JHF III U.S. Growth Fund Class I (JSGIX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21777
John Hancock Funds III
(Exact name of registrant as specified in charter)
601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Salvatore Schiavone
Treasurer
601 Congress Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-663-4497
Date of fiscal year end:	February 28
Date of reporting period:	February 28, 2011

ITEM 1. REPORTS TO STOCKHOLDERS.

Management’s discussion of
Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

U.S. stocks delivered solid gains during the 12 months ended February 28, 2011, all of them occurring in the second half of the period. The first six months saw the market struggle with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill in the Gulf of Mexico and tepid data on the U.S. economy. However, after Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate economic growth, his remarks ignited an impressive rally that boosted the S&P 500 Index to a gain of 22.57%, while the average large blend fund monitored by Morningstar, Inc. advanced 20.92%.

During the 12-month period, John Hancock U.S. Core Fund’s Class A shares returned 14.26% at net asset value, trailing the S&P 500 Index and the Morningstar peer average. The Fund’s emphasis on quality was the main factor weighing on its results, particularly overweightings in health care and consumer staples, which underperformed the broader market. Conversely, the Fund had light exposures to outperforming cyclical sectors such as energy, materials and industrials. At the stock level, Microsoft Corp. was the Fund’s biggest detractor and largest holding at period end. In health care, drug manufacturer Merck & Company, Inc., health/personal products maker Johnson & Johnson and medical device maker Medtronic, Inc. held back performance. Positions in consumer staples holdings Wal-Mart Stores, Inc. and The Procter & Gamble Company also were unrewarding. Additionally, underweighting strong-performing energy companies Exxon Mobil Corp. and Schlumberger, Ltd. detracted. On the positive side, the Fund benefited from underweighting or not owning several weak-performing commercial banks, notably Bank of America Corp. and JPMorgan Chase & Co. Overweighting consumer electronics and computer maker Apple, Inc. also added value, as did wireless infrastructure manufacturer QUALCOMM, Inc. and enterprise software maker Oracle Corp.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

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.

6  U.S. Core Fund | Annual report 

A look at performance

For the period ended February 28, 2011

	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception	1-year	5-year	10-year	inception
Class A1	8.53	—	—	–0.02	8.53	—	—	–0.08
Class B1	8.51	—	—	–0.02	8.51	—	—	–0.09
Class C1	12.52	—	—	0.38	12.52	—	—	1.79
Class i1,2	14.81	—	—	1.50	14.81	—	—	7.28
Class R11,2	13.92	—	—	0.84	13.92	—	—	4.03
Class R32,3	13.99	—	—	20.21	13.99	—	—	38.64
Class R42,3	14.37	—	—	20.57	14.37	—	—	39.38
Class R52,3	14.68	—	—	20.93	14.68	—	—	40.12

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I, Class R1, Class R3, Class R4 and Class R5 shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.35%, Class B — 2.05%, Class C — 2.05%, Class I — 0.89%, Class R1 — 1.64%. Class R3 — 1.54%, Class R4 — 1.24% and Class R5 — 0.94%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.91%, Class B —7.27%, Class C — 3.86%, Class I — 1.33%, Class R1 — 19.92%, Class R3 — 7.43%, Class R4 — 7.17% and Class R5 — 6.92%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses would increase and results would have been less favorable.

¹ From 6-12-06.

² For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4 and Class R5 share prospectuses.

³ From 5-22-09.

Annual report | U.S. Core Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index
Class B	6-12-06	$10,184	$9,991	$11,720
Class C2	6-12-06	10,179	10,179	11,720
Class I3	6-12-06	10,728	10,728	11,720
Class R13	6-12-06	10,403	10,403	11,720
Class R33	5-22-09	13,864	13,864	15,489
Class R43	5-22-09	13,938	13,938	15,489
Class R53	5-22-09	14,012	14,012	15,489

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

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

¹ NAV represents net asset value and POP represents public offering price.

² The contingent deferred sales charge, if any, is not applicable.

³ For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4 and Class R5 shares prospectuses.

8  U.S. Core Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value on	Expenses paid during
	on 9-1-10	2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,214.50	$7.41
Class B	1,000.00	1,210.50	11.24
Class C	1,000.00	1,210.70	11.24
Class I	1,000.00	1,217.30	4.84
Class R1	1,000.00	1,213.30	9.00
Class R3	1,000.00	1,213.80	8.51
Class R4	1,000.00	1,215.70	6.87
Class R5	1,000.00	1,217.50	5.17

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, 2011, 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:

Annual report | U.S. Core Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value on	Expenses paid during
	on 9-1-10	2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,018.10	$6.76
Class B	1,000.00	1,014.60	10.24
Class C	1,000.00	1,014.60	10.24
Class I	1,000.00	1,020.30	4.41
Class R1	1,000.00	1,016.70	8.20
Class R3	1,000.00	1,017.10	7.75
Class R4	1,000.00	1,018.60	6.26
Class R5	1,000.00	1,020.10	4.71

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.35%, 2.05%, 2.05%, 0.88%, 1.64%, 1.55%, 1.25% and 0.94% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  U.S. Core Fund | Annual report 

Portfolio summary

Top 10 Holdings1
Microsoft Corp.	4.7%	The Procter & Gamble Company	2.7%
Pfizer, Inc.	4.6%	Johnson & Johnson	2.6%
Google, Inc., Class A	4.1%	Merck & Company, Inc.	2.5%
Wal-Mart Stores, Inc.	3.9%	International Business Machines Corp.	2.4%
Oracle Corp.	3.6%	The Coca-Cola Company	2.3%
Sector Composition2,3
Information Technology	27%	Energy	4%
Health Care	25%	Financials	4%
Consumer Staples	19%	Telecommunication Services	3%
Consumer Discretionary	8%	Materials	1%
Industrials	4%	Short-Term Investments & Other	5%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

² As a percentage of net assets on 2-28-11.

³ 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.

Annual report | U.S. Core Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 94.50%		$64,985,279
(Cost $57,685,254)
Consumer Discretionary 8.63%		5,931,530
Auto Components 0.12%
Autoliv, Inc.	500	37,445
TRW Automotive Holdings Corp. (I)	800	45,440
Distributors 0.14%
Genuine Parts Company	1,800	94,842
Diversified Consumer Services 0.36%
Apollo Group, Inc., Class A (I)	3,000	135,780
ITT Educational Services, Inc. (I)	500	37,925
Strayer Education, Inc.	50	6,872
Weight Watchers International, Inc.	1,100	67,243
Hotels, Restaurants & Leisure 2.13%
Chipotle Mexican Grill, Inc. (I)	160	39,200
Darden Restaurants, Inc.	900	42,417
Las Vegas Sands Corp. (I)	3,800	177,232
McDonald’s Corp.	13,700	1,036,816
Yum! Brands, Inc.	3,300	166,089
Household Durables 0.15%
Fortune Brands, Inc.	1,000	61,860
Mohawk Industries, Inc. (I)	700	40,677
Internet & Catalog Retail 0.22%
Liberty Media Corp. — Interactive, Series A (I)	5,200	83,512
Netflix, Inc. (I)(L)	330	68,201
Leisure Equipment & Products 0.06%
Hasbro, Inc.	900	40,410
Media 1.55%
Charter Communications, Inc., Class A (I)	1,000	45,770
Comcast Corp., Class A	13,400	345,184
Gannett Company, Inc.	2,900	47,879
Liberty Global, Inc., Series A (I)	1,300	54,730
The McGraw-Hill Companies, Inc.	2,200	85,096
The Washington Post Company, Class B	80	34,647
Time Warner Cable, Inc.	1,800	129,924
Time Warner, Inc.	6,100	233,020
Viacom, Inc., Class B	2,000	89,320

12  U.S. Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Multiline Retail 0.71%
Dollar Tree, Inc. (I)	2,300	$115,736
Family Dollar Stores, Inc.	1,600	80,128
Macy’s, Inc.	3,700	88,430
Sears Holdings Corp. (I)(L)	2,000	166,620
Target Corp.	700	36,785
Specialty Retail 1.91%
Advance Auto Parts, Inc.	1,600	100,288
Aeropostale, Inc. (I)	4,549	118,001
AutoNation, Inc. (I)(L)	2,400	80,736
AutoZone, Inc. (I)	760	196,042
Best Buy Company, Inc.	4,400	141,856
Foot Locker, Inc.	1,900	37,753
Home Depot, Inc.	5,000	187,350
Jos. A. Bank Clothiers, Inc. (I)	359	16,553
Limited Brands, Inc.	1,700	54,434
O’Reilly Automotive, Inc. (I)	1,200	66,696
PetSmart, Inc.	900	36,783
Ross Stores, Inc.	1,100	79,244
TJX Companies, Inc.	3,400	169,558
Tractor Supply Company	600	31,242
Textiles, Apparel & Luxury Goods 1.28%
Coach, Inc. (L)	3,400	186,728
Fossil, Inc. (I)	600	46,044
NIKE, Inc., Class B	6,300	560,889
VF Corp.	900	86,103
Consumer Staples 19.62%		13,492,030
Beverages 4.51%
Brown Forman Corp., Class B	1,900	131,385
Coca-Cola Enterprises, Inc.	3,600	94,680
Hansen Natural Corp. (I)	1,500	86,325
PepsiCo, Inc.	18,600	1,179,612
The Coca-Cola Company	25,200	1,610,784
Food & Staples Retailing 5.77%
Costco Wholesale Corp.	2,400	179,496
CVS Caremark Corp.	3,500	115,710
Safeway, Inc.	2,400	52,368
SUPERVALU, Inc.	2,000	17,260
Sysco Corp.	7,600	211,204
The Kroger Company	5,900	135,110
Wal-Mart Stores, Inc.	51,640	2,684,247
Walgreen Company	13,300	576,422
Food Products 1.93%
Campbell Soup Company (L)	3,600	121,176
Dean Foods Company (I)	900	9,504
Flowers Foods, Inc.	1,600	42,560
General Mills, Inc.	6,700	248,838
H.J. Heinz Company	2,000	100,440

See notes to financial statements  Annual report | U.S. Core Fund  13 

	Shares	Value
Food Products (continued)
Hormel Foods Corp.	4,000	$109,600
Kellogg Company	4,000	214,240
Kraft Foods, Inc., Class A	5,400	171,936
McCormick & Company, Inc., Class B	1,600	76,240
Sara Lee Corp.	2,800	47,936
The Hershey Company	3,500	183,120
Household Products 4.08%
Church & Dwight Company, Inc.	800	60,352
Clorox Company	2,000	135,520
Colgate-Palmolive Company	5,600	439,712
Kimberly-Clark Corp.	4,800	316,320
The Procter & Gamble Company	29,400	1,853,670
Personal Products 0.48%
Avon Products, Inc.	2,200	61,182
Herbalife, Ltd.	1,000	78,410
The Estee Lauder Companies, Inc., Class A	2,000	188,820
Tobacco 2.85%
Altria Group, Inc.	27,900	707,823
Lorillard, Inc.	2,161	165,900
Philip Morris International, Inc.	14,918	936,552
Reynolds American, Inc.	4,300	147,576
Energy 3.79%		2,607,664
Energy Equipment & Services 0.35%
Halliburton Company	241	11,313
National Oilwell Varco, Inc.	1,900	151,183
Rowan Companies, Inc. (I)	900	38,403
Schlumberger, Ltd.	455	42,506
Oil, Gas & Consumable Fuels 3.44%
Anadarko Petroleum Corp.	217	17,757
Apache Corp.	108	13,459
Chevron Corp.	5,697	591,064
ConocoPhillips	14,773	1,150,374
Exxon Mobil Corp.	1,228	105,031
Marathon Oil Corp.	4,400	218,240
Occidental Petroleum Corp.	680	69,340
Pioneer Natural Resources Company	600	61,404
Sunoco, Inc.	1,200	50,232
Valero Energy Corp.	3,100	87,358
Financials 2.70%		1,857,394
Commercial Banks 0.21%
CapitalSource, Inc.	5,700	43,206
CIT Group, Inc. (I)	1,500	64,980
First Citizens BancShares, Inc.	50	10,100
TCF Financial Corp.	700	11,361
Valley National Bancorp	900	12,267

14  U.S. Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Consumer Finance 0.10%
SLM Corp. (I)	4,900	$72,618
Diversified Financial Services 0.14%
Bank of America Corp.	6,610	94,457
Insurance 2.08%
Allied World Assurance Company Holdings, Ltd.	800	49,368
American Financial Group, Inc.	1,400	48,482
American International Group, Inc. (I)(L)	7,600	281,656
Arch Capital Group, Ltd. (I)	600	54,300
Aspen Insurance Holdings, Ltd.	1,000	29,550
Assurant, Inc.	1,100	44,693
Axis Capital Holdings, Ltd.	1,000	36,320
Brown & Brown, Inc.	1,900	49,666
Chubb Corp.	1,000	60,680
Endurance Specialty Holdings, Ltd.	600	29,754
Everest Re Group, Ltd.	400	35,460
Hartford Financial Services Group, Inc.	1,900	56,240
PartnerRe, Ltd.	500	39,650
Platinum Underwriters Holdings, Ltd.	200	8,340
Prudential Financial, Inc.	1,500	98,745
RenaissanceRe Holdings, Ltd.	600	40,212
StanCorp Financial Group, Inc.	200	9,200
The Travelers Companies, Inc.	4,900	293,657
Torchmark Corp.	600	39,150
Transatlantic Holdings, Inc.	600	30,558
Validus Holdings, Ltd.	1,800	55,710
W.R. Berkley Corp.	1,400	41,930
Real Estate Investment Trusts 0.17%
Annaly Capital Management, Inc.	4,900	87,857
National Retail Properties, Inc.	500	12,845
Omega Healthcare Investors, Inc.	600	14,382
Health Care 24.66%		16,960,349
Biotechnology 1.65%
Amgen, Inc. (I)	12,300	631,359
Biogen Idec, Inc. (I)(L)	2,300	157,320
Cephalon, Inc. (I)	600	33,786
Gilead Sciences, Inc. (I)	8,000	311,840
Health Care Equipment & Supplies 3.86%
Alere, Inc. (I)	2,659	102,744
Baxter International, Inc.	7,863	417,918
Becton, Dickinson & Company	2,600	208,000
C.R. Bard, Inc.	800	78,208
DENTSPLY International, Inc.	1,300	48,581
Edwards Lifesciences Corp. (I)	1,480	125,859
Gen-Probe, Inc. (I)	500	31,440
IDEXX Laboratories, Inc. (I)(L)	900	69,930
Intuitive Surgical, Inc. (I)	160	52,472
Kinetic Concepts, Inc. (I)	1,100	53,867
Medtronic, Inc.	16,400	654,688

