John Hancock
Disciplined Value Fund
SUMMARY PROSPECTUS 7–1–13
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Before you invest, you may want to review the fund’s prospectus, which contains more information
about the fund and its risks. You can find the fund’s prospectus and other information about the fund, including the statement
of additional information and most recent reports, online at www.jhfunds.com/Forms/Prospectuses.aspx. You can also get this information
at no cost by calling 1-888-972-8696 or by sending an e-mail request to info@jhfunds.com. The fund’s prospectus and statement
of additional information, both dated 7-1-13, and most recent financial highlights information included in the shareholder report,
dated 3-31-13, are incorporated by reference into this Summary Prospectus.
Investment objective
The fund seeks to provide long-term growth of capital primarily through investment in equity securities.
Current income is a secondary objective.
Fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the fund.
Shareholder fees
(%) (fees paid directly
from your investment)
|
Class I2
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Maximum
front-end sales charge (load) on purchases as a % of purchase price
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None
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Maximum
deferred sales charge (load) as a % of purchase or sale price, whichever is less
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None
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Annual
fund operating expenses
(%)
(expenses
that you pay each year as a percentage of the value of your investment)
|
Class
I2
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Management fee
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0.70
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Other expenses
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0.22
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Total annual fund operating expenses
|
0.92
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Contractual expense reimbursement
1
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–0.07
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Total annual fund operating expenses after expense reimbursements
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0.85
|
|
1
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The advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the
fund to the extent necessary to maintain the fund's total operating expenses at 0.85% for Class I2 shares, 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 expenses paid indirectly and short dividend
expense. The current expense limitation agreement expires on June 30, 2014, 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.
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Expense example
This example is intended to help you compare the cost of investing in the fund with the cost of investing
in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods
indicated assuming that you redeem all of your shares at the end of those periods. The example assumes a 5% average annual return.
The example assumes fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
Expenses
($)
|
Class I2
|
1
Year
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87
|
3
Years
|
286
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5
Years
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502
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10 Years
|
1,125
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John
Hancock
Disciplined
Value Fund
|
Portfolio turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). 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. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was
44% of the average value of its portfolio.
Principal investment strategies
The fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets
in a diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with a market capitalization
of $1 billion or greater and identified by the subadvisor as having value characteristics.
The subadvisor examines various factors in determining the value characteristics of such issuers including
price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s
operating and financial fundamentals, such as return on equity and earnings growth and cash flow. The subadvisor selects securities
for the fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment
criteria.
The fund may also invest up to 20% of its total assets in foreign currency-denominated securities.
The fund may invest up to 15% of its net assets in illiquid securities, including securities that are
illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.
The fund may participate as a purchaser in initial public offerings of securities (IPOs). An IPO is a
company’s first offering of stock to the public.
Principal risks
An investment
in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. The fund’s shares will go up and down in price, meaning that you could lose money by investing in the fund. Many
factors influence a mutual fund’s performance.
Instability
in the financial markets has led many governments, including the United States government, to take a number of unprecedented actions
designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility
and, in some cases, a lack of liquidity. Federal, state and other governments, and their regulatory agencies or self-regulatory
organizations, may take actions that affect the regulation of the instruments in which the fund invests, or the issuers of such
instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the fund itself is regulated.
Such legislation or regulation could limit or preclude the fund’s ability to achieve its investment objective.
Governments
or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions.
The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or
negative effects on the liquidity, valuation and performance of the fund’s portfolio holdings. Furthermore, volatile financial
markets can expose the fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held
by the fund.
The
fund’s main risk factors are listed below in alphabetical order.
Before investing, be sure to read the additional descriptions
of these risks
beginning on page 5 of the prospectus.
Active
management risk
The subadvisor’s investment strategy may fail to produce the intended result.
Currency
risk
Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Currency risk
includes the risk that
currencies in which a fund’s investments are traded, or currencies in which a fund has taken
an active position, will decline in value relative to the U.S. dollar.
Equity
securities risk
The value of a company’s equity securities is subject to changes in the company’s financial condition,
and overall market and
economic conditions. The securities of value companies are subject to the risk that the companies
may not overcome the adverse business developments or other factors causing their securities to be underpriced or that the market
may never come to recognize their fundamental value.
Foreign
securities risk
As compared to U.S. companies, there may be less publicly available information relating to foreign companies.
Foreign
securities may be subject to foreign taxes. The value of foreign securities is subject to currency fluctuations
and adverse political and economic developments.
Initial
public offerings risk
IPO shares may have a magnified impact on fund performance and are frequently volatile in price. They
can be held for
a short period of time causing an increase in portfolio turnover.
