601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

John Hancock

Global Shareholder Yield Fund

Annual report 2/28/15

A message to shareholders

Dear fellow shareholder,

Strong economic growth in the United States set the global standard in 2014, and appears to be continuing to do so in 2015. The portfolio teams in our network are generally optimistic about sustained relative strength in the United States, supported by rising employment, healthy consumer spending, and falling oil prices. Stocks at all-time highs remain vulnerable to a correction, but the long-term bull market appears intact. We believe a more selective approach continues to make sense in overseas markets, but note that opportunities are growing and could reward investors should recoveries in those markets begin in earnest.

Outside of the United States, economies are struggling to replicate the kind of success we have enjoyed at home. The European Central Bank announced dramatic monetary policy measures in January to promote economic activity in the region—similar to the monetary policy activity of the U.S. Federal Reserve (Fed) in recent years. One effect has been to push the value of the euro down relative to the U.S. dollar, which benefits European exporters by making their goods cheaper.

While the U.S. equity market appears strong, this year will likely present greater challenges for bond investors. The Fed has signaled its intention to raise short-term interest rates at some point in 2015, and that change may have an adverse effect on many fixed-income portfolios, particularly those that invest in less liquid asset classes. At John Hancock Investments, we are closely monitoring the liquidity of our fixed-income portfolios and communicating regularly with their portfolio managers about these matters.

A new look

I am pleased to introduce you to our redesigned shareholder reports. As part of an effort to elevate the educational substance in our communications, we undertook an initiative to make our reports more engaging and easier to navigate. Included in the changes are a performance snapshot that shows your fund's performance against that of its benchmark, and a Q&A with your fund's lead portfolio manager. We hope these enhancements give you better insight into your fund's activity and performance.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of February 28, 2015. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
Global Shareholder Yield Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

16 Financial statements

19 Financial highlights

26 Notes to financial statements

33 Auditor's report

34 Tax information

35 Trustees and Officers

39 More information

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to provide a high level of income as its primary objective. Capital appreciation is a secondary investment objective.

AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/15(%)

The MSCI World Index (gross of foreign withholding tax on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

It is not possible to invest directly in an index.

Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund's objectives, risks, and strategy, see the fund's prospectuses.

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Global stocks advanced

Global equity markets were mixed but generally advanced; the United States posted the strongest results, while European markets generally declined.

Fund advanced

The fund generated a positive return but underperformed its benchmark, the MSCI World Index.

Healthcare detracted

Stock selection in the healthcare sector contributed to the fund's underperformance versus its benchmark.

SECTOR COMPOSITION AS OF 2/28/15 (%)

A note about risks

Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability, and illiquid securities may be difficult to sell at a price approximating their value. The value of a company's equity securities is subject to changes in the company's financial condition and overall market and economic conditions. Fixed-income investments are subject to interest-rate and credit-rate risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities include a higher risk of default. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the fund to sell securities or close derivative positions at advantageous prices. Reduced liquidity in credit and fixed-income markets may adversely affect issuers worldwide. Actively trading securities can increase transaction costs (thus lowering performance) and taxable distributions. Hedging and other strategic transactions may increase volatility and result in losses if not successful. Fund distributions generally depend on income from underlying investments and may vary or cease altogether in the future. Please see the fund's prospectuses for additional risks.

Discussion of fund performance

An interview with Portfolio Manager Eric L. Sappenfield, Epoch Investment Partners, Inc.

Eric L. Sappenfield
Portfolio Manager
Epoch Investment
Partners, Inc.

Can you describe the market environment over the past 12 months?

Global stocks produced solid gains in dollar terms, with the fund's benchmark, the MSCI World Index, returning 8.45% on a gross basis for the one-year period. U.S. stocks generated the best returns, posting double-digit gains thanks to an improving economy and historically low interest rates. Outside of the United States, a stronger U.S. dollar weighed on equity market performance. For example, as measured by various MSCI indexes, European stocks gained more than 13% for the reporting period in local currencies despite weaker economic growth across the Continent, but they declined by approximately 3% in U.S. dollar terms. Equity markets in the Asia/Pacific region returned more than 22% in local currencies, but only gained 7% in U.S. dollar terms.

Volatility in the global equity markets increased during the latter half of the 12-month period amid falling energy prices, geopolitical turmoil—especially in Ukraine and the Middle East—and diverging central bank activity. On this last point, the U.S. Federal Reserve ended its quantitative easing program in October and signaled its intent to increase short-term interest rates sometime in 2015, while the European Central Bank and Bank of Japan lowered interest rates and began implementing their own quantitative easing plans.

What contributed to the fund's strong absolute return for the period?

We seek to invest in businesses that generate strong and growing free cash flow. It's also important that these companies allocate their cash flow in a way that creates shareholder value. This means either reinvesting in the growth of the business via internal projects and acquisitions or returning capital to shareholders in the form of cash dividends, share buybacks, and debt reduction.

Because this fund focuses on shareholder yield, we are particularly interested in companies that commit to returning a meaningful portion of their cash flows to shareholders. This approach was effective during the reporting period as investor demand for yield in a low global interest-rate environment aided the performance of stocks with above-average dividend yields.

It's important to note that the fund's sector and country weightings are driven entirely by individual stock selection and our investment decision-making process.

"U.S. stocks generated the best returns, posting double-digit gains thanks to an improving economy and historically low interest rates."

The fund modestly trailed its benchmark for the reporting period. What factors contributed to this underperformance?

Stock selection in the healthcare sector detracted the most from performance versus the benchmark. One of the most notable detractors in this sector was British drugmaker GlaxoSmithKline PLC. The stock declined during the period after reporting lower sales and disappointing earnings. However, the company has embarked on a restructuring plan to streamline its cost structure, which should help restore its cash flow growth.

Utilities, the largest sector weighting in the portfolio, also detracted from relative results. French electric utility Electricite de France SA was among the most significant detractors in the portfolio. The stock declined as the company reported weaker-than-expected demand for power in its core markets.

Other noteworthy detractors in the portfolio included British utility Centrica PLC, French infrastructure contractor VINCI SA, and U.S. toy manufacturer Mattel, Inc.

Shifting gears, what contributed positively to fund performance during the period?

Stock choices in the consumer staples sector aided performance, and within this sector, tobacco stocks added the most value. The fund held positions in the three largest U.S. tobacco companies—Reynolds American, Inc., Altria Group, Inc., and Lorillard, Inc.—as well as British tobacco producer Imperial Tobacco Group PLC, all of which were among the leading performance contributors. The

TOP 10 HOLDINGS AS OF 2/28/15 (%)

Imperial Tobacco Group PLC 2.1

Reynolds American, Inc. 1.9

Altria Group, Inc. 1.9

Lorillard, Inc. 1.9

National Grid PLC 1.8

Health Care REIT, Inc. 1.8

BCE, Inc. 1.7

Deutsche Telekom AG 1.7

Vodafone Group PLC 1.7

CenturyLink, Inc. 1.7

TOTAL 18.2

As a percentage of net assets.

Cash and cash equivalents are not included.

"... investor demand for yield in a low global interest-rate environment aided the performance of stocks with above-average dividend yields."

fund also held shares in Philip Morris International, Inc., which is based in New York but distributes its tobacco products exclusively outside of the United States.

We like tobacco stocks because they typically have relatively high dividend yields and the ability to grow their cash flows via pricing power and controlled capital expenditures. During the first half of the reporting period, tobacco stocks rallied sharply amid speculation about potential merger activity. The rumors came to fruition in July, when Reynolds American announced that it was acquiring Lorillard. The deal is scheduled to close by mid-2015.

What other stocks in the portfolio added value versus the benchmark?

Holdings in the financials sector contributed positively to relative results. In particular, the fund benefited from its position in U.S. real estate company Health Care REIT, Inc., which owns and operates healthcare properties such as medical centers, senior living communities, and life sciences facilities. The company used its cash flow to grow through acquisition while also increasing its dividend during the period.

Other top contributors included U.S. options trading firm CME Group, Inc., U.S. energy pipeline company Kinder Morgan, Inc., Norwegian fertilizer producer Yara International ASA, and British aerospace and defense company BAE Systems PLC.

COUNTRY COMPOSITION AS OF 2/28/15 (%)

United States 47.9

United Kingdom 17.5

France 7.7

Germany 6.6

Canada 4.8

Switzerland 3.9

Australia 3.6

Netherlands 2.1

Norway 1.9

Sweden 1.3

Other countries 2.7

TOTAL 100.0

As a percentage of net assets.

What changes did you make to the portfolio over the past year?

As long-term investors, we tend to keep portfolio turnover fairly low, and the past 12 months were no exception—portfolio turnover was 23%. In a portfolio of approximately 95 stocks, we closed out fund positions in about a dozen companies during the period. Examples include U.S. energy services provider Diamond Offshore Drilling, Inc., British water utility Severn Trent PLC, U.S. machinery manufacturer Honeywell International, Inc., British food services provider Compass Group PLC, and Belgian brewing company Anheuser-Busch InBev NV.

We added a similar number of new holdings to the portfolio during the reporting period. Examples include French real estate company Unibail-Rodamco SE, British mining concern Rio Tinto PLC, U.K.-based data storage device maker Seagate Technology PLC, U.S. energy exploration and production company Occidental Petroleum Corp., and German electrical equipment manufacturer Siemens AG.

These transactions reflect our pursuit of companies that provide superior shareholder value by growing cash flows and returning them to shareholders in the form of dividends, share buybacks, and debt reduction. It is our belief that companies that can consistently grow free cash flow and allocate that cash in a disciplined way should produce attractive returns over the long term.

MANAGED BY

Eric L. Sappenfield
On the fund since inception
Investing since 1986

William W. Priest, CFA, CPA
On the fund since inception
Investing since 1965

John Tobin, Ph.D., CFA
On the fund since 2014
Investing since 1981

Kera Van Valen, CFA
On the fund since 2014
Investing since 2001

Michael A. Welhoelter, CFA
On the fund since inception
Investing since 1986

The views expressed in this report are exclusively those of Eric L. Sappenfield, Epoch Investment Partners, Inc., and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2015

Average annual total returns (%)

with maximum sales charge

Cumulative total returns (%)

with maximum sales charge

SEC 30-day

yield (%)

subsidized

SEC 30-day

yield (%)

unsubsidized¹

1-year 5-year Since
inception 5-year Since
inception as of
2-28-15 as of
2-28-15

Class A 2.68 11.52 5.45 ² 72.49 52.84 ² 2.08% 2.07%

Class B 2.26 11.60 5.38 ² 73.13 52.06 ² 1.43% 1.42%

Class C 6.42 11.89 5.40 ² 75.41 52.30 ² 1.51% 1.50%

Class I³ 8.50 13.11 6.59 ² 85.16 66.66 ² 2.58% 2.57%

Class R2^3,4 7.93 12.01 5.16 ² 76.31 49.59 ² 2.00% 1.21%

Class R6^3,4 8.56 13.19 6.58 ² 85.77 66.52 ² 2.57% -1.82%

Class NAV³ 8.57 13.22 7.72 ⁵ 86.03 66.26 ⁵ 2.64% 2.63%

Index^† 8.45 12.31 4.98 ² 78.67 47.55 ² — —

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges 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%, and 1%. No sales charge will be assessed after the sixth year. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R6, and Class NAV shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/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. Had the fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

Class A Class B Class C Class I Class R2 Class R6 Class NAV

Gross (%) 1.34 2.15 2.05 1.02 8.68 10.30 0.88

Net (%) 1.34 2.15 2.05 1.02 1.47 0.87 0.88

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

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 and other factors, 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 800-225-5291 or visit the fund's website at jhinvestments.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 fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

†	Index is the MSCI World Index.

See the following page for footnotes.

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Global Shareholder Yield Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the MSCI World Index.

Start date With maximum
sales charge Without
sales charge Index

Class B⁶ 3-1-07 15,206 15,206 14,755

Class C⁶ 3-1-07 15,230 15,230 14,755

Class I³ 3-1-07 16,666 16,666 14,755

Class R2³ 3-1-07 14,959 14,959 14,755

Class R6³ 3-1-07 16,652 16,652 14,755

Class NAV³ 4-28-08 16,626 16,626 14,060

The MSCI World Index (gross of foreign withholding tax on dividends) — is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

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

Footnotes related to performance pages

1	Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.
2	From 3-1-07.
3	For certain types of investors, as described in the fund's prospectuses.
4	Class R6 and Class R2 shares were first offered 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 R6 and Class R2 shares, as applicable.
5	From 4-28-08.
6	The contingent deferred sales charge is not applicable.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the fund's actual ongoing operating expenses, and is based on the fund's actual return. It assumes an account value of $1,000.00 on September 1, 2014, with the same investment held until February 28, 2015.

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $1,016.20 $6.60 1.32%

Class B 1,000.00 1,013.00 10.53 2.11%

Class C 1,000.00 1,013.30 10.08 2.02%

Class I 1,000.00 1,018.70 5.01 1.00%

Class R2 1,000.00 1,016.30 7.35 1.47%

Class R6 1,000.00 1,018.70 4.35 0.87%

Class NAV 1,000.00 1,018.60 4.35 0.87%

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2015, by $1,000.00, then multiply it by the "expenses paid" for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

This table allows you to compare the fund's ongoing operating expenses with those of any other fund. It provides an example of the fund's hypothetical account values and hypothetical expenses based on each class's actual expense ratio and an assumed 5% annualized return before expenses (which is not the fund's actual return). It assumes an account value of $1,000.00 on September 1, 2014, with the same investment held until February 28, 2015. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $1,018.20 $6.61 1.32%

Class B 1,000.00 1,014.30 10.54 2.11%

Class C 1,000.00 1,014.80 10.09 2.02%

Class I 1,000.00 1,019.80 5.01 1.00%

Class R2 1,000.00 1,017.50 7.35 1.47%

Class R6 1,000.00 1,020.50 4.36 0.87%

Class NAV 1,000.00 1,020.50 4.36 0.87%

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 prospectuses for details regarding transaction costs.

1	Expenses are equal to the fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Fund's investments

As of 2-28-15

Shares Value

Common stocks 96.2% $2,602,104,720

(Cost $2,153,634,547)

Australia 3.6% 97,330,670

BHP Billiton, Ltd. 781,530 20,525,337

Commonwealth Bank of Australia 253,830 18,209,392

Telstra Corp., Ltd. 7,728,630 38,415,147

Westpac Banking Corp. 678,451 20,180,794

Canada 4.8% 129,747,347

BCE, Inc. 1,081,880 47,347,936

Potash Corp. of Saskatchewan, Inc. 952,260 34,186,134

Rogers Communications, Inc. 781,560 27,640,003

Shaw Communications, Inc., Class B 886,850 20,573,274

France 7.7% 207,188,760

Electricite de France SA 1,210,560 33,405,950

Sanofi 180,670 17,670,944

SCOR SE 853,600 28,100,126

Total SA 710,580 38,175,476

Unibail-Rodamco SE 96,435 27,743,453

Vinci SA 657,310 38,911,092

Vivendi SA 952,203 23,181,719

Germany 6.6% 178,178,683

BASF SE 315,960 30,274,954

Daimler AG 279,050 27,029,401

Deutsche Post AG 401,310 13,661,678

Deutsche Telekom AG 2,518,550 47,026,433

Muenchener Rueckversicherungs AG 196,250 40,733,763

Siemens AG 174,020 19,452,454

Italy 1.3% 35,531,655

Terna Rete Elettrica Nazionale SpA 7,876,110 35,531,655

Netherlands 2.1% 56,836,044

Royal Dutch Shell PLC, ADR, Class A 607,500 39,712,275

Wolters Kluwer NV 528,780 17,123,769

Norway 1.9% 49,947,873

Orkla ASA 2,546,330 19,976,042

Statoil ASA 773,730 14,534,622

Yara International ASA 280,660 15,437,209

Philippines 0.6% 16,034,176

Philippine Long Distance Telephone Company, ADR 223,941 16,034,176

12SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

Spain 0.8% $20,648,241

Gas Natural SDG SA 855,770 20,648,241

Sweden 1.3% 36,380,952

Svenska Handelsbanken AB, A Shares 722,790 36,380,952

Switzerland 3.9% 106,459,650

Nestle SA 195,060 15,244,680

Novartis AG 286,020 29,252,438

Roche Holding AG 64,255 17,508,814

Swisscom AG 77,550 44,453,718

United Kingdom 17.5% 474,296,185

Aberdeen Asset Management PLC 2,291,300 16,536,042

AstraZeneca PLC, ADR 373,590 25,740,351

BAE Systems PLC 5,210,070 42,702,418

British American Tobacco PLC 538,730 31,409,115

Centrica PLC 312,602 1,176,947

Diageo PLC, ADR 107,550 12,782,318

GlaxoSmithKline PLC 1,750,410 41,504,657

Imperial Tobacco Group PLC 1,135,170 55,864,564

National Grid PLC 3,579,470 48,962,431

Pearson PLC 1,127,370 24,664,970

Rio Tinto PLC 455,580 22,421,219

SSE PLC 1,822,380 44,198,447

Unilever PLC 432,330 19,068,696

United Utilities Group PLC 2,814,523 41,059,523

Vodafone Group PLC 13,348,812 46,204,487

United States 44.1% 1,193,524,484

AbbVie, Inc. 354,740 21,461,770

Altria Group, Inc. 929,400 52,315,921

Ameren Corp. 963,340 40,855,249

Apple, Inc. 124,625 16,009,328

Arthur J Gallagher & Company 299,280 14,063,167

AT&T, Inc. 1,233,840 42,641,510

Automatic Data Processing, Inc. 188,470 16,743,675

CenturyLink, Inc. 1,190,510 45,072,709

CME Group, Inc. 207,000 19,857,510

ConocoPhillips 320,370 20,888,124

Corrections Corp. of America 906,785 36,171,654

Dominion Resources, Inc. 196,250 14,147,663

Duke Energy Corp. 543,198 42,668,203

EI du Pont de Nemours & Company 221,740 17,262,459

Enterprise Products Partners LP 563,180 18,776,421

Health Care REIT, Inc. 629,640 48,551,540

Johnson & Johnson 150,790 15,457,483

SEE NOTES TO FINANCIAL STATEMENTS13

Shares Value

United States (continued)

Kimberly-Clark Corp. 213,990 $23,466,143

Kinder Morgan, Inc. 1,052,026 43,143,586

KLA-Tencor Corp. 220,640 14,331,671

Lockheed Martin Corp. 146,340 29,275,317

Lorillard, Inc. 763,740 52,255,091

MarkWest Energy Partners LP 235,030 15,265,199

Mattel, Inc. 568,680 14,967,658

McDonald's Corp. 157,390 15,565,871

Merck & Company, Inc. 333,660 19,532,456

Microchip Technology, Inc. 394,610 20,231,655

Microsoft Corp. 385,720 16,913,822

Occidental Petroleum Corp. 238,320 18,560,362

People's United Financial, Inc. 1,136,240 17,191,311

PepsiCo, Inc. 161,880 16,022,882

Philip Morris International, Inc. 460,060 38,166,578

PPL Corp. 1,143,950 39,008,695

Regal Entertainment Group, Class A 920,030 21,749,509

Reynolds American, Inc. 692,790 52,388,780

RR Donnelley & Sons Company 1,073,010 20,462,301

Seagate Technology PLC 318,100 19,442,272

Targa Resources Partners LP 274,900 12,046,118

TECO Energy, Inc. 1,643,990 32,271,524

The Coca-Cola Company 344,720 14,926,376

The Dow Chemical Company 479,950 23,632,738

The Southern Company 417,950 19,137,931

Verizon Communications, Inc. 887,974 43,910,314

Waste Management, Inc. 312,560 17,028,269

Wells Fargo & Company 403,500 22,107,765

Wisconsin Energy Corp. 344,800 17,577,904

Yield (%) Shares Value

Short-term investments 3.2% $87,738,888

(Cost $87,738,888)

Money market funds 3.2% 87,738,888

Federated Treasury Obligations Fund 0.0100(Y ) 87,738,888 87,738,888

Total investments (Cost $2,241,373,435)† 99.4% $2,689,843,608

Other assets and liabilities, net 0.6% $16,019,690

Total net assets 100.0% $2,705,863,298

14SEE NOTES TO FINANCIAL STATEMENTS

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

Key to Security Abbreviations and Legend

ADR American Depositary Receipts

REIT Real Estate Investment Trust

(Y) The rate shown is the annualized seven-day yield as of 2-28-15.

