0000928816-12-001872.txt : 20121204 0000928816-12-001872.hdr.sgml : 20121204 20121204115722 ACCESSION NUMBER: 0000928816-12-001872 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121204 DATE AS OF CHANGE: 20121204 EFFECTIVENESS DATE: 20121204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: John Hancock Funds III CENTRAL INDEX KEY: 0001329954 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21777 FILM NUMBER: 121239665 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 C000061652 Class R1 RGRWX C000061654 Class R3 RGRHX C000066458 Class T JRGTX C000106447 Class R6 RGRUX C000113316 Class R2 RGRTX 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 C000069766 Class I JVLIX C000069767 Class I2 JVLTX C000076624 Class R1 JDVOX C000076625 Class R3 JDVHX C000076626 Class R4 JDVFX C000076627 Class R5 JDVVX C000078799 Class NAV C000104499 Class R6 JDVWX C000111293 Class R2 JDVPX 0001329954 S000025272 John Hancock Core High Yield Fund C000075286 Class A JYIAX C000075290 Class I JYIIX 0001329954 S000026800 John Hancock Small Company Fund C000080572 Class A JCSAX C000080573 Class I JCSIX C000080574 Class ADV JCSDX C000088573 Class R1 JCSOX C000088574 Class R3 JCSHX C000088575 Class R4 JCSFX C000088576 Class R5 JCSVX C000106448 Class R6 JCSWX C000113317 Class R2 JCSPX 0001329954 S000028882 John Hancock Disciplined Value Mid Cap Fund C000088535 Class A JVMAX C000088536 Class I JVMIX C000088537 Class ADV JVMVX C000105879 Class C JVMCX C000106449 Class R6 JVMRX C000113318 Class R2 JVMSX 0001329954 S000030739 John Hancock International Value Equity Fund C000095346 Class A JIEAX C000095347 Class I JIEEX C000095348 Class NAV 0001329954 S000035055 John Hancock Strategic Growth Fund C000107855 Class A JSGAX C000107856 Class I JSGIX C000107857 Class NAV N-CSRS 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:  September 30, 2012 

 

ITEM 1. SCHEDULE OF INVESTMENTS




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge     
  1-year  5-year  10-year  6-months  1-year  5-year  10-year 
Class A1  19.19  –1.76  7.67  –5.45  19.19  –8.49  109.30 
Class B1  19.53  –1.98  7.06  –5.81  19.53  –9.53  97.81 
Class C1  23.48  –1.59  7.05  –1.85  23.48  –7.72  97.72 
Class I1,2  25.92  –0.37  8.58  –0.30  25.92  –1.82  127.79 
Class R11,2  24.94  –1.22  7.47  –0.71  24.94  –5.95  105.55 
Class R21,2  24.56  –2.11  6.61  –0.56  24.56  –10.11  89.72 
Class R31,2  25.07  –1.11  7.58  –0.66  25.07  –5.44  107.71 
Class R41,2  25.47  –0.81  7.91  –0.44  25.47  –3.97  114.10 
Class R51,2  25.85  –0.52  8.23  –0.35  25.85  –2.55  120.53 
Class R61,2  26.00  –0.33  8.63  –0.26  26.00  –1.65  128.85 
Class T1,2  19.10  –2.15  7.07  –5.49  19.10  –10.28  98.09 
Class ADV1,2  25.67  –0.61  8.31  –0.39  25.67  –3.04  122.18 
Class NAV1,2  26.06  –0.30  8.67  –0.26  26.06  –1.48  129.70 

 

Performance figures assume all dividends have been reinvested. 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, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, Class ADV and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-13 for Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class B  Class C  Class I  Class R1  Class R2  Class R3  Class R4  Class R5  Class R6  Class T  Class ADV  Class NAV 
Net (%)  1.25  2.05  2.09  0.89  1.70  1.45  1.60  1.20  1.00  0.86  1.35  1.14  0.78 
Gross (%)  1.25  2.05  2.09  0.89  7.01  2.73  15.84  15.34  15.05  1.56  1.35  1.33  0.78 

 

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.

See the following page for footnotes.

6  Rainier Growth Fund | Semiannual report 

 



    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class B3  9-30-02  $19,781  $19,781  $21,615  $22,423 
Class C3  9-30-02  19,772  19,772  21,615  22,423 
Class I2  9-30-02  22,779  22,779  21,615  22,423 
Class R12  9-30-02  20,555  20,555  21,615  22,423 
Class R22  9-30-02  18,972  18,972  21,615  22,423 
Class R32  9-30-02  20,771  20,771  21,615  22,423 
Class R42  9-30-02  21,410  21,410  21,615  22,423 
Class R52  9-30-02  22,053  22,053  21,615  22,423 
Class R62  9-30-02  22,885  22,885  21,615  22,423 
Class T2  9-30-02  20,846  19,809  21,615  22,423 
Class ADV2  9-30-02  22,218  22,218  21,615  22,423 
Class NAV2  9-30-02  22,970  22,970  21,615  22,423 

 

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.

Footnotes related to performance pages

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, as applicable. Class T shares were first offered 10-6-08, Class R6 shares were first offered 9-1-11 and Class R2 shares were first offered on 3-1-12. 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 T, Class R6 and Class R2 shares as applicable.

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

3 No contingent deferred sales charge is applicable.

Semiannual report | Rainier Growth Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $995.20  $6.30 
Class B  1,000.00  991.40  10.18 
Class C  1,000.00  991.40  10.33 
Class I  1,000.00  997.00  4.56 
Class R1  1,000.00  992.90  8.49 
Class R2  1,000.00  994.40  7.25 
Class R3  1,000.00  993.40  8.00 
Class R4  1,000.00  995.60  6.15 
Class R5  1,000.00  996.50  5.00 
Class R6  1,000.00  997.40  4.31 
Class T  1,000.00  994.70  6.65 
Class ADV  1,000.00  996.10  5.70 
Class NAV  1,000.00  997.40  3.96 

 

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 September 30, 2012, 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:

 

8  Rainier Growth Fund | Semiannual report 

 


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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,018.80  $6.38 
Class B  1,000.00  1,014.80  10.30 
Class C  1,000.00  1,014.70  10.45 
Class I  1,000.00  1,020.50  4.61 
Class R1  1,000.00  1,016.50  8.59 
Class R2  1,000.00  1,017.80  7.33 
Class R3  1,000.00  1,017.00  8.09 
Class R4  1,000.00  1,018.90  6.23 
Class R5  1,000.00  1,020.10  5.06 
Class R6  1,000.00  1,020.80  4.36 
Class T  1,000.00  1,018.40  6.73 
Class ADV  1,000.00  1,019.40  5.77 
Class NAV  1,000.00  1,021.10  4.00 

 

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 1.26%, 2.04%, 2.07%, 0.91%, 1.70%, 1.45%, 1.60%, 1.23%, 1.00%, 0.86%, 1.33%, 1.14% and 0.79% for Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, Class T, Class ADV and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Rainier Growth Fund  9 

 


Portfolio summary

Top 10 Holdings (30.2% of Net Assets on 9-30-12)1,2     
Apple, Inc.  6.9%  EMC Corp.  2.4% 
  
Google, Inc., Class A  3.5%  Whole Foods Market, Inc.  2.2% 
  
Microsoft Corp.  3.4%  Allergan, Inc.  2.2% 
  
QUALCOMM, Inc.  2.8%  Amazon.com, Inc.  2.2% 
  
eBay, Inc.  2.4%  Schlumberger, Ltd.  2.2% 
  
 
Sector Composition1,3       
Information Technology  35.2%  Energy  6.1% 
  
Consumer Discretionary  18.5%  Materials  3.7% 
  
Health Care  13.3%  Financials  3.3% 
  
Industrials  9.0%  Telecommunication Services  1.8% 
  
Consumer Staples  8.3%  Short-Term Investments & Other  0.8% 
  

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included

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.

10  Rainier Growth Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
 
Common Stocks 99.2%  $1,133,321,865 
(Cost $906,420,848)     
 
Consumer Discretionary 18.5%    211,882,165 
 
Hotels, Restaurants & Leisure 4.2%     
Starbucks Corp. (L)  352,250  17,876,688 
Starwood Hotels & Resorts Worldwide, Inc.  334,580  19,392,257 
Wynn Resorts, Ltd.  93,070  10,744,001 
 
Internet & Catalog Retail 3.1%     
Amazon.com, Inc. (I)(L)  98,750  25,114,100 
priceline.com, Inc. (I)  17,000  10,518,410 
 
Media 1.1%     
DIRECTV (I)  242,420  12,717,353 
 
Multiline Retail 0.6%     
Dollar General Corp. (I)  137,630  7,093,450 
 
Specialty Retail 4.8%     
Bed Bath & Beyond, Inc. (I)  44,310  2,791,530 
Dick’s Sporting Goods, Inc.  192,370  9,974,385 
Limited Brands, Inc.  213,220  10,503,217 
The Home Depot, Inc.  382,730  23,105,410 
Tractor Supply Company  90,470  8,946,578 
 
Textiles, Apparel & Luxury Goods 4.7%     
Coach, Inc.  143,670  8,048,393 
Michael Kors Holdings, Ltd. (I)  146,210  7,775,448 
NIKE, Inc., Class B  119,745  11,364,998 
Ralph Lauren Corp.  71,640  10,834,117 
VF Corp. (L)  94,640  15,081,830 
 
Consumer Staples 8.3%    94,977,088 
 
Beverages 1.7%     
Anheuser-Busch InBev NV, ADR  228,710  19,648,476 
 
Food & Staples Retailing 3.9%     
Costco Wholesale Corp.  193,600  19,384,200 
Whole Foods Market, Inc. (L)  259,210  25,247,054 
 
Personal Products 2.0%     
The Estee Lauder Companies, Inc., Class A (L)  368,100  22,663,917 
 
Tobacco 0.7%     
Philip Morris International, Inc.  89,320  8,033,441 

 

See notes to financial statements  Semiannual report | Rainier Growth Fund  11 

 


  Shares  Value 
 
Energy 6.1%    $69,385,320 
 
Energy Equipment & Services 4.5%     
Cameron International Corp. (I)  236,070  13,236,440 
Ensco PLC, Class A (L)  239,560  13,070,394 
Schlumberger, Ltd.  344,700  24,932,151 
 
Oil, Gas & Consumable Fuels 1.6%     
Anadarko Petroleum Corp.  136,820  9,566,454 
Plains Exploration & Production Company (I)  228,980  8,579,881 
 
Financials 3.3%    37,448,759 
 
Capital Markets 1.3%     
T. Rowe Price Group, Inc.  241,350  15,277,455 
 
Commercial Banks 1.4%     
Wells Fargo & Company  454,320  15,687,670 
 
Real Estate Management & Development 0.6%     
CBRE Group, Inc. (I)  352,180  6,483,634 
 
Health Care 13.3%    151,484,400 
 
Biotechnology 4.1%     
Alexion Pharmaceuticals, Inc. (I)  94,160  10,771,904 
Biogen Idec, Inc. (I)  102,750  15,333,383 
Gilead Sciences, Inc. (I)  303,470  20,129,165 
 
Health Care Equipment & Supplies 1.5%     
Intuitive Surgical, Inc. (I)  35,460  17,575,040 
 
Health Care Providers & Services 0.9%     
Catamaran Corp. (I)  102,380  10,030,169 
 
Pharmaceuticals 6.8%     
Allergan, Inc.  274,615  25,149,242 
Novo Nordisk A/S, ADR (L)  153,470  24,219,101 
Perrigo Company (L)  72,160  8,382,827 
Shire PLC, ADR  113,120  10,033,744 
Watson Pharmaceuticals, Inc. (I)  115,780  9,859,825 
 
Industrials 9.0%    103,311,253 
 
Aerospace & Defense 3.9%     
Honeywell International, Inc.  366,390  21,891,803 
Precision Castparts Corp.  137,220  22,413,515 
 
Commercial Services & Supplies 0.8%     
Stericycle, Inc. (I)  98,540  8,919,841 
 
Electrical Equipment 1.6%     
AMETEK, Inc.  528,205  18,724,867 
 
Machinery 0.8%     
Eaton Corp. (L)  196,310  9,277,611 
 
Professional Services 0.9%     
Verisk Analytics, Inc., Class A (I)  230,010  10,950,776 
 
Road & Rail 1.0%     
Kansas City Southern  146,910  11,132,840 

 

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

 


    Shares  Value 
 
Information Technology 35.2%      $402,044,117 
 
Communications Equipment 4.8%       
BancTec, Inc. (I)(S)    197,026  886,617 
Cisco Systems, Inc.    485,960  9,276,976 
F5 Networks, Inc. (I)    117,820  12,335,754 
QUALCOMM, Inc.    512,000  31,994,880 
 
Computers & Peripherals 9.3%       
Apple, Inc.    117,440  78,363,014 
EMC Corp. (I)(L)    1,014,045  27,653,007 
 
Electronic Equipment, Instruments & Components 0.7%     
Trimble Navigation, Ltd. (I)    176,490  8,411,513 
 
Internet Software & Services 6.0%       
eBay, Inc. (I)    573,350  27,755,874 
Google, Inc., Class A (I)    53,440  40,320,480 
 
IT Services 5.9%       
Accenture PLC, Class A    328,970  23,037,769 
Mastercard, Inc., Class A (L)    39,530  17,847,004 
Teradata Corp. (I)    119,550  9,015,266 
Visa, Inc., Class A    131,545  17,663,863 
 
Semiconductors & Semiconductor Equipment 0.8%       
Avago Technologies, Ltd.    260,030  9,065,946 
 
Software 7.7%       
Autodesk, Inc. (I)    237,140  7,913,362 
Citrix Systems, Inc. (I)    163,790  12,541,400 
Intuit, Inc. (L)    205,650  12,108,672 
Microsoft Corp.    1,287,250  38,334,305 
Red Hat, Inc. (I)    170,340  9,699,160 
Salesforce.com, Inc. (I)(L)    51,210  7,819,255 
 
Materials 3.7%      42,256,999 
 
Chemicals 3.7%       
Ecolab, Inc.    161,550  10,470,056 
Monsanto Company    221,680  20,177,314 
Praxair, Inc.    111,760  11,609,629 
 
Telecommunication Services 1.8%      20,531,764 
 
Diversified Telecommunication Services 1.8%       
American Tower Corp.    287,600  20,531,764 
 
  Yield (%)  Shares  Value 
 
Securities Lending Collateral 10.6%      $121,347,595 
(Cost $121,333,097)       
 
John Hancock Collateral Investment Trust (W)  0.3462 (Y)  12,124,333  121,347,595 

 

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

 


  Par value  Value 
 
Short-Term Investments 1.6%    $18,589,000 
(Cost $18,589,000)     
 
Repurchase Agreement 1.6%    18,589,000 
Repurchase Agreement with State Street Corp. dated 9-28-12 at     
0.010% to be repurchased at $18,589,015 on 10-1-12, collateralized     
by $18,185,000 U.S. Treasury Bill, 1.500% due 7-31-16 (valued at     
$18,964,664, including interest)  $18,589,000  18,589,000 
 
Total investments (Cost $1,046,342,945)† 111.4%  $1,273,258,460 
 
Other assets and liabilities, net (11.4%)    ($130,439,941) 
 
Total net assets 100.0%  $1,142,818,519 

 

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

(I) Non-income producing security.

(L) A portion of this security is on loan as of 9-30-12.

(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) 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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $1,055,013,704. Net unrealized appreciation aggregated $218,244,756, of which $226,378,176 related to appreciated investment securities and $8,133,420 related to depreciated investment securities.

14  Rainier Growth Fund | Semiannual 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 9-30-12 (unaudited)

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 $925,009,848) including   
$121,333,097 of securities loaned)  $1,151,910,865 
Investments in affiliated issuers, at value (Cost $121,333,097)  121,347,595 
 
Total investments, at value (Cost $1,046,342,945)  1,273,258,460 
Receivable for investments sold  6,498,137 
Receivable for fund shares sold  931,291 
Dividends and interest receivable  601,454 
Receivable for securities lending income  20,282 
Receivable due from adviser  1,367 
Other receivables and prepaid expenses  234,117 
 
Total assets  1,281,545,108 
 
Liabilities   
Payable for investments purchased  15,289,422 
Payable for fund shares repurchased  1,764,868 
Payable upon return of securities loaned  121,337,929 
Payable to affiliates   
Accounting and legal services fees  52,786 
Transfer agent fees  93,096 
Trustees’ fees  79,359 
Other liabilities and accrued expenses  109,129 
 
Total liabilities  138,726,589 
 
Net assets   
Paid-in capital  $1,051,969,272 
Accumulated net investment loss  (1,262,566) 
Accumulated net realized gain (loss) on investments  (134,803,702) 
Net unrealized appreciation (depreciation) on investments  226,915,515 
 
Net assets  $1,142,818,519 

 

See notes to financial statements  Semiannual report | Rainier Growth Fund  15 

 


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 ($354,334,707 ÷ 15,586,718 shares)  $22.73 
Class B ($22,386,802 ÷ 1,016,384 shares)1  $22.03 
Class C ($17,942,189 ÷ 814,965 shares)1  $22.02 
Class I ($202,252,719 ÷ 8,729,018 shares)  $23.17 
Class R1 ($300,577 ÷ 13,423 shares)  $22.39 
Class R2 ($103,071 ÷ 4,454 shares)  $23.14 
Class R3 ($100,191 ÷ 4,452 shares)  $22.50 
Class R4 ($101,564 ÷ 4,452 shares)  $22.81 
Class R5 ($102,890 ÷ 4,458 shares)  $23.08 
Class R6 ($4,106,463 ÷ 176,947 shares)  $23.21 
Class T ($72,307,113 ÷ 3,203,269 shares)  $22.57 
Class ADV ($17,945,931 ÷ 781,786 shares)  $22.96 
Class NAV ($450,834,302 ÷ 19,412,815 shares)  $23.22 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $23.93 
Class T (net asset value per share ÷ 95%)2  $23.76 

 

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

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

16  Rainier Growth Fund | Semiannual 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 six month period ended 9-30-12
(unaudited)

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

Investment income   
Dividends  $5,463,564 
Securities lending  124,827 
Interest  696 
 
Total investment income  5,589,087 
 
Expenses   
Investment management fees  4,360,258 
Distribution and service fees  771,321 
Accounting and legal services fees  120,114 
Transfer agent fees  575,300 
Trustees’ fees  34,964 
State registration fees  66,405 
Printing and postage  44,094 
Professional fees  52,606 
Custodian fees  85,659 
Registration and filing fees  26,046 
Other  19,010 
 
Total expenses  6,155,777 
Less expense reductions  (50,138) 
 
Net expenses  6,105,639 
 
Net investment loss  (516,552) 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  56,710,497 
Investments in affiliated issuers  (3,568) 
 
  56,706,929 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  (67,991,667) 
Investments in affiliated issuers  (698) 
 
  (67,992,365) 
 
Net realized and unrealized loss  (11,285,436) 
 
Decrease in net assets from operations  ($11,801,988) 

 

See notes to financial statements  Semiannual report | Rainier Growth Fund  17 

 


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

Statements of changes in net assets

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

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
 
Increase (decrease) in net assets     
 
From operations     
Net investment loss  ($516,552)  ($2,801,661) 
Net realized gain  56,706,929  120,269,463 
Change in net unrealized appreciation (depreciation)  (67,992,365)  (57,579,735) 
 
Increase (decrease) in net assets resulting from operations  (11,801,988)  59,888,067 
 
From Fund share transactions  (104,485,962)  (422,108,385) 
 
Total decrease  (116,287,950)  (362,220,318) 
 
Net assets     
Beginning of period  1,259,106,469  1,621,326,787 
 
End of period  $1,142,818,519  $1,259,106,469 
 
Accumulated net investment loss  ($1,262,566)  ($746,014) 

 

18  Rainier Growth Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092  3-31-083 
 
Per share operating performance             
Net asset value, beginning of period  $22.84  $21.32  $18.31  $12.84  $20.91  $20.44 
Net investment loss  (0.03)4  (0.09)4  (0.06)4  (0.03)4  (0.01)4  (0.02) 
Net realized and unrealized gain (loss)             
on investments  (0.08)  1.61  3.07  5.50  (8.06)  0.49 
Total from investment operations  (0.11)  1.52  3.01  5.47  (8.07)  0.47 
Net asset value, end of period  $22.73  $22.84  $21.32  $18.31  $12.84  $20.91 
Total return (%)5  (0.48)6  7.13  16.44  42.607  (38.59)7  2.307 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $354  $369  $413  $384  $193  $164 
Ratios (as a percentage of average net assets):             
Expenses before reductions  1.268  1.27  1.30  1.45  1.47  1.179 
Expenses net of fee waivers  1.268  1.27  1.30  1.38  1.18  1.199 
Expenses net of fee waivers and credits  1.268  1.27  1.30  1.34  1.18  1.199 
Net investment loss  (0.30)8  (0.45)  (0.33)  (0.18)  (0.04)  (0.27) 
Portfolio turnover (%)  46  90  90  102  101  86 

 

1 Six months ended 9-30-12. Unaudited.
2 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 the 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.
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 Not annualized.
7 Total returns would have been lower had certain expenses not been reduced during the periods shown.
8 Annualized.
9 Prior to the reorganization, the Fund was subject to a contractual expense reimbursement and recoupment plan.

 

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

 


CLASS B SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.22  $20.90  $18.10  $12.79  $22.46 
Net investment loss3  (0.12)  (0.25)  (0.21)  (0.15)  (0.09) 
Net realized and unrealized gain (loss) on investments  (0.07)  1.57  3.01  5.46  (9.58) 
Total from investment operations  (0.19)  1.32  2.80  5.31  (9.67) 
Total distributions  —  —  —  —  — 
Net asset value, end of period  $22.03  $22.22  $20.90  $18.10  $12.79 
Total return (%)4  (0.86)5  6.32  15.476  41.526  (43.05)5,6 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $22  $25  $31  $37  $27 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.047  2.07  2.13  2.45  2.827 
Expenses net of fee waivers  2.047  2.07  2.10  2.11  2.057 
Expenses net of fee waivers and credits  2.047  2.07  2.10  2.09  2.047 
Net investment loss  (1.09)7  (1.24)  (1.13)  (0.94)  (0.75)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class B shares is 4-28-08.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Not annualized.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

CLASS C SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.21  $20.90  $18.10  $12.79  $22.46 
Net investment loss3  (0.12)  (0.26)  (0.21)  (0.15)  (0.09) 
Net realized and unrealized gain (loss) on investments  (0.07)  1.57  3.01  5.46  (9.58) 
Total from investment operations  (0.19)  1.31  2.80  5.31  (9.67) 
Total distributions  —  —  —  —  — 
Net asset value, end of period  $22.02  $22.21  $20.90  $18.10  $12.79 
Total return (%)4,5  (0.86)6  6.27  15.47  41.52  (43.05)6 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $18  $20  $22  $24  $15 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.077  2.11  2.16  2.34  2.827 
Expenses net of fee waivers  2.077  2.10  2.10  2.21  2.057 
Expenses net of fee waivers and credits  2.077  2.10  2.10  2.09  2.047 
Net investment loss  (1.12)7  (1.27)  (1.13)  (0.93)  (0.77)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class C shares is 4-28-08.
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 Not annualized.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

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

 


CLASS I SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092  3-31-083 
 
Per share operating performance             
Net asset value, beginning of period  $23.24  $21.61  $18.50  $12.92  $20.98  $20.44 
Net investment income (loss)4  —5  (0.02)  0.02  0.04  0.04  —5 
Net realized and unrealized gain (loss)             
on investments  (0.07)  1.65  3.11  5.54  (8.09)  0.54 
Total from investment operations  (0.07)  1.63  3.13  5.58  (8.05)  0.54 
Less distributions             
From net investment income  —  —  (0.02)  —5  (0.01)  — 
Net asset value, end of period  $23.17  $23.24  $21.61  $18.50  $12.92  $20.98 
Total return (%)  (0.30)6  7.54  16.93  43.20  (38.36)  2.64 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $202  $256  $237  $208  $133  $136 
Ratios (as a percentage of average net assets):             
Expenses before reductions  0.917  0.91  0.86  0.90  0.86  0.928 
Expenses net of fee waivers and credits  0.917  0.91  0.86  0.90  0.86  0.948 
Net investment income (loss)  0.037  (0.08)  0.10  0.26  0.22  (0.02) 
Portfolio turnover (%)  46  90  90  102  101  86 

 

1 Six months ended 9-30-12. Unaudited.
2 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 the 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.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 Less than $0.005 per share.
6 Not annualized.
7 Annualized.
8 Prior to the reorganization, the Fund was subject to a contractual expense reimbursement and recoupment plan.

 

CLASS R1 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.55  $21.14  $18.23  $12.84  $22.46 
Net investment loss3  (0.08)  (0.17)  (0.14)  (0.11)  (0.08) 
Net realized and unrealized gain (loss) on investments  (0.08)  1.58  3.05  5.50  (9.54) 
Total from investment operations  (0.16)  1.41  2.91  5.39  (9.62) 
Net asset value, end of period  $22.39  $22.55  $21.14  $18.23  $12.84 
Total return (%)4  (0.71)5  6.67  15.96  41.98  (42.83)5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  —6  —6  —6  —6  —6 
Ratios (as a percentage of average net assets):           
Expenses before reductions  4.637  7.03  8.39  13.91  8.707 
Expenses net of fee waivers and credits  1.707  1.70  1.72  1.78  1.647 
Net investment loss  (0.75)7  (0.86)  (0.75)  (0.65)  (0.50)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R1 shares is 4-28-08.
3 Based on the average daily shares outstanding.
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  Semiannual report | Rainier Growth Fund  21 

 


CLASS R2 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $23.27  $22.45 
Net investment income (loss)3  (0.06)  —4 
Net realized and unrealized gain (loss) on investments  (0.07)  0.82 
Total from investment operations  (0.13)  0.82 
Net asset value, end of period  $23.14  $23.27 
Total return (%)5  (0.56)6  3.656 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —7  —7 
Ratios (as a percentage of average net assets):     
Expenses before reductions  17.958  15.968 
Expenses net of fee waivers and credits  1.458  1.458 
Net investment loss  (0.50)8  (0.12)8 
Portfolio turnover (%)  46  909 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R2 shares is 3-1-12.
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 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS R3 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.65  $21.21  $18.27  $12.85  $22.46 
Net investment loss3  (0.07)  (0.16)  (0.12)  (0.07)  (0.06) 
Net realized and unrealized gain (loss) on investments  (0.08)  1.60  3.06  5.49  (9.55) 
Total from investment operations  (0.15)  1.44  2.94  5.42  (9.61) 
Net asset value, end of period  $22.50  $22.65  $21.21  $18.27  $12.85 
Total return (%)4  (0.66)5  6.79  16.09  42.18  (42.79)5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  —6  —6  —6  —6  —6 
Ratios (as a percentage of average net assets):           
Expenses before reductions  10.887  15.86  16.72  13.68  8.577 
Expenses net of fee waivers and credits  1.607  1.59  1.61  1.62  1.547 
Net investment loss  (0.65)7  (0.76)  (0.64)  (0.46)  (0.40)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R3 shares is 4-28-08.
3 Based on the average daily shares outstanding.
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.

 

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

 


CLASS R4 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.91  $21.40  $18.38  $12.88  $22.46 
Net investment loss3  (0.03)  (0.10)  (0.06)  (0.03)  (0.02) 
Net realized and unrealized gain (loss) on investments  (0.07)  1.61  3.08  5.53  (9.56) 
Total from investment operations  (0.10)  1.51  3.02  5.50  (9.58) 
Net asset value, end of period  $22.81  $22.91  $21.40  $18.38  $12.88 
Total return (%)4  (0.44)5  7.06  16.43  42.70  (42.65)5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  —6  —6  —6  —6  —6 
Ratios (as a percentage of average net assets):           
Expenses before reductions  10.517  15.46  16.45  13.33  8.267 
Expenses net of fee waivers and credits  1.237  1.29  1.31  1.32  1.247 
Net investment loss  (0.28)7  (0.46)  (0.34)  (0.16)  (0.10)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R4 shares is 4-28-08.
3 Based on the average daily shares outstanding.
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.

 

CLASS R5 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $23.16  $21.56  $18.47  $12.91  $22.46 
Net investment income (loss)3  (0.01)  (0.03)  (0.02)  0.02  0.03 
Net realized and unrealized gain (loss) on investments  (0.07)  1.63  3.12  5.54  (9.57) 
Total from investment operations  (0.08)  1.60  3.10  5.56  (9.54) 
Less distributions           
From net investment income  —  —  (0.01)  —4  (0.01) 
Net asset value, end of period  $23.08  $23.16  $21.56  $18.47  $12.91 
Total return (%)5  (0.35)6  7.42  16.78  43.07  (42.48)6 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  —7  —7  —7  —7  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  10.148  15.07  16.17  12.97  7.958 
Expenses net of fee waivers and credits  1.008  0.99  1.01  1.02  0.948 
Net investment income  (0.05)8  (0.16)  (0.03)  0.14  0.208 
Portfolio turnover (%)  46  90  90  102  1019 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R5 shares is 4-28-08.
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 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

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

 


CLASS R6 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $23.27  $20.01 
Net investment income3  0.01  0.03 
Net realized and unrealized gain (loss) on investments  (0.07)  3.23 
Total from investment operations  (0.06)  3.26 
Net asset value, end of period  $23.21  $23.27 
Total return (%)4  (0.26)5  16.295 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $4  $4 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.246  1.586 
Expenses net of fee waivers and credits  0.866  0.866 
Net investment income  0.096  0.206 
Portfolio turnover (%)  46  907 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R6 shares is 9-1-11.
3 Based on the average daily shares outstanding.
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 4-1-11 to 3-31-12.

 

CLASS T SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $22.69  $21.20  $18.24  $12.86  $16.59 
Net investment loss3  (0.04)  (0.11)  (0.09)  (0.11)  (0.05) 
Net realized and unrealized gain (loss) on investments  (0.08)  1.60  3.05  5.49  (3.68) 
Total from investment operations  (0.12)  1.49  2.96  5.38  (3.73) 
Net asset value, end of period  $22.57  $22.69  $21.20  $18.24  $12.86 
Total return (%)4  (0.53)5  7.03  16.23  41.84  (22.48)5,6 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $72  $77  $83  $83  $72 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.337  1.37  1.47  1.84  2.077 
Expenses net of fee waivers  1.337  1.37  1.47  1.84  1.997 
Expenses net of fee waivers and credits  1.337  1.37  1.47  1.84  1.987 
Net investment loss  (0.38)7  (0.54)  (0.50)  (0.69)  (0.74)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class T shares is 10-6-08.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Not annualized.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

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

 


CLASS ADV SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $23.05  $21.49  $18.43  $12.90  $22.46 
Net investment income (loss)3  (0.02)  (0.06)  (0.03)  —4  (0.01) 
Net realized and unrealized gain (loss) on investments  (0.07)  1.62  3.09  5.53  (9.55) 
Total from investment operations  (0.09)  1.56  3.06  5.53  (9.56) 
Net asset value, end of period  $22.96  $23.05  $21.49  $18.43  $12.90 
Total return (%)  (0.39)5,6  7.265  16.605  42.875  (42.56)6 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $18  $20  $22  $18  $17 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.327  1.35  1.37  1.25  1.147 
Expenses net of fee waivers and credits  1.147  1.14  1.14  1.14  1.147 
Net investment income (loss)  (0.19)7  (0.31)  (0.17)  0.01  (0.04)7 
Portfolio turnover (%)  46  90  90  102  1018 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class ADV shares is 4-28-08.
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 4-1-08 to 3-31-09.

 

CLASS NAV SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $23.28  $21.63  $18.51  $12.91  $22.46 
Net investment income3  0.02  0.01  0.03  0.05  0.04 
Net realized and unrealized gain (loss) on investments  (0.08)  1.64  3.11  5.55  (9.57) 
Total from investment operations  (0.06)  1.65  3.14  5.60  (9.53) 
Less distributions           
From net investment income  —  —  (0.02)  —4  (0.02) 
Net asset value, end of period  $23.22  $23.28  $21.63  $18.51  $12.91 
Total return (%)  (0.26)5  7.63  17.00  43.38  (42.44)5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $451  $487  $813  $708  $400 
Ratios (as a percentage of average net assets):           
Expenses before reductions  0.796  0.80  0.80  0.82  0.836 
Expenses net of fee waivers and credits  0.796  0.80  0.80  0.82  0.836 
Net investment income  0.156  0.05  0.16  0.33  0.266 
Portfolio turnover (%)  46  90  90  102  1017 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class NAV shares is 4-28-08.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

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

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Rainier Growth Fund (the Fund) is a 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 R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class T and Class ADV shares are closed to new investors. Class NAV shares are offered 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.

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. 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 Funds in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business 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.

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

26  Rainier Growth Fund | Semiannual report 

 


events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the Fund’s investments as of September 30, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 9-30-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Consumer Discretionary  $211,882,165  $211,882,165  —  — 
Consumer Staples  94,977,088  94,977,088  —  — 
Energy  69,385,320  69,385,320  —  — 
Financials  37,448,759  37,448,759  —  — 
Health Care  151,484,400  151,484,400  —  — 
Industrials  103,311,253  103,311,253  —  — 
Information Technology  402,044,117  401,157,500  —  $886,617 
Materials  42,256,999  42,256,999  —  — 
Telecommunication         
Services  20,531,764  20,531,764  —  — 
Securities Lending         
Collateral  121,347,595  121,347,595  —  — 
Short-Term Investments  18,589,000  —  $18,589,000  — 
 
Total Investments in         
Securities  $1,273,258,460  $1,253,782,843  $18,589,000  $886,617 

 

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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provider indemnification, 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 or possible loss of rights

Semiannual report | Rainier Growth Fund  27 

 


in the collateral should the borrower fail financially. 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. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Foreign taxes. The Fund may be subject to withholding tax on income or capital gains or repatriation taxes as imposed by certain countries in which it invests. Taxes are accrued based upon net investment income, net realized gains or net unrealized appreciation.

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

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $1,688. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets 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 assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $154,254,966 available to offset future net realized capital gains as of March 31, 2012. The following details the capital loss carryforward available as of March 31, 2012:

CAPITAL LOSS CARRYFORWARD EXPIRING AT MARCH 31   
2016  2017  2018 
$17,658,687  $20,700,267  $115,896,012 

 

28  Rainier Growth Fund | Semiannual report 

 


Availability of a certain amount of the loss carryforward, which was acquired in a merger, may be limited in a given year.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

Capital accounts within the 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 litigation proceeds.

New accounting pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.

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 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 (JHVIT), an affiliate of the Fund, managed by the Adviser. The management fee is equivalent, on an annual basis, to the sum of: (a) 0.730% of the first $3,000,000,000 of the Fund’s aggregate net assets; (b) 0.725% of the next $3,000,000,000;

Semiannual report | Rainier Growth Fund  29 

 


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 Adviser has agreed to reimburse or limit certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, portfolio brokerage commissions, interest expense, litigation and indemnification expenses, shareholder services fees and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or expense reimbursements are such that these expenses will not exceed 1.35%, 2.10%, 2.10%, 1.70%, 1.45%, 1.60%, 1.20%, 1.00%, 0.86%, 1.40% and 1.14% for Class A, Class B, Class C, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, Class T and Class ADV shares, respectively. The fee waivers and/or expense reimbursements will continue in effect until June 30, 2013, unless renewed by mutual agreement of the fund and the adviser base upon a determination that this is appropriate under the circumstances at the time. Prior to July 1, 2012, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.04% and 1.30% for Class I and Class R4 shares, respectively, and the limits for the remainder of the share classes above were unchanged.