Large
company risk
Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform
investments
that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond
to challenges and may grow more slowly than smaller companies. For purposes of the fund’s investment policies, the market
capitalization of a company is based on its market capitalization at the time the fund purchases the company’s securities.
Market capitalizations of companies change over time.
Liquidity
risk
Exposure exists when trading volume, lack of a market maker or legal restrictions impair the ability to sell particular
securities or close
derivative positions at an advantageous price.
Medium
and smaller company risk
The prices of medium and smaller company stocks can change more frequently and dramatically than
those of
large company stocks. For purposes of the fund’s investment policies, the market capitalization of a company
is based on its market capitalization at the time the fund purchases the company’s securities. Market capitalizations of
companies change over time.
Sector risk
Because the fund may from time
to time focus on one or more sectors of the economy, at such times its performance will depend in
large part on the performance
of those sectors. A fund that invests in particular sectors is particularly susceptible to the impact of market, economic, regulatory
and other factors affecting those sectors. As a result, at such times, the value of your investment may fluctuate more widely
than it would in a fund that is invested across sectors.
Past performance
The
following performance information in the bar chart and table below illustrates the variability of the fund’s returns and
provides some indication of the risks of investing in the fund, by showing changes in the fund’s performance from year to
year; however, as always, past performance (before and after taxes) does not indicate future results. All figures assume dividend
reinvestment. Performance for the fund is updated daily, monthly and quarterly and may be obtained at our Web site: www.jhfunds.com/InstitutionalPerformance,
or by calling 1-888-972-8696 between 8:30 A.M.
and 5:00
P.M., Eastern Time, on most business days.
Average
annual total returns
Performance of a broad-based market index is included for comparison. The S&P 500 Index shows how
the fund’s
performance compares with the returns of an index of stocks with a broad range of market capitalizations.
After-tax
returns
They reflect the highest individual federal marginal income tax rates in effect as of the date provided and do not
reflect any state
or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to
shares held in an IRA, 401(k) or other tax-advantaged investment plan.
Russell
1000 Value Index
is an unmanaged index containing those securities in the Russell 1000 Index with a lower price-to-book ratio
and
less-than-average growth orientation.
S&P
500 Index
is an unmanaged index that includes 500 widely traded common stocks.
Class
I2 shares of the fund commenced operations on December 22, 2008. The returns prior to that date are those of Robeco Boston Partners
Large Cap Value Fund’s (predecessor fund) Institutional shares, first offered on January 2, 1997, that have been recalculated
to apply the gross fees and expenses of Class I2 shares.
Calendar year total returns — Class I2
(%)
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Year-to-date
total return
The fund’s total return for the three months ended March 31, 2013 was 10.99%.
Best quarter:
Q2
’09, 18.23%
Worst quarter:
Q4
’08, –20.57%
Average annual total returns
(%)
|
1 Year
|
5 Year
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10 Year
|
as of 12-31-12
|
|
|
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Class I2
before tax
|
19.98
|
2.78
|
8.54
|
After tax on distributions
|
19.15
|
2.41
|
7.55
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After tax on distributions, with sale
|
14.09
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2.33
|
7.22
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Russell
1000 Value Index
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17.51
|
0.59
|
7.38
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S&P
500 Index
|
16.00
|
1.66
|
7.10
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Investment management
Investment advisor
John
Hancock Investment Management Services, LLC
Subadvisor
Robeco
Investment Management, Inc.
John
Hancock
Disciplined
Value Fund
|
Portfolio management
Mark E. Donovan, CFA
|
David J. Pyle, CFA
|
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Co-portfolio manager
|
Co-portfolio manager
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|
|
|
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Managed the fund since inception
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Managed the fund since 2005
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Purchase and sale of fund shares
The minimum initial investment requirement for Class I2 shares of the fund is $250,000. There are no subsequent
investment requirements. You may redeem shares of the fund on any business day by mail: Mutual Fund Operations, John Hancock Signature
Services, Inc., P.O. Box 55913, Boston, Massachusetts 02205-5913; or for most account types through our Web site: www.jhfunds.com
or by telephone: 1-888-972-8696.
Taxes
The fund’s distributions are taxable, and will be taxed as ordinary income and/or capital gains,
unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. Withdrawals
from such tax-deferred arrangements may be subject to tax at a later date.
Payments to broker-dealers and other financial
intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, registered
investment advisor, financial planner or retirement plan administrator), the fund and its related companies may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial
intermediary’s Web site for more information.
© 2013 John Hancock Funds, LLC 340I2SP 7-1-13 SEC file number: 811-21777
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