See notes to financial statements  Annual report | U.S. Core Fund  15 

	Shares	Value
Health Care Equipment & Supplies (continued)
ResMed, Inc. (I)(L)	1,700	$53,720
St. Jude Medical, Inc. (I)	3,400	162,792
STERIS Corp.	400	13,540
Stryker Corp.	4,200	265,692
Varian Medical Systems, Inc. (I)	1,200	83,136
Zimmer Holdings, Inc. (I)	3,700	230,658
Health Care Providers & Services 4.56%
Aetna, Inc.	4,200	156,912
AMERIGROUP Corp. (I)	500	28,675
AmerisourceBergen Corp.	4,800	181,968
Cardinal Health, Inc.	3,900	162,396
Catalyst Health Solutions, Inc. (I)	300	13,563
Coventry Health Care, Inc. (I)	2,000	60,400
Express Scripts, Inc. (I)	5,300	297,966
Health Net, Inc. (I)	1,400	41,188
Henry Schein, Inc. (I)	900	62,082
Humana, Inc. (I)	2,300	149,523
Laboratory Corp. of America Holdings (I)	1,500	135,195
Lincare Holdings, Inc. (L)	3,340	97,996
McKesson Corp.	1,500	118,920
MEDNAX, Inc. (I)	600	38,958
Omnicare, Inc.	1,100	31,493
Owens & Minor, Inc.	300	9,360
Patterson Companies, Inc.	1,400	46,732
Quest Diagnostics, Inc.	1,900	107,825
Triple-S Management Corp., Class B (I)	3,591	70,958
UnitedHealth Group, Inc.	21,356	909,338
VCA Antech, Inc. (I)	700	17,528
WellPoint, Inc. (I)	5,986	397,889
Health Care Technology 0.11%
Cerner Corp. (I)(L)	720	72,324
Life Sciences Tools & Services 0.38%
Covance, Inc. (I)	600	33,858
Mettler-Toledo International, Inc. (I)	490	83,971
Pharmaceutical Product Development, Inc.	1,500	41,205
Techne Corp.	300	21,507
Waters Corp. (I)	1,000	83,050
Pharmaceuticals 14.10%
Abbott Laboratories	19,400	933,140
Allergan, Inc.	3,900	289,263
Bristol-Myers Squibb Company	20,200	521,362
Eli Lilly & Company	24,900	860,544
Endo Pharmaceuticals Holdings, Inc. (I)	2,900	103,008
Forest Laboratories, Inc. (I)	7,000	226,800
Johnson & Johnson	28,700	1,763,328
Merck & Company, Inc.	52,683	1,715,885
Pfizer, Inc.	165,488	3,183,989
Warner Chilcott PLC, Class A	4,337	102,700

16  U.S. Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Industrials 4.44%		$3,055,280
Aerospace & Defense 1.15%
General Dynamics Corp.	3,700	281,644
L-3 Communications Holdings, Inc.	800	63,432
Northrop Grumman Corp.	1,300	86,684
Precision Castparts Corp.	970	137,498
Rockwell Collins, Inc.	1,200	77,328
United Technologies Corp.	1,700	142,018
Air Freight & Logistics 0.35%
C.H. Robinson Worldwide, Inc.	2,400	173,736
Expeditors International of Washington, Inc.	1,400	66,920
Airlines 0.09%
United Continental Holdings, Inc. (I)	2,600	62,504
Commercial Services & Supplies 0.36%
Copart, Inc. (I)(L)	1,000	42,010
Pitney Bowes, Inc.	2,800	70,504
Rollins, Inc.	2,250	44,145
Stericycle, Inc. (I)	1,100	95,062
Industrial Conglomerates 1.02%
3M Company	7,600	700,948
Machinery 1.07%
Caterpillar, Inc.	1,700	174,981
Cummins, Inc.	1,070	108,198
Danaher Corp.	5,500	278,300
Deere & Company	1,300	117,195
Joy Global, Inc.	600	58,428
Professional Services 0.13%
Dun & Bradstreet Corp.	400	32,320
IHS, Inc., Class A (I)	700	58,590
Road & Rail 0.17%
Union Pacific Corp.	1,200	114,492
Trading Companies & Distributors 0.10%
Fastenal Company (L)	1,100	68,343
Information Technology 26.84%		18,457,845
Communications Equipment 3.07%
Aruba Networks, Inc. (I)	400	12,180
Cisco Systems, Inc. (I)	36,600	679,296
F5 Networks, Inc. (I)	580	68,446
Harris Corp.	800	37,328
QUALCOMM, Inc.	21,800	1,298,844
Tellabs, Inc.	2,400	12,936
Computers & Peripherals 3.51%
Apple, Inc. (I)	4,310	1,522,335
Dell, Inc. (I)	11,015	174,367
Hewlett-Packard Company	9,300	405,759
Lexmark International, Inc., Class A (I)	900	33,777
NCR Corp. (I)	1,800	34,380

See notes to financial statements  Annual report | U.S. Core Fund  17 

	Shares	Value
Computers & Peripherals (continued)
NetApp, Inc. (I)	1,700	$87,822
Seagate Technology PLC (I)	2,900	36,830
Western Digital Corp. (I)	3,919	119,843
Electronic Equipment, Instruments & Components 0.21%
Dolby Laboratories, Inc., Class A (I)	1,500	75,855
Ingram Micro, Inc., Class A (I)	2,600	51,818
Tech Data Corp. (I)	300	14,874
Internet Software & Services 4.92%
eBay, Inc. (I)	17,500	586,338
Google, Inc., Class A (I)	4,567	2,801,398
IT Services 4.61%
Accenture PLC, Class A	5,900	303,732
Amdocs, Ltd. (I)	2,400	71,616
Automatic Data Processing, Inc.	3,700	185,000
Broadridge Financial Solutions, Inc.	1,700	38,964
Cognizant Technology Solutions Corp., Class A (I)	3,700	284,419
Computer Sciences Corp.	900	43,317
Fiserv, Inc. (I)	1,100	69,597
Global Payments, Inc.	1,200	57,588
International Business Machines Corp.	10,321	1,670,763
Jack Henry & Associates, Inc.	1,300	41,483
MasterCard, Inc., Class A	907	218,188
NeuStar, Inc., Class A (I)	200	5,050
Paychex, Inc.	4,000	134,520
Total Systems Services, Inc. (L)	2,500	44,375
Office Electronics 0.14%
Xerox Corp.	8,800	94,600
Semiconductors & Semiconductor Equipment 0.16%
Texas Instruments, Inc.	3,100	110,391
Software 10.22%
Adobe Systems, Inc. (I)	2,300	79,350
ANSYS, Inc. (I)	600	33,792
BMC Software, Inc. (I)	1,900	94,050
Citrix Systems, Inc. (I)	1,600	112,256
FactSet Research Systems, Inc.	820	86,002
Informatica Corp. (I)	1,400	65,814
Intuit, Inc. (I)	5,600	294,448
McAfee, Inc. (I)	900	43,155
MICROS Systems, Inc. (I)	1,300	61,932
Microsoft Corp.	122,241	3,249,166
Oracle Corp.	74,147	2,439,436
Quest Software, Inc. (I)	1,700	45,543
Salesforce.com, Inc. (I)	610	80,685
Symantec Corp. (I)	9,100	164,073
TIBCO Software, Inc. (I)	1,200	29,544
VMware, Inc., Class A (I)	1,800	150,570

18  U.S. Core Fund | Annual report  See notes to financial statements 

			Shares	Value
Materials 0.73%				$497,786
Chemicals 0.55%
E.I. Du Pont de Nemours & Company			3,900	213,993
Ecolab, Inc.			2,000	97,280
Sigma-Aldrich Corp.			1,000	63,890
Metals & Mining 0.02%
Commercial Metals Company			600	10,002
Paper & Forest Products 0.16%
Schweitzer-Mauduit International, Inc.			2,054	112,621
Telecommunication Services 3.09%				2,125,401
Diversified Telecommunication Services 2.97%
AT&T, Inc.			28,000	794,640
CenturyLink, Inc. (L)			1,900	78,242
Verizon Communications, Inc.			31,700	1,170,364
Wireless Telecommunication Services 0.12%
MetroPCS Communications, Inc. (I)			2,200	31,680
Telephone & Data Systems, Inc.			1,500	50,475
Investment Companies 1.01%				$692,247
(Cost $635,987)
Financials 1.01%				692,247
SPDR S&P 500 ETF Trust			5,199	692,247
		Yield	Shares	Value
Securities Lending Collateral 1.63%				$1,124,229
(Cost $1,124,155)
John Hancock Collateral Investment Trust (W)		0.2855% (Y)	112,340	1,124,229
Short-Term Investments 3.34%				$2,299,518
(Cost $2,299,512)
		Maturity
	Yield*	date	Par value	Value
U.S. Government 0.43%				299,993
U.S. Treasury Bill	0.180%	3-10-11	$300,000	299,993
			Shares	Value
Short-Term Securities 2.91%				1,999,525
State Street Institutional Treasury Money
Market Fund	0.0453% (Y)		1,999,525	1,999,525
Total investments (Cost $61,744,908)† 100.48%				$69,101,273
Other assets and liabilities, net (0.48%)				($329,900)
Total net assets 100.00%				$68,771,373

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

See notes to financial statements  Annual report | U.S. Core Fund  19 

Notes to Schedule of Investments

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $62,554,907. Net unrealized appreciation aggregated $6,546,366, of which $6,969,277 related to appreciated investment securities and $422,911 related to depreciated investment securities.

20  U.S. Core Fund | Annual report  See notes to financial statements 

F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $60,620,753) including
$1,091,259 of securities loaned (Note 2)	$67,977,044
Investments in affiliated issuers, at value (Cost $1,124,155) (Note 2)	1,124,229
Total investments, at value (Cost $61,744,908)	69,101,273
Receivable for fund shares sold	791,944
Dividends and interest receivable	142,140
Receivable for securities lending income	2,226
Other receivables and prepaid expenses	6,271
Total assets	70,043,854
Liabilities
Payable for investments purchased	4,513
Payable for fund shares repurchased	14,187
Payable upon return of securities loaned (Note 2)	1,125,131
Payable to affiliates
Accounting and legal services fees	874
Transfer agent fees	12,832
Distribution and service fees	3
Trustees’ fees	615
Due to adviser	102,961
Other liabilities and accrued expenses	11,365
Total liabilities	1,272,481
Net assets
Capital paid-in	$63,928,417
Undistributed net investment income	144,998
Accumulated net realized loss on investments and futures contracts	(2,658,407)
Net unrealized appreciation (depreciation) on investments	7,356,365
Net assets	$68,771,373

See notes to financial statements  Annual report | U.S. Core Fund  21 

F I N A N C I A L  S T A T E M E N T S

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 ($31,179,454 ÷ 1,608,524 shares)	$19.38
Class B ($824,284 ÷ 42,665 shares)1	$19.32
Class C ($2,377,992 ÷ 123,169 shares)1	$19.31
Class I ($34,172,344 ÷ 1,761,956 shares)	$19.39
Class R1 ($113,771 ÷ 5,879 shares)	$19.35
Class R3 ($34,510 ÷ 1,779.359 shares)	$19.39
Class R4 ($34,509 ÷ 1,779.359 shares)	$19.39
Class R5 ($34,509 ÷ 1,779.359 shares)	$19.39
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$20.40

¹ Redemption price 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.

22  U.S. Core Fund | Annual report  See notes to financial statements 

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$1,070,628
Securities lending	11,561
Interest	2,090
Less foreign taxes withheld	(18)
Total investment income	1,084,261
Expenses
Investment management fees (Note 5)	386,107
Distribution and service fees (Note 5)	106,110
Accounting and legal services fees (Note 5)	6,737
Transfer agent fees (Note 5)	62,533
Trustees’ fees (Note 5)	3,510
State registration fees (Note 5)	56,044
Printing and postage (Note 5)	11,383
Professional fees	48,721
Custodian fees	12,140
Registration and filing fees	32,269
Other	7,702
Total expenses	733,256
Less expense reductions (Note 5)	(140,827)
Net expenses	592,429
Net investment income	491,832
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	1,571,228
Investments in affiliated issuers	(819)
Futures contracts (Note 3)	89,593
	1,660,002
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	5,111,297
Investments in affiliated issuers	(137)
Futures contracts (Note 3)	(18,147)
Translation of assets and liabilities in foreign currencies	215
	5,093,228
Net realized and unrealized gain	6,753,230
Increase in net assets from operations	$7,245,062

See notes to financial statements  Annual report | U.S. Core Fund  23 

F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$491,832	$197,722
Net realized gain (loss)	1,660,002	(1,312,068)
Change in net unrealized appreciation (depreciation)	5,093,228	7,710,519
Increase in net assets resulting from operations	7,245,062	6,596,173
Distributions to shareholders
From net investment income
Class A	(167,314)	(77,787)
Class I	(207,682)	(124,896)
Class R1	(282)	(22)
Class R3	(117)	(34)
Class R4	(209)	(113)
Class R5	(301)	(193)
Total distributions	(375,905)	(203,045)
From Fund share transactions (Note 6)	20,847,789	22,212,754
Total increase	27,716,946	28,605,882
Net assets
Beginning of year	41,054,427	12,448,545
End of year	$68,771,373	$41,054,427
Undistributed net investment income	$144,998	$29,071

24  U.S. Core Fund | Annual report  See notes to financial statements 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of period	$17.06	$12.25	$19.42	$22.24	$20.00
Net investment income2	0.14	0.11	0.15	0.16	0.12
Net realized and unrealized gain (loss) on investments	2.29	4.76	(7.19)	(1.88)	2.41
Total from investment operations	2.43	4.87	(7.04)	(1.72)	2.53
Less distributions
From net investment income	(0.11)	(0.06)	(0.13)	(0.17)	(0.09)
From net realized gain	—	—	—	(0.93)	(0.20)
Total distributions	(0.11)	(0.06)	(0.13)	(1.10)	(0.29)
Net asset value, end of period	$19.38	$17.06	$12.25	$19.42	$22.24
Total return (%)3,4	14.26	39.78	(36.34)	(8.16)	12.645
Ratios and supplemental data
Net assets, end of period (in millions)	$31	$22	$11	$18	$19
Ratios (as a percentage of average net assets):
Expenses before reductions	1.50	1.766	1.75	1.86	1.937
Expenses net of fee waivers	1.35	1.356	1.35	1.34	1.347
Expenses net of fee waivers and credits	1.35	1.356	1.35	1.34	1.347
Net investment income	0.82	0.72	0.86	0.70	0.767
Portfolio turnover (%)	78	44	61	81	36

¹ The inception date for Class A shares is 6-12-06.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Not annualized.
⁶ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁷ Annualized.

See notes to financial statements  Annual report | U.S. Core Fund  25 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of period	$17.02	$12.26	$19.38	$22.20	$20.00
Net investment income2	0.03	0.01	0.04	—3	0.02
Net realized and unrealized gain (loss) on investments	2.27	4.75	(7.16)	(1.88)	2.40
Total from investment operations	2.30	4.76	(7.12)	(1.88)	2.42
From net investment income	—	—	—	(0.01)	(0.02)
From net realized gain	—	—	—	(0.93)	(0.20)
Total distributions	—	—	—	(0.94)	(0.22)
Net asset value, end of period	$19.32	$17.02	$12.26	$19.38	$22.20
Total return (%)4,5	13.51	38.83	(36.74)	(8.84)	12.076
Ratios and supplemental data
Net assets, end of period (in millions)	$1	—7	—7	—7	—7
Ratios (as a percentage of average net assets):
Expenses before reductions	3.02	7.678	8.79	6.98	13.589
Expenses net of fee waivers	2.05	2.088	2.40	2.05	2.049
Expenses net of fee waivers and credits	2.05	2.058	2.05	2.05	2.049
Net investment income	0.19	0.03	0.24	—10	0.129
Portfolio turnover (%)	78	44	61	81	36

¹ The inception date for Class B shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Less than $0.005 per share.
⁴ Does not reflect the effect of sales charges, if any.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Less than $500,000.
⁸ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁹ Annualized.
¹⁰ Less than 0.005%.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of period	$17.01	$12.26	$19.39	$22.21	$20.00
Net investment income2	0.02	—3	0.01	—4	0.03
Net realized and unrealized gain (loss) on investments	2.28	4.75	(7.14)	(1.88)	2.40
Total from investment operations	2.30	4.75	(7.13)	(1.88)	2.43
From net investment income	—	—	—	(0.01)	(0.02)
From net realized gain	—	—	—	(0.93)	(0.20)
Total distributions	—	—	—	(0.94)	(0.22)
Net asset value, end of period	$19.31	$17.01	$12.26	$19.39	$22.21
Total return (%)5,6	13.52	38.74	(36.77)	(8.84)	12.127
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$1	$3	$3
Ratios (as a percentage of average net assets):
Expenses before reductions	2.40	3.928	3.43	2.94	3.829
Expenses net of fee waivers	2.05	2.068	2.07	2.05	2.049
Expenses net of fee waivers and credits	2.05	2.058	2.05	2.05	2.049
Net investment income (loss)	0.12	—10	0.06	(0.01)	0.169
Portfolio turnover (%)	78	44	61	81	36

¹ The inception date for Class C shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Less than ($0.005) per share.
⁴ Less than $0.005 per share.
⁵ Does not reflect the effect of sales charges, if any.
⁶ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁷ Not annualized.
⁸ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁹ Annualized.
¹⁰ Less than (0.005%).