For the six months ended September 30, 2012, expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  — 
Class B  — 
Class C  — 
Class I  — 
Class R1  $4,187 
Class R2  8,244 
Class R3  4,509 
Class R4  4,531 
Class R5  4,555 
Class R6  7,469 
Class T  — 
Class ADV  16,610 
Total  $50,105 

 

The investment management fees, including the impact of the waivers and expense reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.729% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R2, 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 and Class R2 shares, the Fund pays for certain other services. The Fund pays the following contractual rates of distribution fees and may pay up to

30  Rainier Growth Fund | Semiannual report 

 


the following contractual rates of service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares. Currently, only 0.25% is charged to Class A shares for 12b-1 fees.

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 R2  0.25%  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%  — 

 

The Fund’s distributor has contractually agreed to waive 0.10% of 12b-1 fees of Class R4 shares. This expense limitation agreement will remain in effect through June 30, 2013, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at the time. Reimbursements related to this contractual waiver amounted to $33 for the six months ended September 30, 2012.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $98,899 for the six months ended September 30, 2012. Of this amount, $14,899 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $72,204 was paid as sales commissions to broker-dealers and $11,796 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, 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 reimburse the Distributor for commissions paid in connection with the sale of these shares. During the six months ended September 30, 2012, CDSCs received by the Distributor amounted to $15,867 and $399 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), 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 fees that Signature Services receives in connection with retirement and small accounts. 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.

Semiannual report | Rainier Growth Fund  31 

 


Class level expenses. Class level expenses for the six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $433,380  $336,048  $7,367  $22,403 
Class B  114,100  22,124  4,775  1,036 
Class C  91,284  17,697  4,784  2,263 
Class I  —  110,981  6,013  4,877 
Class R1  771  41  4,512  160 
Class R2  125  14  8,417  15 
Class R3  243  14  4,542  101 
Class R4  123  14  4,542  101 
Class R5  —  14  4,542  101 
Class R6  —  570  7,605  595 
Class T  108,573  70,160  3,626  10,432 
Class ADV  22,722  17,623  5,680  2,010 
Total  $771,321  $575,300  $66,405  $44,094 

 

Trustee expenses. The Fund 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 six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  1,121,902  $24,696,670  2,982,111  $60,697,246 
Repurchased  (1,673,503)  (36,841,478)  (6,197,404)  (126,529,063) 
 
Net decrease  (551,601)  ($12,144,808)  (3,215,293)  ($65,831,817) 
 
Class B shares         
Sold  61,640  $1,319,617  155,579  $3,179,748 
Repurchased  (176,533)  (3,763,849)  (484,924)  (9,781,399) 
 
Net decrease  (114,893)  ($2,444,232)  (329,345)  ($6,601,651) 
 
Class C shares         
Sold  17,139  $367,391  48,801  $987,160 
Repurchased  (89,330)  (1,894,844)  (200,676)  (4,023,972) 
 
Net decrease  (72,191)  ($1,527,453)  (151,875)  ($3,036,812) 
 
Class I shares         
Sold  880,221  $19,821,800  3,692,205  $79,386,454 
Repurchased  (3,166,245)  (72,143,818)  (3,646,337)  (75,657,265) 
 
Net increase (decrease)  (2,286,024)  ($52,322,018)  45,868  $3,729,189 

 

32  Rainier Growth Fund | Semiannual report 

 


  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class R1 shares         
Sold  1,107  $24,317  1,655  $34,233 
Repurchased  (100)  (2,233)  (120)  (2,418) 
 
Net increase  1,007  $22,084  1,535  $31,815 
 
Class R2 shares1         
Sold  —  —  4,454  $100,000 
 
Net increase  —  —  4,454  $100,000 
 
Class R6 shares2         
Sold  1,530  $33,200  201,117  $4,115,663 
Repurchased  (4,757)  (110,000)  (20,943)  (463,792) 
 
Net increase (decrease)  (3,227)  ($76,800)  180,174  $3,651,871 
 
Class T shares         
Sold  23,759  $515,641  59,064  $1,198,635 
Repurchased  (220,227)  (4,816,446)  (588,255)  (12,008,541) 
 
Net decrease  (196,468)  ($4,300,805)  (529,191)  ($10,809,906) 
 
Class ADV shares         
Sold  27,307  $613,054  307,836  $6,173,627 
Repurchased  (132,653)  (2,973,549)  (454,933)  (9,293,059) 
 
Net decrease  (105,346)  ($2,360,495)  (147,097)  ($3,119,432) 
 
Class NAV shares         
Sold  3,909,390  $89,552,019  553,245  $11,322,437 
Repurchased  (5,429,780)  (118,883,454)  (17,225,950)  (351,544,079) 
 
Net decrease  (1,520,390)  ($29,331,435)  (16,672,705)  ($340,221,642) 
 
Net decrease  (4,849,133)  ($104,485,962)  (20,813,475)  ($422,108,385) 

 

1 The inception date for Class R2 shares is 3-31-12.

2 The inception date for Class R6 shares is 9-1-11.

There were no Fund share transactions for the six months ended September 30, 2012 and for the year ended March 31, 2012 for Class R3, Class R4 and Class R5 shares.

Affiliates of the Fund owned 66%, 100%, 100%, 100%, 100% and 100% of shares of beneficial interest of Class R1, Class R2, Class R3, Class R4, Class R5 and Class NAV shares, respectively, on September 30, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $531,732,139 and $635,511,835, respectively, for the six months ended September 30, 2012.

Semiannual report | Rainier Growth Fund  33 

 


Note 7 — Investment by affiliated funds

Certain investors in the Fund are affiliated funds and are managed by the Adviser and its affiliates. The affiliated funds do not invest in the Fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the Fund’s net assets. For the six months ended September 30, 2012, the following funds had an affiliate ownership concentration of 5% or more of the Fund’s net assets:

FUND  AFFILIATE CONCENTRATION 
John Hancock Lifestyle Aggressive Portfolio  6.3% 
John Hancock Lifestyle Balanced Portfolio  13.3% 
John Hancock Lifestyle Growth Portfolio  16.8% 

 

34  Rainier Growth Fund | Semiannual report 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Rainier Growth Fund (the Fund), a series of John Hancock Funds III, met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Rainier Investment Management, Inc. (the Subadviser) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as

Semiannual report | Rainier Growth Fund  35 

 


institutional clients and other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

36  Rainier Growth Fund | Semiannual report 

 


The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
Rainier Growth Fund Class A Shares  –4.45%  13.62%  –0.15%  2.74% 
Large-Cap Growth Category Average  –1.85%  15.43%  1.00%  1.95% 
Russell 1000 Growth TR Index  2.64%  18.02%  2.50%  2.60% 

 

The Board noted that the Fund had underperformed its Category’s average performance and its benchmark index’s performance over the one-, three- and five-year periods, but outperformed its Category’s average performance and its benchmark index’s performance over the ten-year period. The Board concluded that the steps the Adviser and Subadviser were taking had not yet resulted in outperformance. The Board was informed that the growth momentum investment style of the Fund affected the Fund’s performance. The Board noted the Fund’s recent performance improvement which the Board would continue to monitor.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

Semiannual report | Rainier Growth Fund  37 

 


In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was six basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND — CLASS A  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.75%  0.69% 
Gross Expense Ratio  1.25%  1.24% 
Net Expense Ratio  1.25%  1.21% 

 

The Board viewed favorably the Adviser’s and the Subadviser’s agreement to lower the advisory and subadvisory fee rates, respectively, by two basis points at the first breakpoint tier. The Board also viewed favorably the Adviser’s contractual agreement to waive all or a portion of its advisory fees and to reimburse or pay operating expenses to the extent necessary to maintain the Fund’s expense ratio at 1.35% for Class A shares (and at varying levels for other classes), excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until June 30, 2013. The Board favorably considered the impact of these lower fee rates and this contractual agreement toward lowering the Fund’s Gross Expense Ratio.

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board did not consider profitability information with respect to the Subadviser, which is not affiliated with the Adviser. The Board considered that the subadvisory fee under the Subadvisory Agreement had been negotiated by the Adviser and the Subadviser on an arm’s-length basis. For this reason, the Subadviser’s separate profitability from its relationship with the Fund was not a factor in determining whether to renew the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost structure of subadvised funds.

38  Rainier Growth Fund | Semiannual report 

 


Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and, in the case of the Adviser, the engagement of its affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

Semiannual report | Rainier Growth Fund  39 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  Rainier Investment Management, Inc. 
Gregory A. Russo*   
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC 
Officers   
Hugh McHaffie  Custodian 
President  State Street Bank and Trust Company 
   
Andrew G. Arnott  Transfer agent 
Executive Vice President  John Hancock Signature Services, Inc. 
   
Thomas M. Kinzler  Legal counsel 
Secretary and Chief Legal Officer  K&L Gates 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 1-202-551-8090 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 at 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 

 

40  Rainier Growth Fund | Semiannual 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.  334SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




John Hancock Leveraged Companies Fund

Table of Contents   
 
 
Your expenses  Page 3 
Portfolio summary  Page 4 
Portfolio of investments  Page 5 
Financial statements  Page 9 
Financial highlights  Page 12 
Notes to financial statements  Page 16 
More information  Page 29 

 


Leveraged Companies Fund Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,006.90  $6.79 
Class B  1,000.00  1,002.90  10.29 
Class C  1,000.00  1,003.90  10.30 
Class I  1,000.00  1,008.80  4.99 


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 September 30, 2012 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 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 your fund’s actual return). It assumes an account value of $1,000.00 on April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,018.30  $6.83 
Class B  1,000.00  1,014.80  10.35 
Class C  1,000.00  1,014.80  10.35 
Class I  1,000.00  1,020.10  5.01 


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 0.99% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

3 

 


Leveraged Companies Fund
Portfolio Summary
As of 9-30-12

Top 10 Holdings (42.0% of Net Assets on 9-30-12)1,2   
Greektown Superholdings, Inc., Series A (Preferred)  7.8% 
Sirius XM Radio, Inc.  5.4% 
Beazer Homes USA, Inc.  4.9% 
Cablevision Systems Corp., Class A  4.3% 
Air Canada  4.3% 
SBA Communications Corp., Class A  3.8% 
United Continental Holdings, Inc.  3.6% 
Rock-Tenn Company, Class A  2.8% 
TAL International Group, Inc.  2.6% 
Chesapeake Energy Corp.  2.5% 
 
Sector Composition1,3   
Consumer Discretionary  48.9% 
Industrials  17.0% 
Materials  15.5% 
Energy  6.5% 
Financials  4.3% 
Telecommunication Services  4.1% 
Consumer Staples  1.7% 
Health Care  0.5% 
Short-Term Investments & Other  1.5% 
 
Portfolio Composition1   
Common Stocks  85.9% 
Preferred Securities  8.5% 
Investment Companies  1.9% 
Convertible Bonds  1.5% 
Warrants  0.7% 
Short-Term Investments & Other  1.5% 


1As a percentage of net assets.
2Cash and cash equivalents are not included in Top 10 Holdings.
3Sector 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.

 

4 

 


Leveraged Companies Fund
As of 9-30-12 (Unaudited)

  Shares  Value 
 
Common Stocks 85.9%    $1,237,770 
(Cost $1,041,870)     
 
Consumer Discretionary 38.4%    553,570 
 
Auto Components 8.7%     
Autoliv, Inc.  150  9,296 
Dana Holding Corp.  765  9,410 
Exide Technologies (I)  4,570  14,167 
Federal-Mogul Corp. (I)  800  7,320 
Lear Corp.  740  27,965 
Tenneco, Inc. (I)  964  26,992 
TRW Automotive Holdings Corp. (I)  700  30,597 
 
Automobiles 2.2%     
Ford Motor Company  195  1,923 
General Motors Company (I)  1,300  29,575 
 
Hotels, Restaurants & Leisure 0.8%     
Greektown Superholdings, Inc. (I)  92  4,731 
The Wendy's Company (L)  1,285  5,847 
Trump Entertainment Resorts, Inc. (I)  260  910 
 
Household Durables 6.4%     
Beazer Homes USA, Inc. (I)(L)  19,825  70,379 
Standard Pacific Corp. (I)(L)  3,300  22,308 
 
Internet & Catalog Retail 0.2%     
Liberty Interactive Corp., Series A (I)  135  2,498 
Liberty Ventures, Series A (I)  7  335 
 
Media 20.1%     
AMC Networks, Inc., Class A (I)  302  13,143 
Cablevision Systems Corp., Class A  3,883  61,546 
Canadian Satellite Radio Holdings, Inc., Class A (I)  5,441  23,522 
CC Media Holdings, Inc. (I)  900  2,079 
Charter Communications, Inc., Class A (I)  100  7,507 
Cinemark Holdings, Inc.  100  2,243 
DISH Network Corp., Class A  993  30,396 
Liberty Media Corp. - Liberty Capital, Series A (I)  66  6,875 
LIN TV Corp., Class A (I)  3,500  15,400 
Sinclair Broadcast Group, Inc., Class A  3,056  34,258 
Sirius XM Radio, Inc. (I)  30,037  78,089 
Time Warner Cable, Inc.  150  14,259 
 
Consumer Staples 1.7%    24,639 
 
Food & Staples Retailing 0.9%     
Rite Aid Corp. (I)  10,800  12,636 
 
Household Products 0.8%     
Spectrum Brands Holdings, Inc. (I)  300  12,003 
 
Energy 6.5%    94,246 
 
Energy Equipment & Services 1.7%     
Vantage Drilling Company (I)  13,705  25,217 
 
Oil, Gas & Consumable Fuels 4.8%     
Arch Coal, Inc.  3,400  21,522 
Chesapeake Energy Corp. (L)  1,930  36,419 
Pacific Coast Oil Trust  200  3,630 
SandRidge Energy, Inc. (I)  1,070  7,458 

 

See notes to financial statements

5 

 


Leveraged Companies Fund
As of 9-30-12 (Unaudited)

  Shares  Value 
 
Financials 2.2%    $32,049 
 
Capital Markets 1.4%     
Solar Senior Capital, Ltd.  506  9,062 
Tetragon Financial Group, Ltd.  1,391  11,893 
 
Consumer Finance 0.6%     
Discover Financial Services  215  8,542 
 
Diversified Financial Services 0.2%     
Citigroup, Inc.  78  2,552 
 
Health Care 0.5%    6,627 
 
Health Care Equipment & Supplies 0.5%     
Alere, Inc. (I)  340  6,627 
 
Industrials 17.0%    244,363 
 
Aerospace & Defense 0.5%     
Kratos Defense & Security Solutions, Inc. (I)  1,300  7,592 
 
Airlines 7.8%     
Air Canada (I)  47,422  61,261 
United Continental Holdings, Inc. (I)(L)  2,625  51,188 
 
Building Products 3.0%     
Masco Corp.  1,060  15,953 
USG Corp. (I)(L)  1,209  26,538 
 
Road & Rail 2.7%     
CSX Corp.  1,517  31,478 
Union Pacific Corp.  65  7,716 
 
Trading Companies & Distributors 3.0%     
TAL International Group, Inc. (L)  1,120  38,058 
United Rentals, Inc. (I)(L)  140  4,579 
 
Materials 15.5%    223,135 
 
Chemicals 3.7%     
American Pacific Corp. (I)  940  11,195 
CF Industries Holdings, Inc.  40  8,890 
Huntsman Corp.  525  7,838 
LyondellBasell Industries NV, Class A  475  24,539 
 
Construction Materials 1.8%     
Eagle Materials, Inc. (L)  555  25,674 
 
Containers & Packaging 5.5%     
Ball Corp.  345  14,597 
Crown Holdings, Inc. (I)  400  14,700 
Rock-Tenn Company, Class A  568  40,998 
Sealed Air Corp.  600  9,276 
 
Metals & Mining 1.6%     
Thompson Creek Metals Company, Inc. (I)(L)  8,230  23,456 
 
Paper & Forest Products 2.9%     
Domtar Corp.  295  23,096 
Sappi, Ltd., ADR (I)  6,600  18,876 
 
Telecommunication Services 4.1%    59,141 
 
Diversified Telecommunication Services 0.2%     
American Tower Corp.  40  2,856 

 

See notes to financial statements

6 

 


Leveraged Companies Fund
As of 9-30-12 (Unaudited)

      Shares  Value 
Telecommunication Services (continued)         
Wireless Telecommunication Services 3.9%         
Leap Wireless International, Inc. (I)      275  $1,876 
SBA Communications Corp., Class A (I)(L)      865  54,409 
 
Preferred Securities 8.5%        $121,899 
(Cost $168,371)         
 
Consumer Discretionary 8.3%        119,948 
Auto Components 0.4%         
The Goodyear Tire & Rubber Company, 5.875%      126  5,565 
 
Automobiles 0.1%         
General Motors Company, Series B, 4.750%      55  2,050 
 
Hotels, Restaurants & Leisure 7.8%         
Greektown Superholdings, Inc., Series A      1,563  112,333 
 
Financials 0.2%        1,951 
Diversified Financial Services 0.2%         
2010 Swift Mandatory Common Exchange Security Trust, 6.000%       
(S)      225  1,951 
 
    Maturity  Par value   
  Rate (%)  date    Value 
 
Corporate Bonds 0.0%        $63 
(Cost $28,494)         
 
Consumer Discretionary 0.0%        63 
Hotels, Restaurants & Leisure 0.0%         
Fontainebleau Las Vegas Holdings LLC (H)(S)  10.250  06/15/15  $100,000  63 
 
Convertible Bonds 1.5%        $21,954 
(Cost $12,284)         
 
Consumer Discretionary 1.5%        21,954 
Media 1.5%         
XM Satellite Radio, Inc. (S)  7.000  12/01/14  14,000  21,954 
 
Escrow Certificates 0.0%        $0 
(Cost $0)         
 
SuperMedia, Inc. (I)  8.000  11/15/16  115,000  0 
 
      Shares  Value 
 
Investment Companies 1.9%        $27,686 
(Cost $16,593)         
 
AP Alternative Assets LP (I)      350  4,461 
ProShares Ultra Dow 30      315  23,225 
 
Rights 0.0%        $41 
(Cost $22)         
 
Liberty Ventures (Expiration Date: 10/09/2012, Strike Price: $35.99) (I)    3  41 

 

See notes to financial statements

7 

 


Leveraged Companies Fund
As of 9-30-12 (Unaudited)

    Shares  Value 
 
Warrants 0.7%      $10,601 
(Cost $66,398)       
 
Ford Motor Company (Expiration Date: 01/01/2013; Strike Price: $9.20) (I)  9,600  9,888 
American International Group, Inc. (Expiration Date: 01/19/2021; Strike Price: $45.00)     
(I)    53  713 
 
  Yield (%)  Shares  Value 
 
Securities Lending Collateral 20.6%      $297,313 
(Cost $297,308)       
 
John Hancock Collateral Investment Trust (W)  0.3462 (Y)  29,706  297,313 
 
Total investments (Cost $1,631,340)† 119.1%      $1,717,327 
 
Other assets and liabilities, net (19.1%)      ($275,928) 
 
Total net assets 100.0%      $1,441,399 


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

ADR American Depositary Receipts

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

(I) Non-income producing security.

(L) A portion of this security is on loan as of 9-30-12.

(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) 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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $1,631,212. Net unrealized appreciation aggregated $86,115, of which $261,393 related to appreciated investment securities and $175,278 related to depreciated investment securities.

See notes to financial statements

8 

 


Leveraged Companies Fund

Statement of Assets and Liabilities — 9-30-12 (Unaudited)

Assets   
Investments in unaffiliated issuers, at value   
(Cost $1,334,032 including $290,082 of   
securities loaned)  $1,420,014 
Investments in affiliated issuers, at value (Cost   
$297,308)  297,313 
 
Total investments, at value (Cost $1,631,340)  1,717,327 
 
Cash  7,738 
Receivable for investments sold  32,762 
Dividends and interest receivable  768 
Receivable for securities lending income  106 
Receivable due from adviser  7,569 
Other receivables and prepaid expenses  53 
 
Total assets  1,766,323 
 
Liabilities   
Payable upon return of securities loaned  297,275 
Payable to affiliates   
Accounting and legal services fees  69 
Transfer agent fees  187 
Trustees' fees  15 
Other liabilities and accrued expenses  27,378 
 
Total liabilities  324,924 
 
Net assets   
Paid-in capital  $1,445,084 
Undistributed net investment income  1,696 
Accumulated net realized gain (loss) on   
investments and foreign currency transactions  (91,368) 
Net unrealized appreciation (depreciation) on   
investments  85,987 
 
Net assets  $1,441,399 
  
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 ($304,901 ÷ 29,729 shares)  $10.26 
Class B ($295,616 ÷ 28,960 shares)1  $10.21 
Class C ($295,601 ÷ 28,961 shares)1  $10.21 
Class I ($545,281÷ 52,982 shares)  $10.29 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $10.80 


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.

9 

 


Leveraged Companies Fund

Statement of Operations — for the period ended 9-30-12 (Unaudited)

Investment income   
Dividends  $8,395 
Interest  1,270 
Securities lending  827 
Less foreign taxes withheld  (102) 
 
Total investment income  10,390 
 
Expenses   
Investment management fees  5,128 
Distribution and service fees  3,225 
Accounting and legal services fees  133 
Transfer agent fees  1,099 
Trustees' fees  41 
Professional fees  24,368 
Custodian fees  6,821 
Registration and filing fees  6,717 
Other  4,104 
 
Total expenses  51,636 
Less expense reductions  (41,389) 
 
Net expenses  10,247 
 
Net investment income  143 
 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  139,293 
Investments in affiliated issuers  5 
Foreign currency transactions  (16) 
  139,282 
 
Change in net unrealized appreciation   
(depreciation) of   
Investments in unaffiliated issuers  (134,224) 
Investments in affiliated issuers  (4) 
  (134,228) 
 
Net realized and unrealized gain  5,054 
 
Increase in net assets from operations  $5,197 

 

See notes to financial statements.

10 

 


Leveraged Companies Fund

Statements of Changes in Net Assets

  Leveraged Companies Fund 
 
  Six months   
  ended  Year ended 
  9/30/12  3/31/12 
  (Unaudited)   
Increase (decrease) in net assets     
From operations     
Net investment income  $143  $8,436 
Net realized gain (loss)  139,282  (207,749) 
Change in net unrealized appreciation     
(depreciation)  (134,228)  (19,108) 
 
Increase (decrease) in net assets resulting     
from operations  5,197  (218,421) 
 
Distributions to shareholders     
From net investment income     
Class A  —  (3,546) 
Class B  —  (1,329) 
Class C  —  (1,329) 
Class I  —  (10,214) 
Total distributions  —  (16,418) 
 
From Fund share transactions  (9,992)  (84,123) 
 
Total decrease  (4,795)  (318,962) 
 
Net assets     
Beginning of period  1,446,194  1,765,156 
 
End of period  $1,441,399  $1,446,194 
 
Undistributed net investment income  $1,696  $1,553 

 

See notes to financial statements.

11 

 


Leveraged Companies Fund
Financial Highlights

Class A Shares           
 
Period ended           
  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
Per share operating performance           
Net asset value, beginning of period  $10.21  $11.68  $10.78  $4.19  $10.00 
Net investment income3  0.01  0.07  0.12  0.29  0.33 
Net realized and unrealized gain (loss) on           
investments  0.04  (1.42)  1.19  7.00  (5.83) 
 
Total from investment operations  0.05  (1.35)  1.31  7.29  (5.50) 
 
Less distributions           
From net investment income  —  (0.12)  (0.12)  (0.54)  (0.31) 
From net realized gain  —  —  (0.29)  (0.16)  — 
 
Total distributions  —  (0.12)  (0.41)  (0.70)  (0.31) 
 
Net asset value, end of period  $10.26  $10.21  $11.68  $10.78  $4.19 
 
Total return (%)4,5  0.496  (11.33)  12.09  177.42  (55.97)6 
 
Ratios and supplemental data           
Net assets, end of period (in thousands)  $304  $303  $342  $305  $110 
Ratios (as a percentage of average net           
assets):           
Expenses before reductions  7.417  6.92  7.43  10.56  13.917 
Expenses net of fee waivers  1.357  1.35  1.35  1.41  1.217 
Expenses net of fee waivers and credits  1.357  1.35  1.35  1.35  1.217 
Net investment income  0.177  0.66  1.07  3.63  4.877 
Portfolio turnover (%)  27  49  34  83  18 


1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class A shares is 5-1-08.
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 Not annualized.
7 Annualized.

See notes to financial statements

12 

 


Leveraged Companies Fund
Financial Highlights

Class B Shares           
 
Period ended           
  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
Per share operating performance           
Net asset value, beginning of period  $10.20  $11.65  $10.76  $4.19  $10.00 
Net investment income (loss) 3  (0.03)  — 4  0.04  0.23  0.28 
Net realized and unrealized gain (loss) on           
investments  0.04  (1.40)  1.19  6.99  (5.82) 
 
Total from investment operations  0.01  (1.40)  1.23  7.22  (5.54) 
 
Less distributions           
From net investment income  —  (0.05)  (0.05)  (0.49)  (0.27) 
From net realized gain  —  —  (0.29)  (0.16)  — 
Total distributions  —  (0.05)  (0.34)  (0.65)  (0.27) 
 
Net asset value, end of period  $10.21  $10.20  $11.65  $10.76  $4.19 
 
Total return (%)5,6  0.107  (11.97)  11.33  175.60  (56.26)7 
 
Ratios and supplemental data           
Net assets, end of period (in thousands)  $296  $295  $335  $301  $109 
Ratios (as a percentage of average net           
assets):           
Expenses before reductions  8.118  7.62  8.13  11.27  14.588 
Expenses net of fee waivers  2.058  2.05  2.05  2.11  1.918 
Expenses net of fee waivers and credits  2.058  2.05  2.05  2.05  1.918 
Net investment income (loss)  (0.53)8  (0.04)  0.37  2.93  4.168 
Portfolio turnover (%)  27  49  34  83  18 


1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class B shares is 5-1-08.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Annualized.

See notes to financial statements

13 

 


Leveraged Companies Fund
Financial Highlights

Class C Shares           
 
Period ended           
  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
Per share operating performance           
Net asset value, beginning of period  $10.19  $11.65  $10.76  $4.19  $10.00 
 
Net investment income (loss) 3  (0.03)  — 4  0.04  0.23  0.28 
Net realized and unrealized gain (loss) on           
investments  0.05  (1.41)  1.19  6.99  (5.82) 
 
Total from investment operations  0.02  (1.41)  1.23  7.22  (5.54) 
 
Less distributions           
From net investment income  —  (0.05)  (0.05)  (0.49)  (0.27) 
From net realized gain  —  —  (0.29)  (0.16)  — 
 
Total distributions  —  (0.05)  (0.34)  (0.65)  (0.27) 
 
Net asset value, end of period  $10.21  $10.19  $11.65  $10.76  $4.19 
 
Total return (%)5,6  0.207  (12.05)  11.33  175.60  (56.26)7 
 
Ratios and supplemental data           
Net assets, end of period (in thousands)  $296  $295  $335  $301  $109 
Ratios (as a percentage of average net           
assets):           
Expenses before reductions  8.118  7.62  8.13  11.27  14.598 
Expenses net of fee waivers  2.058  2.05  2.05  2.11  1.918 
Expenses net of fee waivers and credits  2.058  2.05  2.05  2.05  1.918 
Net investment income (loss)  (0.53)8  (0.04)  0.37  2.93  4.168 
Portfolio turnover (%)  27  49  34  83  18 


1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class C shares is 5-1-08.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Annualized.

See notes to financial statements

14 

 


Leveraged Companies Fund
Financial Highlights

Class I Shares           
 
Period ended           
  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
Per share operating performance           
Net asset value, beginning of period  $10.22  $11.71  $10.79  $4.19  $10.00 
Net investment income3  0.03  0.11  0.17  0.32  0.35 
Net realized and unrealized gain (loss) on           
investments  0.04  (1.44)  1.20  7.00  (5.83) 
 
Total from investment operations  0.07  (1.33)  1.37  7.32  (5.48) 
 
Less distributions           
From net investment income  —  (0.16)  (0.16)  (0.56)  (0.33) 
From net realized gain  —  —  (0.29)  (0.16)  — 
 
Total distributions  —  (0.16)  (0.45)  (0.72)  (0.33) 
 
Net asset value, end of period  $10.29  $10.22  $11.71  $10.79  $4.19 
 
Total return (%)4  0.685  (11.07)  12.66  178.23  (55.85)5 
 
Ratios and supplemental data           
Net assets, end of period (in thousands)  $545  $552  $752  $433  $111 
Ratios (as a percentage of average net           
assets):           
Expenses before reductions  7.036  6.42  7.03  9.14  13.626 
Expenses net of fee waivers  0.996  0.95  0.93  1.09  0.906 
Expenses net of fee waivers and credits  0.996  0.95  0.93  1.04  0.906 
Net investment income  0.536  1.09  1.48  4.01  5.186 
Portfolio turnover (%)  27  49  34  83  18 


1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class I shares is 5-1-08.
3 Based on the average daily shares outstanding.
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
Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Leveraged Companies Fund (the Fund) is a 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, if any, and 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. In order to value the securities, the Fund uses the following valuation techniques: Equity securities, including exchange-traded funds, 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 mutual funds, including John Hancock Collateral Investment Trust (JHCIT), 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 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 reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or trends, changes in interest rates and credit quality. The inputs or

16 

 


methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the Fund’s investments as of September 30, 2012, by major security category or type:

  Total    Level 2  Level 3 
  Market  Level 1  Significant  Significant 
  Value at  Quoted  Observable  Observable 
  9-30-12  Price  Inputs  Inputs 
Common Stocks  $1,237,770  $1,220,236  $12,803  $4,731 
Preferred Securities  121,899  7,615  1,951  112,333 
Corporate Bonds  63  —  63  — 
Convertible Bonds  21,954  —  21,954  — 
Investment Companies  27,686  27,686  —  — 
Rights  41  41  —  — 
Warrants  10,601  10,601  —  — 
Securities Lending Collateral  297,313  297,313  —  — 
Total Investments in Securities  $1,717,327  $1,563,492  $36,771  $117,064 
 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into 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.
       
 
     
Investment in Securities   Common  Preferred  
  Stocks  Securities   Total  
  
Balance as of 3-31-12  $5,120  $127,416  $132,536   
Realized gain (loss)  —  —  —   
Change in unrealized appreciation         
(depreciation)  131  (15,083)  ($14,952)   
Purchases  —  —  —   
Sales  —  —  —   
Transfers into Level 3  —  —  —   
Transfers out of Level 3  (520)  —  ($520)   
Balance as of 9-30-12  $4,731  $112,333  $117,064   
Change in unrealized at period end*  $131  ($15,083)  ($14,952)   


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

 

17 

 


The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the Fund’s Level 3 securities are outlined in the table below:

  Fair Value at  Valuation  Unobservable   
  9-30-12  Technique  Inputs  Input 
 
Common Stock  $4,731  Market Approach  EBITDA multiple  7.45x 
      Discount for lack of marketablility  10% 
 
 
Preferred Securities  $112,333  Market Approach  EBITDA multiple  7.45x 
      Discount for lack of marketablility  10% 


Increases/decreases in earnings before interest, taxes, depreciation and amortization (EBITDA) multiples may result in increases/decreases in security valuation. Increases/decreases in discounts for lack of marketability may result in decreases/increases in security valuation.

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. 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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provider indemnification, 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 or possible loss of rights in the collateral should the borrower fail financially. 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. Net 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

18 

 


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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 31, 2012 were $587. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets 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 assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. 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.

For federal income tax purposes, as of March 31, 2012, the Fund has $43,585 of long-term capital loss carryforward available to offset future net realized capital gains.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

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Capital accounts within the 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 partnerships.

New accounting pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.

Note 3 - Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust including 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 agreement 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 daily 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, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has voluntarily 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 1.35%, 2.05%, 2.05% and 0.99% for Class A, Class B, Class C and Class I shares, respectively, excluding certain expenses such as taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. This voluntary expense reimbursement can be terminated at any time by the Adviser on notice to the Fund. Accordingly, these expense reductions amounted to $8,719, $8,468, $8,468 and $15,734 for Class A, Class B, Class C and Class I shares, respectively, for the six months ended September 30, 2012.

The investment management fees, including the impact of the waivers and/or reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.00% of the Fund’s average daily net assets.

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 to the Fund, including the preparation of all tax returns, periodic

20 

 


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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

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

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


Sales charges. Class A shares are assessed up-front sales charges. For the six months ended September 30, 2012, 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 (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, 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 six months ended September 30, 2012, there were no CDCSs 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), 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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

CLASS  DISTRIBUTION AND SERVICE FEES  TRANSFER AGENT FEES 
 
Class A  $431  $279 
Class B  1,397  271 
Class C  1,397  271 
Class I  -  278 
Total  $3,225  $1,099 

 

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There were no class level state registration fees or printing and postage, for the six months ended September 30, 2012.

Trustee expenses. The Fund 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 six months ended September 30, 2012 and the year ended March 31, 2012 were as follows:

  Six months ended  Year ended 
  9-30-12 3-31-12
 
  Shares  Amount  Shares  Amount 
Class A shares         
Distributions reinvested  —  —  422  $3,546 
Class B shares         
Distributions reinvested  —  —  158  $1,329 
Class C shares         
Distributions reinvested  —  —  158  $1,329 
Class I shares         
Distributions reinvested  —  —  1,006  $8,453 
Repurchased  (1,024)  ($9,992)  (11,221)  (98,780) 
 
Net decrease  (1,024)  ($9,992)  (10,215)  ($90,327) 
 
Net decrease  (1,024)  ($9,992)  (9,477)  ($84,123) 
 


Affiliates of the Fund owned 100% of shares of beneficial interest of the Fund on September 30, 2012.

Note 6 - Purchase and sale of securities,

Purchases and sales of securities, other than short-term securities, aggregated $371,782 and $418,616, respectively, for the six months ended September 30, 2012.

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Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement: John Hancock Leveraged Companies Fund

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Leveraged Companies Fund (the Fund), a series of John Hancock Funds III (the Trust, met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Manulife Asset Management (US) LLC (the Subadviser) with respect to the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee A was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included

23 

 


information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a Category and a subset of the Category referred to as the Expense Group, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6-8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance,

24 

 


compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board had previously received and considered information about the Adviser’s investment performance for other funds. The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years. The Board noted that the Fund had limited operational history.

25 

 


Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

      Since Inception 
  1-Yr  3-Yr  (5/1/08) 
Leveraged Companies Fund Class A Shares  –27.64%  15.58%  1.06% 
Mid-Cap Core Category Average  –3.55%  17.50%  –0.43% 
Credit Suisse Lev Loan Index  1.82%  17.50%  4.68% 


The Board noted that the Fund had underperformed its Category’s and its benchmark index’s performance in all periods shown, except the since inception period over which it underperformed its Category average performance.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median. As part of its analysis, the Board reviewed the Adviser’s methodology in allocating its costs to the management of the Fund and the Fund complex.

The Board noted that the Fund’s advisory fee ratio was the same as the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  Fund – Class A Shares  Expense Group Median 
Advisory Fee Ratio  0.75%  0.75% 
Gross Expense Ratio  5.77%  1.71% 
Net Expense Ratio  1.35%  1.40% 

 

26 

 


As the Fund’s shares are owned only by the Adviser or its affiliates and the Fund has no other shareholders, the Fund is considered “in development” and so the Adviser was not able to provide the Board with credible information concerning the expected profits to be realized by the Adviser and its affiliates from their relationships with the Fund.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. The Subadvisory Agreement was also approved for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of

27 

 


these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

 

 

 

 

 

 

 

 

 

 

28 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management Services, LLC 
William H. Cunningham   
Deborah C. Jackson  Subadviser 
Hugh McHaffie†  John Hancock Asset Management a division of Manulife Asset 
Dr. John A. Moore,* Vice Chairman  Management (US) LLC 
Gregory A. Russo   
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC 
   
  Custodian 
  State Street Bank and Trust Company 
Officers   
Hugh McHaffie  Transfer agent 
President  John Hancock Signature Services, Inc. 
Andrew G. Arnott   
Executive Vice President  Legal counsel 
Thomas M. Kinzler  K&L Gates 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 1-202-551-8090 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 

 

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John Hancock Small Cap Opportunities Fund

Table of Contents   
 
Your expenses  Page 3 
Portfolio summary  Page 4 
Portfolio of investments  Page 5 
Financial statements  Page 8 
Financial highlights  Page 11 
Notes to financial statements  Page 15 
More information  Page 26 

 


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 your 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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $976.70  $7.93 
Class B  1,000.00  973.20  11.38 
Class C  1,000.00  973.20  11.38 
Class I  1,000.00  978.50  6.15 

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 September 30, 2012, 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 ongoin g 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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,017.00  $8.09 
Class B  1,000.00  1,013.50  11.61 
Class C  1,000.00  1,013.50  11.61 
Class I  1,000.00  1,018.90  6.28 

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

1 Expenses are equal to the Fund's annualized expense ratio of 1.60%, 2.30%, 2.30% and 1.24% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one half year period).

