.06)  — 
Net assets, end of period (in millions)  $13.53  $12.04  $7.90 
Total return (%)3  13.65  53.27  (10.43)4 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $23  $19  —5 
Ratios (as a percentage of average net assets):       
Expenses before reductions  0.92  1.13  5.086 
Expenses net of fee waivers  0.85  0.75  0.756 
Expenses net of fee waivers and credits  0.85  0.75  0.756 
Net investment income  0.74  0.99  2.236 
Portfolio turnover (%)  50  59  527 

 

1 The inception date for Class I2 shares is 12-22-08.
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 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

22  Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS R1 SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of period  $12.05  $9.01 
Net investment income2  —3  0.02 
Net realized and unrealized gain on investments  1.54  3.02 
Total from investment operations  1.54  3.04 
Less distributions     
From net realized gain  (0.07)  — 
Net asset value, end of period  $13.52  $12.05 
Total return (%)4  12.80  33.745 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $1  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  3.21  2.967 
Expenses net of fee waivers  1.61  1.507 
Expenses net of fee waivers and credits  1.61  1.507 
Net investment income  0.01  0.297 
Portfolio turnover (%)  50  598 

 

1 The inception date for Class R1 shares is 7-13-09.
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 Annualized.
8 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

CLASS R3 SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of period  $12.04  $8.98 
Net investment income2  0.01  0.04 
Net realized and unrealized gain on investments  1.54  3.02 
Total from investment operations  1.55  3.06 
Less distributions     
From net investment income  —3  — 
From net realized gain  (0.07)  — 
Total distributions  (0.07)  — 
Net asset value, end of period  $13.52  $12.04 
Total return (%)4  12.93  34.085 
 
Ratios and supplemental data     
Net assets, end of period (in thousands)  $105  $38 
Ratios (as a percentage of average net assets):     
Expenses before reductions  20.34  10.236 
Expenses net of fee waivers  1.52  1.406 
Expenses net of fee waivers and credits  1.52  1.406 
Net investment income  0.10  0.436 
Portfolio turnover (%)  50  597 

 

1 The inception date for Class R3 shares is 5-22-09.
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 Annualized.
7 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

See notes to financial statements  Annual report | Disciplined Value Fund  23 

 


CLASS R4 SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of period  $12.04  $8.98 
Net investment income2  0.05  0.07 
Net realized and unrealized gain on investments  1.54  3.02 
Total from investment operations  1.59  3.09 
Less distributions     
From net investment income  (0.04)  (0.03) 
From net realized gain  (0.07)  — 
Total distributions  (0.11)  (0.03) 
Net asset value, end of period  $13.52  $12.04 
Total return (%)3  13.25  34.424 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $1  $1 
Ratios (as a percentage of average net assets):     
Expenses before reductions  2.81  2.885 
Expenses net of fee waivers  1.20  1.105 
Expenses net of fee waivers and credits  1.20  1.105 
Net investment income  0.40  0.755 
Portfolio turnover (%)  50  596 

 

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 Annualized.
6 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

CLASS R5 SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of period  $12.04  $8.98 
Net investment income2  0.08  0.10 
Net realized and unrealized gain on investments  1.55  3.02 
Total from investment operations  1.63  3.12 
Less distributions     
From net investment income  (0.07)  (0.06) 
From net realized gain  (0.07)  — 
Total distributions  (0.14)  (0.06) 
Net asset value, end of period  $13.53  $12.04 
Total return (%)3  13.61  34.774 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $15  —5 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.23  9.546 
Expenses net of fee waivers  0.94  0.806 
Expenses net of fee waivers and credits  0.94  0.806 
Net investment income  0.59  1.036 
Portfolio turnover (%)  50  597 

 

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.
7 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

24  Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS ADV SHARES Period ended  3-31-11  3-31-10  3-31-091 
 
Per share operating performance       
Net asset value, beginning of period  $12.03  $7.90  $8.82 
Net investment income2  0.07  0.09  0.04 
Net realized and unrealized gain (loss) on investments  1.53  4.08  (0.96) 
Total from investment operations  1.60  4.17  (0.92) 
Less distributions       
From net investment income  (0.05)  (0.04)  — 
From net realized gain  (0.07)  —  — 
Total distributions  (0.12)  (0.04)  — 
Net asset value, end of period  $13.51  $12.03  $7.90 
Total return (%)3  13.42  52.81  (10.43)4 
 
Ratios and supplemental data       
Net assets, end of period (in thousands)  $39  $34  $22 
Ratios (as a percentage of average net assets):       
Expenses before reductions  45.27  31.79  3.215 
Expenses net of fee waivers and credits  1.00  1.00  1.005 
Expenses net of fee waivers  1.00  1.00  1.005 
Net investment income  0.59  0.84  1.965 
Portfolio turnover (%)  50  59  526 

 

1 The inception date for Class ADV shares is 12-22-08.
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 Annualized.
6 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

CLASS NAV SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of period  $12.04  $9.18 
Net investment income2  0.10  0.10 
Net realized and unrealized gain on investments  1.54  2.82 
Total from investment operations  1.64  2.92 
Less distributions     
From net investment income  (0.08)  (0.06) 
From net realized gain  (0.07)  — 
Total distributions  (0.15)  (0.06) 
Net asset value, end of period  $13.53  $12.04 
Total return (%)  13.71  31.893,4 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $405  $228 
Ratios (as a percentage of average net assets):     
Expenses before reductions  0.79  0.835 
Expenses net of fee waivers  0.79  0.755 
Expenses net of fee waivers and credits  0.79  0.755 
Net investment income  0.82  1.055 
Portfolio turnover (%)  50  596 

 

1 The inception date for Class NAV shares is 5-29-09.
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 Annualized.
6 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

See notes to financial statements  Annual report | Disciplined Value Fund  25 

 


Notes to financial statements

Note 1 — Organization

John Hancock Disciplined Value 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 to provide long-term growth of capital primarily through investment in equity securities. Current income 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 R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class I2 and Class ADV shares are closed to new 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, if any, printing and postage, transfer agent fees and state registration fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

The Fund is the accounting and performance successor of the Robeco Boston Partners Large Cap Value Fund (the Predecessor Fund). On December 19, 2008, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan of reorganization, in exchange for Class A and Class I shares of the Fund.

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 March 31, 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 March 31, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

26  Disciplined Value Fund | Annual report 

 


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 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 the 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 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 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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

Annual report | Disciplined Value Fund  27 

 


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, printing and postage, transfer agent fees and state registration fees, 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 $58,898,901 available to offset future net realized capital gains as of March 31, 2011. Availability of a certain amount of the loss carryforward, which was acquired in a merger, may be limited in a given year. The loss carryforward expires as follows: March 31, 2016 — $16,285,226 and March 31, 2017 — $42,613,675.

It is estimated that $50,300,349 of the loss carryforwards, which was acquired on July 10, 2009, in a merger with John Hancock Classic Value Fund II, will likely expire unused because of limitations.

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 March 31, 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 year ended March 31, 2011 and year ended March 31, 2010 was as follows:

  MARCH 31, 2011  MARCH 31, 2010 
Ordinary Income  $5,622,674  $2,234,867 
Long-Term Capital Gain  6,606,921  — 

 

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 March 31, 2011, the components of distributable earnings on a tax basis included $1,423,696 of undistributed ordinary income and $27,882,471 of long-term capital gains.

 

28  Disciplined Value Fund | Annual report 

 


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 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 Fund. 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) 0.750% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.725% of the next $500,000,000; (c) 0.700% of the next $500,000,000; (d) 0.675% of the next $1,000,000,000; and (e) 0.650% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with Robeco Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.73% 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, shareholder services fees and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements and limits are such that these expenses will not exceed 1.30%, 2.05%, 2.05%, 0.90%, 0.85%, 1.64%, 1.54%, 1.24%, 0.94% and 1.00% for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively. The expense reimbursements and limits will continue in effect until June 30, 2011 for Class A, Class B, Class C, Class I2 and Class ADV shares and July 31, 2011 for Class R1, Class R3, Class R4 and Class R5 shares. Prior to August 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.50%, 1.40%, 1.10% and 0.80% for Class R1, Class R3, Class R4 and Class R5 shares, respectively.

Accordingly, these expense reductions amounted to $13,433, $4,127, $13,962, $13,710, $13,845, $14,172, $10,366 and $15,235 for Class B, Class C, Class I2, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively, for the year ended March 31, 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

Annual report | Disciplined Value Fund  29 

 


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 March 31, 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 ADV 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 for each class of the Fund’s shares.

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

 

Currently, only 0.25% is charged to 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 $467,774 for the year ended March 31, 2011. Of this amount, $65,369 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $398,794 was paid as sales commissions to broker-dealers and $3,611 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 March 31, 2011, CDSCs received by the Distributor amounted to $10,416 and $8,685 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. Class NAV shares do not pay transfer agent fees. 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

30  Disciplined Value Fund | Annual report 

 


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, B, C, R1, R3, R4, R5 and ADV shares and 0.04% for Class I and Class I2 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 for Class A, B, C, I, I2, R1, R3, R4 and R5 shares. Class ADV shares were not assessed these monthly fees.

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

Class level expenses. Class level expenses for the year ended March 31, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $963,126  $706,331  $32,630  $25,997 
Class B  60,698  12,858  15,477  890 
Class C  230,394  44,801  16,508  2,719 
Class I  —  137,527  29,973  5,535 
Class I2  —  10,231  14,657  818 
Class R1  5,851  929  13,866  130 
Class R3  368  229  13,750  34 
Class R4  2,885  635  14,159  97 
Class R5  20  1,351  13,750  44 
Class ADV  86  419  14,623  183 
Total  $1,263,428  $915,311  $179,393  $36,447 

 

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 March 31, 2011 and 2010 were as follows:

  Year ended 3-31-11  Year ended 3-31-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  36,716,106  $445,364,310  11,661,288  $132,046,024 
Issued in reorganization (Note 7)  —  —  1,765,491  16,252,306 
Distributions reinvested  286,656  3,680,665  26,373  304,610 
Repurchased  (6,747,902)  (84,227,777)  (1,471,480)  (16,576,033) 
 
Net increase  30,254,860  $364,817,198  11,981,672  $132,026,907 

 

Annual report | Disciplined Value Fund  31 

 


  Year ended 3-31-11  Year ended 3-31-10 
  Shares  Amount  Shares  Amount 
Class B shares         
Sold  243,352  $2,966,977  170,090  $1,774,402 
Issued in reorganization (Note 7)  —  —  301,474  2,694,363 
Distributions reinvested  2,470  30,553  —  — 
Repurchased  (87,333)  (1,047,461)  (60,848)  (655,998) 
 
Net increase  158,489  $1,950,069  410,716  $3,812,767 
 
Class C shares         
Sold  1,078,990  $13,057,994  936,552  $10,261,715 
Issued in reorganization (Note 7)  —  —  785,159  7,017,238 
Distributions reinvested  8,799  108,844  —  — 
Repurchased  (384,621)  (4,559,653)  (199,589)  (2,167,113) 
 
Net increase  703,168  $8,607,185  1,522,122  $15,111,840 
 
Class I shares         
Sold  19,998,813  $232,555,941  14,153,339  $142,031,860 
Issued in reorganization (Note 7)  —  —  554,639  4,991,870 
Distributions reinvested  273,381  3,425,460  61,516  693,903 
Repurchased  (3,865,108)  (47,125,267)  (5,776,844)  (59,398,021) 
 
Net increase  16,407,086  $188,856,134  8,992,650  $88,319,612 
 
Class I2 shares         
Sold  157,294  $1,966,666  1,612,432  $17,985,940 
Distributions reinvested  17,994  225,645  16  180 
Repurchased  (18,139)  (225,000)  (64,777)  (734,120) 
 
Net increase  157,149  $1,967,311  1,547,671  $17,252,000 
 
Class R1 shares         
Sold  88,526  $1,050,353  17,629  $186,389 
Issued in reorganization (Note 7)  —  —  14,527  130,825 
Distributions reinvested  445  5,586  —  — 
Repurchased  (12,676)  (152,985)  (5,876)  (69,405) 
 
Net increase  76,295  $902,954  26,280  $247,8091 
 
Class R3 shares         
Sold  7,879  $97,121  3,148  $28,978 
Distributions reinvested  28  353  —  — 
Repurchased  (3,295)  (44,100)  —  — 
 
Net increase  4,612  $53,374  3,148  $28,9782 
 
Class R4 shares         
Sold  39,785  $482,048  66,865  $724,084 
Distributions reinvested  620  7,780  —  — 
Repurchased  (22,003)  (271,391)  (7,925)  (92,454) 
 
Net increase  18,402  $218,437  58,940  $631,6302 
 
Class R5 shares         
Sold  1,183,682  $15,138,724  3,584  $34,031 
Distributions reinvested  109  1,366  —  — 
Repurchased  (99,788)  (1,314,672)  (397)  (4,500) 
 
Net increase  1,084,003  $13,825,418  3,187  $29,5312 

 

32  Disciplined Value Fund | Annual report 

 


  Year ended 3-31-11  Year ended 3-31-10 
  Shares  Amount  Shares  Amount 
Class ADV shares         
Distributions reinvested  29  $354  10  $111 
 
Net increase  29  $354  10  $111 
 
Class NAV shares         
Sold  11,061,089  $124,314,742  19,018,330  $202,006,891 
Distributions reinvested  350,468  4,394,874  104,798  1,182,121 
Repurchased  (384,097)  (4,795,972)  (199,017)  (2,317,135) 
 
Net increase  11,027,460  $123,913,644  18,924,111  $200,871,8773 
 
Net increase  59,891,553  $705,112,078  43,470,507  $458,333,062 

 

1 Period from 7-13-09 (inception date) to 3-31-10.
2 Period from 5-22-09 (inception date) to 3-31-10.
3 Period from 5-29-09 (inception date) to 3-31-10.

Affiliates of the Fund owned 100% of shares of beneficial interest of Class ADV and Class NAV on March 31, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,163,640,067 and $494,063,914, respectively, for the year ended March 31, 2011.

Note 7 — Reorganization

On July 1, 2009, the shareholders of John Hancock Classic Value Fund II (the Acquired Fund) voted to approve an Agreement and Plan of Reorganization (the Agreement) in exchange for a representative amount of shares of John Hancock Disciplined Value Fund (the Acquiring Fund).

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Acquired Fund in exchange for a representative amount of shares of the Acquiring Fund; (b) the liquidation of the Acquired Fund; and (c) the distribution to the Acquired Fund’s shareholders of such Acquiring Fund’s shares. The reorganization was intended to consolidate the Acquired Fund with a similar fund. The combined fund may be better positioned in the market to increase asset size and achieve economies of scale. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Acquired Fund or its shareholders. Thus, the investments were transferred to the Acquiring Fund at the Acquired Fund’s identified cost. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Acquired Fund. The reorganization was effective immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on July 10, 2009.

The following outlines the reorganization:

        SHARES  SHARES     
    ACQUIRED NET  DEPRECIATION  REDEEMED  ISSUED  ACQUIRING  ACQUIRING 
    ASSET VALUE OF  OF ACQUIRED  BY THE  BY THE  FUND NET  FUND TOTAL NET 
ACQUIRING  ACQUIRED  THE ACQUIRED  FUND’S  ACQUIRED  ACQUIRING  ASSETS PRIOR TO  ASSETS AFTER 
FUND  FUND  FUND  INVESTMENTS  FUND  FUND  COMBINATION  COMBINATION 
Disciplined  Classic  $31,086,602  $2,067,505  6,066,189  3,421,290  $146,891,793  $177,978,395 
Value Fund  Value             
  Fund II             

 

Annual report | Disciplined Value Fund  33 

 


Assuming the acquisition had been completed on April 1, 2009, the beginning of the annual reporting period, the Acquiring Fund’s pro forma results of operations for the year ended March 31, 2010 were as follows:

Net investment income  $2,747,253 
Net realized and unrealized gain  113,536,316 
Increase (decrease) in net assets from operations  116,283,569 

 

See Note 5 for capital shares issued in connection with the above referenced reorganization.

 

34  Disciplined Value 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 Disciplined Value 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 Disciplined Value Fund (the “Fund”) at March 31, 2011, and the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended and the financial highlights for each of the fiscal periods ending March 31, 2009, 2010 and 2011, 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 March 31, 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.

The financial highlights of the Fund for periods ending on or before August 31, 2008 were audited by another independent registered public accounting firm, whose report dated October 30, 2008 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 20, 2011

Annual report | Disciplined Value Fund  35 

 


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 March 31, 2011.

The Fund designates distributions to shareholders of $6,606,921 as a long-term capital gain dividend for the fiscal year ended March 31, 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 March 31, 2011.

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

36  Disciplined Value 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 | Disciplined Value 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, 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  Disciplined Value 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 | Disciplined Value 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, 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.

40  Disciplined Value 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*  Robeco Investment Management, 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   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

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 | Disciplined Value 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 Disciplined Value Fund.  3400A 3/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/11 

 




John Hancock Core High Yield Fund   
 
Table of Contents   
 
Management’s discussion of Fund performance  .................................................................................................. Page 3 
A look at performance  .................................................................................................. Page 4 
Your expenses  .................................................................................................. Page 6 
Portfolio summary  .................................................................................................. Page 7 
Portfolio of investments  .................................................................................................. Page 8 
Financial statements  .................................................................................................. Page 11 
Financial highlights  .................................................................................................. Page 14 
Notes to financial statements  .................................................................................................. Page 16 
Trustees and Officers  .................................................................................................. Page 23 
More information  .................................................................................................. Page 31 

 

2 

 


John Hancock Core High Yield Fund

Management’s Discussion of Fund Performance
By John Hancock Asset Management (formerly MFC Global Investment Management (U.S.A.) Limited) 1

Despite substantial volatility, the high-yield market produced strong results in the 12 months ended March 31, 2011, returning 14.14% as measured by the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index. May 2010 was the weakest month, as markets came to grips with sovereign debt issues in southern Europe and the possibility of a double-dip recession in the U.S. economy. July was the strongest month. Within the high-yield market, lower-rated paper outperformed higher-rated issues.

For this 12-month period, John Hancock Core High Yield Fund’s Class A shares returned 19.34% at net asset value, outperforming the 14.14% return of its benchmark index, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index, and the average 13.58% return of Morningstar, Inc.’s high-yield bond fund category.