26  U.S. Core Fund | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of period	$17.06	$12.25	$19.43	$22.26	$20.00
Net investment income2	0.24	0.16	0.21	0.25	0.18
Net realized and unrealized gain (loss) on investments	2.28	4.79	(7.19)	(1.89)	2.41
Total from investment operations	2.52	4.95	(6.98)	(1.64)	2.59
Less distributions
From net investment income	(0.19)	(0.14)	(0.20)	(0.26)	(0.13)
From net realized gain	—	—	—	(0.93)	(0.20)
Total distributions	(0.19)	(0.14)	(0.20)	(1.19)	(0.33)
Net asset value, end of period	$19.39	$17.06	$12.25	$19.43	$22.26
Total return (%)3	14.81	40.35	(36.06)	(7.82)	12.954
Ratios and supplemental data
Net assets, end of period (in millions)	$34	$16	—5	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.12	1.396	10.44	12.79	17.837
Expenses net of fee waivers	0.88	0.876	0.95	0.95	0.957
Expenses net of fee waivers and credits	0.88	0.876	0.95	0.95	0.957
Net investment income	1.34	0.94	1.19	1.10	1.167
Portfolio turnover (%)	78	44	61	81	36

¹ The inception date for Class I shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Includes the impact of proxy expenses, which amounted to less than 0.005% of average net assets.
⁷ Annualized.

CLASS R1 SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of period	$17.03	$12.23	$19.37	$22.20	$20.00
Net investment income2	0.09	0.07	0.13	0.13	0.06
Net realized and unrealized gain (loss) on investments	2.28	4.73	(7.16)	(1.88)	2.42
Total from investment operations	2.37	4.80	(7.03)	(1.75)	2.48
Less distributions
From net investment income	(0.05)	—3	(0.11)	(0.15)	(0.08)
From net realized gain	—	—	—	(0.93)	(0.20)
Total distributions	(0.05)	—3	(0.11)	(1.08)	(0.28)
Net asset value, end of period	$19.35	$17.03	$12.23	$19.37	$22.20
Total return (%)4	13.92	39.28	(36.37)	(8.32)	12.385
Ratios and supplemental data
Net assets, end of period (in millions)	—6	—6	—6	—6	—6
Ratios (as a percentage of average net assets):
Expenses before reductions	4.66	20.807	19.51	15.98	21.128
Expenses net of fee waivers	1.67	1.667	1.95	1.45	1.698
Expenses net of fee waivers and credits	1.67	1.667	1.45	1.45	1.698
Net investment income	0.48	0.43	0.76	0.59	0.418
Portfolio turnover (%)	78	44	61	81	36

¹ The inception date for Class R1 shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Less than ($0.005) per share.
⁴ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁵ Not annualized.
⁶ Less than $500,000.
⁷ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁸ Annualized.

See notes to financial statements  Annual report | U.S. Core Fund  27 

CLASS R3 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of period	$17.07	$14.05
Net investment income2	0.10	0.03
Net realized and unrealized gain on investments	2.29	3.01
Total from investment operations	2.39	3.04
Less distributions
From net investment income	(0.07)	(0.02)
Net asset value, end of period	$19.39	$17.07
Total return (%)3	13.99	21.634
Ratios and supplemental data
Net assets, end of period (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	39.27	9.876
Expenses net of fee waivers	1.58	1.666
Expenses net of fee waivers and credits	1.58	1.666
Net investment income	0.57	0.216
Portfolio turnover (%)	78	44

¹ The inception date for Class R3 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

CLASS R4 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of period	$17.06	$14.05
Net investment income2	0.15	0.06
Net realized and unrealized gain on investments	2.30	3.01
Total from investment operations	2.45	3.07
Less distributions
From net investment income	(0.12)	(0.06)
Net asset value, end of period	$19.39	$17.06
Total return (%)3	14.37	21.874
Ratios and supplemental data
Net assets, end of period (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	39.00	9.616
Expenses net of fee waivers	1.28	1.366
Expenses net of fee waivers and credits	1.28	1.366
Net investment loss	0.87	0.506
Portfolio turnover (%)	78	44

¹ The inception date for Class R4 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

28  U.S. Core Fund | Annual report  See notes to financial statements 

CLASS R5 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of period	$17.06	$14.05
Net investment income2	0.21	0.10
Net realized and unrealized gain on investments	2.29	3.02
Total from investment operations	2.50	3.12
Less distributions
From net investment income	(0.17)	(0.11)
Net asset value, end of period	$19.39	$17.06
Total return (%)3	14.68	22.184
Ratios and supplemental data
Net assets, end of period (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	38.74	9.366
Expenses net of fee waivers	0.98	1.066
Expenses net of fee waivers and credits	0.98	1.066
Net investment income	1.17	0.816
Portfolio turnover (%)	78	44

¹ The inception date for Class R5 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

See notes to financial statements  Annual report | U.S. Core Fund  29 

Notes to financial statements

Note 1 — Organization

John Hancock U.S. Core Fund (the Fund) is a diversified 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 a 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, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees 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, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments of the Fund are categorized as Level 1 under the hierarchy described above, except U.S. Treasury Bills, which are Level 2. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the

30  U.S. Core Fund | Annual report 

close of trading. Other portfolio securities and assets, where 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.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. 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. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value 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 appropriate net asset value of each class and the specific expense rates applicable to each class.

Annual report | U.S. Core Fund  31 

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.

For federal income tax purposes, the Fund has a capital loss carryforward of $1,848,409 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2018 — $1,848,409.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is 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 and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and 2010 was as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	$375,905	$203,045

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $145,320 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material 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 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 sales loss deferrals.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the Fund to the risk that the counterparty to an over-the-counter (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. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

32  U.S. Core Fund | Annual report 

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, 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 hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. 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 contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure. During year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from zero to $1.9 million, as measured at each quarter end. There were no open futures contracts as of February 28, 2011.

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, 2011:

	STATEMENT OF
	OPERATIONS	FUTURES
RISK	LOCATION	CONTRACTS
Equity contracts	Net realized gain	$89,593

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, 2011:

	STATEMENT OF
	OPERATIONS	FUTURES
RISK	LOCATION	CONTRACTS
Equity contracts	Change in	($18,147)
	unrealized
	appreciation
	(depreciation)

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Annual report | U.S. Core Fund  33 

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.78% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.76% of the next $500,000,000; (c) 0.75% of the next $1,000,000,000; (d) 0.74% of the next $1,000,000,000; and (e) 0.72% of the Fund’s average daily net assets in excess of $3,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.78% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.35%, 2.05%, 2.05%, 0.89%, 1.64%, 1.54%, 1.24% and 0.94% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 0.87%, 1.75%, 1.65%, 1.35% and 1.05% for Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively.

Effective June 26, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.04% of average daily net assets. During the period from May 1, 2010 to June 26, 2010, the fee waiver and/or reimbursement was such that these expenses did not exceed 0.09% of average daily net assets.

Accordingly, these expense reductions amounted to $40,615, $5,407, $7,461, $48,692, $2,975, $11,875, $11,890 and $11,912 for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4 and Class R5 shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to the service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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. The accounting and legal services fees incurred for the year ended February 28, 2011 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, Class R1, Class R3 and Class R4 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 R3, Class R4 and Class R5 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.

34  U.S. Core Fund | Annual report 

CLASS	12b–1 FEES	SERVICE FEES
Class A	0.30%	—
Class B	1.00%	—
Class C	1.00%	—
Class R1	0.50%	0.25%
Class R3	0.50%	0.15%
Class R4	0.25%	0.10%
Class R5	—	0.05%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $32,941 for the year ended February 28, 2011. Of this amount, $5,676 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $26,842 was paid as sales commissions to broker-dealers and $423 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $261 and $121 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services receives in connection with the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5 shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Annual report | U.S. Core Fund  35 

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
SHARE CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$78,782	$43,102	$3,804	$6,840
Class B	5,587	1,488	4,052	120
Class C	21,195	4,256	3,761	504
Class I	—	12,373	6,827	3,776
Class R1	310	350	2,923	66
Class R3	157	320	11,559	25
Class R4	79	320	11,559	25
Class R5	—	324	11,559	27
Total	$106,110	$62,533	$56,044	$11,383

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within other receivables and prepaid expenses and payable to affiliates — trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the year ended February 28, 2011 and for the year ended February 28, 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-101
	Shares	Amount	Shares	Amount
Class A shares
Sold	460,570	$8,297,278	455,553	$7,151,566
Distributions reinvested	8,755	163,886	4,368	75,873
Repurchased	(177,915)	(3,252,228)	(72,964)	(1,132,654)
Net increase	291,410	$5,208,936	386,957	$6,094,785
Class B shares
Sold	25,910	$455,620	11,993	$182,687
Repurchased	(5,850)	(105,831)	(5,610)	(86,556)
Net increase	20,060	$349,789	6,383	$96,131
Class C shares
Sold	40,635	$708,765	68,921	$1,077,457
Repurchased	(16,680)	(297,360)	(21,998)	(334,545)
Net increase	23,955	$411,405	46,923	$742,912
Class I shares
Sold	1,074,227	$19,696,800	1,020,503	$16,466,223
Distributions reinvested	9,115	170,640	6,074	105,386
Repurchased	(279,012)	(4,999,129)	(80,937)	(1,367,705)
Net increase	804,330	$14,868,311	945,640	$15,203,904

36  U.S. Core Fund | Annual report 

	Year ended 2-28-11		Year ended 2-28-101
	Shares	Amount	Shares	Amount
Class R1 shares
Sold	502	$9,066	—	—
Distributions reinvested	15	282	1	$22
Net increase	517	$9,348	1	$22
Class R3 shares
Sold	—	—	1,779	$25,000
Net increase	—	—	1,779	$25,000
Class R4 shares
Sold	—	—	1,779	$25,000
Net increase	—	—	1,779	$25,000
Class R5 shares
Sold	—	—	1,779	$25,000
Net increase	—	—	1,779	$25,000
Net increase	1,140,272	$20,847,789	1,391,241	$22,212,754

¹ The inception date for Class R3, Class R4 and Class R5 shares is 5-22-09.

Affiliates of the Fund owned 49%, 91%, 100%, 100% and 100% of shares of beneficial interest of Class A, Class R1, Class R3, Class R4 and Class R5 shares on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $57,073,926 and $37,002,876, respectively, for the year ended February 28, 2011.

Annual report | U.S. Core Fund  37 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock U.S. Core Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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 U.S. Core Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets 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, 2011 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 19, 2011

38  U.S. Core Fund | Annual report 

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, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates 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. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | U.S. Core Fund  39 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

40  U.S. Core Fund | Annual report 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

Annual report | U.S. Core Fund  41 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

42  U.S. Core Fund | Annual report 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | U.S. Core Fund  43 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Grantham, Mayo, Van Otterloo & Co. LLC
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

44  U.S. Core Fund | Annual report 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock U.S. Core Fund.	6500A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

International stocks fared quite well during the 12 months ended February 28, 2011, thanks to a vigorous second-half rally. During the first half of the period, global markets struggled with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill from an explosion at a BP drilling rig in the Gulf of Mexico and tepid data on the U.S. economy that led investors to fear a double-dip recession. Over the summer, anxiety about the European debt situation eased, and BP managed to contain its leaking undersea well. Meanwhile, Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate U.S. economic growth. His remarks ignited an impressive global stock rally that boosted the MSCI EAFE Index to a gain of 20.54%, while the average large value fund monitored by Morningstar, Inc. advanced 19.64%.

During the period, John Hancock International Core Fund’s Class A shares returned 21.13% at net asset value. Our quantitative model’s momentum criteria were particularly helpful to relative performance during the period. At the sector level, the strongest contributions came from energy, financials and information technology. Geographically, Japan, Sweden and the United Kingdom were noteworthy contributors. A large underweighting in U.K.-based energy major BP PLC, a benchmark component, was timely. After the Gulf of Mexico spill occurred, we increased the position, although it remained underweighted versus our benchmark. An out-of-benchmark position in Canadian auto parts company Magna International, Inc. also bolstered performance, as did not owning Teva Pharmaceuticals, an Israel-based manufacturer of generic drugs, underweighting global bank HSBC Holdings PLC and overweighting Danish insulin maker Novo Nordisk A/S. Conversely, the Fund’s sizable overweighting in health care detracted from performance. On a country basis, weak picks in Switzerland and Hong Kong had a negative impact. At the stock level, overweighting two drug stocks, France’s Sanofi-Aventis S.A. and U.K.-headquartered GlaxoSmithKline PLC, was counterproductive, while Japanese bank Resona Holdings, Inc. saw its share price plunge when the company revealed its plans to raise substantial capital.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’s statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

6  International Core Fund | Annual report 

A look at performance

For the period ended February 28, 2011

	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception	1-year	5-year	10-year	inception
Class A1	15.09	0.56	—	2.31	15.09	2.85	—	13.27
Class B2	15.28	0.56	—	2.40	15.28	2.81	—	13.79
Class C2	19.32	0.89	—	2.56	19.32	4.54	—	14.77
Class i2,3	21.73	2.09	—	3.78	21.73	10.88	—	22.42
Class R12,3	20.71	1.39	—	3.04	20.71	7.13	—	17.74
Class R33,4	20.87	—	—	18.84	20.87	—	—	35.86
Class R43,4	21.21	—	—	19.20	21.21	—	—	36.59
Class R53,4	21.59	—	—	19.56	21.59	—	—	37.33
Class 13,5	21.75	—	—	–0.02	21.75	—	—	–0.10
Class NAV3,6	21.85	—	—	0.80	21.85	—	—	3.63

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.60%, Class B — 2.30%, Class C — 2.30%, Class R1 — 1.89%, Class R3 —1.79%, Class R4 — 1.49% and Class R5 — 1.19%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.62%, Class B — 2.62%, Class C — 2.51%, Class R1 — 8.19%, Class R3 — 8.46%, Class R4 — 8.20% and Class R5 — 7.95%. For the other classes, the net expenses equal the gross expenses and are as follows: Class I — 1.05%, Class NAV — 1.01% and Class 1 — 1.05%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses increase and results would have been less favorable.

¹ 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. Returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I and Class R1 shares, respectively.

³ For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV share prospectuses.

⁴ From 5-22-09.

⁵ From 11-6-06.

⁶ From 8-29-06.

Annual report | International Core Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index
Class B3	9-16-05	$11,473	$11,379	$12,901
Class C3,4	9-16-05	11,477	11,477	12,901
Class I3,5	9-16-05	12,242	12,242	12,901
Class R13,5	9-16-05	11,774	11,774	12,901
Class R35	5-22-09	13,586	13,586	14,315
Class R45	5-22-09	13,659	13,659	14,315
Class R55	5-22-09	13,733	13,733	14,315
Class 15	11-6-06	9,990	9,990	10,260
Class NAV5	8-29-06	10,363	10,363	10,740

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively, as of 2-28-10. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

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. The index consists of 21 developed market country indexes. It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

¹ 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 NAV represents net asset value and POP represents public offering price.