3 

 


Small Cap Opportunities Fund
Portfolio Summary
As of 9-30-12

  Value as a 
  percentage of 
Top 10 Holdings1 (28.2% of Net Assets)  Fund's net assets 
KVH Industries, Inc.  3.5% 
HomeAway, Inc.  3.0% 
The KEYW Holding Corp.  3.0% 
Acuity Brands, Inc.  2.9% 
CoStar Group, Inc.  2.9% 
Watsco, Inc.  2.8% 
Cardtronics, Inc.  2.8% 
Align Technology, Inc.  2.6% 
Chart Industries, Inc.  2.4% 
TreeHouse Foods, Inc.  2.3% 
 
  Value as a 
  percentage of 
Sector Composition2  Fund's net assets 
Information Technology  33.5% 
Industrials  24.0% 
Health Care  14.6% 
Consumer Discretionary  13.7% 
Consumer Staples  4.7% 
Energy  3.6% 
Financials  3.4% 
Materials  2.3% 
Other Assets and Liabilities  0.2% 

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

2Sector 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 these sectors.

4 

 


Small Cap Opportunities Fund
As of 9-30-12 (Unaudited)

  Shares  Value 
 
Common Stocks 99.8%    $4,033,562 
(Cost $3,471,134)     
 
Consumer Discretionary 13.7%    553,359 
 
Auto Components 1.2%     
Dorman Products, Inc. (I)  1,544  48,651 
 
Household Durables 1.7%     
iRobot Corp. (I)  1,824  41,514 
Tempur-Pedic International, Inc. (I)  829  24,779 
 
Internet & Catalog Retail 3.0%     
HomeAway, Inc. (I)  5,140  120,533 
 
Media 1.4%     
IMAX Corp. (I)  2,900  57,739 
 
Specialty Retail 2.4%     
Hibbett Sports, Inc. (I)  379  22,532 
Lumber Liquidators Holdings, Inc. (I)  1,101  55,799 
Monro Muffler Brake, Inc.  577  20,305 
 
Textiles, Apparel & Luxury Goods 4.0%     
G-III Apparel Group, Ltd. (I)  1,170  42,003 
Steven Madden, Ltd. (I)  1,572  68,728 
Tumi Holdings, Inc. (I)  2,157  50,776 
 
Consumer Staples 4.7%    188,100 
 
 
Food & Staples Retailing 2.3%     
Pricesmart, Inc.  407  30,818 
United Natural Foods, Inc. (I)  1,075  62,834 
 
Food Products 2.4%     
TreeHouse Foods, Inc. (I)  1,799  94,448 
 
Energy 3.6%    147,489 
 
Energy Equipment & Services 1.1%     
Lufkin Industries, Inc.  816  43,917 
 
Oil, Gas & Consumable Fuels 2.5%     
Americas Petrogas, Inc. (I)  27,066  50,933 
BlackPearl Resources, Inc. (I)  9,054  33,339 
Ivanhoe Energy, Inc. (I)  37,115  19,300 
 
Financials 3.4%    137,389 
 
Capital Markets 1.1%     
Solar Senior Capital, Ltd.  2,574  46,100 
 
Commercial Banks 1.0%     
SVB Financial Group (I)  657  39,722 
 
Real Estate Investment Trusts 1.3%     
Equity Lifestyle Properties, Inc.  757  51,567 
 
Health Care 14.6%    588,663 
  
Biotechnology 2.5%     
Alkermes PLC (I)  2,427  50,360 
Cepheid, Inc. (I)  1,500  51,765 

 

See notes to financial statements   
  5 

 


Small Cap Opportunities Fund
As of 9-30-12 (Unaudited)

  Shares  Value 
 
Health Care (continued)     
 
Health Care Equipment & Supplies 5.1%     
Align Technology, Inc. (I)  2,895  $107,028 
Neogen Corp. (I)  1,246  53,204 
Thoratec Corp. (I)  1,315  45,499 
 
Health Care Providers & Services 3.2%     
HMS Holdings Corp. (I)  1,534  51,282 
MEDNAX, Inc. (I)  1,046  77,875 
 
Health Care Technology 3.4%     
athenahealth, Inc. (I)  790  72,498 
Greenway Medical Technologies (I)  1,591  27,206 
HealthStream, Inc. (I)  1,251  35,603 
 
Pharmaceuticals 0.4%     
Salix Pharmaceuticals, Ltd. (I)  386  16,343 
 
Industrials 24.0%    968,950 
 
Aerospace & Defense 5.0%     
Hexcel Corp. (I)  3,499  84,046 
The KEYW Holding Corp. (I)  9,542  119,275 
 
Airlines 1.0%     
Copa Holdings SA, Class A  501  40,716 
 
Building Products 1.3%     
Quanex Building Products Corp.  2,811  52,959 
 
Commercial Services & Supplies 2.3%     
Clean Harbors, Inc. (I)  492  24,034 
Healthcare Services Group, Inc.  2,981  68,175 
 
Electrical Equipment 2.9%     
Acuity Brands, Inc.  1,831  115,884 
 
Machinery 4.1%     
Chart Industries, Inc. (I)  1,330  98,220 
Graham Corp.  2,664  48,138 
Westport Innovations, Inc. (I)  690  19,210 
 
Professional Services 3.0%     
Mistras Group, Inc. (I)  1,790  41,528 
The Advisory Board Company (I)  1,687  80,689 
 
Trading Companies & Distributors 4.4%     
DXP Enterprises, Inc. (I)  1,268  60,572 
Watsco, Inc.  1,524  115,504 
 
Information Technology 33.5%    1,355,809 
 
Communications Equipment 3.4%     
KVH Industries, Inc. (I)  10,343  139,527 
 
Computers & Peripherals 1.0%     
3D Systems Corp. (I)  1,235  40,570 
 
Internet Software & Services 10.0%     
Ancestry.com, Inc. (I)  2,696  81,096 
Angie's List, Inc. (I)  1,261  13,341 
Bankrate, Inc. (I)  3,263  50,838 
CoStar Group, Inc. (I)  1,417  115,542 
Liquidity Services, Inc. (I)  1,597  80,185 
Millennial Media, Inc. (I)  1,466  21,037 

 

See notes to financial statements   
  6 

 


Small Cap Opportunities Fund
As of 9-30-12 (Unaudited)

  Shares  Value 
 
Information Technology (continued)     
TechTarget, Inc. (I)  7,187  $42,475 
 
IT Services 4.5%     
Cardtronics, Inc. (I)  3,810  113,462 
VeriFone Systems, Inc. (I)  1,295  36,066 
Wright Express Corp. (I)  462  32,211 
 
Semiconductors & Semiconductor Equipment 1.7%     
Cavium, Inc. (I)  1,168  38,929 
Ceva, Inc. (I)  2,138  30,744 
 
Software 12.9%     
Aspen Technology, Inc. (I)  3,082  79,670 
Bottomline Technologies, Inc. (I)  2,704  66,762 
BroadSoft, Inc. (I)  1,290  52,916 
Concur Technologies, Inc. (I)  1,018  75,057 
Monotype Imaging Holdings, Inc.  4,229  65,930 
Synchronoss Technologies, Inc. (I)  2,845  65,151 
Tangoe, Inc. (I)  3,052  40,073 
Ultimate Software Group, Inc. (I)  727  74,227 
 
Materials 2.3%    93,803 
 
Metals & Mining 2.3%     
Carpenter Technology Corp.  802  41,961 
Pretium Resources, Inc. (I)  3,957  51,842 
 
Warrants 0.0%    $588 
(Cost $0)     
 
Materials 0.0%    588 
 
Metals & Mining 0.0%     
Focus Metals, Inc. (Expiration Date: 5-13-13, Strike Price: CAD 1.25) (I)  6,951  566 
Frontier Rare Earths, Ltd. (Expiration Date: 11-17-12, Strike Price: CAD 4.60) (I)  4,395  22 
 
Total investments (Cost $3,471,134)† 99.8%    $4,034,150 
 
Other assets and liabilities, net 0.2%    $8,918 
 
Total net assets 100.0%    $4,043,068 

 

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

CAD Canadian Dollar

(I) Non-income producing security.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $3,561,173. Net unrealized appreciation aggregated $472,977, of which $672,075 related to appreciated investment securities and $199,098 related to depreciated investment securities.

See notes to financial statements   
  7 

 


Small Cap Opportunities Fund

Statement of Assets and Liabilities — September 30, 2012 (Unaudited)

Assets     
Investments, at value (Cost $3,471,134)  $  4,034,150 
Cash    88,290 
Foreign currency, at value (Cost $3,867)    3,876 
Dividends receivable    858 
Receivable due from adviser    5,766 
Other receivables and prepaid expenses    119 
 
Total assets    4,133,059 
 
 
Liabilities     
Payable for investments purchased    59,737 
Payable to affiliates     
Accounting and legal services fees    201 
Transfer agent fees    561 
Trustees' fees    36 
Other liabilities and accrued expenses    29,456 
 
Total liabilities    89,991 
 
 
Net assets     
Paid-in capital  $  3,432,313 
Accumulated net investment loss    (114,781) 
Accumulated net realized gain (loss) on     
investments and foreign currency transactions    162,511 
Net unrealized appreciation (depreciation) on     
investments and translation of assets and     
liabilities in foreign currencies    563,025 
 
Net assets  $  4,043,068 
 
 
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 ($1,020,302 ÷ 80,969 shares)  $  12.60 
Class B ($993,935 ÷ 80,335 shares)1  $  12.37 
Class C ($993,944 ÷ 80,335 shares)1  $  12.37 
Class I ($1,034,887 ÷ 81,332 shares)  $  12.72 
 
Maximum offering price per share     
Class A (net asset value per share ÷ 95%)2  $  13.26 

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   
  8 

 


Small Cap Opportunities Fund

Statement of Operations — September 30, 2012 (Unaudited)

Investment income     
Dividends  $  6,814 
 
Total investment income    6,814 
 
Expenses     
Investment management fees    17,610 
Distribution and service fees    11,112 
Accounting and legal services fees    362 
Transfer agent fees    3,358 
Trustees' fees    112 
Professional fees    21,876 
Custodian fees    16,309 
Registration and filing fees    6,774 
Other    2,946 
 
Total expenses    80,459 
 
Less expense reductions    (44,209) 
 
Net expenses    36,250 
 
Net investment loss    (29,436) 
 
Realized and unrealized gain (loss)     
Net realized gain (loss) on     
Investments    162,879 
Foreign currency transactions    (94) 
    162,785 
 
Change in net unrealized appreciation     
(depreciation) of     
Investments    (233,653) 
Translation of assets and liabilities in foreign     
currencies    21 
    (233,632) 
 
Net realized and unrealized loss    (70,847) 
 
Decrease in net assets from operations  $  (100,283) 

 

See notes to financial statements   
  9 

 


Small Cap Opportunities Fund

Statements of Changes in Net Assets

    Six months     
    ended    Year ended 
    9/30/12    3/31/12 
    (Unaudited)     
Increase (decrease) in net assets         
From operations         
Net investment loss  $  (29,436)  $  (59,241) 
Net realized gain    162,785    275,864 
Change in net unrealized depreciation    (233,632)    (263,183) 
 
Decrease in net assets resulting from         
operations    (100,283)    (46,560) 
 
 
Distributions to shareholders         
From net investment income         
Class A    —    (31,771) 
Class B    —    (24,616) 
Class C    —    (24,616) 
Class I    —    (35,481) 
From net realized gain         
Class A    —    (177,977) 
Class B    —    (177,486) 
Class C    —    (177,486) 
Class I    —    (178,309) 
Total distributions    —    (827,742) 
 
From Fund share transactions    —    827,742 
 
 
Total decrease    (100,283)    (46,560) 
 
Net assets         
Beginning of period    4,143,351    4,189,911 
 
End of period  $  4,043,068  $  4,143,351 
 
Accumulated net investment loss  $  (114,781)  $  (85,345) 

 

See notes to financial statements   
  10 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class A Shares                     
 
Period ended                     
    9-30-121    3-31-12    3-31-11    3-31-10    3-31-092 
Per share operating performance                     
 		  
 		  
 		  
 		  
 		  
 
Net asset value, beginning of period  $  12.90  $  17.18  $  14.49  $  9.39  $  10.00 
 
Net investment loss3    (0.08)    (0.19)    (0.16)    (0.14)    (0.03) 
 
Net realized and unrealized gain (loss)                     
on investments    (0.22)    (0.67)    4.88    6.35    (0.58) 
 
Total from investment operations    (0.30)    (0.86)    4.72    6.21    (0.61) 
 
Less distributions                     
 
From net investment income    —    (0.52)    (0.08)    —    — 
 
From net realized gain    —    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    —    (3.42)    (2.03)    (1.11)    — 
 
Net asset value, end of period  $  12.60  $  12.90  $  17.18  $  14.49  $  9.39 
 
Total return (%)4,5    (2.33)6    (0.87)    34.27    67.14    (6.10)6 
 
Ratios and supplemental data                     
 		  
 		  
 		  
 		  
 		  
 
Net assets, end of period (in                     
thousands)  $  1,020  $  1,044  $  1,053  $  785  $  470 
 
Ratios (as a percentage of average net                     
assets):                     
Expenses before reductions    3.877    3.60    3.71    4.03    12.347 
Expenses net of fee waivers and                     
credits    1.607    1.61    1.59    1.36    1.657 
 
Net investment loss    (1.25)7    (1.31)    (1.08)    (1.07)    (1.42)7 
 
Portfolio turnover (%)    42    89    105    101    27 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class A shares is 1-2-09.
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 Not annualized.
7 Annualized.

See notes to financial statements   
  11 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class B Shares                     
 
Period ended                     
    9-30-121    3-31-12    3-31-11    3-31-10    3-31-092 
Per share operating performance                     
 		  
 		  
 		  
 		  
 		  
 
Net asset value, beginning of period  $  12.71  $  16.96  $  14.36  $  9.38  $  10.00 
 
Net investment loss3    (0.12)    (0.28)    (0.26)    (0.23)    (0.05) 
 
Net realized and unrealized gain (loss)                     
on investments    (0.22)    (0.67)    4.81    6.32    (0.57) 
 
Total from investment operations    (0.34)    (0.95)    4.55    6.09    (0.62) 
 
Less distributions                     
 
From net investment income    —    (0.40)    —    —    — 
 
From net realized gain    —    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    —    (3.30)    (1.95)    (1.11)    — 
 
Net asset value, end of period  $  12.37  $  12.71  $  16.96  $  14.36  $  9.38 
 
Total return (%)4,5    (2.68)6    (1.56)    33.31    65.91    (6.20)6 
 
Ratios and supplemental data                     
 		  
 		  
 		  
 		  
 		  
 
Net assets, end of period (in thousands)  $  994  $  1,021  $  1,037  $  778  $  469 
 
Ratios (as a percentage of average net                     
assets):                     
Expenses before reductions    4.577    4.30    4.41    4.73    13.047 
Expenses net of fee waivers and                     
credits    2.307    2.31    2.29    2.06    2.357 
 
Net investment loss    (1.95)7    (2.01)    (1.78)    (1.77)    (2.12)7 
 
Portfolio turnover (%)    42    89    105    101    27 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class B shares is 1-2-09.
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 Not annualized.
7 Annualized.

See notes to financial statements   
  12 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class C Shares                     
 
Period ended                     
    9-30-121    3-31-12    3-31-11    3-31-10    3-31-092 
Per share operating performance                     
 		  
 		  
 		  
 		  
 		  
 
Net asset value, beginning of period  $  12.71  $  16.96  $  14.36  $  9.38  $  10.00 
 
Net investment loss3    (0.12)    (0.28)    (0.26)    (0.23)    (0.05) 
 
Net realized and unrealized gain (loss)                     
on investments    (0.22)    (0.67)    4.81    6.32    (0.57) 
 
Total from investment operations    (0.34)    (0.95)    4.55    6.09    (0.62) 
 
Less distributions                     
 
From net investment income    —    (0.40)    —    —    — 
 
From net realized gain    —    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    —    (3.30)    (1.95)    (1.11)    — 
 
Net asset value, end of period  $  12.37  $  12.71  $  16.96  $  14.36  $  9.38 
 
Total return (%)4,5    (2.68)6    (1.56)    33.31    65.91    (6.20)6 
 
Ratios and supplemental data                     
 		  
 		  
 		  
 		  
 		  
 
Net assets, end of period (in                     
thousands)  $  994  $  1,021  $  1,037  $  778  $  469 
 
Ratios (as a percentage of average net                     
assets):                     
Expenses before reductions    4.577    4.30    4.41    4.73    13.047 
Expenses net of fee waivers and                     
credits    2.307    2.31    2.29    2.06    2.357 
 
Net investment loss    (1.95)7    (2.01)    (1.78)    (1.77)    (2.12)7 
 
Portfolio turnover (%)    42    89    105    101    27 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class C shares is 1-2-09.
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 Not annualized.
7 Annualized.

See notes to financial statements   
  13 

 


Small Cap Opportunities Fund

Financial Highlights (For a share outstanding throughout the period)

Class I Shares                     
 
Period ended                     
    9-30-121    3-31-12    3-31-11    3-31-10    3-31-092 
Per share operating performance                     
 		  
 		   
 		  
 		  
 		  
 
Net asset value, beginning of period  $  13.00  $  17.29  $  14.56  $  9.41  $  10.00 
 
Net investment loss3    (0.05)    (0.13)    (0.10)    (0.10)    (0.02) 
 
Net realized and unrealized gain (loss)                     
on investments    (0.23)    (0.68)    4.91    6.36    (0.57) 
 
Total from investment operations    (0.28)    (0.81)    4.81    6.26    (0.59) 
 
Less distributions                     
 
From net investment income    —    (0.58)    (0.13)    —    — 
 
From net realized gain    —    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    —    (3.48)    (2.08)    (1.11)    — 
 
Net asset value, end of period  $  12.72  $  13.00  $  17.29  $  14.56  $  9.41 
 
Total return (%)4    (2.15)5    (0.48)    34.77    67.54    (5.90)5 
 
Ratios and supplemental data                     
 		  
 		  
 		  
 		  
 		  
 
Net assets, end of period (in                     
thousands)  $  1,035  $  1,057  $  1,062  $  788  $  470 
 
Ratios (as a percentage of average net                     
assets):                     
Expenses before reductions    3.486    3.20    3.30    3.72    12.046 
Expenses net of fee waivers and                     
credits    1.246    1.22    1.17    1.06    1.106 
 
Net investment loss    (0.89)6    (0.92)    (0.66)    (0.77)    (0.87)6 
 
Portfolio turnover (%)    42    89    105    101    27 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class I shares is 1-2-09.
3 Based on the average daily shares outstanding.
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   
  14 

 


Small Cap Opportunities Fund
Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Small Cap Opportunities Fund (the Fund) is a 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, if any, 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. 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 reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

15

 


As of September 30, 2012, all investments are categorized as Level 1 under the hierarchy described above.

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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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 the value of 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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $588. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees are calculated daily for each class, based on the net asset value of the class and the applicable specific expense rates.

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

16 

 


provision is required.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions 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.

Capital accounts within the 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, passive foreign investment companies, wash sale loss deferrals and straddle loss deferrals.

Note 3 – Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust including 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 exp osure 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 agreement 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, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

Effective July 1, 2012, the Adviser has voluntarily 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%, 2.30%, 2.30% and 1.24% for Class A, Class B, Class C and Class I shares, respectively, excluding certain expenses such as taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses. These expense limitations can be terminated at any time by the Adviser on notice to the Trust. The fee waivers and/or reimbursements were contractual prior to July 1, 2012.

In addition, The Adviser has voluntarily agreed to waive fees and/or reimburse certain other expenses of the Fund excluding taxes, portfolio brokerage commissions, interest, adviser fees, Rule 12b-1 fees, transfer agent fees, service fees, blue sky fees, printing and postage, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. This

17 

 


voluntary expense reimbursement will continue in effect until terminated at any time by the Adviser on notice to the Fund. The fee waivers and/or reimbursements are such that these expenses will not exceed 0.27% of average net assets.

Accordingly, these expense reductions amounted to $11,184, $10,915, $10,915 and $11,195 for Class A, Class B, Class C and Class I shares, respectively, for the six months ended September, 30, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.00% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund pays 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 six months ended September 30, 2012, 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 (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, 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 reimburse the Distributor for commissions paid in connection with the sale of these shares. During the six months ended September 30, 2012, there were no CDSCs received by the distributor for Class B and Class C shares.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), 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 fees that Signature Services receives in connection with retirement and small accounts. 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

18

 


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 six months ended September 30, 2012 were:

  Distribution and   
Class  service fees  Transfer agent fees 
A  $1,480  $955 
B  4,816  934 
C  4,816  934 
I  -  535 
Total  $11,112  $3,358 

For the six months ended September 30, 2012 there were no printing and postage and state registration fees.

Trustee expenses. The Fund 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

The Fund had no transactions in Fund shares for the six months ended September 30, 2012. For the year ended March 31, 2012 transactions in Fund shares were as follows:

  Year ended 
  3/31/12 
 
  Shares  Amount 
Class A shares     
Distributions reinvested  19,640  $209,748 
Class B shares     
Distributions reinvested  19,174  $202,102 
Class C shares     
Distributions reinvested  19,174  $202,102 
Class I shares     
Distributions reinvested  19,888  $213,790 
 
Net increase  77,876  $827,742 

Affiliates of the Fund owned 100% of shares of beneficial interest of Class A, Class B, Class C and Class I shares on September 30, 2012.

Note 6 – Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,738,144 and $1,636,284, respectively, for the six months ended September 30, 2012.

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Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement: John Hancock Small Cap Opportunities Fund

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Small Cap Opportunities Fund (the Fund), a series of John Hancock Funds III (the Trust), met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Manulife Asset Management (US) LLC (the Subadviser) with respect to the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

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Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a Category and a subset of the Category referred to as the Expense Group, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6-8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities,

21

 


market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board had previously received and considered information about the Adviser’s investment performance for other funds. The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the

22

 


year and attaches more importance to performance over relatively longer periods of time, typically three to five years. The Board noted that the Fund had limited operational history.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1-Yr  3-Yr  5-Yr  10-Yr 
Small Cap Opps Fund Class A Shares  –7.75%  21.67%     
Small-Cap Growth Category Average  –3.35%  18.36%     
Russell 2000 Growth TR Index  –2.91%  18.27%     

The Board noted that the Fund has outperformed its Category’s average performance and its benchmark index’s performance over the three-year period, and underperformed its Category’s average performance and its benchmark index’s performance over the one-year period.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contract ual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median. As part of its analysis, the Board reviewed the Adviser’s methodology in allocating its costs to the management of the Fund and the Fund complex.

The Board noted that the Fund’s advisory fee ratio was two basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  Fund – Class A  Expense Group Median 
Advisory Fee Ratio  0.90%  0.88% 
Gross Expense Ratio  3.30%  2.09% 
Net Expense Ratio  1.62%  1.56% 

 

23 

 


The Board viewed favorably the Adviser’s agreement to voluntarily waive all or a portion of its advisory fees and reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 1.60% for Class A shares (and at varying levels for other classes), excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses. The Board considered that the voluntary waiver/reimbursement could be terminated by the Adviser at any time.

As the Fund’s shares are owned only by the Adviser or its affiliates and the Fund has no other shareholders, the Fund is considered “in development” and so the Adviser was not able to provide the Board with credible information concerning the expected profits to be realized by the Adviser and its affiliates from their relationships with the Fund.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. The Subadvisory Agreement was also approved for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory

24

 


and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

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More information

Trustees  Investment adviser 
Steven R. Pruchansky*, Chairman  John Hancock Investment Management Services, LLC 
William H. Cunningham   
Deborah C. Jackson  Subadviser 
Hugh McHaffie†  John Hancock Asset Management a division of 
Dr. John A. Moore,* Vice Chairman  Manulife Asset Management (US) LLC 
Gregory A. Russo*   
John G. Vrysen†  Principal distributor 
John Hancock Funds, LLC 
 
  Custodian 
  State Street Bank and Trust Company 
 
Officers  Transfer agent 
Hugh McHaffie  John Hancock Signature Services, Inc. 
President   
Andrew G. Arnott  Legal counsel 
Executive Vice President  K&L Gates LLP 
Thomas M. Kinzler   
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 1-202-551-8090 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 at 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 

 

26 

 




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)     
  with maximum sales charge    with maximum sales charge     
        Since          Since 
  1-year  5-year  10-year  inception  6-months  1-year  5-year  10-year  inception 
Class A1  27.21  0.42  8.46  —  –1.75  27.21  2.11  125.27  — 
Class B1  27.80  0.17  7.96  —  –1.94  27.80  0.86  115.03  — 
Class C1  31.89  0.54  7.96  —  2.06  31.89  2.72  115.18  — 
Class I1  34.36  1.79  9.41  —  3.57  34.36  9.26  145.71  — 
Class I21,2  34.39  1.74  9.23  —  3.65  34.39  9.01  141.76  — 
Class R11,2  33.39  1.07  8.62  —  3.29  33.39  5.48  128.56  — 
Class R21,2  33.70  1.20  8.78  —  3.36  33.70  6.12  131.91  — 
Class R31,2  33.41  1.17  8.72  —  3.29  33.41  5.98  130.78  — 
Class R41,2  33.99  1.48  9.05  —  3.50  33.99  7.64  137.92  — 
Class R51,2  34.34  1.79  9.38  —  3.64  34.34  9.29  145.21  — 
Class R61,2  34.44  1.81  9.45  —  3.71  34.44  9.40  146.65  — 
Class NAV2,3  34.53  —  —  16.59  3.71  34.53  —  —  67.02 

 

Performance figures assume all dividends have been reinvested. 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, Class I2, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus 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 6-30-13 for Class B, Class C and Class I2 shares and 9-30-13 for Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes 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 R2  Class R3  Class R4  Class R5  Class R6  Class NAV 
Net (%)  1.24  2.05  2.02  0.88  0.85  1.57  1.32  1.47  1.07  0.87  0.82  0.77 
Gross (%)  1.24  2.14  2.02  0.88  0.93  2.16  1.43  11.16  2.25  0.90  2.32  0.77 

 

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.

See the following page for footnotes.

6  Disciplined Value Fund | Semiannual report 

 



    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class B4  9-30-02  $21,503  $21,503  $21,615  $21,927 
Class C4  9-30-02  21,518  21,518  21,615  21,927 
Class I2  9-30-02  24,571  24,571  21,615  21,927 
Class I22  9-30-02  24,176  24,176  21,615  21,927 
Class R12  9-30-02  22,856  22,856  21,615  21,927 
Class R22  9-30-02  23,191  23,191  21,615  21,927 
Class R32  9-30-02  23,078  23,078  21,615  21,927 
Class R42  9-30-02  23,792  23,792  21,615  21,927 
Class R52  9-30-02  24,521  24,521  21,615  21,927 
Class R62  9-30-02  24,665  24,665  21,615  21,927 
Class NAV2  5-29-09  16,702  16,702  17,033  16,626 

 

Russell 1000 Value 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.

Footnotes related to performance pages

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 and Class C shares were first offered on 12-22-08; Class R3, Class R4 and Class R5 shares were first offered on 5-22-09; Class NAV shares were first offered on 5-29-09; Class R1 shares were first offered on 7-13-09; Class R6 shares were first offered on 9-1-11; Class R2 shares were first offered on 3-1-12. 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 R3, Class R4, Class R5, Class R1, Class R6 and Class R2 shares, as applicable. 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 No contingent deferred sales charge is applicable.

Semiannual report | Disciplined Value Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,034.20  $6.22 
Class B  1,000.00  1,030.60  10.44 
Class C  1,000.00  1,030.60  10.08 
Class I  1,000.00  1,035.70  4.49 
Class I2  1,000.00  1,036.50  4.34 
Class R1  1,000.00  1,032.90  8.10 
Class R2  1,000.00  1,033.60  6.93 
Class R3  1,000.00  1,032.90  7.59 
Class R4  1,000.00  1,035.00  5.76 
Class R5  1,000.00  1,036.40  4.08 
Class R6  1,000.00  1,037.10  4.24 
Class NAV  1,000.00  1,037.10  3.83 

 

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 September 30, 2012, 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:

 

8  Disciplined Value Fund | Semiannual report 

 



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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,019.00  $6.17 
Class B  1,000.00  1,014.80  10.35 
Class C  1,000.00  1,015.10  10.00 
Class I  1,000.00  1,020.70  4.46 
Class I2  1,000.00  1,020.80  4.31 
Class R1  1,000.00  1,017.10  8.04 
Class R2  1,000.00  1,018.20  6.88 
Class R3  1,000.00  1,017.60  7.54 
Class R4  1,000.00  1,019.40  5.72 
Class R5  1,000.00  1,021.10  4.05 
Class R6  1,000.00  1,020.90  4.20 
Class NAV  1,000.00  1,021.30  3.80 

 

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 1.22%, 2.05%, 1.98%, 0.88%, 0.85%, 1.59%, 1.36%, 1.49%, 1.13%, 0.80%, 0.83% and 0.75% for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Disciplined Value Fund  9 

 


Portfolio summary

Top 10 Holdings (31.5% of Net Assets on 9-30-12)1,2     
Wells Fargo & Company  4.2%  JPMorgan Chase & Company  3.0% 
  
Exxon Mobil Corp.  4.0%  Johnson & Johnson  2.5% 
  
Berkshire Hathaway, Inc., Class B  3.8%  Citigroup, Inc.  2.5% 
  
General Electric Company  3.6%  Comcast Corp., Class A  2.2% 
  
Pfizer, Inc.  3.5%  Microsoft Corp.  2.2% 
  
 
Sector Composition1,3       
Financials  25.1%  Consumer Staples  2.2% 
  
Health Care  17.3%  Utilities  1.4% 
  
Consumer Discretionary  14.5%  Materials  1.2% 
  
Information Technology  13.2%  Telecommunication Services  1.0% 
  
Energy  11.6%  Short-Term Investments & Other  2.0% 
  
Industrials  10.5%     
  

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included.

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.

10  Disciplined Value Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
 
Common Stocks 98.0%  $2,961,253,359 
(Cost $2,567,833,120)     
 
Consumer Discretionary 14.5%    437,695,646 
 
Auto Components 0.8%     
Lear Corp.  627,806  23,724,789 
 
Media 10.8%     
CBS Corp., Class B  1,436,167  52,175,947 
Comcast Corp., Class A  1,879,053  67,213,726 
Gannett Company, Inc.  964,590  17,121,473 
Liberty Media Corp. — Liberty Capital, Series A (I)  254,405  26,501,369 
Omnicom Group, Inc. (L)  644,012  33,205,259 
Sirius XM Radio, Inc. (I)(L)  6,941,039  18,046,701 
The McGraw-Hill Companies, Inc.  747,530  40,807,663 
Time Warner Cable, Inc.  171,994  16,349,750 
Time Warner, Inc. (L)  897,453  40,681,544 
Viacom, Inc., Class B  278,059  14,901,182 
 
Multiline Retail 2.6%     
Kohl’s Corp.  701,708  35,941,484 
Target Corp.  658,423  41,790,108 
 
Specialty Retail 0.3%     
Staples, Inc. (L)  801,619  9,234,651 
 
Consumer Staples 2.2%    67,146,334 
 
Beverages 1.0%     
Anheuser-Busch InBev NV, ADR  162,425  13,953,932 
Constellation Brands, Inc., Class A (I)  506,305  16,378,967 
 
Food & Staples Retailing 1.2%     
CVS Caremark Corp.  760,294  36,813,435 
 
Energy 11.6%    349,247,356 
 
Energy Equipment & Services 0.9%     
Halliburton Company  509,760  17,173,814 
Weatherford International, Ltd. (I)  690,285  8,752,814 
 
Oil, Gas & Consumable Fuels 10.7%     
EOG Resources, Inc.  323,913  36,294,452 
EQT Corp.  437,613  25,819,167 
Exxon Mobil Corp.  1,321,936  120,891,047 
Occidental Petroleum Corp.  752,306  64,743,454 
Phillips 66  494,445  22,927,415 

 

See notes to financial statements  Semiannual report | Disciplined Value Fund  11 

 


  Shares  Value 
 
Oil, Gas & Consumable Fuels (continued)     
Royal Dutch Shell PLC, ADR  591,359  $41,046,228 
SM Energy Company  214,359  11,598,965 
 
Financials 25.1%    758,714,722 
 
Commercial Banks 9.0%     
Fifth Third Bancorp  1,911,640  29,649,536 
PNC Financial Services Group, Inc.  432,911  27,316,684 
SunTrust Banks, Inc.  846,623  23,934,032 
U.S. Bancorp  1,804,643  61,899,255 
Wells Fargo & Company  3,707,414  128,017,005 
 
Consumer Finance 2.9%     
Capital One Financial Corp.  737,010  42,016,940 
Discover Financial Services  536,869  21,329,805 
SLM Corp.  1,600,700  25,163,004 
 
Diversified Financial Services 5.4%     
Citigroup, Inc. (L)  2,269,567  74,260,232 
JPMorgan Chase & Company  2,201,226  89,105,628 
 
Insurance 7.8%     
ACE, Ltd.  230,330  17,412,948 
Axis Capital Holdings, Ltd.  251,775  8,791,983 
Berkshire Hathaway, Inc., Class B (I)  1,293,290  114,068,178 
Marsh & McLennan Companies, Inc.  412,000  13,979,160 
MetLife, Inc.  1,387,190  47,802,567 
Reinsurance Group of America, Inc.  241,383  13,968,834 
Validus Holdings, Ltd.  589,765  19,998,931 
 
Health Care 17.3%    522,915,193 
 
Biotechnology 1.3%     
Amgen, Inc.  466,573  39,341,435 
Health Care Equipment & Supplies 3.1%     
Baxter International, Inc.  268,442  16,176,315 
CareFusion Corp. (I)  756,297  21,471,272 
Covidien PLC  581,279  34,539,598 
St. Jude Medical, Inc.  529,727  22,317,399 
 
Health Care Providers & Services 5.7%     
AmerisourceBergen Corp.  485,748  18,803,305 
Cigna Corp.  626,459  29,550,071 
Humana, Inc.  266,489  18,694,203 
McKesson Corp.  586,430  50,450,573 
Omnicare, Inc. (L)  625,065  21,233,458 
UnitedHealth Group, Inc.  624,338  34,594,569 
 
Pharmaceuticals 7.2%     
Johnson & Johnson  1,115,861  76,893,982 
Pfizer, Inc.  4,237,836  105,310,225 
Sanofi, ADR  778,885  33,538,788 

 

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

 


  Shares  Value 
 
Industrials 10.5%    $316,412,979 
 
Aerospace & Defense 2.9%     
Honeywell International, Inc.  535,830  32,015,843 
Northrop Grumman Corp.  318,466  21,155,696 
Raytheon Company (L)  616,001  35,210,617 
 
Air Freight & Logistics 0.5%     
United Parcel Service, Inc., Class B  209,168  14,970,154 
 
Industrial Conglomerates 4.6%     
General Electric Company  4,741,731  107,684,711 
Tyco International, Ltd.  537,868  30,260,454 
 
Machinery 2.5%     
Dover Corp.  407,170  24,222,543 
Parker Hannifin Corp. (L)  401,113  33,525,025 
Xylem, Inc.  690,574  17,367,936 
 
Information Technology 13.2%    400,232,639 
 
Communications Equipment 3.4%     
Cisco Systems, Inc.  3,303,790  63,069,351 
Harris Corp. (L)  761,579  39,008,076 
 
Computers & Peripherals 2.0%     
Apple, Inc.  54,205  36,168,828 
Seagate Technology PLC  836,028  25,916,868 
 
Electronic Equipment, Instruments & Components 1.0%     
TE Connectivity, Ltd. (L)  927,933  31,559,001 
 
Internet Software & Services 1.4%     
eBay, Inc. (I)  870,648  42,148,070 
 
IT Services 0.8%     
The Western Union Company (L)  1,351,256  24,619,884 
 
Semiconductors & Semiconductor Equipment 0.3%     
ON Semiconductor Corp. (I)  1,365,925  8,427,757 
 
Software 4.3%     
Electronic Arts, Inc. (I)  1,325,594  16,821,788 
Microsoft Corp.  2,183,189  65,015,368 
Oracle Corp.  1,007,824  31,736,378 
Symantec Corp. (I)  874,515  15,741,270 
 
Materials 1.2%    35,452,245 
 
Containers & Packaging 0.7%     
Rock-Tenn Company, Class A  299,242  21,599,288 
 
Paper & Forest Products 0.5%     
MeadWestvaco Corp.  452,711  13,852,957 
 
Telecommunication Services 1.0%    30,371,341 
 
Wireless Telecommunication Services 1.0%     
Vodafone Group PLC, ADR  1,065,848  30,371,341 

 

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

 


    Shares  Value 
 
Utilities 1.4%      $43,064,904 
 
Electric Utilities 1.4%       
American Electric Power Company, Inc.    547,927  24,075,912 
Edison International    415,605  18,988,992 
 
  Yield  Shares  Value 
 
Securities Lending Collateral 5.0%      $149,804,627 
(Cost $149,766,897)       
 
John Hancock Collateral Investment Trust (W)  0.3462% (Y)  14,967,591  149,804,627 
 
    Par value  Value 
 
Short-Term Investments 1.8%      $54,843,072 
(Cost $54,843,072)       
 
Money Market Funds 1.8%      54,843,072 
State Street Institutional U.S. Government Money Market       
Fund, 0.0469% (Y)    $54,843,072  54,843,072 
 
Total investments (Cost $2,772,443,089)† 104.8%  $3,165,901,058 
 
Other assets and liabilities, net (4.8%)      ($145,901,774) 
 
Total net assets 100.0%    $3,019,999,284 

 

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

(I) Non-income producing security.