Portfolio Review

The Fund’s performance was enhanced by credit-quality focus, new issues and security selection. At March 31, 2011, the Fund’s largest sector overweights relative to the benchmark were consumer products, energy and gaming. The financial sector was the largest underweight. The Fund’s average credit rating remained stable throughout the period at B-.

Some of the better-performing securities were issued by MTR Gaming Group, Inc. and Circus Circus, a casino owned by Mandalay Resort Group. MTR Gaming, a hospitality company based in Chester, West Virginia, holds (mostly through several subsidiaries) hotels, casinos and sports facilities. The company continues to actively look for additional opportunities for acquisitions. Circus Circus and Mandalay Resort Group are under the MGM Resorts International umbrella. The Fund’s largest detractor from performance was Dynegy Holdings, Inc.

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 major factors in this Fund's performance are interest rate and credit risk. When interest rates rise, bond prices usually fall. Higher-yielding bonds are riskier than lower-yielding bonds, and their value may fluctuate more in response to market conditions. The Fund may not be appropriate for all investors. 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.

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

3 

 


A look at performance 

Core High Yield Fund 
For the period ended March 31, 2011 

                  SEC 30-day  SEC 30-day yield 
  Average annual total returns (%)  Cumulative returns (%)      yield (%)  (%) 
  with maximum sales charge (POP)  with maximum sales charge (POP)    (subsidized)  (unsubsidized)2 
  1-  5-  10-  Since  1-year  5-year  10-  Since  as of  as of 
  year  year  year  Inception1      year  Inception1  3-31-11  3-31-11 
A  13.94  -  -  24.56  13.94  -  -  52.46  6.93  6.21 
I3  19.87  -  -  28.03  19.87  -  -  60.72  7.64  6.62 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 4.5%. 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7-31-11. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows: 

  Class A  Class I 
Net (%)  1.25  0.84 
Gross (%)  1.60  3.57 

 

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 performance data current to the most recent month end, 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. 

Footnotes on following page. 

4 

 


A look at performance


  Class I3 
Began  4-30-09 
NAV  $16,072 
POP  $16,072 
Index  $16,357 

 

Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index is an unmanaged index composed of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers.

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 From 4-30-09.
2 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.
3 For certain types of investors, as described in the Fund’s prospectuses.
4 NAV represents net asset value and POP represents public offering price. 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.

Annual report | Core High Yield Fund 
5

 


Your expenses

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

Understanding your 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 (if applicable), 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 your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,094.40  $6.27 
Class I  1,000.00  1,097.20  4.39 

 

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 March 31, 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:

Example

[ My account value $8,600.00 / $1,000.00 = 8.6 ] x $[ “expenses paid” from table ] = My actual expenses

Hypothetical example for comparison purposes

This table allows you to compare your 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 your fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2010, with the same investment held until March 31, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,018.90  $6.04 
Class I  1,000.00  1,020.70  4.23 

 

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 1.20% and 0.84% for Class A and Class I shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

6 

 


Core High Yield Fund   
 
 
Portfolio Summary   
  Value as a 
  percentage of 
Top 10 Issuers1 (46.3% of Net Assets)  Fund's net assets 
MTR Gaming Group, Inc., Series B  5.5% 
Columbus International, Inc.  5.1% 
Offshore Group Investments, Ltd.  4.9% 
TMX Finance LLC/TitleMax Finance Corp.  4.9% 
Southern States Cooperative, Inc.  4.8% 
Connacher Oil and Gas, Ltd.  4.7% 
BioScrip, Inc.  4.6% 
Mandalay Resort Group  4.4% 
Kratos Defense & Security Solutions, Inc.  3.9% 
UPM-Kymmene OYJ  3.5% 
 
  Value as a 
  percentage of 
Sector Composition2  Fund's net assets 
Consumer Discretionary  26% 
Energy  17% 
Financials  13% 
Consumer Staples  11% 
Industrials  10% 
Health Care  9% 
Telecommunication Services  6% 
Materials  5% 
Information Technology  2% 
Utilities  1% 
 
  Value as a 
  percentage of 
Portfolio Diversification  Fund's net assets 
Corporate Bonds  99% 
Convertible Bonds  1% 
 
  Value as a 
  percentage of 
Country Composition  Fund's net assets 
United States  69% 
Canada  11% 
Barbados  5% 
Cayman Islands  5% 
Finland  3% 
Bermuda  3% 
Nigeria  2% 
Italy  2% 
 
  Value as a 
  percentage of 
Quality Composition3  Fund’s net assets 
BB  18% 
B  67% 
CCC & Below  13% 
Not Rated  2% 

 

1 Cash and cash equivalents are not included in Top 10 Issuers.

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 Ratings are from Moody’s Investors Services, Inc. If not available, we have used S&P ratings. In the absence of ratings from these agencies, we have used Fitch, Inc. ratings. Not Rated securities are those with no ratings available. They may have internal ratings similar to those shown. All as of 3-31-11 and do not reflect subsequent changes.

7 

 


Core High Yield Fund
As of 3-31-11

    Maturity     
  Rate (%)  date  Par value  Value 
 
Corporate Bonds 98.87%        $16,839,173 
(Cost $15,112,015)         
 
Consumer Discretionary 26.04%        4,434,812 
 
Auto Components 1.54%         
Uncle Acquisition 2010 Corp. (S)  8.625  02/15/19  $250,000  262,500 
 
Diversified Consumer Services 6.70%         
Bankrate, Inc. (S)  11.750  07/15/15  500,000  568,750 
Trans Union LLC/TransUnion Financing Corp. (S)  11.375  06/15/18  500,000  571,250 
 
Hotels, Restaurants & Leisure 12.10%         
Caesars Entertainment Operating Company, Inc.  11.250  06/01/17  250,000  284,062 
Mandalay Resort Group  7.625  07/15/13  750,000  742,500 
Marina District Finance Company, Inc. (S)  9.875  08/15/18  100,000  104,625 
MTR Gaming Group, Inc., Series B  9.000  06/01/12  1,000,000  930,000 
 
Media 5.70%         
AMO Escrow Corp. (S)  11.500  12/15/17  100,000  106,750 
Columbus International, Inc. (S)  11.500  11/20/14  750,000  864,375 
 
Consumer Staples 10.82%        1,843,750 
 
Food Products 7.85%         
Reddy Ice Corp.  11.250  03/15/15  500,000  521,250 
Southern States Cooperative, Inc. (S)  11.250  05/15/15  750,000  815,625 
 
Tobacco 2.97%         
Alliance One International, Inc.  10.000  07/15/16  500,000  506,875 
 
Energy 17.51%        2,981,687 
 
Energy Equipment & Services 10.88%         
Allis-Chalmers Energy, Inc.  9.000  01/15/14  500,000  510,625 
Geokinetics Holdings USA, Inc.  9.750  12/15/14  250,000  240,312 
Offshore Group Investments, Ltd.  11.500  08/01/15  750,000  832,500 
Pioneer Drilling Company  9.875  03/15/18  250,000  268,750 
 
Oil, Gas & Consumable Fuels 6.63%         
Connacher Oil and Gas, Ltd. (S)  10.250  12/15/15  750,000  795,000 
Gibson Energy ULC/GEP Midstream Finance Corp.  11.750  05/27/14  300,000  334,500 
 
Financials 13.03%        2,218,735 
 
Diversified Financial Services 9.42%         
CNG Holdings, Inc. (S)  12.250  02/15/15  200,000  223,000 
Reliance Intermediate Holdings LP (S)  9.500  12/15/19  500,000  548,750 
TMX Finance LLC/TitleMax Finance Corp. (S)  13.250  07/15/15  750,000  832,500 
 
Real Estate Management & Development 3.61%         
CB Richard Ellis Services, Inc.  11.625  06/15/17  100,000  118,000 
Kennedy-Wilson, Inc. (S)  8.750  04/01/19  500,000  496,485 
 
Health Care 9.02%        1,537,002 
 
Health Care Equipment & Supplies 1.59%         
Apria Healthcare Group, Inc.  12.375  11/01/14  250,000  271,563 
 
Health Care Providers & Services 7.43%         
American Renal Holdings Company, Inc.  8.375  05/15/18  100,000  105,500 
BioScrip, Inc.  10.250  10/01/15  750,000  780,938 
OnCure Holdings, Inc.  11.750  05/15/17  175,000  175,438 

 

See notes to financial statements   
8 

 


Core High Yield Fund
As of 3-31-11

    Maturity     
  Rate (%)  date  Par value  Value 
Health Care (continued)         
Radiation Therapy Services, Inc.  9.875  04/15/17  $150,000  $153,000 
Radnet Management, Inc.  10.375  04/01/18  50,000  50,563 
 
Industrials 8.36%        1,423,937 
 
Aerospace & Defense 3.88%         
Kratos Defense & Security Solutions, Inc.  10.000  06/01/17  600,000  661,500 
 
Commercial Services & Supplies 1.22%         
Casella Waste Systems, Inc. (S)  7.750  02/15/19  100,000  100,000 
Garda World Security Corp. (S)  9.750  03/15/17  100,000  107,750 
 
Marine 1.69%         
Commercial Barge Line Company  12.500  07/15/17  250,000  288,125 
 
Trading Companies & Distributors 1.57%         
FGI Operating Company, Inc.  10.250  08/01/15  250,000  266,562 
 
Information Technology 1.65%        280,625 
 
IT Services 1.65%         
Unisys Corp.  12.500  01/15/16  250,000  280,625 
 
Materials 4.74%        806,750 
 
Chemicals 0.60%         
Nexeo Solutions LLC/Nexeo Solutions Finance Corp. (S)  8.375  03/01/18  100,000  102,000 
 
Metals & Mining 0.65%         
Novelis, Inc. (S)  8.750  12/15/20  100,000  110,000 
 
Paper & Forest Products 3.49%         
UPM-Kymmene OYJ (S)  7.450  11/26/27  600,000  594,750 
 
Telecommunication Services 6.47%        1,102,500 
 
Diversified Telecommunication Services 6.47%         
Broadview Networks Holdings, Inc.  11.375  09/01/12  250,000  245,000 
Global Crossing, Ltd.  12.000  09/15/15  500,000  570,000 
Wind Acquisition Finance SA (S)  11.750  07/15/17  250,000  287,500 
 
Utilities 1.23%        209,375 
 
Independent Power Producers & Energy Traders 1.23%         
Dynegy Holdings, Inc.  8.375  05/01/16  250,000  209,375 
 
Convertible Bonds 1.78%        $303,000 
(Cost $294,206)         
 
Industrials 1.78%        303,000 
Sea Trucks Group (10.000% Steps up to 11.000% on         
7-31-12)  10.000  01/31/15  300,000  303,000 

 

See notes to financial statements   
9 

 


Core High Yield Fund
As of 3-31-11

  Par value  Value 
 
Short-Term Investments 0.76%    $130,000 
(Cost $130,000)     
 
Repurchase Agreement 0.76%    130,000 
Repurchase Agreement with State Street Corp. dated 3-31-11 at     
0.010% to be repurchased at $130,000 on 4-1-11, collateralized by     
$135,000 U.S. Treasury Bills, 1.000% due 4-30-12 (valued at     
$136,507, including interest)  $130,000  130,000 
 
Total investments (Cost $15,536,221)† 101.41%    $17,272,173 
Other assets and liabilities, net (1.41%)    ($240,495) 
Total net assets 100.00%    $17,031,678 

 

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

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $7,491,610 or 43.99% of the Fund's net assets as of 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $15,536,279. Net unrealized appreciation aggregated $1,735,894, of which $1,745,667 related to appreciated investment securities and $9,773 related to depreciated investment securities.

The portfolio had the following country concentration as a percentage of total net assets on 3-31-11:

United States  69% 
Canada  11% 
Barbados  5% 
Cayman Islands  5% 
Finland  3% 
Bermuda  3% 
Nigeria  2% 
Italy  2% 

 

See notes to financial statements   
10 

 


Core High Yield Fund

Statement of Assets and Liabilities — 3-31-11

Assets   
Investments in unaffiliated issuers, at value   
(Cost $15,406,221)  $17,142,173 
Repurchase agreements, at value (Cost $130,000)  130,000 
 
Total investments, at value (Cost $15,536,221)  17,272,173 
 
Cash  136,613 
Receivable for investments sold  1,255,938 
Dividends and interest receivable  427,722 
Receivable due from adviser  215 
Other receivables and prepaid expenses  694 
 
Total assets  19,093,355 
 
 
Liabilities   
Payable for investments purchased  1,869,923 
Distributions payable  135,094 
Payable to affiliates   
Accounting and legal services fees  548 
Transfer agent fees  5,175 
Trustees' fees  74 
Other liabilities and accrued expenses  50,863 
 
Total liabilities  2,061,677 
 
 
Net assets   
Capital paid-in  $14,988,504 
Accumulated undistributed net investment income  5,697 
Accumulated net realized gain on investments  301,525 
Net unrealized appreciation (depreciation) on   
investments  1,735,952 
 
Net assets  $17,031,678 
 
 
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 ($17,003,290 ÷ 1,497,500 shares)  $11.35 
Class I ($28,388 ÷ 2,500 shares)  $11.36 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95.5%)1  $11.88 

 

1 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.

 

The accompanying notes are an integral part of the financial statements.   
11 

 


Core High Yield Fund

Statement of Operations — For the year ended 3-31-11

Investment income   
Interest  $1,956,076 
Less foreign taxes withheld  (500) 
 
Total investment income  1,955,576 
 
Expenses   
Investment management fees (Note 4)  113,559 
Distribution and service fees (Note 4)  43,603 
Accounting and legal services fees (Note 4)  2,852 
Transfer agent fees (Note 4)  24,692 
Trustees' fees (Note 4)  1,533 
State registration fees (Note 4)  69 
Professional fees  51,841 
Custodian fees  12,574 
Registration and filing fees  19,357 
Other  86 
 
Total expenses  270,166 
 
Less expense reductions (Note 4)  (59,709) 
 
Net expenses  210,457 
 
Net investment income  1,745,119 
 
 
Realized and unrealized gain   
Net realized gain on   
Investments  1,053,074 
Change in net unrealized appreciation   
(depreciation) of   
Investments  298,683 
 
Net realized and unrealized gain  1,351,757 
 
Increase in net assets from operations  $3,096,876 

 

The accompanying notes are an integral part of the financial statements.   
12 

 


Core High Yield Fund

Statements of Changes in Net Assets

  Year ended  Year ended 
  3-31-11  3-31-10 
Increase (decrease) in net assets     
From operations     
Net investment income  $1,745,119  $1,481,237 
Net realized gain  1,053,074  1,893,102 
Change in net unrealized appreciation     
(depreciation)  298,683  1,437,269 
 
Increase in net assets resulting from     
operations  3,096,876  4,811,608 
 
 
Distributions to shareholders     
From net investment income     
Class A  (1,775,169)  (1,474,324) 
Class I  (3,068)  (2,530) 
From net realized gain     
Class A  (1,675,553)  (941,793) 
Class I  (2,797)  (1,572) 
 
Total distributions  (3,456,587)  (2,420,219) 
 
From Fund share transactions (Note 5)  —  15,000,000 
 
 
Total increase (decrease)  (359,711)  17,391,389 
 
Net assets     
Beginning of year  17,391,389  — 
 
End of year  $17,031,678  $17,391,389 
 
Accumulated undistributed net investment     
income  $5,697  $17,569 

 

The accompanying notes are an integral part of the financial statements.   
13 

 


Core High Yield Fund
Financial Highlights (For a share outstanding throughout the period)

Class A Shares     
 
Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of year  $11.59  $10.00 
Net investment income2  1.16  0.99 
Net realized and unrealized gain on investments  0.92  2.21 
 
Total from investment operations  2.08  3.20 
 
Less distributions     
From net investment income  (1.20)  (0.98) 
From net realized gain  (1.12)  (0.63) 
 
Total distributions  (2.32)  (1.61) 
 
Net asset value, end of year  $11.35  $11.59 
 
Total return (%)3  19.34  33.754 
 
Ratios and supplemental data     
Net assets, end of year (in millions)  $17  $17 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.55  1.365 
Expenses net of fee waivers  1.21  1.135 
Net investment income  9.99  9.825 
Portfolio turnover (%)  207  389 

 

1 Period from 4-30-09 (inception date) to 3-31-10.
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 Annualized.

The accompanying notes are an integral part of the financial statements.   
14 

 


Core High Yield Fund
Financial Highlights (For a share outstanding throughout the period)

Class I Shares     
 
Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of year  $11.59  $10.00 
Net investment income2  1.21  1.02 
Net realized and unrealized gain on investments  0.92  2.20 
 
Total from investment operations  2.13  3.22 
 
Less distributions     
From net investment income  (1.24)  (1.00) 
From net realized gain  (1.12)  (0.63) 
 
Total distributions  (2.36)  (1.63) 
 
Net asset value, end of year  $11.36  $11.59 
 
Total return (%)3  19.87  34.084 
 
Ratios and supplemental data     
Net assets, end of year (in thousands)  $28  $29 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.35  3.525 
Expenses net of fee waivers  0.85  0.855 
Net investment income  10.35  10.105 
Portfolio turnover (%)  207  389 

 

1 Period from 4-30-09 (inception date) to 3-31-10.
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 Annualized.

The accompanying notes are an integral part of the financial statements.   
15 

 


Core High Yield Fund
Notes to financial statements

Note 1 - Organization

John Hancock Core High 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 investment objective of the Fund is to seek total return, consisting of a high level of current income and 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 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, transfer agent fees, printing and postage and state registration fees for each class may differ.

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 March 31, 2011, all investments are categorized as Level 2 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 March 31, 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. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. 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.

16 

 


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. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful.

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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

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.

As of March 31, 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.

17 

 


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 dividends daily and pays them monthly. Capital gain distributions, if any, are paid annually. The tax character of distributions for the years ended March 31, 2011 and March 31, 2010 was as follows:

  March 31, 2011  March 31, 2010 
Ordinary Income  $3,318,242  $2,420,219 
Long-Term Capital Gains  138,345  - 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of expenses that may be applied differently to each class. As of March 31, 2011, the components of distributable earnings on a tax basis included $189,635 of undistributed ordinary income and $117,695 of undistributed long-term capital gain.

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 defaulted bonds and tender consent fees.