³ Class B, Class C, Class I and Class R1 shares were first offered on 6-12-06. Returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I and Class R1 shares, respectively.

⁴ The contingent deferred sales charge, if any, is not applicable.

⁵ For certain types of investors, as described in the Fund’s Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV share prospectuses.

8  International Core Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,253.20	$9.05
Class B	1,000.00	1,248.60	12.82
Class C	1,000.00	1,249.00	12.83
Class I	1,000.00	1,255.70	6.38
Class R1	1,000.00	1,251.00	10.55
Class R3	1,000.00	1,251.90	9.99
Class R4	1,000.00	1,253.90	8.33
Class R5	1,000.00	1,255.80	6.66
Class 1	1,000.00	1,256.40	6.04
Class NAV	1,000.00	1,256.50	5.76

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, 2011, 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:

Annual report | International Core Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,016.80	$8.10
Class B	1,000.00	1,013.40	11.48
Class C	1,000.00	1,013.40	11.48
Class I	1,000.00	1,019.10	5.71
Class R1	1,000.00	1,015.40	9.44
Class R3	1,000.00	1,015.90	8.95
Class R4	1,000.00	1,017.40	7.45
Class R5	1,000.00	1,018.90	5.96
Class 1	1,000.00	1,019.40	5.41
Class NAV	1,000.00	1,019.70	5.16

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.62%, 2.30%, 2.30%, 1.14%, 1.89%, 1.79%, 1.49%, 1.19%, 1.08% and 1.03% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  International Core Fund | Annual report 

Portfolio summary

Top 10 Holdings1
GlaxoSmithKline PLC	2.8%	Novartis AG	2.0%
Total SA	2.6%	Royal Dutch Shell PLC, A shares	1.6%
Sanofi-Aventis SA	2.6%	Novo Nordisk A/S	1.4%
Eni SpA	2.3%	Enel SpA	1.4%
AstraZeneca PLC	2.3%	Vodafone Group PLC	1.3%
Sector Composition2,3
Consumer Discretionary	16%	Telecommunication Services	7%
Health Care	15%	Consumer Staples	6%
Energy	12%	Utilities	5%
Financials	12%	Information Technology	4%
Industrials	11%	Short-Term Investments & Other	4%
Materials	8%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings or Top Five Countries.

² As a percentage of net assets on 2-28-11.

³ International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

Annual report | International Core Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 94.16%	$1,508,777,873
(Cost $1,352,542,643)
Australia 4.26%		68,269,545
BHP Billiton, Ltd.	74,944	3,540,700
BlueScope Steel, Ltd.	1,094,561	2,334,544
Commonwealth Bank of Australia	158,461	8,604,330
Dexus Property Group	2,226,934	1,945,125
General Property Trust, Ltd.	781,431	2,473,574
Goodman Fielder, Ltd.	1,035,757	1,318,405
Goodman Group	3,608,277	2,583,532
ING Industrial Fund	1,895,397	1,023,682
ING Office Fund	3,274,224	2,040,700
Macquarie Office Trust	667,561	2,181,058
Mirvac Group, Ltd.	1,274,507	1,692,657
Newcrest Mining, Ltd.	40,437	1,568,012
Pacific Brands, Ltd.	994,344	904,728
Qantas Airways, Ltd. (I)	504,911	1,204,523
QBE Insurance Group, Ltd. (L)	100,802	1,870,771
Rio Tinto, Ltd.	50,195	4,381,043
Stockland	907,935	3,521,933
Suncorp-Metway, Ltd.	190,707	1,644,520
TABCORP Holdings, Ltd.	329,604	2,559,564
Telstra Corp., Ltd.	3,019,803	8,599,592
Wesfarmers, Ltd.	131,945	4,450,513
Westfield Group	96,810	964,389
Woodside Petroleum, Ltd. (L)	104,191	4,539,501
Woolworths, Ltd.	84,633	2,322,149
Austria 0.55%		8,825,927
Erste Group Bank AG	18,543	979,233
Immofinanz AG (I)(L)	395,708	1,748,363
OMV AG	98,452	4,190,394
Raiffeisen International Bank Holding AG (L)	31,763	1,907,937
Belgium 0.81%		13,004,057
Ageas	556,722	1,766,137
Belgacom SA	80,430	3,014,296
Colruyt SA	45,245	2,273,638
Delhaize Group SA	25,808	1,995,839
Dexia SA (I)	315,923	1,380,206

12  International Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Belgium (continued)
Mobistar SA	19,088	$1,218,884
Umicore	26,854	1,355,057
Bermuda 0.10%		1,551,515
Golden Ocean Group, Ltd. (L)	509,800	657,538
Lancashire Holdings, Ltd.	91,502	893,977
Canada 2.55%		40,858,275
Barrick Gold Corp. (L)	100,100	5,283,442
BCE, Inc. (L)	82,300	3,051,254
Canadian Pacific Railway, Ltd.	12,400	841,600
EnCana Corp.	320,500	10,417,776
IGM Financial, Inc.	38,700	1,880,130
Magna International, Inc.	87,000	4,284,854
Methanex Corp.	44,600	1,297,763
Metro, Inc.	33,900	1,535,279
National Bank of Canada	23,065	1,777,207
Research In Motion, Ltd. (I)	43,400	2,865,637
RONA, Inc.	82,400	1,255,231
Sun Life Financial, Inc.	103,300	3,431,106
Teck Resources, Ltd., Class B	32,600	1,803,561
Yellow Media, Inc. (L)	197,700	1,133,435
Denmark 1.63%		26,207,386
Carlsberg A/S	22,147	2,354,784
D.S. Norden A/S	13,905	492,713
Danske Bank A/S (I)	58,605	1,374,621
Novo Nordisk A/S	174,608	21,985,268
Finland 1.09%		17,537,421
Metra Oyj	19,632	1,508,772
Metso Oyj	58,864	3,041,851
Neste Oil Oyj (L)	83,552	1,482,934
Nokia AB Oyj	361,797	3,118,809
Sampo Oyj, A Shares	39,726	1,232,335
Stora Enso Oyj, Series R	281,980	3,182,498
UPM-Kymmene Oyj	182,747	3,634,185
YIT Oyj	11,664	336,037
France 10.54%		168,902,508
Arkema	24,632	1,802,173
BNP Paribas	155,436	12,149,062
Casino Guichard Perrachon SA	14,172	1,387,610
Cie de Saint-Gobain SA	25,704	1,536,196
Dassault Systemes SA	24,048	1,841,209
Essilor International SA	25,100	1,792,509
Eutelsat Communications	16,060	640,655
France Telecom SA	173,048	3,834,704
Hermes International SA	15,810	3,442,166
L’Oreal SA	28,066	3,263,462
Lagardere S.C.A.	65,191	2,934,087
LVMH Moet Hennessy Louis Vuitton SA	64,577	10,179,025

See notes to financial statements  Annual report | International Core Fund  13 

	Shares	Value
France (continued)
Nexans SA	7,234	$654,786
PagesJaunes Groupe SA (L)	91,685	894,193
Peugeot SA (I)	30,085	1,205,279
PPR	17,043	2,587,328
Renault SA (I)	59,891	3,672,708
Rhodia SA	137,543	3,967,307
Sanofi-Aventis SA	604,849	41,753,681
Schneider Electric SA	26,581	4,396,499
Societe Generale	88,551	6,233,915
Technip SA	5,386	531,581
Total SA	688,682	42,254,232
Valeo SA (I)	47,654	2,967,404
Vivendi SA	361,054	10,290,579
Wendel	26,070	2,690,158
Germany 6.30%		101,002,135
Adidas AG	15,142	971,609
Aixtron AG (L)	22,379	921,710
BASF SE	92,890	7,723,923
Bayerische Motoren Werke (BMW) AG	108,955	8,836,470
Bilfinger Berger AG	20,564	1,723,799
Daimler AG (I)	225,895	15,911,032
Deutsche Lufthansa AG (I)	126,374	2,583,303
Deutsche Post AG	42,756	784,115
Dialog Semiconductor PLC (I)	22,032	450,048
E.ON AG	454,823	14,930,404
Fresenius AG	8,411	766,968
Heidelberger Druckmaschinen AG (I)	41,808	204,641
Infineon Technologies AG	590,881	6,463,088
Kloeckner & Company SE (I)	67,574	2,198,720
Lanxess AG	75,209	5,597,232
Leoni AG (I)	23,361	978,382
MAN AG	35,149	4,462,885
MTU Aero Engines Holding AG	36,539	2,436,102
Norddeutsche Affinerie AG (L)	44,282	2,356,591
Puma AG	4,537	1,349,174
RWE AG	19,638	1,325,334
Salzgitter AG	31,388	2,605,572
SAP AG	117,305	7,077,480
Siemens AG	13,133	1,768,333
Software AG	14,302	2,308,079
Suedzucker AG	62,829	1,725,860
Symrise AG	42,181	1,107,153
Volkswagen AG	9,442	1,434,128
Greece 0.47%		7,484,844
Alpha Bank A.E. (I)	227,616	1,517,642
National Bank of Greece SA (I)	239,371	2,241,372
OPAP SA	143,654	2,999,867
Public Power Corp. SA	46,958	725,963

14  International Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Hong Kong 1.51%		$24,272,304
Cathay Pacific Airways, Ltd.	605,000	1,414,337
CLP Holdings, Ltd.	655,699	5,356,280
Esprit Holdings, Ltd.	458,995	2,259,579
Hong Kong & China Gas Company, Ltd.	713,130	1,607,017
Hong Kong Electric Holdings, Ltd.	607,854	3,974,173
Hutchison Whampoa, Ltd.	332,000	3,928,499
Noble Group, Ltd.	253,727	409,790
Pacific Basin Shipping, Ltd.	2,371,000	1,386,158
Swire Pacific, Ltd., Class A	162,000	2,271,764
Yue Yuen Industrial Holdings, Ltd.	526,718	1,664,707
Ireland 0.98%		15,729,846
C&C Group PLC	257,317	1,255,313
CRH PLC	250,827	5,800,980
DCC PLC	62,315	1,999,262
Experian PLC	74,653	946,475
Kerry Group PLC	76,353	2,774,705
Paddy Power PLC	23,715	966,233
Shire PLC	70,175	1,986,878
Israel 0.29%		4,667,196
Bezek Israeli Telecommunications Corp., Ltd.	647,541	1,762,314
Israel Chemicals, Ltd.	104,982	1,745,324
Partner Communications Company, Ltd.	62,197	1,159,558
Italy 5.45%		87,374,334
BGP Holdings PLC (I)	2,714,128	4
Bulgari SpA	51,892	549,827
Enel SpA	3,629,517	21,625,884
Eni SpA	1,535,795	37,478,044
Fiat SpA	157,084	1,460,449
Finmeccanica SpA	41,892	524,307
Fondiaria-Sai SpA (L)	159,263	1,500,138
Italcementi SpA — RSP	38,152	193,569
Mediaset SpA	205,570	1,321,467
Milano Assicurazioni SpA	129,493	215,277
Parmalat SpA	3	9
Recordati SpA	92,425	863,610
Saipem SpA	80,675	4,079,703
Snam Rete Gas SpA	485,884	2,657,732
Telecom Italia SpA	2,035,184	3,178,721
Telecom Italia RSP	3,983,387	5,270,546
Terna Rete Elettrica Nazionale SpA	419,339	1,933,781
UniCredit Italiano SpA	1,756,898	4,521,266
Japan 23.23%		372,156,580
Advance Residence Investment Corp.	705	1,467,219
AEON Company, Ltd. (L)	175,300	2,212,280
AEON Credit Service Company, Ltd.	115,200	1,758,776
Aiful Corp. (I)(L)	418,000	886,032
Aisin Seiki Company, Ltd.	36,300	1,386,965

See notes to financial statements  Annual report | International Core Fund  15 

	Shares	Value
Japan (continued)
All Nippon Airways Company, Ltd. (I)	342,000	$1,236,032
Alps Electric Company, Ltd.	298,946	4,024,974
Anritsu Corp. (L)	120,000	1,126,033
Asahi Diamond Industrial Company, Ltd.	71,000	1,377,839
Asahi Kasei Corp.	244,000	1,687,459
Astellas Pharma, Inc.	170,900	6,711,641
Bank of Yokohama, Ltd.	182,000	982,296
Canon, Inc.	64,500	3,119,516
Circle K Sunkus Company, Ltd.	32,600	551,066
Cosmo Oil Company, Ltd.	434,000	1,575,135
CyberAgent, Inc.	746	2,394,392
Daiei, Inc. (I)(L)	123,050	501,297
Daikyo, Inc. (I)(L)	829,000	1,611,827
Dainippon Ink & Chemicals, Inc.	298,000	792,817
Dainippon Screen Manufacturing Company, Ltd. (I)	446,000	4,326,764
Daito Trust Construction Company, Ltd.	100,000	8,195,421
Dena Company, Ltd.	87,400	3,374,286
Denki Kagaku Kogyo Kabushiki Kaisha	246,000	1,321,920
Don Quijote Company, Ltd. (L)	56,800	1,979,839
Eisai Company, Ltd. (L)	61,780	2,311,326
Electric Power Development Company, Ltd.	36,200	1,142,967
Fanuc, Ltd.	67,400	10,491,252
Fast Retailing Company, Ltd.	21,300	3,342,884
Fuji Electric Holdings Company, Ltd.	304,000	1,030,080
Fuji Heavy Industries, Ltd.	425,116	3,663,432
Fuji Oil Company, Ltd.	48,500	694,393
Gunze, Ltd.	178,000	766,160
Hanwa Company, Ltd.	331,000	1,542,877
Haseko Corp. (I)	1,737,000	1,620,600
Hikari Tsushin, Inc.	31,000	757,756
Hitachi, Ltd. (L)	1,487,000	9,027,456
Honda Motor Company, Ltd.	246,412	10,743,854
Inpex Corp.	219	1,539,988
Isuzu Motors, Ltd.	864,000	3,893,324
Itochu Corp.	387,000	4,019,691
JFE Holdings, Inc.	68,700	2,170,279
JX Holdings, Inc.	1,794,300	12,617,398
K’s Holding Corp.	80,200	2,708,615
Kajima Corp.	952,000	2,550,150
Kakaku.com, Inc.	236	1,380,209
Kao Corp.	207,850	5,604,440
Kawasaki Kisen Kaisha, Ltd.	684,000	2,987,963
KDDI Corp.	1,106	7,179,628
Komatsu, Ltd.	186,500	5,713,158
Konami Corp.	52,923	1,125,871
Lawson, Inc.	25,100	1,236,560
Leopalace21 Corp. (I)(L)	390,200	661,247
Makino Milling Machine Company, Ltd. (I)	129,000	1,212,345