(L) A portion of this security is on loan as of 9-30-12.

(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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $2,775,913,380. Net unrealized appreciation aggregated $389,987,678, of which $411,560,022 related to appreciated investment securities and $21,572,344 related to depreciated investment securities.

14  Disciplined Value Fund | Semiannual 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 9-30-12 (unaudited)

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 $2,622,676,192)   
including $146,672,545 of securities loaned  $3,016,096,431 
Investments in affiliated issuers, at value (Cost $149,766,897)  149,804,627 
 
Total investments, at value (Cost $2,772,443,089)  3,165,901,058 
Receivable for fund shares sold  9,076,154 
Dividends and interest receivable  3,714,875 
Receivable for securities lending income  40,282 
Receivable due from adviser  1,674 
Other receivables and prepaid expenses  243,157 
 
Total assets  3,178,977,200 
 
Liabilities   
Payable for fund shares repurchased  8,465,512 
Payable upon return of securities loaned  149,802,103 
Payable to affiliates   
Accounting and legal services fees  145,253 
Transfer agent fees  271,414 
Distribution and service fees  16,516 
Trustees’ fees  8,195 
Other liabilities and accrued expenses  268,923 
 
Total liabilities  158,977,916 
 
Net assets   
Paid-in capital  $2,585,987,817 
Undistributed net investment income  19,958,634 
Accumulated net realized gain (loss) on investments  20,594,864 
Net unrealized appreciation (depreciation) on investments  393,457,969 
 
Net assets  $3,019,999,284 

 

See notes to financial statements  Semiannual report | Disciplined Value Fund  15 

 


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 ($1,149,859,290 ÷ 77,577,552 shares)  $14.82 
Class B ($11,166,876 ÷ 789,317 shares)1  $14.15 
Class C ($43,836,937 ÷ 3,096,126 shares)1  $14.16 
Class I ($872,042,133 ÷ 60,173,728 shares)  $14.49 
Class I2 ($24,906,550 ÷ 1,717,243 shares)  $14.50 
Class R1 ($5,021,480 ÷ 347,604 shares)  $14.45 
Class R2 ($111,634 ÷ 7,715 shares)  $14.47 
Class R3 ($1,443,928 ÷ 99,909 shares)  $14.45 
Class R4 ($2,189,409 ÷ 151,194 shares)  $14.48 
Class R5 ($354,568,101 ÷ 24,429,476 shares)  $14.51 
Class R6 ($51,134,796 ÷ 3,521,638 shares)  $14.52 
Class NAV ($503,718,150 ÷ 34,694,227 shares)  $14.52 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $15.60 

 

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.

16  Disciplined Value Fund | Semiannual 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 six month period ended 9-30-12
(unaudited)

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  $28,612,359 
Securities lending  391,866 
Interest  5,792 
Less foreign taxes withheld  (340,905) 
 
Total investment income  28,669,112 
 
Expenses   
Investment management fees  9,318,288 
Distribution and service fees  1,623,484 
Accounting and legal services fees  251,560 
Transfer agent fees  1,549,448 
Trustees’ fees  61,004 
State registration fees  90,368 
Printing and postage  146,620 
Professional fees  94,293 
Custodian fees  165,623 
Registration and filing fees  76,309 
Other  29,313 
 
Total expenses  13,406,310 
Less expense reductions  (28,839) 
 
Net expenses  13,377,471 
 
Net investment income  15,291,641 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  53,815,748 
Investments in affiliated issuers  (16,072) 
 
  53,799,676 
 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  58,136,042 
Investments in affiliated issuers  9,379 
 
  58,145,421 
 
Net realized and unrealized gain  111,945,097 
 
Increase in net assets from operations  $127,236,738 

 

See notes to financial statements  Semiannual report | Disciplined Value Fund  17 

 


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

Statements of changes in net assets

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

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $15,291,641  $16,466,578 
Net realized gain  53,799,676  41,358,139 
Change in net unrealized appreciation (depreciation)  58,145,421  109,116,763 
 
Increase in net assets resulting from operations  127,236,738  166,941,480 
 
Distributions to shareholders     
From net investment income     
Class A  —  (3,573,341) 
Class I  —  (5,497,106) 
Class I2  —  (210,756) 
Class R1  —  (5,055) 
Class R3  —  (492) 
Class R4  —  (7,863) 
Class R5  —  (237,744) 
Class R6  —  (12,137) 
Class ADV  —  (310) 
Class NAV  —  (3,348,427) 
From net realized gain     
Class A  —  (14,867,447) 
Class B  —  (210,085) 
Class C  —  (847,810) 
Class I  —  (13,965,536) 
Class I2  —  (513,807) 
Class R1  —  (64,136) 
Class R3  —  (4,087) 
Class R4  —  (32,158) 
Class R5  —  (644,662) 
Class R6  —  (29,890) 
Class ADV  —  (890) 
Class NAV  —  (7,696,684) 
 
Total distributions  —  (51,770,423) 
 
From Fund share transactions  662,830,476  630,377,585 
 
Total increase  790,067,214  745,548,642 
 
Net assets     
Beginning of period  2,229,932,070  1,484,383,428 
 
End of period  $3,019,999,284  $2,229,932,070 
 
Undistributed net investment income  $19,958,634  $4,666,993 

 

18  Disciplined Value Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092,3  8-31-084  8-31-074 
 
Per share operating performance               
Net asset value, beginning               
of period  $14.33  $13.83  $12.31  $8.09  $12.32  $15.62  $14.77 
Net investment income5  0.07  0.11  0.05  0.08  0.08  0.15  0.15 
Net realized and unrealized gain               
(loss) on investments  0.42  0.77  1.57  4.18  (4.18)  (1.90)  2.07 
Total from investment operations  0.49  0.88  1.62  4.26  (4.10)  (1.75)  2.22 
Less distributions               
From net investment income  —  (0.07)  (0.03)  (0.04)  (0.13)  (0.15)  (0.13) 
From net realized gain  —  (0.31)  (0.07)  —  —  (1.40)  (1.24) 
Total distributions  —  (0.38)  (0.10)  (0.04)  (0.13)  (1.55)  (1.37) 
Net asset value, end of period  $14.82  $14.33  $13.83  $12.31  $8.09  $12.32  $15.62 
Total return (%)6  3.427  6.91  13.20  52.688  (33.33)8,7  (12.29)8  15.458 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $1,150  $1,068  $601  $162  $10  $16  $23 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.229  1.24  1.24  1.26  1.769  1.39  1.32 
Expenses net of fee waivers  1.229  1.24  1.24  1.06  1.009  1.00  1.00 
Expenses net of fee waivers               
and credits  1.229  1.24  1.24  1.05  1.009  1.00  1.00 
Net investment income  0.949  0.82  0.38  0.74  1.459  1.10  0.95 
Portfolio turnover (%)  21  44  50  59  5210  78  62 

 

1 Six months ended 9-30-12. Unaudited.
2 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
3 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 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.
4 Audited by previous independent registered public accounting firm.
5 Based on the average daily shares outstanding.
6 Does not reflect the effect of sales charges, if any.
7 Not annualized.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Annualized.
10 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

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

 


CLASS B SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $13.73  $13.30  $11.91  $7.88  $8.82 
Net investment income (loss)3  0.01  —4  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  0.41  0.74  1.51  4.06  (0.96) 
Total from investment operations  0.42  0.74  1.46  4.03  (0.94) 
Less distributions           
From net realized gain  —  (0.31)  (0.07)  —  — 
Total distributions  —  (0.31)  (0.07)  —  — 
Net asset value, end of period  $14.15  $13.73  $13.30  $11.91  $7.88 
Total return (%)5,6  3.067  5.99  12.28  51.14  (10.66)7 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $11  $10  $8  $5  —8 
Ratios (as a percentage of average net assets):           
Expenses before reductions  2.069  2.14  2.27  2.58  4.249 
Expenses net of fee waivers  2.059  2.05  2.05  2.12  2.079 
Expenses net of fee waivers and credits  2.059  2.05  2.05  2.05  2.059 
Net investment income (loss)  0.109  0.01  (0.45)  (0.25)  1.189 
Portfolio turnover (%)  21  44  50  59  5210 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class B shares is 12-22-08.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Less than $500,000.
9 Annualized.
10 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

CLASS C SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $13.74  $13.30  $11.91  $7.87  $8.82 
Net investment income (loss)3  0.01  0.01  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  0.41  0.74  1.51  4.07  (0.97) 
Total from investment operations  0.42  0.75  1.46  4.04  (0.95) 
Less distributions           
From net realized gain  —  (0.31)  (0.07)  —  — 
Total distributions  —  (0.31)  (0.07)  —  — 
Net asset value, end of period  $14.16  $13.74  $13.30  $11.91  $7.87 
Total return (%)4  3.065  6.07  12.286  51.336  (10.77)6,5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $44  $40  $30  $19  —7 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.988  2.02  2.07  2.24  4.418 
Expenses net of fee waivers  1.988  2.02  2.05  2.08  2.068 
Expenses net of fee waivers and credits  1.988  2.02  2.05  2.05  2.058 
Net investment income (loss)  0.178  0.04  (0.45)  (0.27)  1.268 
Portfolio turnover (%)  21  44  50  59  529 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class C shares is 12-22-08.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Not annualized.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

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

 


CLASS I SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092,3  8-31-084  8-31-074 
 
Per share operating performance               
Net asset value, beginning               
of period  $13.99  $13.52  $12.03  $7.90  $12.08  $15.34  $14.53 
Net investment income5  0.09  0.15  0.09  0.11  0.09  0.18  0.20 
Net realized and unrealized gain               
(loss) on investments  0.41  0.75  1.54  4.08  (4.10)  (1.84)  2.02 
Total from investment operations  0.50  0.90  1.63  4.19  (4.01)  (1.66)  2.22 
Less distributions               
From net investment income  —  (0.12)  (0.07)  (0.06)  (0.17)  (0.20)  (0.17) 
From net realized gain  —  (0.31)  (0.07)  —  —  (1.40)  (1.24) 
Total distributions  —  (0.43)  (0.14)  (0.06)  (0.17)  (1.60)  (1.41) 
Net asset value, end of period  $14.49  $13.99  $13.52  $12.03  $7.90  $12.08  $15.34 
Total return (%)  3.576  7.27  13.66  53.147  (33.33)7,6  (11.99)7  15.707 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $872  $711  $399  $158  $33  $44  $43 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  0.888  0.88  0.86  0.88  1.378  1.14  1.07 
Expenses net of fee waivers               
and credits  0.888  0.88  0.86  0.80  0.758  0.75  0.75 
Net investment income  1.278  1.18  0.75  1.01  1.728  1.37  1.20 
Portfolio turnover (%)  21  44  50  59  529  78  62 

 

1 Six months ended 9-30-12. Unaudited.
2 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
3 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 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.
4 Audited by previous independent registered public accounting firm.
5 Based on the average daily shares outstanding.
6 Not annualized.
7 Total returns would have been lower had certain expenses not been reduced during the periods shown.
8 Annualized.
9 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

 

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

 


CLASS I2 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-10  3-31-092 
 
Per share operating performance           
Net asset value, beginning of period  $13.99  $13.53  $12.04  $7.90  $8.82 
Net investment income3  0.09  0.15  0.09  0.11  0.05 
Net realized and unrealized gain (loss) on investments  0.42  0.75  1.54  4.09  (0.97) 
Total from investment operations  0.51  0.90  1.63  4.20  (0.92) 
Less distributions           
From net investment income  —  (0.13)  (0.07)  (0.06)  — 
From net realized gain  —  (0.31)  (0.07)  —  — 
Total distributions  —  (0.44)  (0.14)  (0.06)  — 
Net asset value, end of period  $14.50  $13.99  $13.53  $12.04  $7.90 
Total return (%)4  3.655  7.24  13.65  53.27  (10.43)5 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $25  $25  $23  $19  —6 
Ratios (as a percentage of average net assets):           
Expenses before reductions  0.897  0.93  0.92  1.13  5.087 
Expenses net of fee waivers and credits  0.857  0.85  0.85  0.75  0.757 
Net investment income  1.307  1.21  0.74  0.99  2.237 
Portfolio turnover (%)  21  44  50  59  528 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class I2 shares is 12-22-08.
3 Based on the average daily shares outstanding.
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 R1 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $13.99  $13.52  $12.05  $9.01 
Net investment income3  0.04  0.06  —4  0.02 
Net realized and unrealized gain on investments  0.42  0.74  1.54  3.02 
Total from investment operations  0.46  0.80  1.54  3.04 
Less distributions         
From net investment income  —  (0.02)  —  — 
From net realized gain  —  (0.31)  (0.07)  — 
Total distributions  —  (0.33)  (0.07)  — 
Net asset value, end of period  $14.45  $13.99  $13.52  $12.05 
Total return (%)5  3.296  6.41  12.80  33.746 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $5  $3  $1  —7 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.758  2.16  3.21  2.968 
Expenses net of fee waivers and credits  1.598  1.65  1.61  1.508 
Net investment income  0.558  0.45  0.01  0.298 
Portfolio turnover (%)  21  44  50  599 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R1 shares is 7-13-09.
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 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

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

 


CLASS R2 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $14.00  $13.49 
Net investment income3  0.05  —4 
Net realized and unrealized gain on investments  0.42  0.51 
Total from investment operations  0.47  0.51 
Net asset value, end of period  $14.47  $14.00 
Total return (%)5  3.366  3.786 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —7  —7 
Ratios (as a percentage of average net assets):     
Expenses before reductions  16.858  15.968 
Expenses net of fee waivers and credits  1.368  1.408 
Net investment income  0.798  0.418 
Portfolio turnover (%)  21  449 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 3-1-12 (inception date) to 3-31-12.
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 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS R3 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $13.99  $13.52  $12.04  $8.98 
Net investment income3  0.04  0.07  0.01  0.04 
Net realized and unrealized gain on investments  0.42  0.75  1.54  3.02 
Total from investment operations  0.46  0.82  1.55  3.06 
Less distributions         
From net investment income  —  (0.04)  —4  — 
From net realized gain  —  (0.31)  (0.07)  — 
Total distributions  —  (0.35)  (0.07)  — 
Net asset value, end of period  $14.45  $13.99  $13.52  $12.04 
Total return (%)5  3.296  6.52  12.93  34.086 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $1  —7  —7  —7 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.128  11.16  20.34  10.238 
Expenses net of fee waivers and credits  1.498  1.55  1.52  1.408 
Net investment income  0.608  0.54  0.10  0.438 
Portfolio turnover (%)  21  44  50  599 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R3 shares is 5-22-09.
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 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

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

 


CLASS R4 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $13.99  $13.52  $12.04  $8.98 
Net investment income3  0.07  0.11  0.05  0.07 
Net realized and unrealized gain on investments  0.42  0.75  1.54  3.02 
Total from investment operations  0.49  0.86  1.59  3.09 
Less distributions         
From net investment income  —  (0.08)  (0.04)  (0.03) 
From net realized gain  —  (0.31)  (0.07)  — 
Total distributions  —  (0.39)  (0.11)  (0.03) 
Net asset value, end of period  $14.48  $13.99  $13.52  $12.04 
Total return (%)4  3.505  6.86  13.25  34.425 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $2  $1  $1  $1 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.496  2.35  2.81  2.886 
Expenses net of fee waivers and credits  1.136  1.25  1.20  1.106 
Net investment income  1.016  0.85  0.40  0.756 
Portfolio turnover (%)  21  44  50  597 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R4 shares is 5-22-09.
3 Based on the average daily shares outstanding.
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.

 

CLASS R5 SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $14.00  $13.53  $12.04  $8.98 
Net investment income3  0.10  0.15  0.08  0.10 
Net realized and unrealized gain on investments  0.41  0.74  1.55  3.02 
Total from investment operations  0.51  0.89  1.63  3.12 
Less distributions         
From net investment income  —  (0.11)  (0.07)  (0.06) 
From net realized gain  —  (0.31)  (0.07)  — 
Total distributions  —  (0.42)  (0.14)  (0.06) 
Net asset value, end of period  $14.51  $14.00  $13.53  $12.04 
Total return (%)  3.644  7.20  13.615  34.775,4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $355  $33  $15  —6 
Ratios (as a percentage of average net assets):         
Expenses before reductions  0.807  0.90  1.23  9.547 
Expenses net of fee waivers and credits  0.807  0.90  0.94  0.807 
Net investment income  1.457  1.19  0.59  1.037 
Portfolio turnover (%)  21  44  50  598 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class R5 shares is 5-22-09.
3 Based on the average daily shares outstanding.
4 Not annualized.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

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

 


CLASS R6 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $14.00  $12.19 
Net investment income3  0.08  0.10 
Net realized and unrealized gain on investments  0.44  2.15 
Total from investment operations  0.52  2.25 
Less distributions     
From net investment income  —  (0.13) 
From net realized gain  —  (0.31) 
Total distributions  —  (0.44) 
Net asset value, end of period  $14.52  $14.00 
Total return (%)4  3.715  19.095 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $51  $1 
Ratios (as a percentage of average net assets):     
Expenses before reductions  0.876  2.326 
Expenses net of fee waivers and credits  0.836  0.866 
Net investment income  1.216  1.316 
Portfolio turnover (%)  21  447 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 9-1-11 (inception date) to 3-31-12.
3 Based on the average daily shares outstanding.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS NAV SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $14.00  $13.53  $12.04  $9.18 
Net investment income3  0.09  0.16  0.10  0.10 
Net realized and unrealized gain on investments  0.43  0.75  1.54  2.82 
Total from investment operations  0.52  0.91  1.64  2.92 
Less distributions         
From net investment income  —  (0.13)  (0.08)  (0.06) 
From net realized gain  —  (0.31)  (0.07)  — 
Total distributions  —  (0.44)  (0.15)  (0.06) 
Net asset value, end of period  $14.52  $14.00  $13.53  $12.04 
Total return (%)  3.714  7.38  13.71  31.894,5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $504  $338  $405  $228 
Ratios (as a percentage of average net assets):         
Expenses before reductions  0.756  0.77  0.79  0.836 
Expenses net of fee waivers and credits  0.756  0.77  0.79  0.756 
Net investment income  1.386  1.28  0.82  1.056 
Portfolio turnover (%)  21  44  50  597 

 

1 Six months ended 9-30-12. Unaudited.
2 The inception date for Class NAV shares is 5-29-09.
3 Based on the average daily shares outstanding.
4 Not annualized.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

 

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

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Disciplined Value Fund (the Fund) is a 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 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 I2 shares are closed to new investors. Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class NAV shares are offered 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, 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. 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 the securities are valued using the last quoted bid or evaluated price. Investments by the Funds in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business 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. Other portfolio securities and assets, where market quotations are not readily available or reliable, 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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

26  Disciplined Value Fund | Semiannual report 

 


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 risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of September 30, 2012, all investments are categorized as Level 1 under the hierarchy described above.

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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provider indemnification, 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 or possible loss of rights in the collateral should the borrower fail financially. 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. Net 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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012, were $2,180. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net assets. Expense

Semiannual report | Disciplined Value Fund  27 

 


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 assets 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 assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $57,465,809 available to offset future net realized capital gains as of March 31, 2012. 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 — $14,852,134 and March 31, 2017 — $42,613,675.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

Capital accounts within the 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

28  Disciplined Value Fund | Semiannual report 

 


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) 0.750% 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 Adviser has contractually 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 2.05%, 2.05%, 0.85%, 1.57%, 1.32%, 1.47%, 1.07%, 0.87% and 0.82% for Class B, Class C, Class I2, Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The fee waivers and/or expense reimbursements will continue in effect until June 30, 2013 for Class B, Class C and Class I2 shares and September 30, 2013 for Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. From July 1, 2012 to September 10, 2012 the fee waivers and/or reimbursements for Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares were voluntary. Prior to June 1, 2012, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.25% for Class R4 shares. Prior to July 1, 2012, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.30%, 0.99%, 1.65%, 1.40%, 1.55%, 1.15%, 0.95% and 0.86% for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares.

For the six months ended September 30, 2012, the expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  — 
Class B  $328 
Class C  — 
Class I  — 
Class I2  5,065 
Class R1  3,060 
Class R2  7,865 
Class R3  2,796 
Class R4  2,660 
Class R5  — 
Class R6  6,370 
 
Total  $28,144 

 

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.70% of the Fund’s average daily net assets.

 

Semiannual report | Disciplined Value Fund  29 

 


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 to 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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R2, Class R3 and Class R4 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund pays the following contractual rates of distribution fees and may pay up to the following service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares. Currently, only 0.25% is charged to Class A shares for 12b-1 fees and 0.00% is charged to Class R2 shares for service fees.

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 R2  0.25%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 

 

The Fund‘s distributor has contractually agreed to waive 0.10% of 12b-1fees of Class R4 shares. This limitation agreement will remain in effect through June 30, 2013, unless renewed by mutual agreement of the Fund and the distributor based upon a determination that this is appropriate under the circumstances at the time. Reimbursements related to this contractual waiver amounted to $695 for the six months ended September 30, 2012.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $448,164 for the six months ended September 30, 2012. Of this amount, $67,120 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $378,034 was paid as sales commissions to broker-dealers and $3,010 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, 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 reimburse the Distributor for commissions paid in connection with the sale of these shares. During the six months ended September 30, 2012, CDSCs received by the Distributor amounted to $9,559 and $2,112 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), an affiliate of the Adviser. The transfer agent fees paid to

30  Disciplined Value Fund | Semiannual report 

 


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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $1,334,844  $1,034,702  $29,939  $74,864 
Class B  51,250  9,930  4,050  1,680 
Class C  199,815  38,719  4,469  3,129 
Class I  —  405,573  18,485  60,874 
Class I2  —  12,727  4,258  — 
Class R1  14,387  538  3,409  364 
Class R2  127  14  8,019  15 
Class R3  2,690  128  3,097  150 
Class R4  3,435  272  3,097  136 
Class R5  16,936  42,678  3,608  1,093 
Class R6  —  4,167  7,937  4,315 
 
Total  $1,623,484  $1,549,448  $90,368  $146,620 

 

Trustee expenses. The Fund 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 six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  12,586,686  $175,573,911  47,165,205  $613,909,671 
Distributions reinvested  —  —  1,509,990  18,225,580 
Repurchased  (9,536,386)  (133,097,907)  (17,591,855)  (227,625,452) 
 
Net increase  3,050,300  $42,476,004  31,083,340  $404,509,799 
 
Class B shares         
Sold  143,124  $1,907,854  294,727  $3,720,698 
Distributions reinvested  —  —  16,172  187,440 
Repurchased  (73,221)  (990,780)  (190,036)  (2,322,193) 
 
Net increase  69,903  $917,074  120,863  $1,585,945 

 

Semiannual report | Disciplined Value Fund  31 

 


  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class C shares         
Sold  616,505  $8,260,950  1,390,989  $17,717,572 
Distributions reinvested  —  —  60,818  705,490 
Repurchased  (416,059)  (5,530,859)  (843,283)  (10,209,275) 
 
Net increase  200,446  $2,730,091  608,524  $8,213,787 
 
Class I shares         
Sold  23,417,365  $315,461,714  31,759,192  $403,682,504 
Distributions reinvested  —  —  1,547,013  18,208,343 
Repurchased  (14,055,397)  (190,581,249)  (12,037,630)  (153,493,373) 
 
Net increase  9,361,968  $124,880,465  21,268,575  $268,397,474 
 
Class I2 shares         
Sold  —  —  82,853  $1,075,000 
Distributions reinvested  —  —  61,419  722,904 
Repurchased  (50,007)  (690,000)  (84,676)  (1,095,000) 
 
Net increase  (50,007)  ($690,000)  59,596  $702,904 
 
Class R1 shares         
Sold  149,064  $2,020,237  150,887  $1,802,459 
Distributions reinvested  —  —  5,864  69,191 
Repurchased  (30,036)  (408,665)  (30,750)  (391,643) 
 
Net increase  119,028  $1,611,572  126,001  $1,480,007 
 
Class R2 shares         
Sold  304  $4,438  7,413  $100,000 
Repurchased  (2)  (22)  —  — 
 
Net increase  302  $4,416  7,413  $100,000 
 
Class R3 shares         
Sold  93,933  $1,264,487  17,304  $218,440 
Distributions reinvested  —  —  388  4,579 
Repurchased  (12,027)  (163,465)  (7,449)  (84,238) 
 
Net increase  81,906  $1,101,022  10,243  $138,781 
 
Class R4 shares         
Sold  61,335  $817,091  43,619  $550,529 
Distributions reinvested  —  —  3,397  40,021 
Repurchased  (11,607)  (160,818)  (22,892)  (291,837) 
 
Net increase  49,728  $656,273  24,124  $298,713 
 
Class R5 shares         
Sold  23,174,668  $318,010,847  1,721,488  $21,976,086 
Distributions reinvested  —  —  73,217  862,499 
Repurchased  (1,091,726)  (14,837,414)  (535,361)  (7,318,050) 
 
Net increase  22,082,942  $303,173,433  1,259,344  $15,520,535 
 
Class R6 shares         
Sold  3,601,554  $47,816,184  105,937  $1,240,727 
Distributions reinvested  —  —  3,265  38,455 
Repurchased  (175,995)  (2,453,968)  (13,123)  (158,206) 
 
Net increase  3,425,559  $45,362,216  96,079  $1,120,976 

 

32  Disciplined Value Fund | Semiannual report 

 


  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class ADV shares         
Distributions reinvested  —  —  102  1,199 
Repurchased  —  —  (2,975)  (34,753) 
 
Net increase  —  —  (2,873)  ($33,554) 
 
Class NAV shares         
Sold  11,833,503  $158,554,896  884,501  $11,692,753 
Distributions reinvested  —  —  937,616  11,045,111 
Repurchased  (1,277,622)  (17,946,986)  (7,635,342)  (94,395,646) 
 
Net increase (decrease)  10,555,881  $140,607,910  (5,813,225)  ($71,657,782) 
 
Net increase  48,947,956  $662,830,476  48,848,004  $630,377,585 

 

Affiliates of the Fund owned 96% and 100% of shares of beneficial interest of Class R2 and Class NAV, respectively, on September 30, 2012. During the year ended March 31, 2012, Class ADV shares were liquidated.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,247,916,857 and $556,019,166, respectively, for the six months ended September 30, 2012.

Semiannual report | Disciplined Value Fund  33 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Disciplined Value Fund (the Fund), a series of John Hancock Funds III, met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Robeco Investment Management, Inc. (the Subadviser) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as institutional clients and

34  Disciplined Value Fund | Semiannual report 

 


other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

Semiannual report | Disciplined Value Fund  35 

 


The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
Disciplined Value Fund Class A Shares  0.00%  12.44%  –0.23%  4.26% 
Large Cap Value Category Average  –2.11%  10.80%  –2.65%  2.89% 
Russell 1000 Value TR Index  0.39%  11.55%  –2.64%  3.89% 

 

The Board noted that, although the Fund had underperformed its benchmark index’s performance over the one-year period, the Fund’s performance compared favorably with the Category’s average performance and the benchmark index’s performance over all other periods shown.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the

36  Disciplined Value Fund | Semiannual report 

 


Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was eight basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND — CLASS A  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.72%  0.64% 
Gross Expense Ratio  1.21%  1.17% 
Net Expense Ratio  1.21%  1.17% 

 

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board did not consider profitability information with respect to the Subadviser, which is not affiliated with the Adviser. The Board considered that the subadvisory fee under the Subadvisory Agreement had been negotiated by the Adviser and the Subadviser on an arm’s-length basis. For this reason, the Subadviser’s separate profitability from its relationship with the Fund was not a factor in determining whether to renew the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost structure of subadvised funds.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Semiannual report | Disciplined Value Fund  37 

 


Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and, in the case of the Adviser, the engagement of its affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

38  Disciplined Value Fund | Semiannual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  Robeco Investment Management, Inc. 
Gregory A. Russo*   
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC 
Officers   
Hugh McHaffie  Custodian 
President  State Street Bank and Trust Company 
   
Andrew G. Arnott  Transfer agent 
Executive Vice President  John Hancock Signature Services, Inc. 
   
Thomas M. Kinzler  Legal counsel 
Secretary and Chief Legal Officer  K&L Gates 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 1-202-551-8090 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 at 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 

 

Semiannual report | Disciplined Value Fund  39 

 



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.  340SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




A look at performance

Total returns for the period ended September 30, 2012

                    SEC 30-day  SEC 30-day 
  Average annual total returns (%)  Cumulative total returns (%)    yield (%)  yield (%) 
  with maximum sales charge    with maximum sales charge    subsidized  unsubsidized1 
Since  Since  as of  as of 
  1-year  5-year  10-year  inception2  6-months  1-year  5-year  10-year  inception2  9-30-12  9-30-12 
Class A  13.01  —  —  17.68  1.11  13.01  —  —  74.58  6.04  5.55 
Class I3  18.60  —  —  19.64  6.03  18.60  —  —  84.70  6.63  6.05 

 

Performance figures assume all dividends have been reinvested. 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 6-30-13. 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 (%)  1.18  0.87 
Gross (%)  1.81  63.17 

 

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 following page.

6  Core High Yield Fund | Semiannual report 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class I3  4-30-09  $18,470  $18,470  $18,391 

 

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.

Footnotes related to performance pages

1 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.

2 From 4-30-09.

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

Semiannual report | Core High Yield Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,059.10  $6.09 
Class I  1,000.00  1,060.30  4.49 

 

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 September 30, 2012, 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:

8  Core High Yield Fund | Semiannual report 

 


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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,019.20  $5.97 
Class I  1,000.00  1,020.70  4.41 

 

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 1.18% and 0.87% for Class A and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Core High Yield Fund  9 

 


Portfolio summary

Top 10 Issuers (26.3% of Net Assets on 9-30-12)1,2     
Chesapeake Energy Corp.  3.4%  Pretium Packaging LLC  2.6% 
Ferro Corp.  3.3%  Reddy Ice Corp.  2.3% 
BreitBurn Energy Partners LP  2.7%  Frontier Communications Corp.  2.3% 
SUPERVALU, Inc.  2.6%  Forbes Energy Services, Ltd.  2.3% 
CPM Holdings, Inc.  2.6%  iPayment, Inc.  2.2% 
 
Sector Composition1,3       
Energy  17.3%  Telecommunication Services  6.0% 
Materials  14.5%  Health Care  4.5% 
Consumer Discretionary  13.9%  Information Technology  3.8% 
Consumer Staples  9.6%  Utilities  1.9% 
Financials  8.1%  Short-Term Investments & Other  13.3% 
Industrials  7.1%     
 
Quality Composition1,4       
BBB  1.4%  CCC & Below  25.7% 
BB  11.4%  Not Rated  6.2% 
B  42.0%  Short-Term Investments & Other  13.3% 

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included.

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.

4 Ratings are from Moody’s Investors Service, 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 from these agencies. All are as of 9-30-12 and do not reflect subsequent downgrades or upgrades, if any.