† At 2-28-15, the aggregate cost of investment securities for federal income tax purposes was $2,247,293,313. Net unrealized appreciation aggregated $442,550,295, of which $469,649,563 related to appreciated investment securities and $27,099,268 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS15

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 2-28-15

Assets

Investments, at value (Cost $2,241,373,435) $2,689,843,608

Foreign currency, at value (Cost $912,914) 916,194

Receivable for investments sold 20,559,184

Receivable for fund shares sold 15,716,022

Dividends receivable 10,823,319

Other receivables and prepaid expenses 118,105

Total assets 2,737,976,432

Liabilities

Payable for investments purchased 28,542,860

Payable for fund shares repurchased 2,466,385

Payable to affiliates

Accounting and legal services fees 61,104

Transfer agent fees 378,450

Distribution and service fees 443

Trustees' fees 4,546

Other liabilities and accrued expenses 659,346

Total liabilities 32,113,134

Net assets $2,705,863,298

Net assets consist of

Paid-in capital $2,242,449,373

Undistributed net investment income 7,541,308

Accumulated net realized gain (loss) on investments and foreign currency transactions 7,609,452

Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies 448,263,165

Net assets $2,705,863,298

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 ($580,306,438 ÷ 49,241,748 shares)¹ $11.78

Class B ($16,617,772 ÷ 1,410,974 shares)¹ $11.78

Class C ($168,342,052 ÷ 14,281,767 shares)¹ $11.79

Class I ($1,242,427,999 ÷ 105,043,290 shares) $11.83

Class R2 ($1,341,019 ÷ 113,454 shares) $11.82

Class R6 ($411,798 ÷ 34,857 shares) $11.81

Class NAV ($696,416,220 ÷ 58,907,087 shares) $11.82

Maximum offering price per share

Class A (net asset value per share ÷ 95%)² $12.40

1 Redemption price per share 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.

16SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 2-28-15

Investment income

Dividends $112,231,021

Interest 3,540

Less foreign taxes withheld (5,594,452 )

Total investment income 106,640,109

Expenses

Investment management fees 19,954,300

Distribution and service fees 3,385,619

Accounting and legal services fees 320,164

Transfer agent fees 2,192,588

Trustees' fees 37,504

State registration fees 190,887

Printing and postage 159,924

Professional fees 134,754

Custodian fees 1,366,398

Registration and filing fees 78,759

Other 40,815

Total expenses 27,861,712

Less expense reductions (211,856 )

Net expenses 27,649,856

Net investment income 78,990,253

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments in unaffiliated issuers and foreign currency transactions 61,397,066

61,397,066

Change in net unrealized appreciation (depreciation) of

Investments in unaffiliated issuers and translation of assets and liabilities in foreign currencies 48,574,230

48,574,230

Net realized and unrealized gain 109,971,296

Increase in net assets from operations $188,961,549

SEE NOTES TO FINANCIAL STATEMENTS17

STATEMENTS OF CHANGES IN NET ASSETS

Year ended 2-28-15 Year ended 2-28-14

Increase (decrease) in net assets

From operations

Net investment income $78,990,253 $83,581,596

Net realized gain 61,397,066 130,211,445

Change in net unrealized appreciation (depreciation) 48,574,230 153,727,257

Increase in net assets resulting from operations 188,961,549 367,520,298

Distributions to shareholders

From net investment income

Class A (20,928,672 ) (10,212,966 )

Class B (486,696 ) (270,722 )

Class C (4,343,243 ) (1,816,114 )

Class I (42,929,623 ) (22,747,665 )

Class R2 (29,513 ) (6,285 )

Class R6 (12,521 ) (5,672 )

Class NAV (27,036,853 ) (24,197,018 )

From net realized gain

Class A (19,485,409 ) (17,733,684 )

Class B (590,390 ) (544,804 )

Class C (5,577,950 ) (4,176,825 )

Class I (42,201,354 ) (30,180,114 )

Class R2 (36,286 ) (11,950 )

Class R6 (12,656 ) (7,398 )

Class NAV (24,485,458 ) (23,183,742 )

Total distributions (188,156,624 ) (135,094,959 )

From fund share transactions 461,724,827 73,530,102

Total increase 462,529,752 305,955,441

Net assets

Beginning of year 2,243,333,546 1,937,378,105

End of year $2,705,863,298 $2,243,333,546

Undistributed net investment income $7,541,308 $26,682,066

18SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

Class A Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $11.74 $10.46 $9.81 $9.50 $8.10

Net investment income¹ 0.36 0.45 ² 0.29 0.26 0.24

Net realized and unrealized gain on investments 0.55 1.57 0.63 0.29 1.40

Total from investment operations 0.91 2.02 0.92 0.55 1.64

Less distributions

From net investment income (0.44 ) (0.31 ) (0.27 ) (0.24 ) (0.24 )

From net realized gain (0.43 ) (0.43 ) — — —

Total distributions (0.87 ) (0.74 ) (0.27 ) (0.24 ) (0.24 )

Net asset value, end of period $11.78 $11.74 $10.46 $9.81 $9.50

Total return (%)^3,4 8.10 19.85 9.66 5.98 20.64

Ratios and supplemental data

Net assets, end of period (in millions) $580 $553 $276 $215 $56

Ratios (as a percentage of average net assets):

Expenses before reductions 1.33 1.34 1.43 1.53 1.55

Expenses including reductions 1.32 1.34 1.42 1.42 1.55

Net investment income 2.99 4.01 ² 2.92 2.78 2.80

Portfolio turnover (%) 23 40 21 19 39

1 Based on average daily shares outstanding.

2 Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS19

Class B Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $11.74 $10.46 $9.81 $9.49 $8.10

Net investment income¹ 0.27 0.35 ² 0.22 0.20 0.19

Net realized and unrealized gain on investments 0.55 1.58 0.64 0.29 1.38

Total from investment operations 0.82 1.93 0.86 0.49 1.57

Less distributions

From net investment income (0.35 ) (0.22 ) (0.21 ) (0.17 ) (0.18 )

From net realized gain (0.43 ) (0.43 ) — — —

Total distributions (0.78 ) (0.65 ) (0.21 ) (0.17 ) (0.18 )

Net asset value, end of period $11.78 $11.74 $10.46 $9.81 $9.49

Total return (%)^3,4 7.26 18.95 8.90 5.33 19.65

Ratios and supplemental data

Net assets, end of period (in millions) $17 $17 $11 $8 $2

Ratios (as a percentage of average net assets):

Expenses before reductions 2.10 2.15 2.29 2.54 2.91

Expenses including reductions 2.10 2.12 2.12 2.11 2.25

Net investment income 2.24 3.11 ² 2.21 2.17 2.18

Portfolio turnover (%) 23 40 21 19 39

20SEE NOTES TO FINANCIAL STATEMENTS

Class C Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $11.74 $10.46 $9.81 $9.50 $8.10

Net investment income¹ 0.27 0.36 ² 0.22 0.20 0.18

Net realized and unrealized gain on investments 0.56 1.58 0.64 0.28 1.40

Total from investment operations 0.83 1.94 0.86 0.48 1.58

Less distributions

From net investment income (0.35 ) (0.23 ) (0.21 ) (0.17 ) (0.18 )

From net realized gain (0.43 ) (0.43 ) — — —

Total distributions (0.78 ) (0.66 ) (0.21 ) (0.17 ) (0.18 )

Net asset value, end of period $11.79 $11.74 $10.46 $9.81 $9.50

Total return (%)^3,4 7.42 18.97 8.90 5.22 19.78

Ratios and supplemental data

Net assets, end of period (in millions) $168 $127 $65 $45 $11

Ratios (as a percentage of average net assets):

Expenses before reductions 2.03 2.05 2.15 2.29 2.39

Expenses including reductions 2.02 2.05 2.12 2.11 2.25

Net investment income 2.24 3.22 ² 2.22 2.13 2.10

Portfolio turnover (%) 23 40 21 19 39

SEE NOTES TO FINANCIAL STATEMENTS21

Class I Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $11.78 $10.49 $9.84 $9.53 $8.13

Net investment income¹ 0.39 0.47 ² 0.31 0.32 0.29

Net realized and unrealized gain (loss) on investments 0.56 1.59 0.65 0.27 1.38

Total from investment operations 0.95 2.06 0.96 0.59 1.67

Less distributions

From net investment income (0.47 ) (0.34 ) (0.31 ) (0.28 ) (0.27 )

From net realized gain (0.43 ) (0.43 ) — — —

Total distributions (0.90 ) (0.77 ) (0.31 ) (0.28 ) (0.27 )

Net asset value, end of period $11.83 $11.78 $10.49 $9.84 $9.53

Total return (%)³ 8.50 20.28 10.07 6.45 21.09

Ratios and supplemental data

Net assets, end of period (in millions) $1,242 $893 $641 $249 $123

Ratios (as a percentage of average net assets):

Expenses before reductions 1.01 1.01 1.05 1.12 1.09

Expenses including reductions 1.00 1.01 1.03 0.97 1.08

Net investment income 3.24 4.19 ² 3.10 3.43 3.40

Portfolio turnover (%) 23 40 21 19 39

1 Based on average daily shares outstanding.

2 Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

22SEE NOTES TO FINANCIAL STATEMENTS

Class R2 Shares Period ended 2-28-15 2-28-14 2-28-13 ¹

Per share operating performance

Net asset value, beginning of period $11.78 $10.49 $9.84

Net investment income² 0.31 0.50 ³ 0.29

Net realized and unrealized gain on investments 0.58 1.52 0.63

Total from investment operations 0.89 2.02 0.92

Less distributions

From net investment income (0.42 ) (0.30 ) (0.27 )

From net realized gain (0.43 ) (0.43 ) —

Total distributions (0.85 ) (0.73 ) (0.27 )

Net asset value, end of period $11.82 $11.78 $10.49

Total return (%)⁴ 7.93 19.78 9.58

Ratios and supplemental data

Net assets, end of period (in millions) $1 $1 — ⁵

Ratios (as a percentage of average net assets):

Expenses before reductions 3.22 8.52 19.42

Expenses including reductions 1.47 1.47 1.47

Net investment income 2.66 4.38 ³ 2.91

Portfolio turnover (%) 23 40 21

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

2 Based on average daily shares outstanding.

3 Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Less than $500,000.

SEE NOTES TO FINANCIAL STATEMENTS23

Class R6 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 ¹

Per share operating performance

Net asset value, beginning of period $11.77 $10.49 $9.84 $9.29

Net investment income² 0.39 0.48 ³ 0.33 0.13

Net realized and unrealized gain on investments 0.57 1.58 0.64 0.52

Total from investment operations 0.96 2.06 0.97 0.65

Less distributions

From net investment income (0.49 ) (0.35 ) (0.32 ) (0.10 )

From net realized gain (0.43 ) (0.43 ) — —

Total distributions (0.92 ) (0.78 ) (0.32 ) (0.10 )

Net asset value, end of period $11.81 $11.77 $10.49 $9.84

Total return (%)⁴ 8.56 20.29 10.12 7.12 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) — ⁶ — ⁶ — ⁶ — ⁶

Ratios (as a percentage of average net assets):

Expenses before reductions 6.51 10.30 10.38 15.93 ⁷

Expenses including reductions 0.87 0.97 0.97 0.97 ⁷

Net investment income 3.32 4.26 ³ 3.29 2.82 ⁷

Portfolio turnover (%) 23 40 21 19 ⁸

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

2 Based on average daily shares outstanding.

3 Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Not annualized.

6 Less than $500,000.

7 Annualized.

8 The portfolio turnover is shown for the period from 3-1-11 to 2-29-12.

24SEE NOTES TO FINANCIAL STATEMENTS

Class NAV Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $11.78 $10.49 $9.84 $9.53 $8.13

Net investment income¹ 0.41 0.49 ² 0.35 0.29 0.30

Net realized and unrealized gain on investments 0.55 1.59 0.62 0.31 1.38

Total from investment operations 0.96 2.08 0.97 0.60 1.68

Less distributions

From net investment income (0.49 ) (0.36 ) (0.32 ) (0.29 ) (0.28 )

From net realized gain (0.43 ) (0.43 ) — — —

Total distributions (0.92 ) (0.79 ) (0.32 ) (0.29 ) (0.28 )

Net asset value, end of period $11.82 $11.78 $10.49 $9.84 $9.53

Total return (%)³ 8.57 20.47 10.17 6.53 21.19

Ratios and supplemental data

Net assets, end of period (in millions) $696 $653 $944 $1,019 $162

Ratios (as a percentage of average net assets):

Expenses before reductions 0.88 0.88 0.90 0.99 0.99

Expenses including reductions 0.87 0.87 0.89 0.94 0.99

Net investment income 3.42 4.35 ² 3.56 3.11 3.49

Portfolio turnover (%) 23 40 21 19 39

1 Based on average daily shares outstanding.

2 Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS25

Notes to financial statements

Note 1 — Organization

John Hancock Global Shareholder 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 primary objective of the fund is to seek to provide a high level of income. Capital appreciation is a secondary investment 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 B shares are closed to new 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 NAV shares are offered to John Hancock affiliated funds of funds and certain 529 plans. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage for each class may differ. 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 (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds 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 vendor. Securities that trade only in the over-the-counter market are valued using bid prices.

Other portfolio securities and assets, for which reliable 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 frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund's Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

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 other 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 February 28, 2015, by major security category or type:

Total
market value
at 2-28-15 Level 1
quoted price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Common stocks

Australia $97,330,670 — $97,330,670 —

Canada 129,747,347 $129,747,347 — —

France 207,188,760 — 207,188,760 —

Germany 178,178,683 — 178,178,683 —

Italy 35,531,655 — 35,531,655 —

Netherlands 56,836,044 39,712,275 17,123,769 —

Norway 49,947,873 — 49,947,873 —

Philippines 16,034,176 16,034,176 — —

Spain 20,648,241 — 20,648,241 —

Sweden 36,380,952 — 36,380,952 —

Switzerland 106,459,650 — 106,459,650 —

United Kingdom 474,296,185 38,522,669 435,773,516 —

United States 1,193,524,484 1,193,524,484 — —

Short-term investments 87,738,888 87,738,888 — —

Total Investments in Securities $2,689,843,608 $1,505,279,839 $1,184,563,769 —

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 if amounts are estimable. 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.

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), accounting standards and other factors. 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 and/or capital gains or repatriation taxes imposed by certain countries in which the fund invests. Taxes are accrued based upon investment income, realized gains or 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 fund's 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 extent of any overdraft, and to the maximum extent permitted by law.

In addition, the fund and other affiliated funds have entered into an agreement with Citibank N.A. that enables them to participate in a $300 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 year ended February 28, 2015 were $652. For the year ended February 28, 2015, the fund had no borrowings under the line of credit.

Expenses. Within the John Hancock group of 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 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 February 28, 2015, 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 quarterly. Capital gain distributions, if any, annually.

The tax character of distributions for the years ended February 28, 2015 and 2014 was as follows:

February 28, 2015 February 28, 2014

Ordinary Income $95,767,121 $59,256,442

Long-Term Capital Gain $92,389,503 $75,838,517

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. As of February 28, 2015, the components of distributable earnings on a tax basis consisted of $7,541,487 and $13,529,332 of undistributed ordinary income and undistributed long-term capital gains, respectively.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. 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 wash sale loss deferrals and partnerships.

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 Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, on an annual basis, equal to 0.800% of average daily net assets. The Advisor has a subadvisory agreement with Epoch Investment Partners, Inc. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended February 28, 2015, this waiver amounted to 0.01% of the fund's average net assets on an annualized basis. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The Advisor has contractually agreed to waive all or a portion of its management fees and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the fund's total operating expenses at 1.47% and 0.97% for Class R2 and Class R6 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 the fund's business, acquired fund fees and short dividend expense. These expense limitations shall remain in effect until June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at the time.

Effective July 1, 2014, the Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class B shares of the fund, including Rule 12b-1 fees, transfer agency fees and service fees, blue sky fees, and printing and postage, as applicable, to the extent they exceed 1.30% of average annual net assets (on an annualized basis) attributable to Class B shares (the Class Expense Waiver). The Class Expense Waiver expires on June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. Prior to July 1, 2014, Class B and Class C shares had fee waivers and/or reimbursements such that the expenses would not exceed 2.12% for Class B and Class C shares, respectively.

For Class R6 shares, the Advisor has contractually agreed to waive and/ or reimburse all class specific expense of the fund, including transfer agency fees and service fees, blue sky fees, and printing and postage, as applicable, to the extent they exceed 0.00% of average annual net assets. The fee waiver and/or reimbursement will continue in effect until June 30, 2015, unless renewed by mutual agreement of the fund and Advisor based upon a determination that this is appropriate under the circumstances at the time.

The expense reductions described above amounted to $41,187, $1,208, $10,524, $77,730, $15,431, $17,142 and $47,196 for Class A, Class B, Class C, Class I, Class R2, Class R6 and Class NAV shares, respectively, for the year ended February 28, 2015.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended February 28, 2015 were equivalent to a net annual effective rate of 0.79% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor 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 year ended February 28, 2015 amounted to an annual rate of 0.01% of the fund's average daily net assets.

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

Class Rule 12b-1 fee Service fee

Class A 0.30% —

Class B 1.00% —

Class C 1.00% —

Class R2 0.25% 0.25%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $3,461,104 for the year ended February 28, 2015. Of this amount, $588,871 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $2,861,516 was paid as sales commissions to broker-dealers and $10,717 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor.

Class A, Class B and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2015, CDSCs received by the Distributor amounted to$2,968, $30,782 and $27,872 for Class A, 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 Advisor. 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, including 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 five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond 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 year ended February 28, 2015 were:

Class Distribution and service fees Transfer agent fees State registration fees Printing and postage

Class A $1,738,136 $738,349 $59,324 $54,685

Class Distribution and service fees Transfer agent fees State registration fees Printing and postage

Class B 170,061 21,672 15,315 1,391

Class C 1,473,250 187,046 22,380 10,410

Class I — 1,245,321 60,487 93,084

Class R2 4,172 149 16,113 186

Class R6 — 51 16,901 168

Class NAV — — 367 —

Total $3,385,619 $2,192,588 $190,887 $159,924

During the year ended February 28, 2015, an unaffiliated blue sky registration agent reimbursed Class A, Class B, Class C and Class I shares for state registration fees of $89, $86, $87 and $1,176, respectively.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Interfund lending program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds advised by the Advisor, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are presented under the caption Payable for interfund lending in the Statement of assets and liabilities. At period end, no interfund loans were outstanding. The fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or
lender Average
loan balance Days
outstanding Weighted average
interest rate Interest
expense

Borrower $27,417,607 3 0.45% $1,017

Note 5 — Fund share transactions

Transactions in fund shares for the years ended February 28, 2015 and 2014 were as follows:

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class A shares

Sold 20,719,507 $248,267,051 26,838,217 $304,344,103

Distributions reinvested 3,469,242 39,825,466 2,481,890 27,502,699

Repurchased (22,029,303 ) (258,739,581 ) (8,581,850 ) (96,647,752 )

Net increase 2,159,446 $29,352,936 20,738,257 $235,199,050

Class B shares

Sold 166,047 $1,961,689 403,444 $4,516,790

Distributions reinvested 74,877 856,685 54,763 606,948

Repurchased (238,338 ) (2,849,017 ) (141,166 ) (1,576,956 )

Net increase (decrease) 2,586 ($30,643 ) 317,041 $3,546,782

Class C shares

Sold 4,752,670 $56,729,485 5,196,683 $58,389,022

Distributions reinvested 781,411 8,933,617 477,452 5,299,994

Repurchased (2,090,014 ) (24,867,403 ) (1,027,271 ) (11,556,924 )

Net increase 3,444,067 $40,795,699 4,646,864 $52,132,092

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class I shares

Sold 44,841,443 $538,638,175 31,298,034 $354,437,329

Distributions reinvested 7,155,019 82,144,457 4,604,700 51,029,333

Repurchased (22,743,540 ) (270,635,958 ) (21,258,484 ) (240,965,660 )

Net increase 29,252,922 $350,146,674 14,644,250 $164,501,002

Class R2 shares

Sold 75,096 $890,451 38,678 $439,671

Distributions reinvested 4,971 56,777 958 10,700

Repurchased (11,879 ) (134,980 ) (5,963 ) (68,252 )

Net increase 68,188 $812,248 33,673 $382,119

Class R6 shares

Sold 16,700 $197,531 5,745 $63,944

Distributions reinvested 1,336 15,272 420 4,662

Repurchased (2,266 ) (26,284 ) (66 ) (759 )

Net increase 15,770 $186,519 6,099 $67,847

Class NAV shares

Sold 5,275,151 $63,578,517 650,283 $7,367,511

Distributions reinvested 4,483,816 51,522,311 4,299,515 47,380,760

Repurchased (6,277,534 ) (74,639,434 ) (39,517,738 ) (437,047,061 )

Net increase (decrease) 3,481,433 $40,461,394 (34,567,940 ) $(382,298,790 )

Total net increase 38,424,412 $461,724,827 5,818,244 $73,530,102

Affiliates of the fund owned 9%, 31% and 100% of shares of beneficial interest of Class R2, Class R6 and Class NAV, respectively, on February 28, 2015.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $863,458,883 and $550,589,773, respectively, for the year ended February 28, 2015.

Note 7 — Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor 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. At February 28, 2015, funds within the John Hancock group of funds complex held 25.6% of the fund's net assets. The following funds had an affiliate ownership of 5% or more of the fund's net assets:

Fund Affiliate concentration

John Hancock Lifestyle Growth Portfolio 7.9%

John Hancock Lifestyle Balanced Portfolio 7.9%

AUDITOR'S REPORT

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Global Shareholder Yield Fund:

In our opinion, the accompanying statement of assets and liabilities, including the fund's investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Global Shareholder Yield Fund (the "Fund") at February 28, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 23, 2015

TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended February 28, 2015.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Income derived from foreign sources was $63,109,101. The fund intends to pass through foreign tax credits of $5,512,959.

The fund paid $92,389,503 in capital gain dividends.

Eligible shareholders will be mailed a 2015 Form 1099-DIV in early 2016. This will reflect the tax character of all distributions paid in calendar year 2015.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

Trustees and Officers

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

Independent Trustees

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James M. Oates, Born: 1946 2012 222

Trustee and Chairperson of the Board
Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (since 2000); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (since 1998); Director, Virtus Funds (formerly Phoenix Mutual Funds) (since 1988). Trustee and Chairperson of the Board, John Hancock Collateral Trust (since 2015); Trustee and Chairperson of the Board, John Hancock retail funds³ (since 2012); Trustee (2005-2006 and since 2012) and Chairperson of the Board (since 2012), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (since 2005), John Hancock Variable Insurance Trust; Trustee and Chairperson of the Board, John Hancock Funds II (since 2005).

Charles L. Bardelis,² Born: 1941 2012 222

Trustee
Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).