16  International Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Japan (continued)
Marubeni Corp.	587,824	$4,510,375
Mazda Motor Corp.	1,151,000	2,968,280
Mitsubishi Chemical Holdings Corp.	495,000	3,625,249
Mitsubishi Corp.	68,595	1,903,860
Mitsubishi Electric Corp.	320,000	3,793,949
Mitsubishi UFJ Lease & Finance Company, Ltd.	44,510	1,978,926
Mitsui Mining & Smelting Company, Ltd.	507,000	2,012,948
Mitsui O.S.K. Lines, Ltd.	469,000	3,114,032
Mizuho Financial Group, Inc.	3,090,300	6,371,526
Murata Manufacturing Company, Ltd.	10,700	798,366
Net One Systems Company, Ltd.	375	602,809
Nintendo Company, Ltd.	8,700	2,554,645
Nippon Light Metal Company, Ltd. (I)	972,000	2,094,730
Nippon Steel Corp.	555,000	2,017,494
Nippon Telegraph & Telephone Corp.	199,600	9,763,131
Nippon Yakin Kogyo Company, Ltd. (I)(L)	217,500	617,212
Nippon Yusen Kabushiki Kaisha	826,000	3,646,163
Nissan Motor Company, Ltd.	841,700	8,632,381
Nisshinbo Holdings, Inc.	88,000	965,463
Nitori Company, Ltd.	24,250	2,147,350
Nitto Denko Corp.	61,500	3,717,506
NSK, Ltd.	160,000	1,529,262
NTT DoCoMo, Inc.	5,208	9,787,156
Obayashi Corp.	358,000	1,606,062
OKUMA Corp. (I)	133,000	1,251,599
Omron Corp.	47,500	1,321,575
Oriental Land Company, Ltd.	15,400	1,541,506
ORIX Corp. (L)	63,390	7,121,547
Osaka Gas Company, Ltd.	895,120	3,405,095
Pacific Metals Company, Ltd.	48,000	454,039
Pioneer Corp. (I)	512,200	2,758,919
Point, Inc.	38,340	1,839,762
Resona Holdings, Inc.	602,400	3,290,433
Ricoh Company, Ltd.	144,000	1,905,683
Round One Corp.	219,700	1,441,371
Ryohin Keikaku Company, Ltd. (L)	30,200	1,440,501
Sankyo Company, Ltd.	50,000	2,836,003
Sawai Pharmaceutical Company, Ltd. (L)	11,500	1,078,640
Secom Company, Ltd.	42,000	2,118,990
SEGA SAMMMY HOLDINGS, Inc.	107,600	2,453,388
Seven & I Holdings Company, Ltd.	144,100	4,020,355
Shimamura Company, Ltd.	11,700	1,131,702
Showa Shell Sekiyu KK	119,300	1,081,440
Softbank Corp.	126,600	5,210,733
Sojitz Holdings Corp.	1,416,100	3,192,261
Sumitomo Corp.	603,000	8,948,703
Sumitomo Heavy Industries, Ltd.	184,000	1,294,623
Taiheiyo Cement Corp. (I)	1,950,000	2,905,708

See notes to financial statements  Annual report | International Core Fund  17 

	Shares	Value
Japan (continued)
Taisei Corp.	962,000	$2,276,190
Taisho Pharmaceuticals Company, Ltd.	46,790	1,024,127
Takeda Pharmaceutical Company, Ltd.	415,989	20,699,494
Takefuji Corp.	83,020	1,015
The Sumitomo Trust & Banking Company, Ltd.	603,841	3,844,728
Toho Zinc Company, Ltd.	154,000	881,967
Tokyo Gas Company, Ltd.	304,397	1,359,637
Tokyo Steel Manufacturing Company, Ltd.	133,300	1,487,549
Tokyo Tatemono Company, Ltd.	462,000	2,177,815
TonenGeneral Sekiyu KK	124,133	1,463,702
Tosoh Corp.	370,000	1,326,336
Toyota Motor Corp.	275,400	12,847,898
Toyota Tsusho Corp.	210,400	3,998,342
Tsugami Corp. (L)	96,000	719,021
Unicharm Corp.	38,800	1,502,453
UNY Company, Ltd.	197,500	1,971,509
USS Company, Ltd.	15,240	1,233,788
Yahoo! Japan Corp.	3,295	1,241,754
Yamada Denki Company, Ltd.	54,940	4,194,380
Yamaha Motor Company, Ltd. (I)	98,200	1,741,463
Zeon Corp.	295,000	3,022,232
Netherlands 1.81%		28,967,827
CSM	40,017	1,422,540
Heineken NV	76,367	3,938,276
ING Groep NV (I)	1,316,992	16,515,747
Koninklijke BAM Groep NV	310,529	1,996,554
Koninklijke Boskalis Westinster NV	29,116	1,513,645
Koninklijke DSM NV	29,533	1,735,923
Koninklijke Philips Electronics NV	1	33
Koninklijke Vopak NV	16,044	776,569
Reed Elsevier NV	1	13
Wereldhave NV	10,529	1,068,527
New Zealand 0.32%		5,097,111
Fletcher Building, Ltd.	309,172	2,046,874
Telecom Corp. of New Zealand, Ltd.	1,939,940	3,050,237
Norway 0.17%		2,681,534
DnB NOR ASA	88,393	1,367,176
Yara International ASA	24,800	1,314,358
Portugal 0.02%		259,199
Jeronimo Martins SGPS SA	16,167	259,199
Singapore 2.20%		35,185,832
CapitaCommercial Trust	1,564,000	1,700,697
Cosco Corp. Singapore, Ltd.	522,000	810,479
Ezra Holdings, Ltd.	590,000	726,833
Genting Singapore PLC (I)	2,360,000	3,563,980
Golden Agri-Resources, Ltd.	8,913,000	4,592,886
Jaya Holdings, Ltd. (I)	811,000	354,170

18  International Core Fund | Annual report  See notes to financial statements 

	Shares	Value
Singapore (continued)
Midas Holdings, Ltd.	590,000	$345,067
Neptune Orient Lines, Ltd. (I)	1,444,854	2,334,011
Oversea-Chinese Banking Corp., Ltd.	367,000	2,665,782
SembCorp Marine, Ltd.	912,573	3,843,638
Singapore Exchange, Ltd.	419,000	2,604,766
Singapore Press Holdings, Ltd.	825,000	2,518,015
Singapore Telecommunications, Ltd.	2,104,350	4,929,224
Suntec Real Estate Investment Trust	1,424,000	1,658,260
Swiber Holdings, Ltd. (I)	531,000	329,018
Venture Corp., Ltd.	119,000	886,486
Yangzijiang Shipbuilding Holdings, Ltd.	936,000	1,322,520
Spain 1.85%		29,606,592
Banco Popular Espanol SA	440,427	2,664,047
Banco Santander SA	484,954	5,968,815
Gas Natural SDG SA	90,727	1,549,703
Iberdrola SA	344,455	3,004,930
Inditex SA	44,771	3,239,981
Repsol YPF SA	273,172	9,163,464
Telefonica SA	157,887	4,015,652
Sweden 3.27%		52,442,133
Alfa Laval AB	94,273	1,927,327
Assa Abloy AB, Series B	59,188	1,656,487
Atlas Copco AB, Series A	195,190	4,901,632
Boliden AB	180,420	3,840,227
Hennes & Mauritz AB, B Shares	227,472	7,423,122
Modern Times Group AB, B Shares	30,584	2,048,377
NCC AB	90,165	2,356,529
Sandvik AB	243,614	4,670,593
Scania AB, Series B	61,414	1,368,448
Skandinaviska Enskilda Banken AB, Series A	201,250	1,831,284
SKF AB, B Shares	99,899	2,787,176
Swedbank AB, Class A (I)	454,864	8,013,132
Trelleborg AB, Series B	236,195	2,362,209
Volvo AB, Series B (I)	419,431	7,255,590
Switzerland 5.54%		88,726,877
Clariant AG (I)	137,661	2,269,467
Compagnie Financiere Richemont SA, BR Shares	176,638	10,127,754
Nestle SA	346,096	19,590,797
Novartis AG	564,164	31,683,037
Roche Holdings AG	83,373	12,570,736
Swisscom AG	4,022	1,776,987
Synthes AG	32,618	4,475,532
The Swatch Group AG, BR Shares	14,619	6,232,567
United Kingdom 19.22%		307,966,895
3i Group PLC	335,850	1,704,797
Acergy SA	86,216	2,217,664
Aggreko PLC	84,000	1,975,600

See notes to financial statements  Annual report | International Core Fund  19 

	Shares	Value
United Kingdom (continued)
Amlin PLC	226,458	$1,427,374
Antofagasta PLC	74,448	1,701,764
ARM Holdings PLC	649,429	6,537,211
Asos PLC (I)(L)	39,270	1,202,578
Associated British Foods PLC	84,717	1,330,828
AstraZeneca PLC	741,996	36,179,443
Barclays PLC	1,528,173	7,935,299
BG Group PLC	379,304	9,253,860
BHP Billiton PLC	114,710	4,544,658
BP PLC	933,714	7,524,459
British American Tobacco PLC	88,822	3,554,549
BT Group PLC	3,150,507	9,391,101
Burberry Group PLC	297,824	5,803,942
Capita Group PLC	134,818	1,589,897
Centrica PLC	649,448	3,595,023
Cobham PLC	507,987	1,861,988
Compass Group PLC	294,452	2,648,905
Cookson Group PLC (I)	43,396	461,086
Daily Mail & General Trust	63,676	581,595
Diageo PLC	226,690	4,432,120
Dixons Retail PLC (I)	1,372,811	432,400
Drax Group PLC	364,522	2,339,162
Electrocomponents PLC	106,447	479,138
Eurasian Natural Resources Corp.	91,329	1,431,265
GlaxoSmithKline PLC	2,353,157	45,235,655
Home Retail Group PLC	756,197	2,713,422
HSBC Holdings PLC	171,097	1,883,100
ICAP PLC	102,434	867,018
IMI PLC	174,952	2,527,466
Kazakhmys PLC	75,035	1,760,349
Ladbrokes PLC	13,856	30,540
Lloyds Banking Group PLC (I)	4,787,487	4,831,358
National Express Group PLC (I)	93,384	376,225
Next PLC	128,364	4,128,836
Petrofac, Ltd.	67,161	1,520,623
Punch Taverns PLC (I)	634,860	687,034
Reckitt Benckiser Group PLC	90,566	4,667,489
Reed Elsevier PLC	99,729	890,527
Rio Tinto PLC	193,557	13,653,015
Royal Dutch Shell PLC, A Shares	719,028	25,882,094
Royal Dutch Shell PLC, B Shares	446,919	15,969,896
Sage Group PLC	374,218	1,729,082
Scottish & Southern Energy PLC	159,402	3,210,205
Smith & Nephew PLC	216,744	2,510,083
Standard Chartered PLC	200,534	5,302,171
Taylor Woodrow PLC (I)	1,835,317	1,179,436
Tesco PLC	256,723	1,688,412
The Weir Group PLC	106,169	2,956,948

20  International Core Fund | Annual report  See notes to financial statements 

			Shares	Value
United Kingdom (continued)
Travis Perkins PLC			138,518	$2,239,950
Trinity Mirror PLC (I)			140,795	185,401
Unilever PLC			1	30
United Utilities Group PLC			101,648	979,204
Vodafone Group PLC			7,600,234	21,565,727
William Hill PLC			423,222	1,321,155
Wolseley PLC (I)			164,064	5,709,168
WPP PLC			168,025	2,311,523
Xstrata PLC			220,682	5,036,980
Yell Group PLC (I)(L)			2,421,736	279,067
			Shares	Value
Preferred Securities 1.06%				$17,006,279
(Cost $12,776,808)
Germany 1.06%				17,006,279
Bayerische Motoren Werke AG			11,115	598,903
Henkel AG & Company KGaA			19,368	1,167,467
Porsche Automobil Holding SE			40,879	3,238,289
ProSiebenSat.1 Media AG			94,563	3,058,860
Volkswagen AG			52,736	8,942,760
			Shares	Value
Rights 0.00%				$1
(Cost $0)
Austria 0.00%				1
Immofinanz AG (Expiration Date: 3-2-11, Strike Price: EUR 4.12) (I)(L)			395,708	1
			Shares	Value
Securities Lending Collateral 2.61%				$41,799,045
(Cost $41,797,486)
John Hancock Collateral Investment Trust (W)		0.2855% (Y)	4,176,814	41,799,045
		Maturity
		date	Par value	Value
Short-Term Investments 3.68%				$58,852,163
(Cost $58,852,092)
U.S. Government 0.21%				3,349,920
U.S. Treasury Bills	0.1800%	3-10-11	$3,350,000	3,349,920
			Shares	Value
Short-Term Securities 3.47%				55,502,243
State Street Institutional Treasury Money
Market Fund	0.0453% (Y)		55,502,243	55,502,243
Total investments (Cost $1,465,969,029)† 101.51%			$1,626,435,361
Other assets and liabilities, net (1.51%)				($24,121,312)
Total net assets 100.00%			$1,602,314,049

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

See notes to financial statements  Annual report | International Core Fund  21 

Notes to Schedule of Investments

Currency abbreviation
EUR	Euro

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W)Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $1,488,147,472. Net unrealized appreciation aggregated $138,287,889, of which $204,457,955 related to appreciated investment securities and $66,170,066 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 2-28-11:

Consumer Discretionary	16%
Health Care	15%
Energy	12%
Financials	12%
Industrials	11%
Materials	8%
Telecommunication Services	7%
Consumer Staples	6%
Utilities	5%
Information Technology	4%
Short-Term Investments & Other	4%

22  International Core Fund | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $1,424,171,543)
including $39,580,580 of securities loaned (Note 2)	$1,584,636,316
Investments in affiliated issuers, at value (Cost $41,797,486) (Note 2)	41,799,045
Total investments, at value (Cost $1,465,969,029)	1,626,435,361
Foreign currency, at value (Cost $530,322)	534,886
Cash held at broker for futures contracts	8,102,405
Receivable for investments sold	1,555,702
Receivable for forward foreign currency exchange contracts (Note 3)	2,077,843
Receivable for fund shares sold	4,166,757
Dividends and interest receivable	6,300,085
Receivable for securities lending income	36,357
Receivable for futures variation margin	232,630
Other receivables and prepaid expenses	115,371
Total assets	1,649,557,397
Liabilities
Payable for investments purchased	753
Payable for forward foreign currency exchange contracts (Note 3)	2,922,469
Payable for fund shares repurchased	1,577,835
Payable upon return of securities loaned (Note 2)	41,764,997
Payable to affiliates
Accounting and legal services fees	26,383
Transfer agent fees	124,477
Distribution and service fees	110
Trustees’ fees	33,952
Investment management fees	37,909
Other liabilities and accrued expenses	754,463
Total liabilities	47,243,348
Net assets
Capital paid-in	$1,659,115,316
Undistributed net investment income	2,757,635
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions	(221,234,537)
Net unrealized appreciation (depreciation) on investments, futures
contracts and translation of assets and liabilities in foreign currencies	161,675,635
Net assets	$1,602,314,049

See notes to financial statements  Annual report | International Core Fund  23 

F I N A N C I A L   S T A T E M E N T S

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 ($332,891,503 ÷ 10,791,010 shares)	$30.85
Class B ($5,455,296 ÷ 177,672 shares)1	$30.70
Class C ($5,444,780 ÷ 177,302 shares)1	$30.71
Class I ($290,609,070 ÷ 9,391,796 shares)	$30.94
Class R1 ($229,120 ÷ 7,446 shares)	$30.77
Class R3 ($33,154 ÷ 1,072 shares)	$30.942
Class R4 ($33,666 ÷ 1,088 shares)	$30.94
Class R5 ($68,651 ÷ 2,219 shares)	$30.94
Class 1 ($47,113,203 ÷ 1,520,089 shares)	$30.99
Class NAV ($920,435,606 ÷ 29,712,520 shares)	$30.98
Maximum offering price per share
Class A (net asset value per share ÷ 95%)3	$32.47

¹ Redemption price is equal to net asset value less any applicable contingent deferred sales charge.
² Net assets and shares outstanding have been rounded for presentation purposes. The net asset value is as reported on 2-28-11.
³ 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.

