John
Hancock
International Allocation Portfolio
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
The fund seeks long-term growth of capital. The fund is designed
to provide diversification of investments within the international asset class.
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
|
Maximum
front-end sales charge (load) on purchases as a % of purchase price
|
None
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Maximum
deferred sales charge (load) as a % of purchase or sale price, whichever is less
|
None
|
|
|
Annual
fund operating expenses
(%)
(expenses that you pay each year as
a percentage of the value of your investment)
|
Class I
|
Management
fee
|
0.08
|
Other
expenses
|
4.60
|
Acquired
fund fees and expenses
1
|
0.99
|
Total
annual fund operating expenses
|
5.67
|
Contractual
expense reimbursement
2
|
–4.41
|
Total
annual fund operating expenses after expense reimbursements
|
1.26
|
|
1
|
“Acquired fund fees and expenses” are based on the indirect net expenses associated with the fund’s investments
in underlying investment companies. The “Total annual fund operating expenses” shown may not correlate to the fund’s
ratio of expenses to average net assets shown in the “Financial highlights” section of this prospectus, which do not
include “Acquired fund fees and expenses.”
|
|
2
|
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 0.27% for Class I 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 will expire 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.
|
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
|
1
Year
|
128
|
3
Years
|
1,297
|
5
Years
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2,450
|
10 Years
|
5,265
|
An International
Equity Fund
|
John
Hancock
International Allocation Portfolio
|
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 52% of the average value of its portfolio.
Principal investment strategies
To pursue its investment objective, the fund
invests in a number of the other funds of the John Hancock funds complex. The fund also may invest in the securities of other nonaffiliated
funds, including exchange-traded funds (ETFs), exchange-traded notes (ETNs) and other types of investments as described below.
Under normal market conditions, the fund allocates assets among
underlying funds that invest principally in foreign equity securities of issuers of any capitalization and in foreign fixed-income
securities of various types of issuers and credit qualities, including those below investment-grade. Equity securities held by
the underlying funds include common and preferred securities, convertible bonds, depositary receipts and warrants issued by foreign
companies, including those located in emerging markets. Fixed-income securities held by the underlying funds include debt obligations
of any maturity issued by foreign corporate and government entities, including those located in emerging markets. The fund and
the underlying funds also may engage in derivatives transactions that include futures, credit default swaps and options on equity
index futures, interest-rate swaps and foreign currency forward contracts, in each case for the purpose of reducing risk and/or
obtaining efficient market exposure.
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 7 of the prospectus
.
Risks of investing in the fund of funds
Active management risk
The subadvisor’s investment
strategy may fail to produce the intended result.
Derivatives risk
Use of derivative instruments (such as
options, futures and swaps) 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.
Credit default swaps
Counterparty risk, liquidity risk
(i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the
underlying reference
obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving credit default swaps.
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.
Interest-rate swaps
Counterparty risk, liquidity risk (i.e.,
the inability to enter into closing transactions), interest-rate risk and risk of
disproportionate loss are the principal
risks of engaging in transactions involving interest-rate swaps.
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.
Exchange-traded funds risk
Owning an ETF generally reflects
the risks of owning the underlying securities it is designed to track.
Exchange-traded notes risk
Similar to ETFs, owning an ETN
generally reflects the risks of owning the assets that comprise the underlying market
benchmark or strategy that the ETN
is designed to reflect. ETNs also are subject to issuer and fixed-income risk.
Fund of funds risk
The fund is subject to the performance
and expenses of the underlying funds in which it invests.
Investment company securities risk
The fund bears its own
expenses and indirectly bears its proportionate share of expenses of the underlying
funds in which it invests.
Short sales risk
Short sales involve costs and risk. The
fund must pay the lender interest on the security it borrows, and the fund will lose money if
the price of the security
increases between the time of the short sale and the date when the fund replaces the borrowed security.
Risks of investing in the underlying funds
Active management risk
The subadvisor’s investment
strategy may fail to produce the intended result.