Peter S. Burgess,² Born: 1942 2012 222

Trustee
Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (since 2010); Director, PMA Capital Corporation (2004-2010). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

William H. Cunningham, Born: 1944 2006 222

Trustee
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director, Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, Introgen (manufacturer of biopharmaceuticals) (until 2008); former Director, Hicks Acquisition Company I, Inc. (until 2007); former Director, Texas Exchange Bank, SSB (formerly Bank of Crowley) (until 2009); former Advisory Director, JP Morgan Chase Bank (formerly Texas Commerce Bank-Austin) (until 2009); former Director, LIN Television (2009-2014). Trustee, John Hancock retail funds³ (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005-2006 and since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Grace K. Fey, Born: 1946 2012 222

Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Theron S. Hoffman,² Born: 1947 2012 222

Trustee
Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Deborah C. Jackson, Born: 1952 2008 222

Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds³ (since 2008); Trustee of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Hassell H. McClellan, Born: 1945 2012 222

Trustee
Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

Steven R. Pruchansky, Born: 1944 2006 222

Trustee and Vice Chairperson of the Board
Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (since 2014); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds³; Trustee and Vice Chairperson of the Board, John Hancock retail funds³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2015).

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Gregory A. Russo, Born: 1949 2008 222

Trustee
Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Chairman (since 2014) and Director and Member (since 2012) of Finance Committee, The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds³ (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Non-Independent Trustees⁴

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James R. Boyle, Born: 1959 2015 222

Non-Independent Trustee*
Chairman, HealthFleet, Inc. (healthcare) (since 2014); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, president and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010); Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).
*Effective 3-10-15.

Craig Bromley, Born: 1966 2012 222

Non-Independent Trustee
President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Warren A. Thomson, Born: 1955 2012 222

Non-Independent Trustee
Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Principal officers who are not Trustees

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Officer
of the
Trust
since

Andrew G. Arnott, Born: 1971 2009

Executive Vice President
President
Senior Vice President, John Hancock Financial Services (since 2009); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President (effective 3-13-14) and Executive Vice President, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust (since 2015).

John J. Danello,Born: 1955 2014

Senior Vice President, Secretary, and Chief Legal Officer
Vice President and Chief Counsel, John Hancock Wealth Management (since 2005); Senior Vice President (since 2007) and Chief Legal Counsel (2007-2010), John Hancock Funds, LLC and The Berkeley Financial Group, LLC; Senior Vice President (since 2006, including prior positions) and Chief Legal Officer and Secretary (since 2014), John Hancock retail funds³ and John Hancock Variable Insurance Trust; Senior Vice President, Chief Legal Officer and Secretary (since 2015), John Hancock Collateral Trust; Vice President, John Hancock Life & Health Insurance Company (since 2009); Vice President, John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York (since 2010); and Senior Vice President, Secretary, and Chief Legal Counsel (2007-2014, including prior positions) of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC.

Francis V. Knox, Jr.,Born: 1947 2006

Chief Compliance Officer
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds,³ John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust (since 2015).

Charles A. Rizzo, Born: 1957 2007

Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer, John Hancock retail funds,³ John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007); Chief Financial Officer, John Hancock Collateral Trust (since 2015).

Salvatore Schiavone, Born: 1965 2010

Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer, John Hancock retail funds³ (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2010 and 2007-2009, including prior positions); Treasurer, John Hancock Collateral Trust (since 2015).

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

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

1	Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal.
2	Member of the Audit Committee.
3	"John Hancock retail funds" comprises John Hancock Funds III and 35 other John Hancock funds consisting of 25 series of other John Hancock trusts and 10 closed-end funds.
4	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†#
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

Epoch Investment Partners, Inc.

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company+
Citibank, N.A.^

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

*Member of the Audit Committee
†Non-Independent Trustee
#Effective 3-10-15
+Through 2-13-15
^Effective 2-17-15

The fund's proxy voting policies and procedures, as well as the fund 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) website at sec.gov or on our website.

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 website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:

800-225-5291
jhinvestments.com
Regular mail:

John Hancock Signature Services, Inc.
P.O. Box 55913
Boston, MA 02205-5913

Express mail:

John Hancock Signature Services, Inc.
30 Dan Road
Canton, MA 02021

Family of funds

DOMESTIC EQUITY FUNDS

Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity-Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

Large Cap Equity

Select Growth

Small Cap Equity

Small Cap Value

Small Company

Strategic Growth

U.S. Equity

U.S. Global Leaders Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Global Equity

Global Opportunities

Global Shareholder Yield

Greater China Opportunities

International Core

International Growth

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Core High Yield

Emerging Markets Debt

Floating Rate Income

Focused High Yield

Global Income

Government Income

High Yield Municipal Bond

Income

INCOME FUNDS (continued)

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Equity

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

ASSET ALLOCATION

Income Allocation Fund

Lifestyle Aggressive Portfolio

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Retirement Choices Portfolios (2010-2055)

Retirement Living Portfolios (2010-2055)

Retirement Living II Portfolios (2010-2055)

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-225-5291, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

John Hancock Investments

A trusted brand

John Hancock has helped individuals and institutions build and
protect wealth since 1862. Today, we are one of America's strongest
and most-recognized brands.

A better way to invest

As a manager of managers, we search the world to find proven
portfolio teams with specialized expertise for every fund we offer,
then apply vigorous investment oversight to ensure they continue
to meet our uncompromising standards.

Results for investors

Our unique approach to asset management has led to a diverse set
of investments deeply rooted in investor needs, along with strong
risk-adjusted returns across asset classes.

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

This report is for the information of the shareholders of John Hancock Global Shareholder Yield Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF221040 320A 2/15
4/15

John Hancock

International Core Fund

Annual report 2/28/15

A message to shareholders

Dear fellow shareholder,

A new look

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of February 28, 2015. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
International Core Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

20 Financial statements

24 Financial highlights

36 Notes to financial statements

47 Auditor's report

48 Tax information

49 Trustees and Officers

53 More information

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks high total return.

AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/15(%)

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

It is not possible to invest directly in an index.

Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Benchmark posted generally flat performance

Disappointing economic performance and deflationary risks in Europe were slightly offset by policymakers' decisive measures to stimulate growth.

European holdings, energy positions detracted

Overweights in European value stocks and in the energy sector weighed on the fund's relative results.

Postions in telecommunication services, Spanish equities contributed

The fund's overweight in telecommunication services stocks and our stock selection within the sector contributed to relative performance, as did our stock picking in Spain.

SECTOR COMPOSITION AS OF 2/28/15 (%)

A note about risks

Foreign investing has additional risks, such as currency and market volatility, and political and social instability. Hedging and other strategic transactions may increase volatility and result in losses if not successful. Large company stocks could fall out of favor. The stock prices of midsize and small companies can change more frequently and dramatically than those of large companies. The value of a company's equity securities is subject to changes in the company's financial condition and overall market and economic conditions.Please see the fund's prospectuses for additional risks.

Discussion of fund performance

An interview with Portfolio Manager Thomas R. Hancock, Ph.D., GMO

Thomas R. Hancock, Ph.D.
Portfolio Manager
GMO

Although stocks in developed markets outside the United States were volatile during the 12-month period, the return of the fund's benchmark was slightly positive. What factors drove this result?

Positive investor sentiment during the period's early months about improving economic prospects in Europe and Japan gave way to pessimism as growth fell short of expectations. Policymakers responded by expanding stimulus measures, providing a measure of support for equities. U.S. stocks outperformed, helping to lift equities in developed markets outside North America that make up the fund's benchmark, the MSCI EAFE Index. Value stocks within the index underperformed relatively higher-priced growth stocks. Oil prices fell sharply during the latter half of the period, causing energy sector stocks to underperform. On the currency front, the appreciation of the U.S. dollar relative to currencies such as the euro and Japanese yen negatively affected the dollar-denominated investment returns of non-U.S. equities.

European stocks rallied during the spring of 2014, driven by expectations that an economic recovery in the 19-member eurozone currency union would gain momentum. However, data released in August showed that the eurozone's GDP growth had been flat in the second quarter. The European Central Bank (ECB) helped to lift sentiment by expanding stimulus programs and cutting benchmark lending rates to record lows. Despite these initiatives, inflation remained below policymakers' target level, increasing the risk that the eurozone could fall into a deflationary spiral. In January 2015, the ECB addressed these concerns by approving a more than $1 trillion bond-buying program that was larger in scope than many had anticipated. This initiative provided a catalyst for equities early in 2015.

In Japan, doubts set in about the effectiveness of stimulus measures embraced by Prime Minister Shinzo Abe. Enthusiasm waned after an April 1, 2014, increase in the nation's sales tax had a more damaging effect on retail sales and the broader economy than had been expected. Japan's GDP fell in the second and third quarters, indicating that the economy had slipped into a recession. However, Japanese stocks rebounded after Abe's ruling Liberal Democratic Party won a snap election in December 2014. This outcome was seen as providing the Abe government a mandate to continue

"Oil prices fell sharply during the latter half of the period, causing energy sector stocks to underperform."

its economic initiatives, including accommodative monetary policies that have devalued the yen to stoke inflation and boost exports.

How did this environment affect the portfolio team's management of the fund?

The market environment generally does not cause us to alter our approach. With a relatively balanced reliance on valuation-based stock selection techniques combined with our top-down assessment, we maintained an approach that we believe makes the fund flexible and responsive to a variety of market conditions. In our view, the constrained economic outlook for many of the world's developed markets highlights the need for strong investment principles and a disciplined investment process.

The fund underperformed relative to its benchmark during the period. What factors had the most significant negative impact?

Our overweight in European value stocks relative to the benchmark weighed on performance, as these equities underperformed their growth-oriented counterparts. Another significant factor was the fund's overweight in energy, the worst-performing sector during the period. The negative impact from this positioning was eased somewhat by a positive contribution from our stock selection within energy. However, the roughly 50% decline in oil prices over the last eight months of the period reduced profitability for many energy companies, and the three holdings that had the largest negative impact on the fund's relative performance were integrated oil and gas firms whose

TOP 10 HOLDINGS AS OF 2/28/15 (%)

Total SA 4.3

BP PLC 3.6

AstraZeneca PLC 2.8

Royal Dutch Shell PLC, Class A 2.7

Nissan Motor Company, Ltd. 2.7

Telefonica SA 2.2

BASF SE 2.1

Sanofi 1.8

Vodafone Group PLC 1.7

Royal Dutch Shell PLC, Class B 1.6

Total 25.5

As a percentage of net assets.

Cash and cash equivalents are not included.

"As has been the case for several years, we continue to favor European value stocks in the international market, owing to valuations that we find attractive."

shares declined sharply: Total SA (France), Eni SpA (Italy), and Statoil ASA (Norway). At the country level, our stock selection in France significantly detracted from relative performance.

What factors had the most positive impact on the fund's relative performance?

At the sector level, the fund's overweight in telecommunication services and our stock selection within the sector aided results, as did stock selection within the materials, financials, and healthcare sectors. At the country level, our stock selection in Spain contributed. Among the fund's Spanish holdings, an overweight in financial services company Banco Santander SA was a notable contributor. We sold the fund's position in Banco Santander prior to the end of the period.

Among other individual positions, the most significant contributors included overweights in telecommunication services company Orange SA (France), automakers Daimler AG (Germany) and Nissan Motor Co., Ltd. (Japan), and pharmaceutical company Shire PLC (Ireland). Shares of Orange soared as the company made a series of strategic moves to revive sales growth and profitability after years of decline. As for the two automakers, the weakening of the euro and the yen, respectively, relative to the U.S. dollar aided Daimler and Nissan, making their automobiles more affordable to foreign buyers. Shares of Shire were lifted in the summer of 2014 by a bid from U.S.-based AbbVie Inc. to acquire Shire. AbbVie backed out of the proposed deal in October 2014, sending Shire's stock lower for a time, but the shares recovered late in the period.

TOP 10 COUNTRIES AS OF 2/28/15 (%)

Japan 21.9

United Kingdom 16.6

France 16.5

Germany 12.0

Netherlands 6.3

Spain 4.6

Italy 4.5

Switzerland 2.1

Sweden 1.9

Norway 1.7

Total 88.1

As a percentage of net assets.

Cash and cash equivalents are not included.

How was the fund positioned at the end of the period?

As has been the case for several years, we continue to favor European value stocks in the international market, owing to valuations that we find attractive. At the end of the period, this positioning left the portfolio significantly overweight in the energy, utilities, telecommunication services, and consumer discretionary sectors. The fund's overweight in energy stems in part from our view that recent share price declines within the sector have left many energy stocks with attractive valuations. As a result, three of the fund's four largest positions at the end of the period were in energy companies Total, BP PLC (U.K.), and Royal Dutch Shell PLC (Netherlands). The most significant underweight at the sector level was in financials. By country, the fund was overweight in France, Germany, Italy, and Spain, among others.

MANAGED BY

Thomas R. Hancock, Ph.D.
On the fund since 2005
Investing since 1995

David Cowan, Ph.D.
On the fund since 2009
Investing since 2006

Ben Inker, CFA
On the fund since 2014
Investing since 1992

Sam Wilderman, CFA
On the fund since 2014
Investing since 1996

The views expressed in this report are exclusively those of Thomas R. Hancock, Ph.D., GMO, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2015

Average annual total returns (%)
with maximum sales charge Cumulative total returns (%)
with maximum sales charge

1-year 5-year Since
inception¹ 5-year Since
inception¹

Class A -7.82 6.74 3.33 ¹ 38.54 36.33 ¹

Class B² -8.46 6.73 3.14 38.46 33.99

Class C² -4.70 7.03 3.15 40.48 34.01

Class I^2,3 -2.65 8.28 4.36 48.83 49.68

Class R1^2,3 -3.38 7.45 3.60 43.23 39.71

Class R2^2,3 -3.15 7.19 3.02 41.53 32.51

Class R3³ -3.28 7.57 8.70 ⁴ 44.02 61.88 ⁴

Class R4³ -2.91 7.94 9.07 ⁴ 46.50 65.09 ⁴

Class R5³ -2.72 8.20 9.35 ⁴ 48.33 67.53 ⁴

Class R6^2,3 -2.51 8.37 4.55 49.47 52.27

Class 1³ -2.56 8.36 2.48 ⁵ 49.37 22.56 ⁵

Class NAV³ -2.51 8.41 2.89 ⁶ 49.76 27.37 ⁶

index^† 0.39 8.27 5.04 ¹ 48.76 59.22 ¹

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges 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 to Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, Class 1, and Class NAV shares.

Class A Class B Class C Class I Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1 Class NAV

Gross (%) 1.46 2.64 2.46 1.16 5.93 16.14 19.03 21.15 16.17 14.17 1.06 1.01

Net (%) 1.46 2.31 2.30 1.16 1.90 1.65 1.80 1.40 1.20 1.01 1.06 1.01

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

†	Index is the MSCI EAFE Index.

See the following page for footnotes.

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock International Core Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the MSCI EAFE Index.

Start date With maximum
sales charge Without
sales charge Index

Class B^2,7 9-16-05 13,399 13,399 15,922

Class C^2,7 9-16-05 13,401 13,401 15,922

Class I^2,3 9-16-05 14,968 14,968 15,922

Class R1^2,3 9-16-05 13,971 13,971 15,922

Class R2^2,3 9-16-05 13,251 13,251 15,922

Class R3³ 5-22-09 16,188 16,188 17,667

Class R4³ 5-22-09 16,509 16,509 17,667

Class R5³ 5-22-09 16,753 16,753 17,667

Class R6^2,3 9-16-05 15,227 15,227 15,922

Class 1³ 11-6-06 12,256 12,256 12,663

Class NAV³ 8-29-06 12,737 12,737 13,255

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

Footnotes related to performance pages

1	From 9-16-05. On 6-9-06, through a reorganization, the fund acquired all of the assets of the GMO International Disciplined Equity Fund (the predecessor fund). The predecessor fund offered its Class III shares, inception date 9-16-05, in exchange for Class A shares, which were first offered on 6-12-06. The predecessor fund's Class III shares' returns have been recalculated to reflect the gross fees and expenses of Class A shares.
2	Class B, Class C, Class I, and Class R1 shares were first offered on 6-12-06; Class R6 shares were first offered on 9-1-11; Class R2 shares were first offered on 3-1-12. Returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I, Class R1, Class R6, and Class R2 shares, as applicable.
3	For certain types of investors, as described in the fund's prospectuses.
4	From 5-22-09.
5	From 11-6-06.
6	From 8-29-06.
7	The contingent deferred sales charge is not applicable.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $973.20 $7.19 1.47%

Class B 1,000.00 969.50 11.28 2.31%

Class C 1,000.00 969.30 11.28 2.31%

Class I 1,000.00 974.90 5.53 1.13%

Class R1 1,000.00 971.50 9.29 1.90%

Class R2 1,000.00 972.40 8.07 1.65%

Class R3 1,000.00 971.90 8.80 1.80%

Class R4 1,000.00 973.70 6.85 1.40%

Class R5 1,000.00 974.70 5.88 1.20%

Class R6 1,000.00 975.70 4.85 0.99%

Class 1 1,000.00 975.50 5.09 1.04%

Class NAV 1,000.00 975.70 4.85 0.99%

Hypothetical example for comparison purposes

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $1,017.60 $7.35 1.47%

Class B 1,000.00 1,013.30 11.53 2.31%

Class C 1,000.00 1,013.30 11.53 2.31%

Class I 1,000.00 1,023.50 5.66 1.13%

Class R1 1,000.00 1,015.60 9.49 1.90%

Class R2 1,000.00 1,016.60 8.25 1.65%

Class R3 1,000.00 1,015.90 9.00 1.80%

Class R4 1,000.00 1,017.90 7.00 1.40%

Class R5 1,000.00 1,018.80 6.01 1.20%

Class R6 1,000.00 1,019.90 4.96 0.99%

Class 1 1,000.00 1,019.60 5.21 1.04%

Class NAV 1,000.00 1,019.90 4.96 0.99%

1	Expenses are equal to the fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Fund's investments

As of 2-28-15

Shares Value

Common stocks 96.0% $1,422,724,750

(Cost $1,374,113,565)

Australia 0.2% 2,368,487

Goodman Fielder, Ltd. 391,953 207,124

Pacific Brands, Ltd. 283,172 104,957

Woodside Petroleum, Ltd. 74,921 2,056,406

Austria 0.4% 5,687,579

OMV AG 87,210 2,508,679

Voestalpine AG 81,423 3,178,900

Belgium 1.0% 15,387,348

Belgacom SA 141,625 5,319,413

Delhaize Group SA 81,793 7,343,803

Solvay SA 15,245 2,262,306

Umicore SA 10,591 461,826

Bermuda 0.0% 410,394

Catlin Group, Ltd. 38,867 410,394

Canada 0.5% 7,526,415

Suncor Energy, Inc. (L) 250,700 7,526,415

Denmark 1.1% 16,936,482

A.P. Moeller - Maersk A/S, Series B 2,228 5,121,792

Carlsberg A/S, Class B 20,852 1,782,615

Novo Nordisk A/S, Class B 58,701 2,809,111

Pandora A/S 31,030 2,829,692

TDC A/S 153,830 1,215,339

Vestas Wind Systems A/S (I) 75,413 3,177,933

Finland 1.1% 15,833,234

Fortum OYJ 192,729 4,384,283

Metso OYJ 12,559 404,039

Neste Oil OYJ 69,822 1,821,364

Nokia OYJ 471,710 3,790,745

Stora Enso OYJ, Series R 66,972 642,996

Tieto OYJ 49,174 1,308,840

UPM-Kymmene OYJ 185,561 3,480,967

France 16.5% 245,234,171

AXA SA 93,308 2,363,999

BNP Paribas SA 58,882 3,422,150

Bouygues SA 124,318 4,923,275

Carrefour SA 120,352 3,976,886

Casino Guichard Perrachon SA 22,077 2,074,518

12SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

France (continued)

Christian Dior SA 3,073 $594,413

Cie de Saint-Gobain 108,828 4,887,758

Cie Generale des Etablissements Michelin 86,248 8,280,358

Credit Agricole SA 261,775 3,672,696

Electricite de France SA 99,528 2,746,534

GDF Suez 675,657 14,991,619

Hermes International SA 663 213,589

LVMH Moet Hennessy Louis Vuitton SA 11,492 2,101,240

Orange SA 1,141,572 20,820,448

Peugeot SA (I) 322,280 5,383,839

Rallye SA 28,873 1,093,030

Renault SA 222,094 21,297,583

Rexel SA 46,973 916,604

Sanofi 276,801 27,073,461

Schneider Electric SE 144,011 11,571,207

Societe Generale SA 100,657 4,637,922

Suez Environnement Company 127,698 2,274,346

Total SA 1,195,287 64,216,389

Valeo SA 13,210 1,984,054

Vallourec SA 50,487 1,187,630

Veolia Environnement SA 209,026 4,068,131

Vinci SA 113,511 6,719,598

Vivendi SA 728,714 17,740,894

Germany 10.4% 153,994,159

Allianz SE 21,026 3,520,858

Aurubis AG 63,913 3,852,570

BASF SE 327,196 31,351,732

Bayerische Motoren Werke AG 78,979 9,982,461

Bilfinger SE 17,130 1,019,668

Daimler AG 246,308 23,858,072

Deutsche Lufthansa AG 210,871 3,087,464

Deutsche Telekom AG 940,713 17,565,105

E.ON SE 1,053,223 17,029,183

Freenet AG 15,391 459,457

Fresenius Medical Care AG & Company KGaA 59,116 4,838,729

HeidelbergCement AG 24,979 1,988,558

K&S AG 142,659 4,604,412

Leoni AG 51,014 3,285,782

Metro AG 81,005 2,709,669

Muenchener Rueckversicherungs AG 18,769 3,895,723

ProSiebenSat.1 Media AG 85,632 4,201,980

Rheinmetall AG 5,626 284,890

RWE AG 274,949 7,687,166

SEE NOTES TO FINANCIAL STATEMENTS13

Shares Value

Germany (continued)