10  Core High Yield Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

    Maturity     
  Rate (%)  date  Par value^  Value 
Corporate Bonds 73.5%        $85,662,939 
(Cost $83,405,024)         
 
Consumer Discretionary 8.7%        10,113,796 
 
Auto Components 0.2%         
UCI International, Inc.  8.625  02-15-19  250,000  248,750 
 
Diversified Consumer Services 1.4%         
Monitronics International, Inc.  9.125  04-01-20  250,000  260,000 
Stonemor Operating LLC  10.250  12-01-17  1,350,000  1,350,000 
 
Hotels, Restaurants & Leisure 3.6%         
Boyd Gaming Corp.  7.125  02-01-16  1,000,000  990,000 
Caesars Entertainment Operating         
Company, Inc.  11.250  06-01-17  250,000  268,750 
Great Canadian Gaming Corp. (CAD) (D)  6.625  07-25-22  2,000,000  2,100,496 
Mandalay Resort Group  7.625  07-15-13  750,000  768,750 
Marina District Finance Company, Inc.  9.875  08-15-18  100,000  100,250 
 
Household Durables 0.9%         
The Ryland Group, Inc.  5.375  10-01-22  1,000,000  1,000,000 
 
Media 2.6%         
American Media, Inc. (S)  12.000  12-15-17  94,000  89,300 
Columbus International, Inc. (S)  11.500  11-20-14  750,000  832,500 
Postmedia Network, Inc.  12.500  07-15-18  2,000,000  2,105,000 
 
Consumer Staples 9.6%        11,204,938 
 
Food & Staples Retailing 3.0%         
Rite Aid Corp.  9.500  06-15-17  500,000  514,375 
SUPERVALU, Inc.  7.500  11-15-14  3,175,000  3,048,000 
 
Food Products 4.1%         
Del Monte Corp.  7.625  02-15-19  1,250,000  1,285,938 
Reddy Ice Corp.  11.250  03-15-15  2,680,000  2,696,750 
Southern States Cooperative, Inc. (S)  11.250  05-15-15  750,000  781,875 
 
Household Products 1.4%         
YCC Holdings LLC, PIK  10.250  02-15-16  1,550,000  1,604,250 
 
Tobacco 1.1%         
Alliance One International, Inc.  10.000  07-15-16  750,000  776,250 
North Atlantic Trading Company, Inc. (S)  11.500  07-15-16  500,000  497,500 

 

See notes to financial statements  Semiannual report | Core High Yield Fund  11 

 


    Maturity     
  Rate (%)  date  Par value^  Value 
Energy 13.9%        $16,156,438 
 
Energy Equipment & Services 5.2%         
Bristow Group, Inc.  6.250  10-15-22  250,000  255,938 
Forbes Energy Services, Ltd.  9.000  06-15-19  2,750,000  2,667,500 
Heckmann Corp.  9.875  04-15-18  2,000,000  2,060,000 
Offshore Group Investments, Ltd.  11.500  08-01-15  750,000  828,750 
Pioneer Energy Services Corp.  9.875  03-15-18  250,000  271,875 
 
Oil, Gas & Consumable Fuels 8.7%         
Arch Coal, Inc.  8.750  08-01-16  2,000,000  1,960,000 
Bill Barrett Corp.  7.625  10-01-19  1,000,000  1,060,000 
BreitBurn Energy Partners LP (S)  7.875  04-15-22  3,000,000  3,105,000 
Carrizo Oil & Gas, Inc.  7.500  09-15-20  750,000  766,875 
EPL Oil & Gas, Inc.  8.250  02-15-18  1,500,000  1,515,000 
Forest Oil Corp.  7.250  06-15-19  1,000,000  992,500 
Green Field Energy Services, Inc. (S)  13.000  11-15-16  250,000  245,000 
Stone Energy Corp.  8.625  02-01-17  400,000  428,000 
 
Financials 8.1%        9,404,545 
 
Capital Markets 1.5%         
GFI Group, Inc.  8.625  07-19-18  2,000,000  1,755,000 
 
Commercial Banks 0.7%         
CIT Group, Inc.  5.000  05-15-17  750,000  800,625 
 
Consumer Finance 0.7%         
TMX Finance LLC  13.250  07-15-15  750,000  832,500 
 
Diversified Financial Services 4.1%         
General Electric Capital Corp., (6.250%         
to 12-15-22, then 3 month LIBOR +         
4.704%) (Q)  6.250  12-15-22  1,500,000  1,583,295 
iPayment, Inc.  10.250  05-15-18  3,000,000  2,617,500 
Reliance Intermediate Holdings LP (S)  9.500  12-15-19  500,000  572,500 
 
Real Estate Investment Trusts 0.6%         
CNL Lifestyle Properties, Inc.  7.250  04-15-19  750,000  710,625 
 
Real Estate Management & Development 0.5%       
Kennedy-Wilson, Inc.  8.750  04-01-19  500,000  532,500 
 
Health Care 4.5%        5,203,500 
 
Health Care Equipment & Supplies 0.9%         
Apria Healthcare Group, Inc.  12.375  11-01-14  1,000,000  975,000 
 
Health Care Providers & Services 3.6%         
American Renal Holdings Company, Inc.  8.375  05-15-18  100,000  105,500 
BioScrip, Inc.  10.250  10-01-15  750,000  808,125 
OnCure Holdings, Inc.  11.750  05-15-17  175,000  103,250 
Radiation Therapy Services, Inc.  9.875  04-15-17  150,000  109,125 
Radnet Management, Inc.  10.375  04-01-18  2,050,000  2,070,500 
Rotech Healthcare, Inc.  10.750  10-15-15  1,000,000  975,000 
Rotech Healthcare, Inc., 2nd Lien  10.500  03-15-18  100,000  57,000 
 
Industrials 4.2%        4,940,702 
 
Aerospace & Defense 1.2%         
Kratos Defense & Security Solutions, Inc.  10.000  06-01-17  1,350,000  1,458,000 

 

12  Core High Yield Fund | Semiannual report  See notes to financial statements 

 


    Maturity     
  Rate (%)  date  Par value^  Value 
Building Products 0.9%         
Nortek, Inc.  8.500  04-15-21  500,000  $532,500 
Ply Gem Industries, Inc. (S)  9.375  04-15-17  500,000  502,500 
 
Commercial Services & Supplies 1.6%         
Casella Waste Systems, Inc.  7.750  02-15-19  100,000  98,000 
Garda World Security Corp. (S)  9.750  03-15-17  100,000  104,500 
RR Donnelley & Sons Company  8.250  03-15-19  1,250,000  1,268,750 
The Sheridan Group, Inc.  12.500  04-15-14  486,312  403,639 
 
Marine 0.2%         
Commercial Barge Line Company  12.500  07-15-17  250,000  278,438 
 
Professional Services 0.3%         
TransUnion LLC  11.375  06-15-18  250,000  294,375 
 
Information Technology 2.1%        2,438,750 
 
Communications Equipment 1.2%         
Nokia OYJ  5.375  05-15-19  1,700,000  1,423,750 
 
Electronic Equipment, Instruments & Components 0.9%       
Kemet Corp.  10.500  05-01-18  1,000,000  1,015,000 
 
Materials 14.5%        16,925,770 
 
Chemicals 4.2%         
Ferro Corp.  7.875  08-15-18  4,000,000  3,860,000 
Momentive Performance Materials, Inc.  12.500  06-15-14  1,000,000  1,030,000 
 
Construction Materials 0.2%         
Summit Materials LLC (S)  10.500  01-31-20  250,000  267,500 
 
Containers & Packaging 2.6%         
Pretium Packaging LLC  11.500  04-01-16  2,890,000  2,955,025 
 
Metals & Mining 5.7%         
AM Castle & Company  12.750  12-15-16  75,000  84,750 
Century Aluminum Company  8.000  05-15-14  1,000,000  1,012,500 
Novelis, Inc.  8.750  12-15-20  100,000  110,750 
Optima Specialty Steel, Inc. (S)  12.500  12-15-16  250,000  263,750 
Sherritt International Corp. (CAD) (D)  7.500  09-24-20  2,250,000  2,311,001 
Taseko Mines, Ltd.  7.750  04-15-19  750,000  718,125 
Thompson Creek Metals Company, Inc.  12.500  05-01-19  2,250,000  2,177,569 
 
Paper & Forest Products 1.8%         
Tembec Industries, Inc.  11.250  12-15-18  1,476,000  1,549,800 
UPM-Kymmene OYJ (S)  7.450  11-26-27  600,000  585,000 
 
Telecommunication Services 6.0%        7,002,000 
 
Diversified Telecommunication Services 4.6%       
Cincinnati Bell, Inc.  8.375  10-15-20  1,000,000  1,075,000 
Frontier Communications Corp.  8.500  04-15-20  1,000,000  1,130,000 
Frontier Communications Corp.  7.125  01-15-23  1,500,000  1,560,000 
Satmex Escrow SA de CV  9.500  05-15-17  1,250,000  1,321,875 
Wind Acquisition Finance SA (S)  11.750  07-15-17  250,000  235,625 
 
Wireless Telecommunication Services 1.4%         
Goodman Networks, Inc. (S)  12.375  07-01-18  600,000  642,000 
Sprint Capital Corp.  6.900  05-01-19  1,000,000  1,037,500 

 

See notes to financial statements  Semiannual report | Core High Yield Fund  13 

 


    Maturity     
  Rate (%)  date  Par value^  Value 
Utilities 1.9%        $2,272,500 
 
Independent Power Producers & Energy Traders 1.9%       
Dynegy Holdings LLC (H)  8.375  05-01-16  250,000  142,500 
GenOn Energy, Inc.  7.875  06-15-17  2,000,000  2,130,000 
 
Convertible Bonds 1.4%      $1,609,875 
(Cost $1,546,209)         
 
Consumer Discretionary 1.1%      1,321,875 
 
M/I Homes, Inc.  3.250  09-15-17  1,250,000  1,321,875 
 
Industrials 0.3%        288,000 
 
Sea Trucks Group, Ltd. (12.000% Steps up       
to 13.000% on 1-31-13)  12.000  01-31-15  300,000  288,000 
 
Term Loans (M) 11.8%        $13,755,401 
(Cost $13,618,280)         
 
Consumer Discretionary 4.1%      4,729,338 
 
Collective Brands, Inc. (T)  —  09-19-19  2,000,000  2,003,760 
Eastman Kodak Company  8.500  07-19-13  2,000,000  1,970,000 
Landry’s, Inc.  6.500  04-24-18  746,250  755,578 
 
Energy 3.4%        4,010,000 
 
Chesapeake Energy Corp.  8.500  12-01-17  4,000,000  4,010,000 
 
Industrials 2.6%        3,015,000 
 
CPM Holdings, Inc.  10.250  02-28-18  3,000,000  3,015,000 
 
Information Technology 1.7%      2,001,063 
 
Blue Coat Systems, Inc.  7.500  02-15-18  1,981,250  2,001,063 
 
      Shares  Value 
Warrants 0.0%        $7,500 
(Cost $17,500)         
 
Energy 0.0%        7,500 
 
Green Field Energy Services, Inc. (Strike Price: $0.01,       
Expiration Date: 11-15-21) (I)(S)    250  7,500 
 
      Par value^  Value 
Short-Term Investments 13.8%      $16,055,000 
(Cost $16,055,000)         
 
Repurchase Agreement 13.8%      16,055,000 
 
Repurchase Agreement with State Street Corp. dated 9-28-12       
at 0.010% to be repurchased at $16,055,013 on 10-1-12,       
collateralized by $16,320,000 U.S. Treasury Notes, 0.375% due     
4-15-15 (valued at $16,380,906 including interest)    16,055,000  16,055,000 
 
Total investments (Cost $114,642,013)† 100.5%      $117,090,715 
 
Other assets and liabilities, net (0.5%)      ($597,342) 
 
Total net assets 100.0%      $116,493,373 
 

 

^ The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund. All par values are denominated in U.S. dollars unless otherwise indicated.

 

14  Core High Yield Fund | Semiannual report  See notes to financial statements 

 


Notes to Schedule of Investments

CAD Canadian Dollar

PIK Paid In Kind

(D) Par value of foreign bonds is expressed in local currency as shown parenthetically in security description.

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

(I) Non-income producing security.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.

(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.

(T) This position represents an unsettled loan commitment at period end where the coupon rate will be determined at time of settlement.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $114,662,346. Net unrealized appreciation aggregated $2,428,369, of which $2,950,471 related to appreciated investment securities and $522,102 related to depreciated investment securities.

The Fund had the following country concentration as a percentage of net assets on 9-30-12:

United States  87.2% 
Canada  8.1% 
Finland  1.7% 
Mexico  1.1% 
Barbados  0.7% 
Cayman Islands  0.7% 
Nigeria  0.3% 
Luxembourg  0.2% 

 

See notes to financial statements  Semiannual report | Core High Yield Fund  15 

 


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

Financial statements

Statement of assets and liabilities 9-30-12 (unaudited)

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 $98,587,013)  $101,035,715 
Repurchase agreements, at value (Cost $16,055,000)  16,055,000 
 
Total investments, at value (Cost $114,642,013)  117,090,715 
Cash  92 
Foreign currency, at value (Cost $149)  151 
Receivable for investments sold  1,875 
Receivable for fund shares sold  3,764,484 
Interest receivable  2,330,142 
Receivable due from adviser  18,852 
Other receivables and prepaid expenses  36,015 
 
Total assets  123,242,326 
 
Liabilities   
Payable for investments purchased  6,321,061 
Payable for fund shares repurchased  295,043 
Distributions payable  44,443 
Payable to affiliates   
Accounting and legal services fees  2,998 
Transfer agent fees  13,891 
Trustees’ fees  117 
Other liabilities and accrued expenses  71,400 
 
Total liabilities  6,748,953 
 
Net assets   
Paid-in capital  $113,910,902 
Undistributed net investment income  9,982 
Accumulated net realized gain (loss) on investments and foreign   
currency transactions  123,645 
Net unrealized appreciation (depreciation) on investments and translation   
of assets and liabilities in foreign currencies  2,448,844 
 
Net assets  $116,493,373 
 
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 ($93,733,227 ÷ 8,738,570 shares)  $10.73 
Class I ($22,760,146 ÷ 2,121,363 shares)  $10.73 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95.5%)1  $11.24 

 

1 On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

 

16  Core High Yield Fund | Semiannual 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 six month period ended 9-30-12
(unaudited)

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   
Interest  $2,075,156 
 
Total investment income  2,075,156 
 
Expenses   
Investment management fees  161,038 
Distribution and service fees  53,614 
Accounting and legal services fees  4,147 
Transfer agent fees  44,894 
Trustees’ fees  701 
State registration fees  21,245 
Printing and postage  4,805 
Professional fees  50,049 
Custodian fees  6,049 
Registration and filing fees  35,945 
Other  3,760 
 
Total expenses  386,247 
Less expense reductions  (104,084) 
 
Net expenses  282,163 
 
Net investment income  1,792,993 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments  (77,642) 
Foreign currency transactions  29,721 
 
  (47,921) 
Change in net unrealized appreciation (depreciation) of   
Investments  1,834,490 
Translation of assets and liabilities in foreign currencies  142 
 
  1,834,632 
 
Net realized and unrealized gain  1,786,711 
 
Increase in net assets from operations  $3,579,704 

 

See notes to financial statements  Semiannual report | Core High Yield Fund  17 

 


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

Statements of changes in net assets

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

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $1,792,993  $1,598,150 
Net realized gain (loss)  (47,921)  738,397 
Change in net unrealized appreciation (depreciation)  1,834,632  (1,121,740) 
 
Increase in net assets resulting from operations  3,579,704  1,214,807 
 
Distributions to shareholders     
From net investment income     
Class A  (1,549,646)  (1,553,413) 
Class I  (237,634)  (2,686) 
From net realized gain     
Class A  —  (910,315) 
Class I  —  (1,520) 
 
Total distributions  (1,787,280)  (2,467,934) 
 
From Fund share transactions  98,584,689  337,709 
 
Total increase (decrease)  100,377,113  (915,418) 
 
Net assets     
Beginning of period  16,116,260  17,031,678 
 
End of period  $116,493,373  $16,116,260 
 
Undistributed net investment income  $9,982  $4,269 

 

18  Core High Yield Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $10.52  $11.35  $11.59  $10.00 
Net investment income3  0.42  1.07  1.16  0.99 
Net realized and unrealized gain (loss) on investments  0.19  (0.25)  0.92  2.21 
Total from investment operations  0.61  0.82  2.08  3.20 
Less distributions         
From net investment income  (0.40)  (1.04)  (1.20)  (0.98) 
From net realized gain  —  (0.61)  (1.12)  (0.63) 
Total distributions  (0.40)  (1.65)  (2.32)  (1.61) 
Net asset value, end of period  $10.73  $10.52  $11.35  $11.59 
Total return (%)4,5  5.916  8.12  19.34  33.756 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $94  $16  $17  $17 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.577  1.68  1.55  1.367 
Expenses net of fee waivers  1.187  1.24  1.21  1.137 
Net investment income  7.997  9.82  9.99  9.827 
Portfolio turnover (%)  6  64  207  389 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-09 (inception date) to 3-31-10.
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 Not annualized.
7 Annualized.

 

See notes to financial statements  Semiannual report | Core High Yield Fund  19 

 


CLASS I SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $10.52  $11.36  $11.59  $10.00 
Net investment income3  0.43  1.10  1.21  1.02 
Net realized and unrealized gain (loss) on investments  0.19  (0.26)  0.92  2.20 
Total from investment operations  0.62  0.84  2.13  3.22 
Less distributions         
From net investment income  (0.41)  (1.07)  (1.24)  (1.00) 
From net realized gain  —  (0.61)  (1.12)  (0.63) 
Total distributions  (0.41)  (1.68)  (2.36)  (1.63) 
Net asset value, end of period  $10.73  $10.52  $11.36  $11.59 
Total return (%)4  6.035  8.39  19.87  34.085 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $23  —6  —6  —6 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.507  4.23  1.35  3.527 
Expenses net of fee waivers  0.877  0.90  0.85  0.857 
Net investment income  8.297  10.17  10.35  10.107 
Portfolio turnover (%)  6  64  207  389 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-09 (inception date) to 3-31-10.
3 Based on the average daily shares outstanding.
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.

 

20  Core High Yield Fund | Semiannual report  See notes to financial statements 

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Core High Yield Fund (the Fund) is a 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, if any, 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. 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. 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 reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Semiannual report | Core High Yield Fund  21 

 


Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the Fund’s investments as of September 30, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 9-30-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Corporate Bonds         
Consumer Discretionary  $10,113,796  —  $10,113,796  — 
Consumer Staples  11,204,938  —  11,204,938  — 
Energy  16,156,438  —  16,156,438  — 
Financials  9,404,545  —  9,404,545  — 
Health Care  5,203,500  —  5,203,500  — 
Industrials  4,940,702  —  4,940,702  — 
Information Technology  2,438,750  —  2,438,750  — 
Materials  16,925,770  —  16,925,770  — 
Telecommunication         
Services  7,002,000  —  7,002,000  — 
Utilities  2,272,500  —  2,272,500  — 
Convertible Bonds         
Consumer Discretionary  1,321,875  —  1,321,875  — 
Industrials  288,000  —  —  $288,000 
Term Loans         
Consumer Discretionary  4,729,338  —  4,729,338  — 
Energy  4,010,000  —  4,010,000  — 
Industrials  3,015,000  —  3,015,000  — 
Information Technology  2,001,063  —  2,001,063  — 
Warrants  7,500  —  7,500  — 
Short-Term Investments  16,055,000  —  16,055,000  — 
 
Total Investments in         
Securities  $117,090,715  —  $116,802,715  $288,000 

 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into 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.

 

  CONVERTIBLE BONDS 
Balance as of 3-31-12  $267,000 
Realized gain (loss)  — 
Changed in unrealized appreciation (depreciation)  21,000 
Purchases  — 
Sales  — 
Transfers into Level 3  — 
Transfers out of Level 3  — 
Balance as of 9-30-12  $288,000 
Change in unrealized at period end *  $21,000 

 

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

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

22  Core High Yield Fund | Semiannual report 

 


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.

Term loans (Floating rate loans). The Fund may invest in term loans, which often include debt securities that are rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.

The Fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The Fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason, would adversely affect the Fund’s income and would likely reduce the value of its assets. Because many term loans are not rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadviser’s credit analysis of the borrower and/or term loan agents. The Fund may have limited rights to enforce the terms of an underlying loan.

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. 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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012, were $591. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Semiannual report | Core High Yield Fund  23 

 


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 assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees are calculated daily for each class, based on the net asset value of the class and the applicable specific expense rates.

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, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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 dividends daily and pays them monthly. Capital gains distributions, if any, are paid annually.

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 class level expenses that may be applied differently to each class.

Such distributions 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 the 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, distributions payable and tender consent fees.

New accounting pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.

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.

24  Core High Yield Fund | Semiannual report 

 


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; (c) 0.600% of the next $500,000,000; (d) 0.550% of the next $1,500,000,000; 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, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, brokerage commissions, interest expense, 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 1.18% for Class A shares and 0.87% for Class I shares. The fee waivers and/or reimbursements will continue in effect until June 30, 2013, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at the time.

In addition, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other expenses of the Fund excluding taxes, portfolio brokerage commissions, interest, adviser fees, Rule 12b-1 fees, transfer agent fees, service fees, blue sky fees, printing and postage, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. This voluntary expense reimbursement will continue in effect until terminated at any time by the Adviser on notice to the Fund. The fee waivers and/or reimbursements are such that these expenses will not exceed 0.19% of average net assets.

Accordingly, the expense reductions or reimbursements related to these agreements were $83,070 and $21,014 for Class A and Class I shares, respectively, for the six months ended September 30, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.23% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 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.

Semiannual report | Core High Yield Fund  25 

 


Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,083,525 for the six months ended September 30, 2012. Of this amount, $130,701 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $933,590 was paid as sales commissions to broker-dealers and $19,234 was paid as sales commissions to sales personnel of Signator Investors, Inc., 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), 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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION AND  TRANSFER  PRINTING  STATE 
CLASS  SERVICE FEES  AGENT FEES  AND POSTAGE  REGISTRATION FEES 
Class A  $53,614  $41,429  $4,006  $10,748 
Class I  —  3,465  799  10,497 
Total  $53,614  $44,894  $4,805  $21,245 

 

Trustee expenses. The Fund 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  Core High Yield Fund | Semiannual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  8,900,579  $94,035,371  22,608  $237,953 
Distributions reinvested  90,551  961,679  12  130 
Repurchased  (1,772,668)  (18,737,341)  (12)  (124) 
 
Net increase  7,218,462  $76,259,709  22,608  $237,959 
 
Class I shares         
Sold  2,194,691  $23,227,861  9,482  $99,750 
Distributions reinvested  22,287  237,015  —  — 
Repurchased  (107,597)  (1,139,896)  —  — 
 
Net increase  2,109,381  $22,324,980  9,482  $99,750 
 
Net increase  9,327,843  $98,584,689  32,090  337,709 

 

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $86,537,309 and $2,768,543, respectively, for the six months ended September 30, 2012.

Semiannual report | Core High Yield Fund  27 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Core High Yield Fund (the Fund), a series of John Hancock Funds III, met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Manulife Asset Management (North America) Limited (the Subadviser) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. “Independent Trustees” are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee A was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that

28  Core High Yield Fund | Semiannual report 

 


result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as institutional clients and other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the

Semiannual report | Core High Yield Fund  29 

 


Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  SINCE INCEPTION (4-30-09) 
Core High Yield Fund Class A Shares  6.77%  19.92% 
High Current Yield Category Average  2.78%  16.90% 
BOFAML US HY 2 Cnst TR Index  4.37%  19.74% 

 

The Board noted that the Fund outperformed its Category’s average performance and its benchmark index’s performance for the limited periods shown.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

30  Core High Yield Fund | Semiannual report 

 


In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was one basis point above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND – CLASS A SHARES  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.65%  0.64% 
Gross Expense Ratio  1.55%  1.381% 
Net Expense Ratio  1.25%  1.19% 

 

The Board viewed favorably the Adviser’s agreement to waive all or a portion of its advisory fees and to reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 1.18% for Class A shares (and at varying levels for other classes), excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until June 30, 2013. The Board favorably considered the impact of this agreement toward lowering the Fund’s Gross Expense Ratio.

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board considered limited profitability information with respect to the Subadviser, which is affiliated with the Adviser. In addition, as noted above, the Board considered basic assumptions and methodology for allocating expenses in the Subadviser’s profitability analysis.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the

Semiannual report | Core High Yield Fund  31 

 


use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

32  Core High Yield Fund | Semiannual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  John Hancock Asset Management 
Gregory A. Russo*  a division of Manulife Asset Management 
John G. Vrysen†  (North America) Limited 
 
Officers  Principal distributor 
Hugh McHaffie  John Hancock Funds, LLC 
President 
Custodian 
Andrew G. Arnott  State Street Bank and Trust Company 
Executive Vice President 
Transfer agent 
Thomas M. Kinzler  John Hancock Signature Services, Inc. 
Secretary and Chief Legal Officer   
  Legal counsel 
Francis V. Knox, Jr.  K&L Gates 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 1-202-551-8090 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 at 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 

 

Semiannual report | Core High Yield Fund  33 

 



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 Core High Yield Fund.  346SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge     
  1-year  5-year  10-year  6-months  1-year  5-year  10-year 
Class A1  20.59  –0.05  8.24  –4.78  20.59  –0.25  120.78 
Class I1,2  27.53  1.33  9.20  0.48  27.53  6.83  141.07 
Class R11,2  26.62  0.58  8.36  0.14  26.62  2.92  123.10 
Class R21,2  26.09  –0.39  7.26  0.24  26.09  –1.92  101.51 
Class R31,2  26.69  0.68  8.46  0.14  26.69  3.44  125.33 
Class R41,2  27.14  0.98  8.79  0.34  27.14  4.99  132.14 
Class R51,2  27.49  1.28  9.11  0.43  27.49  6.54  139.11 
Class R61,2  27.59  1.37  9.23  0.48  27.59  7.06  141.71 
Class ADV1,2  27.20  0.94  8.67  0.34  27.20  4.76  129.70 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class 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 6-30-13 for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class 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 R2  Class R3  Class R4  Class R5  Class R6  Class ADV 
Net (%)  1.50  1.14  1.80  1.55  1.70  1.30  1.10  1.04  1.34 
Gross (%)  1.54  1.16  13.34  2.95  4.65  28.62  8.75  15.46  4.34 

 

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.

See the following page for footnotes.

6  Small Company Fund | Semiannual report 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class I2  9-30-02  $24,107  $24,107  $26,347 
Class R12  9-30-02  22,310  22,310  26,347 
Class R22  9-30-02  20,151  20,151  26,347 
Class R32  9-30-02  22,533  22,533  26,347 
Class R42  9-30-02  23,214  23,214  26,347 
Class R52  9-30-02  23,911  23,911  26,347 
Class R62  9-30-02  24,171  24,171  26,347 
Class ADV2  9-30-02  22,970  22,970  26,347 

 

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.

Footnotes related to performance pages

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 (first offered 5-2-08) returns have been recalculated to reflect the gross fees and expenses of Class I shares. The Class I returns prior to 5-2-08 are those of the Predecessor Fund’s Investor shares that have been recalculated to apply the gross fees and expenses of Class I shares. Class R1, Class R3, Class R4 and Class R5 shares were first offered on 4-30-10; Class R6 shares were first offered on 9-1-11; Class R2 shares were first offered on 3-1-12. Returns prior to these dates are those of Class A shares recalculated to apply the gross fees and expenses of Class R1, Class R3, Class R4, Class R5, Class R6 and Class R2 shares, as applicable.

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

Semiannual report | Small Company Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,002.40  $7.53 
Class I  1,000.00  1,004.80  5.48 
Class R1  1,000.00  1,001.40  9.03 
Class R2  1,000.00  1,002.40  7.78 
Class R3  1,000.00  1,001.40  8.53 
Class R4  1,000.00  1,003.40  6.68 
Class R5  1,000.00  1,004.30  5.53 
Class R6  1,000.00  1,004.80  5.23 
Class ADV  1,000.00  1,003.40  6.73 

 

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 September 30, 2012, 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:

 

8  Small Company Fund | Semiannual report 

 



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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,017.50  $7.59 
Class I  1,000.00  1,019.60  5.52 
Class R1  1,000.00  1,016.00  9.10 
Class R2  1,000.00  1,017.30  7.84 
Class R3  1,000.00  1,016.50  8.59 
Class R4  1,000.00  1,018.40  6.73 
Class R5  1,000.00  1,019.60  5.57 
Class R6  1,000.00  1,019.90  5.27 
Class ADV  1,000.00  1,018.40  6.78 

 

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

1 Expenses are equal to the Fund’s annualized expense ratio of 1.50%, 1.09%, 1.80%, 1.55%, 1.70%, 1.33%, 1.10%, 1.04% and 1.34% for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Small Company Fund  9 

 


Portfolio summary

Top 10 Holdings (15.4% of Net Assets on 9-30-12)1,2     
UNS Energy Corp.  1.7%  Beacon Roofing Supply, Inc.  1.5% 
OSI Systems, Inc.  1.6%  Lexington Realty Trust  1.5% 
AO Smith Corp.  1.6%  EastGroup Properties, Inc.  1.5% 
Elizabeth Arden, Inc.  1.5%  Webster Financial Corp.  1.5% 
Medical Properties Trust, Inc.  1.5%  Prosperity Bancshares, Inc.  1.5% 
 
Sector Composition1,3       
Financials  26.6%  Energy  5.2% 
Information Technology  18.7%  Materials  4.6% 
Industrials  18.3%  Utilities  2.9% 
Consumer Discretionary  11.3%  Consumer Staples  2.6% 
Health Care  7.3%  Short-Term Investments & Other  2.5% 

 


1 As a percentage of net assets on 9-30-12.

2 Excludes cash and cash equivalents.

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.

10  Small Company Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
Common Stocks 97.5%    $169,626,011 
(Cost $153,217,933)     
 
Consumer Discretionary 11.3%    19,673,026 
 
Hotels, Restaurants & Leisure 4.2%     
Marriott Vacations Worldwide Corp. (I)  49,710  1,790,554 
Shuffle Master, Inc. (I)  122,030  1,929,294 
The Cheesecake Factory, Inc.  49,250  1,760,688 
Vail Resorts, Inc.  31,430  1,811,940 
 
Household Durables 0.5%     
The Ryland Group, Inc.  30,170  905,100 
 
Leisure Equipment & Products 1.0%     
Brunswick Corp.  74,980  1,696,797 
 
Specialty Retail 3.2%     
Asbury Automotive Group, Inc. (I)  78,470  2,193,237 
Hibbett Sports, Inc. (I)  29,310  1,742,480 
Pier 1 Imports, Inc.  92,240  1,728,578 
 
Textiles, Apparel & Luxury Goods 2.4%     
Oxford Industries, Inc.  30,470  1,720,032 
Steven Madden, Ltd. (I)  54,765  2,394,326 
 
Consumer Staples 2.6%    4,522,286 
 
Food Products 1.1%     
Snyders-Lance, Inc.  73,770  1,844,250 
 
Personal Products 1.5%     
Elizabeth Arden, Inc. (I)  56,690  2,678,036 
 
Energy 5.2%    9,082,451 
 
Energy Equipment & Services 2.9%     
Atwood Oceanics, Inc. (I)  55,430  2,519,294 
Gulfmark Offshore, Inc., Class A (I)  55,980  1,849,579 
Key Energy Services, Inc. (I)  97,940  685,580 
 
Oil, Gas & Consumable Fuels 2.3%     
Halcon Resources Corp. (I)  273,166  2,002,307 
Rosetta Resources, Inc. (I)  42,290  2,025,691 
 
Financials 26.6%    46,281,156 
 
Capital Markets 2.1%     
Evercore Partners, Inc., Class A  71,060  1,918,620 
Waddell & Reed Financial, Inc., Class A  55,520  1,819,390 

 

See notes to financial statements  Semiannual report | Small Company Fund  11 

 


  Shares  Value 
Commercial Banks 12.4%     
Bank of the Ozarks, Inc.  52,680  $1,815,880 
BBCN Bancorp, Inc. (I)  71,250  898,463 
Capital Bank Financial Corp. (I)  48,830  878,940 
First Midwest Bancorp, Inc.  19,860  249,243 
FirstMerit Corp.  134,990  1,988,403 
FNB Corp.  157,550  1,766,136 
Fulton Financial Corp.  205,640  2,027,610 
Old National Bancorp  135,330  1,841,841 
Prosperity Bancshares, Inc.  60,970  2,598,541 
Susquehanna Bancshares, Inc.  240,000  2,510,400 
TCF Financial Corp.  193,450  2,309,793 
Webster Financial Corp.  110,160  2,610,792 
 
Insurance 1.0%     
Amtrust Financial Services, Inc.  69,069  1,769,548 
 
Real Estate Investment Trusts 9.3%     
Associated Estates Realty Corp.  139,010  2,107,392 
EastGroup Properties, Inc.  49,230  2,619,036 
Entertainment Properties Trust  38,340  1,703,446 
Glimcher Realty Trust  195,760  2,069,183 
Highwoods Properties, Inc.  75,330  2,457,265 
Lexington Realty Trust  271,470  2,622,400 
Medical Properties Trust, Inc.  251,830  2,631,624 
 
Thrifts & Mortgage Finance 1.8%     
EverBank Financial Corp.  69,440  956,189 
Washington Federal, Inc.  126,560  2,111,021 
 
Health Care 7.3%    12,673,237 
 
Health Care Equipment & Supplies 2.4%     
Masimo Corp. (I)  72,050  1,742,169 
Teleflex, Inc.  35,300  2,430,052 
 
Health Care Providers & Services 2.7%     
LifePoint Hospitals, Inc. (I)  51,910  2,220,710 
Team Health Holdings, Inc. (I)  90,410  2,452,823 
 
Life Sciences Tools & Services 1.2%     
PAREXEL International Corp. (I)  68,980  2,121,825 
 
Pharmaceuticals 1.0%     
Akorn, Inc. (I)  129,021  1,705,658 
 
Industrials 18.3%    31,794,410 
 
Aerospace & Defense 4.6%     
Esterline Technologies Corp. (I)  30,970  1,738,656 
Hexcel Corp. (I)  96,860  2,326,577 
Orbital Sciences Corp., Class A (I)  133,560  1,944,634 
Teledyne Technologies, Inc. (I)  32,510  2,060,809 
 
Building Products 1.6%     
AO Smith Corp.  47,140  2,712,436 
 
Construction & Engineering 1.3%     
MasTec, Inc. (I)  110,170  2,170,349 

 

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

 


  Shares  Value 
Electrical Equipment 1.9%     
Belden, Inc.  61,510  $2,268,489 
Franklin Electric Company, Inc.  18,340  1,109,387 
 
Machinery 4.1%     
Actuant Corp., Class A  77,890  2,229,212 
Chart Industries, Inc. (I)  30,580  2,258,333 
CIRCOR International, Inc.  23,650  892,788 
Terex Corp. (I)  77,850  1,757,853 
 
Professional Services 1.1%     
Acacia Research Corp. (I)  66,360  1,818,928 
 
Road & Rail 1.2%     
Old Dominion Freight Line, Inc. (I)  70,985  2,140,908 
 
Trading Companies & Distributors 2.5%     
Air Lease Corp. (I)  85,290  1,739,916 
Beacon Roofing Supply, Inc. (I)  92,110  2,625,135 
 
Information Technology 18.7%    32,473,205 
 
Communications Equipment 2.3%     
NETGEAR, Inc. (I)  51,720  1,972,601 
ViaSat, Inc. (I)  53,450  1,997,961 
 
Electronic Equipment, Instruments & Components 4.0%     
FEI Company  47,710  2,552,485 
InvenSense, Inc. (I)  129,280  1,544,896 
OSI Systems, Inc. (I)  36,540  2,844,274 
 
Internet Software & Services 1.9%     
Bankrate, Inc. (I)  97,140  1,513,441 
Liquidity Services, Inc. (I)  33,410  1,677,516 
 
IT Services 2.1%     
Cardtronics, Inc. (I)  65,470  1,949,697 
Heartland Payment Systems, Inc.  55,420  1,755,706 
 
Semiconductors & Semiconductor Equipment 4.1%     
Cirrus Logic, Inc. (I)  42,910  1,647,315 
Cymer, Inc. (I)  31,200  1,593,072 
Fairchild Semiconductor International, Inc. (I)  165,860  2,176,083 
Semtech Corp. (I)  69,730  1,753,710 
 
Software 4.3%     
ACI Worldwide, Inc. (I)  56,910  2,405,017 
Manhattan Associates, Inc. (I)  44,910  2,571,996 
Take-Two Interactive Software, Inc. (I)  164,750  1,718,343 
Tangoe, Inc. (I)  60,860  799,092 
 
Materials 4.6%    8,008,200 
 
Chemicals 2.0%     
H.B. Fuller Company  55,770  1,711,024 
Minerals Technologies, Inc.  24,540  1,740,622 
 
Construction Materials 1.2%     
Eagle Materials, Inc.  44,080  2,039,141 

 

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

 


    Shares  Value 
Metals & Mining 1.4%       
Coeur d’Alene Mines Corp. (I)    30,980  $893,153 
Commercial Metals Company    123,050  1,624,260 
 
Utilities 2.9%      5,118,040 
 
Electric Utilities 2.9%       
ALLETE, Inc.    50,270  2,098,270 
UNS Energy Corp.    72,140  3,019,770 
 
Short-Term Investments 1.7%      $3,081,373 
(Cost $3,081,373)       
 
  Yield  Shares  Value 
Money Market Funds 1.7%      $3,081,373 
 
State Street Institutional Liquid Reserves Fund  0.2106% (Y)  3,081,373  3,081,373 
 
Total investments (Cost $156,299,306)† 99.2%    $172,707,384 
 
Other assets and liabilities, net 0.8%      $1,308,619 
 
Total net assets 100.0%      $174,016,003 
 

 

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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $157,319,820. Net unrealized appreciation aggregated $15,387,564, of which $19,248,906 related to appreciated investment securities and $3,861,342 related to depreciated investment securities.

