John
Hancock
Natural
Resources Fund
SUMMARY
PROSPECTUS 1–1–13 (as revised
5–17–13)
|
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 1-1-13, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment
objective
To seek
long-term 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
R6
|
Maximum
front-end sales charge (load) on purchases as a % of purchase price
|
None
|
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
R6
|
Management
fee
|
1.00
|
Other
expenses
|
23.48
|
Total
annual fund operating expenses
|
24.48
|
Contractual
expense reimbursement
1,2
|
–23.20
|
Total
annual fund operating expenses after expense reimbursements
|
1.28
|
|
1
|
The
adviser
has
contractually
agreed
to
waive
all
or
a
portion
of
its
management
fee
and/or
reimburse
or
pay
operating
expenses
of
the
fund
to
the
extent
necessary
to
maintain
the
fund’s
total
operating
expenses
at
1.28%
for
Class
R6
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,
short
dividend
expense
and
acquired
fund
fees.
The
current
expense
limitation
agreement
expires
on
December
31,
2013,
unless
renewed
by
mutual
agreement
of
the
fund
and
the
adviser
based
upon
a
determination
that
this
is
appropriate
under
the
circumstances
at
that
time.
|
|
2
|
The
adviser
has
contractually
agreed
to
waive
its
advisory
fees
so
that
the
amount
retained
by
the
adviser
after
payment
of
the
subadvisory
fees
for
the
fund
does
not
exceed
0.45%
of
the
fund’s
average
net
assets.
The
current
expense
limitation
agreement
expires
on
December
31,
2013,
unless
renewed
by
mutual
agreement
of
the
fund
and
the
adviser
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 $10,000 investment at the end of the various time frames indicated.
The example assumes a 5% average annual return. The example assumes fund expenses will not change over the periods. Although your
actual costs may be higher or lower, based on these assumptions, your costs would be:
Expenses
($)
|
Class
R6
|
1
Year
|
130
|
3
Years
|
4,267
|
5
Years
|
6,950
|
10
Years
|
10,221
|
An
Alternative Specialty Fund
|
John
Hancock
Natural Resources 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 176% of the average value of its
portfolio.
Principal
investment strategies
Under
normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in
equity and equity-related securities of natural resource-related companies worldwide, including emerging markets. Natural resource-related
companies include companies that own or develop energy, metals, forest products and other natural resources, or supply goods and
services to such companies.
The
fund seeks to invest in companies that are expected to benefit from rising demand for natural resources and natural resource-based
products and services. The fund invests in four major sectors: (1) energy, (2) metals and mining, (3) forest products and (4)
other natural resource-based companies, which are described below.
Energy.
The energy sector includes companies engaged in exploration, production, extraction, servicing, processing, distribution and
transportation of
oil, natural gas and other energy sources.
Metals
and Mining.
The metals and mining sector includes companies engaged in the exploration, production, mining, processing, fabrication,
marketing or distribution of precious and non-precious metals and minerals.
Forest
Products.
The forest products sector includes timber, pulp and paper product companies.
Other
Natural Resource-Based Companies.
Other natural resources sectors consist of companies engaged in producing, processing and
distributing
agricultural products, fertilizer and miscellaneous raw materials and other commodities not included in the
sectors above.
The
fund may invest without limitation in foreign securities, including emerging markets. The fund utilizes currency forwards and
other currency hedging transactions in an effort to protect the value of the fund’s assets when a subadviser deems it advisable
to do so. The fund also may enter into derivative currency transactions, including currency forwards, cross currency forwards
and options on currencies. The fund’s derivative transactions will typically be fully collateralized on a net basis. The
fund’s investments in derivative currency transactions may result in net short exposure to a particular currency that is
not offset by a long position in another currency. Under normal market conditions, the fund is fully invested.
Wellington
Management uses a value-based approach to invest in a broad range of natural resources sectors for the portion of the fund Wellington
Management manages. Wellington Management utilizes a moderate rotation among sectors in conjunction with bottom-up stock selection.
Natural resources companies often operate in countries that are different from the country in which their securities trade. Country
allocation is primarily a result of the sector and security selection; however, a key element of Wellington Management’s
analysis is understanding the economic and political dynamics of each of these countries.
Wellington
Management utilizes fundamental research to identify companies with attractive growth prospects, assets and relative values. Wellington
Management also considers the volatility and ranges of commodity prices in seeking opportunities to buy or sell securities at
attractive prices relative to a company’s potential over a longer investment cycle. A large number of companies worldwide
in the relevant sub-sectors are monitored and stocks are added or deleted from the fund on the basis of relative attractiveness.
Wellington Management uses a variety of tools such as income statement and balance sheet analysis, cash flow projections and asset
value calculations to analyze companies. Particularly in the oil and gas industry, specific accounting issues play an important
role.
In
evaluating investments for the portion of the fund RS Investments manages, RS Investments’ investment team conducts fundamental
analysis focused on the following factors: supply cost curve of a given commodity, asset location along that curve to identify
“advantaged assets,” inventory of future projects which provide the basis for future value creation, management team
quality to determine capital allocation discipline and history of value creation, and country risk. RS Investments’ investment
team believes that investments in the securities of advantaged producers run by capable management teams can create value for
long-term investors independent of commodity prices. Valuation is an important part of the investment process. RS Investments’
investment team seeks to purchase securities in companies with these characteristics when the investment team believes the price
reflects a limited possibility of permanent capital impairment.