Salzgitter AG 32,437 $926,145

Siemens AG 58,023 6,486,011

Suedzucker AG 2,665 40,506

Volkswagen AG 5,318 1,318,018

Hong Kong 1.2% 18,023,468

Cheung Kong Holdings, Ltd. 200,000 3,958,763

Hong Kong Land Holdings, Ltd. 42,000 317,247

Hutchison Whampoa, Ltd. 133,000 1,816,613

Noble Group, Ltd. 2,840,000 2,022,767

Sun Hung Kai Properties, Ltd. 283,589 4,432,756

Swire Pacific, Ltd., Class A 276,500 3,769,396

The Wharf Holdings, Ltd. 234,000 1,705,926

Ireland 0.7% 9,845,467

CRH PLC 209,564 5,933,647

Shire PLC 48,491 3,911,820

Israel 0.8% 11,937,309

Check Point Software Technologies, Ltd. (I) 97,600 8,148,624

Partner Communications Company, Ltd. (I) 78,394 305,266

Teva Pharmaceutical Industries, Ltd. 61,359 3,483,419

Italy 4.5% 66,441,429

A2A SpA 969,803 982,272

Enel SpA 3,264,930 15,050,527

Eni SpA 1,297,959 24,193,322

Finmeccanica SpA (I) 519,627 6,292,632

Mediaset SpA (I) 530,948 2,445,965

Recordati SpA 8,496 152,911

Snam SpA 282,927 1,431,855

Telecom Italia SpA (I) 8,894,800 10,630,143

Telecom Italia SpA 5,362,320 5,261,802

Japan 21.9% 324,065,307

Aeon Company, Ltd. (L) 120,300 1,288,439

Aisin Seiki Company, Ltd. 27,200 1,002,761

Asahi Glass Company, Ltd. 177,000 1,117,425

Asahi Kasei Corp. 132,000 1,364,454

Asatsu-DK, Inc. 4,700 128,581

Brother Industries, Ltd. 9,500 160,151

Canon, Inc. 321,200 10,447,232

Central Japan Railway Company, Ltd. 28,200 5,247,139

CyberAgent, Inc. 83,800 4,326,248

Daihatsu Motor Company, Ltd. 40,900 585,315

Daiichi Sankyo Company, Ltd. 4,700 73,626

14SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

Japan (continued)

Daito Trust Construction Company, Ltd. 31,000 $3,360,467

Daiwabo Holdings Company, Ltd. 349,000 583,370

Dena Company, Ltd. (L) 243,661 2,911,509

Fuji Heavy Industries, Ltd. 70,516 2,404,003

Fuji Oil Company, Ltd. 43,900 609,906

FUJIFILM Holdings Corp. 76,100 2,620,174

Gree, Inc. (L) 442,300 2,599,869

Gunze, Ltd. 86,000 234,107

Hanwa Company, Ltd. 312,000 1,210,440

Haseko Corp. 417,700 3,894,923

Hitachi Chemical Company, Ltd. 23,900 528,311

Honda Motor Company, Ltd. 394,503 13,048,266

Hoya Corp. 56,900 2,297,187

Inpex Corp. 458,300 5,417,064

ITOCHU Corp. 725,400 8,124,125

Japan Tobacco, Inc. 217,089 6,852,642

JFE Holdings, Inc. 129,900 3,249,735

JSR Corp. 23,200 424,341

JX Holdings, Inc. 1,131,600 4,585,322

K's Holdings Corp. (L) 100,100 3,090,309

Kawasaki Kisen Kaisha, Ltd. 1,366,000 4,163,148

KDDI Corp. 99,956 6,937,088

Keyence Corp. 6,600 3,375,248

Kobe Steel, Ltd. 1,216,000 2,400,755

Kohnan Shoji Company, Ltd. 22,300 253,065

Kuraray Company, Ltd. 17,400 239,566

Kyocera Corp. 320,800 16,230,867

Leopalace21 Corp. (I) 469,900 2,579,723

Marubeni Corp. 971,024 5,970,313

Medipal Holdings Corp. 102,235 1,302,951

Mitsubishi Chemical Holdings Corp. 714,849 3,985,173

Mitsubishi Corp. 669,595 13,380,999

Mitsubishi Electric Corp. 133,000 1,559,224

Mitsubishi UFJ Financial Group, Inc. 619,700 4,036,075

Mitsui & Company, Ltd. 853,700 11,870,085

Mitsui Engineering & Shipbuilding Company, Ltd. 840,000 1,468,501

Mitsui O.S.K. Lines, Ltd. 821,000 2,936,472

Murata Manufacturing Company, Ltd. 21,600 2,666,568

Nidec Corp. 37,200 2,512,393

Nippon Electric Glass Company, Ltd. 144,000 720,066

Nippon Light Metal Holdings Company, Ltd. 139,900 211,552

Nippon Paper Industries Company, Ltd. 163,900 2,854,894

Nippon Steel & Sumitomo Metal Corp. 583,000 1,550,081

Nippon Telegraph & Telephone Corp. 239,100 14,902,714

SEE NOTES TO FINANCIAL STATEMENTS15

Shares Value

Japan (continued)

Nippon Yusen KK 412,000 $1,237,258

Nipro Corp. 41,800 395,688

Nissan Motor Company, Ltd. 3,770,067 39,718,941

Nitori Holdings Company, Ltd. 50,100 3,318,909

North Pacific Bank, Ltd. 52,200 204,397

NTT DOCOMO, Inc. 550,943 9,795,346

Osaka Gas Company, Ltd. 124,000 511,508

Panasonic Corp. 183,500 2,295,231

Resona Holdings, Inc. 939,000 5,277,928

Ricoh Company, Ltd. 183,700 1,825,677

Ryohin Keikaku Company, Ltd. 24,200 3,154,057

Seiko Epson Corp. 67,500 2,484,337

Sekisui House, Ltd. 101,600 1,368,164

Showa Denko KK 349,000 470,060

SMC Corp. 6,300 1,752,992

Sojitz Corp. 2,823,900 4,320,073

Sumitomo Corp. 664,100 7,304,936

Sumitomo Heavy Industries, Ltd. 127,000 790,522

Sumitomo Metal Mining Company, Ltd. 169,000 2,670,694

Sumitomo Mitsui Financial Group, Inc. 106,700 4,251,309

Sumitomo Rubber Industries, Ltd. 36,500 631,807

Takeda Pharmaceutical Company, Ltd. 148,189 7,589,772

The Yokohama Rubber Company, Ltd. 42,000 427,614

Tokyo Electric Power Company, Inc. (I) 559,800 2,195,637

TonenGeneral Sekiyu KK 53,133 502,062

Tosoh Corp. 332,000 1,665,479

Toyota Tsusho Corp. 224,600 6,227,025

Ube Industries, Ltd. 265,000 432,424

UNY Group Holdings Company, Ltd. (L) 327,300 1,891,246

West Japan Railway Company 29,600 1,688,176

Yamada Denki Company, Ltd. (L) 1,329,279 5,771,076

Luxembourg 0.2% 2,496,982

ArcelorMittal 228,565 2,496,982

Netherlands 6.3% 93,625,510

Aegon NV 390,302 3,019,245

Boskalis Westminster NV 8,186 379,735

Corbion NV 29,009 560,140

Delta Lloyd NV 79,730 1,445,888

Heineken NV 49,527 3,861,950

ING Groep NV (I) 119,759 1,776,408

Koninklijke Ahold NV 400,160 7,499,146

Koninklijke BAM Groep NV 91,895 434,132

Koninklijke DSM NV 27,281 1,520,856

16SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

Netherlands (continued)

Koninklijke KPN NV 1,618,941 $5,518,110

PostNL NV (I) 636,138 2,835,514

Royal Dutch Shell PLC, Class A 1,225,944 39,939,406

Royal Dutch Shell PLC, Class B 717,501 24,318,848

SNS REAAL NV (I) 69,009 0

Wolters Kluwer NV 15,938 516,132

New Zealand 0.0% 423,773

Chorus, Ltd. (I) 192,037 423,773

Norway 1.7% 25,311,627

Orkla ASA 30,304 237,736

Statoil ASA 565,593 10,624,734

Telenor ASA 208,012 4,168,910

TGS-NOPEC Geophysical Company ASA (L) 80,809 1,966,292

Yara International ASA 151,154 8,313,955

Portugal 0.4% 5,680,945

EDP - Energias de Portugal SA 1,441,204 5,680,945

Singapore 0.2% 2,212,504

Golden Agri-Resources, Ltd. 7,472,000 2,212,504

Spain 4.6% 68,392,679

ACS Actividades de Construccion y Servicios SA 106,525 3,950,364

Enagas SA 87,641 2,685,790

Endesa SA 7,064 142,586

Ferrovial SA 91,314 1,931,920

Gas Natural SDG SA 239,072 5,768,421

Iberdrola SA 1,825,229 12,456,995

Indra Sistemas SA 23,949 254,871

Red Electrica Corp. SA 12,705 1,080,697

Repsol SA 401,057 7,733,176

Telefonica SA 2,084,808 32,387,859

Sweden 1.9% 28,870,485

Investor AB, B Shares 67,364 2,675,736

NCC AB, B Shares 48,530 1,700,886

Sandvik AB 131,630 1,475,365

Securitas AB, Series B 29,673 422,097

Skanska AB, Series B 91,461 2,279,780

Tele2 AB, B Shares 31,606 370,802

Telefonaktiebolaget LM Ericsson, B Shares 637,119 8,227,797

TeliaSonera AB 1,309,897 8,318,501

Volvo AB, Series B 281,949 3,399,521

SEE NOTES TO FINANCIAL STATEMENTS17

Shares Value

Switzerland 2.1% $30,499,794

ABB, Ltd. (I) 323,586 6,934,141

Actelion, Ltd. (I) 26,748 3,202,186

Holcim, Ltd. (I) 64,196 4,952,419

Nestle SA 114,368 8,938,288

Swisscom AG 5,152 2,953,262

Zurich Insurance Group AG (I) 11,005 3,519,498

United Kingdom 16.6% 246,538,951

AstraZeneca PLC 599,333 41,302,320

Aviva PLC 269,135 2,228,061

BAE Systems PLC 865,635 7,094,840

Balfour Beatty PLC 112,334 434,694

BG Group PLC 286,603 4,219,563

BP PLC 7,690,446 52,961,984

British American Tobacco PLC 201,666 11,757,535

BT Group PLC 1,028,657 7,212,232

Carillion PLC 75,523 420,183

Centrica PLC 1,674,919 6,306,057

Compass Group PLC 208,633 3,699,725

Fiat Chrysler Automobiles NV (I) 269,304 4,157,373

GlaxoSmithKline PLC 1,020,651 24,200,995

Home Retail Group PLC 785,718 2,453,321

Imperial Tobacco Group PLC 25,742 1,266,825

J Sainsbury PLC 136,235 570,372

Kingfisher PLC 215,441 1,214,793

Ladbrokes PLC 19,133 34,932

Marks & Spencer Group PLC 383,744 2,982,248

Next PLC 29,632 3,425,269

Pearson PLC 145,172 3,176,115

Prudential PLC 77,935 1,955,876

Reckitt Benckiser Group PLC 99,040 8,939,533

SSE PLC 87,678 2,126,464

Tesco PLC 2,676,079 10,130,253

Trinity Mirror PLC (I) 176,425 550,161

Unilever NV 86,849 3,774,349

Unilever PLC 172,509 7,608,806

Vodafone Group PLC 7,195,455 24,905,703

WM Morrison Supermarkets PLC 778,169 2,345,904

WPP PLC 130,467 3,082,465

United States 1.7% 24,980,251

Catamaran Corp. (I) 228,156 11,396,392

Valeant Pharmaceuticals International, Inc. (I) 68,786 13,583,859

18SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

Preferred securities 1.6% $24,345,158

(Cost $20,349,827)

Germany 1.6% 24,345,158

Porsche Automobil Holding SE 104,445 9,674,780

Volkswagen AG 58,122 14,670,378

Yield (%) Shares Value

Securities lending collateral 1.4% $21,199,847

(Cost $21,200,059)

John Hancock Collateral Trust (W) 0.0869(Y ) 2,118,883 21,199,847

Short-term investments 1.9% $27,698,380

(Cost $27,698,380)

Money market funds 1.9% 27,698,380

State Street Institutional Treasury Money Market Fund 0.0000(Y ) 27,698,380 27,698,380

Total investments (Cost $1,443,361,831)† 100.9% $1,495,968,135

Other assets and liabilities, net (0.9%) ($13,506,785 )

Total net assets 100.0% $1,482,461,350

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

Key to Security Abbreviations and Legend

(I) Non-income producing security.

(L) A portion of this security is on loan as of 2-28-15.

(W) Investment is an affiliate of the fund, the advisor and/or subadvisor. This investment represents collateral received for securities lending.

(Y) The rate shown is the annualized seven-day yield as of 2-28-15.

† At 2-28-15, the aggregate cost of investment securities for federal income tax purposes was $1,473,820,402. Net unrealized appreciation aggregated $22,147,733, of which $92,233,389 related to appreciated investment securities and $70,085,656 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS19

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 2-28-15

Assets

Investments in unaffiliated issuers, at value (Cost $1,422,161,772), including $20,116,291 of securities loaned $1,474,768,288

Investments in affiliated funds, at value (Cost $21,200,059) 21,199,847

Total investments, at value (cost $1,443,361,831) $1,495,968,135

Foreign currency, at value (Cost $1,698,418) 1,694,540

Receivable for investments sold 265,800

Receivable for fund shares sold 2,708,776

Dividends and interest receivable 4,425,866

Receivable for securities lending income 61,099

Receivable due from advisor 559

Other receivables and prepaid expenses 51,166

Total assets 1,505,175,941

Liabilities

Payable for fund shares repurchased 818,574

Payable upon return of securities loaned 21,163,249

Payable to affiliates

Accounting and legal services fees 31,565

Transfer agent fees 120,767

Distribution and service fees 168

Trustees' fees 2,693

Other liabilities and accrued expenses 577,575

Total liabilities 22,714,591

Net assets $1,482,461,350

Net assets consist of

Paid-in capital $1,492,206,498

Undistributed net investment income 574,279

Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions (62,888,288 )

Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies 52,568,861

Net assets $1,482,461,350

20SEE NOTES TO FINANCIAL STATEMENTS

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 ($111,526,082 ÷ 3,358,725 shares)¹} $33.20

^{Class B ($2,501,568 ÷ 75,540 shares)¹} $33.12

^{Class C ($12,351,040 ÷ 372,967 shares)¹} $33.12

Class I ($541,378,408 ÷ 16,248,829 shares) $33.32

Class R1 ($514,967 ÷ 15,531 shares) $33.16

Class R2 ($214,317 ÷ 6,428 shares) $33.34

Class R3 ($198,292 ÷ 5,944.8 shares) $33.36

Class R4 ($141,103 ÷ 4,236 shares) $33.31

Class R5 ($136,423 ÷ 4,097 shares) $33.30

Class R6 ($169,297 ÷ 5,075 shares) $33.36

Class 1 ($41,932,496 ÷ 1,256,714 shares) $33.37

Class NAV ($771,397,357 ÷ 23,140,727 shares) $33.34

Maximum offering price per share

Class A (net asset value per share ÷ 95%)² $34.95

SEE NOTES TO FINANCIAL STATEMENTS21

STATEMENT OF OPERATIONS For the year ended 2-28-15

Investment income

Dividends $50,137,690

Securities lending 1,884,329

Interest 1,958

Less foreign taxes withheld (4,196,789 )

Total investment income 47,827,188

Expenses

Investment management fees 13,061,038

Distribution and service fees 498,458

Accounting and legal services fees 191,219

Transfer agent fees 790,615

Trustees' fees 22,918

State registration fees 189,621

Printing and postage 84,468

Professional fees 125,762

Custodian fees 1,409,882

Registration and filing fees 39,669

Other 32,947

Total expenses 16,446,597

Less expense reductions (203,794 )

Net expenses 16,242,803

Net investment income 31,584,385

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments in unaffiliated issuers and foreign currency transactions 120,517,702

Investments in affiliated issuers 26

Futures contracts 1,026,813

121,544,541

Change in net unrealized appreciation (depreciation) of

Investments in unaffiliated issuers and translation of assets and liabilities in foreign currencies (194,624,454 )

Investments in affiliated issuers (348 )

(194,624,802 )

Net realized and unrealized loss (73,080,261 )

Decrease in net assets from operations ($41,495,876 )

22SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

Year ended 2-28-15 Year ended 2-28-14

Increase (decrease) in net assets

From operations

Net investment income $31,584,385 $46,405,758

Net realized gain 121,544,541 107,879,168

Change in net unrealized appreciation (depreciation) (194,624,802 ) 170,776,450

Increase (decrease) in net assets resulting from operations (41,495,876 ) 325,061,376

Distributions to shareholders

From net investment income

Class A (3,337,701 ) (2,725,982 )

Class B (60,350 ) (67,781 )

Class C (272,511 ) (122,674 )

Class I (19,689,726 ) (15,844,643 )

Class R1 (12,379 ) (9,593 )

Class R2 (6,327 ) (3,451 )

Class R3 (5,356 ) (3,281 )

Class R4 (2,953 ) (2,592 )

Class R5 (4,261 ) (3,325 )

Class R6 (5,738 ) (4,764 )

Class 1 (1,452,520 ) (1,354,021 )

Class NAV (26,695,437 ) (26,043,066 )

Total distributions (51,545,259 ) (46,185,173 )

From fund share transactions 59,050,987 97,994,393

Total increase (decrease) (33,990,148 ) 376,870,596

Net assets

Beginning of year 1,516,451,498 1,139,580,902

End of year $1,482,461,350 $1,516,451,498

Undistributed net investment income $574,279 $19,791,794

SEE NOTES TO FINANCIAL STATEMENTS23

Financial highlights

Class A Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.40 $28.81 $27.72 $30.85 $25.74

Net investment income¹ 0.62 1.05 ² 0.71 0.58 0.33

Net realized and unrealized gain (loss) on investments (1.77 ) 6.52 1.31 (3.32 ) 5.09

Total from investment operations (1.15 ) 7.57 2.02 (2.74 ) 5.42

Less distributions

From net investment income (1.05 ) (0.98 ) (0.93 ) (0.39 ) (0.31 )

Net asset value, end of period $33.20 $35.40 $28.81 $27.72 $30.85

Total return (%)^3,4 (2.98 ) 26.56 7.41 (8.73 ) 21.13

Ratios and supplemental data

Net assets, end of period (in millions) $112 $109 $91 $374 $333

Ratios (as a percentage of average net assets):

Expenses before reductions 1.47 1.46 1.58 1.58 1.61

Expenses including reductions 1.47 1.46 1.58 1.58 1.60

Net investment income 1.81 3.27 ² 2.66 2.05 1.21

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

24SEE NOTES TO FINANCIAL STATEMENTS

Class B Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.27 $28.70 $27.61 $30.70 $25.62

Net investment income¹ 0.34 0.73 ² 0.42 0.44 0.18

Net realized and unrealized gain (loss) on investments (1.74 ) 6.53 1.41 (3.34 ) 5.01

Total from investment operations (1.40 ) 7.26 1.83 (2.90 ) 5.19

Less distributions

From net investment income (0.75 ) (0.69 ) (0.74 ) (0.19 ) (0.11 )

Net asset value, end of period $33.12 $35.27 $28.70 $27.61 $30.70

Total return (%)^3,4 (3.77 ) 25.50 6.71 (9.38 ) 20.28

Ratios and supplemental data

Net assets, end of period (in millions) $3 $3 $3 $4 $5

Ratios (as a percentage of average net assets):

Expenses before reductions 2.66 2.64 2.94 2.49 2.36

Expenses including reductions 2.31 2.30 2.30 2.30 2.30

Net investment income 1.02 2.28 ² 1.56 1.58 0.65

Portfolio turnover (%) 81 47 53 42 39

SEE NOTES TO FINANCIAL STATEMENTS25

Class C Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.27 $28.70 $27.61 $30.71 $25.62

Net investment income¹ 0.29 0.83 ² 0.42 0.43 0.17

Net realized and unrealized gain (loss) on investments (1.68 ) 6.43 1.41 (3.34 ) 5.03

Total from investment operations (1.39 ) 7.26 1.83 (2.91 ) 5.20

Less distributions

From net investment income (0.76 ) (0.69 ) (0.74 ) (0.19 ) (0.11 )

Net asset value, end of period $33.12 $35.27 $28.70 $27.61 $30.71

Total return (%)^3,4 (3.76 ) 25.50 6.71 (9.41 ) 20.32

Ratios and supplemental data

Net assets, end of period (in millions) $12 $8 $4 $4 $5

Ratios (as a percentage of average net assets):

Expenses before reductions 2.30 2.46 2.77 2.50 2.47

Expenses including reductions 2.29 2.30 2.30 2.30 2.30

Net investment income 0.86 2.59 ² 1.54 1.53 0.62

Portfolio turnover (%) 81 47 53 42 39

26SEE NOTES TO FINANCIAL STATEMENTS

Class I Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.52 $28.90 $27.78 $30.94 $25.80

Net investment income¹ 0.71 1.10 ² 0.68 0.72 0.45

Net realized and unrealized gain (loss) on investments (1.76 ) 6.60 1.49 (3.36 ) 5.12

Total from investment operations (1.05 ) 7.70 2.17 (2.64 ) 5.57

Less distributions

From net investment income (1.15 ) (1.08 ) (1.05 ) (0.52 ) (0.43 )

Net asset value, end of period $33.32 $35.52 $28.90 $27.78 $30.94

Total return (%)³ (2.65 ) 26.94 7.92 (8.33 ) 21.73

Ratios and supplemental data

Net assets, end of period (in millions) $541 $527 $392 $411 $291

Ratios (as a percentage of average net assets):

Expenses before reductions 1.14 1.15 1.17 1.16 1.12

Expenses including reductions 1.13 1.15 1.17 1.16 1.12

Net investment income 2.08 3.42 ² 2.49 2.54 1.61

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS27

Class R1 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.33 $28.75 $27.66 $30.77 $25.67

Net investment income¹ 0.43 0.85 ² 0.51 0.53 0.24

Net realized and unrealized gain (loss) on investments (1.70 ) 6.56 1.43 (3.33 ) 5.06

Total from investment operations (1.27 ) 7.41 1.94 (2.80 ) 5.30

Less distributions

From net investment income (0.90 ) (0.83 ) (0.85 ) (0.31 ) (0.20 )

Net asset value, end of period $33.16 $35.33 $28.75 $27.66 $30.77

Total return (%)³ (3.38 ) 26.00 7.10 (9.00 ) 20.71

Ratios and supplemental data

Net assets, end of period (in millions) $1 — ⁴ — ⁴ — ⁴ — ⁴

Ratios (as a percentage of average net assets):

Expenses before reductions 4.91 5.71 7.16 7.37 6.88

Expenses including reductions 1.90 1.90 1.90 1.90 1.92

Net investment income 1.26 2.67 ² 1.87 1.88 0.90

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Less than $500,000.