14  Small Company Fund | Semiannual 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 9-30-12 (unaudited)

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 $156,299,306)  $172,707,384 
Receivable for investments sold  1,189,011 
Receivable for fund shares sold  96,704 
Dividends and interest receivable  214,395 
Receivable due from adviser  6,721 
Other receivables and prepaid expenses  102,746 
 
Total assets  174,316,961 
 
Liabilities   
Payable for fund shares repurchased  209,159 
Payable to affiliates   
Accounting and legal services fees  8,560 
Transfer agent fees  23,260 
Distribution and service fees  296 
Trustees’ fees  8,682 
Other liabilities and accrued expenses  51,001 
 
Total liabilities  300,958 
 
Net assets   
Paid-in capital  $184,939,806 
Accumulated distributions in excess of net investment income  (127,705) 
Accumulated net realized gain (loss) on investments  (27,204,176) 
Net unrealized appreciation (depreciation) on investments  16,408,078 
 
Net assets  $174,016,003 
 
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 ($114,341,899 ÷ 5,468,542 shares)  $20.91 
Class I ($57,604,252 ÷ 2,735,412 shares)  $21.06 
Class R1 ($726,295 ÷ 35,021 shares)  $20.74 
Class R2 ($102,171 ÷ 4,864 shares)  $21.01 
Class R3 ($377,081 ÷ 18,138 shares)  $20.79 
Class R4 ($87,150 ÷ 4,161 shares)  $20.94 
Class R5 ($210,586 ÷ 10,003 shares)  $21.05 
Class R6 ($115,186 ÷ 5,467 shares)  $21.07 
Class ADV ($451,383 ÷ 21,547 shares)  $20.95 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $22.01 

 

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  Semiannual report | Small Company Fund  15 

 


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

Statement of operations For the six month period ended 9-30-12
(unaudited)

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  $1,271,157 
Interest  8,417 
 
Total investment income  1,279,574 
 
Expenses   
Investment management fees  821,184 
Distribution and service fees  182,865 
Accounting and legal services fees  18,987 
Transfer agent fees  149,412 
Trustees’ fees  5,669 
State registration fees  48,099 
Printing and postage  18,344 
Professional fees  30,747 
Custodian fees  15,906 
Registration and filing fees  24,182 
Other  4,790 
 
Total expenses  1,320,185 
Less expense reductions  (77,379) 
 
Net expenses  1,242,806 
 
Net investment income  36,768 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments  7,451,070 
 
  7,451,070 
Change in net unrealized appreciation (depreciation) of   
Investments  (7,646,389) 
 
  (7,646,389) 
 
Net realized and unrealized loss  (195,319) 
 
Decrease in net assets from operations  ($158,551) 

 

16  Small Company Fund | Semiannual 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.

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $36,768  $140,260 
Net realized gain (loss)  7,451,070  (5,207,731) 
Change in net unrealized appreciation (depreciation)  (7,646,389)  (2,370,555) 
 
Decrease in net assets resulting from operations  (158,551)  (7,438,026) 
 
Distributions to shareholders     
From net investment income     
Class I  —  (138,917) 
Class R5  —  (281) 
Class R6  —  (220) 
 
Total distributions  —  (139,418) 
 
From Fund share transactions  (24,618,204)  50,599,884 
 
Total increase (decrease)  (24,776,755)  43,022,440 
 
Net assets     
Beginning of period  198,792,758  155,770,318 
 
End of period  $174,016,003  $198,792,758 
 
Accumulated distributions in excess of net investment income  ($127,705)  ($164,473) 

 

See notes to financial statements  Semiannual report | Small Company Fund  17 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES  9-30-121  3-31-12  3-31-11  3-31-102,3  10-31-09  10-31-084  10-31-07 
Period ended 
 
Per share operating performance             
Net asset value, beginning               
of period  $20.86  $21.44  $17.82  $14.68  $13.83  $22.55  $23.04 
Net investment income (loss)5  (0.01)  (0.01)  (0.03)  (0.02)  —6  0.05  (0.04) 
Net realized and unrealized gain               
(loss) on investments  0.06  (0.57)  3.62  3.18  0.87  (6.01)  2.06 
Total from               
investment operations  0.05  (0.58)  3.59  3.16  0.87  (5.96)  2.02 
Less distributions               
From net investment income  —  —  —  (0.02)  (0.02)  (0.01)  (0.01) 
From net realized gain  —  —  —  —  —  (2.75)  (2.50) 
Total distributions  —  —  —  (0.02)  (0.02)  (2.76)  (2.51) 
Non-recurring reimbursement  —  —  0.037  —  —  —  — 
Net asset value, end of period  $20.91  $20.86  $21.44  $17.82  $14.68  $13.83  $22.55 
Total return (%)8,9  0.2410  (2.71)  20.31  21.5110  6.34  (29.67)  9.43 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $114  $129  $88  $92  $87  $104  $209 
Ratios (as a percentage of               
average net assets):               
Expenses before reductions  1.5311  1.54  1.49  1.6611  1.42  1.37  1.30 
Expenses net of fee waivers  1.5011  1.44  1.34  1.3911  1.39  1.31  1.25 
Net investment income (loss)  (0.10)11  (0.07)  (0.17)  (0.23)11  (0.01)  0.27  (0.20) 
Portfolio turnover (%)  51  133  159  4212  155  177  132 

 

1 Six months ended 9-30-12. Unaudited.
2 For the five month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
3 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.
4 Prior to 5-1-08, Investor Shares were offered as Institutional Shares.
5 Based on the average daily shares outstanding.
6 Less than $0.005 per share.
7 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.
8 Does not reflect the effect of sales charges, if any.
9 Total returns would have been lower had certain expenses not been reduced during the periods shown.
10 Not annualized.
11 Annualized.
12 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

18  Small Company Fund | Semiannual report  See notes to financial statements 

 


CLASS I SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102,3  10-31-09  10-31-084 
 
Per share operating performance             
Net asset value, beginning of period  $20.96  $21.51  $17.84  $14.71  $13.84  $17.99 
Net investment income5  0.03  0.07  0.02  —6  0.03  0.04 
Net realized and unrealized gain (loss)             
on investments  0.07  (0.58)  3.62  3.18  0.87  (4.17) 
Total from investment operations  0.10  (0.51)  3.64  3.18  0.90  (4.13) 
Less distributions             
From net investment income  —  (0.04)  —  (0.05)  (0.03)  (0.02) 
Non-recurring reimbursement  —  —  0.037  —  —  — 
Net asset value, end of period  $21.06  $20.96  $21.51  $17.84  $14.71  $13.84 
Total return (%)8  0.489  (2.34)  20.57  21.679  6.56  (22.95)9 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $58  $69  $67  $36  $23  $27 
Ratios (as a percentage of average             
net assets):             
Expenses before reductions  1.1510  1.16  1.12  1.1810  1.17  1.1810 
Expenses net of fee waivers  1.0910  1.04  1.11  1.1410  1.14  1.0810 
Net investment income  0.3110  0.34  0.09  0.0110  0.24  0.5510 
Portfolio turnover (%)  51  133  159  4211  155  17712 

 

1 Six months ended 9-30-12. Unaudited.
2 For the five month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
3 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.
4 Commencement of operations 5-2-08.
5 Based on the average daily shares outstanding.
6 Less than $0.005 per share.
7 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.
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 Portfolio turnover is shown for the period from 11-1-07 to 10-31-08.

 

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

 


CLASS R1 SHARES Period ended  9-30-121  3-31-12  3-31-112 
 
Per share operating performance       
Net asset value, beginning of period  $20.71  $21.37  $19.38 
Net investment loss3  (0.02)  (0.08)  (0.07) 
Net realized and unrealized gain (loss) on investments  0.05  (0.58)  2.03 
Total from investment operations  0.03  (0.66)  1.96 
Non-recurring reimbursement  —  —  0.034 
Net asset value, end of period  $20.74  $20.71  $21.37 
Total return (%)5  0.14  (3.09)  10.276 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $1  —7  —7 
Ratios (as a percentage of average net assets):       
Expenses before reductions  5.238  13.34  7.228 
Expenses net of fee waivers  1.808  1.80  1.808 
Net investment loss  (0.22)8  (0.40)  (0.42)8 
Portfolio turnover (%)  51  133  1599 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-10 (inception date) to 3-31-11.
3 Based on the average daily shares outstanding.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-10 to 3-31-11.

 

CLASS R2 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $20.96  $20.56 
Net investment income (loss)3  (0.01)  0.02 
Net realized and unrealized gain on investments  0.06  0.38 
Total from investment operations  0.05  0.40 
Net asset value, end of period  $21.01  $20.96 
Total return (%)4  0.245  1.955 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  18.077  16.317 
Expenses net of fee waivers  1.557  1.557 
Net investment income (loss)  (0.14)7  1.317 
Portfolio turnover (%)  51  1338 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 3-1-12 (inception date) to 3-31-12.
3 Based on the average daily shares outstanding.
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 4-1-11 to 3-31-12.

 

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

 


CLASS R3 SHARES Period ended  9-30-121  3-31-12  3-31-112 
 
Per share operating performance       
Net asset value, beginning of period  $20.76  $21.39  $19.38 
Net investment loss3  (0.03)  (0.06)  (0.10) 
Net realized and unrealized gain (loss) on investments  0.06  (0.57)  2.08 
Total from investment operations  0.03  (0.63)  1.98 
Non-recurring reimbursement  —  —  0.034 
Net asset value, end of period  $20.79  $20.76  $21.39 
Total return (%)5  0.146  (2.95)  10.376 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  —7  —7  —7 
Ratios (as a percentage of average net assets):       
Expenses before reductions  3.978  4.65  3.008 
Expenses net of fee waivers  1.708  1.70  1.708 
Net investment loss  (0.31)8  (0.32)  (0.52)8 
Portfolio turnover (%)  51  133  1599 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-10 (inception date) to 3-31-11.
3 Based on the average daily shares outstanding.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-10 to 3-31-11.

 

CLASS R4 SHARES Period ended  9-30-121  3-31-12  3-31-112 
 
Per share operating performance       
Net asset value, beginning of period  $20.87  $21.44  $19.38 
Net investment income (loss)3  0.01  (0.01)  (0.03) 
Net realized and unrealized gain (loss) on investments  0.06  (0.56)  2.06 
Total from investment operations  0.07  (0.57)  2.03 
Non-recurring reimbursement  —  —  0.034 
Net asset value, end of period  $20.94  $20.87  $21.44 
Total return (%)5  0.346  (2.66)  10.636 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  —7  —7  —7 
Ratios (as a percentage of average net assets):       
Expenses before reductions  14.368  28.72  7.408 
Expenses net of fee waivers  1.338  1.40  1.408 
Net investment income (loss)  0.098  (0.03)  (0.16)8 
Portfolio turnover (%)  51  133  1599 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-10 (inception date) to 3-31-11.
3 Based on the average daily shares outstanding.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-10 to 3-31-11.

 

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

 


CLASS R5 SHARES Period ended  9-30-121  3-31-12  3-31-112 
 
Per share operating performance       
Net asset value, beginning of period  $20.96  $21.50  $19.38 
Net investment income3  0.03  0.05  0.01 
Net realized and unrealized gain (loss) on investments  0.06  (0.56)  2.08 
Total from investment operations  0.09  (0.51)  2.09 
Less distributions       
From net investment income  —  (0.03)  — 
Non-recurring reimbursement  —  —  0.034 
Net asset value, end of period  $21.05  $20.96  $21.50 
Total return (%)5  0.436  (2.34)  10.946 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  —7  —7  —7 
Ratios (as a percentage of average net assets):       
Expenses before reductions  5.898  8.75  3.668 
Expenses net of fee waivers  1.108  1.10  1.108 
Net investment income  0.328  0.28  0.058 
Portfolio turnover (%)  51  133  1599 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 4-30-10 (inception date) to 3-31-11.
3 Based on the average daily shares outstanding.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 4-1-10 to 3-31-11.

 

CLASS R6 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $20.97  $18.69 
Net investment income3  0.04  0.06 
Net realized and unrealized gain on investments  0.06  2.26 
Total from investment operations  0.10  2.32 
Less distributions     
From net investment income  —  (0.04) 
Net asset value, end of period  $21.07  $20.97 
Total return (%)4  0.485  12.455 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  14.727  15.467 
Expenses net of fee waivers  1.047  1.047 
Net investment income  0.377  0.557 
Portfolio turnover (%)  51  1338 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 9-1-11 (inception date) to 3-31-12.
3 Based on the average daily shares outstanding.
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 4-1-11 to 3-31-12.

 

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

 


CLASS ADV SHARES Period ended  9-30-121  3-31-12  3-31-11  3-31-102 
 
Per share operating performance         
Net asset value, beginning of period  $20.88  $21.44  $17.82  $15.71 
Net investment income (loss)3  0.01  0.01  (0.01)  (0.01) 
Net realized and unrealized gain (loss) on investments  0.06  (0.57)  3.60  2.12 
Total from investment operations  0.07  (0.56)  3.59  2.11 
Non-recurring reimbursement  —  —  0.034  — 
Net asset value, end of period  $20.95  $20.88  $21.44  $17.82 
Total return (%)5  0.346  (2.61)  20.31  13.436 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  —7  $1  $1  —7 
Ratios (as a percentage of average net assets):         
Expenses before reductions  3.368  4.34  4.99  2.768 
Expenses net of fee waivers  1.348  1.34  1.34  1.338 
Net investment income (loss)  0.068  0.03  (0.07)  (0.17)8 
Portfolio turnover (%)  51  133  159  429 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 12-14-09 (inception date) to 3-31-10.
3 Based on the average daily shares outstanding.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

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

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Small Company Fund (the Fund) is a 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 R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class ADV shares are available to investors who acquired Class A shares as a result of the reorganization of the FMA Small Company Portfolio 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, 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. 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 Funds in open-end mutual funds are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing

24  Small Company Fund | Semiannual report 

 


securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of September 30, 2012, all investments are categorized as Level 1 under the hierarchy described above.

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. Dividend income is recorded on the ex-date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Real estate investment trusts. The Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Such estimates are revised when actual components of distributions are known. Distributions from REITs received in excess of income may be 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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $770. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets 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 assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized

Semiannual report | Small Company Fund  25 

 


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.

For federal income tax purposes, the Fund has a capital loss carryforward of $33,634,732 available to offset future net realized capital gains as of March 31, 2012. The following table details the capital loss carryforward available as of March 31, 2012:

CAPITAL LOSS CARRYFORWARD EXPIRING AT MARCH 31  NO EXPIRATION DATE 
2016  2017  SHORT-TERM  LONG-TERM 
$16,819,535  $11,636,898  $5,178,299  — 

 

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

Capital accounts within the 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, net operating losses and real estate investment trusts.

Note 3 — Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust including 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 agreement 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.

26  Small Company Fund | Semiannual report 

 


The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest expense, 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 1.50%, 1.14%, 1.80%, 1.55%, 1.70%, 1.30%, 1.10%, 1.04% and 1.34% for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2013. Prior to June 1, 2012, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.04% and 1.40% of the average net assets of Class I and Class R4 shares respectively. Fee waivers and/or reimbursements for all other classes remained the same during the period.

For the six months ended September 30, 2012, the expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  $19,645 
Class I  19,431 
Class R1  4,423 
Class R2  8,198 
Class R3  4,565 
Class R4  4,440 
Class R5  4,490 
Class R6  7,657 
Class ADV  4,505 
Total  $77,354 

 

The investment management fees, including the impact of the waivers and/or reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.815% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class R1, Class R2, 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 R2, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund pays 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. Currently, only 0.25% is charged to Class A shares for 12b-1 fees and 0.00% is charged to Class R2 shares for service fees.

Semiannual report | Small Company Fund  27 

 


CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class R1  0.50%  0.25% 
Class R2  0.25%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 
Class ADV  0.25%  — 

 

Effective June 1, 2012, the Distributor contractually agreed to waive 0.10% of 12b-1 fees for Class R4 shares to limit the 12b-1 fees on Class R4 shares to 0.15% of the average daily net assets of Class R4 shares, until at least June 31, 2013, unless renewed by mutual agreement of the Fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. Accordingly, the fee limitation amounted to $25 for Class R4 shares for the six months ended September 30, 2012.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $47,401 for the six month ended September, 30, 2012. Of this amount, $7,695 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $37,804 was paid as sales commissions to broker-dealers and $1,902 was paid as sales commissions to sales personnel of Signator Investors, Inc., 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), 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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $179,730  $116,150  $5,272  $12,092 
Class I  —  32,668  5,681  5,257 
Class R1  911  37  4,272  170 
Class R2  124  13  8,313  15 
Class R3  1,388  58  4,303  202 
Class R4  98  10  4,303  163 
Class R5  56  27  4,303  188 
Class R6  —  16  7,641  17 
Class ADV  558  433  4,011  240 
Total  $182,865  $149,412  $48,099  $18,344 

 

Trustee expenses. The Fund 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

 

28  Small Company Fund | Semiannual report 

 


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 six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  203,405  $4,129,483  699,031  $13,720,055 
Issued in reorganization (Note 7)  —  —  3,452,513  74,129,240 
Repurchased  (905,573)  (18,382,435)  (2,077,751)  (41,861,589) 
 
Net increase (decrease)  (702,168)  ($14,252,952)  2,073,793  $45,987,706 
 
Class I shares         
Sold  247,859  $5,024,139  931,738  $19,378,865 
Issued in reorganization (Note 7)  —  —  8,264  178,025 
Distributions reinvested  —  —  6,556  121,548 
Repurchased  (782,378)  (15,897,592)  (773,501)  (15,317,349) 
 
Net increase (decrease)  (534,519)  ($10,873,453)  173,057  $4,361,089 
 
Class R1 shares         
Sold  35,339  $731,664  4,195  $83,646 
Repurchased  (7,771)  (156,254)  (2,200)  (45,925) 
 
Net increase  27,568  $575,410  1,995  $37,721 
 
Class R2 shares1         
Sold  —  —  4,864  $100,000 
 
Net increase  —  —  4,864  $100,000 
 
Class R3 shares         
Sold  2,653  $53,113  5,491  $109,696 
Repurchased  (5,835)  (117,599)  (5,518)  (107,131) 
 
Net increase (decrease)  (3,182)  ($64,486)  (27)  $2,565 
 
Class R4 shares         
Sold  1,567  $31,714  683  $13,627 
Repurchased  (22)  (455)  (169)  (3,517) 
 
Net increase  1,545  $31,259  514  $10,110 
 
Class R5 shares         
Sold  1,407  $29,597  2,954  $57,579 
Distributions reinvested  —  —  15  281 
Repurchased  (495)  (10,102)  (1,520)  (29,369) 
 
Net increase  912  $19,495  1,449  $28,491 
 
Class R6 shares2         
Sold  23  $445  5,492  $102,944 
Repurchased  (47)  (913)  —  — 
 
Net increase (decrease)  (24)  ($468)  5,492  $102,944 

 

Semiannual report | Small Company Fund  29 

 


  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class ADV shares         
Sold  60  $1,200  113  $2,200 
Repurchased  (2,572)  (54,209)  (1,716)  (32,942) 
 
Net increase  (2,512)  ($53,009)  (1,603)  ($30,742) 
 
Net increase (decrease)  (1,212,380)  ($24,618,204)  2,259,534  $50,599,884 

 

1 Period from 3-1-12 (inception date) to 3-31-12.

2 Period from 9-1-11 (inception date) to 3-31-12.

Affiliates of the Fund owned 100%, 31% and 98% of shares of beneficial interest of Class R2, Class R4 and Class R6, respectively, on September 30, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $89,348,164 and $113,929,713, respectively, for the six months ended September 30, 2012.

Note 7 — Reorganization

On March 23, 2011, the shareholders of John Hancock Growth Opportunities 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 Small Company Fund (the Acquiring Fund).

The Agreement provided for (a) the acquisition of all the assets, subject to all 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 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 Acquiring 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 April 8, 2011.

The following outlines the reorganization:

        SHARES  SHARES     
    ACQUIRED NET  APPRECIATION  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 
Small  Growth  $74,307,265  $357,619  2,999,974  3,460,777  $156,083,429  $230,390,694 
Company  Opportunities             
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, 2012. See Note 5 for capital shares issued in connection with the above referenced reorganization.

 

30  Small Company Fund | Semiannual report 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Small Company Fund (the Fund), a series of John Hancock Funds III (the Trust), met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Fiduciary Management Associates, LLC (the Subadviser) with respect to the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that result from being the Adviser or Subadviser to the Fund; (b)

Semiannual report | Small Company Fund  31 

 


a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as institutional clients and other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the

32  Small Company Fund | Semiannual report 

 


Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  3 YEARS  5 YEARS  10 YEARS 
Small Company Fund Class A Shares  –5.17%  13.36%  0.95%  6.40% 
Small-Cap Core Category Average  –3.39%  16.88%  0.53%  6.00% 
Russell 2000 TR Index  –4.18%  15.63%  0.15%  5.62% 

 

The Board noted that, although the Fund had underperformed its Category’s average performance and its benchmark index’s performance over the shorter-term periods, the Fund had outperformed its Category’s average performance and its benchmark index’s performance over the longer-term periods.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

Semiannual report | Small Company Fund  33 

 


In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was two basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND – CLASS A  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.90%  0.88% 
Gross Expense Ratio  1.50%  1.50% 
Net Expense Ratio  1.39%  1.42% 

 

The Board viewed favorably the Adviser’s contractual agreement to waive all or a portion of its advisory fees and to reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 1.50% for Class A shares (and at varying levels for other classes), excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until June 30, 2013. The Board favorably considered the impact of this contractual agreement towards lowering the Fund’s Gross Expense Ratio.

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board did not consider profitability information with respect to the Subadviser, which is not affiliated with the Adviser. The Board considered that the subadvisory fee under the Subadvisory Agreement had been negotiated by the Adviser and the Subadviser on an arm’s-length basis. For this reason, the Subadviser’s separate profitability from its relationship with the Fund was not a factor in determining whether to renew the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost structure of subadvised funds.

34  Small Company Fund | Semiannual report 

 


Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and, in the case of the Adviser, the engagement of its affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

Semiannual report | Small Company Fund  35 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  Fiduciary Management Associates, LLC 
Gregory A. Russo* 
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC 
Officers 
Hugh McHaffie  Custodian 
President  State Street Bank and Trust Company 
 
Andrew G. Arnott  Transfer agent 
Executive Vice President  John Hancock Signature Services, Inc. 
 
Thomas M. Kinzler  Legal counsel 
Secretary and Chief Legal Officer  K&L Gates 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 1-202-551-8090 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 at 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 | Semiannual 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.  348SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge     
  1-year  5-year  10-year  6-months  1-year  5-year  10-year 
Class A1  22.51  3.77  11.47  –4.90  22.51  20.32  196.19 
Class C1  26.93  4.01  11.17  –1.39  26.93  21.75  188.44 
Class I1,2  29.39  5.21  12.47  0.23  29.39  28.92  223.86 
Class R21,2  28.73  4.65  11.85  0.00  28.73  25.52  206.51 
Class R61,2  29.43  5.28  12.54  0.23  29.43  29.36  225.90 
Class ADV1,2  29.03  4.82  12.04  0.08  29.03  26.53  211.59 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I, Class R2, Class R6 and Class 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 prospectus 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 9-30-13 for Class R2 and Class R6 shares and 6-30-13 for Class ADV shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class C  Class I  Class R2  Class R6  Class ADV 
Net (%)  1.33  2.10  0.98  1.40  0.95  1.25 
Gross (%)  1.33  2.10  0.98  1.53  4.22  4.18 

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.

See the following page for footnotes.

6   Disciplined Value Mid Cap Fund | Semiannual report 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class C3  9-30-02  $28,844  $28,844  $28,292 
Class I2  9-30-02  32,386  32,386  28,292 
Class R22  9-30-02  30,651  30,651  28,292 
Class R62  9-30-02  32,590  32,590  28,292 
Class ADV2  9-30-02  31,159  31,159  28,292 

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.

Footnotes related to performance pages

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 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. Class C, Class R6 and Class R2 shares were first offered on 8-15-11, 9-1-11 and 3-1-12 respectively; 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 C, Class R6 and Class R2 shares, as applicable.

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

3 No contingent deferred sales charge is applicable.

Semiannual report | Disciplined Value Mid Cap Fund    7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,000.80  $6.42 
Class C  1,000.00  996.10  10.51 
Class I  1,000.00  1,002.30  4.72 
Class R2  1,000.00  1,000.00  7.07 
Class R6  1,000.00  1,002.30  4.67 
Class ADV  1,000.00  1,000.80  6.27 

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 September 30, 2012, 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:

 

 
 
 
8    Disciplined Value Mid Cap Fund | Semiannual report 

 


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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,018.70  $6.48 
Class C  1,000.00  1,014.50  10.61 
Class I  1,000.00  1,020.40  4.76 
Class R2  1,000.00  1,018.00  7.13 
Class R6  1,000.00  1,020.40  4.71 
Class ADV  1,000.00  1,018.80  6.33 

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 1.28%, 2.10%, 0.94%, 1.41%, 0.93% and 1.25% for Class A, Class C, Class I, Class R2, Class R6 and Class ADV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Disciplined Value Mid Cap Fund    9 

 


Portfolio summary

Top 10 Holdings (15.4% of Net Assets on 9-30-12)1,2     
CBS Corp., Class B  2.3%  Fifth Third Bancorp  1.4% 
Moody’s Corp.  1.7%  Torchmark Corp.  1.4% 
The McGraw-Hill Companies, Inc.  1.6%  Noble Energy, Inc.  1.4% 
Robert Half International, Inc.  1.4%  Cytec Industries, Inc.  1.4% 
WESCO International, Inc.  1.4%  Flowserve Corp.  1.4% 
 
Sector Composition1,3       
Financials  24.5%  Materials  7.6% 
Industrials  15.1%  Energy  6.2% 
Information Technology  13.7%  Utilities  5.8% 
Consumer Discretionary  12.2%  Consumer Staples  2.9% 
Health Care  9.3%  Short-Term Investments & Other  2.7% 

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included.

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.

10    Disciplined Value Mid Cap Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
Common Stocks 97.3%  $1,941,618,894 
(Cost $1,767,984,885)     
 
Consumer Discretionary 12.2%    243,404,915 
 
Auto Components 2.4%     
Johnson Controls, Inc.  451,230  12,363,703 
Lear Corp.  626,495  23,675,246 
TRW Automotive Holdings Corp. (I)  250,980  10,970,336 
 
Leisure Equipment & Products 0.8%     
Brunswick Corp. (L)  745,820  16,877,907 
 
Media 4.8%     
CBS Corp., Class B  1,243,495  45,176,173 
Omnicom Group, Inc.  397,435  20,491,749 
The McGraw-Hill Companies, Inc.  567,510  30,980,371 
 
Multiline Retail 2.7%     
Kohl’s Corp. (L)  327,865  16,793,245 
Macy’s, Inc.  632,150  23,781,483 
Nordstrom, Inc.  226,890  12,519,790 
 
Specialty Retail 0.8%     
Williams-Sonoma, Inc.  380,190  16,716,954 
 
Textiles, Apparel & Luxury Goods 0.7%     
VF Corp. (L)  81,940  13,057,958 
 
Consumer Staples 2.9%    57,523,757 
 
Beverages 1.9%     
Coca-Cola Enterprises, Inc.  546,855  17,100,156 
Constellation Brands, Inc., Class A (I)  415,155  13,430,264 
Dr. Pepper Snapple Group, Inc. (L)  172,020  7,660,051 
 
Food Products 0.5%     
Kellogg Company  196,365  10,144,216 
 
Tobacco 0.5%     
Lorillard, Inc.  78,910  9,189,070 
 
Energy 6.2%    123,823,554 
 
Energy Equipment & Services 1.8%     
Ensco PLC, Class A (L)  204,065  11,133,786 
Helmerich & Payne, Inc.  336,390  16,015,528 
Weatherford International, Ltd. (I)  624,035  7,912,764 

 

See notes to financial statements  Semiannual report | Disciplined Value Mid Cap Fund   11 

 


  Shares  Value 
Oil, Gas & Consumable Fuels 4.4%     
EQT Corp.  252,210  $14,880,390 
Noble Energy, Inc.  297,015  27,536,261 
Rosetta Resources, Inc. (I)(L)  487,445  23,348,616 
SM Energy Company  424,990  22,996,209 
 
Financials 24.5%    489,186,008 
 
Capital Markets 2.8%     
Raymond James Financial, Inc.  692,720  25,388,188 
SEI Investments Company  428,890  9,199,691 
TD Ameritrade Holding Corp. (L)  1,356,435  20,848,406 
 
Commercial Banks 5.8%     
Comerica, Inc.  544,460  16,905,483 
East West Bancorp, Inc.  942,650  19,908,768 
Fifth Third Bancorp  1,804,245  27,983,840 
Huntington Bancshares, Inc.  2,040,910  14,082,279 
M&T Bank Corp. (L)  140,055  13,327,634 
SunTrust Banks, Inc. (L)  811,020  22,927,535 
 
Consumer Finance 2.6%     
Capital One Financial Corp.  218,215  12,440,437 
Discover Financial Services  642,980  25,545,595 
SLM Corp.  869,265  13,664,846 
 
Diversified Financial Services 1.7%     
Moody’s Corp. (L)  785,970  34,716,295 
 
Insurance 6.6%     
Alleghany Corp. (I)  64,272  22,169,984 
Arch Capital Group, Ltd. (I)(L)  277,570  11,569,118 
Loews Corp.  299,500  12,357,370 
Marsh & McLennan Companies, Inc.  720,205  24,436,556 
Reinsurance Group of America, Inc.  329,265  19,054,566 
Symetra Financial Corp.  1,022,820  12,580,686 
The Hanover Insurance Group, Inc.  73,273  2,730,152 
Torchmark Corp. (L)  539,580  27,707,433 
 
Real Estate Investment Trusts 5.0%     
American Assets Trust, Inc.  290,135  7,772,717 
Duke Realty Corp.  553,065  8,130,056 
Equity Residential  242,960  13,977,489 
Kimco Realty Corp.  1,093,385  22,162,914 
Regency Centers Corp.  257,660  12,555,772 
Taubman Centers, Inc.  148,725  11,411,669 
Ventas, Inc.  161,820  10,073,295 
Vornado Realty Trust  167,270  13,557,234 
 
Health Care 9.3%    186,141,986 
 
Health Care Equipment & Supplies 2.4%     
CareFusion Corp. (I)  924,595  26,249,252 
Hologic, Inc. (I)(L)  1,064,345  21,542,343 

 

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

 

 
  Shares  Value 
Health Care Providers & Services 6.3%     
AmerisourceBergen Corp. (L)  677,485  $26,225,444 
Chemed Corp. (L)  150,891  10,455,237 
Cigna Corp.  351,575  16,583,793 
DaVita, Inc. (I)  117,250  12,148,273 
McKesson Corp.  288,925  24,856,218 
Omnicare, Inc. (L)  765,415  26,001,148 
Quest Diagnostics, Inc. (L)  165,010  10,466,584 
 
Life Sciences Tools & Services 0.6%     
ICON PLC, ADR (I)(L)  476,557  11,613,694 
 
Industrials 15.1%    300,932,832 
 
Aerospace & Defense 1.1%     
Curtiss-Wright Corp.  642,070  20,995,689 
 
Building Products 0.5%     
Masco Corp.  637,295  9,591,290 
 
Construction & Engineering 0.7%     
Fluor Corp.  263,840  14,848,915 
 
Electrical Equipment 0.4%     
Hubbell, Inc., Class B  94,432  7,624,440 
 
Machinery 6.0%     
AGCO Corp. (I)  405,400  19,248,392 
Dover Corp.  170,355  10,134,419 
Flowserve Corp. (L)  212,495  27,144,111 
Kennametal, Inc.  275,785  10,226,108 
Parker Hannifin Corp. (L)  316,505  26,453,488 
Stanley Black & Decker, Inc.  351,435  26,796,919 
 
Professional Services 5.0%     
Equifax, Inc.  431,085  20,079,939 
FTI Consulting, Inc. (I)(L)  749,940  20,008,399 
Manpower, Inc. (L)  343,920  12,656,256 
Robert Half International, Inc.  1,080,940  28,785,432 
Towers Watson & Company, Class A  334,820  17,762,201 
 
Trading Companies & Distributors 1.4%     
WESCO International, Inc. (I)(L)  499,595  28,576,834 
 
Information Technology 13.7%    274,091,044 
 
Communications Equipment 1.3%     
Harris Corp. (L)  503,360  25,782,099 
 
Computers & Peripherals 2.2%     
Seagate Technology PLC (L)  723,395  22,425,245 
Western Digital Corp.  581,060  22,504,454 
 
Electronic Equipment, Instruments & Components 3.7%     
Arrow Electronics, Inc. (I)  450,161  15,174,927 
Avnet, Inc. (I)  452,535  13,164,243 
Flextronics International, Ltd. (I)  2,811,300  16,867,800 
Ingram Micro, Inc., Class A (I)  572,120  8,713,388 
TE Connectivity, Ltd.  428,094  14,559,477 
Vishay Intertechnology, Inc. (I)(L)  552,387  5,429,964 

 

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

 


  Shares  Value 
IT Services 2.5%     
Alliance Data Systems Corp. (I)(L)  66,750  $9,475,163 
Amdocs, Ltd. (L)  542,300  17,890,477 
CGI Group, Inc., Class A (I)  243,960  6,552,766 
The Western Union Company  872,090  15,889,480 
 
Office Electronics 0.4%     
Xerox Corp.  1,113,540  8,173,384 
 
Semiconductors & Semiconductor Equipment 1.6%     
Analog Devices, Inc.  406,545  15,932,499 
LSI Corp. (I)  1,166,530  8,060,722 
ON Semiconductor Corp. (I)  1,184,165  7,306,298 
 
Software 2.0%     
CA, Inc.  675,585  17,406,448 
Electronic Arts, Inc. (I)(L)  807,870  10,251,870 
Symantec Corp. (I)  696,130  12,530,340 
 
Materials 7.6%    150,416,122 
 
Chemicals 3.9%     
Ashland, Inc.  295,985  21,192,526 
Cytec Industries, Inc.  418,840  27,442,397 
Minerals Technologies, Inc. (L)  137,924  9,782,949 
PPG Industries, Inc.  165,105  18,960,658 
 
Containers & Packaging 3.7%     
Ball Corp. (L)  354,695  15,007,145 
Crown Holdings, Inc. (I)  628,415  23,094,251 
Graphic Packaging Holding Company (I)  1,986,626  11,542,297 
Rock-Tenn Company, Class A  324,105  23,393,899 
 
Utilities 5.8%    116,098,676 
 
Electric Utilities 4.0%     
American Electric Power Company, Inc. (L)  366,080  16,085,555 
Edison International  499,735  22,832,892 
Great Plains Energy, Inc. (L)  518,385  11,539,244 
NV Energy, Inc.  1,149,360  20,699,974 
Westar Energy, Inc.  313,650  9,302,859 
 
Independent Power Producers & Energy Traders 0.4%     
AES Corp. (I)  658,950  7,228,682 
 
Multi-Utilities 1.4%     
Alliant Energy Corp.  314,415  13,642,467 
Ameren Corp.  452,005  14,767,003 

 

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

 


  Yield  Shares  Value 
Securities Lending Collateral 8.4%      $166,359,298 
(Cost $166,313,433)       
John Hancock Collateral Investment Trust (W)  0.3462% (Y)  16,621,635  166,359,298 
 
Short-Term Investments 4.9%      $97,902,858 
(Cost $97,902,858)       
 
Money Market Funds 4.9%      97,902,858 
State Street Institutional US Government       
Money Market Fund  0.0469% (Y)  97,902,858  97,902,858 
 
Total investments (Cost $2,032,201,176)† 110.6%  $2,205,881,050 
Other assets and liabilities, net (10.6%)      ($210,751,412) 
Total net assets 100.0%    $1,995,129,638 

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 Depository Receipt

(I) Non-income producing security.

