John
Hancock
International
Core Fund
SUMMARY
PROSPECTUS 7–1–13
|
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 2-28-13, are incorporated by reference into this Summary Prospectus.
Investment
objective
To seek high total return.
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 I
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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 I
|
Management fee
|
0.89
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Other expenses
|
0.28
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Total annual fund operating expenses
|
1.17
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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 I
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1
|
Year
|
119
|
3
|
Years
|
372
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5
|
Years
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644
|
10 Years
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1,420
|
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 53% of the average value of its portfolio.
Principal investment
strategies
The subadvisor seeks to achieve the fund’s investment objective
by investing in equity investments that the subadvisor believes will provide higher returns than the MSCI EAFE Index.
An
International Equity Fund
|
John
Hancock
International Core Fund
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Under normal market conditions,
the fund invests at least 80% of its total assets in equity investments. The fund typically invests in equity investments in companies
from developed markets outside the U.S.
The subadvisor employs an active
investment management method, which means that securities are bought and sold according to the subadvisor’s evaluations
of companies’ published financial information, securities prices, equity and bond markets and the overall economy.
In selecting investments for the
fund, the subadvisor may use a combination of investment methods to identify which stocks present positive relative return potential.
Some of these methods evaluate individual stocks or a group of stocks based on the ratio of their price relative to historical
financial information, including book value, cash flow and earnings, and forecasted financial information provided by industry
analysts. These ratios can then be compared to industry or market averages, to assess the relative attractiveness of a stock.
Other methods focus on evaluating patterns of price movement or volatility of a stock or group of stocks relative to the investment
universe. The subadvisor selects which methods to use, and in what combination, based on the subadvisor’s assessment of
what combination is best positioned to meet the fund’s objective. The subadvisor also may adjust the fund’s portfolio
for factors such as position size, market capitalization and exposure to groups such as industry, sector, country or currency.
The fund’s foreign currency
exposure may differ from the currency exposure represented by its equity investments. The fund may also take active overweighted
and underweighted positions in particular currencies relative to its benchmark.
As a substitute for direct investments
in equities, the subadvisor may use exchange-traded and over-the-counter derivatives. The subadvisor also may use derivatives:
(i) in an attempt to reduce investment exposure (which may result in a reduction below zero); and (ii) in an attempt to adjust
elements of its investment exposure. Derivatives used may include futures, options, foreign currency forward contracts and swap
contracts.
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.
Credit and counterparty risk
The counterparty to an over-the-counter derivatives contract or a
borrower of a fund’s securities may be unable or
unwilling
to make timely principal, interest or settlement payments, or otherwise honor its obligations.
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.
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.
Hedging, derivatives and other
strategic transactions risk
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 to a fund. The use of derivative instruments could produce disproportionate
gains or losses, more than the principal amount invested. Investing in derivative instruments involves risks different from, or
possibly greater than, the risks associated with investing directly in securities and other traditional investments and, in a
down market, could become harder to value or sell at a fair price. The following is a list of certain derivatives and other strategic
transactions in which the fund may invest and the main risks associated with each of them:
Foreign currency forward
contracts
Counterparty risk, liquidity risk (i.e., the inability to
enter into closing transactions), foreign currency risk
and
risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.
Futures contracts
Counterparty
risk, liquidity risk (i.e., the inability to enter into closing transactions) and risk of disproportionate loss are the
principal risks of engaging in transactions involving futures contracts.
Options
Counterparty
risk, liquidity risk (i.e., the inability to enter into closing transactions) and risk of disproportionate loss are the principal
risks of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options.
Swaps
Counterparty
risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default
of
the underlying reference obligation and risk of disproportionate
loss are the principal risks of engaging in transactions involving swaps.
Issuer risk
An
issuer of a security may perform poorly and, therefore, the value of its stocks and bonds may decline. An issuer of securities
held by
the fund could default or have its credit rating
downgraded.
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.
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, 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.
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.
Class I shares of the fund commenced
operations on June 12, 2006. The returns prior to that date are those of GMO International Disciplined Equity Fund’s (predecessor
fund) Class III shares, first offered on September 16, 2005, that have been recalculated to apply the gross fees and expenses
of Class I shares.
Calendar year total returns — Class I
(%)
|
Year-to-date total return
The
fund’s total return for the three months ended March 31, 2013 was 2.92%.
Best quarter:
Q2
‘09, 20.86%
Worst quarter:
Q3
‘11, –19.59%
Average annual total returns
(%)
|
1 Year
|
5 Year
|
Inception
|
as of 12-31-12
|
|
|
9-16-05
|
Class I
before tax
|
14.47
|
–3.91
|
2.41
|
After tax on distributions
|
13.94
|
–4.57
|
1.63
|
After tax on distributions, with sale
|
10.30
|
–3.42
|
1.92
|
MSCI EAFE Index (gross of foreign withholding taxes on dividends)
|
17.90
|
–3.21
|
3.32
|
Investment management
Investment advisor
John
Hancock Investment Management Services, LLC
Subadvisor
Grantham,
Mayo, Van Otterloo & Co. LLC
Portfolio management
Dr. David Cowan
|
Dr. Thomas Hancock
|
Co-director of the Global Equity Team
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Co-director of the Global Equity Team
|
|
|
Joined fund in 2012
|
Joined fund at inception
|
John
Hancock
International Core Fund
|
Purchase and sale of fund shares
The minimum initial investment requirement for Class I 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 66ISP 7-1-13 SEC file number:
811-21777
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