28SEE NOTES TO FINANCIAL STATEMENTS

Class R2 Shares Period ended 2-28-15 2-28-14 2-28-13 ¹

Per share operating performance

Net asset value, beginning of period $35.53 $28.91 $27.80

Net investment income² 0.51 0.94 ³ 0.59

Net realized and unrealized gain (loss) on investments (1.72 ) 6.60 1.43

Total from investment operations (1.21 ) 7.54 2.02

Less distributions

From net investment income (0.98 ) (0.92 ) (0.91 )

Net asset value, end of period $33.34 $35.53 $28.91

Total return (%)⁴ (3.15 ) 26.32 7.39

Ratios and supplemental data

Net assets, end of period (in millions) — ⁵ — ⁵ — ⁵

Ratios (as a percentage of average net assets):

Expenses before reductions 8.98 15.89 20.70

Expenses including reductions 1.65 1.65 1.65

Net investment income 1.51 2.94 ³ 2.16

Portfolio turnover (%) 81 47 53

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

2 Based on average daily shares outstanding.

3 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Less than $500,000.

SEE NOTES TO FINANCIAL STATEMENTS29

Class R3 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.54 $28.92 $27.80 $30.94 $25.80

Net investment income¹ 0.48 1.09 ² 0.53 0.57 0.29

Net realized and unrealized gain (loss) on investments (1.73 ) 6.40 1.46 (3.38 ) 5.08

Total from investment operations (1.25 ) 7.49 1.99 (2.81 ) 5.37

Less distributions

From net investment income (0.93 ) (0.87 ) (0.87 ) (0.33 ) (0.23 )

Net asset value, end of period $33.36 $35.54 $28.92 $27.80 $30.94

Total return (%)³ (3.28 ) 26.12 7.28 (8.95 ) 20.87

Ratios and supplemental data

Net assets, end of period (in millions) — ⁴ — ⁴ — ⁴ — ⁴ — ⁴

Ratios (as a percentage of average net assets):

Expenses before reductions 9.34 18.96 47.36 45.66 44.55

Expenses including reductions 1.80 1.80 1.80 1.80 1.83

Net investment income 1.40 3.36 ² 1.93 2.01 1.05

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Less than $500,000.

30SEE NOTES TO FINANCIAL STATEMENTS

Class R4 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.51 $28.89 $27.79 $30.94 $25.80

Net investment income¹ 0.69 0.99 ² 0.64 0.65 0.37

Net realized and unrealized gain (loss) on investments (1.82 ) 6.63 1.44 (3.38 ) 5.08

Total from investment operations (1.13 ) 7.62 2.08 (2.73 ) 5.45

Less distributions

From net investment income (1.07 ) (1.00 ) (0.98 ) (0.42 ) (0.31 )

Net asset value, end of period $33.31 $35.51 $28.89 $27.79 $30.94

Total return (%)³ (2.91 ) 26.66 7.61 (8.67 ) 21.21

Ratios and supplemental data

Net assets, end of period (in millions) — ⁴ — ⁴ — ⁴ — ⁴ — ⁴

Ratios (as a percentage of average net assets):

Expenses before reductions 15.63 21.10 42.45 42.74 44.22

Expenses including reductions 1.40 1.40 1.43 1.50 1.53

Net investment income 2.01 3.05 ² 2.34 2.29 1.34

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Less than $500,000.

SEE NOTES TO FINANCIAL STATEMENTS31

Class R5 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.51 $28.90 $27.78 $30.94 $25.79

Net investment income¹ 0.70 1.11 ² 0.70 0.73 0.44

Net realized and unrealized gain (loss) on investments (1.77 ) 6.57 1.45 (3.38 ) 5.10

Total from investment operations (1.07 ) 7.68 2.15 (2.65 ) 5.54

Less distributions

From net investment income (1.14 ) (1.07 ) (1.03 ) (0.51 ) (0.39 )

Net asset value, end of period $33.30 $35.51 $28.90 $27.78 $30.94

Total return (%)³ (2.72 ) 26.87 7.88 (8.38 ) 21.59

Ratios and supplemental data

Net assets, end of period (in millions) — ⁴ — ⁴ — ⁴ — ⁴ — ⁴

Ratios (as a percentage of average net assets):

Expenses before reductions 12.76 16.15 21.14 20.87 31.41

Expenses including reductions 1.20 1.20 1.20 1.20 1.22

Net investment income 2.05 3.45 ² 2.57 2.58 1.58

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Less than $500,000.

32SEE NOTES TO FINANCIAL STATEMENTS

Class R6 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 ¹

Per share operating performance

Net asset value, beginning of period $35.57 $28.94 $27.82 $28.00

Net investment income² 0.76 1.13 ³ 0.73 0.26

Net realized and unrealized gain (loss) on investments (1.77 ) 6.60 1.45 0.10

Total from investment operations (1.01 ) 7.73 2.18 0.36

Less distributions

From net investment income (1.20 ) (1.10 ) (1.06 ) (0.54 )

Net asset value, end of period $33.36 $35.57 $28.94 $27.82

Total return (%)⁴ (2.51 ) 27.00 7.95 1.49 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) — ⁶ — ⁶ — ⁶ — ⁶

Ratios (as a percentage of average net assets):

Expenses before reductions 11.51 14.17 21.97 16.83 ⁷

Expenses including reductions 1.00 1.12 1.12 1.12 ⁷

Net investment income 2.22 3.50 ³ 2.66 1.98 ⁷

Portfolio turnover (%) 81 47 53 42 ⁸

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

2 Based on average daily shares outstanding.

3 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Not annualized.

6 Less than $500,000.

7 Annualized.

8 The portfolio turnover is shown for the period from 3-1-11 to 2-29-12.

SEE NOTES TO FINANCIAL STATEMENTS33

Class 1 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.58 $28.94 $27.82 $30.99 $25.84

Net investment income¹ 0.76 1.14 ² 0.75 0.79 0.50

Net realized and unrealized gain (loss) on investments (1.78 ) 6.61 1.44 (3.41 ) 5.09

Total from investment operations (1.02 ) 7.75 2.19 (2.62 ) 5.59

Less distributions

From net investment income (1.19 ) (1.11 ) (1.07 ) (0.55 ) (0.44 )

Net asset value, end of period $33.37 $35.58 $28.94 $27.82 $30.99

Total return (%)³ (2.56 ) 27.09 8.00 (8.27 ) 21.75

Ratios and supplemental data

Net assets, end of period (in millions) $42 $44 $37 $39 $47

Ratios (as a percentage of average net assets):

Expenses before reductions 1.06 1.06 1.08 1.07 1.07

Expenses including reductions 1.05 1.06 1.08 1.07 1.07

Net investment income 2.20 3.53 ² 2.76 2.76 1.83

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income (loss) per share and ratio of net investment income (loss) to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

34SEE NOTES TO FINANCIAL STATEMENTS

Class NAV Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $35.55 $28.92 $27.80 $30.98 $25.82

Net investment income¹ 0.77 1.14 ² 0.82 0.81 0.51

Net realized and unrealized gain (loss) on investments (1.78 ) 6.62 1.38 (3.43 ) 5.10

Total from investment operations (1.01 ) 7.76 2.20 (2.62 ) 5.61

Less distributions

From net investment income (1.20 ) (1.13 ) (1.08 ) (0.56 ) (0.45 )

Net asset value, end of period $33.34 $35.55 $28.92 $27.80 $30.98

Total return (%)³ (2.51 ) 27.14 8.06 (8.24 ) 21.85

Ratios and supplemental data

Net assets, end of period (in millions) $771 $823 $611 $753 $920

Ratios (as a percentage of average net assets):

Expenses before reductions 1.01 1.01 1.03 1.02 1.02

Expenses including reductions 1.00 1.00 1.03 1.02 1.02

Net investment income 2.25 3.54 ² 3.03 2.84 1.87

Portfolio turnover (%) 81 47 53 42 39

1 Based on average daily shares outstanding.

2 Net investment income per share and ratio of net investment income to average net assets reflect a special dividend received by the fund which amounted to $0.24 and 0.77%, respectively.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS35

Notes to financial statements

Note 1 — Organization

John Hancock International Core 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 high total return.

The fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class B shares are closed to new 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 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Class NAV shares are offered to John Hancock affiliated funds of funds and certain 529 plans. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), 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 vendor. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices.

The following is a summary of the values by input classification of the fund's investments as of February 28, 2015, by major security category or type:

Total
market value
at 2-28-15 Level 1
quoted price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Common stocks

Australia $2,368,487 — $2,368,487 —

Austria 5,687,579 — 5,687,579 —

Belgium 15,387,348 — 15,387,348 —

Bermuda 410,394 — 410,394 —

Canada 7,526,415 $7,526,415 — —

Denmark 16,936,482 — 16,936,482 —

Finland 15,833,234 — 15,833,234 —

France 245,234,171 — 245,234,171 —

Germany 153,994,159 — 153,994,159 —

Hong Kong 18,023,468 — 18,023,468 —

Ireland 9,845,467 — 9,845,467 —

Israel 11,937,309 8,148,624 3,788,685 —

Italy 66,441,429 — 66,441,429 —

Japan 324,065,307 — 324,065,307 —

Luxembourg 2,496,982 — 2,496,982 —

Netherlands 93,625,510 — 93,625,510 —

New Zealand 423,773 — 423,773 —

Norway 25,311,627 — 25,311,627 —

Portugal 5,680,945 — 5,680,945 —

Singapore 2,212,504 — 2,212,504 —

Spain 68,392,679 — 68,392,679 —

Sweden 28,870,485 — 28,870,485 —

Switzerland 30,499,794 — 30,499,794 —

United Kingdom 246,538,951 — 246,538,951 —

United States 24,980,251 24,980,251 — —

Preferred securities 24,345,158 — 24,345,158 —

Securities lending collateral 21,199,847 21,199,847 — —

Short-term investments 27,698,380 27,698,380 — —

Total Investments in Securities $1,495,968,135 $89,553,517 $1,406,414,618 —

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. The fund 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 JHCT, an affiliate of the fund, which has a floating net asset value and is registered with the Securities and Exchange Commission as an investment company. JHCT invests cash received as collateral as part of the securities lending program in short-term money market investments. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.

If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.

Although the risk of the loss of the securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. 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 JHCT is a component of securities lending income as recorded on the Statement of operations.

Obligations to repay collateral received by the fund is shown on the Statement of assets and liabilities as Payable upon return of securities loaned.

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.

In addition, the fund and other affiliated funds have entered into an agreement with Citibank N.A. that enables them to participate in a $300 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 year ended February 28, 2015 were $552. For the year ended February 28, 2015, the fund had no borrowings under the line of credit.

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.

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, as of February 28, 2015, the fund has a capital loss carryforward of $21,824,866 available to offset future net realized capital gains. The following table details the capital loss carryforward available:

Capital Loss Carryforward Expiring February 28,

2018 2019

14,781,454 7,043,412

Net capital losses of $11,817,778 that are the result of security transactions occurring after October 31, 2014, are treated as occurring on March 1, 2015, the first day of the fund's next taxable year.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2015 and 2014 was as follows:

February 28, 2015 February 28, 2014

Ordinary Income $51,545,249 $46,185,173

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Forward foreign currency contracts are typically traded through the OTC market and may be regulated by the Commodity Futures Trading Commission (the CFTC) as swaps. Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

Futures are traded or cleared on an exchange or central clearinghouse. Exchange-traded or cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member. Margin requirements for exchange-traded derivatives are set by the broker or applicable clearinghouse.

Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures margin receivable / payable is included on the Statement of assets and liabilities. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) and unrealized gain or loss is recorded by the fund. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the year ended February 28, 2015, the fund used futures contracts to gain exposure to certain securities markets and to maintain diversity and liquidity of the portfolio. During the year ended the February 28, 2015, the fund held futures contracts with notional values up to $42.6 million. There were no open futures contracts as of February 28, 2015.

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

or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended February 28, 2015, the fund used forward foreign currency contracts to manage against anticipated currency exchange rates and to adjust exposure to foreign currencies. During the year ended February 28, 2015, the fund held forward foreign currency contracts with U.S. dollar notional values ranging up to $762 million, as measured at each quarter end. There were no open forward contracts as of February 28, 2015.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2015:

Risk Statement of operations location Futures contracts Investments and foreign
currency translations* Total

Interest rate contracts Net realized gain (loss) $1,026,813 — $1,026,813

Foreign exchange contracts Net realized gain (loss) — ($1,218,099 ) (1,218,099 )

Total $1,026,813 ($1,218,099 ) ($191,286 )

* Realized gain/loss associated with forward foreign currency contracts is included in the caption Investments in unaffiliated issuers and foreign currency transactions on the Statement of operations.

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended February 28, 2015:

Risk Statement of operations location Investments and translation
of assets and liabilities
in foreign currencies*

Foreign exchange contracts Change in unrealized appreciation (depreciation) $1,989,880

* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in the caption Investments in unaffiliated issuers and translation of assets and liabilities in foreign currencies on the Statement of operations.

Note 4 — Guarantees and indemnifications

Note 5 — Fees and transactions with affiliates

waiver amounted to 0.01% of the fund's average net assets on an annualized basis.This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The Advisor 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, acquired fund fees and expenses paid indirectly and short dividend expense. The fee waivers and/or reimbursements are such that these expenses will not exceed 2.30%, 1.90%, 1.65%, 1.80%, 1.40%, 1.20% and 1.12% of average annual net assets for Class C, Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares, respectively. These expense limitations will remain in effect through June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at the time.

Effective July 1, 2014, the Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class B shares of the fund, including Rule 12b-1 fees, transfer agency fees and service fees, blue sky fees, and printing and postage, as applicable, to the extent they exceed 1.30% of average annual net assets (on an annualized basis) attributable to Class B shares (the Class Expense Waiver). The Class Expense Waiver expires on June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. Prior to July 1, 2014, Class A and Class B shares had fee waivers and/or reimbursements such that the expenses would not exceed 1.60% and 2.30% for Class A and Class B shares, respectively.

The Advisor has contractually agreed to waive fees and/or reimburse Rule 12b-1 fees, blue sky fees, printing fees, class offering fees and transfer agent expenses for Class R6 shares to the extent that these expenses will not exceed 0.00% of average annual net assets. This expense limitation will remain in effect through June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at the time.

The expense reductions described above for the year ended February 28, 2015 amounted to:

Class Expense reduction Class Expense reduction

Class A 7,698 Class R4 14,360

Class B 10,492 Class R5 14,365

Class C 837 Class R6 16,662

Class I 39,162 Class NAV 53,938

Class R1 13,245 Class 1 3,047

Class R2 14,925 Total 202,995

Class R3 14,264

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended February 28, 2015 were equivalent to a net annual effective rate of 0.87% 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 R5, and Class 1 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4, and Class R5, the fund pays for

certain other services. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund's shares.

Class Rule 12b-1 fee Service fee Class Rule 12b-1 fee Service fee

Class A 0.30% — Class R3 0.50% 0.15%

Class B 1.00% — Class R4 0.25% 0.10%

Class C 1.00% — Class R5 — 0.05%

Class R1 0.50% 0.25% Class 1 0.05% —

Class R2 0.25% 0.25%

The fund's Distributor has contractually agreed to waive 0.10% of 12b-1 fees for Class R4 shares to limit the 12b-1 fees on Class R4 to 0.15% of the average daily net assets of Class R4 shares, until at least June 30, 2015, 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 $102 for Class R4 shares for the year ended February 28, 2015.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $774,823 for the year ended February 28, 2015. Of this amount, $132,759 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $637,215 was paid as sales commissions to broker-dealers and $4,849 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor.

Class A, Class B and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2015, CDSCs received by the Distributor amounted to $10,336, $4,379 and $1,334 for Class A, Class B, and Class C shares, respectively.

Class level expenses. Class level expenses for the year ended February 28, 2015 were:

Class Distribution and service fees Transfer agent fees State registration fees Printing and postage

Class A $325,198 $138,273 $23,640 $18,330

Class B 29,952 3,833 15,230 385

Class C 117,042 14,841 17,130 1,498

Class I — 633,458 43,725 63,836

Class R1 2,537 76 14,477 115

Class Distribution and service fees Transfer agent fees State registration fees Printing and postage

Class R2 717 35 15,429 53

Class R3 1,192 33 14,501 50

Class R4 318 18 14,501 28

Class R5 50 21 14,501 37

Class R6 — 27 16,487 136

Class NAV — — — —

Class 1 21,452 — — —

Total $498,458 $790,615 $189,621 $84,468

During the year ended Feburary 28, 2015, an unaffiliated blue sky registration agent reimbursed Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, and Class R5 shares for state registration fees of $87, $87, $87, $91, $86, $87, $86, and $86, respectively.

Note 6 — Fund share transactions

Transactions in fund shares for the years ended February 28, 2015 and 2014 were as follows:

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class A shares

Sold 1,241,454 $42,456,199 1,193,640 $38,456,859

Distributions reinvested 107,972 3,280,189 81,472 2,673,898

Repurchased (1,080,319 ) (37,612,136 ) (1,331,870 ) (42,221,240 )

Net increase (decrease) 269,107 $8,124,252 (56,758 ) ($1,090,483 )

Class B shares

Sold 9,074 $315,452 13,546 $440,429

Distributions reinvested 1,872 56,821 1,976 64,743

Repurchased (31,309 ) (1,037,633 ) (29,505 ) (928,889 )

Net decrease (20,363 ) ($665,360 ) (13,983 ) ($423,717 )

Class C shares

Sold 231,098 $7,958,404 117,924 $3,922,667

Distributions reinvested 8,342 253,168 3,341 109,417

Repurchased (101,787 ) (3,421,510 ) (39,449 ) (1,256,759 )

Net increase 137,653 $4,790,062 81,816 $2,775,325

Class I shares

Sold 5,235,922 $179,552,256 4,439,315 $141,793,583

Distributions reinvested 632,252 19,258,385 476,506 15,681,818

Repurchased (4,446,623 ) (145,611,804 ) (3,669,369 ) (120,019,840 )

Net increase 1,421,551 $53,198,837 1,246,452 $37,455,561

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class R1 shares

Sold 3,746 $124,458 1,918 $59,034

Distributions reinvested 246 7,481 193 6,367

Repurchased (308 ) (10,445 ) (671 ) (22,021 )

Net increase 3,684 $121,494 1,440 $43,380

Class R2 shares

Sold 2,960 $102,837 1,462 $51,139

Distributions reinvested 79 2,425 4 113

Repurchased (1,674 ) (56,687 ) — —

Net increase 1,365 $48,575 1,466 $51,252

Class R3 shares

Sold 1,076 $38,435 3,627 $118,957

Distributions reinvested 143 4,360 71 2,354

Repurchased (6 ) (192 ) (176 ) (5,970 )

Net increase 1,213 $42,603 3,522 $115,341

Class R4 shares

Sold 1,715 $55,440 1,820 $58,734

Distributions reinvested 59 1,808 46 1,518

Repurchased (777 ) (28,484 ) (3 ) (104 )

Net increase 997 $28,764 1,863 $60,148

Class R5 shares

Sold 1,031 $35,089 615 $19,956

Distributions reinvested 100 3,041 66 2,178

Repurchased (390 ) (14,135 ) (88 ) (2,755 )

Net increase 741 $23,995 593 $19,379

Class R6 shares

Sold 630 $21,025 629 $21,064

Distributions reinvested 47 1,437 26 843

Repurchased (53 ) (1,830 ) (3 ) (99 )

Net increase 624 $20,632 652 $21,808

Class 1 shares

Sold 162,098 $5,543,589 135,764 $4,396,731

Distributions reinvested 47,624 1,452,520 41,081 1,354,021

Repurchased (202,727 ) (6,836,578 ) (219,509 ) (7,109,480 )

Net increase 6,995 $159,531 (42,664 ) ($1,358,728 )

Class NAV shares

Sold 1,300,450 $43,997,681 2,032,900 $61,320,907

Distributions reinvested 876,122 26,695,437 790,861 26,043,066

Repurchased (2,193,503 ) (77,535,516 ) (787,930 ) (27,038,846 )

Net increase (decrease) (16,931 ) ($6,842,398 ) 2,035,831 $60,325,127

Total net increase 1,806,636 $59,050,987 3,260,230 $97,994,393

Affiliates of the fund owned 24%, 55%, 18%, 25%, 26%, and 71% of shares of beneficial interest of Class R1, Class R2, Class R3, Class R4, Class R5, and Class 6, respectively, on February 28, 2015.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $1,215,597,068 and $1,173,784,675, respectively, for the year ended February 28, 2015.