(L) A portion of this security is on loan as of 9-30-12.

(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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $2,038,384,056. Net unrealized appreciation aggregated $167,496,994, of which $198,692,314 related to appreciated investment securities and $31,195,320 related to depreciated investment securities.

See notes to financial statements  Semiannual report | Disciplined Value Mid Cap 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 9-30-12 (unaudited)

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 $1,865,887,743)   
including $162,486,228 of securities loaned  $2,039,521,752 
Investments in affiliated issuers, at value (Cost $166,313,433)  166,359,298 
 
Total investments, at value (Cost $2,032,201,176)  2,205,881,050 
Receivable for investments sold  11,511,346 
Receivable for fund shares sold  8,431,000 
Dividends and interest receivable  1,856,132 
Receivable for securities lending income  36,064 
Receivable due from adviser  1,558 
Other receivables and prepaid expenses  172,831 
 
Total assets  2,227,889,981 
 
Liabilities   
Payable for investments purchased  62,989,790 
Payable for fund shares repurchased  2,927,029 
Payable upon return of securities loaned  166,329,046 
Payable to affiliates   
Accounting and legal services fees  91,230 
Transfer agent fees  222,111 
Trustees’ fees  2,189 
Other liabilities and accrued expenses  198,948 
 
Total liabilities  232,760,343 
 
Net assets   
Paid-in capital  $1,827,157,567 
Undistributed net investment income  6,607,863 
Accumulated net realized gain (loss) on investments and investments  (12,315,666) 
Net unrealized appreciation (depreciation) on investments  173,679,874 
 
Net assets  $1,995,129,638 

 

16   Disciplined Value Mid Cap Fund | Semiannual 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 ($799,849,548 ÷ 64,415,832 shares)  $12.42 
Class C ($49,430,681 ÷ 3,895,114 shares)1  $12.69 
Class I ($1,091,499,388 ÷ 85,164,370 shares)  $12.82 
Class R2 ($990,413 ÷ 77,524 shares)  $12.78 
Class R6 ($52,660,806 ÷ 4,108,657 shares)  $12.82 
Class ADV ($698,802 ÷ 56,304 shares)  $12.41 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $13.07 

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  Semiannual 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


Statement of operations For the six month period ended 9-30-12 (unaudited)

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  $13,086,848 
Securities lending  310,727 
Interest  5,191 
Total investment income  13,402,766 
 
Expenses   
Investment management fees  6,277,819 
Distribution and service fees  998,814 
Accounting and legal services fees  145,978 
Transfer agent fees  1,153,844 
Trustees’ fees  35,812 
State registration fees  71,552 
Printing and postage  106,304 
Professional fees  65,532 
Custodian fees  119,780 
Registration and filing fees  10,202 
Other  22,961 
 
Total expenses  9,008,598 
Less expense reductions  (18,988) 
 
Net expenses  8,989,610 
 
Net investment income  4,413,156 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  (5,407,122) 
Investments in affiliated issuers  2,048 
  (5,405,074) 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  26,879,911 
Investments in affiliated issuers  1,772 
  26,881,683 
Net realized and unrealized gain  21,476,609 
 
Increase in net assets from operations  $25,889,765 

 

18   Disciplined Value Mid Cap Fund | Semiannual 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.

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $4,413,156  $3,917,596 
Net realized loss  (5,405,074)  (6,954,233) 
Change in net unrealized appreciation (depreciation)  26,881,683  90,921,817 
 
Increase in net assets resulting from operations  25,889,765  87,885,180 
 
Distributions to shareholders     
From net investment income     
Class I  —  (1,140,707) 
Class R6  —  (240) 
Class ADV  —  (117) 
From net realized gain     
Class A  —  (1,042,548) 
Class C  —  (12,538) 
Class I  —  (1,636,417) 
Class R6  —  (309) 
Class ADV  —  (2,537) 
 
Total distributions  —  (3,835,413) 
 
From Fund share transactions  480,901,056  979,510,224 
 
Total increase  506,790,821  1,063,559,991 
 
Net assets     
Beginning of period  1,488,338,817  424,778,826 
 
End of period  $1,995,129,638  $1,488,338,817 
 
Undistributed net investment income  $6,607,863  $2,194,707 

 

See notes to financial statements  Semiannual 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 during the period.

CLASS A SHARES               
 
Period ended  9-30-121  3-31-12  3-31-112  8-31-103  8-31-094  8-31-084  8-31-074 
Per share operating performance             
Net asset value, beginning               
of period  $12.41  $11.98  $8.66  $8.10  $9.08  $11.16  $12.81 
Net investment income5  0.02  0.04  0.01  0.016  0.07  0.06  0.02 
Net realized and unrealized               
gain (loss) on investments  (0.01)  0.42  3.32  0.60  (0.98)7  (0.74)  2.39 
Total from               
investment operations  0.01  0.46  3.33  0.61  (0.91)  (0.68)  2.41 
Less distributions               
From net investment income  —  —  (0.01)  (0.05)  (0.07)  (0.04)  — 
From net realized gain  —  (0.03)  —  —  —8  (1.36)  (4.06) 
Total distributions  —  (0.03)  (0.01)  (0.05)  (0.07)  (1.40)  (4.06) 
Net asset value, end               
of period  $12.42  $12.41  $11.98  $8.66  $8.10  $9.08  $11.16 
Total return (%)9  0.0810  3.9211  38.4710,11  7.5411  (9.79)7,11  (6.62)11  21.0211 
 
Ratios and supplemental data             
Net assets, end of period               
(in millions)  $800  $517  $171  $75  $14  $17  $13 
Ratios (as a percentage of               
average net assets):               
Expenses before reductions  1.2812  1.33  1.3512  1.56  1.93  1.73  1.73 
Expenses net of fee waivers               
and credits  1.2812  1.29  1.2512  1.25  1.25  1.25  1.25 
Net investment income  0.3812  0.32  0.1012  0.09  1.09  0.55  0.14 
Portfolio turnover (%)  31  41  27  38  58  64  89 
 

1 Six months ended 9-30-12. Unaudited.
2 For the seven month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
3 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.
4 Audited by previous independent registered public accounting firm.
5 Based on the average daily shares outstanding.
6 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.
7 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.
8 Less than $0.01 per share.
9 Does not reflect the effect of sales charges, if any.
10 Not annualized.
11 Total returns would have been lower had certain expenses not been reduced during the periods shown.
12 Annualized.

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

 


CLASS C SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.74  $10.63 
Net investment loss3  (0.02)  (0.02) 
Net realized and unrealized gain (loss) on investments  (0.03)  2.16 
Total from investment operations  (0.05)  2.14 
Less distributions     
From net realized gain  —  (0.03) 
Total distributions  —  (0.03) 
Net asset value, end of period  $12.69  $12.74 
Total return (%)4,5  (0.39)6  20.226 
Ratios and supplemental data     
Net assets, end of period (in millions)  $49  $20 
Ratios (as a percentage of average net assets):     
Expenses before reductions  2.137  2.107 
Expenses net of fee waivers and credits  2.107  2.107 
Net investment loss  (0.39)7  (0.26) 
Portfolio turnover (%)  31  418 
 

1 Six months ended 9-30-12. Unaudited.
2 Period from 8-15-11 (inception date) to 3-31-12.
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 Not annualized.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

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

 


CLASS I SHARES               
 
Period ended  9-30-121  3-31-12  3-31-112  8-31-103  8-31-094  8-31-084  8-31-074 
Per share operating performance             
Net asset value, beginning               
of period  $12.79  $12.33  $8.92  $8.34  $9.35  $11.45  $13.05 
Net investment income5  0.04  0.07  0.03  0.046  0.09  0.08  0.05 
Net realized and unrealized               
gain (loss) on investments  (0.01)  0.45  3.41  0.61  (1.01)7  (0.76)  2.44 
Total from               
investment operations  0.03  0.52  3.44  0.65  (0.92)  (0.68)  2.49 
Less distributions               
From net investment income  —  (0.03)  (0.03)  (0.07)  (0.09)  (0.06)  (0.03) 
From net realized gain  —  (0.03)  —  —  —8  (1.36)  (4.06) 
Total distributions  —  (0.06)  (0.03)  (0.07)  (0.09)  (1.42)  (4.09) 
Net asset value, end               
of period  $12.82  $12.79  $12.33  $8.92  $8.34  $9.35  $11.45 
Total return (%)  0.239  4.28  38.649  7.7610  (9.50)7,10  (6.41)10  21.3210 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $1,091  $948  $254  $87  $33  $35  $36 
Ratios (as a percentage of               
average net assets):               
Expenses before reductions  0.9411  0.98  0.9911  1.28  1.69  1.48  1.48 
Expenses net of fee waivers               
and credits  0.9411  0.98  0.9911  1.00  1.00  1.00  1.00 
Net investment income  0.6811  0.63  0.3711  0.41  1.33  0.80  0.38 
Portfolio turnover (%)  31  41  27  38  58  64  89 
 

1 Six months ended 9-30-12. Unaudited.
2 For the seven month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
3 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.
4 Audited by previous independent registered public accounting firm.
5 Based on the average daily shares outstanding.
6 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.
7 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.
8 Less than $0.01 per share.
9 Not annualized.
10 Total returns would have been lower had certain expenses not been reduced during the periods shown.
11 Annualized.

22   Disciplined Value Mid Cap Fund | Semiannual report  See notes to financial statements 

 


CLASS R2 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.78  $12.43 
Net investment income3  0.02  0.01 
Net realized and unrealized gain (loss) on investments  (0.02)  0.34 
Total from investment operations  —  0.35 
Net asset value, end of period  $12.78  $12.78 
Total return (%)4  —5  2.825 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $1  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  4.977  16.137 
Expenses net of fee waivers and credits  1.417  1.457 
Net investment income  0.287  1.007 
Portfolio turnover (%)  31  418 
 

1 Six months ended 9-30-12. Unaudited.
2 Period from 3-1-12 (inception date) to 3-31-12.
3 Based on the average daily shares outstanding.
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 4-1-11 to 3-31-12.

CLASS R6 SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.79  $10.95 
Net investment income3  0.06  0.08 
Net realized and unrealized gain (loss) on investments  (0.03)  1.82 
Total from investment operations  0.03  1.90 
Less distributions     
From net investment income  —  (0.03) 
From net realized gain  —  (0.03) 
Total distributions  —  (0.06) 
Net asset value, end of period  $12.82  $12.79 
Total return (%)  0.234  17.454,5 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $53  $2 
Ratios (as a percentage of average net assets):     
Expenses before reductions  0.936  4.226 
Expenses net of fee waivers and credits  0.936  0.996 
Net investment income  0.936  1.256 
Portfolio turnover (%)  31  417 
 

1 Six months ended 9-30-12. Unaudited.
2 Period from 9-1-11 (inception date) to 3-31-12.
3 Based on the average daily shares outstanding.
4 Not annualized.
5 Total returns would have been lower had certain expenses not been reduced during the period shown.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

See notes to financial statements  Semiannual report | Disciplined Value Mid Cap Fund   23 

 


CLASS ADV SHARES Period ended  9-30-121  3-31-12  3-31-112  8-31-103 
 
Per share operating performance         
Net asset value, beginning of period  $12.40  $11.97  $8.65  $8.86 
Net investment income4  0.02  0.04  0.01  —5 
Net realized and unrealized gain (loss) on investments  (0.01)  0.43  3.32  (0.21) 
Total from investment operations  0.01  0.47  3.33  (0.21) 
Less distributions         
From net investment income  —  (0.01)  (0.01)  — 
From net realized gain  —  (0.03)  —  — 
Total distributions  —  (0.04)  (0.01)  — 
Net asset value, end of period  $12.41  $12.40  $11.97  $8.65 
Total return (%)6  0.087  3.94  38.507  (2.37)7 
Ratios and supplemental data         
Net assets, end of period (in millions)  $1  $1  —8  —8 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.509  4.18  5.789  1.429 
Expenses net of fee waivers and credits  1.259  1.25  1.259  1.259 
Net investment income (loss)  0.359  0.37  0.159  (0.37)9 
Portfolio turnover (%)  31  41  27  3810 
 

1 Six months ended 9-30-12. Unaudited.
2 For the seven month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
3 Period from 7-12-10 (inception date) to 8-31-10.
4 Based on the average daily shares outstanding.
5 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 Less than $500,000.
9 Annualized.
10 Portfolio turnover is shown for the period from 9-1-09 to 8-31-10.

24   Disciplined Value Mid Cap Fund | Semiannual report  See notes to financial statements 

 


Notes to financial statements

(unaudited)

Note 1 — Organization

John Hancock Disciplined Value Mid Cap Fund (the Fund) is a 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.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class ADV shares are available only 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, 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. 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 mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Other portfolio securities and assets, where reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or

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trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of September 30, 2012, all investments are categorized as Level 1 under the hierarchy described above.

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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provider indemnification, 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 or possible loss of rights in the collateral should the borrower fail financially. 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. Net 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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $1,550. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

26   Disciplined Value Mid Cap Fund | Semiannual report 

 


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 assets 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 assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. 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.

For federal income tax purposes, as of March 31, 2012, the Fund has $1,233,400 of short term capital loss carryforward available to offset future net realized capital gains.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

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

Note 3 — Guarantees and indemnifications

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

Note 4 — Fees and transactions with affiliates

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

Semiannual report | Disciplined Value Mid Cap Fund   27 

 


Management fee. The Fund has an investment management agreement 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 Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, brokerage commissions, interest, litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements are such that these expenses will not exceed 1.35%, 2.10%, 1.04%, 1.40%, 0.95% and 1.25% for Class A, Class C, Class I, Class R2, Class R6 and Class ADV shares, respectively. The expense reimbursements will continue in effect until at least June 30, 2013 for Class A, Class C, Class I and Class ADV shares and September 30, 2013 for Class R2 and Class R6 shares. Prior to July 1, 2012 for Class R2 and Class R6 shares and July 10, 2012 for Class I , the fee waivers and/or reimbursements were such that these expenses would not exceed 1.45%, 0.99% and 1.00% for Class R2, Class R6 and Class I shares, respectively. From July 1, 2012 to September 10, 2012 the fee waivers and/or reimbursements for Class R2 and Class R6 shares were voluntary.

For the six months ended September 30, 2012, the expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  — 
Class C  $5,942 
Class I  — 
Class R2  8,303 
Class R6  — 
Class ADV  4,743 
Total  $18,988 

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.77% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class C, Class R2 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 R2 shares, the Fund pays for certain other services. The Fund pays the following contractual rates of distribution fees and may pay up to the following service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares. Currently,

28   Disciplined Value Mid Cap Fund | Semiannual report 

 


only 0.25% is charged to Class A shares for 12b-1 fees and 0.00% is charged to Class R2 shares for service fees.

CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class C  1.00%  — 
Class R2  0.25%  0.25% 
Class ADV  0.25%  — 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $696,680 for the six months ended September 30, 2012. Of this amount, $98,974 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $594,425 was paid as sales commissions to broker-dealers and $3,281 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Class C shares are subject to contingent deferred sales charges (CDSCs). 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 reimburse the Distributor for commissions paid in connection with the sale of these shares. During the six months ended September 30, 2012, CDSCs received by the Distributor amounted to $3,571 for Class C shares.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), 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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $815,640  $631,540  $14,922  $45,958 
Class C  181,642  35,120  18,545  2,978 
Class I  —  481,360  16,834  51,583 
Class R2  583  66  8,966  70 
Class R6  —  5,022  8,111  5,188 
Class ADV  949  736  4,174  527 
Total  $998,814  $1,153,844  $71,552  $106,304 

Trustee expenses. The Fund 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

Semiannual report | Disciplined Value Mid Cap Fund   29 

 


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 six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  29,885,665  $357,008,374  40,929,038  $467,151,243 
Distributions reinvested  —  —  93,424  988,426 
Repurchased  (7,105,532)  (84,714,114)  (13,637,297)  (152,469,459) 
 
Net increase  22,780,133  $272,294,260  27,385,165  $315,670,210 
 
Class C shares         
Sold  2,449,124  $30,133,040  1,637,864  $19,443,043 
Distributions reinvested  —  —  1,111  12,086 
Repurchased  (147,813)  (1,817,889)  (45,172)  (501,404) 
 
Net increase  2,301,311  $28,315,151  1,593,803  $18,953,725 
 
Class I shares         
Sold  33,501,563  $413,396,722  64,864,977  $773,298,013 
Distributions reinvested  —  —  77,502  843,998 
Repurchased  (22,481,724)  (281,131,850)  (11,396,628)  (132,055,818) 
 
Net increase  11,019,839  $132,264,872  53,545,851  $642,086,193 
 
Class R2 shares         
Sold  74,332  $913,525  8,045  $100,000 
Repurchased  (4,853)  (62,919)  —  — 
 
Net increase  69,479  $850,606  8,045  $100,000 
 
Class R6 shares         
Sold  4,128,800  $49,604,658  175,316  $2,180,325 
Repurchased  (182,945)  (2,271,645)  (12,514)  (157,180) 
 
Net increase  3,945,855  $47,333,013  162,802  $2,023,145 
 
Class ADV shares         
Sold  253  $3,012  70,774  $770,849 
Distributions reinvested  —  —  241  2,554 
Repurchased  (13,382)  (159,858)  (8,512)  (96,452) 
 
Net increase (decrease)  (13,129)  ($156,846)  62,503  $676,951 
 
Net increase  40,103,488  $480,901,056  82,758,169  $979,510,224 

Affiliates of the Fund owned 11% of shares of beneficial interest of Class R2 on September 30, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $988,009,713 and $494,167,973, respectively, for the six months ended September 30, 2012.

30   Disciplined Value Mid Cap Fund | Semiannual report 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Disciplined Value Mid Cap Fund (the Fund), a series of John Hancock Funds III, met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Robeco Investment Management, Inc. (the Subadviser) with respect to the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as institutional clients and other

Semiannual report | Disciplined Value Mid Cap Fund   31 

 


investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

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The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
Disciplined Value Mid Cap Fund  0.32%  20.20%  4.26%  8.28% 
Class A Shares         
Mid-Cap Value Category Average  –4.55%  16.93%  –0.51%  5.84% 
Russell Mid Cap Value TR Index  –1.38%  18.19%  0.04%  7.67% 

The Board noted that the Fund outperformed its Category’s average performance and its benchmark index’s performance for all periods shown.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating

Semiannual report | Disciplined Value Mid Cap Fund   33 

 


expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was four basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND — CLASS A  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.79%  0.75% 
Gross Expense Ratio  1.29%  1.27% 
Net Expense Ratio  1.25%  1.25% 

The Board viewed favorably the Adviser’s contractual agreement to waive all or a portion of its advisory fees and to reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 1.35% for Class A shares (and at varying levels for other classes), excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until June 30, 2013. The Board favorably considered the impact of this contractual agreement towards lowering the Fund’s Gross Expense Ratio.

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board did not consider profitability information with respect to the Subadviser, which is not affiliated with the Adviser. The Board considered that the subadvisory fee under the Subadvisory Agreement had been negotiated by the Adviser and the Subadviser on an arm’s-length basis. For this reason, the Subadviser’s separate profitability from its relationship with the Fund was not a factor in determining whether to renew the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost structure of subadvised funds.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

34   Disciplined Value Mid Cap Fund | Semiannual report 

 


The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and, in the case of the Adviser, the engagement of its affiliates and/ or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

Semiannual report | Disciplined Value Mid Cap Fund   35 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  Robeco Investment Management, Inc. 
Gregory A. Russo*   
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC  
Officers   
Hugh McHaffie  Custodian 
President  State Street Bank and Trust Company  
   
Andrew G. Arnott  Transfer agent 
Executive Vice President  John Hancock Signature Services, Inc.  
   
Thomas M. Kinzler  Legal counsel 
Secretary and Chief Legal Officer  K&L Gates 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 1-202-551-8090 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 at 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   Disciplined Value Mid Cap Fund | Semiannual 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 Disciplined Value Mid Cap Fund.  363SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge     
  1-year  5-year  10-year  6-months  1-year  5-year  10-year 
Class A1,2  8.81  –4.80  8.16  –5.46  8.81  –21.82  119.10 
Class I1,2,3  14.91  –3.71  8.79  –0.24  14.91  –17.22  132.16 
Class NAV1,2,3  15.12  –3.30  9.26  –0.24  15.12  –15.44  142.40 


Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I or Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-13 for Class A and Class I shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class I  Class NAV 
Net (%)  1.60  1.29  1.08 
Gross (%)  4.35  8.09  1.08 


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.

See the following page for footnotes.

6  International Value Equity Fund | Semiannual report 

 


 

 

 
    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class I 3  9-30-02  $23,216  $23,216  $24,027  $25,141 
Class NAV 3  9-30-02  24,240  24,240  24,027  25,141 


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.

Footnotes related to performance pages

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 and Class NAV shares were first offered on 12-16-11. Returns prior to these dates are those of Class A shares recalculated to reflect the gross fees and expenses of Class I and Class NAV shares, as applicable.

2 In October 2011, the adviser made a voluntary payment to the Fund of $6,950, or approximately $0.018 per share. Without this payment, performance would have been lower.

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

Semiannual report | International Value Equity Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $995.10  $8.00 
Class I  1,000.00  997.60  6.21 
Class NAV  1,000.00  997.60  5.46 


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 September 30, 2012, 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:

 

 

 
 

 
8  International Value Equity Fund | Semiannual report 

 


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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,017.00  $8.09 
Class I  1,000.00  1,018.90  6.28 
Class NAV  1,000.00  1,019.60  5.52 


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

1 Expenses are equal to the Fund’s annualized expense ratio of 1.60%, 1.24% and 1.09% for Class A, Class I and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | International Value Equity Fund  9 

 


Portfolio summary

Top 10 Holdings (12.0% of Net Assets on 9-30-12)1,2     
Nestle SA  1.5%  Total SA  1.2% 
Petroleo Brasileiro SA  1.3%  HSBC Holdings PLC  1.1% 
Fraser and Neave, Ltd.  1.2%  CNOOC, Ltd.  1.1% 
Novartis AG  1.2%  Royal Dutch Shell PLC, A Shares  1.1% 
Techtronic Industries Company  1.2%  Encana Corp.  1.1% 
  
Sector Composition1,3       
Financials  19.4%  Consumer Discretionary  7.3% 
Industrials  15.1%  Telecommunication Services  5.7% 
Health Care  10.9%  Utilities  5.4% 
Energy  10.7%  Information Technology  4.2% 
Consumer Staples  8.9%  Short-Term Investments & Other  4.3% 
Materials  8.1%     
 

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included.

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

10  International Value Equity Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
Common Stocks 93.6%    $268,152,620 
(Cost $245,303,001)     
 
Australia 7.1%    20,499,416 
 
AGL Energy, Ltd.  139,581  2,163,527 
Amcor, Ltd.  283,351  2,274,766 
BHP Billiton, Ltd.  76,483  2,620,577 
Incitec Pivot, Ltd.  708,338  2,177,263 
National Australia Bank, Ltd.  99,939  2,633,153 
Santos, Ltd.  246,300  2,886,367 
Sonic Healthcare, Ltd.  204,587  2,875,015 
Westpac Banking Corp.  111,691  2,868,748 
 
Austria 1.5%    4,445,117 
 
OMV AG  77,762  2,725,252 
Telekom Austria AG  243,095  1,719,865 
 
Bermuda 0.8%    2,401,851 
 
Hiscox, Ltd.  305,431  2,401,851 
 
Canada 7.7%    22,216,066 
 
Bank of Montreal (L)  43,738  2,584,862 
Barrick Gold Corp.  55,485  2,318,507 
Bombardier, Inc.  536,718  2,014,535 
Encana Corp. (L)  141,768  3,104,735 
Husky Energy, Inc. (L)  107,558  2,890,532 
Magna International, Inc. (L)  53,312  2,305,252 
Potash Corp. of Saskatchewan, Inc.  50,117  2,178,313 
Sun Life Financial, Inc. (L)  97,986  2,274,479 
The Toronto-Dominion Bank (L)  30,514  2,544,851 
 
Chile 0.7%    1,889,488 
 
Enersis SA, ADR  115,283  1,889,488 
 
China 3.2%    9,043,878 
 
China Petroleum & Chemical Corp., H Shares  3,162,000  2,937,816 
CNOOC, Ltd.  1,544,000  3,132,883 
Industrial & Commercial Bank of China, H Shares  3,821,000  2,246,863 
Sinotrans, Ltd., H Shares (I)  5,585,000  726,316 
 
France 6.2%    17,684,277 
 
Cie de Saint-Gobain  61,693  2,174,673 
GDF Suez  93,315  2,091,220 
Sanofi  36,103  3,084,251 

 

See notes to financial statements  Semiannual report | International Value Equity Fund  11 

 


  Shares  Value 
France (continued)     
 
Societe BIC SA  21,039  $2,545,460 
Total SA  66,419  3,303,621 
Vinci SA  47,834  2,044,330 
Vivendi SA  124,830  2,440,722 
 
Germany 7.9%    22,664,899 
 
Allianz SE  23,362  2,781,738 
BASF SE  31,625  2,672,233 
Bayer AG  29,320  2,522,749 
Deutsche Bank AG  61,394  2,429,694 
Deutsche Boerse AG  42,689  2,364,132 
E.ON AG  105,655  2,510,895 
Muenchener Rueckversicherungs AG  16,648  2,601,331 
Rheinmetall AG  46,010  2,149,269 
Siemens AG  26,365  2,632,858 
 
Hong Kong 6.2%    17,735,325 
 
China Mobile, Ltd.  218,000  2,417,252 
Guangdong Investment, Ltd.  2,874,000  2,255,863 
Hang Lung Group, Ltd.  348,000  2,200,387 
Johnson Electric Holdings, Ltd.  3,915,000  2,563,355 
Swire Pacific, Ltd., Class A  182,500  2,228,029 
Swire Properties, Ltd.  55,650  171,798 
Techtronic Industries Company  1,904,500  3,449,323 
Yue Yuen Industrial Holdings, Ltd.  728,000  2,449,318 
 
Ireland 0.6%    1,597,669 
 
C&C Group PLC  335,776  1,597,669 
 
Israel 1.0%    2,749,459 
 
Teva Pharmaceutical Industries, Ltd.  66,413  2,749,459 
 
Italy 1.9%    5,334,077 
 
Ansaldo STS SpA  319,006  2,616,920 
DiaSorin SpA (L)  77,874  2,717,157 
 
Japan 16.4%    47,050,875 
 
Aderans Company, Ltd. (I)  98,000  1,333,307 
Aisin Seiki Company, Ltd.  70,400  2,000,767 
Asahi Glass Company, Ltd.  371,000  2,469,853 
Astellas Pharma, Inc. (L)  50,000  2,539,538 
Daiichi Sankyo Company, Ltd. (L)  161,700  2,671,960 
Disco Corp. (L)  42,300  2,036,163 
East Japan Railway Company  34,200  2,264,952 
Fujitsu, Ltd. (L)  502,000  1,883,193 
Honda Motor Company, Ltd.  69,300  2,126,450 
Komatsu, Ltd.  99,800  1,963,482 
Kyocera Corp. (L)  27,100  2,345,639 
Mitsubishi Corp. (L)  109,300  1,985,679 
Mitsubishi UFJ Financial Group  518,800  2,417,228 
Nidec Corp. (L)  27,200  1,988,776 

 

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

 


  Shares  Value 
Japan (continued)     
 
Nippon Electric Glass Company, Ltd.  256,000  $1,404,096 
Nippon Telegraph & Telephone Corp.  52,200  2,476,976 
Secom Company, Ltd. (L)  45,900  2,392,693 
Sumitomo Chemical Company, Ltd. (L)  687,000  1,750,123 
Tokyo Electron, Ltd. (L)  46,600  1,983,360 
Toyo Suisan Kaisha, Ltd.  99,000  2,475,744 
Tsuruha Holdings, Inc.  34,100  2,547,747 
Yamada Denki Company, Ltd.  45,480  1,993,149 
 
Netherlands 3.9%    11,171,649 
 
Aegon NV  475,936  2,486,052 
Heineken Holding NV  60,367  2,937,312 
Koninklijke Philips Electronics NV  112,645  2,633,930 
Royal Dutch Shell PLC, A Shares  89,914  3,114,355 
 
Norway 1.9%    5,396,550 
 
DNB ASA  210,022  2,583,092 
Fred.Olsen Energy ASA  62,828  2,813,458 
 
Singapore 3.0%    8,496,312 
 
DBS Group Holdings, Ltd.  217,500  2,540,389 
Fraser and Neave, Ltd. (I)  489,000  3,527,968 
Singapore Telecommunications, Ltd.  933,000  2,427,955 
 
South Africa 0.6%    1,765,477 
 
Tiger Brands, Ltd.  53,719  1,765,477 
 
Spain 0.9%    2,580,614 
 
Telefonica SA (I)  193,529  2,580,614 
 
Sweden 1.6%    4,670,974 
 
Saab AB  133,369  2,562,406 
Securitas AB, Series B  280,164  2,108,568 
 
Switzerland 6.1%    17,563,592 
 
Aryzta AG (I)  54,384  2,611,155 
Credit Suisse Group AG (I)  117,297  2,494,604 
Nestle SA  67,821  4,278,226 
Novartis AG  57,288  3,506,392 
STMicroelectronics NV  416,516  2,252,886 
Xstrata PLC (I)  155,964  2,420,329 
 
United Kingdom 14.4%    41,195,055 
 
Anglo American PLC  82,386  2,425,218 
AstraZeneca PLC  60,060  2,869,247 
Aviva PLC  464,797  2,401,763 
Barclays PLC  771,732  2,686,336 
British Sky Broadcasting Group PLC  210,253  2,525,920 
Debenhams PLC  824,357  1,365,847 
Diageo PLC  103,197  2,905,664 
GlaxoSmithKline PLC  114,359  2,638,009 
HSBC Holdings PLC  352,060  3,266,807 
National Grid PLC  201,629  2,225,795 
Reed Elsevier PLC  288,131  2,758,560 

 

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

 


    Shares  Value 
United Kingdom (continued)       
 
Smith & Nephew PLC    270,706  $2,989,930 
Standard Chartered PLC    110,034  2,492,458 
Unilever PLC    79,785  2,905,933 
United Utilities Group PLC    204,077  2,363,136 
Vodafone Group PLC    834,287  2,374,432 
 
Preferred Securities 2.1%      $6,027,695 
(Cost $5,952,013)       
 
Brazil 2.1%      6,027,695 
 
Petroleo Brasileiro SA    324,730  3,583,283 
Vale SA    140,500  2,444,412 
 
  Yield  Shares  Value 
Securities Lending Collateral 13.3%      $38,057,995 
(Cost $38,056,216)       
John Hancock Collateral Investment Trust (W)  0.3462% (Y)  3,802,529  38,057,995 
 
Total investments (Cost $289,311,230)† 109.0%    $312,238,310 
 
Other assets and liabilities, net (9.0%)      ($25,827,702) 
 
Total net assets 100.0%      $286,410,608 


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

(I) Non-income producing security.

(L) A portion of this security is on loan as of 9-30-12.

(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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $289,373,269. Net unrealized appreciation aggregated $22,865,041, of which $28,819,600 related to appreciated investment securities and $5,954,559 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 9-30-12:

Financials  19.4% 
Industrials  15.1% 
Health Care  10.9% 
Energy  10.7% 
Consumer Staples  8.9% 
Materials  8.1% 
Consumer Discretionary  7.3% 
Telecommunication Services  5.7% 
Utilities  5.4% 
Information Technology  4.2% 
Short-Term Investments & Other  4.3% 

 

14  International Value Equity Fund | Semiannual 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 9-30-12 (unaudited)

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 $251,255,014) including   
$38,160,331 of securities loaned)  $274,180,315 
Investments in affiliated issuers, at value (Cost $38,056,216)  38,057,995 
 
Total investments, at value (Cost $289,311,230)  312,238,310 
Cash  8,092,108 
Foreign currency, at value (Cost $435,085)  441,068 
Receivable for investments sold  2,572,862 
Receivable for fund shares sold  59,359 
Dividends and interest receivable  1,165,550 
Receivable for securities lending income  19,012 
Receivable due from adviser  1,655 
Other receivables and prepaid expenses  25,652 
 
Total assets  324,615,576 
 
Liabilities   
Payable upon return of securities loaned  38,056,425 
Payable to affiliates   
Accounting and legal services fees  13,629 
Transfer agent fees  762 
Trustees’ fees  186 
Other liabilities and accrued expenses  133,966 
 
Total liabilities  38,204,968 
 
Net assets   
Paid-in capital  $256,507,266 
Undistributed net investment income  3,798,154 
Accumulated net realized gain (loss) on investments and foreign   
currency transactions  3,170,919 
Net unrealized appreciation (depreciation) on investments and translation   
of assets and liabilities in foreign currencies  22,934,269 
 
Net assets  $286,410,608 

 

See notes to financial statements  Semiannual 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

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 ($4,685,190 ÷ 572,880 shares)  $8.18 
Class I ($907,451 ÷ 110,800 shares)  $8.19 
Class NAV ($280,817,967 ÷ 34,239,745 shares)  $8.20 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $8.61 


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.

 

 

 

16  International Value Equity Fund | Semiannual 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 six month period ended 9-30-12
(unaudited)

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  $4,389,886 
Securities lending  174,813 
Interest  154 
Less foreign taxes withheld  (397,990) 
 
Total investment income  4,166,863 
 
Expenses   
Investment management fees  960,155 
Distribution and service fees  4,254 
Accounting and legal services fees  16,559 
Transfer agent fees  3,721 
Trustees’ fees  4,033 
State registration fees  9,360 
Printing and postage  3,283 
Professional fees  26,287 
Custodian fees  146,097 
Registration and filing fees  22,212 
Other  4,855 
 
Total expenses  1,200,816 
Less expense reductions  (11,409) 
 
Net expenses  1,189,407 
 
Net investment income  2,977,456 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  2,462,660 
Investments in affiliated issuers  (161) 
Foreign currency transactions  (169,938) 
  2,292,561 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  10,734,154 
Investments in affiliated issuers  1,376 
Translation of assets and liabilities in foreign currencies  7,084 
  10,742,614 
Net realized and unrealized gain  13,035,175 
 
Increase in net assets from operations  $16,012,631 

 

See notes to financial statements  Semiannual 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 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.