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) 0.650% of the first $250,000,000 of the Fund’s average daily net assets; (b) 0.625% of the next $250,000,000 of the Fund’s average daily net assets; (c) 0.600% of the next $500,000,000 of the Fund’s average daily net assets; (d) 0.550% of the next $1,500,000,000 of the Fund’s average daily net assets; and (e) 0.525% of the Fund’s average daily net assets in excess of $2,500,000,000. 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), an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.65% of the Fund’s average daily net assets.

18 

 


The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, brokerage commissions, interest, litigation and indemnification expenses 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 1.25% for Class A and 0.84% for Class I shares. The fee waivers and/or reimbursements will continue in effect until July 31, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.25% for Class A and 0.85% for Class I shares. In addition, the Adviser has voluntarily agreed to limit the Fund’s total expenses, excluding transfer agent fees, distribution and service fees, brokerage commissions, interest and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, to 0.19% of the Fund’s average daily net assets, on an annual basis. The voluntary fee waiver and/or reimbursement may be amended or terminated at any time by the Adviser.

Accordingly, the expense reductions or reimbursements related to these agreements were $59,563 and $146 for Class A and Class I shares, respectively, for the year ended March 31, 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 March 31, 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 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 an annual rate of 0.30% of average daily net assets for Class A shares for distribution and service fees. Currently, only 0.25% is charged to Class A shares for distribution and service fees.

Sales charges. Class A shares are assessed up-front sales charges which result in payments to the Distributor. For the year ended March 31, 2011, no sales charges were assessed.

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 0.015% for Class A and Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $17.50 per shareholder account for all share classes.

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

19 

 


Class level expenses. Class level expenses for the year ended March 31, 2011 were:

Class  Distribution and service fees  Transfer agent fees  State registration fees 
Class A  $43,603  $24,678  $35 
Class I  -  14  34 
Total  $43,603  $24,692  $69 

 

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 March 31, 2011 and 2010 were as follows:

  Year ended Year ended
  3-31-11 3-31-101
 
 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  —  —  1,497,500  $14,975,000 
 
 
Net increase  —  —  1,497,500  $14,975,000 
 
 
Class I shares         
Sold  —  —  2,500  $25,000 
 
 
Net increase  —  —  2,500  $25,000 
 
 
Net increase  —  —  1,500,000  $15,000,000 
 
 

 

1 Period from 4-30-09 (inception date) to 3-31-10.

Affiliates of the Fund owned 100% of shares of beneficial interest of the Fund on March 31, 2011.

Note 6 - Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $36,011,398 and $40,057,975, respectively, for the year ended March 31, 2011.

20 

 


Auditors’ Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Core High 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 Core High Yield Fund (the “Fund") at March 31, 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 March 31, 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
May 20, 2011

21 

 


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 March 31, 2011.

The Fund designates distribution to shareholders of $138,345 as a long-term capital gain dividend for the fiscal year ended March 31, 2011.

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

22 

 


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  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Steven R.  1944  Chairperson (since January 2011); Chairman  2006  46 
Pruchansky    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.  1940  Chief Executive Officer, Director and Treasurer,  2006  46 
Carlin    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).     

 

23 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
William H.  1944  Professor, University of Texas, Austin, Texas  2006  46 
Cunningham    (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.  1952  Chief Executive Officer, American Red  2008  46 
Jackson(2)    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 Corporation. (1996- 
    2009); Board of Directors of Boston Stock     
    Exchange (2002–2008); Board of Directors     
of Harvard Pilgrim Healthcare (health 
    benefits company) (since 2007).     

 

24 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Charles L.  1938  Vice Chairperson (since March 2011);  2006  46 
Ladner(2)    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).     
Stanley  1947  Senior Vice President/Audit Executive,  2008  46 
Martin(2)    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.  1939  President and Chief Executive Officer,  2006  46 
Moore    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).     

 

25 

 


Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Patti McGill  1943  Principal, PMP Globalinc (consulting) (since  2006  47 
Peterson(2)    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.  1949  Vice Chairman, Risk & Regulatory Matters,  2008  46 
Russo    KPMG LLP (“KPMG”) (2002–2006); Vice     
    Chairman, Industrial Markets, KPMG (1998–     
    2002).     

 

26 

 


Non-Independent Trustees(3)

Name  Year of  Position(s) held with Fund  Trustee  Number 
  Birth  Principal occupation(s) and other  of the  of John 
    Directorships during the past 5 years  Trust  Hancock 
      since(1)  funds 
        overseen 
        by 
        Trustee 
Hugh  1959  Executive Vice President, John Hancock  2010  46 
McHaffie    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).     
John G.  1955  Senior Vice President, John Hancock  2009  47 
Vrysen    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).     

 

27 

 


Principal officers who are not Trustees

Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Keith F. Hartstein  1956  Senior Vice President, John Hancock  2006 
President and Chief    Financial Services (since 2004); Director,   
Executive Officer    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  1971  Senior Vice President, John Hancock  2009 
Senior Vice    Financial Services (since 2009); Executive   
President and Chief    Vice President, John Hancock Advisers,   
Operating Officer    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).   

 

28 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Thomas M. Kinzler  1955  Vice President, John Hancock Financial  2006 
Secretary and Chief    Services (since 2006); Secretary and Chief   
Legal Officer    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). 
Francis V. Knox, Jr.  1947  Vice President, John Hancock Financial  2006 
Chief Compliance    Services (since 2005); Chief Compliance   
Officer    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  1957  Vice President, John Hancock Financial  2007 
Chief Financial    Services (since 2008); Senior Vice   
Officer    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). 

 

29 

 


Name  Year  Position(s) held with Fund  Officer of the 
  of  Principal occupation(s) and other  Trust since 
  Birth  Directorships during the past 5 years   
Salvatore  1965  Assistant Vice President, John Hancock  2010 
Schiavone    Financial Services (since 2007); Vice   
Treasurer    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 (2009-2010);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.

1Each Trustee serves until resignation, retirement age or until his or her successor is elected.

2Member of Audit Committee.

3Because 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 1040, of the Fund.

30 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management Services, LLC 
James F. Carlin   
William H. Cunningham  Subadviser 
Deborah C. Jackson*  John Hancock Asset Management 
Charles L. Ladner, Vice Chairperson*   
Stanley Martin*  Principal distributor 
Hugh McHaffie†  John Hancock Funds, LLC 
Dr. John A. Moore   
Patti McGill Peterson*  Custodian 
Gregory A. Russo  State Street Bank and Trust Company 
John G. Vrysen†   
  Transfer agent 
Officers  John Hancock Signature Services, Inc. 
Keith F. Hartstein   
President and Chief Executive Officer  Legal counsel 
Andrew G. Arnott  K&L Gates LLP 
Senior Vice President and Chief Operating Officer   
Thomas M. Kinzler  Independent registered public accounting firm 
Secretary and Chief Legal Officer  PricewaterhouseCoopers LLP 
Francis V. Knox, Jr.   
Chief Compliance Officer   
Charles A. Rizzo   
Chief Financial Officer   
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record, if any, 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: 
www. 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 

 

31 

 




A look at performance

Total returns for the period ended March 31, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  14.29  3.02  7.44  14.29  16.01  105.05 
Class I1,2  20.57  4.43  8.39  20.57  24.23  123.89 
Class R11,2  19.76  3.64  7.54  19.76  19.55  106.96 
Class R31,2  19.88  3.74  7.65  19.88  20.15  109.04 
Class R41,2  20.19  4.04  7.97  20.19  21.91  115.28 
Class R51,2  20.55  4.35  8.29  20.55  23.75  121.82 
Class ADV 1,2  20.31  3.93  7.82  20.31  21.28  112.37 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I, R1, R3, R4, R5 and ADV 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7-31-11 for Class A shares,12-31-11 for Class R1, R3, R4 and R5 shares and 12-11-11 for Class I and ADV shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class I  Class R1  Class R3  Class R4  Class R5  Class ADV 
Net (%)  1.34  1.11  1.80  1.70  1.40  1.10  1.34 
Gross (%)  1.86  1.12  1.92  1.82  1.52  1.22  1.81 

 

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 performance data current to the most recent month end, 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.

6  Small Company Fund | Annual report 

 



  Class I1,2  Class R11,2  Class R31,2  Class R41,2  Class R51,2  Class ADV1,2 
Began  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01  3-31-01 
NAV  $22,389  $20,696  $20,904  $21,528  $22,182  $21,237 
POP  $22,389  $20,696  $20,904  $21,528  $22,182  $21,237 
Index  $21,332  $21,332  $21,332  $21,332  $21,332  $21,332 

 

Russell 2000 index is an index that measures performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of total market capitalization of the Russell 3000 Index.

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 12-11-09, through a reorganization, the Fund acquired all of the assets of the FMA Small Company Portfolio (the Predecessor Fund). On that date, the Predecessor Fund offered its Investor share class in exchange for Class A shares and the Institutional share class in exchange for Class I shares. Class A, Class I and Class ADV shares were first offered on 12-14-09. The Class A and Class ADV returns prior to that date are those of the Predecessor Fund’s Investor shares that have been recalculated to apply the gross fees and expenses of Class A and Class ADV shares, respectively. The Predecessor Fund’s Institutional share class returns have been recalculated to reflect the gross fees and expenses of Class I shares. The Class I returns prior to 5-1-08 are those of the Predecessor Fund’s Investor shares that have been recalculated to apply the gross fees and expenses of Class I shares. The inception date of Class R1, Class R3, Class R4 and Class R5 shares is 4-30-10; returns prior to that date are those of Class A shares recalculated to apply the gross fees and expenses of Class R1, Class R3, Class R4 and Class R5 shares, respectively.

2 For certain types of investors, as described in the Fund’s prospectuses.

3 NAV represents net asset value and POP represents public offering price. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and fees structure of those classes.

Annual report | Small Company Fund  7 

 


Management’s discussion of

Fund performance

By Fiduciary Management Associates, LLC

Despite seemingly one crisis after another, stocks still managed to enjoy very strong returns during the 12 months ended March 31, 2011. In this period, John Hancock Small Company Fund’s Class A shares had a total return of 20.31% at net asset value. That performance lagged the 25.29% return of Morningstar, Inc.’s small blend fund category, as well as the 25.79% return of its benchmark, the Russell 2000 Index. Despite its strong absolute return, the Fund trailed its benchmark. In part, this was because the market environment significantly favored growth stocks and our investment style tends to lead us toward value-oriented companies, which lagged their growth counterparts by a wide margin. To make up the performance gap, we would have had to generate significant outperformance through stock selection. Unfortunately, several securities we owned in the portfolio did relatively poorly. Combined with the challenging market backdrop, this left the Fund unable to keep pace with its benchmark during the past 12 months.

The biggest source of underperformance came from the technology sector, as our underweighting in this strong-performing group hampered returns. Moreover, several individual technology stocks were notable laggards — Emulex Corporation, a maker of storage networking products, and Cognex Corporation, a manufacturer of machine-vision systems whose earnings lagged on higher capital investment costs. We sold both positions during the period. Stock selection in the materials sector also hurt, especially a position in Cytec Industries, Inc., a specialty chemicals company. Elsewhere, bank holding company Whitney Holding Corp. was a significant underperformer, as was health care stock RehabCare Group, Inc. Neither stock was in the Fund at period end. On the positive side, Fossil, Inc. was an especially strong performer. As the stock gained in value, its market capitalization grew larger than we could comfortably own in a small-cap fund, so we sold our shares at a healthy profit. In health care, drug maker Questcor Pharmaceuticals, Inc., and software company Medidata Solutions, Inc., were standouts. The Fund’s holdings in WESCO International, Inc., a distributor of industrial products, also added to results.

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.

Investments in smaller companies may involve greater risks than those in larger, more well-known companies. See the prospectus for the risks of investing in small-cap stocks. 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.

8  Small Company 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 presenting 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 October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,218.90  $7.41 
Class I  1,000.00  1,220.10  6.20 
Class R1  1,000.00  1,216.30  9.95 
Class R3  1,000.00  1,216.70  9.40 
Class R4  1,000.00  1,218.20  7.74 
Class R5  1,000.00  1,219.50  6.09 
Class ADV  1,000.00  1,218.90  7.41 

 

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 March 31, 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 | Small Company 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 October 1, 2010, with the same investment held until March 31, 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 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,018.20  $6.74 
Class I  1,000.00  1,019.30  5.64 
Class R1  1,000.00  1,016.00  9.05 
Class R3  1,000.00  1,016.50  8.55 
Class R4  1,000.00  1,018.00  7.04 
Class R5  1,000.00  1,019.40  5.54 
Class ADV  1,000.00  1,018.20  6.74 

 

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 1.34%, 1.12%, 1.80%, 1.70%, 1.40%, 1.10% and 1.34% for Class A, Class I, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

10  Small Company Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (16.8% of Net Assets on 3-31-11)1     
Portland General Electric Company  2.0%  Robbins & Myers, Inc.  1.6% 
Unisource Energy Corp.  1.9%  Lufkin Industries, Inc.  1.6% 
Highwoods Properties, Inc.  1.8%  EnerSys  1.6% 
WESCO International, Inc.  1.6%  United Stationers, Inc.  1.6% 
Signature Bank  1.6%  Home Properties, Inc.  1.5% 
 
Sector Composition2,3       
Financials  24%  Energy  8% 
Industrials  19%  Materials  5% 
Information Technology  12%  Utilities  4% 
Health Care  11%  Consumer Staples  3% 
Consumer Discretionary  10%  Short-Term Investments & Other  4% 

 

1 Cash and cash equivalents not included in Top 10 Holdings.

2 As a percentage of net assets on 3-31-11.

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 | Small Company Fund  11 

 


Fund’s investments

As of 3-31-11

  Shares  Value 
Common Stocks 95.05%    $148,060,402 
(Cost $122,033,711)     
 
Consumer Discretionary 9.89%    15,400,938 
 
Auto Components 0.97%     
Dana Holding Corp. (I)  86,960  1,512,228 
 
Hotels, Restaurants & Leisure 1.42%     
Bally Technologies, Inc. (I)  58,540  2,215,739 
 
Household Durables 0.95%     
Meritage Homes Corp. (I)  61,160  1,475,791 
 
Media 2.33%     
Arbitron, Inc.  39,220  1,569,977 
Cinemark Holdings, Inc.  106,540  2,061,549 
 
Specialty Retail 0.43%     
Express, Inc.  34,430  672,762 
 
Textiles, Apparel & Luxury Goods 3.79%     
G-III Apparel Group, Ltd. (I)  45,550  1,711,769 
Steven Madden, Ltd. (I)  43,370  2,035,354 
The Warnaco Group, Inc. (I)  37,520  2,145,769 
 
Consumer Staples 3.29%    5,127,710 
 
Food Products 2.30%     
Snyders-Lance, Inc.  103,590  2,056,262 
TreeHouse Foods, Inc. (I)  26,890  1,529,234 
 
Personal Products 0.99%     
Elizabeth Arden, Inc. (I)  51,390  1,542,214 
 
Energy 7.50%    11,682,289 
 
Energy Equipment & Services 5.12%     
Complete Production Services, Inc. (I)  52,880  1,682,113 
Gulfmark Offshore, Inc., Class A (I)  40,030  1,781,735 
Lufkin Industries, Inc.  26,080  2,437,698 
Superior Energy Services, Inc. (I)  50,720  2,079,520 
 
Oil, Gas & Consumable Fuels 2.38%     
Cloud Peak Energy, Inc. (I)  86,240  1,861,922 
Georesources, Inc. (I)  58,820  1,839,301 

 

12  Small Company Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Financials 22.65%    $35,282,672 
 
Capital Markets 3.13%     
Evercore Partners, Inc., Class A  62,920  2,157,527 
MF Global Holdings, Ltd. (I)  176,910  1,464,815 
Piper Jaffray Companies (I)  30,240  1,252,843 
 
Commercial Banks 9.25%     
Bank of the Ozarks, Inc.  35,190  1,538,155 
First Midwest Bancorp, Inc.  163,540  1,928,137 
Hancock Holding Company  71,250  2,339,850 
PacWest Bancorp  87,770  1,908,998 
Prosperity Bancshares, Inc.  55,920  2,391,698 
Signature Bank (I)  43,540  2,455,656 
Western Alliance Bancorp (I)  224,610  1,846,294 
 
Insurance 2.42%     
Delphi Financial Group, Inc., Class A  74,510  2,288,202 
The Hanover Insurance Group, Inc.  32,580  1,474,245 
 
Real Estate Investment Trusts 7.85%     
CommonWealth  10,180  264,375 
Entertainment Properties Trust  48,590  2,274,984 
Highwoods Properties, Inc.  78,060  2,732,881 
Home Properties, Inc.  40,790  2,404,571 
Invesco Mortgage Capital, Inc.  105,860  2,313,041 
LaSalle Hotel Properties  83,200  2,246,400 
 
Health Care 11.22%    17,479,959 
 
Health Care Equipment & Supplies 1.50%     
American Medical Systems Holdings, Inc. (I)  108,040  2,337,986 
 
Health Care Providers & Services 7.38%     
Bio-Reference Labs, Inc. (I)  63,360  1,421,798 
Hanger Orthopedic Group, Inc. (I)  56,560  1,472,257 
Healthspring, Inc. (I)  62,300  2,328,151 
LifePoint Hospitals, Inc. (I)  39,190  1,574,654 
Owens & Minor, Inc.  72,060  2,340,509 
PSS World Medical, Inc. (I)  87,170  2,366,666 
 
Pharmaceuticals 2.34%     
Impax Laboratories, Inc. (I)  74,790  1,903,406 
Questcor Pharmaceuticals, Inc. (I)  120,370  1,734,532 
 
Industrials 19.42%    30,247,839 
 
Aerospace & Defense 2.46%     
Moog, Inc., Class A (I)  36,940  1,695,915 
Orbital Sciences Corp., Class A (I)  112,430  2,127,176 
 
Commercial Services & Supplies 1.56%     
United Stationers, Inc.  34,160  2,427,068 
 
Construction & Engineering 1.42%     
EMCOR Group, Inc. (I)  71,620  2,218,071 

 

See notes to financial statements  Annual report | Small Company Fund  13 

 


  Shares  Value 
Electrical Equipment 4.81%     
Belden, Inc.  48,770  $1,831,314 
EnerSys (I)  61,560  2,447,010 
Thomas & Betts Corp. (I)  26,970  1,603,906 
Woodward, Inc.  46,590  1,610,150 
 
Machinery 3.03%     
Actuant Corp., Class A  78,520  2,277,080 
Robbins & Myers, Inc.  53,170  2,445,288 
 
Professional Services 1.07%     
Korn/Ferry International (I)  74,940  1,668,914 
 
Road & Rail 2.53%     
Genesee & Wyoming, Inc., Class A (I)  28,440  1,655,208 
Old Dominion Freight Line, Inc. (I)  65,150  2,286,114 
 
Trading Companies & Distributors 2.54%     
Titan Machinery, Inc. (I)  58,500  1,477,125 
WESCO International, Inc. (I)  39,640  2,477,500 
 
Information Technology 11.86%    18,481,114 
 
Communications Equipment 1.01%     
Viasat, Inc. (I)  39,550  1,575,672 
 
Electronic Equipment, Instruments & Components 2.62%     
Anixter International, Inc.  24,600  1,719,294 
Coherent, Inc. (I)  40,650  2,362,172 
 
Semiconductors & Semiconductor Equipment 4.50%     
Cirrus Logic, Inc. (I)  97,870  2,058,206 
Entropic Communications, Inc. (I)  183,210  1,548,125 
MKS Instruments, Inc.  48,410  1,612,053 
PMC–Sierra, Inc. (I)  238,210  1,786,575 
 
Software 3.73%     
ACI Worldwide, Inc. (I)  49,250  1,615,400 
Netscout Systems, Inc. (I)  36,680  1,002,098 
Progress Software Corp. (I)  53,440  1,554,570 
Websense, Inc. (I)  71,700  1,646,949 
 
Materials 5.26%    8,197,881 
 
Chemicals 1.68%     
Cytec Industries, Inc.  34,040  1,850,755 
Olin Corp.  33,760  773,779 
 
Containers & Packaging 1.06%     
Temple-Inland, Inc.  70,640  1,652,976 
 
Metals & Mining 2.52%     
Century Aluminum Company (I)  108,840  2,033,131 
Schnitzer Steel Industries, Inc.  29,030  1,887,240 
 
Utilities 3.96%    6,160,000 
 
Electric Utilities 3.96%     
Portland General Electric Company  131,730  3,131,222 
Unisource Energy Corp.  83,830  3,028,778 

 

14  Small Company Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Investment Companies 0.99%      $1,549,570 
(Cost $1,508,858)       
 
Financials 0.99%      1,549,570 
 
iShares Russell 2000 Index Fund    18,410  1,549,570 
 
  Yield (%)  Shares  Value 
Short-Term Investments 2.92%      $4,544,724 
(Cost $4,544,724)       
 
Money Market Funds 2.92%      4,544,724 
 
State Street Institutional Liquid Reserves Fund  0.1854 (Y)  4,544,724  4,544,724 
 
Total investments (Cost $128,087,293)† 98.96%    $154,154,696 
 
Other assets and liabilities, net 1.04%      $1,615,622 
 
Total net assets 100.00%      $155,770,318 

 

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

(I) Non-income producing security.