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 6 of the prospectus.
Active
management risk
The subadviser’s investment strategy may fail to produce the intended result.
Commodity
risk
The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation and
other factors.
Currency
risk
Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Currency risk
includes both 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.
Economic
and market events risk
Events in the financial markets have resulted, and may continue to result, in an unusually high degree
of volatility in
the financial markets, both domestic and foreign. In addition, reduced liquidity in credit and fixed-income
markets may adversely affect issuers worldwide.
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. 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. 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 intends to 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.
Foreign
currency swaps
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 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.
High
portfolio turnover risk
Actively trading securities can increase transaction costs (thus lowering performance) and taxable
distributions.
Industry
or sector risk
Because the fund may focus on one or more industry or sector of the economy, its performance depends in large
part on the
performance of those sectors or industries. As a result, the value of your investment may fluctuate more widely
than it would in a fund that is diversified across industries and sectors.
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.
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.
Natural
resources risk
The natural resources industry can be significantly affected by events relating to international political
and economic
developments, energy conservation, the success of exploration projects, commodity prices, and taxes and other
governmental regulations.
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
These 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.
MSCI
World Index
is a free float-adjusted market-capitalization weighted index that is designed to measure the equity market performance
of
developed markets.
MSCI
World Energy Index
consists of the companies in the Energy sector of the MSCI World Index.
MSCI
World Metals & Mining Index
consists of the companies in the Metals & Mining industry of the MSCI World Index.
MSCI
World Paper & Forest Products Index
consists of the companies in the Paper & Forest Products industry of the MSCI
World Index.
October
15, 2005 is the inception date for the oldest class of shares, Class NAV shares. Class R6 shares were first offered on November
1, 2011. The returns prior to this date are those of Class NAV shares that have been recalculated to apply the estimated gross
fees and expenses of Class R6 shares.
John
Hancock
Natural Resources Fund
|
Calendar
year total returns – Class R6
(%)
|
Year-to-date
total return
The fund’s total return for the nine months ended September 30, 2012 was 0.84%.
Best
quarter:
Q2 ’09, 25.52%
Worst
quarter:
Q3 ’08, –36.26%
Average
annual total returns
(%)
|
1
Year
|
5
Year
|
Inception
|
as
of 12-31-11
|
|
|
10-15-05
|
Class
R6
before tax
|
–20.27
|
–0.14
|
4.35
|
After
tax on distributions
|
–22.52
|
–2.59
|
1.99
|
After
tax on distributions, with sale
|
–12.22
|
–0.48
|
3.27
|
MSCI
World Energy Index (Gross of foreign withholding taxes on dividends)*
|
0.69
|
3.17
|
5.12
|
MSCI
World Metals & Mining Index (Gross of foreign withholding taxes on dividends)*
|
–27.48
|
0.84
|
9.64
|
60% MSCI World Energy
Index/40% MSCI World Metals & Mining Index (Gross of foreign
|
|
|
|
withholding
taxes on dividends)*
|
–11.37
|
2.73
|
5.92
|
60% MSCI World Energy
Index/30% MSCI World Metals & Mining Index/10% MSCI World Paper &
|
|
|
|
Forest
Products Index (Gross of foreign withholding taxes on dividends) (former benchmark)
|
–10.20
|
2.01
|
5.02
|
MSCI World Paper &
Forest Products Index (Gross of foreign withholding taxes on dividends)
|
|
|
|
(former
benchmark)
|
–17.75
|
–7.82
|
–2.99
|
|
*
|
Prior
to July 16, 2012,
the fund compared
its performance
to the 60% MSCI
World Energy/30%
MSCI World Metals
& Mining/10%
MSCI World Paper
& Forest
Products Combined
Index. After
this date, the
fund replaced
this index with
the 60% MSCI
World Energy/40%
MSCI World Metals
& Mining
Combined Index,
which better
reflects the
subadvisers’
outlook on the
fund’s
investments and
allocations to
natural resources
sectors.
|
Investment
management
Investment
adviser
John Hancock Investment Management Services, LLC
Subadviser
RS Investment Management Co. LLC
Subadviser
Wellington Management Company,
LLP
Portfolio
management
RS Investment Management Co. LLC
MacKenzie
B. Davis, CFA
Member
of the RS Value and Hard Assets
Teams
since 2004
|
Kenneth
L. Settles, Jr., CFA
Member
of the RS Value and Hard Assets
Teams
since 2006
|
|
|
Portfolio manager
of the fund since 2012
|
Portfolio manager
of the fund since 2012
|
|
|
Wellington Management Company,
LLP
|
|
Jay
Bhutani
Director
and global industry analyst,
Wellington
Management
|
John
C. O’Toole, CFA
Senior
vice president and global industry
analyst,
Wellington Management
|
|
|
Portfolio manager
since 2009
|
Portfolio manager
since 2005
|
Purchase
and sale of fund shares
The
minimum initial investment requirement for Class R6 shares of the fund is $1 million for all investors other than certain qualified
plan investors. There is no minimum initial investment requirement for such qualified plan investors. 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.
© 2013 John Hancock Funds, LLC 354R6SP
1-1-13 (as revised 5-17-13) SEC file number: 811-21779
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