24  International Core Fund | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$40,798,496
Securities lending	1,567,413
Interest	46,538
Less foreign taxes withheld	(3,497,023)
Total investment income	38,915,424
Expenses
Investment management fees (Note 5)	12,067,909
Distribution and service fees (Note 5)	934,606
Accounting and legal services fees (Note 5)	169,034
Transfer agent fees (Note 5)	680,446
Trustees’ fees (Note 5)	77,837
State registration fees (Note 5)	119,689
Printing and postage (Note 5)	238,359
Professional fees	186,633
Custodian fees	1,344,642
Registration and filing fees	47,744
Other	40,053
Total expenses	15,906,952
Less expense reductions (Note 5)	(88,821)
Net expenses	15,818,131
Net investment income	23,097,293
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	2,784,606
Investments in affiliated issuers	(22,286)
Futures contracts (Note 3)	584,787
Foreign currency transactions	2,277,239
	5,624,346
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	246,555,446
Investments in affiliated issuers	945
Futures contracts (Note 3)	3,767,544
Translation of assets and liabilities in foreign currencies	(513,652)
	249,810,283
Net realized and unrealized gain	255,434,629
Increase in net assets from operations	$278,531,922

See notes to financial statements  Annual report | International Core Fund  25 

F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$23,097,293	$17,429,122
Net realized gain (loss)	5,624,346	(138,521,721)
Change in net unrealized appreciation (depreciation)	249,810,283	420,053,420
Increase in net assets resulting from operations	278,531,922	298,960,821
Distributions to shareholders
From net investment income
Class A	(3,147,377)	(3,861,204)
Class B	(20,240)	(95,282)
Class C	(19,160)	(73,557)
Class I	(3,662,817)	(1,997,302)
Class R1	(1,465)	(2,466)
Class R3	(245)	(477)
Class R4	(330)	(554)
Class R5	(672)	(631)
Class 1	(671,339)	(1,080,309)
Class NAV	(13,024,392)	(18,258,674)
Total distributions	(20,548,037)	(25,370,456)
From Fund share transactions (Note 6)	179,570,655	188,583,389
Total increase	437,554,540	462,173,754
Net assets
Beginning of year	1,164,759,509	702,585,755
End of year	$1,602,314,049	$1,164,759,509
Undistributed (Accumulated distributions in excess of)
net investment income	$2,757,635	($3,293,725)

26  International Core Fund | Annual report  See notes to financial statements 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.74	$18.43	$39.06	$43.30	$36.26
Net investment income2	0.33	0.24	0.76	0.35	0.63
Net realized and unrealized gain (loss) on investments	5.09	7.59	(18.65)	(0.35)	6.79
Total from investment operations	5.42	7.83	(17.89)	—	7.42
Less distributions
From net investment income	(0.31)	(0.52)	(1.56)	(0.45)	—
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.31)	(0.52)	(2.74)	(4.24)	(0.38)
Net asset value, end of year	$30.85	$25.74	$18.43	$39.06	$43.30
Total return (%)3	21.13	42.33	(47.16)	(0.76)	20.48
Ratios and supplemental data
Net assets, end of year (in millions)	$333	$225	$54	$130	$12
Ratios (as a percentage of average net assets):
Expenses before reductions	1.61	1.954	1.75	1.68	2.23
Expenses net of fee waivers	1.60	1.664	1.75	1.65	1.40
Expenses net of fee waivers and credits	1.60	1.624	1.70	1.65	1.40
Net investment income	1.21	0.94	2.33	0.78	1.58
Portfolio turnover (%)	39	44	54	505	37

¹ Effective 6-12-06, shareholders of the former GMO International Disciplined Equity Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock International Core Fund. Additionally, the accounting and performance history of the former GMO International Disciplined Equity Fund was redesignated as that of John Hancock International Core Fund Class A.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁵ Excludes merger activity.

See notes to financial statements  Annual report | International Core Fund  27 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.62	$18.36	$38.80	$43.08	$35.92
Net investment income (loss)2	0.18	0.17	0.53	—3	(0.25)
Net realized and unrealized gain (loss) on investments	5.01	7.44	(18.49)	(0.33)	7.79
Total from investment operations	5.19	7.61	(17.96)	(0.33)	7.54
Less distributions
From net investment income	(0.11)	(0.35)	(1.30)	(0.16)	—
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.11)	(0.35)	(2.48)	(3.95)	(0.38)
Net asset value, end of year	$30.70	$25.62	$18.36	$38.80	$43.08
Total return (%)4	20.28	41.35	(47.53)	(1.48)	21.015
Ratios and supplemental data
Net assets, end of year (in millions)	$5	$6	$7	$20	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	2.36	3.076	2.75	2.48	6.837
Expenses net of fee waivers	2.30	2.366	2.63	2.41	2.397
Expenses net of fee waivers and credits	2.30	2.336	2.40	2.40	2.397
Net investment income (loss)	0.65	0.69	1.64	—8	(0.84)7
Portfolio turnover (%)	39	44	54	509	37

¹ The inception date for Class B shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Less than $0.005 per share.
⁴ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁵ Not annualized.
⁶ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁷ Annualized.
⁸ Less than 0.005%.
⁹ Excludes merger activity.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.62	$18.36	$38.81	$43.09	$35.92
Net investment income (loss)2	0.17	0.15	0.55	0.13	(0.24)
Net realized and unrealized gain (loss) on investments	5.03	7.46	(18.52)	(0.46)	7.79
Total from investment operations	5.20	7.61	(17.97)	(0.33)	7.55
Less distributions
From net investment income	(0.11)	(0.35)	(1.30)	(0.16)	—
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.11)	(0.35)	(2.48)	(3.95)	(0.38)
Net asset value, end of year	$30.71	$25.62	$18.36	$38.81	$43.09
Total return (%)3	20.32	41.35	(47.55)	(1.48)	21.044
Ratios and supplemental data
Net assets, end of year (in millions)	$5	$5	$4	$15	$4
Ratios (as a percentage of average net assets):
Expenses before reductions	2.47	2.695	2.59	2.49	3.726
Expenses net of fee waivers	2.30	2.365	2.43	2.40	2.396
Expenses net of fee waivers and credits	2.30	2.335	2.40	2.40	2.396
Net investment income (loss)	0.62	0.60	1.69	0.28	(0.79)6
Portfolio turnover (%)	39	44	54	507	37

¹ The inception date for Class C shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.
⁷ Excludes merger activity.

28  International Core Fund | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, end of year	$25.80	$18.45	$39.20	$43.43	$35.92
Net investment income2	0.45	0.35	0.94	0.55	0.16
Net realized and unrealized gain (loss) on investments	5.12	7.63	(18.77)	(0.35)	7.73
Total from investment operations	5.57	7.98	(17.83)	0.20	7.89
Less distributions
From net investment income	(0.43)	(0.63)	(1.74)	(0.64)	—
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.43)	(0.63)	(2.92)	(4.43)	(0.38)
Net asset value, end of year	$30.94	$25.80	$18.45	$39.20	$43.43
Total return (%)3	21.73	43.10	(46.91)	(0.33)	21.994
Ratios and supplemental data
Net assets, end of year (in millions)	$291	$84	$1	$3	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.12	1.06	2.37	2.34	12.526
Expenses net of fee waivers	1.12	1.06	1.18	1.18	1.206
Expenses net of fee waivers and credits	1.12	1.06	1.18	1.18	1.206
Net investment income	1.61	1.34	2.87	1.24	0.566
Portfolio turnover (%)	39	44	54	507	37

¹ The inception date for Class I shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.
⁷ Excludes merger activity.

CLASS R1 SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.67	$18.36	$38.94	$43.19	$35.92
Net investment income (loss)2	0.24	0.23	0.69	0.66	(0.03)
Net realized and unrealized gain (loss) on investments	5.06	7.50	(18.54)	(0.69)	7.68
Total from investment operations	5.30	7.73	(17.85)	(0.03)	7.65
Less distributions
From net investment income	(0.20)	(0.42)	(1.55)	(0.43)	—
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.20)	(0.42)	(2.73)	(4.22)	(0.38)
Net asset value, end of year	$30.77	$25.67	$18.36	$38.94	$43.19
Total return (%)3	20.71	42.00	(47.16)	(0.82)	21.324
Ratios and supplemental data
Net assets, end of year (in millions)	—5	—5	—5	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	6.88	8.856	15.16	13.85	20.407
Expenses net of fee waivers	1.92	1.926	2.10	1.70	1.947
Expenses net of fee waivers and credits	1.92	1.926	1.70	1.70	1.947
Net investment income (loss)	0.90	0.92	2.21	1.48	(0.10)7
Portfolio turnover (%)	39	44	54	508	37

¹ The inception date for Class R1 shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁷ Annualized.
⁸ Excludes merger activity.

See notes to financial statements  Annual report | International Core Fund  29 

CLASS R3 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of year	$25.80	$23.33
Net investment income2	0.29	0.02
Net realized and unrealized gain on investments	5.08	2.90
Total from investment operations	5.37	2.92
Less distributions
From net investment income	(0.23)	(0.45)
Net asset value, end of year	$30.94	$25.80
Total return (%)3	20.87	12.404
Ratios and supplemental data
Net assets, end of year (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	44.55	10.976
Expenses net of fee waivers	1.83	1.916
Expenses net of fee waivers and credits	1.83	1.916
Net investment income	1.05	0.106
Portfolio turnover (%)	39	44

¹ The inception date for Class R3 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

CLASS R4 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of year	$25.80	$23.33
Net investment income2	0.37	0.08
Net realized and unrealized gain on investments	5.08	2.91
Total from investment operations	5.45	2.99
Less distributions
From net investment income	(0.31)	(0.52)
Net asset value, end of year	$30.94	$25.80
Total return (%)3	21.21	12.694
Ratios and supplemental data
Net assets, end of year (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	44.22	10.716
Expenses net of fee waivers	1.53	1.616
Expenses net of fee waivers and credits	1.53	1.616
Net investment loss	1.34	0.406
Portfolio turnover (%)	39	44

¹ The inception date for Class R4 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

30  International Core Fund | Annual report  See notes to financial statements 

CLASS R5 SHARES Period ended	2-28-11	2-28-101
Per share operating performance
Net asset value, beginning of year	$25.79	$23.33
Net investment income2	0.44	0.14
Net realized and unrealized gain on investments	5.10	2.91
Total from investment operations	5.54	3.05
Less distributions
From net investment income	(0.39)	(0.59)
Net asset value, end of year	$30.94	$25.79
Total return (%)3	21.59	12.954
Ratios and supplemental data
Net assets, end of year (in millions)	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	31.41	10.506
Expenses net of fee waivers	1.22	1.316
Expenses net of fee waivers and credits	1.22	1.316
Net investment income	1.58	0.706
Portfolio turnover (%)	39	44

¹ The inception date for Class R5 shares is 5-22-09.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Annualized.

CLASS 1 SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.84	$18.48	$39.22	$43.43	$40.56
Net investment income2	0.50	0.46	0.93	0.95	0.02
Net realized and unrealized gain (loss) on investments	5.09	7.54	(18.74)	(0.72)	3.26
Total from investment operations	5.59	8.00	(17.81)	0.23	3.28
Less distributions
From net investment income	(0.44)	(0.64)	(1.75)	(0.65)	(0.03)
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.44)	(0.64)	(2.93)	(4.44)	(0.41)
Net asset value, end of year	$30.99	$25.84	$18.48	$39.22	$43.43
Total return (%)3	21.75	43.11	(46.83)	(0.25)	8.114
Ratios and supplemental data
Net assets, end of year (in millions)	$47	$44	$34	$74	$82
Ratios (as a percentage of average net assets):
Expenses before reductions	1.07	1.085	1.10	1.16	1.236
Expenses net of fee waivers	1.07	1.075	1.10	1.14	1.176
Expenses net of all fee waivers and credits	1.07	1.075	1.10	1.14	1.176
Net investment income	1.83	1.83	2.88	2.09	0.166
Portfolio turnover (%)	39	44	54	507	37

¹ The inception date for Class 1 shares is 11-6-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.
⁷ Excludes merger activity.

See notes to financial statements  Annual report | International Core Fund  31 

CLASS NAV SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$25.82	$18.47	$39.21	$43.42	$39.18
Net investment income2	0.51	0.49	0.99	0.95	0.08
Net realized and unrealized gain (loss) on investments	5.10	7.51	(18.78)	(0.70)	4.58
Total from investment operations	5.61	8.00	(17.79)	0.25	4.66
Less distributions
From net investment income	(0.45)	(0.65)	(1.77)	(0.67)	(0.04)
From net realized gain	—	—	(1.18)	(3.79)	(0.38)
Total distributions	(0.45)	(0.65)	(2.95)	(4.46)	(0.42)
Net asset value, end of year	$30.98	$25.82	$18.47	$39.21	$43.42
Total return (%)3	21.85	43.14	(46.80)	(0.20)	11.904
Ratios and supplemental data
Net assets, end of year (in millions)	$920	$800	$603	$1,415	$1,244
Ratios (as a percentage of average net assets):
Expenses before reductions	1.02	1.045	1.04	1.11	1.086
Expenses net of fee waivers	1.02	1.025	1.04	1.08	1.086
Expenses net of fee waivers and credits	1.02	1.025	1.04	1.08	1.086
Net investment income	1.87	1.99	3.06	2.09	0.386
Portfolio turnover (%)	39	44	54	507	37

¹ The inception date for Class NAV shares is 8-29-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.
⁷ Excludes merger activity.

32  International Core Fund | Annual report  See notes to financial statements 

Notes to financial statements

Note 1 — Organization

John Hancock International Core Fund (the Fund) is a diversified 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, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees 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, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Annual report | International Core Fund  33 

The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

				LEVEL 3
			LEVEL 2	SIGNIFICANT
	TOTAL MARKET	LEVEL 1	SIGNIFICANT	UNOBSERVABLE
	VALUE AT 2-28-11	QUOTED PRICE	OBSERVABLE INPUTS	INPUTS
Common Stocks
Australia	$68,269,545	—	$68,269,545	—
Austria	8,825,928	—	8,825,928	—
Belgium	13,004,057	—	13,004,057	—
Bermuda	1,551,515	—	1,551,515	—
Canada	40,858,275	$40,858,275	—	—
Denmark	26,207,386	—	26,207,386	—
Finland	17,537,421	—	17,537,421	—
France	168,902,508	—	168,902,508	—
Germany	101,002,135	—	101,002,135	—
Greece	7,484,844	—	7,484,844	—
Hong Kong	24,272,304	—	24,272,304	—
Ireland	15,729,846	—	15,729,846	—
Israel	4,667,196	—	4,667,196	—
Italy	87,374,334	—	87,374,334	—
Japan	372,156,580	—	372,156,580	—
Netherlands	28,967,827	—	28,967,827	—
New Zealand	5,097,111	—	5,097,111	—
Norway	2,681,534	—	2,681,534	—
Portugal	259,199	—	259,199	—
Singapore	35,185,832	—	35,185,832	—
Spain	29,606,592	—	29,606,592	—
Sweden	52,442,133	—	52,442,133	—
Switzerland	88,726,877	—	88,726,877	—
United Kingdom	307,966,895	—	307,966,895	—
Preferred Securities
Germany	17,006,279	—	17,006,279	—
Securities Lending
Collateral	41,799,045	41,799,045	—	—
Short-Term Investments	58,852,163	55,502,243	3,349,920	—
Total Investments in
Securities	$1,626,435,361	$138,159,563	$1,488,275,798	—
Other Financial
Instruments
Futures	$1,940,287	$1,940,287	—	—
Forward Foreign
Currency Contracts	($844,626)	—	($844,626)	—

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies, including forward foreign

34  International Core Fund | Annual report 

currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where 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. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Real estate investment trusts. From time to time, the Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Distributions from REITs received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. 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 is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. 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. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

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 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. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. 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.

Annual report | International Core Fund  35 

The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net 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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar agreement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value 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 appropriate net asset value 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $208,228,163 available to offset future net realized capital gains as of February 28, 2011. The following table details the capital loss carryforward available as of February 28, 2011.