(Y) The rate shown is the annualized seven-day yield as of 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $129,447,727. Net unrealized appreciation aggregated $24,706,969, of which $25,816,648 related to appreciated investment securities and $1,109,679 related to depreciated investment securities.

See notes to financial statements  Annual report | Small Company 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 3-31-11

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 offering price per share.

Assets   
Investments, at value (Cost $128,087,293)  $154,154,696 
Receivable for investments sold  4,769,168 
Receivable for fund shares sold  291,085 
Dividends and interest receivable  201,635 
Other receivables and prepaid expenses  41,788 
 
Total assets  159,458,372 
 
Liabilities   
Payable for investments purchased  3,505,409 
Payable for fund shares repurchased  98,687 
Payable to affiliates   
Accounting and legal services fees  3,110 
Transfer agent fees  28,776 
Trustees’ fees  330 
Due to adviser  3,899 
Other liabilities and accrued expenses  47,843 
 
Total liabilities  3,688,054 
 
Net assets   
Capital paid-in  $147,743,698 
Undistributed net investment income  139,186 
Accumulated net realized loss on investments  (18,179,969) 
Net unrealized appreciation (depreciation) on investments  26,067,403 
 
Net assets  $155,770,318 
 
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 ($87,831,564 ÷ 4,096,917 shares)  $21.44 
Class I ($66,605,919 ÷ 3,096,874 shares)  $21.51 
Class R1 ($116,628 ÷ 5,458 shares)  $21.37 
Class R3 ($456,621 ÷ 21,347 shares)  $21.39 
Class R4 ($45,075 ÷ 2,102 shares)  $21.44 
Class R5 ($164,335 ÷ 7,642 shares)  $21.50 
Class ADV ($550,176 ÷ 25,662 shares)  $21.44 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $22.57 

 

1 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  Small Company 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 3-31-11

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  $1,576,992 
Interest  9,786 
 
Total investment income  1,586,778 
 
Expenses   
Investment management fees (Note 4)  1,206,224 
Distribution and service fees (Note 4)  248,560 
Accounting and legal services fees (Note 4)  19,174 
Transfer agent fees (Note 4)  140,689 
Trustees’ fees (Note 4)  9,187 
State registration fees (Note 4)  44,736 
Printing and postage (Note 4)  17,090 
Professional fees  56,899 
Custodian fees  25,904 
Registration and filing fees  45,551 
Other  11,301 
 
Total expenses  1,825,315 
Less expense reductions (Note 4)  (146,527) 
 
Net expenses  1,678,788 
 
Net investment income  (92,010) 
 
Realized and unrealized gain   
 
Net realized gain on   
Investments  22,658,659 
 
Change in net unrealized appreciation (depreciation) of   
Investments  3,181,254 
 
Net realized and unrealized gain  25,839,913 
 
Increase in net assets from operations  $25,747,903 

 

See notes to financial statements  Annual report | Small Company 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 three 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  Period  Year 
  ended  ended  ended 
  3-31-11  3-31-101  10-31-09 
 
Increase (decrease) in net assets       
 
From operations       
Net investment income (loss)  ($92,010)  ($83,476)  $51,853 
Net realized gain (loss)  22,658,659  7,017,779  (22,397,443) 
Change in net unrealized appreciation (depreciation)  3,181,254  15,888,460  27,512,072 
 
Increase in net assets resulting from operations  25,747,903  22,822,763  5,166,482 
 
Distributions to shareholders       
From net investment income       
Class A  —  (89,814)  (165,164) 
Class I  —  (76,915)  (67,134) 
 
Total distributions  —  (166,729)  (232,298) 
 
Increase in capital from settlement payments  231,252  —  — 
 
From Fund share transactions (Note 5)  2,290,103  (4,491,462)  (25,905,731) 
 
Total increase (decrease)  28,269,258  18,164,572  (20,971,547) 
 
Net assets       
Beginning of year  127,501,060  109,336,488  130,308,035 
 
End of year  $155,770,318  $127,501,060  $109,336,488 
 
Accumulated undistributed (accumulated       
distributions in excess of) net       
investment income  $139,186  ($56)  $166,181 

 

1 For the five-month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.

 

18  Small Company 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  3-31-11  3-31-101,2  10-31-09  10-31-083  10-31-07  10-31-06 
 
Per share operating performance             
Net asset value, beginning of year  $17.82  $14.68  $13.83  $22.55  $23.04  $22.40 
Net investment income (loss)4  (0.03)  (0.02)  —5  0.05  (0.04)  (0.05) 
Net realized and unrealized gain (loss)             
on investments  3.62  3.18  0.87  (6.01)  2.06  4.24 
Total from investment operations  3.59  3.16  0.87  (5.96)  2.02  4.19 
Less distributions             
From net investment income  —  (0.02)  (0.02)  (0.01)  (0.01)  — 
From net realized gain  —  —  —  (2.75)  (2.50)  (3.55) 
Total distributions  —  (0.02)  (0.02)  (2.76)  (2.51)  (3.55) 
Non-recurring reimbursement  0.036  —  —  —  —  — 
Net asset value, end of year  $21.44  $17.82  $14.68  $13.83  $22.55  $23.04 
Total return (%)7,8  20.31  21.519  6.34  (29.67)  9.43  21.07 
 
Ratios and supplemental data             
Net assets, end of year (in millions)  $88  $92  $87  $104  $209  $212 
Ratios (as a percentage of average net             
assets):             
Expenses before reductions  1.49  1.6610  1.42  1.37  1.30  1.27 
Expenses net of fee waivers  1.34  1.3910  1.39  1.31  1.25  1.24 
Net investment income (loss)  (0.17)  (0.23)10  (0.01)  0.27  (0.20)  (0.17) 
Portfolio turnover (%)  159  4211  155  177  132  13512 

 

1 For the five-month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 12-11-09, holders of Investor Shares of the former FMA Small Company Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock Small Company Fund. These shares were first offered on 12-14-09. Additionally, the accounting and performance history of the Investor Shares of the Predecessor Fund was redesignated as that of John Hancock Small Company Fund Class A.
3 Prior to 5-1-08, Investor Shares were offered as Institutional Shares.
4 Based on the average daily shares outstanding.
5 Less than ($0.005) per share.
6 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
7 Does not reflect the effect of sales charges, if any.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Not annualized.
10 Annualized.
11 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.
12 Includes the effects of in-kind transactions. If the in-kind transactions were not included, the portfolio turnover rate would have been 127%.

 

See notes to financial statements  Annual report | Small Company Fund  19 

 


CLASS I SHARES Period ended  3-31-11  3-31-101,2  10-31-09  10-31-083 
 
Per share operating performance         
Net asset value, beginning of year  $17.84  $14.71  $13.84  $17.99 
Net investment income4  0.02  —5  0.03  0.04 
Net realized and unrealized gain (loss) on investments  3.62  3.18  0.87  (4.17) 
Total from investment operations  3.64  3.18  0.90  (4.13) 
Less distributions         
From net investment income  —  (0.05)  (0.03)  (0.02) 
Non-recurring reimbursement  0.036  —  —  — 
Net asset value, end of year  $21.51  $17.84  $14.71  $13.84 
Total return (%)7  20.57  21.678  6.56  (22.95)8 
 
Ratios and supplemental data         
Net assets, end of year (in millions)  $67  $36  $23  $27 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.12  1.189  1.17  1.189 
Expenses net of fee waivers  1.11  1.149  1.14  1.089 
Net investment income  0.09  0.019  0.24  0.559 
Portfolio turnover (%)  159  4210  155  177 

 

1 For the five-month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 12-11-09, holders of Institutional Shares of the former FMA Small Company Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of John Hancock Small Company Fund. These shares were first offered on 12-14-09. Additionally, the accounting and performance history of the Institutional Shares of the Predecessor Fund was redesignated as that of John Hancock Small Company Fund Class I.
3 Commencement of operations 5-2-08.
4 Based on the average daily shares outstanding.
5 Less than $0.005 per share.
6 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
7 Total returns would have been lower had certain expenses not been reduced during the periods shown.
8 Not annualized.
9 Annualized.
10 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

20  Small Company Fund | Annual report  See notes to financial statements 

 


CLASS R1 SHARES Period ended  3-31-111 
 
Per share operating performance   
Net asset value, beginning of period  $19.38 
Net investment loss2  (0.07) 
Net realized and unrealized gain on investments  2.03 
Total from investment operations  1.96 
Non-recurring reimbursement  0.033 
Net asset value, end of period  $21.37 
Total return (%)4  10.275 
 
Ratios and supplemental data   
Net assets, end of period (in thousands)  $117 
Ratios (as a percentage of average net assets):   
Expenses before reductions  7.226 
Expenses net of fee waivers  1.806 
Net investment loss  (0.42)6 
Portfolio turnover (%)  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.

 

CLASS R3 SHARES Period ended  3-31-111 
 
Per share operating performance   
Net asset value, beginning of period  $19.38 
Net investment loss2  (0.10) 
Net realized and unrealized gain on investments  2.08 
Total from investment operations  1.98 
Non-recurring reimbursement  0.033 
Net asset value, end of period  $21.39 
Total return (%)4  10.375 
 
Ratios and supplemental data   
Net assets, end of period (in thousands)  $457 
Ratios (as a percentage of average net assets):   
Expenses before reductions  3.006 
Expenses net of fee waivers  1.706 
Net investment loss  (0.52)6 
Portfolio turnover (%)  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.

 

See notes to financial statements  Annual report | Small Company Fund  21 

 


CLASS R4 SHARES Period ended  3-31-111 
 
Per share operating performance   
Net asset value, beginning of period  $19.38 
Net investment loss2  (0.03) 
Net realized and unrealized gain on investments  2.06 
Total from investment operations  2.03 
Non-recurring reimbursement  0.033 
Net asset value, end of period  $21.44 
Total return (%)4  10.635 
 
Ratios and supplemental data   
Net assets, end of period (in thousands)  $45 
Ratios (as a percentage of average net assets):   
Expenses before reductions  7.406 
Expenses net of fee waivers  1.406 
Net investment loss  (0.16)6 
Portfolio turnover (%)  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.

 

CLASS R5 SHARES Period ended  3-31-111 
 
Per share operating performance   
Net asset value, beginning of period  $19.38 
Net investment income2  0.01 
Net realized and unrealized gain on investments  2.08 
Total from investment operations  2.09 
Non-recurring reimbursement  0.033 
Net asset value, end of period  $21.50 
Total return (%)4  10.945 
 
Ratios and supplemental data   
Net assets, end of period (in thousands)  $164 
Ratios (as a percentage of average net assets):   
Expenses before reductions  3.666 
Expenses net of fee waivers  1.106 
Net investment income  0.056 
Portfolio turnover (%)  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.

 

22  Small Company Fund | Annual report  See notes to financial statements 

 


CLASS ADV SHARES Period ended  3-31-11  3-31-101 
 
Per share operating performance     
Net asset value, beginning of year  $17.82  $15.71 
Net investment loss2  (0.01)  (0.01) 
Net realized and unrealized gain on investments  3.60  2.12 
Total from investment operations  3.59  2.11 
Non-recurring reimbursement  0.033   
Net asset value, end of year  $21.44  $17.82 
Total return (%)4  20.31  13.435 
 
Ratios and supplemental data     
Net assets, end of year (in thousands)  $550  $69 
Ratios (as a percentage of average net assets):     
Expenses before reductions  4.99  2.766 
Expenses net of fee waivers  1.34  1.336 
Net investment loss  (0.07)  (0.17)6 
Portfolio turnover (%)  159  427 

 

1 Period from 12-14-09 (inception date) to 3-31-10.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

See notes to financial statements  Annual report | Small Company Fund  23 

 


Notes to financial statements

Note 1 — Organization

John Hancock Small Company 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 maximum long-term 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 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 ADV shares are available to investors who acquired Class A shares as a result of the reorganization of the FMA Small Company Portfolio (the Predecessor Fund) into the Fund and are closed to new investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, transfer agent fees, printing and postage and state registration fees for each class may differ.

The Fund is the accounting and performance successor of the Predecessor Fund. At the close of business on December 11, 2009, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan on reorganization, in exchange for Class A and Class I shares of the Fund.

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 the 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 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 March 31, 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 year ended March 31, 2011, there were no significant transfers in or out of Level 1 assets.

24  Small Company Fund | Annual report 

 


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. 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.

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.

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.

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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 March 31, 2011, the Fund had no borrowings under the line of credit.

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.

Annual report | Small Company Fund  25 

 


For federal income tax purposes, the Fund has a capital loss carryforward of $16,819,535 available to offset future net realized capital gains as of March 31, 2011. The capital loss carryforward expires as follows: March 31, 2016 — $16,819,535.

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 March 31, 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 March 31, 2011 and March 31, 2010 was as follows:

  MARCH 31, 2011  MARCH 31, 2010 
Ordinary Income  —  $166,729 

 

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 March 31, 2011, the components of distributable earnings on a tax basis included $139,415 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 and litigation proceeds.

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).

26  Small Company Fund | Annual report 

 


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) 0.90% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.85% of the next $500,000,000; and (c) 0.80% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with Fiduciary Management Associates, LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended March 31, 2011 were equivalent to an annual effective rate of 0.90% 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, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements were such that these expenses will not exceed 1.34%, 1.11%, 1.80%, 1.70%, 1.40%, 1.10% and 1.34% for Class A, Class I, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively. The fee waivers and/or reimbursements will continue in effect until July 31, 2011 for Class A, December 31, 2011 for Class R1, Class R3, Class R4 and Class R5 and December 11, 2011 for Class I and Class ADV shares.

Accordingly, the expense reductions or reimbursements related to these agreements were $122,338, $4,609, $1,712, $1,757, $1,756, $1,819 and $12,536 for Class A, Class I, Class R1, Class R3, Class R4, Class R5 and Class ADV shares, respectively, for the year ended March 31, 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 March 31, 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 R1, Class R3, Class R4 and Class ADV 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 for each class of the Fund’s shares.

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

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $68,247 for the year ended March 31, 2011. Of this amount, $11,946 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $55,156 was paid as sales commissions to broker-dealers and $1,145 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

 

Annual report | Small Company Fund  27 

 


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 R1, Class R3, Class R4, Class R5 and Class ADV 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 for all share classes (excluding Class ADV shares).

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

Class level expenses. Class level expenses for the year ended March 31, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
SHARE CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $246,795  $114,457  $13,658  $8,268 
Class I  —  25,109  12,562  8,360 
Class R1  158  81  1,677  29 
Class R3  675  113  1,677  173 
Class R4  73  81  1,677  33 
Class R5  —  93  1,677  94 
Class ADV  859  755  11,808  133 
Total  $248,560  $140,689  $44,736  $17,090 

 

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.