Note 8 — Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor 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. At February 28, 2015, funds within the John Hancock group of funds complex held 52.0% of the fund's net assets. The following funds had an affiliate ownership of 5% or more of the fund's net assets:

Portfolio Affiliated Concentration

Lifestyle Growth Fund 19.6%

Lifestyle Balanced Fund 16.2%

Lifestyle Aggressive Fund 8.0%

AUDITOR'S REPORT

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the fund's investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Core Fund (the "Fund") at February 28, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 23, 2015

TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended February 28, 2015.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Income derived from foreign sources was $38,996,751. The fund intends to pass through foreign tax credits of $2,463,843.

Eligible shareholders will be mailed a 2015 Form 1099-DIV in early 2016. This will reflect the tax character of all distributions paid in calendar year 2015.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

Trustees and Officers

Independent Trustees

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Theron S. Hoffman,² Born: 1947 2012 222

Trustee
Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Deborah C. Jackson, Born: 1952 2008 222

Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds³ (since 2008); Trustee of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Hassell H. McClellan, Born: 1945 2012 222

Trustee
Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

Steven R. Pruchansky, Born: 1944 2006 222

Trustee and Vice Chairperson of the Board
Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (since 2014); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds³; Trustee and Vice Chairperson of the Board, John Hancock retail funds³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2015).

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Gregory A. Russo, Born: 1949 2008 222

Trustee
Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Chairman (since 2014) and Director and Member (since 2012) of Finance Committee, The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds³ (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Non-Independent Trustees⁴

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James R. Boyle, Born: 1959 2015 222

Non-Independent Trustee*
Chairman, HealthFleet, Inc. (healthcare) (since 2014); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, president and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010); Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).
*Effective 3-10-15.

Craig Bromley, Born: 1966 2012 222

Non-Independent Trustee
President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Warren A. Thomson, Born: 1955 2012 222

Non-Independent Trustee
Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Principal officers who are not Trustees

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

1	Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal.
2	Member of the Audit Committee.
3	"John Hancock retail funds" comprises John Hancock Funds III and 35 other John Hancock funds consisting of 25 series of other John Hancock trusts and 10 closed-end funds.
4	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†#
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

Grantham, Mayo, Van Otterloo & Co. LLC

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company+
Citibank, N.A.^

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

*Member of the Audit Committee
†Non-Independent Trustee
#Effective 3-10-15
+Through 4-24-15
^Effective 4-27-15

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

Family of funds

John Hancock Investments

A trusted brand

John Hancock has helped individuals and institutions build and
protect wealth since 1862. Today, we are one of America's strongest
and most-recognized brands.

A better way to invest

Results for investors

Our unique approach to asset management has led to a diverse set
of investments deeply rooted in investor needs, along with strong
risk-adjusted returns across asset classes.

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

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

MF221042 66A 2/15
4/15

John Hancock

International Growth Fund

Annual report 2/28/15

A message to shareholders

Dear fellow shareholder,

A new look

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of February 28, 2015. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
International Growth Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

15 Financial statements

19 Financial highlights

24 Notes to financial statements

33 Auditor's report

34 Tax information

35 Trustees and Officers

39 More information

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks high total return primarily through capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/15(%)

The MSCI AC World ex-USA Growth Index (gross of foreign withholding tax on dividends) is a free float-adjusted market capitalization index that is designed to measure the equity performance of growth oriented stocks in developed (excluding the U.S.) and emerging markets.

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

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

It is not possible to invest directly in an index.

Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Accommodative monetary policy supported equities

Many international stocks overcame tepid global economic growth and heightened geopolitical risks to post modestly positive returns for the period.

Stock selection and sector allocation drove results

The fund outperformed the MSCI AC World ex-USA Growth Index, primarily due to stock selection in the financials and information technology sectors, as well as an underweight in the energy sector.

Emerging-market exposure also helped

Emerging markets outperformed developed markets for the period; the fund was overweight in the asset class compared with the benchmark.

SECTOR COMPOSITION AS OF 2/28/15 (%)

A note about risks

Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability. Growth stocks may be subject to greater price fluctuations because their prices tend to place greater emphasis on earnings expectations. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. 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, and investments focused in one sector may fluctuate more widely than investments diversified across sectors. Hedging and other strategic transactions may increase the volatility of a fund and, if the transaction is not successful, could result in a significant loss. Actively trading securities can increase transaction costs (thus lowering performance) and taxable distributions. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. Please see the fund's prospectuses for additional risks.

Discussion of fund performance

An interview with Portfolio Manager John A. Boselli, CFA, Wellington Management Company LLP

John A. Boselli, CFA
Portfolio Manager
Wellington Management Company LLP

Can you talk about changes in management and changes to the fund's benchmark index?

Effective on the close of business July 15, 2014, Wellington Management Company LLP (Wellington) replaced GMO as the fund's investment manager. As part of this transition, the fund's benchmark was changed from the MSCI EAFE Growth Index to the MSCI AC World ex-USA Growth Index to better reflect the fund's investments under Wellington's management. Performance prior to July 15, 2014, reflects the management of the fund by GMO, while performance afterward reflects the management by Wellington.

Global markets climbed for much of the past twelve months. What kept stocks in the win column?

Stocks in developed and emerging markets climbed higher during the 12-month period ended February 28, 2015, as measured by the fund's benchmark.

Markets benefited from several positive factors early in the period, including generally solid profits from U.S. companies and encouraging economic data in Europe. Investors were reassured by comments from the European Central Bank (ECB) and Chinese government suggesting that they would apply more stimulus to their economies. The ECB followed through in the second quarter of 2014 by introducing a set of policies to fight deflation and jump-start growth. In addition, the People's Bank of China announced a cut in a bank reserve requirement in order to stimulate lending and growth.

Despite risks stemming from heightened military tensions in Ukraine and a growing terrorist threat in the Middle East, tepid economic data out of Europe, and a negative first-quarter growth reading in the United States, investors continued to bid up stocks through the first half of 2014.

Global stocks fell for the first time in the period in July, and risk levels remained heightened through the end of 2014 as oil prices plunged, Japan's recession deepened, and both Europe and China produced lackluster economic growth.

"As global economic growth slowed, we sought out companies that were increasing productivity to improve profits and lower expenses."

Yet stocks were able to withstand these risks due to the continuation of supportive economic policies. The latest catalyst was provided by the ECB, which late in the period announced a €1.0 trillion (US$1.3 trillion) bond-buying program intended to discourage holding cash and to instead spur investment.

How did the fund's management respond to these market conditions?

As global economic growth slowed, we sought out companies that were increasing productivity to improve profits and lower expenses. This trend has led us to overweight outsourcing and software stocks such as Israel's Check Point Software Technologies Ltd., which offers low-cost outsourcing of information technology (IT) security to global business customers. We also favored stocks such as Netherlands-based ASML Holding NV, which makes the most critical equipment used by semiconductor makers and is benefiting from growing demand for chips in a wide variety of products.

We have also been overweighting healthcare, focusing on companies that are leaders in the development of innovative treatments that target the immune system to battle cancer. These include top holding Novartis AG (Switzerland), Novo Nordisk A/S (Denmark), ONO Pharmaceutical Company, Ltd. (Japan), and AstraZeneca PLC (United Kingdom).

What factors at the sector and country level impacted performance?

For the 12 months ended February 28, 2015, the fund outperformed its benchmark by a meaningful

TOP 10 HOLDINGS AS OF 2/28/15 (%)

Novartis AG 4.0

Roche Holding AG 3.3

Taiwan Semiconductor Manufacturing Company, Ltd., ADR 2.7

British American Tobacco PLC 2.6

Anheuser-Busch InBev NV 2.6

Novo Nordisk A/S, Class B 2.6

Tencent Holdings, Ltd. 2.3

AIA Group, Ltd. 2.0

Compass Group PLC 1.8

Next PLC 1.7

Total 25.6

As a percentage of net assets.

Cash and cash equivalents are not included.

"From a regional perspective, stock selection in Europe, particularly the United Kingdom, and emerging markets helped performance."

margin. Strong stock selection was the leading contributor, particularly in the financials and IT sectors. An underweight in energy and an overweight in healthcare also helped returns.

Adverse stock picking and a slight underweight in the consumer discretionary sector were the primary detractors from the fund's performance.

From a regional perspective, stock selection in Europe, particularly the United Kingdom, and emerging markets helped performance.

What stocks had the greatest impact on performance during the year?

Novartis, which delivered strong revenue and profit growth from its eye care and generic drug businesses, was one of the top contributors. Its shares rose in anticipation of launches of treatments for psoriasis and heart failure.

Shares of Taiwan Semiconductor Manufacturing Company, Ltd. also performed well, boosted by profit and sales results that beat expectations of increasing demand for chips used in smartphones. Also contributing was Check Point Software, whose shares rose as improved profits were driven by an increase in large deals.

Asian financials companies were also major contributors. PICC Property & Casualty Company, Ltd., a Chinese property and casualty insurer, saw its shares rise as losses in its auto business dropped

TOP 10 COUNTRIES AS OF 2/28/15 (%)

United Kingdom 22.5

Switzerland 13.3

China 10.4

Taiwan 7.9

Denmark 5.8

Netherlands 5.4

United States 4.5

Japan 4.0

India 3.4

Hong Kong 3.3

Total 80.5

As a percentage of net assets.

Cash and cash equivalents are not included.

and underwriting improved, while shares of India-based HDFC Bank, Ltd. rose thanks to government reforms to stimulate infrastructure spending.

Among the positions that detracted from returns were Henderson Group PLC, a U.K.-based investment manager, whose shares declined as inflows of assets were lower than expected while European equity markets fell in value. Sands China Ltd., a leading casino operator in Macau, was hurt by declining gambling activity in the region, while Methanex Corp., the world's largest methanol producer, saw its shares fall as sharply declining oil prices pressured the stock. We sold the fund's positions in Methanex and Henderson Group during the period.

How was the fund positioned at the end of the period?

The fund's largest overweights continued to be in the healthcare, IT, and financials sectors while its top underweights included industrials, materials, consumer staples, and energy. On a regional basis, we maintained the fund's overweights in Europe, the United Kingdom in particular, as well as emerging markets, led by allocations to China and Taiwan.

MANAGED BY

John A. Boselli, CFA
On the fund since 2014
Investing since 1996

The views expressed in this report are exclusively those of John A. Boselli, CFA, Wellington Management Company LLP, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2015

Average annual total returns (%)

with maximum sales charge

Cumulative total returns (%)

with maximum sales charge

1-year 5-year Since inception¹ 5-year Since inception¹

Class A 0.63 10.14 5.52 62.11 59.77

Class B 0.67 10.17 5.35 62.27 57.59

Class C 4.23 10.43 5.34 64.21 57.37

Class I² 6.33 11.69 6.57 73.80 74.26

Class 1² 6.39 11.76 6.62 74.36 74.92

Index 1^† 3.24 7.76 4.99 45.27 52.93

Index2^† 1.88 8.95 4.86 53.50 51.22

Index 3^† 0.39 8.27 4.15 48.76 42.57

Class A Class B Class C Class I Class 1

Gross (%) 1.56 3.29 2.62 1.22 1.12

Net (%) 1.56 2.37 2.30 1.22 1.12

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

†	Index 1 is the MSCI AC World ex-USA Growth Index; Index 2 is the MSCI EAFE Growth Index; Index 3 is the MSCI EAFE Index.

See the following page for footnotes.

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock International Growth Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in three separate indexes.

Start date With maximum
sales charge Without
sales charge Index 1 Index 2 Index 3

Class B³ 6-12-06 15,759 15,759 15,293 15,122 14,257

Class C³ 6-12-06 15,737 15,737 15,293 15,122 14,257

Class I² 6-12-06 17,426 17,426 15,293 15,122 14,257

Class 1² 6-12-06 17,492 17,492 15,293 15,122 14,257

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

Footnotes related to performance pages

1	From 6-12-06.
2	For certain types of investors, as described in the fund's prospectuses.
3	The contingent deferred sales charge is not applicable.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $1,042.20 $7.70 1.52%

Class B 1,000.00 1,038.00 11.98 2.37%

Class C 1,000.00 1,037.90 11.62 2.30%

Class I 1,000.00 1,043.80 6.03 1.19%

Class 1 1,000.00 1,044.00 5.47 1.08%

Hypothetical example for comparison purposes

Beginning
Account value
on 9-1-2014 Ending value
on 2-28-2015 Expenses paid
during period
ended 2-28-2015¹ Annualized
expense ratio

Class A $1,000.00 $1,017.30 $7.60 1.52%

Class B 1,000.00 1,013.00 11.83 2.37%

Class C 1,000.00 1,013.40 11.48 2.30%

Class I 1,000.00 1,018.90 5.96 1.19%

Class 1 1,000.00 1,019.40 5.41 1.08%

1	Expenses are equal to the fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Fund's investments

As of 2-28-15

Shares Value

Common stocks 97.8% $320,231,975

(Cost $299,008,485)

Australia 1.0% 3,193,625

Seek, Ltd. 236,884 3,193,625

Belgium 2.6% 8,515,098

Anheuser-Busch InBev NV 67,122 8,515,098

Canada 1.7% 5,442,374

Magna International, Inc. 50,070 5,442,374

China 10.4% 34,139,179

AAC Technologies Holdings, Inc. 753,990 5,006,183

Baidu, Inc., ADR (I) 19,825 4,039,344

China Construction Bank Corp., H Shares 4,477,540 3,728,523

Lenovo Group, Ltd. 3,222,000 4,963,348

PICC Property & Casualty Company, Ltd., H Shares 2,458,450 5,279,216

Tencent Holdings, Ltd. 425,570 7,425,236

Vipshop Holdings, Ltd., ADR (I) 151,220 3,697,329

Denmark 5.8% 18,901,378

DSV A/S 154,137 4,983,901

Novo Nordisk A/S, Class B 175,665 8,406,371

Pandora A/S 60,434 5,511,106

Finland 3.0% 9,915,811

Kone OYJ, Class B (L) 103,144 4,751,535

Sampo OYJ, Class A 102,313 5,164,276

France 1.5% 4,790,559

L'Oreal SA 26,432 4,790,559

Germany 2.9% 9,573,240

ProSiebenSat.1 Media AG 98,027 4,810,205

United Internet AG 106,215 4,763,035

Hong Kong 3.3% 10,920,470

AIA Group, Ltd. 1,091,300 6,403,860

Guangdong Investment, Ltd. 3,488,405 4,516,610

India 3.4% 10,985,177

Axis Bank, Ltd., GDR 82,371 3,793,185

HDFC Bank, Ltd., ADR 52,417 3,250,378

ICICI Bank, Ltd., ADR 338,336 3,941,614

Ireland 1.0% 3,145,033

Medtronic PLC 40,534 3,145,033

12SEE NOTES TO FINANCIAL STATEMENTS

Shares Value

Israel 1.5% $4,823,635

Check Point Software Technologies, Ltd. (I) 57,775 4,823,635

Japan 4.0% 13,243,762

Astellas Pharma, Inc. 305,590 4,861,281

Daito Trust Construction Company, Ltd. 38,975 4,224,974

Ono Pharmaceutical Company, Ltd. 41,720 4,157,507

Netherlands 5.4% 17,791,707

AerCap Holdings NV (I) 100,147 4,456,542

ASML Holding NV 49,856 5,374,276

NXP Semiconductors NV (I) 57,573 4,887,660

Sensata Technologies Holding NV (I) 57,187 3,073,229

Sweden 1.0% 3,405,263

Electrolux AB, Series B 104,309 3,405,263

Switzerland 13.3% 43,652,370

Actelion, Ltd. (I) 43,720 5,234,021

Givaudan SA (I) 2,518 4,835,514

Novartis AG 126,593 12,947,185

Partners Group Holding AG 16,578 5,092,767

Roche Holding AG 40,027 10,906,932

Zurich Insurance Group AG (I) 14,496 4,635,951

Taiwan 7.9% 25,838,971

Catcher Technology Company, Ltd. 124,000 1,128,157

Catcher Technology Company, Ltd., GDR 55,521 2,532,313

Delta Electronics, Inc. 707,000 4,548,242

Largan Precision Company, Ltd. 60,000 5,100,465

MediaTek, Inc. 249,000 3,738,757

Taiwan Semiconductor Manufacturing Company, Ltd., ADR 358,379 8,791,037

Thailand 1.1% 3,708,193

Kasikornbank PCL, Foreign Shares 555,100 3,708,193

Turkey 1.0% 3,306,756

Turkiye Garanti Bankasi AS 923,440 3,306,756

United Kingdom 22.5% 73,614,311

Aon PLC 48,299 4,847,288

AstraZeneca PLC 66,650 4,593,105

Booker Group PLC 1,326,125 3,282,564

British American Tobacco PLC 147,051 8,573,370

Compass Group PLC 331,309 5,875,160

Direct Line Insurance Group PLC 980,148 4,942,244

IG Group Holdings PLC 419,676 4,728,516

Imperial Tobacco Group PLC 104,255 5,130,637

Next PLC 49,395 5,709,745

SEE NOTES TO FINANCIAL STATEMENTS13

Shares Value

United Kingdom (continued)

Persimmon PLC (I) 138,753 $3,767,647

Reckitt Benckiser Group PLC 60,445 5,455,877

Sky PLC 352,594 5,413,255

Smith & Nephew PLC 192,144 3,517,698

St James's Place PLC 250,311 3,654,689

The Sage Group PLC 551,941 4,122,516

United States 3.5% 11,325,063

Actavis PLC (I) 11,001 3,205,251

Amdocs, Ltd. 64,635 3,393,338

WABCO Holdings, Inc. (I) 40,456 4,726,474

Yield (%) Shares Value

Securities lending collateral 1.0% $3,332,016

(Cost $3,332,048)

John Hancock Collateral Trust (W) 0.0869(Y ) 333,028 3,332,016

Total investments (Cost $302,340,533)† 98.8% $323,563,991

Other assets and liabilities, net 1.2% $3,901,155

Total net assets 100.0% $327,465,146

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

Key to Security Abbreviations and Legend

ADR American Depositary Receipts

GDR Global Depositary Receipts

(I) Non-income producing security.

(L) A portion of this security is on loan as of 2-28-15.

(W) Investment is an affiliate of the fund, the advisor and/or subadvisor. This investment represents collateral received for securities lending.

(Y) The rate shown is the annualized seven-day yield as of 2-28-15.

† At 2-28-15, the aggregate cost of investment securities for federal income tax purposes was $302,789,558. Net unrealized appreciation aggregated $20,774,433, of which $23,325,115 related to appreciated investment securities and $2,550,682 related to depreciated investment securities.

14SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 2-28-15

Assets

Investments in unaffiliated issuers, at value (Cost $299,008,485) including $3,141,476 of securities loaned $320,231,975

Investments in affiliated funds, at value (Cost $3,332,048) 3,332,016

Total investments, at value (Cost $302,340,533) $323,563,991

Cash 12,985,200

Foreign currency, at value (Cost $98,667) 98,749

Receivable for investments sold 4,060,347

Receivable for fund shares sold 5,477,995

Dividends and interest receivable 815,043

Receivable for securities lending income 9,921

Other receivables and prepaid expenses 21,708

Total assets 347,032,954

Liabilities

Payable for investments purchased 15,680,998

Payable for fund shares repurchased 330,127

Payable upon return of securities loaned 3,332,049

Payable to affiliates

Accounting and legal services fees 6,578

Transfer agent fees 52,368

Trustees' fees 780

Other liabilities and accrued expenses 164,908

Total liabilities 19,567,808

Net assets $327,465,146

Net assets consist of

Paid-in capital $306,979,833

Accumulated distributions in excess of net investment income (35,771 )

Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions (662,859 )

Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies 21,183,943

Net assets $327,465,146

SEE NOTES TO FINANCIAL STATEMENTS15

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 ($140,218,699 ÷ 6,480,784 shares)¹ $21.64

Class B ($1,729,410 ÷ 80,269 shares)¹ $21.55

Class C ($13,355,672 ÷ 621,441 shares)¹ $21.49

Class I ($152,371,292 ÷ 7,032,969 shares) $21.67

Class 1 ($19,790,073 ÷ 913,971 shares) $21.65

Maximum offering price per share

Class A (net asset value per share ÷ 95%)² $22.78

16SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 2-28-15

Investment income

Dividends $10,488,519

Securities lending 213,330

Less foreign taxes withheld (796,688 )

Total investment income 9,905,161

Expenses

Investment management fees 3,446,901

Distribution and service fees 453,846

Accounting and legal services fees 48,171

Transfer agent fees 441,292

Trustees' fees 7,443

State registration fees 99,604

Printing and postage 41,629

Professional fees 93,956

Custodian fees 369,728

Registration and filing fees 38,872

Other 18,986

Total expenses 5,060,428

Less expense reductions (49,712 )

Net expenses 5,010,716

Net investment income 4,894,445

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments in unaffiliated issuers and foreign currency transactions 53,363,994

Investments in affiliated issuers 1,206

Futures contracts 297,537

53,662,737

Change in net unrealized appreciation (depreciation) of

Investments in unaffiliated issuers and translation of assets and liabilities in foreign currencies (41,189,043 )

Investments in affiliated issuers (103 )

(41,189,146 )

Net realized and unrealized gain 12,473,591

Increase in net assets from operations $17,368,036

SEE NOTES TO FINANCIAL STATEMENTS17

STATEMENTS OF CHANGES IN NET ASSETS

Year ended 2-28-15 Year ended 2-28-14

Increase (decrease) in net assets

From operations

Net investment income $4,894,445 $3,642,320

Net realized gain 53,662,737 14,470,681

Change in net unrealized appreciation (depreciation) (41,189,146 ) 36,019,820

Increase in net assets resulting from operations 17,368,036 54,132,821

Distributions to shareholders

From net investment income

Class A (2,076,485 ) (764,184 )

Class B (18,824 ) —

Class C (111,601 ) —

Class I (3,224,326 ) (2,279,857 )

Class 1 (377,806 ) (155,256 )

From net realized gain

Class A (15,751,297 ) (3,721,079 )

Class B (246,055 ) (49,417 )

Class C (1,372,983 ) (172,706 )

Class I (20,794,947 ) (6,999,524 )

Class 1 (2,333,810 ) (436,335 )

Total distributions (46,308,134 ) (14,578,358 )

From fund share transactions (88,615,950 ) 239,542,949

Total increase (decrease) (117,556,048 ) 279,097,412

Net assets

Beginning of year 445,021,194 165,923,782

End of year $327,465,146 $445,021,194

Undistributed (accumulated distributions in excess of) net investment income ($35,771 ) $1,479,942

18SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

Class A Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $24.60 $21.28 $19.98 $20.99 $17.36

Net investment income¹ 0.24 0.25 0.23 0.30 0.13

Net realized and unrealized gain (loss) on investments 0.83 3.94 2.65 (1.12 ) 3.61

Total from investment operations 1.07 4.19 2.88 (0.82 ) 3.74

Less distributions

From net investment income (0.47 ) (0.15 ) (0.42 ) (0.19 ) (0.11 )

From net realized gain (3.56 ) (0.72 ) (1.16 ) — —

Total distributions (4.03 ) (0.87 ) (1.58 ) (0.19 ) (0.11 )

Net asset value, end of period $21.64 $24.60 $21.28 $19.98 $20.99

Total return (%)^2,3 5.91 19.95 14.82 (3.80 ) 21.58

Ratios and supplemental data

Net assets, end of period (in millions) $140 $130 $73 $49 $45

Ratios (as a percentage of average net assets):

Expenses before reductions 1.53 1.56 1.68 1.66 1.60

Expenses including reductions 1.52 1.55 1.60 1.59 1.60

Net investment income 1.02 1.09 1.13 1.50 0.69

Portfolio turnover (%) 204 42 61 55 48

1 Based on average daily shares outstanding.

2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

3 Does not reflect the effect of sales charges, if any.

SEE NOTES TO FINANCIAL STATEMENTS19

Class B Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $24.50 $21.22 $19.94 $20.93 $17.36

Net investment income¹ — ² 0.10 0.10 0.12 0.01

Net realized and unrealized gain (loss) on investments 0.88 3.90 2.62 (1.06 ) 3.56

Total from investment operations 0.88 4.00 2.72 (0.94 ) 3.57

Less distributions

From net investment income (0.27 ) — (0.28 ) (0.05 ) —

From net realized gain (3.56 ) (0.72 ) (1.16 ) — —

Total distributions (3.83 ) (0.72 ) (1.44 ) (0.05 ) —

Net asset value, end of period $21.55 $24.50 $21.22 $19.94 $20.93

Total return (%)^3,4 5.07 19.07 14.00 (4.47 ) 20.56

Ratios and supplemental data

Net assets, end of period (in millions) $2 $2 $1 $1 $1

Ratios (as a percentage of average net assets):

Expenses before reductions 3.18 3.29 3.92 4.00 4.24

Expenses including reductions 2.34 2.30 2.30 2.33 2.40

Net investment income — ⁵ 0.46 0.47 0.63 0.04

Portfolio turnover (%) 204 42 61 55 48

1 Based on average daily shares outstanding.

2 Less than $0.005 per share.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Does not reflect the effect of sales charges, if any.