CAPITAL LOSS CARRYFORWARD EXPIRING AT FEBRUARY 28
2017	2018	2019
$18,555,069	$182,628,123	$7,044,971

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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

36  International Core Fund | Annual report 

their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is 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 and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	$20,548,037	$25,370,456

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $11,905,858 of undistributable ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material 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 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 foreign currency transactions, passive foreign investment companies, wash sale loss deferrals and derivative transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the Fund to the risk that the counterparty to an over-the-counter (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. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, 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 hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. 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 contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

Annual report | International Core Fund  37 

During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from $92.0 million to $133.8 million, as measured at each quarter end.

					UNREALIZED
OPEN	NUMBER OF				APPRECIATION
CONTRACTS	CONTRACTS	POSITION	EXPIRATION DATE	NOTIONAL VALUE	(DEPRECIATION)
DAX Index Futures	72	Long	Mar 2011	$18,071,686	$648,954
FTSE 100 Index	264	Long	Mar 2011	25,636,547	624,775
Futures
FTSE MIB Index	141	Long	Mar 2011	21,868,052	1,732,374
Futures
SGX MSCI Singapore	170	Long	Mar 2011	9,453,059	(46,249)
Index Futures
TOPIX Index Futures	93	Long	Mar 2011	10,811,442	582,928
ASX SPI 200 Index	226	Short	Mar 2011	(27,761,782)	(201,143)
Futures
S&P TSE 60 Index	121	Short	Mar 2011	(20,240,770)	(1,401,352)
Futures
Total					$1,940,287

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency 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, the risk that currency movements will not occur, 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.

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 a 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.

During the year ended February 28, 2011, the Fund used forward foreign currency contracts to hedge against anticipated currency exchange rates. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held forward foreign currency contracts with USD absolute values ranging from $115.2 million to $308.5 million, as measured at each quarter end.

38  International Core Fund | Annual report 

	PRINCIPAL	PRINCIPAL
	AMOUNT	AMOUNT COVERED			UNREALIZED
	COVERED BY	BY CONTRACT		SETTLEMENT	APPRECIATION
CURRENCY	CONTRACT	(USD)	COUNTERPARTY	DATE	(DEPRECIATION)
Buys
GBP	3,234,062	$5,182,332	Bank of America N.A.	4-20-11	$72,819
GBP	3,260,002	5,217,470	Brown Brothers	4-20-11	79,831
			Harriman & Company
GBP	17,093,966	27,332,055	Mellon Bank NA	4-20-11	444,587
GBP	16,602,804	26,527,014	Morgan Stanley	4-20-11	451,521
			Capital Services, Inc.
HKD	41,093,478	5,276,512	Barclays Bank PLC	4-20-11	2,540
HKD	105,805,753	13,582,253	Brown Brothers	4-20-11	10,027
			Harriman & Company
HKD	41,093,478	5,275,672	Morgan Stanley	4-20-11	3,380
			Capital Services, Inc.
HKD	82,186,956	10,549,503	State Street Bank &	4-20-11	8,601
			Trust Company
SEK	160,534,185	24,596,837	Deutsche Bank AG	4-20-11	689,678
SGD	26,662,857	20,801,430	Bank of America N.A.	4-20-11	169,447
SGD	13,331,429	10,399,742	Barclays Bank PLC	4-20-11	85,697
SGD	1,876,439	1,463,503	Mellon Bank NA	4-20-11	12,354
SGD	3,752,879	2,926,530	Royal Bank of Scotland	4-20-11	25,186
			PLC
SGD	1,876,439	1,463,145	State Street Bank &	4-20-11	12,713
			Trust Company
Total		$160,593,998			$2,068,381
Sells
CAD	20,258,042	$20,465,067	Bank of America N.A.	4-20-11	($364,430)
CAD	5,475,675	5,531,158	Morgan Stanley	4-20-11	(98,979)
			Capital Services, Inc.
CAD	9,324,164	9,422,402	Royal Bank of Scotland	4-20-11	(164,785)
			PLC
CHF	7,466,186	7,693,292	Barclays Bank PLC	4-20-11	(346,214)
CHF	4,484,764	4,620,705	Brown Brothers	4-20-11	(208,439)
			Harriman & Company
CHF	1,830,252	1,881,253	Deutsche Bank AG	4-20-11	(89,542)
CHF	8,197,186	8,453,853	Royal Bank of Scotland	4-20-11	(372,785)
			PLC
DKK	56,230,617	10,147,211	Royal Bank of Scotland	4-20-11	(256,201)
			PLC
DKK	56,230,617	10,154,880	State Street Bank &	4-20-11	(248,531)
			Trust Company
EUR	5,256,000	7,076,169	Morgan Stanley	4-20-11	(172,418)
			Capital Services, Inc.
EUR	10,666,523	14,351,828	Royal Bank of Scotland	4-20-11	(358,448)
			PLC
EUR	2,701,000	3,634,844	State Street Bank &	4-20-11	(90,124)
			Trust Company
JPY	251,402,000	3,017,687	JPMorgan Chase Bank	4-20-11	(56,533)
JPY	424,686,000	5,098,149	Mellon Bank NA	4-20-11	(95,040)
NZD	3,623,763	2,726,338	Royal Bank of Scotland	4-20-11	9,462
			PLC
Total		$114,274,836			($2,913,007)

Annual report | International Core Fund  39 

Currency Abbreviations
CAD	Canadian Dollar	HKD	Hong Kong Dollar
CHF	Swiss Franc	JPY	Japanese Yen
DKK	Danish Krone	NZD	New Zealand Dollar
EUR	Euro	SEK	Swedish Krona
GBP	Pound Sterling	SGD	Singapore Dollar

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at February 28, 2011 by risk category:

		FINANCIAL	ASSET	LIABILITY
	STATEMENT OF ASSETS AND	INSTRUMENTS	DERIVATIVES	DERIVATIVES
RISK	LIABILITIES LOCATION	LOCATION	FAIR VALUE	FAIR VALUE
Equity contracts	Receivable for futures	Futures†	$3,589,031	($1,648,744)
Foreign exchange	Receivable/payable for	Forward for-	2,077,843	(2,922,469)
contracts	forward foreign currency	eign currency
	contracts	contracts
Total			$5,666,874	($4,571,213)

† Reflects cumulative appreciation/deprecation of futures as disclosed in Note 3. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

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, 2011:

			FOREIGN
	STATEMENT OF	FUTURES	CURRENCY
RISK	OPERATIONS LOCATION	CONTRACTS	TRANSACTIONS*	TOTAL
Equity contracts	Net realized gain	$584,787	—	$584,787
Foreign exchange	Net realized gain	—	$2,336,962	2,336,962
contracts	(loss)
Total		$584,787	$2,336,962	$2,921,749

* Realized gain/loss associated with forward foreign currency contracts is included in this caption 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, 2011:

			TRANSLATION OF ASSETS
	STATEMENT OF OPERATIONS	FUTURES	AND LIABILITIES IN
RISK	LOCATION	CONTRACTS	FOREIGN CURRENCIES*	TOTAL
Equity contracts	Change in unrealized	$3,767,544	—	$3,767,544
	appreciation
	(depreciation)
Foreign exchange	Change in unrealized	—	($632,837)	(632,837)
contracts	appreciation
	(depreciation)
Total		$3,767,544	($632,837)	$3,134,707

* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

40  International Core Fund | Annual report 

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: a) 0.920% of the first $100,000,000 of the Fund’s average daily net assets; b) 0.895% of the next $900,000,000; c) 0.880% of the next $1,000,000,000; d) 0.850% of the next $1,000,000,000; e) 0.825% of the next $1,000,000,000; and f) 0.800% of the Fund’s average daily net asset in excess of $4,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.89% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.60%, 2.30%, 2.30%, 1.14%, 1.89%, 1.79%, 1.49%, 1.19% and 1.10% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5 and Class 1 shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.60%, 2.30%, 2.30%, 1.12%, 2.00%, 1.90%, 1.60%, 1.30%, 1.10% and 1.05% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class 1 and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $29,949, $3,265, $8,547, $9,495, $12,495, $12,509 and $12,561 for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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, 2011, 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, Class R1, Class R3, Class R4 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

Annual report | International Core Fund  41 

service plan for Class R1, Class R3, Class R4 and Class R5 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	12b–1 FEES	SERVICE FEE
Class A	0.30%	—
Class B	1.00%	—
Class C	1.00%	—
Class R1	0.50%	0.25%
Class R3	0.50%	0.15%
Class R4	0.25%	0.10%
Class R5	—	0.05%
Class 1	0.05%	—

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $35,481 for the year ended February 28, 2011. Of this amount, $5,248 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $24,001 was paid as sales commissions to broker-dealers and $6,232 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $8,698 and $340 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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.

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, Class C, Class R1, Class R3, Class R4 and Class R5 shares and 0.04% for Class I shares, based on each class’s average daily net assets.

42  International Core Fund | Annual report 

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$803,006	$552,198	$24,444	$195,311
Class B	57,089	19,097	(1,219)	1,428
Class C	51,226	13,465	7,848	1,546
Class I	—	94,225	42,727	40,624
Class R1	1,144	479	9,337	257
Class R3	146	320	12,184	85
Class R4	73	320	12,184	85
Class R5	2	342	12,184	117
Class 1	21,920	—	—	(1,094)
Total	$934,606	$680,446	$119,689	$238,359

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates – Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-101
	Shares	Amount	Shares	Amount
Class A shares
Sold	4,988,845	$135,149,591	6,631,074	$175,433,435
Distributions reinvested	107,875	3,096,325	127,968	3,461,527
Repurchased	(3,062,983)	(83,492,001)	(937,289)	(23,342,208)
Net increase	2,033,737	$54,753,915	5,821,753	$155,552,754
Class B shares
Sold	16,897	$459,057	34,238	$822,466
Distributions reinvested	657	18,794	3,234	87,218
Repurchased	(89,983)	(2,431,531)	(157,836)	(3,860,326)
Net decrease	(72,429)	($1,953,680)	(120,364)	($2,950,642)
Class C shares
Sold	42,245	$1,142,066	33,391	$831,273
Distributions reinvested	552	15,791	2,024	54,586
Repurchased	(70,516)	(1,901,411)	(70,882)	(1,706,967)
Net decrease	(27,719)	($743,554)	(35,467)	($821,108)
Class I shares
Sold	7,465,309	$205,795,143	3,684,749	$84,068,147
Distributions reinvested	125,109	3,598,127	69,850	1,892,236
Repurchased	(1,435,344)	(40,176,056)	(566,742)	(14,806,818)
Net increase	6,155,074	$169,217,214	3,187,857	$71,153,565

Annual report | International Core Fund  43 

	Year ended 2-28-11		Year ended 2-28-101
	Shares	Amount	Shares	Amount
Class R1 shares
Sold	1,366	$35,353	2,549	$60,268
Distributions reinvested	51	1,465	91	2,466
Repurchased	(323)	(8,639)	(897)	(22,016)
Net increase	1,094	$28,179	1,743	$40,718
Class R3 shares
Sold	—	—	1,072	$25,000
Net increase	—	—	1,072	$25,000
Class R4 shares
Sold	16	$504	1,072	$25,000
Net increase	16	$504	1,072	$25,000
Class R5 shares
Sold	959	$27,352	1,425	$34,030
Distributions reinvested	9	255	—	—
Repurchased	—	(8)	(174)	(4,500)
Net increase	968	$27,599	1,251	$29,530
Class 1 shares
Sold	125,007	$3,404,068	125,633	$3,081,025
Distributions reinvested	23,310	671,339	39,820	1,080,309
Repurchased	(312,147)	(8,546,125)	(306,337)	(7,335,607)
Net decrease	(163,830)	($4,470,718)	(140,884)	($3,174,273)
Class NAV shares
Sold	3,439,057	$88,261,114	4,768,948	$118,536,541
Distributions reinvested	452,550	13,024,392	673,503	18,258,674
Repurchased	(5,176,286)	(138,574,310)	(7,076,676)	(168,092,370)
Net decrease	(1,284,679)	($37,288,804)	(1,634,225)	($31,297,155)
Net increase	6,642,232	$179,570,655	7,083,808	$188,583,389

¹ The inception date for Class R3, Class R4 and Class R5 shares is 5-22-09.

Affiliates of the Fund owned 47%, 100%, 99% and 48% of shares of beneficial interest of Class R1, Class R3, Class R4 and Class R5 shares, respectively, on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $710,197,121 and $500,879,445, respectively, for the year ended February 28, 2011.

44  International Core Fund | Annual report 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock International Core Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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, 2011, and the results of its operations, the changes in its net assets 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, 2011 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 19, 2011

Annual report | International Core Fund  45 

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, 2011.

The Fund designates 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. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

Income derived from foreign sources was $22,101,128. The Fund intends to pass through foreign tax credits of $1,716,697 for the fiscal year ended February 28, 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

46  International Core Fund | Annual report 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

Annual report | International Core Fund  47 

Independent Trustees (continued)

Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

48  International Core Fund | Annual report 

Non-Independent Trustees³ (continued)

Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

Annual report | International Core Fund  49 

Principal officers who are not Trustees (continued)

Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

50  International Core Fund | Annual report 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Grantham, Mayo, Van Otterloo & Co. LLC
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer

*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

Annual report | International Core Fund  51 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Core Fund.	6600A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

U.S. stocks delivered solid gains during the 12 months ended February 28, 2011, all of them occurring in the second half of the period. The first six months saw the market struggle with concern about the European sovereign debt crisis, weakness in the energy sector following a massive oil spill in the Gulf of Mexico and tepid data on the U.S. economy. However, after Fed Chairman Ben Bernanke proposed another round of quantitative easing at the end of August to stimulate economic growth, an impressive rally ensued that boosted the Fund’s benchmark, the Russell 2500 Growth Index, to a gain of 36.42% for the period, while the average small growth fund monitored by Morningstar, Inc. advanced 34.61%.

During the 12-month period, John Hancock Growth Opportunities Fund’s Class A shares returned 40.83% at net asset value, handily beating the Russell 2500 Growth Index and the Morningstar peer average. Favorable stock selection was the main driver of the Fund’s outperformance, with industrials, information technology and consumer discretionary adding the most value. At the stock level, the Fund’s results were aided by two communications equipment stocks, Acme Packet, Inc. and F5 Networks, Inc. Acme Packet, the top contributor, makes session-border-control equipment used to integrate Internet Protocol (IP) capabilities with corporate phone systems. The company hit a sweet spot in the adoption of its products, and its stock gained more than 350% during the period. Other contributors included Polypore International, Inc. and WABCO Holdings, Inc., both from the industrials sector. Consumer discretionary holdings Fossil, Inc. and Deckers Outdoor Corp. bolstered performance as well. Conversely, an underweighting and weak stock selection in energy detracted. Stocks that had a negative impact included Genworth Financial, Inc., which was hampered by poor performance in its residential mortgage and mortgage insurance businesses. Additionally, the company suffered a downgrade in its credit rating. Lincare Holdings, Inc. a provider of respiratory care equipment, Cree, Inc., a maker of LED (light-emitting diode) lights, and coal producer Massey Energy Company also weighed on performance. We sold Genworth, Cree and Massey Energy during the period.

This commentary reflects the views of the portfolio management team through the end of the Fund’s period discussed in this report. The team’s statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

The Fund is non-diversified, which means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a diversified fund. 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.

6  Growth Opportunities Fund | Annual report 

A look at performance

For the period ended February 28, 2011
	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception1	1-year	5-year	10-year	inception1
Class A2	33.78	–0.51	—	1.00	33.78	–2.51	—	5.57
Class B2	34.84	–0.51	—	1.13	34.84	–2.54	—	6.31
Class C2	38.78	–0.12	—	1.29	38.78	–0.60	—	7.26
Class i2,3	41.44	1.00	—	2.44	41.44	5.12	—	14.03

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.50%, Class B — 2.20%, Class C — 2.20% and Class I — 1.04%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.81%, Class B —2.52%, Class C — 2.98% and Class I — 25.10%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses would increase and results would have been less favorable.