  Six months   
  ended  Year 
  9-30-12  ended 
  (Unaudited)  3-31-12 
Increase (decrease) in net assets     
From operations     
Net investment income  $2,977,456  $751,498 
Net realized gain  2,292,561  1,116,158 
Change in net unrealized appreciation (depreciation)  10,742,614  11,916,003 
 
Increase in net assets resulting from operations  16,012,631  13,783,659 
 
Distributions to shareholders     
From net investment income     
Class A  —  (19,630) 
Class I  —  (3,078) 
Class NAV  —  (34,119) 
From net realized gain     
Class A  —  (18,251) 
Class I  —  (1,758) 
 
Total distributions  —  (76,836) 
 
Contribution from adviser1  —  6,950 
 
From Fund share transactions  152,688,393  100,946,197 
 
Total increase  168,701,024  114,659,970 
 
Net assets     
Beginning of period  117,709,584  3,049,614 
 
End of period  $286,410,608  $117,709,584 
 
Undistributed net investment income  $3,798,154  $820,698 


1 In October 2011, the adviser made a voluntary payment to the fund.

 

 

 

 

18  International Value Equity Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES               
Period ended  9-30-121  3-31-12  3-31-112,3  10-31-104  10-31-094  10-31-084  10-31-074 
 
Per share operating performance             
Net asset value,               
beginning of period  $8.22  $9.09  $11.26  $9.90  $7.97  $18.21  $16.62 
Net investment income  0.115  0.145  0.025  0.035  0.075  0.285  0.26 
Net realized and unrealized               
gain (loss) on investments  (0.15)  (0.92)6  0.79  1.397  2.547  (7.82)7  3.067 
Total from               
investment operations  (0.04)  (0.78)  0.81  1.42  2.61  (7.54)  3.32 
Less distributions               
From net               
investment income  —  (0.06)  (0.28)  (0.06)  (0.68)  (0.25)  (0.26) 
From net realized gain  —  (0.05)  (2.70)  —  —  (2.45)  (1.47) 
Total distributions  —  (0.11)  (2.98)  (0.06)  (0.68)  (2.70)  (1.73) 
Contribution from adviser  —  0.028  —  —  —  —  — 
Net asset value, end               
of period  $8.18  $8.22  $9.09  $11.26  $9.90  $7.97  $18.21 
Total return (%)  (0.49)9,10  (8.20)8,9  9.139,10  14.469  35.619  (48.17)  21.61 
 
Ratios and supplemental data             
Net assets, end of period               
(in millions)  $5  $3  $3  $3  $30  $24  $111 
Ratios (as a percentage of               
average net assets):               
Expenses               
before reductions  1.9111  3.73  16.0511  6.71  2.68  1.56  1.38 
Expenses net of fee               
waivers and credits  1.6011  1.60  1.7711  1.85  1.85  1.56  1.38 
Net investment income  1.4313  1.68  0.4811  0.33  0.88  2.09  1.58 
Portfolio turnover (%)  8  21  1212  80  123  13  21 
 


1 Six months ended 9-30-12. Unaudited.
2 For the five month period ended 3-31-11. The fund changed its fiscal year end from October 31 to March 31.
3 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 the 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.
4 Audited by previous independent registered public accounting firm.
5 Based on the average daily shares outstanding.
6 The amount shown for a share outstanding does not correspond with the aggregate gain (loss) on investments
for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
7 Includes redemption fees retained by the Fund. Such redemption fees represent less than $0.01 per share.
8 In October 2011, the adviser made a voluntary payment to the fund of $6,950. Without this payment, performance
would have been lower.
9 Total returns would have been lower had certain expenses not been reduced during the periods shown.
10 Not annualized.
11 Annualized.
12 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.
13 Not annualized. Recognition of net investment income by the Fund is affected by the timing and frequency of the
declaration of dividends by the securities held by the Fund.

 

 

 

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

 


CLASS I SHARES Period ended  9-30-121  3-31-12  3-31-112 
 
Per share operating performance       
Net asset value, beginning of period  $8.21  $9.09  $8.98 
Net investment income3  0.13  0.19  0.02 
Net realized and unrealized gain (loss) on investments  (0.15)  (0.95)4  0.09 
Total from investment operations  (0.02)  (0.76)  0.11 
Less distributions       
From net investment income  —  (0.09)  — 
From net realized gain  —  (0.05)  — 
Total distributions  —  (0.14)  — 
Contribution from adviser  —  0.025  — 
Net asset value, end of period  $8.19  $8.21  $9.09 
Total return (%)  (0.24)6,7  (7.87)5,6  1.227 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $1  $1  —8 
Ratios (as a percentage of average net assets):       
Expenses before reductions  2.759  7.59  12.909 
Expenses net of fee waivers and credits  1.249  1.18  1.189 
Net investment income  3.289  2.36  1.899 
Portfolio turnover (%)  8  21  1210 
 


1 Six months ended 9-30-12. Unaudited.
2 Period from 2-14-11 (inception date) to 3-31-11.
3 Based on the average daily shares outstanding.
4 The amount shown for a share outstanding does not correspond with the aggregate gain (loss) on investments
for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
5 In October 2011, the adviser made a voluntary payment to the fund of $6,950. Without this payment, performance
would have been lower.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Less than $500,000.
9 Annualized.
10 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.

 

 

 

CLASS NAV SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $8.22  $7.21 
Net investment income3  0.11  0.05 
Net realized and unrealized gain (loss) on investments  (0.13)  0.96 
Total from investment operations  (0.02)  1.01 
Less distributions     
From net investment income  —  —4 
Net asset value, end of period  $8.20  $8.22 
Total return (%)  (0.24)5,6  14.056 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $281  $114 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.097  1.087 
Expenses net of fee waivers and credits  1.097  1.087 
Net investment income  2.757  2.217 
Portfolio turnover (%)  8  218 
 


1 Six months ended 9-30-12. Unaudited.
2 Period from 12-16-11 (inception date) to 3-31-12.
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 4-1-11 to 3-31-12.

 

 

 

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

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock International Value Equity Fund (the Fund) is a 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 shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are offered 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, 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. 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 Funds in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business 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.

Other portfolio securities and assets, where reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted. 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.

Semiannual report | International Value Equity Fund  21 

 


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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the Fund’s investments as of September 30, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 9-30-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $20,499,416  —  $20,499,416  — 
Austria  4,445,117  —  4,445,117  — 
Bermuda  2,401,851  —  2,401,851  — 
Canada  22,216,066  $22,216,066  —  — 
Chile  1,889,488  1,889,488  —  — 
China  9,043,878  —  9,043,878  — 
France  17,684,277  —  17,684,277  — 
Germany  22,664,899  —  22,664,899  — 
Hong Kong  17,735,325  —  17,735,325  — 
Ireland  1,597,669  —  1,597,669  — 
Israel  2,749,459  —  2,749,459  — 
Italy  5,334,077  —  5,334,077  — 
Japan  47,050,875  —  47,050,875  — 
Netherlands  11,171,649  —  11,171,649  — 
Norway  5,396,550  —  5,396,550  — 
Singapore  8,496,312  —  8,496,312  — 
South Africa  1,765,477  —  1,765,477  — 
Spain  2,580,614  —  2,580,614  — 
Sweden  4,670,974  —  4,670,974  — 
Switzerland  17,563,592  —  17,563,592  — 
United Kingdom  41,195,055  —  41,195,055  — 
Preferred Securities         
Brazil  6,027,695  6,027,695  —  — 
Securities Lending         
Collateral  38,057,995  38,057,995  —  — 
 
Total investments in         
Securities  $312,238,310  $68,191,244  $244,047,066  — 

 

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. Dividend income is recorded on the ex-date, except for dividends of foreign

22  International Value Equity Fund | Semiannual report 

 


securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provider indemnification, 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 or possible loss of rights in the collateral should the borrower fail financially. 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. Net 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 the value of 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.

Foreign taxes. The Fund may be subject to withholding tax on income or capital gains or repatriation taxes as imposed by certain countries in which it invests. Taxes are accrued based upon net investment income, net realized gains or net unrealized appreciation.

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

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $651. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Semiannual report | International Value Equity Fund  23 

 


Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets 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 assets 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, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

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

New accounting pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.

Note 3 — Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust including the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service

24  International Value Equity Fund | Semiannual report 

 


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 agreement 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, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

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 1.29% for Class A and Class I shares, respectively. This agreement excludes certain expenses such as taxes, brokerage commissions, interest expense, litigation, underlying fund expenses (acquired fund fees) and indemnification expenses and extraordinary expenses not incurred in the course of the Fund’s business. These expense limitations shall remain in effect until June 30, 2013 and thereafter until terminated by the Adviser. Prior to July 1, 2012, the fee waivers and/or reimbursements were such that the expenses would not exceed 1.18% for Class I shares.

Accordingly, these expense reductions amounted to $5,355 and $6,054 for Class A and Class I shares, respectively, for the six months ended September 30, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to the net annual effective rate of 0.876% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 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 pays up to 0.30% of distribution and service fees for Class A shares 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.

Semiannual report | International Value Equity Fund  25 

 


Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $8,471 for the six months ended September 30, 2012. Of this amount, $1,468 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $6,977 was paid as sales commissions to broker-dealers and $26 was paid as sales commissions to sales personnel of Signator Investors, Inc., 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), 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 fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $4,254  $3,295  $4,485  $1,925 
Class I  —  426  4,875  1,358 
Total  $4,254  $3,721  $9,360  $3,283 


Trustee expenses. The Fund 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 six months ended September 30, 2012 and for the year ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  274,508  $2,149,395  158,837  $1,317,343 
Distributions reinvested  —  —  4,909  35,460 
Repurchased  (57,777)  (454,006)  (131,564)  (1,084,001) 
 
Net increase  216,731  $1,695,389  32,182  $268,802 
 
Class I shares         
Sold  20,822  $162,894  81,569  $671,012 
Distributions reinvested  —  —  447  3,226 
Repurchased  (612)  (4,861)  (3,040)  (24,012) 
 
Net increase  20,210  $158,033  78,976  $650,226 

 

26  International Value Equity Fund | Semiannual report 

 


  Six months ended 9-30-12    Year ended 3-31-12 
  Shares  Amount  Shares  Amount 
Class NAV shares         
Sold  21,296,945  $158,370,248  13,869,626  $100,000,000 
Distributions reinvested  —  —  4,642  34,119 
Repurchased  (931,468)  (7,535,277)  —  — 
 
Net increase  20,365,477  $150,834,971  13,874,268  $100,034,119 
 
Net increase  20,602,418  $152,688,393  13,985,426  $100,953,147 


Affiliates of the Fund owned 10% and 100% of shares of beneficial interest of Class I and Class NAV, respectively, on September 30, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, aggregated $165,137,194 and $16,248,055, respectively, for the six months ended September 30, 2012.

Note 7 — Investment by affiliated funds

Certain investors in the Fund are affiliated funds and are managed by the Adviser and its affiliates. The affiliated funds do not invest in the Fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the Fund’s net assets. For the six months ended September 30, 2012, the following funds had an affiliate ownership concentration of 5% or more of the Fund’s net assets:

  AFFILIATED 
FUND  CONCENTRATION 
John Hancock Lifestyle Aggressive Portfolio  16.0% 
John Hancock Lifestyle Balanced Portfolio  30.8% 
John Hancock Lifestyle Growth Portfolio  37.5% 
John Hancock Lifestyle Moderate Portfolio  6.5% 

 

Semiannual report | International Value Equity Fund  27 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John International Value Equity Fund (the Fund), a series of John Hancock Funds III (the Trust), met in-person on May 6–8, and June 3–5, 2012 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and Manulife Asset Management (US) LLC (the Subadviser) with respect to the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the “Agreements.”

Activities and composition of the Board

On June 3–5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3–5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts & Operations Committee. Additionally, on June 3–5, 2012, Investment Performance Committees A and B were standing committees of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 6–8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a “Category” and a subset of the Category referred to as the “Expense Group”, each as determined by Lipper, and with the Fund’s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund’s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund’s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadviser or their affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients, such as

28  International Value Equity Fund | Semiannual report 

 


institutional clients and other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 6–8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6–8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.

At an in-person meeting held on June 3–5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreement, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience providing investment services to the Fund. The Board considered the Adviser’s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and its affiliate’s transfer agency operations and considered the

Semiannual report | International Value Equity Fund  29 

 


Adviser’s and its affiliates’ policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients. For other clients that are not mutual funds, the differences in services relate to the greater share purchase and redemption activity in a mutual fund, the generally higher turnover of mutual fund portfolio holdings, the more burdensome regulatory and legal obligations of mutual funds and the higher marketing costs for mutual funds. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.

Fund performance

The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also examined materials discussing Fund performance and the Fund’s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.

Set forth below is the performance of the Fund over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
International Value Eq Fund  –13.29%  11.11%  –3.85%  6.16% 
Class A Shares         
Intl Multi-Cap Value Category Average  –13.82%  7.79%  –5.94%  4.17% 
MSCI World X-US GD Index  –11.78%  9.06%  –3.62%  5.60% 


The Board noted that the Fund’s performance compared favorably to the Category’s average performance and its benchmark index’s performance for all periods shown.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.

30  International Value Equity Fund | Semiannual report 

 


In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and, if different, the Fund’s total operating expense ratio after taking into account any fee waiver or expense waiver agreement by the Adviser (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.

The Board noted that the Fund’s advisory fee ratio was eight basis points above the Expense Group median advisory fee ratio. The Board noted the following information about the Fund’s Gross and Net Expense Ratios for Class A shares contained in the Fund’s 2011 financial statements in relation with the Fund’s Expense Group median provided by Lipper in April 2012:

  FUND — CLASS A  EXPENSE GROUP MEDIAN 
Advisory Fee Ratio  0.90%  0.82% 
Gross Expense Ratio  3.75%  2.11% 
Net Expense Ratio  1.60%  1.48% 


The Board viewed favorably the Adviser’s contractual agreement to waive all or a portion of its advisory fees and to reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 1.60% for Class A shares, excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until June 30, 2013. The Board favorably considered the impact of this contractual agreement towards lowering the Fund’s Gross Expense Ratio.

The Board received and reviewed statements relating to the Adviser’s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.

The Board also considered a comparison of the Adviser’s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.

The Board considered limited profitability information with respect to the Subadviser, which is affiliated with the Adviser. In addition, as noted above, the Board considered basic assumptions and methodology for allocating expenses in the Subadviser’s profitability analysis.

Semiannual report | International Value Equity Fund  31 

 


Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the contractual advisory fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and, the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreement each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.

32  International Value Equity Fund | Semiannual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  John Hancock Asset Management a division of 
Gregory A. Russo*  Manulife Asset Management (US) LLC 
John G. Vrysen†  
Principal distributor 
Officers  John Hancock Funds, LLC 
Hugh McHaffie  
President Custodian 
  State Street Bank and Trust Company 
Andrew G. Arnott  
Executive Vice President Transfer agent 
  John Hancock Signature Services, Inc. 
Thomas M. Kinzler   
Secretary and Chief Legal Officer  Legal counsel 
  K&L Gates 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 1-202-551-8090 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 at 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 

 

Semiannual report | International Value Equity Fund  33 

 



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.  366SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 




A look at performance

Total returns for the period ended September 30, 2012

  Average annual total returns (%)  Cumulative total returns (%)     
  with maximum sales charge    with maximum sales charge     
        Since          Since 
  1-year  5-year  10-year  inception  6-months  1-year  5-year  10-year  inception1 
Class A  —  —  —  —  –5.31  —  —  —  14.96 
Class I2  —  —  —  —  –0.25  —  —  —  21.33 
Class NAV2  —  —  —  —  –0.08  —  —  —  21.53 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least through 6-30-13 for Class A and Class I shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class I  Class NAV 
Net (%)  1.30  0.94  0.85 
Gross (%)  2.05  11.44  0.85 

 

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.

See the following page for footnotes.

6  Strategic Growth Fund | Semiannual report 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class I2  12-19-11  $12,133  $12,133  $11,986 
Class NAV2  12-19-11  12,153  12,153  11,986 

 

Russell 1000 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 1000 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.

Footnotes related to performance pages

1 From 12-19-11.

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

Semiannual report | Strategic Growth Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the Fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 April 1, 2012 with the same investment held until September 30, 2012.

  Account value  Ending value  Expenses paid during 
  on 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $996.70  $6.51 
Class I  1,000.00  997.50  4.71 
Class NAV  1,000.00  999.20  3.86 

 

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 September 30, 2012, 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:

8  Strategic Growth Fund | Semiannual report 

 


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 April 1, 2012, with the same investment held until September 30, 2012. 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 4-1-12  on 9-30-12  period ended 9-30-121 
Class A  $1,000.00  $1,018.60  $6.58 
Class I  1,000.00  1,020.40  4.76 
Class NAV  1,000.00  1,021.20  3.90 

 

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 1.30%, 0.94% and 0.77% for Class A, Class I and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Strategic Growth Fund  9 

 


Portfolio summary

Top 10 Holdings (32.0% of Net Assets on 9-30-12)1,2     
Apple, Inc.  9.2%  eBay, Inc.  2.4% 
Philip Morris International, Inc.  3.3%  Express Scripts Holding Company  2.3% 
  
International Business Machines Corp.  3.2%  Visa, Inc., Class A  2.2% 
  
Google, Inc., Class A  2.7%  United Technologies Corp.  2.0% 
  
QUALCOMM, Inc.  2.7%  Starbucks Corp.  2.0% 
  
 
Sector Composition1,3       
Information Technology  36.3%  Industrials  5.6% 
  
Consumer Discretionary  19.3%  Financials  5.4% 
  
Consumer Staples  11.8%  Telecommunication Services  1.4% 
  
Health Care  10.0%  Short-Term Investments & Other  3.9% 
  
Energy  6.3%     
  

 


1 As a percentage of net assets on 9-30-12.

2 Cash and cash equivalents not included.

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.

10  Strategic Growth Fund | Semiannual report 

 


Fund’s investments

As of 9-30-12 (unaudited)

  Shares  Value 
Common Stocks 96.1%    $927,843,651 
(Cost $855,767,034)     
 
Consumer Discretionary 19.3%    185,969,532 
 
Auto Components 1.4%     
BorgWarner, Inc. (I)  190,184  13,143,616 
 
Hotels, Restaurants & Leisure 4.7%     
Las Vegas Sands Corp.  331,571  15,374,947 
Starbucks Corp.  386,163  19,597,772 
Yum! Brands, Inc.  156,058  10,352,888 
 
Internet & Catalog Retail 3.7%     
Amazon.com, Inc. (I)  65,283  16,602,773 
priceline.com, Inc. (I)  14,902  9,220,314 
TripAdvisor, Inc. (I)(L)  296,984  9,779,683 
 
Media 1.2%     
CBS Corp., Class B  315,247  11,452,924 
 
Multiline Retail 1.2%     
Dollar Tree, Inc. (I)  237,800  11,479,795 
 
Specialty Retail 7.1%     
AutoZone, Inc. (I)  38,713  14,311,035 
Dick’s Sporting Goods, Inc.  304,337  15,779,873 
The Home Depot, Inc.  249,548  15,065,213 
Tractor Supply Company  144,321  14,271,904 
Ulta Salon Cosmetics & Fragrance, Inc.  99,027  9,536,795 
 
Consumer Staples 11.8%    113,425,114 
 
Beverages 2.6%     
Monster Beverage Corp. (I)  218,065  11,810,400 
PepsiCo, Inc.  186,329  13,186,503 
 
Food & Staples Retailing 2.2%     
Wal-Mart Stores, Inc.  179,149  13,221,196 
Whole Foods Market, Inc.  85,435  8,321,369 
 
Food Products 2.3%     
Kraft Foods, Inc., Class A  218,926  9,052,590 
Mead Johnson Nutrition Company  172,007  12,604,673 
 
Tobacco 4.7%     
Altria Group, Inc.  398,510  13,306,249 
Philip Morris International, Inc.  354,927  31,922,134 

 

See notes to financial statements  Semiannual report | Strategic Growth Fund  11 

 


  Shares  Value 
Energy 6.3%    $61,038,130 
 
Energy Equipment & Services 4.2%     
Core Laboratories NV (L)  100,951  12,263,527 
National Oilwell Varco, Inc.  176,021  14,101,042 
Oceaneering International, Inc.  257,839  14,245,605 
 
Oil, Gas & Consumable Fuels 2.1%     
Apache Corp.  119,566  10,338,872 
Chevron Corp.  86,557  10,089,084 
 
Financials 5.4%    52,611,646 
 
Commercial Banks 4.0%     
Regions Financial Corp.  1,384,284  9,980,688 
SunTrust Banks, Inc.  515,009  14,559,304 
Wells Fargo & Company  426,662  14,732,639 
 
Consumer Finance 1.4%     
American Express Company  234,594  13,339,015 
 
Health Care 10.0%    96,975,049 
 
Biotechnology 3.6%     
Celgene Corp. (I)  207,054  15,818,926 
Gilead Sciences, Inc. (I)  289,611  19,209,898 
 
Health Care Equipment & Supplies 0.6%     
Intuitive Surgical, Inc. (I)  11,368  5,634,322 
 
Health Care Providers & Services 4.6%     
Express Scripts Holding Company (I)  347,561  21,781,648 
Humana, Inc.  208,120  14,599,618 
McKesson Corp.  93,158  8,014,383 
 
Pharmaceuticals 1.2%     
Perrigo Company  102,576  11,916,254 
 
Industrials 5.6%    53,611,193 
 
Aerospace & Defense 4.1%     
BE Aerospace, Inc. (I)  205,351  8,645,277 
The Boeing Company  158,666  11,046,327 
United Technologies Corp.  250,347  19,599,667 
 
Machinery 1.5%     
Eaton Corp. (L)  303,003  14,319,922 
 
Information Technology 36.3%    350,526,815 
 
Communications Equipment 2.6%     
QUALCOMM, Inc.  410,471  25,650,333 
 
Computers & Peripherals 10.7%     
Apple, Inc.  132,778  88,597,448 
EMC Corp. (I)  537,590  14,660,079 
 
Internet Software & Services 7.5%     
eBay, Inc. (I)  477,733  23,127,055 
Facebook, Inc., Class A (I)(L)  789,215  17,086,505 
Google, Inc., Class A (I)  35,079  26,467,106 
LinkedIn Corp., Class A (I)  46,726  5,625,810 

 

12  Strategic Growth Fund | Semiannual report  See notes to financial statements 

 


    Shares  Value 
IT Services 10.9%       
Alliance Data Systems Corp. (I)(L)    99,189  $14,079,879 
CoreLogic, Inc. (I)    100,325  2,661,622 
Gartner, Inc. (I)    263,264  12,133,838 
International Business Machines Corp.    150,100  31,138,245 
Teradata Corp. (I)    210,068  15,841,228 
VeriFone Systems, Inc. (I)    290,220  8,082,627 
Visa, Inc., Class A    156,849  21,061,684 
 
Software 4.6%       
Citrix Systems, Inc. (I)    82,752  6,336,321 
Guidewire Software, Inc. (I)    131,679  4,088,633 
Microsoft Corp.    514,319  15,316,420 
Red Hat, Inc. (I)    192,150  10,941,021 
Salesforce.com, Inc. (I)    34,964  5,338,653 
SolarWinds, Inc. (I)    41,125  2,292,308 
 
Telecommunication Services 1.4%      13,686,172 
 
Diversified Telecommunication Services 1.4%       
Verizon Communications, Inc.    300,333  13,686,172 
 
  Yield (%)  Shares  Value 
Securities Lending Collateral 3.2%      $30,655,794 
(Cost $30,652,650)       
 
John Hancock Collateral Investment Trust (W)  0.3462 (Y)  3,062,945  30,655,794 
 
    Par value  Value 
Short-Term Investments 2.6%      $25,000,000 
(Cost $25,000,000)       
 
Repurchase Agreement 2.6%      25,000,000 
 
Repurchase Agreement with State Street Corp.       
dated 9-28-12 at 0.010% to be repurchased       
at $25,000,021 on 10-1-12, collateralized by       
$24,300,000 U.S. Treasury Note, 2.250% due       
1-31-15 (valued at $25,502,048, including interest)    $25,000,000  25,000,000 
 
Total investments (Cost $911,419,684) † 101.9%    $983,499,445 
 
Other assets and liabilities, net (1.9%)      ($18,437,625) 
 
Total net assets 100.0%      $965,061,820 
 

 

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 9-30-12.

(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 9-30-12.

† At 9-30-12, the aggregate cost of investment securities for federal income tax purposes was $911,442,748. Net unrealized appreciation aggregated $72,056,697, of which $86,256,749 related to appreciated investment securities and $14,200,052 related to depreciated investment securities.

See notes to financial statements  Semiannual report | Strategic Growth Fund  13 

 


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 9-30-12 (unaudited)

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 $880,767,034) including   
$29,984,132 of securities loaned  $952,843,651 
Investments in affiliated issuers, at value (Cost $30,652,650)  30,655,794 
 
Total investments, at value (Cost $911,419,684)  983,499,445 
Cash  20,777,769 
Receivable for investments sold  6,819,603 
Receivable for fund shares sold  13,648 
Dividends and interest receivable  714,677 
Receivable for securities lending income  11,268 
Receivable due from adviser  2,642 
Other receivables and prepaid expenses  30,082 
 
Total assets  1,011,869,134 
 
Liabilities   
Payable for investments purchased  15,063,627 
Payable for fund shares repurchased  953,018 
Payable upon return of securities loaned  30,652,975 
Payable to affiliates   
Accounting and legal services fees  40,977 
Transfer agent fees  684 
Trustee fees  438 
Other liabilities and accrued expenses  95,595 
 
Total liabilities  46,807,314 
 
Net assets   
Paid-in capital  $899,861,855 
Undistributed net investment income  1,447,643 
Accumulated net realized loss on investments  (8,327,439) 
Net unrealized appreciation (depreciation) on investments  72,079,761 
 
Net assets  $965,061,820 
 
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 ($4,192,778 ÷ 346,593 shares)  $12.10 
Class I ($525,718 ÷ 43,328 shares)  $12.13 
Class NAV ($960,343,324 ÷ 79,072,029 shares)  $12.15 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $12.74 

 

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.

 

14  Strategic Growth Fund | Semiannual 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 six month period ended 9-30-12
(unaudited)

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  $4,300,757 
Securities lending  23,836 
Interest  2,437 
Less foreign taxes withheld  (4,123) 
 
Total investment income  4,322,907 
 
Expenses   
Investment management fees  2,720,242 
Distribution and service fees  5,367 
Accounting and legal services fees  67,191 
Transfer agent fees  3,750 
Trustees’ fees  10,117 
State registration fees  17,580 
Printing and postage  2,309 
Professional fees  35,613 
Custodian fees  54,576 
Registration and filing fees  44,658 
Other  6,259 
 
Total expenses  2,967,662 
Less expense reductions  (19,152) 
 
Net expenses  2,948,510 
 
Net investment income  1,374,397 
 
Realized and unrealized gain (loss)   
 
Net realized loss on   
Investments in unaffiliated issuers  (10,928,093) 
Investments in affiliated issuers  (326) 
 
  (10,928,419) 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  30,598,018 
Investments in affiliated issuers  3,144 
 
  30,601,162 
 
Net realized and unrealized gain  19,672,743 
 
Increase in net assets from operations  $21,047,140 

 

See notes to financial statements  Semiannual report | Strategic Growth Fund  15 

 


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.

  Six months   
  ended  Period 
  9-30-12  ended 
  (Unaudited)  3-31-121 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $1,374,397  $96,757 
Net realized gain (loss)  (10,928,419)  2,600,980 
Change in net unrealized appreciation (depreciation)  30,601,162  41,478,599 
 
Increase in net assets resulting from operations  21,047,140  44,176,336 
 
Distributions to shareholders     
From net investment income     
Class A  —  (181) 
Class I  —  (25) 
Class NAV  —  (24,845) 
 
Total distributions  —  (25,051) 
 
From Fund share transactions  604,804,673  295,058,722 
 
Total increase  625,851,813  339,210,007 
 
Net assets     
Beginning of period  339,210,007  — 
 
End of period  $965,061,820  $339,210,007 
 
Undistributed net investment income  $1,447,643  $73,246 

 

1 Period from 12-19-11 (commencement of operations) to 3-31-12.

 

16  Strategic Growth Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.14  $10.00 
Net investment loss3  (0.01)  (0.01) 
Net realized and unrealized gain (loss) on investments  (0.03)  2.15 
Total from investment operations  (0.04)  2.14 
Less distributions     
From net investment income  —  —4 
Net asset value, end of period  $12.10  $12.14 
Total return (%)5  (0.33)6,7  21.416,7 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $4  $3 
Ratios (as a percentage of average net assets):     
Expenses before reductions  1.868  2.058 
Expenses net of fee waivers  1.308  1.308 
Net investment loss  (0.17)8  (0.32)8 
Portfolio turnover (%)  45  26 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 12-19-11 (commencement of operations) to 3-31-12.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Annualized.

 

See notes to financial statements  Semiannual report | Strategic Growth Fund  17 

 


CLASS I SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.16  $10.00 
Net investment income3  0.01  —4 
Net realized and unrealized gain (loss) on investments  (0.04)  2.16 
Total from investment operations  (0.03)  2.16 
Less distributions     
From net investment income  —  —4 
Net asset value, end of period  $12.13  $12.16 
Total return (%)  (0.25)5,6  21.635,6 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $1  —7 
Ratios (as a percentage of average net assets):     
Expenses before reductions  4.398  11.448 
Expenses net of fee waivers  0.948  0.948 
Net investment income  0.178  0.148 
Portfolio turnover (%)  45  26 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 12-19-11 (commencement of operations) to 3-31-12.
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 Less than $500,000.
8 Annualized.

 

CLASS NAV SHARES Period ended  9-30-121  3-31-122 
 
Per share operating performance     
Net asset value, beginning of period  $12.16  $10.00 
Net investment income3  0.02  —4 
Net realized and unrealized gain (loss) on investments  (0.03)  2.16 
Total from investment operations  (0.01)  2.16 
Less distributions     
From net investment income  —  —4 
Net asset value, end of period  $12.15  $12.16 
Total return (%)  (0.08)5  21.635 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $960  $336 
Ratios (as a percentage of average net assets):     
Expenses before reductions  0.776  0.856 
Expenses net of fee waivers  0.776  0.856 
Net investment income  0.366  0.156 
Portfolio turnover (%)  45  26 

 

1 Six months ended 9-30-12. Unaudited.
2 Period from 12-19-11 (commencement of operations) to 3-31-12.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Not annualized.
6 Annualized.

 

18  Strategic Growth Fund | Semiannual report  See notes to financial statements 

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Strategic Growth Fund (the Fund) is a 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 shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are offered 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, 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. 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 the securities are valued using the last quoted bid or evaluated price. Investments by the Fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where reliable market quotations are not 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 include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.

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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

Semiannual report | Strategic Growth Fund  19 

 


As of September 30, 2012, all investments are categorized as Level 1 under the hierarchy described above except for repurchase agreements, which are categorized as Level 2.

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. 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, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral 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, which has a floating net asset value (NAV) and invests in short term investments as part of the securities lending program, 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 and through securities lending provides indemnification, 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 or possible loss of rights in the collateral should the borrower fail financially. 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. Net 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 may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, 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. 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. Commitment fees for the six months ended September 30, 2012 were $567. For the six months ended September 30, 2012, the Fund had no borrowings under the line of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

20  Strategic Growth Fund | Semiannual report 

 


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 assets 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 assets 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, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are 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.

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 class level expenses that may be applied differently to each class.

Such distributions, 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.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.

New accounting pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.

Note 3 — Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust including 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).

Semiannual report | Strategic Growth Fund  21 

 


Management fee. The Fund has an investment management agreement 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) 0.725% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.700% of the next $500,000,000; (c) 0.675% of the next $500,000,000; and (d) 0.650% of the Fund’s average daily net assets in excess of $1,500,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management, a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of subadvisory fees.

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 1.30% and 0.94% for Class A and Class I shares, respectively. This agreement excludes certain expenses such as taxes, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses. For Class A and Class I shares, this expense limitation shall remain in effect through June 30, 2013, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at the time.

Accordingly, these expense reductions amounted to $9,931 and $9,221 for Class A and Class I shares, respectively, for the six months ended September 30, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the six months ended September 30, 2012 were equivalent to a net annual effective rate of 0.71% of the Fund’s average daily net assets.

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 to 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 six months ended September 30, 2012 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 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 pays 0.30% for Class A of distribution and service fees under the arrangement, expressed as an annual percentage of average daily net assets.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $16,876 for the six months ended September 30, 2012. Of this amount, $2,791 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $14,057 was paid as sales commissions to broker-dealers and $28 was paid as sales commissions to sales personnel of Signator Investors, Inc., 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), 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

22  Strategic Growth Fund | Semiannual report 

 


fees that Signature Services receives in connection with retirement and small accounts. 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 six months ended September 30, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $5,367  $3,464  $8,790  $1,722 
Class I  —  286  8,790  587 
Total  $5,367  $3,750  $17,580  $2,309 

 

Trustee expenses. The Fund 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’s shares for the six months ended September 30, 2012 and for the period ended March 31, 2012 were as follows:

  Six months ended 9-30-12  Period ended 3-31-121 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  122,299  $1,440,288  251,934  $2,626,907 
Repurchased  (26,543)  (309,487)  (1,097)  (12,000) 
 
Net increase  95,756  $1,130,801  250,837  $2,614,907 
 
Class I shares         
Sold  18,463  $220,229  36,936  $425,659 
Repurchased  (12,071)  (138,080)  —  — 
 
Net increase  6,392  $82,149  36,936  $425,659 
 
Class NAV shares         
Sold  51,992,583  $609,919,963  27,607,188  $291,993,311 
Distributions reinvested  —  —  2,424  24,845 
Repurchased  (530,166)  (6,328,240)  —  — 
 
Net increase  51,462,417  $603,591,723  27,609,612  $292,018,156 
 
Net increase  51,564,565  $604,804,673  27,897,385  $295,058,722 

 

1 Period from 12-19-11 (commencement of operations) to 3-31-12.

Affiliates of the Trust owned 55%, 23% and 100% of shares of beneficial interest of Class A, Class I and Class NAV, respectively, on September 30, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $896,356,886 and $318,589,700, respectively, for the six months ended September 30, 2012.

Semiannual report | Strategic Growth Fund  23 

 


Note 7 — Investment by affiliated funds

Certain investors in the Fund are affiliated funds and are managed by the Adviser and its affiliates. The affiliated funds do not invest in the Fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the Fund’s net assets. For the six months ended September 30, 2012, the following funds had an affiliate ownership concentration of 5% or more of the Fund’s net assets:

  AFFILIATED 
FUND  CONCENTRATION 
John Hancock Lifestyle Aggressive Portfolio  14.2% 
John Hancock Lifestyle Balanced Portfolio  30.3% 
John Hancock Lifestyle Growth Portfolio  38.5% 
John Hancock Lifestyle Moderate Portfolio  6.9% 

 

24  Strategic Growth Fund | Semiannual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Hugh McHaffie†  Subadviser 
Dr. John A. Moore,* Vice Chairman  John Hancock Asset Management a division of 
Gregory A. Russo*  Manulife Asset Management (US) LLC 
John G. Vrysen† 
Principal distributor 
Officers  John Hancock Funds, LLC 
Hugh McHaffie 
President  Custodian 
  State Street Bank and Trust Company 
Andrew G. Arnott 
Executive Vice President  Transfer agent 
  John Hancock Signature Services, Inc. 
Thomas M. Kinzler   
Secretary and Chief Legal Officer  Legal counsel 
  K&L Gates 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 1-202-551-8090 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 at 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 

 

Semiannual report | Strategic Growth Fund  25 

 



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 Strategic Growth Fund.  393SA 9/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  11/12 

 


ITEM 2. CODE OF ETHICS.

Not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

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.

Not applicable.

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 time periods specified in the rules and forms of the Securities and Exchange Commission. Such disclosure 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)(i) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER.

(a)(1)(ii) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER.

(b) CERTIFICATION PURSUANT TO Rule 30a-2(b) OF THE INVESTMENT COMPANY ACT OF 1940.

(c)(1) 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/ Hugh McHaffie 
  ------------------------------ 
Hugh McHaffie 
  President 
 
 
Date:  November 19, 2012 

 

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/ Hugh McHaffie 
  ------------------------------- 
Hugh McHaffie 
  President 
 
 
Date:  November 19, 2012 
 
 
By:  /s/ Charles A. Rizzo 
  -------------------------------- 
Charles A. Rizzo 
  Chief Financial Officer 
 
 
Date:  November 19, 2012 

 

 EX-99.CERT 2 b_jhiiicerts.htm CERTIFICATION b_jhiiicerts.htm

CERTIFICATION

I, Hugh McHaffie, 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: November 19, 2012  /s/ Hugh McHaffie 
  Hugh McHaffie 
  President 

 


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: November 19, 2012  /s/ Charles A. Rizzo 
  Charles A. Rizzo 
  Chief Financial Officer 

 

 EX-99.906 CERT 3 c_jhiiinoscerts.htm 906 CERTIFICATION c_jhiiinoscerts.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/ Hugh McHaffie
-------------------------------- 
Hugh McHaffie
President 
 
 
Dated:  November 19, 2012 
 
 
/s/ Charles A. Rizzo 
--------------------------------- 
Charles A. Rizzo
Chief Financial Officer 
 
 
Dated:  November 19, 2012 

 

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.

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