5 Less than 0.005%.

20SEE NOTES TO FINANCIAL STATEMENTS

Class C Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $24.45 $21.18 $19.91 $20.91 $17.34

Net investment income (loss)¹ (0.03 ) 0.07 0.10 0.10 0.01

Net realized and unrealized gain (loss) on investments 0.92 3.92 2.61 (1.05 ) 3.56

Total from investment operations 0.89 3.99 2.71 (0.95 ) 3.57

Less distributions

From net investment income (0.29 ) — (0.28 ) (0.05 ) —

From net realized gain (3.56 ) (0.72 ) (1.16 ) — —

Total distributions (3.85 ) (0.72 ) (1.44 ) (0.05 ) —

Net asset value, end of period $21.49 $24.45 $21.18 $19.91 $20.91

Total return (%)^2,3 5.11 19.05 13.97 (4.52 ) 20.59

Ratios and supplemental data

Net assets, end of period (in millions) $13 $7 $2 $2 $1

Ratios (as a percentage of average net assets):

Expenses before reductions 2.40 2.62 3.32 3.34 3.45

Expenses including reductions 2.30 2.30 2.30 2.33 2.40

Net investment income (loss) (0.11 ) 0.32 0.48 0.52 0.03

Portfolio turnover (%) 204 42 61 55 48

SEE NOTES TO FINANCIAL STATEMENTS21

Class I Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $24.62 $21.31 $20.01 $21.04 $17.40

Net investment income¹ 0.35 0.31 0.43 0.37 0.23

Net realized and unrealized gain (loss) on investments 0.81 3.95 2.53 (1.12 ) 3.60

Total from investment operations 1.16 4.26 2.96 (0.75 ) 3.83

Less distributions

From net investment income (0.55 ) (0.23 ) (0.50 ) (0.28 ) (0.19 )

From net realized gain (3.56 ) (0.72 ) (1.16 ) — —

Total distributions (4.11 ) (0.95 ) (1.66 ) (0.28 ) (0.19 )

Net asset value, end of period $21.67 $24.62 $21.31 $20.01 $21.04

Total return (%)² 6.33 20.31 15.23 (3.42 ) 22.08

Ratios and supplemental data

Net assets, end of period (in millions) $152 $290 $79 $162 $204

Ratios (as a percentage of average net assets):

Expenses before reductions 1.19 1.21 1.27 1.20 1.14

Expenses including reductions 1.18 1.21 1.25 1.20 1.14

Net investment income 1.46 1.33 2.09 1.88 1.21

Portfolio turnover (%) 204 42 61 55 48

1 Based on average daily shares outstanding.

2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

22SEE NOTES TO FINANCIAL STATEMENTS

Class 1 Shares Period ended 2-28-15 2-28-14 2-28-13 2-29-12 2-28-11

Per share operating performance

Net asset value, beginning of period $24.61 $21.30 $20.00 $21.02 $17.38

Net investment income¹ 0.28 0.37 0.34 0.36 0.23

Net realized and unrealized gain (loss) on investments 0.90 3.92 2.63 (1.09 ) 3.60

Total from investment operations 1.18 4.29 2.97 (0.73 ) 3.83

Less distributions

From net investment income (0.58 ) (0.26 ) (0.51 ) (0.29 ) (0.19 )

From net realized gain (3.56 ) (0.72 ) (1.16 ) — —

Total distributions (4.14 ) (0.98 ) (1.67 ) (0.29 ) (0.19 )

Net asset value, end of period $21.65 $24.61 $21.30 $20.00 $21.02

Total return (%)² 6.39 20.43 15.29 (3.33 ) 22.11

Ratios and supplemental data

Net assets, end of period (in millions) $20 $16 $11 $9 $8

Ratios (as a percentage of average net assets):

Expenses before reductions 1.10 1.12 1.19 1.16 1.13

Expenses including reductions 1.09 1.12 1.15 1.14 1.13

Net investment income 1.18 1.59 1.68 1.83 1.21

Portfolio turnover (%) 204 42 61 55 48

1 Based on average daily shares outstanding.

2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS23

Notes to financial statements

Note 1 — Organization

John Hancock International 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 high total return, primarily through capital appreciation.

Note 2 — Significant accounting policies

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 February 28, 2015, by major security category or type:

Total
market value
at 2-28-15 Level 1
quoted price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Common stocks

Australia $3,193,625 — $3,193,625 —

Belgium 8,515,098 — 8,515,098 —

Canada 5,442,374 $5,442,374 — —

China 34,139,179 7,736,673 26,402,506 —

Denmark 18,901,378 — 18,901,378 —

Finland 9,915,811 — 9,915,811 —

France 4,790,559 — 4,790,559 —

Germany 9,573,240 — 9,573,240 —

Hong Kong 10,920,470 — 10,920,470 —

India 10,985,177 7,191,992 3,793,185 —

Ireland 3,145,033 3,145,033 — —

Israel 4,823,635 4,823,635 — —

Japan 13,243,762 — 13,243,762 —

Netherlands 17,791,707 12,417,431 5,374,276 —

Sweden 3,405,263 — 3,405,263 —

Switzerland 43,652,370 — 43,652,370 —

Taiwan 25,838,971 8,791,037 17,047,934 —

Thailand 3,708,193 — 3,708,193 —

Turkey 3,306,756 — 3,306,756 —

United Kingdom 73,614,311 4,847,288 68,767,023 —

United States 11,325,063 11,325,063 — —

Securities lending collateral 3,332,016 3,332,016 — —

Total Investments in Securities $323,563,991 $69,052,542 $254,511,449 —

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.

Obligations to repay collateral received by the fund is shown on the Statements of assets and liabilities as Payable upon return of securities loaned.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. 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.

In addition, the fund and other affiliated funds have entered into an agreement with Citibank N.A. that enables them to participate in a $300 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 year ended February 28, 2015 were $311. For the year ended February 28, 2015, the fund had no borrowings under the line of credit.

For federal income tax purposes, net capital losses of $213,834 that are the result of security transactions occurring after October 31, 2014, are treated as occurring on March 1, 2015, the first day of the fund's next taxable year. Qualified late year ordinary losses of $37,706 are treated as occurring on March 1, 2015, the first day of the fund's next taxable year.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2015 and 2014 was as follows:

February 28, 2015 February 28, 2014

Ordinary Income $12,161,897 $6,097,352

Long-term capital gains 34,146,237 8,481,006

Note 3 — Derivative instruments

International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

Futures are traded or cleared on an exchange or central clearinghouse. Exchange-traded transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member. Margin requirements for exchange-traded derivatives are set by the broker or applicable clearinghouse.

During the year ended February 28, 2015, the fund used futures contracts to gain exposure to certain securities markets and maintain diversity and liquidity of the portfolio. During the year ended February 28, 2015, the fund held futures contracts with notional values up to $15.8 million. There were no open futures contracts as of February 28, 2015.

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

During the year ended February 28, 2015, the fund used forward foreign currency contracts to manage against anticipated changes in currency exchange rates. During the year ended February 28, 2015, the fund held forward foreign currency contracts with U.S. dollar notional values up to $261.4 million as measured at each quarter end. The fund did not hold any forward foreign currency contracts at February 28, 2015.

Effect of derivative instruments on the Statement of operations

Risk Statement of
operations location Futures contracts Investments and
foreign currency
translations* Total

Interest rate contracts Net realized gain (loss) $297,537 — $297,537

Foreign exchange contracts Net realized gain (loss) — ($1,185,205 ) (1,185,205 )

Total $297,537 ($1,185,205 ) ($887,668 )

Risk Statement of
operations location Investments and translation of assets
and liabilities in foreign currencies*

Foreign exchange contracts Change in unrealized appreciation (depreciation) $555,943

Note 4 — Guarantees and indemnifications

Note 5 — Fees and transactions with affiliates

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, on an annual basis, equal to the sum of: (a) 0.900% of the first $500 million of the fund's average daily net assets; (b) 0.850% of the next $500 million of the fund's average daily net assets, and (c) 0.800% of the fund's average daily net assets in excess of $1 billion. Prior to July 15, 2014, the investment management agreement was (a) 0.920% of the first $100 million of the fund's average daily net assets; (b) 0.895% of the next $900 million of the fund's average daily net assets; (c) 0.880% of the next $1 billion of the fund's average daily net assets; (d) 0.850% of the next $1 billion of the fund's average daily net assets; (e) 0.825% of the next $1 billion of the fund's average daily net assets; and (f) 0.800% of the fund's average daily net assets in excess of $4 billion. Effective at the close of business July 15, 2014, the Advisor has a subadvisory agreement with Wellington Management Company, LLP. Prior to the close of business on July 15, 2014, the Advisor had a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended February 28, 2015, this waiver amounted to 0.01% of the fund's average net assets on an annualized basis.This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The Advisor has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the fund. This agreement excludes taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, acquired fees and expenses paid indirectly and short dividend expense. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.60%, 2.30%, 1.24% and 1.15% for Class A, Class C, Class I and Class 1 shares, respectively. The current expense limitation agreement will remain in effect through June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at the time. Effective July 1, 2014, the Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class B shares of the fund, including Rule 12b-1 fees, transfer agency fees and service fees, blue sky fees, and printing and postage, as applicable, to the extent they exceed 1.30% of average annual net assets (on an annualized basis) attributable to Class B shares (the Class Expense Waiver). The Class Expense Waiver expires on June 30, 2015, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. Prior to July 1, 2014, Class B shares had fee waivers and/or reimbursements such that the expenses would not exceed 2.30% for Class B shares.

The expense reductions described above for the year ended February 28, 2015 amounted to:

Class Expense reduction Class Expense reduction

Class A $8,072 Class I $16,985

Class B 14,703 Class 1 1,148

Class C 8,458 Total $49,366

The investment management fees incurred for the year ended February 28, 2015 were equivalent to a net annual effective rate of 0.89% of the fund's average daily net assets.

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

Class A 0.30%

Class B 1.00%

Class C 1.00%

Class 1 0.05%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,192,870 for the year ended February 28, 2015. Of this amount, $205,050 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $987,403 was paid as sales commissions to broker-dealers and $417 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor.

beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended February 28, 2015, CDSCs received by the Distributor amounted to $627, $12,751 and $2,868, for Class A, Class B and Class C shares, respectively.

Class level expenses. Class level expenses for the year ended February 28, 2015 were:

Class Distribution and service fees Transfer agent fees State registration fees Printing and postage

Class A $342,113 $146,167 $37,832 $19,375

Class B 17,700 2,259 17,161 440

Class C 85,994 10,923 17,552 1,813

Class I — 281,943 27,059 20,001

Class 1 8,039 — — —

Total $453,846 $441,292 $99,604 $41,629

During the year ended Feburary 28, 2015, an unaffiliated blue sky registration agent reimbursed Class A, Class B, Class C, and Class I shares for state registration fees of $86, $87, $86, and $87, respectively.

Note 6 — Fund share transactions

Transactions in fund shares for the years ended February 28, 2015 and 2014 were as follows:

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class A shares

Sold 3,872,773 $89,197,062 3,235,096 $75,156,421

Distributions reinvested 870,844 17,190,462 193,802 4,465,193

Repurchased (3,537,619 ) (86,355,594 ) (1,562,025 ) (35,832,571 )

Net increase 1,205,998 $20,031,930 1,866,873 $43,789,043

Class B shares

Sold 11,751 $269,871 21,901 $505,815

Distributions reinvested 11,409 224,646 1,775 40,800

Repurchased (17,977 ) (410,047 ) (11,137 ) (258,126 )

Net increase 5,183 $84,470 12,539 $288,489

Year ended 2-28-15 Year ended 2-28-14

Shares Amount Shares Amount

Class C shares

Sold 353,368 $7,865,929 207,578 $4,815,191

Distributions reinvested 58,230 1,143,641 5,905 135,452

Repurchased (92,860 ) (2,139,704 ) (20,333 ) (470,103 )

Net increase 318,738 $6,869,866 193,150 $4,480,540

Class I shares

Sold 7,959,907 $188,904,055 9,271,192 $215,856,877

Distributions reinvested 959,666 18,953,405 31,652 729,589

Repurchased (13,666,278 ) (328,851,005 ) (1,224,470 ) (28,870,886 )

Net increase (decrease) (4,746,705 ) ($120,993,545 ) 8,078,374 $187,715,580

Class 1 shares

Sold 269,172 $6,025,547 250,909 $5,836,220

Distributions reinvested 137,367 2,711,616 25,677 591,591

Repurchased (142,058 ) (3,345,834 ) (138,631 ) (3,158,514 )

Net increase 264,481 $5,391,329 137,955 $3,269,297

Total net increase (decrease) (2,952,305 ) ($88,615,950 ) 10,288,891 $239,542,949

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $760,955,615 and $880,759,105, respectively, for the year ended February 28, 2015.

AUDITOR'S REPORT

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the fund's investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Growth Fund (the "Fund") at February 28, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian, transfer agent, and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 23, 2015

TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended February 28, 2015.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Income derived from foreign sources was $8,064,275. The fund intends to pass through foreign tax credits of $434,416.

The fund is reporting $54,015,389 in capital gain dividends.

Eligible shareholders will be mailed a 2015 Form 1099-DIV in early 2016. This will reflect the tax character of all distributions paid in calendar year 2015.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

Trustees and Officers

Independent Trustees

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Theron S. Hoffman,² Born: 1947 2012 222

Trustee
Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Deborah C. Jackson, Born: 1952 2008 222

Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds³ (since 2008); Trustee of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Hassell H. McClellan, Born: 1945 2012 222

Trustee
Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

Steven R. Pruchansky, Born: 1944 2006 222

Trustee and Vice Chairperson of the Board
Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (since 2014); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds³; Trustee and Vice Chairperson of the Board, John Hancock retail funds³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2015).

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Gregory A. Russo, Born: 1949 2008 222

Trustee
Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Chairman (since 2014) and Director and Member (since 2012) of Finance Committee, The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds³ (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Non-Independent Trustees⁴

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James R. Boyle, Born: 1959 2015 222

Non-Independent Trustee*
Chairman, HealthFleet, Inc. (healthcare) (since 2014); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, president and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010); Trustee, John Hancock Collateral Trust (since 2015); Trustee, John Hancock retail funds³ (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).
*Effective 3-10-15.

Craig Bromley, Born: 1966 2012 222

Non-Independent Trustee
President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Warren A. Thomson, Born: 1955 2012 222

Non-Independent Trustee
Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2015).

Principal officers who are not Trustees

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

1	Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal.
2	Member of the Audit Committee.
3	"John Hancock retail funds" comprises John Hancock Funds III and 35 other John Hancock funds consisting of 25 series of other John Hancock trusts and 10 closed-end funds.
4	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†#
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

Wellington Management Company, LLP

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company+
Citibank, N.A.^

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

*Member of the Audit Committee
†Non-Independent Trustee
#Effective 3-10-15
+Through 4-24-15
^Effective 4-27-15

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

Family of funds

John Hancock Investments

A trusted brand

John Hancock has helped individuals and institutions build and
protect wealth since 1862. Today, we are one of America's strongest
and most-recognized brands.

A better way to invest

Results for investors

Our unique approach to asset management has led to a diverse set
of investments deeply rooted in investor needs, along with strong
risk-adjusted returns across asset classes.

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

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

MF221043 87A 2/15
4/15

ITEM 2. CODE OF ETHICS.

As of the end of the year, February 28, 2015, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant, for the audits of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to the following for the fiscal years ended February 28, 2015 and February 28, 2014. These fees were billed to the registrant and were approved by the registrant’s audit committee.

Fund	February 28, 2015	February 28, 2014
John Hancock Global Shareholder Yield Fund	$ 39,077	$ 30,621
John Hancock International Growth Fund	39,355	34,178
John Hancock International Core Fund	44,943	41,689
Total	$ 123,375	$ 106,488

(b) Audit-Related Services

Audit-related service fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser (“control affiliates”) that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews. In addition, amounts billed to control affiliates for service provider internal controls reviews were $103,940 and $98,642 for the fiscal years ended February 28, 2015 and 2014, respectively.

Fund	February 28, 2014	February 28, 2013
John Hancock Global Shareholder Yield Fund	$ 519	$ 1,692
John Hancock International Growth Fund	519	1,692
John Hancock International Core Fund	519	1,692
Total	$ 1,557	$ 5,076

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning (“tax fees”) amounted to the following for the fiscal years ended February 28, 2015 and February 28, 2014. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

Fund	February 28, 2015	February 28, 2014
John Hancock Global Shareholder Yield Fund	$ 3,450	$ 3,164
John Hancock International Growth Fund	3,900	4,017
John Hancock International Core Fund	3,900	4,930
Total	$ 11,250	$ 12,111

(d) All Other Fees

Other fees amounted to the following for the fiscal years ended February 28, 2015 and February 28, 2014 billed to the registrant or to the control affiliates.

Fund	February 28, 2015	February 28, 2014
John Hancock Global Shareholder Yield Fund	$ 120	$ 408
John Hancock International Growth Fund	120	408
John Hancock International Core Fund	120	408
Total	$ 360	$ 1,224

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per year/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant’s principal accountant for the fiscal year ended February 28, 2015, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $6,279,236 for the fiscal year ended February 28, 2015 and $5,874,702 for the fiscal year ended February 28, 2014.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Peter S. Burgess - Chairman

Charles L. Bardelis

Theron S. Hoffman

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)

Not applicable.

(b)

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter”.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)(1) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter”.

(c)(2) Contact person at the registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Funds III

By:	/s/ Andrew Arnott
	Andrew Arnott
	President

Date: April 14, 2015

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/ Andrew Arnott
	Andrew Arnott
	President

Date: April 14, 2015

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

Date: April 14, 2015

Date of fiscal year end:	February 28

Date of reporting period:	February 28, 2015


Imperial Tobacco Group PLC	2.1
Reynolds American, Inc.	1.9
Altria Group, Inc.	1.9
Lorillard, Inc.	1.9
National Grid PLC	1.8
Health Care REIT, Inc.	1.8
BCE, Inc.	1.7
Deutsche Telekom AG	1.7
Vodafone Group PLC	1.7
CenturyLink, Inc.	1.7
TOTAL	18.2
As a percentage of net assets.
Cash and cash equivalents are not included.


United States	47.9
United Kingdom	17.5
France	7.7
Germany	6.6
Canada	4.8
Switzerland	3.9
Australia	3.6
Netherlands	2.1
Norway	1.9
Sweden	1.3
Other countries	2.7
TOTAL	100.0
As a percentage of net assets.