 

28  Small Company Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the year ended March 31, 2011, the period ended March 31, 2010 and the year ended October 31, 2009 were as follows:

  Year ended 3-31-11  Period ended 3-31-101,2  Year ended 10-31-09 
  Shares  Amount  Shares  Amount  Shares  Amount 
Class A shares             
Sold  1,125,695  $20,882,210  436,923  $7,481,082  1,121,281  $14,394,716 
Distributions             
reinvested  —  —  5,373  83,872  11,880  153,251 
Repurchased  (2,180,365)  (39,600,144)  (1,190,634)  (19,439,329)  (2,717,492)  (34,890,126) 
 
Net decrease  (1,054,670)  ($18,717,934)  (748,338)  ($11,874,375)  (1,584,331)  ($20,342,159) 
 
Class I shares             
Sold  1,751,999  $32,912,574  580,444  $9,479,362  448,819  $5,597,754 
Distributions             
reinvested  —  —  4,761  74,319  4,884  63,003 
Repurchased  (651,679)  (13,027,537)  (135,551)  (2,234,345)  (842,105)  (11,224,329) 
 
Net increase             
(decrease)  1,100,320  $19,885,037  449,654  $7,319,336  (388,402)  ($5,563,572) 
 
Class R1 shares3             
Sold  7,061  $146,595  —  —  —  — 
Repurchased  (1,603)  (33,713)  —  —  —  — 
 
Net increase  5,458  $112,882  —  —  —  — 
 
Class R3 shares3             
Sold  22,905  $461,120  —  —  —  — 
Repurchased  (1,558)  (32,422)  —  —  —  — 
 
Net increase  21,347  $428,698  —  —  —  — 
 
Class R4 shares3             
Sold  2,245  $42,744  —  —  —  — 
Repurchased  (143)  (2,929)  —  —  —  — 
 
Net increase  2,102  $39,815  —  —  —  — 
 
Class R5 shares3             
Sold  9,517  $188,219  —  —  —  — 
Repurchased  (1,875)  (39,006)  —  —  —  — 
 
Net increase  7,642  $149,213  —  —  —  — 
 
Class ADV shares           
Sold  23,836  $433,429  3,900  $63,577  —  — 
Repurchased  (2,074)  (41,037)  —  —  —  — 
 
Net increase  21,762  $392,392  3,900  $63,577  —  — 
 
Net increase             
(decrease)  103,961  $2,290,103  (294,784)  ($4,491,462)  (1,972,733)  ($25,905,731) 

 

1 Period from 12-14-09 (inception date) to 3-31-10 for Class ADV.
2 For the five month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
3 Period from 4-30-10 (inception date) to 3-31-11.

Affiliates of the Fund owned 24%, and 17% of shares of beneficial interest of Class R1 and Class R4, respectively, on March 31, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $207,407,364 and $205,142,489, respectively, for the year ended March 31, 2011.

Annual report | Small Company Fund  29 

 


Note 7 — Reorganization

At the close of business on December 11, 2009, the Fund acquired all the assets and liabilities of FMA Small Company Portfolio (the Predecessor Fund) in exchange for the Class A and Class I shares of the Fund. The Fund had no assets, liabilities or operations prior to the reorganization.

The Agreement provided for (a) the acquisition of substantially all the assets, subject to substantially all of the liabilities, of the Predecessor Fund in exchange for a representative amount of shares of the Fund; (b) the liquidation of the Predecessor Fund; and (c) the distribution to the Predecessor Fund’s shareholders of the Fund’s shares. The reorganization was intended to allow the Fund to be better positioned to increase asset size and achieve additional economies of scale by achieving net prices on securities trades and spread fixed expenses over a larger asset base. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Investor Shares and Institutional Shares of the Predecessor Fund have been redesignated as that of Class A and Class I of the Fund, respectively.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Predecessor Fund or its shareholders. Thus, the investments were transferred to the Fund at the Predecessor Fund’s identified cost. All distributable amounts of net income and realized gains from the Predecessor Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Advisers of both the Predecessor Fund and the Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the NYSE on December 11, 2009. The following outlines the reorganization:

  ACQUIRED NET  APPRECIATION OF     
  ASSET VALUE OF THE  PREDECESSOR FUND’S  SHARES ISSUED  TOTAL NET ASSETS 
PREDECESSOR FUND  PREDECESSOR FUND  INVESTMENTS  BY THE FUND  AFTER COMBINATION 
FMA Small Company         
Portfolio  $114,978,635  $13,294,586  7,316,559*  $114,978,635 

 

*The Fund issued 5,788,995 shares of Class A and 1,527,564 shares of Class I as a result of the above reorganization.

Note 8 — Subsequent event

At the close of business on April 8, 2011, the Fund acquired the John Hancock Growth Opportunities Fund (the Acquired Fund). This reorganization was approved by the Board of Trustees on December 7, 2010 and subsequently approved by the shareholders of the Acquired Fund on March 23, 2011. Under the terms of the reorganization, the Acquired Fund transferred substantially all of its assets and liabilities to the Fund in exchange for shares of equal value of the Fund.

30  Small Company 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 Small Company 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 Small Company Fund (the “Fund”) at March 31, 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 March 31, 2011 by correspondence with the custodian, 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
May 20, 2011

Annual report | Small Company Fund  31 

 


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).     

 

32  Small Company 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, 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 | Small Company Fund  33 

 


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).     

 

34  Small Company 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, 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.

Annual report | Small Company Fund  35 

 


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*  Fiduciary Management Associates, LLC 
Stanley Martin* 
Hugh McHaffie† 
Dr. John A. Moore  Principal distributor
Patti McGill Peterson*  John Hancock Funds, LLC
Gregory A. Russo 
John G. Vrysen†  Custodian
  State Street Bank and Trust Company 
Officers 
Keith F. Hartstein  Transfer agent
President and Chief Executive Officer  John Hancock Signature Services, Inc.
 
Andrew G. Arnott  Legal counsel
Senior Vice President and Chief Operating Officer  K&L Gates LLP
 
Thomas M. Kinzler  Independent registered
Secretary and Chief Legal Officer  public accounting firm
  PricewaterhouseCoopers LLP
Francis V. Knox, Jr.   
Chief Compliance Officer   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

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 

 

36  Small Company 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 Small Company Fund.  3480A 3/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/11 

 




A look at performance

Total returns for the period ended March 31, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  17.85  6.96  9.86  17.85  40.03  156.02 
Class I1,2  24.41  8.49  10.85  24.41  50.27  180.25 
Class ADV 1,2  23.96  8.05  10.41  23.96  47.27  169.26 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%. Sales charges are not applicable for Class I and ADV 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 12-31-11 for Class A shares and 7-9-12 for Class I and ADV shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class I  Class ADV 
Net (%)  1.25  1.00  1.25 
Gross (%)  1.43  1.02  1.43 

 

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.

6  Disciplined Value Mid Cap Fund | Annual report 

 



  Class I1,2  Class ADV1,2 
Began  3-31-01  3-31-01 
NAV  $28,025  $26,926 
POP  $28,025  $26,926 
Index  $24,193  $24,193 

 

Russell Midcap Value index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

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 After the close of business on 7-9-10, holders of Investor Class Shares and Institutional Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A and Class I shares, respectively, of the John Hancock Disciplined Value Mid Cap Fund. Class A, Class I and Class ADV shares were first offered on 7-12-10. The returns prior to this date for Class A and Class ADV shares are those of the Predecessor Fund’s Investor Class Shares recalculated to reflect the gross fees and expenses of the Fund’s Class A and Class ADV shares. For Class I shares, the returns prior to this date are for the Predecessor Fund’s Institutional Class Shares recalculated to reflect the gross fees and expenses of the Fund’s Class I shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

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

Annual report | Disciplined Value Mid Cap Fund  7 

 


Management’s discussion of

Fund performance

By Robeco Investment Management, Inc.

Recently the Fund changed its fiscal year end from August 31 to March 31. What follows is a discussion of the Fund’s performance over the seven-month period from September 1, 2010 through March 31, 2011.

As the reporting period began in September 2010, the stock market was close to its lowest point of the calendar year. In retrospect, the stage was set for a major stock market rally. A variety of factors combined to boost investors’ optimism as the period progressed, including “quantitative easing” undertaken by the Federal Reserve Board and a gradually improving economic picture. For the seven-month period ended March 31, 2011, John Hancock Disciplined Value Mid Cap Fund’s Class A shares had a total return of 38.47% at net asset value, significantly outpacing the 32.44% gain of the average mid-cap value fund, according to Morningstar, Inc., as well as the 31.74% return of the Fund’s benchmark, the Russell Midcap Value Index.

The Fund benefited from very favorable security selection, as well as from being invested in the right sectors during the seven-month period. In most cases, the Fund’s best individual performers relative to the benchmark were cyclical stocks — meaning those that have historically performed well in a strengthening economy. For example, in the capital goods (industrial) sector, WESCO International, Inc., an industrial and electrical-products distributor, was a particularly good performer relative to the Fund’s benchmark, as was Thomas & Betts Corp. The technology sector was another source of strength, with electronics distributor, Arrow Electronics, Inc., making an especially big contribution. Elsewhere, positions in independent energy exploration and production companies Rosetta Resources, Inc. and SM Energy Company both benefited from rising oil prices and favorable drilling results.

There were very few sources of underperformance. Health care was the only sector to generate a negative relative performance contribution for the Fund, and even that was minimal. In individual terms, our position in Harris Corp., a communications and electronics company, was disappointing. Several insurance stocks also hampered performance compared to the benchmark.

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.

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.

8  Disciplined Value Mid 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 October 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,251.70  $7.02 
Class I  1,000.00  1,253.00  5.56 
Class ADV  1,000.00  1,251.80  7.02 

 

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 March 31, 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 | Disciplined Value Mid 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 October 1, 2010, with the same investment held until March 31, 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 10-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,018.70  $6.29 
Class I  1,000.00  1,020.00  4.99 
Class ADV  1,000.00  1,018.70  6.29 

 

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 1.25%, 0.99% and 1.25% for Class A, Class I and Class ADV shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

10  Disciplined Value Mid Cap Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (14.5% of Net Assets on 3-31-11)1     
Discover Financial Services  1.7%  Avnet, Inc.  1.4% 
Thomas & Betts Corp.  1.6%  Raymond James Financial, Inc.  1.4% 
WESCO International, Inc.  1.6%  Arrow Electronics, Inc.  1.3% 
Williams-Sonoma, Inc.  1.5%  Rosetta Resources, Inc.  1.3% 
Moody’s Corp.  1.4%  CareFusion Corp.  1.3% 
  
Sector Composition2,3       
Financials  22%  Energy  6% 
Information Technology  13%  Utilities  5% 
Industrials  12%  Consumer Staples  2% 
Consumer Discretionary  11%  Telecommunication Services  1% 
Health Care  8%  Short-Term Investments & Other  13% 
Materials  7%     
  

 

1 Cash and cash equivalents are not included in Top 10 Holdings.
2 As a percentage of net assets on 3-31-11.
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 | Disciplined Value Mid Cap Fund  11 

 


Fund’s investments

As of 3-31-11

  Shares  Value 
Common Stocks 86.33%    $366,731,537 
(Cost $310,854,824)     
 
Consumer Discretionary 11.21%    47,630,655 
 
Hotels, Restaurants & Leisure 0.54%     
CEC Entertainment, Inc.  60,310  2,275,491 
 
Household Durables 2.28%     
Mohawk Industries, Inc. (I)  65,160  3,984,534 
NVR, Inc. (I)(L)  3,020  2,283,120 
Stanley Black & Decker, Inc.  44,575  3,414,445 
 
Internet & Catalog Retail 0.42%     
Expedia, Inc.  79,059  1,791,477 
 
Leisure Equipment & Products 0.32%     
Mattel, Inc.  54,255  1,352,577 
 
Media 3.10%     
CBS Corp., Class B  192,190  4,812,438 
Omnicom Group, Inc.  105,815  5,191,284 
The McGraw-Hill Companies, Inc.  80,020  3,152,788 
 
Multiline Retail 0.45%     
Kohl’s Corp.  36,335  1,927,208 
 
Specialty Retail 2.94%     
Bed Bath & Beyond, Inc. (I)  61,015  2,945,194 
Guess?, Inc.  40,750  1,603,513 
The Gap, Inc.  77,415  1,754,224 
Williams-Sonoma, Inc.  153,270  6,207,435 
 
Textiles, Apparel & Luxury Goods 1.16%     
Coach, Inc.  56,385  2,934,275 
VF Corp. (L)  20,305  2,000,652 
 
Consumer Staples 1.88%    7,979,078 
 
Beverages 1.17%     
Coca-Cola Enterprises, Inc.  113,320  3,093,636 
Dr. Pepper Snapple Group, Inc.  50,555  1,878,624 
 
Food & Staples Retailing 0.21%     
The Kroger Company  36,535  875,744 
 
Tobacco 0.50%     
Lorillard, Inc.  22,430  2,131,074 

 

12  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Energy 5.50%    $23,363,384 
 
Energy Equipment & Services 1.36%     
Oil States International, Inc. (I)  50,555  3,849,258 
Pride International, Inc. (I)  44,955  1,930,817 
 
Oil, Gas & Consumable Fuels 4.14%     
EOG Resources, Inc.  27,380  3,244,804 
Noble Energy, Inc.  39,415  3,809,460 
Rosetta Resources, Inc. (I)  117,145  5,569,073 
SM Energy Company  66,855  4,959,972 
 
Financials 22.46%    95,396,276 
 
Capital Markets 3.90%     
Affiliated Managers Group, Inc. (I)  34,170  3,737,173 
Raymond James Financial, Inc.  152,645  5,837,145 
SEI Investments Company  79,730  1,903,952 
TD Ameritrade Holding Corp.  242,830  5,067,862 
 
Commercial Banks 3.26%     
Comerica, Inc.  59,500  2,184,840 
East West Bancorp, Inc.  125,645  2,759,164 
Fifth Third Bancorp  127,550  1,770,394 
M&T Bank Corp. (L)  25,075  2,218,385 
Popular, Inc. (I)  693,428  2,017,875 
SunTrust Banks, Inc.  59,035  1,702,569 
Zions Bancorporation (L)  52,650  1,214,109 
 
Consumer Finance 3.42%     
Capital One Financial Corp.  95,685  4,971,793 
Discover Financial Services  298,495  7,199,699 
SLM Corp. (I)  154,090  2,357,577 
 
Diversified Financial Services 1.39%     
Moody’s Corp. (L)  174,740  5,925,433 
 
Insurance 7.64%     
ACE, Ltd.  25,295  1,636,587 
Alleghany Corp. (I)  15,018  4,970,538 
AON Corp.  39,025  2,066,764 
Assurant, Inc.  39,585  1,524,418 
Loews Corp.  52,875  2,278,384 
Marsh & McLennan Companies, Inc.  161,750  4,821,768 
Reinsurance Group of America, Inc.  50,810  3,189,852 
Symetra Financial Corp.  136,130  1,851,368 
The Hanover Insurance Group, Inc. (L)  82,175  3,718,419 
Unum Group  196,350  5,154,188 
W.R. Berkley Corp. (L)  38,090  1,226,879 
 
Real Estate Investment Trusts 2.85%     
American Assets Trust, Inc.  51,300  1,091,151 
Duke Realty Corp.  97,815  1,370,388 
Equity Residential  31,570  1,780,864 
Kimco Realty Corp.  153,025  2,806,479 
Regency Centers Corp.  29,495  1,282,443 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  13 

 


  Shares  Value 
Real Estate Investment Trusts (continued)     
Taubman Centers, Inc.  41,125  $2,203,478 
Ventas, Inc. (L)  28,625  1,554,338 
 
Health Care 8.13%    34,547,225 
 
Health Care Equipment & Supplies 1.78%     
CareFusion Corp. (I)  195,080  5,501,256 
Hologic, Inc. (I)  92,780  2,059,716 
 
Health Care Providers & Services 5.44%     
Cardinal Health, Inc.  69,410  2,854,833 
DaVita, Inc. (I)  31,010  2,651,665 
Humana, Inc. (I)  37,110  2,595,473 
Lincare Holdings, Inc.  137,925  4,090,856 
McKesson Corp.  60,910  4,814,936 
Omnicare, Inc. (L)  127,215  3,815,178 
Quest Diagnostics, Inc.  39,630  2,287,444 
 
Pharmaceuticals 0.91%     
Hospira, Inc. (I)  70,215  3,875,868 
 
Industrials 11.73%    49,812,548 
 
Aerospace & Defense 0.56%     
ITT Corp.  39,525  2,373,476 
 
Electrical Equipment 2.39%     
Cooper Industries PLC  50,125  3,253,113 
Thomas & Betts Corp. (I)  116,240  6,912,793 
 
Machinery 2.34%     
Ingersoll-Rand PLC  103,205  4,985,834 
Kennametal, Inc.  127,110  4,957,290 
 
Professional Services 4.82%     
Equifax, Inc.  135,275  5,255,434 
FTI Consulting, Inc. (I)(L)  59,580  2,283,701 
Manpower, Inc.  79,350  4,989,528 
Robert Half International, Inc.  150,660  4,610,196 
Towers Watson & Company, Class A  59,935  3,323,995 
 
Trading Companies & Distributors 1.62%     
WESCO International, Inc. (I)(L)  109,875  6,867,188 
 
Information Technology 13.23%    56,221,882 
 
Communications Equipment 0.49%     
Harris Corp.  42,280  2,097,088 
 
Computers & Peripherals 0.56%     
Seagate Technology PLC (I)  81,370  1,171,728 
Western Digital Corp. (I)  32,245  1,202,416 
 
Electronic Equipment, Instruments & Components 4.64%     
Aeroflex Holding Corp. (I)  126,510  2,303,747 
Arrow Electronics, Inc. (I)  134,430  5,629,928 
Avnet, Inc. (I)  173,730  5,922,456 
Ingram Micro, Inc., Class A (I)  188,385  3,961,737 
TE Connectivity, Ltd.  54,230  1,888,289 

 

14  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Internet Software & Services 0.41%     
Monster Worldwide, Inc. (I)(L)  110,515  $1,757,189 
 
IT Services 2.60%     
Alliance Data Systems Corp. (I)(L)  26,305  2,259,336 
Amdocs, Ltd. (I)  56,100  1,618,485 
Broadridge Financial Solutions, Inc.  63,695  1,445,240 
CGI Group, Inc., Class A (I)  148,275  3,103,396 
The Western Union Company  126,385  2,625,016 
 
Office Electronics 0.58%     
Xerox Corp.  230,475  2,454,559 
 
Semiconductors & Semiconductor Equipment 1.82%     
Analog Devices, Inc.  75,675  2,980,082 
Micron Technology, Inc. (I)  193,655  2,219,286 
STMicroelectronics NV (L)  205,345  2,550,385 
 
Software 2.13%     
CA, Inc.  151,970  3,674,635 
Electronic Arts, Inc. (I)  274,290  5,356,884 
 
Materials 6.80%    28,886,720 
 
Chemicals 2.95%     
Albemarle Corp.  86,135  5,148,289 
Ashland, Inc.  31,570  1,823,483 
Cytec Industries, Inc.  45,140  2,454,262 
PPG Industries, Inc.  32,450  3,089,565 
 
Containers & Packaging 1.49%     
Ball Corp.  84,390  3,025,382 
Crown Holdings, Inc. (I)  85,505  3,298,783 
 
Metals & Mining 2.36%     
Allegheny Technologies, Inc. (L)  25,820  1,748,530 
Globe Specialty Metals, Inc.  177,760  4,045,818 
Reliance Steel & Aluminum Company  73,600  4,252,608 
 
Telecommunication Services 0.63%    2,682,302 
 
Diversified Telecommunication Services 0.63%     
CenturyLink, Inc. (L)  64,556  2,682,302 
 
Utilities 4.76%    20,211,467 
 
Electric Utilities 3.16%     
American Electric Power Company, Inc.  24,390  857,065 
Edison International  89,455  3,273,158 
FirstEnergy Corp.  80,248  2,976,398 
NV Energy, Inc.  205,760  3,063,766 
Westar Energy, Inc. (L)  123,285  3,257,190 
 
Multi-Utilities 1.60%     
Alliant Energy Corp.  76,215  2,967,050 
Ameren Corp.  80,920  2,271,424 
PG&E Corp.  34,980  1,545,416 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  15 

 


  Yield (%)  Shares  Value 
Securities Lending Collateral 5.34%      $22,668,402 
(Cost $22,668,741)       
 
John Hancock Collateral Investment Trust (W)  0.2867 (Y)  2,265,277  22,668,402 
 
    Par value  Value 
Short-Term Investments 4.68%      $19,893,000 
(Cost $19,893,000)       
 
Repurchase Agreement 4.68%      19,893,000 
Repurchase Agreement with State Street Corp. dated 3-31-11 at 0.010% to     
be repurchased at $19,893,006 on 4-1-11, collateralized by $19,470,000     
U.S. Treasury Notes, 3.125% due 4-30-17 (valued at $20,291,924,     
including interest)    $19,893,000  19,893,000 
 
Total investments (Cost $353,416,565)† 96.35%    $409,292,939 
 
Other assets and liabilities, net 3.65%      $15,485,887 
 
Total net assets 100.00%      $424,778,826 
 

 

The percentage shown for each investment category is the total value of the 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 3-31-11.