Convertible securities risk
The market values of convertible
securities tend to decline as interest rates increase and, conversely, to increase as
interest rates decline. In addition,
as the market price of the underlying common stock declines below the conversion price, the price of the convertible security tends
to be increasingly influenced more by the yield of the convertible security.
Credit and counterparty risk
The issuer or guarantor of
a fixed-income security, 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. Funds
that invest in fixed-income securities are subject to varying degrees of risk that the issuers of the securities will have their
credit rating downgraded or will default, potentially reducing a fund’s share price and income level.
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.
Emerging market risk
The risks of investing in foreign
securities are greater for investments in emerging markets. Emerging market countries may
experience higher inflation, interest
rates and unemployment as well as greater social, economic, regulatory and political uncertainties than more developed countries.
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.
Fixed-income securities risk
Fixed-income securities are
affected by changes in interest rates and credit quality. A rise in interest rates typically
causes bond prices to fall.
The longer the average maturity of the bonds held by the fund, the more sensitive the fund is likely to be to interest-rate changes.
There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not
make all interest payments.
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. Investments
in emerging-market countries are subject to greater levels of foreign investment risk.
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:
Credit default swaps
Counterparty risk, liquidity risk
(i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the
underlying reference
obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving credit default swaps.
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.
Interest-rate swaps
Counterparty risk, liquidity risk (i.e.,
the inability to enter into closing transactions), interest-rate risk and risk of
disproportionate loss are the principal
risks of engaging in transactions involving interest-rate swaps.
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.
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.
Lower-rated fixed-income securities risk and high-yield securities
risk
Lower-rated fixed-income securities and high-yield fixed-income
securities (commonly known as “junk bonds”)
are subject to greater credit quality risk and risk of default than higher-rated fixed-income securities. These securities may
be considered speculative and the value of these securities can be more volatile due to increased sensitivity to adverse issuer,
political, regulatory, market or economic developments and can be difficult to resell.
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.
John
Hancock
International Allocation Portfolio
|
Non-diversified risk
Overall risk can be reduced by investing
in securities from a diversified pool of issuers and is increased by investing in securities
of a small number of issuers.
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.
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 1.52%.
Best quarter:
Q2 ‘09, 26.61%
Worst quarter:
Q4 ‘08, –22.65%
Average annual total returns
(%)
|
1 Year
|
5 Year
|
Inception
|
as of 12-31-12
|
|
|
12-29-06
|
Class I
before tax
|
16.94
|
–2.74
|
–0.71
|
After tax on distributions
|
16.82
|
–3.07
|
–1.25
|
After tax on distributions, with sale
|
11.51
|
–2.38
|
–0.74
|
MSCI EAFE Index (gross of foreign withholding taxes on dividends)
|
17.90
|
–3.21
|
–0.88
|
Investment management
Investment advisor
John Hancock Investment Management Services,
LLC
Subadvisor
John Hancock Asset Management a division of
Manulife Asset Management (North America) Limited
Subadvisor
John Hancock Asset Management a division of
Manulife Asset Management (US) LLC
Portfolio management
|
|
|
|
|
Bob Boyda
Head of Global Asset Allocation, John Hancock Asset Management
a division of Manulife Asset Management (US) LLC
Portfolio manager of the fund since 2010
|
|
Marcelle Daher, CFA
Managing director of Asset Allocation, Portfolio Solutions
Group, John Hancock Asset Management a division of Manulife Asset Management (US) LLC
Portfolio manager of the fund since 2013
|
|
Scott McIntosh
Managing director and Head of Quantitative Research,
Portfolio Solutions Group, John Hancock Asset Management a division of Manulife Asset Management (North America) Limited
Portfolio manager of the fund since 2013
|
|
|
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Steve Medina
Senior managing director and senior portfolio manager,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC
Portfolio manager of the fund since 2010
|
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Nathan Thooft, CFA
Managing director of Asset Allocation, Portfolio Solutions
Group, John Hancock Asset Management a division of Manulife Asset Management (US) LLC
Portfolio manager of the fund since 2013
|
|
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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 318ISP 7-1-13 SEC file number:
811-21777
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