	Eric L. Sappenfield On the fund since inception Investing since 1986
	William W. Priest, CFA, CPA On the fund since inception Investing since 1965
	John Tobin, Ph.D., CFA On the fund since 2014 Investing since 1981
	Kera Van Valen, CFA On the fund since 2014 Investing since 2001
	Michael A. Welhoelter, CFA On the fund since inception Investing since 1986


Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge				SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized¹
	1-year	5-year	Since inception			5-year	Since inception		as of 2-28-15	as of 2-28-15
Class A	2.68	11.52	5.45	²		72.49	52.84	²	2.08%	2.07%
Class B	2.26	11.60	5.38	²		73.13	52.06	²	1.43%	1.42%
Class C	6.42	11.89	5.40	²		75.41	52.30	²	1.51%	1.50%
Class I³	8.50	13.11	6.59	²		85.16	66.66	²	2.58%	2.57%
Class R2^3,4	7.93	12.01	5.16	²		76.31	49.59	²	2.00%	1.21%
Class R6^3,4	8.56	13.19	6.58	²		85.77	66.52	²	2.57%	-1.82%
Class NAV³	8.57	13.22	7.72	⁵		86.03	66.26	⁵	2.64%	2.63%
Index^†	8.45	12.31	4.98	²		78.67	47.55	²	—	—


	Start date	With maximum sales charge	Without sales charge	Index
Class B⁶	3-1-07	15,206	15,206	14,755
Class C⁶	3-1-07	15,230	15,230	14,755
Class I³	3-1-07	16,666	16,666	14,755
Class R2³	3-1-07	14,959	14,959	14,755
Class R6³	3-1-07	16,652	16,652	14,755
Class NAV³	4-28-08	16,626	16,626	14,060


	Beginning Account value on 9-1-2014	Ending value on 2-28-2015	Expenses paid during period ended 2-28-2015¹	Annualized expense ratio
Class A	$1,000.00	$1,016.20	$6.60	1.32%
Class B	1,000.00	1,013.00	10.53	2.11%
Class C	1,000.00	1,013.30	10.08	2.02%
Class I	1,000.00	1,018.70	5.01	1.00%
Class R2	1,000.00	1,016.30	7.35	1.47%
Class R6	1,000.00	1,018.70	4.35	0.87%
Class NAV	1,000.00	1,018.60	4.35	0.87%


As of 2-28-15
	Shares	Value
Common stocks 96.2%		$2,602,104,720
(Cost $2,153,634,547)
Australia 3.6%		97,330,670
BHP Billiton, Ltd.	781,530	20,525,337
Commonwealth Bank of Australia	253,830	18,209,392
Telstra Corp., Ltd.	7,728,630	38,415,147
Westpac Banking Corp.	678,451	20,180,794
Canada 4.8%		129,747,347
BCE, Inc.	1,081,880	47,347,936
Potash Corp. of Saskatchewan, Inc.	952,260	34,186,134
Rogers Communications, Inc.	781,560	27,640,003
Shaw Communications, Inc., Class B	886,850	20,573,274
France 7.7%		207,188,760
Electricite de France SA	1,210,560	33,405,950
Sanofi	180,670	17,670,944
SCOR SE	853,600	28,100,126
Total SA	710,580	38,175,476
Unibail-Rodamco SE	96,435	27,743,453
Vinci SA	657,310	38,911,092
Vivendi SA	952,203	23,181,719
Germany 6.6%		178,178,683
BASF SE	315,960	30,274,954
Daimler AG	279,050	27,029,401
Deutsche Post AG	401,310	13,661,678
Deutsche Telekom AG	2,518,550	47,026,433
Muenchener Rueckversicherungs AG	196,250	40,733,763
Siemens AG	174,020	19,452,454
Italy 1.3%		35,531,655
Terna Rete Elettrica Nazionale SpA	7,876,110	35,531,655
Netherlands 2.1%		56,836,044
Royal Dutch Shell PLC, ADR, Class A	607,500	39,712,275
Wolters Kluwer NV	528,780	17,123,769
Norway 1.9%		49,947,873
Orkla ASA	2,546,330	19,976,042
Statoil ASA	773,730	14,534,622
Yara International ASA	280,660	15,437,209
Philippines 0.6%		16,034,176
Philippine Long Distance Telephone Company, ADR	223,941	16,034,176


	Shares	Value
Spain 0.8%		$20,648,241
Gas Natural SDG SA	855,770	20,648,241
Sweden 1.3%		36,380,952
Svenska Handelsbanken AB, A Shares	722,790	36,380,952
Switzerland 3.9%		106,459,650
Nestle SA	195,060	15,244,680
Novartis AG	286,020	29,252,438
Roche Holding AG	64,255	17,508,814
Swisscom AG	77,550	44,453,718
United Kingdom 17.5%		474,296,185
Aberdeen Asset Management PLC	2,291,300	16,536,042
AstraZeneca PLC, ADR	373,590	25,740,351
BAE Systems PLC	5,210,070	42,702,418
British American Tobacco PLC	538,730	31,409,115
Centrica PLC	312,602	1,176,947
Diageo PLC, ADR	107,550	12,782,318
GlaxoSmithKline PLC	1,750,410	41,504,657
Imperial Tobacco Group PLC	1,135,170	55,864,564
National Grid PLC	3,579,470	48,962,431
Pearson PLC	1,127,370	24,664,970
Rio Tinto PLC	455,580	22,421,219
SSE PLC	1,822,380	44,198,447
Unilever PLC	432,330	19,068,696
United Utilities Group PLC	2,814,523	41,059,523
Vodafone Group PLC	13,348,812	46,204,487
United States 44.1%		1,193,524,484
AbbVie, Inc.	354,740	21,461,770
Altria Group, Inc.	929,400	52,315,921
Ameren Corp.	963,340	40,855,249
Apple, Inc.	124,625	16,009,328
Arthur J Gallagher & Company	299,280	14,063,167
AT&T, Inc.	1,233,840	42,641,510
Automatic Data Processing, Inc.	188,470	16,743,675
CenturyLink, Inc.	1,190,510	45,072,709
CME Group, Inc.	207,000	19,857,510
ConocoPhillips	320,370	20,888,124
Corrections Corp. of America	906,785	36,171,654
Dominion Resources, Inc.	196,250	14,147,663
Duke Energy Corp.	543,198	42,668,203
EI du Pont de Nemours & Company	221,740	17,262,459
Enterprise Products Partners LP	563,180	18,776,421
Health Care REIT, Inc.	629,640	48,551,540
Johnson & Johnson	150,790	15,457,483


			Shares	Value
United States (continued)
Kimberly-Clark Corp.			213,990	$23,466,143
Kinder Morgan, Inc.			1,052,026	43,143,586
KLA-Tencor Corp.			220,640	14,331,671
Lockheed Martin Corp.			146,340	29,275,317
Lorillard, Inc.			763,740	52,255,091
MarkWest Energy Partners LP			235,030	15,265,199
Mattel, Inc.			568,680	14,967,658
McDonald's Corp.			157,390	15,565,871
Merck & Company, Inc.			333,660	19,532,456
Microchip Technology, Inc.			394,610	20,231,655
Microsoft Corp.			385,720	16,913,822
Occidental Petroleum Corp.			238,320	18,560,362
People's United Financial, Inc.			1,136,240	17,191,311
PepsiCo, Inc.			161,880	16,022,882
Philip Morris International, Inc.			460,060	38,166,578
PPL Corp.			1,143,950	39,008,695
Regal Entertainment Group, Class A			920,030	21,749,509
Reynolds American, Inc.			692,790	52,388,780
RR Donnelley & Sons Company			1,073,010	20,462,301
Seagate Technology PLC			318,100	19,442,272
Targa Resources Partners LP			274,900	12,046,118
TECO Energy, Inc.			1,643,990	32,271,524
The Coca-Cola Company			344,720	14,926,376
The Dow Chemical Company			479,950	23,632,738
The Southern Company			417,950	19,137,931
Verizon Communications, Inc.			887,974	43,910,314
Waste Management, Inc.			312,560	17,028,269
Wells Fargo & Company			403,500	22,107,765
Wisconsin Energy Corp.			344,800	17,577,904
	Yield (%)		Shares	Value
Short-term investments 3.2%				$87,738,888
(Cost $87,738,888)
Money market funds 3.2%				87,738,888
Federated Treasury Obligations Fund	0.0100(Y	)	87,738,888	87,738,888
Total investments (Cost $2,241,373,435)† 99.4%				$2,689,843,608
Other assets and liabilities, net 0.6%				$16,019,690
Total net assets 100.0%				$2,705,863,298


The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Key to Security Abbreviations and Legend
ADR	American Depositary Receipts
REIT	Real Estate Investment Trust
(Y)	The rate shown is the annualized seven-day yield as of 2-28-15.
†	At 2-28-15, the aggregate cost of investment securities for federal income tax purposes was $2,247,293,313. Net unrealized appreciation aggregated $442,550,295, of which $469,649,563 related to appreciated investment securities and $27,099,268 related to depreciated investment securities.


1	Redemption price per share 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.



	Year ended 2-28-15		Year ended 2-28-14
Increase (decrease) in net assets
From operations
Net investment income	$78,990,253		$83,581,596
Net realized gain	61,397,066		130,211,445
Change in net unrealized appreciation (depreciation)	48,574,230		153,727,257
Increase in net assets resulting from operations	188,961,549		367,520,298
Distributions to shareholders
From net investment income
Class A	(20,928,672	)	(10,212,966	)
Class B	(486,696	)	(270,722	)
Class C	(4,343,243	)	(1,816,114	)
Class I	(42,929,623	)	(22,747,665	)
Class R2	(29,513	)	(6,285	)
Class R6	(12,521	)	(5,672	)
Class NAV	(27,036,853	)	(24,197,018	)
From net realized gain
Class A	(19,485,409	)	(17,733,684	)
Class B	(590,390	)	(544,804	)
Class C	(5,577,950	)	(4,176,825	)
Class I	(42,201,354	)	(30,180,114	)
Class R2	(36,286	)	(11,950	)
Class R6	(12,656	)	(7,398	)
Class NAV	(24,485,458	)	(23,183,742	)
Total distributions	(188,156,624	)	(135,094,959	)
From fund share transactions	461,724,827		73,530,102
Total increase	462,529,752		305,955,441
Net assets
Beginning of year	2,243,333,546		1,937,378,105
End of year	$2,705,863,298		$2,243,333,546
Undistributed net investment income	$7,541,308		$26,682,066





Class A Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12		2-28-11
Per share operating performance
Net asset value, beginning of period		$11.74		$10.46		$9.81		$9.50		$8.10
Net investment income¹		0.36		0.45	²	0.29		0.26		0.24
Net realized and unrealized gain on investments		0.55		1.57		0.63		0.29		1.40
Total from investment operations		0.91		2.02		0.92		0.55		1.64
Less distributions
From net investment income		(0.44	)	(0.31	)	(0.27	)	(0.24	)	(0.24	)
From net realized gain		(0.43	)	(0.43	)	—		—		—
Total distributions		(0.87	)	(0.74	)	(0.27	)	(0.24	)	(0.24	)
Net asset value, end of period		$11.78		$11.74		$10.46		$9.81		$9.50
Total return (%)^3,4		8.10		19.85		9.66		5.98		20.64
Ratios and supplemental data
Net assets, end of period (in millions)		$580		$553		$276		$215		$56
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.33		1.34		1.43		1.53		1.55
	Expenses including reductions	1.32		1.34		1.42		1.42		1.55
	Net investment income	2.99		4.01	²	2.92		2.78		2.80
Portfolio turnover (%)		23		40		21		19		39


1	Based on average daily shares outstanding.
2	Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.
3	Does not reflect the effect of sales charges, if any.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.





Class B Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12		2-28-11
Per share operating performance
Net asset value, beginning of period		$11.74		$10.46		$9.81		$9.49		$8.10
Net investment income¹		0.27		0.35	²	0.22		0.20		0.19
Net realized and unrealized gain on investments		0.55		1.58		0.64		0.29		1.38
Total from investment operations		0.82		1.93		0.86		0.49		1.57
Less distributions
From net investment income		(0.35	)	(0.22	)	(0.21	)	(0.17	)	(0.18	)
From net realized gain		(0.43	)	(0.43	)	—		—		—
Total distributions		(0.78	)	(0.65	)	(0.21	)	(0.17	)	(0.18	)
Net asset value, end of period		$11.78		$11.74		$10.46		$9.81		$9.49
Total return (%)^3,4		7.26		18.95		8.90		5.33		19.65
Ratios and supplemental data
Net assets, end of period (in millions)		$17		$17		$11		$8		$2
Ratios (as a percentage of average net assets):
	Expenses before reductions	2.10		2.15		2.29		2.54		2.91
	Expenses including reductions	2.10		2.12		2.12		2.11		2.25
	Net investment income	2.24		3.11	²	2.21		2.17		2.18
Portfolio turnover (%)		23		40		21		19		39





Class C Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12		2-28-11
Per share operating performance
Net asset value, beginning of period		$11.74		$10.46		$9.81		$9.50		$8.10
Net investment income¹		0.27		0.36	²	0.22		0.20		0.18
Net realized and unrealized gain on investments		0.56		1.58		0.64		0.28		1.40
Total from investment operations		0.83		1.94		0.86		0.48		1.58
Less distributions
From net investment income		(0.35	)	(0.23	)	(0.21	)	(0.17	)	(0.18	)
From net realized gain		(0.43	)	(0.43	)	—		—		—
Total distributions		(0.78	)	(0.66	)	(0.21	)	(0.17	)	(0.18	)
Net asset value, end of period		$11.79		$11.74		$10.46		$9.81		$9.50
Total return (%)^3,4		7.42		18.97		8.90		5.22		19.78
Ratios and supplemental data
Net assets, end of period (in millions)		$168		$127		$65		$45		$11
Ratios (as a percentage of average net assets):
	Expenses before reductions	2.03		2.05		2.15		2.29		2.39
	Expenses including reductions	2.02		2.05		2.12		2.11		2.25
	Net investment income	2.24		3.22	²	2.22		2.13		2.10
Portfolio turnover (%)		23		40		21		19		39





Class I Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12		2-28-11
Per share operating performance
Net asset value, beginning of period		$11.78		$10.49		$9.84		$9.53		$8.13
Net investment income¹		0.39		0.47	²	0.31		0.32		0.29
Net realized and unrealized gain (loss) on investments		0.56		1.59		0.65		0.27		1.38
Total from investment operations		0.95		2.06		0.96		0.59		1.67
Less distributions
From net investment income		(0.47	)	(0.34	)	(0.31	)	(0.28	)	(0.27	)
From net realized gain		(0.43	)	(0.43	)	—		—		—
Total distributions		(0.90	)	(0.77	)	(0.31	)	(0.28	)	(0.27	)
Net asset value, end of period		$11.83		$11.78		$10.49		$9.84		$9.53
Total return (%)³		8.50		20.28		10.07		6.45		21.09
Ratios and supplemental data
Net assets, end of period (in millions)		$1,242		$893		$641		$249		$123
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.01		1.01		1.05		1.12		1.09
	Expenses including reductions	1.00		1.01		1.03		0.97		1.08
	Net investment income	3.24		4.19	²	3.10		3.43		3.40
Portfolio turnover (%)		23		40		21		19		39





Class R2 Shares Period ended		2-28-15		2-28-14		2-28-13	¹
Per share operating performance
Net asset value, beginning of period		$11.78		$10.49		$9.84
Net investment income²		0.31		0.50	³	0.29
Net realized and unrealized gain on investments		0.58		1.52		0.63
Total from investment operations		0.89		2.02		0.92
Less distributions
From net investment income		(0.42	)	(0.30	)	(0.27	)
From net realized gain		(0.43	)	(0.43	)	—
Total distributions		(0.85	)	(0.73	)	(0.27	)
Net asset value, end of period		$11.82		$11.78		$10.49
Total return (%)⁴		7.93		19.78		9.58
Ratios and supplemental data
Net assets, end of period (in millions)		$1		$1		—	⁵
Ratios (as a percentage of average net assets):
	Expenses before reductions	3.22		8.52		19.42
	Expenses including reductions	1.47		1.47		1.47
	Net investment income	2.66		4.38	³	2.91
Portfolio turnover (%)		23		40		21


1	The inception date for Class R2 shares is 3-1-12.
2	Based on average daily shares outstanding.
3	Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Less than $500,000.





Class R6 Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12	¹
Per share operating performance
Net asset value, beginning of period		$11.77		$10.49		$9.84		$9.29
Net investment income²		0.39		0.48	³	0.33		0.13
Net realized and unrealized gain on investments		0.57		1.58		0.64		0.52
Total from investment operations		0.96		2.06		0.97		0.65
Less distributions
From net investment income		(0.49	)	(0.35	)	(0.32	)	(0.10	)
From net realized gain		(0.43	)	(0.43	)	—		—
Total distributions		(0.92	)	(0.78	)	(0.32	)	(0.10	)
Net asset value, end of period		$11.81		$11.77		$10.49		$9.84
Total return (%)⁴		8.56		20.29		10.12		7.12	⁵
Ratios and supplemental data
Net assets, end of period (in millions)		—	⁶	—	⁶	—	⁶	—	⁶
Ratios (as a percentage of average net assets):
	Expenses before reductions	6.51		10.30		10.38		15.93	⁷
	Expenses including reductions	0.87		0.97		0.97		0.97	⁷
	Net investment income	3.32		4.26	³	3.29		2.82	⁷
Portfolio turnover (%)		23		40		21		19	⁸


1	The inception date for Class R6 shares is 9-1-11.
2	Based on average daily shares outstanding.
3	Net Investment income per share and the percentage of average net assets reflects special dividends received by the fund, which amounted to $0.08 and 0.72%, respectively.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Not annualized.
6	Less than $500,000.
7	Annualized.
8	The portfolio turnover is shown for the period from 3-1-11 to 2-29-12.





Class NAV Shares Period ended		2-28-15		2-28-14		2-28-13		2-29-12		2-28-11
Per share operating performance
Net asset value, beginning of period		$11.78		$10.49		$9.84		$9.53		$8.13
Net investment income¹		0.41		0.49	²	0.35		0.29		0.30
Net realized and unrealized gain on investments		0.55		1.59		0.62		0.31		1.38
Total from investment operations		0.96		2.08		0.97		0.60		1.68
Less distributions
From net investment income		(0.49	)	(0.36	)	(0.32	)	(0.29	)	(0.28	)
From net realized gain		(0.43	)	(0.43	)	—		—		—
Total distributions		(0.92	)	(0.79	)	(0.32	)	(0.29	)	(0.28	)
Net asset value, end of period		$11.82		$11.78		$10.49		$9.84		$9.53
Total return (%)³		8.57		20.47		10.17		6.53		21.19
Ratios and supplemental data
Net assets, end of period (in millions)		$696		$653		$944		$1,019		$162
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.88		0.88		0.90		0.99		0.99
	Expenses including reductions	0.87		0.87		0.89		0.94		0.99
	Net investment income	3.42		4.35	²	3.56		3.11		3.49
Portfolio turnover (%)		23		40		21		19		39


		Total market value at 2-28-15	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Common stocks
	Australia	$97,330,670	—	$97,330,670	—
	Canada	129,747,347	$129,747,347	—	—
	France	207,188,760	—	207,188,760	—
	Germany	178,178,683	—	178,178,683	—
	Italy	35,531,655	—	35,531,655	—
	Netherlands	56,836,044	39,712,275	17,123,769	—
	Norway	49,947,873	—	49,947,873	—
	Philippines	16,034,176	16,034,176	—	—
	Spain	20,648,241	—	20,648,241	—
	Sweden	36,380,952	—	36,380,952	—
	Switzerland	106,459,650	—	106,459,650	—
	United Kingdom	474,296,185	38,522,669	435,773,516	—
	United States	1,193,524,484	1,193,524,484	—	—
Short-term investments		87,738,888	87,738,888	—	—
Total Investments in Securities		$2,689,843,608	$1,505,279,839	$1,184,563,769	—


	February 28, 2015	February 28, 2014
Ordinary Income	$95,767,121	$59,256,442
Long-Term Capital Gain	$92,389,503	$75,838,517


Class	Rule 12b-1 fee	Service fee
Class A	0.30%	—
Class B	1.00%	—
Class C	1.00%	—
Class R2	0.25%	0.25%


Class	Distribution and service fees		Transfer agent fees	State registration fees	Printing and postage
Class A	$1,738,136	$738,349		$59,324	$54,685


Borrower or lender	Average loan balance	Days outstanding	Weighted average interest rate	Interest expense
Borrower	$27,417,607	3	0.45%	$1,017



		Year ended 2-28-15					Year ended 2-28-14
	Shares			Amount		Shares			Amount
Class A shares
Sold	20,719,507			$248,267,051		26,838,217			$304,344,103
Distributions reinvested	3,469,242			39,825,466		2,481,890			27,502,699
Repurchased	(22,029,303		)	(258,739,581	)	(8,581,850		)	(96,647,752	)
Net increase	2,159,446			$29,352,936		20,738,257			$235,199,050
Class B shares
Sold	166,047			$1,961,689		403,444			$4,516,790
Distributions reinvested	74,877			856,685		54,763			606,948
Repurchased	(238,338		)	(2,849,017	)	(141,166		)	(1,576,956	)
Net increase (decrease)	2,586			($30,643	)	317,041			$3,546,782
Class C shares
Sold	4,752,670			$56,729,485		5,196,683			$58,389,022
Distributions reinvested	781,411			8,933,617		477,452			5,299,994
Repurchased	(2,090,014		)	(24,867,403	)	(1,027,271		)	(11,556,924	)
Net increase	3,444,067			$40,795,699		4,646,864			$52,132,092


Fund	Affiliate concentration
John Hancock Lifestyle Growth Portfolio	7.9%
John Hancock Lifestyle Balanced Portfolio	7.9%