(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 3-31-11.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $353,984,307. Net unrealized appreciation aggregated $55,308,632, of which $56,326,103 related to appreciated investment securities and $1,017,471 related to depreciated investment securities.

16  Disciplined Value Mid 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 3-31-11

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 offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $330,747,824) including   
$22,055,051 of securities loaned (Note 2)  $386,624,537 
Investments in affiliated issuers, at value (Cost $22,668,741) (Note 2)  22,668,402 
 
Total investments, at value (Cost $353,416,565)  409,292,939 
Cash  695 
Receivable for fund shares sold  55,629,297 
Dividends and interest receivable  260,654 
Receivable for securities lending income  4,840 
Receivable due from adviser  479 
Other receivables and prepaid expenses  53,081 
 
Total assets  465,241,985 
 
Liabilities   
Payable for investments purchased  17,208,358 
Payable for fund shares repurchased  400,194 
Payable upon return of securities loaned (Note 2)  22,673,409 
Payable to affiliates   
Accounting and legal services fees  5,312 
Transfer agent fees  51,385 
Trustees’ fees  317 
Other liabilities and accrued expenses  124,184 
 
Total liabilities  40,463,159 
 
Net assets   
Capital paid-in  $366,765,488 
Accumulated distributions in excess of net investment income  (142) 
Accumulated net realized gain on investments  2,137,106 
Net unrealized appreciation (depreciation) on investments  55,876,374 
Net assets  $424,778,826 
 
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 ($170,702,297 ÷ 14,250,534 shares)  $11.98 
Class I ($253,993,557 ÷ 20,598,680 shares)  $12.33 
Class ADV ($82,972 ÷ 6,930 shares)  $11.97 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $12.61 

 

1 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 | Disciplined Value Mid Cap Fund  17 

 


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

Statements of operations

For the period ended 3-31-11 and the year ended 8-31-10

These Statements of Operations summarize the Fund’s investment income earned and expenses incurred in operating the Fund. They also show net gains (losses) for the periods stated.

  Period  Year 
  ended  ended 
  3-31-111  8-31-10 
Investment income     
Dividends  $1,863,231  $1,364,760 
Securities lending  25,389  13,788 
Interest  517  2,208 
Less foreign taxes withheld  (6,042)  (4,942) 
 
Total investment income  1,883,095  1,375,814 
 
Expenses     
Investment management fees (Note 4)  1,110,139  798,091 
Distribution and service fees (Note 4)  162,773  104,829 
Accounting and legal services fees (Note 4)  19,211  96,895 
Transfer agent fees (Note 4)  139,109  199,070 
Trustees’ fees (Note 4)  6,150  8,281 
State registration fees (Note 4)  20,587  45,823 
Printing and postage (Note 4)  11,372  26,582 
Professional fees  53,875  50,045 
Custodian fees  22,026  33,207 
Registration and filing fees  56,983  20,296 
Other  4,241  11,230 
 
Total expenses  1,606,466  1,394,349 
Less expense reductions (Note 4)  (65,034)  (294,676) 
 
Net expenses  1,541,432  1,099,673 
 
Net investment income  341,663  276,141 
 
Realized and unrealized gain (loss)     
Net realized gain (loss) on     
Investments in unaffiliated issuers  6,936,014  2,324,516 
Investments in affiliated issuers  (4,534)  (134) 
  6,931,480  2,324,382 
Change in net unrealized appreciation     
(depreciation) of     
Investments in unaffiliated issuers  64,707,886  (8,884,681) 
Investments in affiliated issuers  (246)  (93) 
  64,707,640  (8,884,774) 
Net realized and unrealized gain (loss)  71,639,120  (6,560,392) 
 
Increase (decrease) in net assets     
from operations  $71,980,783  ($6,284,251) 

 

1For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.

18  Disciplined Value Mid 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 three 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.

  Period  Year  Year 
  ended  ended  ended 
  3-31-111  8-31-10  8-31-09 
Increase (decrease) in net assets       
 
From operations       
Net investment income  $341,663  $276,141  $477,239 
Net realized gain (loss)  6,931,480  2,324,382  (5,878,181) 
Change in net unrealized       
appreciation (depreciation)  64,707,640  (8,884,774)  (324,285) 
 
Increase (decrease) in net assets resulting       
from operations  71,980,783  (6,284,251)  (5,725,227) 
 
Distributions to shareholders       
From net investment income       
Class A  (100,122)  (92,302)  (110,208) 
Class I  (372,245)  (307,672)  (341,607) 
Class ADV  (26)  —  — 
From net realized gain       
Class A  —  —  (496) 
Class I  —  —  (1,154) 
 
Total distributions  (472,393)  (399,974)  (453,465) 
 
From Fund share transactions (Note 5)  190,782,100  122,565,661  528,327 
 
Total increase (decrease)  262,290,490  115,881,436  (5,650,365) 
 
Net assets       
Beginning of period  162,488,336  46,606,900  52,257,265 
 
End of period  $424,778,826  $162,488,336  $46,606,900 
 
Undistributed/(Accumulated distributions in       
excess of) net investment income  ($142)  $108,182  $232,015 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  19 

 


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  3-31-111  8-31-102  8-31-093  8-31-083  8-31-073  8-31-06 
 
Per share operating performance             
Net asset value, beginning of period  $8.66  $8.10  $9.08  $11.16  $12.81  $13.80 
Net investment income (loss)4  0.01  0.015  0.07  0.06  0.02  (0.01) 
Net realized and unrealized gain (loss)             
on investments  3.32  0.60  (0.98)6  (0.74)  2.39  0.87 
Total from investment operations  3.33  0.61  (0.91)  (0.68)  2.41  0.86 
Less distributions             
From net investment income  (0.01)  (0.05)  (0.07)  (0.04)  —  — 
From net realized gain  —  —  —7  (1.36)  (4.06)  (1.85) 
Total distributions  (0.01)  (0.05)  (0.07)  (1.40)  (4.06)  (1.85) 
Net asset value, end of period  $11.98  $8.66  $8.10  $9.08  $11.16  $12.81 
Total return (%)8,9  38.4710  7.54  (9.79)6  (6.62)  21.02  6.59 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $171  $75  $14  $17  $13  $5 
Ratios (as a percentage of average net assets):             
Expenses before reductions  1.3511  1.56  1.93  1.73  1.73  1.70 
Expenses net of fee waivers and credits  1.2511  1.25  1.25  1.25  1.25  1.25 
Net investment income (loss)  0.1011  0.09  1.09  0.55  0.14  (0.04) 
Portfolio turnover (%)  27  38  58  64  89  97 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 7-9-10, holders of Investor Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Disciplined Value Mid Cap Fund. These shares were first offered on 7-12-10. Additionally, the accounting and performance history of the Investor Class Shares of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Mid Cap Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 The amount shown for a share outstanding may differ with the distributions from net investment income for the period due to the timing of distributions in relations to fluctuations of shares outstanding during the period.
6 In 2009, the investment advisor fully reimbursed the Fund for a loss on a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.11% and net realized and unrealized gain/(loss) on investment by $0.01 per share.
7 Less than $0.01 per share.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Does not reflect the effect of sales charges, if any.
10 Not annualized.
11 Annualized.

 

20  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


CLASS I SHARES Period ended  3-31-111  8-31-102  8-31-093  8-31-083  8-31-073  8-31-06 
 
Per share operating performance             
Net asset value, beginning of period  $8.92  $8.34  $9.35  $11.45  $13.05  $14.02 
Net investment income4  0.03  0.045  0.09  0.08  0.05  0.04 
Net realized and unrealized gain (loss)             
on investments  3.41  0.61  (1.01)6  (0.76)  2.44  0.86 
Total from investment operations  3.44  0.65  (0.92)  (0.68)  2.49  0.90 
Less distributions             
From net investment income  (0.03)  (0.07)  (0.09)  (0.06)  (0.03)  (0.02) 
From net realized gain  —  —  —7  (1.36)  (4.06)  (1.85) 
Total distributions  (0.03)  (0.07)  (0.09)  (1.42)  (4.09)  (1.87) 
Net asset value, end of period  $12.33  $8.92  $8.34  $9.35  $11.45  $13.05 
Total return (%)  38.648  7.769  (9.50)6,9  (6.41)9  21.329  6.829 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $254  $87  $33  $35  $36  $28 
Ratios (as a percentage of average net             
assets):             
Expenses before reductions  0.9910  1.28  1.69  1.48  1.48  1.38 
Expenses net of fee waivers and credits  0.9910  1.00  1.00  1.00  1.00  1.00 
Net investment income  0.3710  0.41  1.33  0.80  0.38  0.28 
Portfolio turnover (%)  27  38  58  64  89  97 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 7-9-10, holders of Institutional Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of the John Hancock Disciplined Value Mid Cap Fund. These shares were first offered on 7-12-10. Additionally, the accounting and performance history of the Institutional Class Shares of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Mid Cap Fund Class I.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 The amount shown for a share outstanding may differ with the distributions from net investment income for the period due to the timing of distributions in relations to fluctuations of shares outstanding during the period.
6 In 2009, the investment advisor fully reimbursed the Fund for a loss on a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.11% and net realized and unrealized gain/(loss) on investment by $0.01 per share.
7 Less than $0.01 per share.
8 Not annualized.
9 Total returns would have been lower had certain expenses not been reduced during the periods shown.
10 Annualized.

 

CLASS ADV SHARES Period ended  3-31-111  8-31-102 
 
Per share operating performance     
Net asset value, beginning of period  $8.65  $8.86 
Net investment income3  0.01  —4 
Net realized and unrealized gain (loss) on investments  3.32  (0.21) 
Total from investment operations  3.33  (0.21) 
Less distributions     
From net investment income  (0.01)  — 
Net asset value, end of period  $11.97  $8.65 
Total return (%)5  38.506  (2.37)6 
 
Ratios and supplemental data     
Net assets, end of period (in thousands)  $83  $24 
Ratios (as a percentage of average net assets):     
Expenses before reductions  5.787  1.427 
Expenses net of fee waivers and credits  1.257  1.257 
Net investment income (loss)  0.157  (0.37)7 
Portfolio turnover (%)  27  388 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 Period from 7-12-10 (inception date) to 8-31-10.
3 Based on the average daily shares outstanding.
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 Annualized.
8 Portfolio turnover is shown for the period from 9-1-09 to 8-31-10.

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  21 

 


Notes to financial statements

Note 1 — Organization

John Hancock Disciplined Value Mid Cap 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 long-term growth of capital with current income as a secondary objective. During the period ended March 31, 2011, the Fund changed its fiscal year end from August 31 to March 31.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class ADV shares are available to investors who acquired Class A shares as a result of the reorganization of the Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) into the Fund and are closed to new investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for each class may differ.

As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Investor Class and Institutional Class shares of the Predecessor Fund have been redesignated as that of Class A and Class I shares of the Fund, respectively. At the close of business on July 9, 2010, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan of reorganization, in exchange for Class A and Class I shares of the Fund.

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.

22  Disciplined Value Mid Cap Fund | Annual report 

 


As of March 31, 2011, all investments of the Fund are categorized as Level 1 under the hierarchy described above, except for 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 period ended March 31, 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 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 the 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 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 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 Statements 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 the 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.

Annual report | Disciplined Value Mid Cap Fund  23 

 


In addition, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 Statements of Operations. For the period ended March 31, 2011, the Fund had no borrowings under the line of credit.

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.

As of March 31, 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 period ended March 31, 2011, year ended August 31, 2010 and year ended August 31, 2009 was as follows:

  MARCH 31, 2011  AUGUST 31, 2010  AUGUST 31, 2009 
Ordinary Income  $472,393  $399,974  $452,583 
Long-Term Capital Gain  —  —  882 

 

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 March 31, 2011, the components of distributable earnings on a tax basis included $925,041 of undistributed ordinary income and $1,768,798 of undistributed long-term capital gains.

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.

24  Disciplined Value Mid Cap Fund | Annual report 

 


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 Fund. 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) 0.800% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.775% of the next $500,000,000; (c) 0.750% of the next $500,000,000; (d) 0.725% of the next $1,000,000,000; and (e) 0.700% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with Robeco Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the period ended March 31, 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, shareholder services fees and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements and limits are such that these expenses will not exceed 1.25%, 1.00% and 1.25% for Class A, Class I and Class ADV shares, respectively. The expense reimbursements and limits will continue in effect until December 31, 2011 for Class A shares and July 9, 2012 for Class I and Class ADV shares.

Accordingly, these expense reductions amounted to $64,099 and $935 for Class A and Class ADV shares, respectively, for the period ended March 31, 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. The accounting and legal services fees incurred for the period ended March 31, 2011 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Annual report | Disciplined Value Mid Cap Fund  25 

 


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 and Class ADV 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 0.30% and 0.25% for Class A and Class ADV shares, respectively, for distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets. Currently, only 0.25% is charged to 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 $136,087 for the period ended March 31, 2011. Of this amount, $21,822 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $111,865 was paid as sales commissions to broker-dealers and $2,400 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

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.

Class level expenses. Class level expenses for the period ended March 31, 2011 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $162,722  $109,544  $3,440  $5,536 
Class I  —  29,528  16,404  5,666 
Class ADV  51  37  743  170 
Total  $162,773  $139,109  $20,587  $11,372 

 

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.

 

26  Disciplined Value Mid Cap Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the period ended March 31, 2011, year ended August 31, 2010 and year ended August 31, 2009 were as follows:

  Period ended 3-31-111  Year ended 8-31-10  Year ended 8-31-09 
  Shares  Amount  Shares  Amount  Shares  Amount 
Class A shares             
 
Sold  7,005,591  $77,872,436  8,777,014  $83,785,587  741,258  $5,122,885 
Distributions             
reinvested  8,933  97,188  10,325  90,650  17,469  107,613 
Repurchased  (1,470,217)  (15,870,855)  (1,798,769)  (16,412,636)  (935,943)  (5,791,669) 
 
Net increase             
(decrease)  5,544,307  $62,098,769  6,988,570  $67,463,601  (177,216)  ($561,171) 
 
Class I shares             
 
Sold  11,421,411  $135,086,113  6,811,708  $64,123,319  794,979  $5,308,485 
Distributions             
reinvested  13,096  146,545  33,541  302,876  53,081  335,472 
Repurchased  (601,401)  (6,597,427)  (1,000,633)  (9,349,135)  (675,830)  (4,554,459) 
 
Net increase  10,833,106  $128,635,231  5,844,616  $55,077,060  172,230  $1,089,498 
 
Class ADV shares           
 
Sold  4,108  $48,100  2,822  $25,000  —  — 
 
Net increase  4,108  $48,100  2,822  $25,000  —  — 
 
Net increase             
(decrease)  16,381,521  $190,782,100  12,836,008  $122,565,661  (4,986)  $528,327 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.

Affiliates of the Fund owned 41% of shares of beneficial interest of Class ADV shares on March 31, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $200,925,102 and $62,454,332, respectively, for the period ended March 31, 2011.

Note 7 — Reorganization

At the close of business on July 9, 2010, the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for the Class A and Class I shares of the Fund. The Fund had no assets, liabilities or operations prior to the reorganization.

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Predecessor Fund in exchange for a representative amount of shares of the Fund; (b) the liquidation of the Predecessor Fund; and (c) the distribution to the Predecessor Fund’s shareholders of the Fund’s shares. The reorganization was intended to allow the Fund to be better positioned to increase asset size and achieve additional economies of scale by achieving net prices on securities trades and spread fixed expenses over a larger asset base. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Investor Class and Institutional Class of the Predecessor Fund have been redesignated as that of Class A and Class I of the Fund.

Annual report | Disciplined Value Mid Cap Fund  27 

 


Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Predecessor Fund or its shareholders. In addition, the expenses of the reorganization were borne by the Advisers of both the Predecessor Fund and the Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on July 9, 2010. The following outlines the reorganization:

  ACQUIRED NET  DEPRECIATION OF     
  ASSET VALUE OF THE  ACQUIRED FUND’S  SHARES ISSUED  TOTAL NET ASSETS 
ACQUIRED FUND  ACQUIRED FUND  INVESTMENTS  BY THE FUND  AFTER COMBINATION 
Robeco Boston Partners  $154,240,210  ($5,243,829)  17,142,708  $154,240,210 
Mid Cap Value Fund         

 

28  Disciplined Value Mid Cap 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 Disciplined Value Mid 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 Disciplined Value Mid Cap Fund (the “Fund”) at March 31, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods ending August 31, 2010 and March 31, 2011, 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 March 31, 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.

The statement of changes in net assets and the financial highlights of the Fund for periods ending on or before August 31, 2009 were audited by another independent registered public accounting firm, whose report dated October 27, 2009 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 20, 2011

Annual report | Disciplined Value Mid Cap 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 March 31, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended March 31, 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 for calendar year 2011.

30  Disciplined Value Mid Cap 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 | Disciplined Value Mid Cap 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, 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  Disciplined Value Mid Cap 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 | Disciplined Value Mid Cap 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, 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.

34  Disciplined Value Mid Cap 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*  Robeco Investment Management, 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   
   
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trusteee   

 

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 | Disciplined Value Mid Cap 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 Disciplined Value Mid Cap Fund.  3630A 3/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/11 

 




A look at performance

Total returns for the period ended March 31, 2011

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge (POP)    with maximum sales charge (POP)   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  7.98  1.58  6.77  7.98  8.13  92.58 
Class I1,2  13.67  2.62  7.32  13.67  13.82  102.76 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%. 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 those disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 2-11-13 for Class A shares and 2-11-12 for Class I shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class I 
Net (%)  1.60  1.18 
Gross (%)  1.67  1.25 

 

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 performance data current to the most recent month end, 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.

6  International Value Equity Fund | Annual report 

 


  Class I1,2 
Began  3-31-01 
NAV  $20,276 
POP  $20,276 
Index 1  $18,629 
Index 2  $19,726 

 

MSCI World ex-USA Index (gross of foreign withholding taxes on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States of America.

MSCI World ex-USA Value Index (gross of foreign withholding taxes on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States of America, that have higher than average value characteristics.

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 After the close of business on 2-11-11, holders of Class A shares of the former Optique International Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock International Value Equity Fund. These shares were first offered on 2-14-11. Additionally, the accounting and performance history of the Class A shares of the Predecessor Fund was redesignated as that of John Hancock International Value Equity Fund Class A. Class I shares were first offered on 2-14-11. Performance prior to 2-14-11 is that of Class A shares recalculated to reflect the gross fees and expenses of Class I shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

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

Annual report | International Value Equity Fund  7 

 


Management’s discussion of

Fund performance

By John Hancock Asset Management

John Hancock International Value Equity Fund (the Fund) is the successor fund to Optique International Value Fund (Optique). Optique’s fiscal year end was October 31 and the Fund’s fiscal year end is March 31. What follows is the managers’ commentary for the five-month period from October 31, 2010 through March 31, 2011.

International stocks performed well during the five-month reporting period ended March 31, 2011, as the global economic recovery continued to gain traction. The overall upward trend was marred only by brief sell-offs in November and March in response to renewed concern about European sovereign debt and a major earthquake in Japan, respectively. For the five months ended March 31, 2011, the Fund’s benchmark, the MSCI World ex-USA Index, returned 7.56%, while the foreign large-cap value fund group monitored by Morningstar, Inc. posted an average 6.42% gain.

During the five-month period, John Hancock International Value Equity Fund’s Class A shares returned 9.13% at net asset value, topping the benchmark and the peer average. Relative to the benchmark, the Fund’s performance was aided by stock selection in Japan, Spain, the U.K. and France. A combination of solid picks and an overweighting in the strong-performing Dutch stock market also helped. At the sector level, our picks in financials, industrials and materials added value. The Fund’s top individual contributor was Japanese specialty chemical holding Nitto Denko Corp., which benefited from robust demand for its polarizing film that is used on LCD displays for smartphones, tablet devices and televisions. We liquidated the position for valuation reasons. Also boosting our results were two energy holdings: Australian exploration and production firm Santos, Ltd. and Spain-based Repsol YPF SA, an integrated oil and natural gas company. Other notable contributors included Canada’s Bombardier, Inc., a manufacturer of jets and trains, and Techtronic Industries Company, Ltd., a Hong Kong maker of hand-held power tools. On the negative side, out-of-benchmark exposures to China and South Africa hurt. Among sectors, security selection in information technology and health care weighed on the Fund’s results, as did a small cash position. French discount retailer Carrefour SA was the Fund’s largest individual detractor. Also dampening performance were Finnish wireless handset maker Nokia OYJ, as well as three Asian holdings.

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.

8  International Value Equity 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 presenting 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 November 1, 2010 with the same investment held until March 31, 2011.

  Account value  Ending value  Expenses paid during 
  on 11-1-10  on 3-31-11  period ended 3-31-111 
Class A  $1,000.00  $1,091.30  $7.66 

 

For the class noted below, the example assumes an account value of $1,000 on February 14, 2011 (inception date for Class I), with the same investment held until March 31, 2011.

 

  Account value  Ending value  Expenses paid during 
  on 2-14-11  on 3-31-11  period ended 3-31-112 
Class I  $1,000.00  $1,012.20  $1.50 

 

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 March 31, 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 Value Equity 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 October 1, 2010, with the same investment held until March 31, 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 10-1-10  on 3-31-11  period ended 3-31-113 
Class A  $1,000.00  $1,016.00  $8.90 
Class I  1,000.00  1,019.00  5.94 

 

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 1.77% for Class A shares, multiplied by the average account value over the period, multiplied by 151/365 (to reflect the period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.18% for Class I shares, multiplied by the average account value over the period, multiplied by 46/365 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

10  International Value Equity Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (12.8% of Net Assets on 3-31-11)1     
BHP Billiton, Ltd.  1.7%  The Toronto-Dominion Bank  1.2% 
Santos, Ltd.  1.4%  Repsol YPF SA  1.2% 
Encana Corp.  1.4%  DBS Group Holdings, Ltd.  1.1% 
Total SA  1.3%  DnB NOR ASA  1.1% 
Anglo American PLC  1.3%  BASF SE  1.1% 
 
Sector Composition2,3       
Financials  21%  Consumer Discretionary  6% 
Industrials  13%  Telecommunication Services  6% 
Materials  12%  Utilities  6% 
Energy  10%  Information Technology  4% 
Health Care  7%  Short-Term Securities & Other  8% 
Consumer Staples  7%     
  

 

1 Cash and cash equivalents not included in Top 10 Holdings or Top 5 Countries.

2 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.

3 As a percentage of net assets on 3-31-11.

Annual report | International Value Equity Fund  11 

 


Fund’s investments

As of 3-31-11

  Shares  Value 
Common Stocks 90.94%    $2,773,297 
(Cost $2,503,214)     
 
Australia 6.68%    203,711 
 
AGL Energy, Ltd.  1,450  21,447 
Amcor, Ltd.  4,200  30,648 
BHP Billiton, Ltd., SADR  540  51,775 
National Australia Bank, Ltd.  925  24,742 
Santos, Ltd.  2,650  42,420 
Westpac Banking Corp.  1,300  32,679 
 
Austria 2.54%    77,538 
 
Mayr-Melnhof Karton AG (I)  180  21,027 
OMV AG  700  31,623 
Telekom Austria AG  1,700  24,888 
 
Bermuda 0.93%    28,450 
 
Hiscox, Ltd.  4,700  28,450 
 
Canada 7.54%    229,887 
 
Bombardier, Inc.  3,600  26,476 
Encana Corp.  1,200  41,502 
Husky Energy, Inc.  1,000  30,387 
Magna International, Inc.  450  21,574 
Royal Bank of Canada  400  24,751 
Sun Life Financial, Inc.  770  24,201 
The Toronto-Dominion Bank  420  37,170 
Thompson Creek Metals Company, Inc. (I)  1,900  23,826 
 
China 1.75%    53,394 
 
China Petroleum & Chemical Corp.  32,000  32,212 
Sinotrans, Ltd., Class H  87,000  21,182 
 
Finland 0.80%    24,251 
 
Nokia OYJ  2,850  24,251 
 
France 9.53%    290,521 
 
BNP Paribas  390  28,539 
Carrefour SA  490  21,719 
Cie de Saint-Gobain  435  26,634 
GDF Suez  630  25,705 
Nexans SA  280  26,790 
Sanofi-Aventis SA  375  26,337 
Societe BIC SA  210  18,660 

 

12  International Value Equity Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
France (continued)     
 
Societe Generale  360  $23,408 
Total SA  11,470  40,802 
Vinci SA  420  26,239 
Vivendi SA  900  25,688 
 
Germany 7.66%    233,500 
 
Allianz SE  180  25,256 
BASF SE  380  32,947 
Deutsche Bank AG  430  25,285 
Deutsche Boerse AG  300  22,764 
Deutsche Telekom AG  1,700  26,268 
E.ON AG  780  23,833 
Rhoen-Klinikum AG  1,000  21,691 
Salzgitter AG  390  30,799 
Siemens AG  180  24,657 
 
Hong Kong 4.32%    131,769 
 
Cheung Kong Infrastructure Holdings, Ltd.  6,000  28,405 
China Mobile, Ltd.  2,500  23,096 
Hang Lung Group, Ltd.  3,000  18,745 
Swire Pacific, Ltd., Class A  1,000  14,688 
Techtronic Industries Company, Ltd.  15,500  21,471 
Yue Yuen Industrial Holdings, Ltd.  8,000  25,364 
 
Israel 0.90%    27,594 
 
Teva Pharmaceutical Industries, Ltd., SADR (I)  550  27,594 
 
Japan 17.23%    525,481 
 
Aisin Seiki Company, Ltd.  700  24,304 
Asahi Glass Company, Ltd.  2,000  25,150 
Astellas Pharma, Inc.  700  25,812 
Canon, Inc.  500  21,760 
East Japan Railway Company  300  16,485 
Electric Power Development Company, Ltd.  800  24,641 
Fujitsu, Ltd.  4,000  22,602 
Honda Motor Company, Ltd.  600  22,460 
JGC Corp.  1,000  23,246 
Kyocera Corp.  300  30,404 
Mitsubishi Corp.  1,000  27,759 
Mitsubishi UFJ Financial Group  5,500  25,391 
Nippon Telegraph & Telephone Corp.  500  22,431 
Nomura Holdings, Inc.  4,800  25,102 
Secom Company, Ltd.  500  23,095 
Sony Corp.  700  22,201 
Sumitomo Chemical Company, Ltd.  6,000  29,935 
Takeda Pharmaceutical Company, Ltd.  400  18,658 
Toyo Suisan Kaisha, Ltd.  1,000  21,712 
Tsuruha Holdings, Inc.  600  27,230 
Unihair Company, Ltd.  2,000  23,130 
Yamada Denki Company, Ltd.  330  21,973 

 

See notes to financial statements  Annual report | International Value Equity Fund  13 

 


  Shares  Value 
Mexico 0.81%    $24,669 
 
Cemex SAB de CV (I)  27,578  24,669 
 
Netherlands 5.41%    165,101 
 
Aegon NV  3,680  27,571 
Akzo Nobel NV  440  30,270 
Heineken Holding NV  570  27,428 
Koninklijke Philips Electronics NV, ADR  780  25,093 
Royal Dutch Shell PLC, A Shares  870  31,619 
TNT NV  900  23,120 
 
Norway 1.11%    33,757 
 
DnB NOR ASA  2,200  33,757 
 
Singapore 1.93%    58,740 
 
DBS Group Holdings, Ltd.  3,000  34,882 
Fraser and Neave, Ltd.  5,000  23,858 
 
South Africa 0.76%    23,267 
 
Tiger Brands, Ltd.  900  23,267 
 
South Korea 1.75%    53,458 
 
LG Display Company, Ltd., ADR  1,800  28,314 
POSCO, ADR  220  25,144 
 
Spain 3.86%    117,767 
 
Banco Santander SA  1,750  20,396 
Fomento de Construcciones SA  950  31,490 
Repsol YPF SA  1,060  36,374 
Telefonica SA, SADR  1,170  29,507 
 
Sweden 0.66%    20,244 
 
Securitas AB, Series B  1,700  20,244 
 
Switzerland 3.18%    96,830 
 
Credit Suisse Group AG, SADR  540  22,993 
Nestle SA  400  22,952 
Novartis AG, ADR  515  27,990 
Swiss Reinsurance Company, Ltd.  400  22,895 
 
Taiwan 0.77%    23,557 
 
Chunghwa Telecom Company, Ltd., ADR  756  23,557 
 
United Kingdom 10.82%    329,811 
 
Anglo American PLC  750  38,563 
AstraZeneca PLC  565  25,976 
Aviva PLC  3,700  25,696 
Barclays PLC  6,500  29,159 
Diageo PLC  1,400  26,645 
GlaxoSmithKline PLC  1,550  29,577 
HSBC Holdings PLC  2,850  29,307 
National Grid PLC  2,750  26,268 
Smith & Nephew PLC, SADR  400  22,564 
Unilever PLC  810  24,703 
United Utilities Group PLC  2,500  23,747 
Vodafone Group PLC  9,750  27,606 

 

14  International Value Equity Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Preferred Securities 1.79%      $54,588 
(Cost $50,523)       
 
Brazil 1.79%      54,588 
 
Petroleo Brasileiro SA    1,630  28,464 
Vale SA (I)    900  26,124 
 
 
  Yield (%)*  Shares  Value 
Short-Term Investments 4.33%      $132,172 
(Cost $132,172)       
 
Money Market Funds 4.33%      132,172 
 
SSGA Money Market Fund  0.010  131,672  131,672 
SSGA U.S. Government Money Market Fund  0.000  500  500 
 
Total investments (Cost $2,685,909)† 97.06%    $2,960,057 
 
Other assets and liabilities, net 2.94%      $89,557 
 
Total net assets 100.00%      $3,049,614 

 

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.

* Yield represents the annualized yield at the date of purchase.

† At 3-31-11, the aggregate cost of investment securities for federal income tax purposes was $2,853,340. Net unrealized appreciation aggregated $106,717, of which $183,212 related to appreciated investment securities and $76,495 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 3-31-11:

Financials  21% 
Industrials  13% 
Materials  12% 
Energy  10% 
Health Care  7% 
Consumer Staples  7% 
Consumer Discretionary  6% 
Telecommunication Services  6% 
Utilities  6% 
Information Technology  4% 
Short-Term Securities & Other  8% 

 

See notes to financial statements  Annual report | International Value Equity 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 3-31-11

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 offering price per share.

Assets   
Investments, at value (Cost $2,685,909)  $2,960,057 
Cash  207,622 
Foreign currency, at value (Cost $2,232)  2,226 
Receivable for fund shares sold  3,800 
Dividends receivable  23,090 
Receivable due from adviser  2,851 
Other receivables and prepaid expenses  141 
 
Total assets  3,199,787 
 
Liabilities   
Payable for investments purchased  75,986 
Payable to affiliates   
Accounting and legal services fees  45 
Transfer agent fees  3,434 
Trustees’ fees  138 
Other liabilities and accrued expenses  70,570 
 
Total liabilities  150,173 
 
Net assets   
Capital paid-in  $2,872,680 
Accumulated undistributed net investment income  2,511 
Accumulated net realized loss on investments and foreign   
currency transactions  (101,229) 
Net unrealized appreciation on investments and translation of assets and   
liabilities in foreign currencies  275,652 
 
Net assets  $3,049,614 
 
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 ($2,944,019 ÷ 323,967 shares)  $9.09 
Class I ($105,595 ÷ 11,614 shares)  $9.09 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $9.57 

 

1 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  International Value Equity 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 operations

For the period ended 3-31-11 and year ended 10-31-10

These Statements of Operations summarize the Fund’s investment income earned and expenses incurred in operating the Fund. They also show net gains (losses) for the periods stated.

  Period  Year 
  ended  ended 
  3-31-111  10-31-10 
Investment income     
Dividends  $31,257  $219,902 
Less foreign taxes withheld  (2,269)  (19,997) 
 
Total investment income  28,988  199,905 
 
Expenses     
Investment management fees (Note 4)  11,625  82,341 
Distribution and service fees (Note 4)  3,171  75,492 
Accounting and legal services fees (Note 4)  38,153  135,000 
Transfer agent fees (Note 4)  19,996  54,108 
Trustees’ fees (Note 4)  18,298  42,516 
Printing and postage (Note 4)  8,823  23,219 
Professional fees  67,348  84,808 
Custodian fees  3,953  49,551 
Registration and filing fees (Note 4)  21,388  27,869 
Other  12,643  38,820 
 
Total expenses  205,398  613,724 
Less expense reductions (Note 4)  (182,712)  (444,463) 
 
Net expenses  22,686  169,261 
 
Net investment income  6,302  30,644 
 
Realized and unrealized gain (loss)     
 
Net realized gain on     
Investments  209,892  4,830,728 
Foreign currency transactions  309  50,902 
 
  210,201  4,881,630 
Change in net unrealized appreciation (depreciation) of     
Investments  53,259  (2,715,748) 
Translation of assets and liabilities in     
foreign currencies  466  (2,388) 
 
  53,725  (2,718,136) 
 
Net realized and unrealized gain  263,926  2,163,494 
 
Increase in net assets from operations  $270,228  $2,194,138 

 

1For the five-month period ended 3-31-11. The Fund changed its fiscal year end from October 31 to March 31.

 

See notes to financial statements  Annual report | International Value Equity 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 three 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.

  Period  Year  Year 
  ended  ended  ended 
  3-31-111  10-31-10  10-31-09 
Increase (decrease) in net assets       
From operations       
Net investment income  $6,302  $30,644  $196,542 
Net realized gain (loss)  210,201  4,881,630  (2,891,000) 
Change in net unrealized appreciation (depreciation)  53,725  (2,718,136)  8,220,096 
 
Increase in net assets resulting from operations  270,228  2,194,138  5,525,638 
 
Distributions to shareholders       
From net investment income       
Class A  (102,551)  (168,896)  (1,658,679) 
From net realized gain       
Class A  (766,235)  —  — 
 
Total distributions  (868,786)  (168,896)  (1,658,679) 
 
From Fund share transactions (Note 5)  371,078  (28,639,625)  2,029,679 
 
Total increase (decrease)  (227,480)  (26,614,383)  5,896,638 
 
Net assets       
Beginning of period  3,277,094  29,891,477  23,994,839 
 
End of period  $3,049,614  $3,277,094  $29,891,477 
 
Accumulated undistributed net investment income  2,511  $95,016  $55,800 

 

1 For the five-month period ended 3-31-11. The Fund changed its fiscal year end from October 31 to March 31.

 

18  International Value Equity 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  3-31-111,2  10-31-103  10-31-093  10-31-083  10-31-073  10-31-063 
 
Per share operating performance             
Net asset value, beginning of period  $11.26  $9.90  $7.97  $18.21  $16.62  $14.12 
Net investment income  0.024  0.034  0.074  0.284  0.26  0.28 
Net realized and unrealized gain (loss)             
on investments  0.79  1.395  2.545  (7.82)5  3.065  3.045 
Total from investment operations  0.81  1.42  2.61  (7.54)  3.32  3.32 
Less distributions             
From net investment income  (0.28)  (0.06)  (0.68)  (0.25)  (0.26)  (0.23) 
From net realized gain  (2.70)  —  —  (2.45)  (1.47)  (0.59) 
Total distributions  (2.98)  (0.06)  (0.68)  (2.70)  (1.73)  (0.82) 
Net asset value, end of period  $9.09  $11.26  $9.90  $7.97  $18.21  $16.62 
Total return (%)  9.136,7  14.466  35.616  (48.17)  21.61  24.57 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $3  $3  $30  $24  $111  $99 
Ratios (as a percentage of average net             
assets):             
Expenses before reductions  16.058  6.71  2.68  1.56  1.38  1.40 
Expenses net of fee waivers and credits  1.778  1.85  1.85  1.56  1.38  1.40 
Net investment income  0.488  0.33  0.88  2.09  1.58  1.79 
Portfolio turnover (%)  129  80  123  13  21  21 

 

1 For the five-month period ended 3-31-11. The Fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 2-11-11, holders of Class A shares of the former Optique International Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock International Value Equity Fund. These shares were first offered on 2-14-11. Additionally, the accounting and performance history of the Class A shares of the Predecessor Fund was redesignated as that of John Hancock International Value Equity Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 Includes redemption fees retained by the Fund. Such redemption fees represent less than $0.01 per share.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Annualized.
9 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.

 

See notes to financial statements  Annual report | International Value Equity Fund  19 

 


CLASS I SHARES Period ended  3-31-111 
 
Per share operating performance   
Net asset value, beginning of period  $8.98 
Net investment income  0.022 
Net realized and unrealized gain on investments  0.09 
Total from investment operations  0.11 
Net asset value, end of period  $9.09 
Total return (%)  1.223,4 
 
Ratios and supplemental data   
Net assets, end of period (in thousands)  $106 
Ratios (as a percentage of average net assets):   
Expenses before reductions  12.905 
Expenses net of fee waivers and credits  1.185 
Net investment income  1.895 
Portfolio turnover (%)  126 

 

1 Period from 2-14-11 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Not annualized.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Annualized.
6 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.

 

20  International Value Equity Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock International Value Equity 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 maximum long-term capital appreciation. During the period ended March 31, 2011, the Fund changed its fiscal year end from October 31 to March 31.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A 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, transfer agent fees, printing and postage and state registration fees for each class may differ.

The Fund is the accounting and performance successor of the Optique International Value Fund (the Predecessor Fund). At the close of business on February 11, 2011, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan on reorganization, in exchange for Class A shares of the Fund.

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 the 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 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.

Annual report | International Value Equity Fund  21 

 


The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2011, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 3-31-11  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $203,711  $51,775  $151,936  — 
Austria  77,538  —  77,538  — 
Bermuda  28,450  —  28,450  — 
Canada  229,887  229,887  —  — 
China  53,394  —  53,394  — 
Finland  24,251  —  24,251  — 
France  290,521  —  290,521  — 
Germany  233,500  —  233,500  — 
Hong Kong  131,769  —  131,769  — 
Israel  27,594  27,594  —  — 
Japan  525,481  —  525,481  — 
Mexico  24,669  24,669  —  — 
Netherlands  165,101  25,093  140,008  — 
Norway  33,757  —  33,757  — 
Singapore  58,740  —  58,740  — 
South Africa  23,267  —  23,267  — 
South Korea  53,458  53,458  —  — 
Spain  117,767  29,507  88,260  — 
Sweden  20,244  —  20,244  — 
Switzerland  96,830  50,983  45,847  — 
Taiwan  23,557  23,557  —  — 
United Kingdom  329,811  22,564  307,247  — 
 
Preferred Securities         
Brazil  54,588  54,588  —  — 
 
Short-Term Investments         
Money Market Funds  132,172  132,172  —  — 
 
Total investments         
in Securities  $2,960,057  $725,847  $2,234,210  — 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. As a result of the reorganization (see Note 7) and the Fund’s valuation techniques as described above, certain securities were transferred from Level 1 to Level 2 during the period ended March 31, 2011.

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

22  International Value Equity Fund | Annual report 

 


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 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 ex-date. In these cases dividend income is recorded when the Fund becomes aware of the dividends.

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 the 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, effective March 30, 2011, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. For the period from February 14, 2011 to March 30, 2011, the Fund had a similar arrangement with State Street Bank and Trust Company. 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 Statements of Operations. For the period from February 14, 2011 to March 31, 2011, the Fund had no borrowings under the line of credit.

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.

As of March 31, 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 Value Equity Fund  23 

 


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 period ended March 31, 2011 and the years ended October 31, 2010 and October 31, 2009 was as follows:

  MARCH 31, 2011  OCTOBER 31, 2010  OCTOBER 31, 2009 
Ordinary Income  $868,786  $168,896  $1,658,679 

 

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 March 31, 2011, the components of distributable earnings on a tax basis included $68,713 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 passive foreign investment companies and 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) 0.900% of the first $100,000,000 of the Fund’s average daily net assets; (b) 0.875% of the next $900,000,000; (c) 0.850% of the next $1,000,000,000; (d) 0.825% of the next $1,000,000,000; (e) 0.800% of the next $1,000,000,000 and (f) 0.775% of the Fund’s average daily net assets in excess of $4,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly, MFC Global Investment Management (U.S.), LLC), an indirect owned subsidiary of MFC and an affiliate of the Adviser. In addition, John Hancock Asset Management a division of Manulife Asset Management (US) LLC acquired the Predecessor Fund’s investment adviser, Optique Capital Management, Inc. The Fund is not responsible for payment of the subadvisory fees. Prior to February 11, 2011, the Fund paid a monthly fee based on the Fund’s average daily net assets at an annual rate of 0.90%.

24  International Value Equity Fund | Annual report 

 


The investment management fees incurred for the five-month period ended March 31, 2011 were equivalent to an annual effective rate of 0.90% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive all or a portion of its management fee and reimburse or pay operating expenses of the Fund to the extent necessary to maintain the Fund’s total operating expenses at 1.60% and 1.18% for Class A and Class I shares, respectively. This agreement excludes taxes, brokerage commissions, interest, litigation, underlying fund expenses, short dividend and extraordinary expenses for two years from the inception date of the Fund. Prior to February 11, 2011, under the Predecessor Fund’s investment advisory agreement, if the aggregate annual operating expenses (including the investment advisory fee and the administration fee, excluding interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) exceeded 1.85% of the average daily net assets of the Fund, the Adviser would reimburse the Fund for the amount of such excess.

Accordingly, the expense reductions or reimbursements related to the investment advisory agreements were $181,197 and $1,515 for Class A and Class I shares, respectively, for the five-month period ended March 31, 2011.

For the year ended October 31, 2010, the Predecessor Fund had expenses reduced by $444,463 under the agreement described above.

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. Prior to February 11, 2011, the administrator accrued fees equal to an annual minimum of $135,000, which amounted to $38,096 for the period November 1, 2010 to February 11, 2011. The accounting and legal services fees incurred for the period from February 12, 2011 to March 31, 2011 amounted to $57.

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 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% 

 

However, the Board of Trustees has agreed to limit the distribution and service fees to 0.25% of average daily net assets for Class A shares for the first year after the closing date of February 11, 2011. Prior to February 11, 2011, the Fund paid up to an annual rate of 0.25% of the average daily net assets of the Fund.

Sales charges. Effective February 14, 2011, Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,587 for the five-month period ended March 31, 2011. Of this amount, $246 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $1,341 was paid as sales commissions to broker-dealers.

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

Annual report | International Value Equity Fund  25 

 


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 February 11, 2011, the transfer agent agreement was not with an affiliate of the Fund and/or Adviser.

From February 11, 2011 to March 31, 2011, the transfer agent fees accrued for Signature Services amounted to $708.

Redemption fees. Prior to February 11, 2011, the Predecessor Fund imposed a 2.00% redemption fee applicable to all shares purchased after September 17, 2001 and redeemed by shareholders within 30 days of their purchase date. The redemption fee was intended to limit short-term trading of the Predecessor Fund. Proceeds of the fees were credited to the assets of the Predecessor Fund. The redemption fees retained by the Predecessor Fund were $1,240 and $1,235 for the years ended October 31, 2010 and October 31, 2009, respectively.

Class level expenses. Class level expenses for the five-month period ended March 31, 2011 were:

  DISTRIBUTION  TRANSFER  PRINTING AND  STATE REGISTRATION 
CLASS  AND SERVICE FEES  AGENT FEES  POSTAGE  FEES 
Class A  $3,171  $19,990  $8,819  $16,6941 
Class I  —  6  4  — 
Total  $3,171  $19,996  $8,823  $16,694 

 

1 Class A state registration fees are included in $21,388 Registration and filing fees located on the Statement of Operations for the period ended March 31, 2011.

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.

Prior to February 11, 2011, the Predecessor Fund paid each Trustee who was not an officer of the Predecessor Fund an annual fee of $7,500, a fee of $2,500 for each meeting of the Board of Trustees attended, and a fee of $500 for each meeting of the audit committee attended. Additionally, the Predecessor Fund paid the chairman of the audit committee an annual fee of $2,500. For the period from November 1, 2010 to February 11, 2011, the compensation to Trustees amounted to $18,141.

26  International Value Equity Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the five-month period ended March 31, 2011 and the years ended October 31, 2010 and October 31, 2009 were as follows:

  Period ended 3-31-111  Year ended 10-31-10  Year ended 10-31-09 
  Shares  Amount  Shares  Amount  Shares  Amount 
Class A shares             
Sold  22,417  $207,807  188,187  $1,922,601  3,389,456  $29,226,038 
Distributions             
reinvested  98,300  857,982  16,346  166,899  189,115  1,405,127 
Repurchased  (87,737)  (799,098)  (2,933,725)  (30,729,125)  (3,568,562)  (28,601,486) 
 
Net increase             
(decrease)  32,980  $266,691  (2,729,192)  ($28,639,625)  10,009  $2,029,679 
 
Class I shares2             
Sold  11,614  $104,387  —  —  —  — 
 
Net increase  11,614  $104,387  —  —  —  — 
 
Net increase  44,594  $371,078  (2,729,192)  ($28,639,625)  10,009  $2,029,679 

 

1 For the five-month period ended 3-31-11. The Fund changed its fiscal year end from October 31 to March 31.
2 Period from 2-14-11 (inception date) to 3-31-11.

Affiliates of the Fund owned 96% of shares of beneficial interest of Class I on March 31, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $352,359 and $1,002,481, respectively, for the five-month period ended March 31, 2011.

Note 7 — Reorganization

At the close of business on February 11, 2011, the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for the Class A shares of the Fund. The Fund had no assets, liabilities or operations prior to the reorganization.

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Predecessor Fund in exchange for a representative amount of shares of the Fund; (b) the liquidation of the Predecessor Fund; and (c) the distribution to the Predecessor Fund’s shareholders of the Fund’s shares. The reorganization was intended to allow the Fund to be better positioned to increase asset size and achieve additional economies of scale by achieving net prices on securities trades and spread fixed expenses over a larger asset base. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Capital Stock of the Predecessor Fund have been redesignated as that of Class A shares of the Fund.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Predecessor Fund or its shareholders. Thus, the investments were transferred to the Fund at the Predecessor Fund’s identified cost. All distributable amounts of net income and realized gains from the Predecessor Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Advisers of both the Predecessor Fund and the Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the NYSE on February 11, 2011. The following outlines the reorganization:

  ACQUIRED NET ASSET  APPRECIATION OF     
  VALUE OF THE  PREDECESSOR FUND’S  SHARES ISSUED  TOTAL NET ASSETS 
PREDECESSOR FUND  PREDECESSOR FUND  INVESTMENTS  BY THE FUND  AFTER COMBINATION 
Optique International  $2,914,429  $288,668  324,714  $2,914,429 
Value Fund         

 

Annual report | International Value Equity 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 International Value Equity 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 Value Equity Fund (formerly Optique International Value Fund) (the “Fund”) at March 31, 2011, and the results of its operations, the changes in its net assets and the financial highlights for the period from November 1, 2010 through March 31, 2011, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at March 31, 2011 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

The statement of operations of the Fund for the year ending October 31, 2010, the statements of changes in net assets for the years ending October 31, 2010 and October 31, 2009, and the financial highlights for the years ending October 31, 2006 through October 31, 2010 were audited by another independent registered public accounting firm, whose report dated December 21, 2010 expressed an unqualified opinion on those financial statements and included an explanatory paragraph relating to the Fund’s ability to continue as a going concern, which was further discussed in Note 12 to those financial statements.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 25, 2011

28  International Value Equity 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 March 31, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended March 31, 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 for calendar year 2011.

Annual report | International Value Equity 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  International Value Equity 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, 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 Value Equity 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  International Value Equity 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, 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.

Annual report | International Value Equity 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*  John Hancock Asset Management 
Stanley Martin*  (formerly MFC Global Investment 
Hugh McHaffie†  Management (U.S.), LLC) 
Dr. John A. Moore 
Patti McGill Peterson*  Principal distributor
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen† 
  Custodian 
Officers  State Street Bank and Trust Company 
Keith F. Hartstein 
President and Chief Executive Officer  Transfer agent 
   John Hancock Signature Services, Inc. 
Andrew G. Arnott   
Senior Vice President and Chief Operating Officer  Legal counsel 
   K&L Gates LLP 
Thomas M. Kinzler 
Secretary and Chief Legal Officer  Independent registered 
   public accounting firm 
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
   
Charles A. Rizzo   
Chief Financial Officer   
   
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

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  International Value Equity 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 Value Equity Fund.  3660A 3/11 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/11 

 


ITEM 2. CODE OF ETHICS.

As of the end of the period, March 31, 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 $264,780 for the fiscal period ended March 31, 2011 (broken out as follows: John Hancock Leveraged Companies Fund - $30,387, John Hancock Rainier Growth Fund - $32,144, John Hancock Disciplined Value Fund - $28,874, John Hancock Small Cap Opportunities Fund - $29,208, John Hancock Core High Yield Fund -$39,791, John Hancock Small Company Fund - $34,396, John Hancock Disciplined Value Mid Cap Fund - $27,210 and John Hancock International Value Equity Fund - $42,770)(John Hancock Disciplined Value Mid Cap Fund changed its fiscal year end from August 31 to March 31 and John Hancock International Value Equity was adopted during the period ended March 31, 2011) and $181,363 for the fiscal period ended March 31, 2010 (broken out as follows: John Hancock Leveraged Companies Fund - $29,876, John Hancock Rainier Growth Fund - $35,013, John Hancock Disciplined Value Fund - $28,403, John Hancock Small Cap Opportunities Fund -$28,733, John Hancock Core High Yield Fund - $29,105 and John Hancock Small Company Fund - $30,233).

(b) Audit-Related Services

Audit-related fees for assurance and related services by PWC amounted to $2,429 for the fiscal period ended March 31, 2011 (broken out as follows: John Hancock Leveraged Companies Fund - $347, John Hancock Rainier Growth Fund - $347, John Hancock Disciplined Value Fund - $347, John Hancock Small Cap Opportunities Fund - $347, John Hancock Core High Yield Fund -$347, John Hancock Small Company Fund - $347, John Hancock Disciplined Value Mid Cap Fund - $0 and John Hancock International Value Equity Fund - $347) and $7,104 for the fiscal period ended March 31, 2010 (broken out as follows: John Hancock Leveraged Companies Fund - $1,184, John Hancock Rainier Growth Fund - $1,184, John Hancock Disciplined Value Fund -$1,184, John Hancock Small Cap Opportunities Fund - $1,184, John Hancock Core High Yield Fund - $1,184 and John Hancock Small Company Fund - $1,184) 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 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 $19,944 for the fiscal period ended March 31, 2011 (broken out as follows: John Hancock Leveraged Companies Fund - $1,053, John Hancock Rainier Growth Fund - $1,737, John Hancock Disciplined Value Fund - $2,200, John Hancock


Small Cap Opportunities Fund - $2,395, John Hancock Core High Yield Fund - $3,976, John Hancock Small Company Fund - $2,395, John Hancock Disciplined Value Mid Cap Fund - $2,473 and John Hancock International Value Equity Fund - $3,715) and $14,355 for the fiscal period ended March 31, 2010 (broken out as follows: John Hancock Leveraged Companies Fund -$1,022, John Hancock Rainier Growth Fund - $1,687, John Hancock Disciplined Value Fund -$2,136, John Hancock Small Cap Opportunities Fund - $2,325, John Hancock Core High Yield Fund - $3,860 and John Hancock Small Company Fund - $3,325). The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(d) All Other Fees

The aggregate fees billed for professional services rendered by the principal accountant(s) amounted to $133 for the fiscal period ended March 31, 2011 (broken out as follows: John Hancock Leveraged Companies Fund - $19, John Hancock Rainier Growth Fund - $19, John Hancock Disciplined Value Fund - $19, John Hancock Small Cap Opportunities Fund - $19, John Hancock Core High Yield Fund - $19, John Hancock Small Company Fund - $19, John Hancock Disciplined Value Mid Cap Fund - $0 and John Hancock International Value Equity Fund - $19) and $330 for the fiscal period ended March 31, 2010 (broken out as follows: John Hancock Leveraged Companies Fund - $55, John Hancock Rainier Growth Fund - $55, John Hancock Disciplined Value Fund - $55, John Hancock Small Cap Opportunities Fund - $55, John Hancock Core High Yield Fund - $55 and John Hancock Small Company Fund - $55) 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 for the fiscal period ended March 31, 2011 were $1,985,439 and for the fiscal period ended March 31, 2010 were $5,416,301.

(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: May 20, 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: May 20, 2011

By: /s/ Charles A. Rizzo
     --------------------------------
     Charles A. Rizzo
     Chief Financial Officer

Date: May 20, 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: May 20, 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: May 20, 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: May 20, 2011

/s/ Charles A. Rizzo
---------------------------------
Charles A. Rizzo
Chief Financial Officer

Dated: May 20, 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.

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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.

 

*                      *                      *

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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;

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⇒      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.

6 of 6

 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.

1 

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

2 

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

3 

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

4 

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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