¹ From 9-16-05.

² On 6-9-06, through a reorganization the Fund acquired all of the assets of the GMO Small/Mid Cap Growth 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. The inception date for Class B, Class C and Class I shares is 6-12-06; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C and Class I shares, respectively.

³ For certain types of investors, as described in the Fund’s Class I share prospectus.

Annual report | Growth Opportunities Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index
Class B1	9-16-05	$10,731	$10,631	$14,413
Class C1,3	9-16-05	10,726	10,726	14,413
Class I1,4	9-16-05	11,403	11,403	14,413

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 2500 Growth Index is an unmanaged index containing those securities in the Russell 2500 Index with a greater-than-average growth orientation.

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

¹ On 6-9-06, through a reorganization the Fund acquired all of the assets of the GMO Small/Mid Cap Growth 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. The inception date for Class B, Class C and Class I shares is 6-12-06; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C and Class I shares, respectively.

² NAV represents net asset value and POP represents public offering price.

³ The contingent deferred sales charge, if any, is not applicable.

⁴ For certain types of investors, as described in the Fund’s Class I share prospectus.

8  Growth Opportunities Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,424.30	$9.02
Class B	1,000.00	1,420.00	13.20
Class C	1,000.00	1,419.30	13.20
Class I	1,000.00	1,427.70	6.26

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, 2011, 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:

Annual report | Growth Opportunities Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,017.40	$7.50
Class B	1,000.00	1,013.90	10.99
Class C	1,000.00	1,013.90	10.99
Class I	1,000.00	1,019.60	5.21

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.50%, 2.20%, 2.20% and 1.04% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Growth Opportunities Fund | Annual report 

Portfolio summary

Top 10 Holdings1
Acme Packet, Inc.	2.9%	Atmel Corp.	2.3%
Chipotle Mexican Grill, Inc.	2.9%	Mettler-Toledo International, Inc.	2.0%
Riverbed Technology, Inc.	2.6%	Erie Indemnity Company	1.8%��
TIBCO Software, Inc.	2.6%	Albemarle Corp.	1.7%
Herbalife, Ltd.	2.3%	Fossil, Inc.	1.6%
Sector Composition2,3
Information Technology	28%	Energy	5%
Consumer Discretionary	20%	Consumer Staples	5%
Industrials	17%	Financials	5%
Health Care	11%	Telecommunication Services	1%
Materials	6%	Short-Term Investments & Other	2%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

² 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.

³ As a percentage of net assets on 2-28-11.

Annual report | Growth Opportunities Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 98.03%		$70,349,103
(Cost $54,079,129)
Consumer Discretionary 20.26%		14,543,468
Auto Components 2.95%
Autoliv, Inc.	900	67,401
BorgWarner, Inc. (I)	9,000	698,490
Cooper Tire & Rubber Company	2,300	53,958
Dorman Products, Inc. (I)	4,100	142,147
Lear Corp.	400	42,320
Standard Motor Products, Inc.	1,300	15,119
Tenneco, Inc. (I)(L)	9,000	358,920
TRW Automotive Holdings Corp. (I)	13,000	738,400
Diversified Consumer Services 2.02%
CPI Corp.	400	9,228
Pre-Paid Legal Services, Inc. (I)(L)	2,700	178,038
Sotheby’s	8,000	393,760
Universal Technical Institute, Inc.	800	14,720
Weight Watchers International, Inc.	14,000	855,820
Hotels, Restaurants & Leisure 4.32%
BJ’s Restaurants, Inc. (I)	500	17,975
California Pizza Kitchen, Inc. (I)	4,700	79,148
Carrols Restaurant Group, Inc. (I)	1,400	11,088
CEC Entertainment, Inc. (I)	2,900	112,201
Chipotle Mexican Grill, Inc. (I)(L)	8,400	2,058,000
Cracker Barrel Old Country Store, Inc.	3,900	194,376
DineEquity, Inc. (I)	1,500	85,815
Domino’s Pizza, Inc. (I)	5,300	89,411
Life Time Fitness, Inc. (I)	3,600	138,060
Panera Bread Company, Class A (I)	1,600	186,800
Texas Roadhouse, Inc., Class A (I)	1,300	22,074
The Cheesecake Factory, Inc. (I)	3,600	104,544
Internet & Catalog Retail 0.15%
1-800-Flowers.com, Inc., Class A (I)	4,300	11,782
HSN, Inc. (I)	3,000	97,440
Leisure Equipment & Products 0.76%
Polaris Industries, Inc. (L)	7,100	535,695
Sturm Ruger & Company, Inc.	700	12,642

12  Growth Opportunities Fund | Annual report  See notes to financial statements 

	Shares	Value
Media 0.06%
Arbitron, Inc.	1,000	$39,810
Specialty Retail 4.88%
Abercrombie & Fitch Company, Class A	1,300	74,581
AnnTaylor Stores Corp. (I)	1,300	30,173
AutoNation, Inc. (I)(L)	2,000	67,280
Big 5 Sporting Goods Corp.	1,900	26,486
Hibbett Sports, Inc. (I)	6,400	201,024
Jos. A. Bank Clothiers, Inc. (I)	6,650	306,632
Monro Muffler Brake, Inc.	3,450	112,746
PetSmart, Inc.	13,900	568,093
Sally Beauty Holdings, Inc. (I)	21,200	274,964
The Cato Corp., Class A	7,700	186,725
The Children’s Place Retail Stores, Inc. (I)	3,100	141,670
The Finish Line, Inc., Class A	100	1,746
Tractor Supply Company	21,500	1,119,505
Williams-Sonoma, Inc.	10,800	389,772
Textiles, Apparel & Luxury Goods 5.12%
CROCS, Inc. (I)	19,900	351,235
Deckers Outdoor Corp. (I)	9,300	820,446
Fossil, Inc. (I)	15,400	1,181,796
G-III Apparel Group, Ltd. (I)	700	27,524
Liz Claiborne, Inc. (I)(L)	7,700	39,578
Maidenform Brands, Inc. (I)	3,500	94,990
Oxford Industries, Inc.	2,200	53,064
Steven Madden, Ltd. (I)	4,350	187,659
Under Armour, Inc., Class A (I)(L)	13,900	920,597
Consumer Staples 4.94%		3,542,342
Beverages 1.11%
Boston Beer Company, Inc. (I)	4,200	389,844
Hansen Natural Corp. (I)	7,000	402,850
Food & Staples Retailing 0.85%
BJ’s Wholesale Club, Inc. (I)	1,000	48,420
Casey’s General Stores, Inc.	1,100	45,177
Pricesmart, Inc.	7,600	270,484
Ruddick Corp.	3,000	110,100
Susser Holdings Corp. (I)	600	8,310
The Pantry, Inc. (I)	500	7,880
United Natural Foods, Inc. (I)	2,800	118,860
Food Products 0.18%
B&G Foods, Inc.	1,700	25,500
Darling International, Inc. (I)	7,300	101,397
John B. Sanfilippo & Son, Inc. (I)	200	2,410
Household Products 0.09%
WD-40 Company	1,600	65,056

See notes to financial statements  Annual report | Growth Opportunities Fund  13 

	Shares	Value
Personal Products 2.56%
Herbalife, Ltd.	20,900	$1,638,769
Inter Parfums, Inc.	3,800	68,666
USANA Health Sciences, Inc. (I)	3,700	128,834
Tobacco 0.15%
Vector Group, Ltd.	6,500	109,785
Energy 5.22%		3,742,949
Energy Equipment & Services 4.06%
CARBO Ceramics, Inc.	2,600	322,322
Core Laboratories NV	3,100	320,385
Dresser-Rand Group, Inc. (I)	4,200	206,976
Dril-Quip, Inc. (I)	7,100	544,570
Hercules Offshore, Inc. (I)	2,000	9,880
Lufkin Industries, Inc.	5,200	406,380
Newpark Resources, Inc. (I)	1,400	9,772
OYO Geospace Corp. (I)	200	20,336
Rowan Companies, Inc. (I)	1,600	68,272
RPC, Inc. (L)	49,850	976,063
Superior Energy Services, Inc. (I)	800	30,648
Oil, Gas & Consumable Fuels 1.16%
Apco Oil and Gas International, Inc.	1,700	137,598
Callon Petroleum Company (I)	4,400	36,872
Clayton Williams Energy, Inc. (I)	3,500	371,280
Cloud Peak Energy, Inc. (I)	3,000	61,500
Enbridge Energy Management LLC (I)	2	134
Holly Corp.	3,300	188,562
International Coal Group, Inc. (I)	100	987
Teekay Tankers, Ltd., Class A	400	4,276
Whiting Petroleum Corp. (I)	400	26,136
Financials 4.79%		3,436,561
Capital Markets 0.14%
Virtus Investment Partners, Inc. (I)	1,700	99,076
Commercial Banks 0.09%
Bank of the Ozarks, Inc. (L)	1,000	43,050
First Interstate Bancsystem, Inc.	300	4,286
OmniAmerican Bancorp, Inc. (I)	400	6,268
SunTrust Banks, Inc.	100	3,017
SY Bancorp, Inc.	400	9,920
Consumer Finance 1.69%
Credit Acceptance Corp. (I)	7,800	550,680
EZCORP, Inc., Class A (I)	12,900	369,972
First Cash Financial Services, Inc. (I)	6,200	202,988
Nelnet, Inc., Class A	900	20,097
World Acceptance Corp. (I)	1,100	65,791
Diversified Financial Services 0.08%
Interactive Brokers Group, Inc., Class A	100	1,545
Life Partners Holdings, Inc.	1,625	13,423

14  Growth Opportunities Fund | Annual report  See notes to financial statements 

	Shares	Value
Diversified Financial Services (continued)
MarketAxess Holdings, Inc.	800	$17,112
Portfolio Recovery Associates, Inc. (I)	300	25,005
Insurance 2.25%
Axis Capital Holdings, Ltd.	6,000	217,920
Brown & Brown, Inc.	4,200	109,788
Endurance Specialty Holdings, Ltd.	300	14,877
Erie Indemnity Company, Class A	18,200	1,271,088
Real Estate Investment Trusts 0.54%
Alexander’s, Inc.	300	118,719
Anworth Mortgage Asset Corp.	100	714
Apollo Commercial Real Estate Finance, Inc.	300	5,106
Associated Estates Realty Corp.	4,800	78,000
Chesapeake Lodging Trust	300	5,580
Colony Financial, Inc.	200	4,250
CreXus Investment Corp.	300	3,960
Getty Realty Corp.	700	20,594
MFA Financial, Inc.	100	847
Pennymac Mortgage Investment Trust	200	3,770
Saul Centers, Inc.	2,700	124,200
Terreno Realty Corp. (I)	200	3,666
Urstadt Biddle Properties, Inc., Class A	700	13,573
Walter Investment Management Corp.	392	7,679
Health Care 10.35%		7,429,940
Biotechnology 0.48%
Emergent Biosolutions, Inc. (I)	2,600	54,704
Immunogen, Inc. (I)	100	901
Incyte Corp. (I)(L)	7,400	101,232
InterMune, Inc. (I)	3,800	139,118
Neurocrine Biosciences, Inc. (I)	5,400	36,450
NPS Pharmaceuticals, Inc. (I)	1,600	12,368
Health Care Equipment & Supplies 2.84%
Analogic Corp.	900	48,780
Atrion Corp.	100	17,634
Delcath Systems, Inc. (I)(L)	6,100	39,955
Exactech, Inc. (I)	1,900	36,005
Hill-Rom Holdings, Inc.	21,200	807,084
Merit Medical Systems, Inc. (I)	4,800	81,984
Neogen Corp. (I)	4,800	179,472
NxStage Medical, Inc. (I)(L)	26,700	550,821
Orthofix International NV (I)	2,800	88,480
The Cooper Companies, Inc.	3,100	191,642
Health Care Providers & Services 2.34%
Almost Family, Inc. (I)	900	35,100
AMERIGROUP Corp. (I)	3,500	200,725
AMN Healthcare Services, Inc. (I)	1,200	8,964
Chemed Corp.	2,300	150,512
Corvel Corp. (I)	5,300	262,350

See notes to financial statements  Annual report | Growth Opportunities Fund  15 

	Shares	Value
Health Care Providers & Services (continued)
Health Management Associates, Inc., Class A (I)	42,600	$426,000
HMS Holdings Corp. (I)	2,000	151,120
Lincare Holdings, Inc.	50	1,467
Molina Healthcare, Inc. (I)	6,100	213,683
MWI Veterinary Supply, Inc. (I)	1,100	76,142
National Research Corp.	1,000	32,710
Rural/Metro Corp. (I)	4,600	68,954
The Providence Service Corp. (I)	2,600	42,666
US Physical Therapy, Inc. (I)	500	9,885
Health Care Technology 0.44%
Computer Programs & Systems, Inc.	800	43,208
SXC Health Solutions Corp. (I)	5,500	271,425
Life Sciences Tools & Services 3.46%
Albany Molecular Research, Inc. (I)	100	452
Dionex Corp. (I)	1,300	153,166
eResearch Technology, Inc. (I)	10,900	69,215
Mettler-Toledo International, Inc. (I)	8,300	1,422,371
Parexel International Corp. (I)	8,600	201,842
PerkinElmer, Inc.	6,400	169,600
Pharmaceutical Product Development, Inc.	16,500	453,255
Sequenom, Inc. (I)	1,628	9,996
Pharmaceuticals 0.79%
Akorn, Inc. (I)	19,000	106,210
Hi-Tech Pharmacal Company, Inc. (I)	800	18,472
Impax Laboratories, Inc. (I)	12,500	257,375
Questcor Pharmaceuticals, Inc. (I)(L)	11,300	146,448
The Medicines Company (I)	2,300	39,997
Industrials 16.78%		12,040,423
Aerospace & Defense 0.89%
Astronics Corp. (I)	2,400	51,744
Cubic Corp.	500	25,155
DigitalGlobe, Inc. (I)	19	613
GeoEye, Inc. (I)	4,600	204,930
Hexcel Corp. (I)	15,700	291,235
TransDigm Group, Inc. (I)	800	64,304
Air Freight & Logistics 0.24%
HUB Group, Inc., Class A (I)	600	20,976
Pacer International, Inc. (I)	1,100	5,973
Park-Ohio Holdings Corp. (I)	1,400	30,912
UTi Worldwide, Inc.	5,700	113,430
Airlines 0.72%
Alaska Air Group, Inc. (I)	700	41,615
Hawaiian Holdings, Inc. (I)	500	3,320
Skywest, Inc.	100	1,650
United Continental Holdings, Inc. (I)(L)	19,440	467,338

16  Growth Opportunities Fund | Annual report  See notes to financial statements 

	Shares	Value
Building Products 0.21%
A.O. Smith Corp.	2,500	$101,000
AAON, Inc. (L)	1,700	52,190
Masco Corp.	100	1,359
Commercial Services & Supplies 1.06%
Consolidated Graphics, Inc. (I)	600	32,724
Deluxe Corp.	7,100	181,405
Herman Miller, Inc.	1,700	45,798
HNI Corp.	100	3,173
Interface, Inc., Class A	7,400	123,358
Knoll, Inc. (L)	6,100	126,087
Rollins, Inc.	10,200	200,124
Schawk, Inc., Class A	2,300	41,561
Standard Parking Corp. (I)	300	5,448
Construction & Engineering 0.35%
Chicago Bridge & Iron Company NV (I)	5,900	209,568
KBR, Inc.	1,300	42,640
Electrical Equipment 3.46%
Acuity Brands, Inc. (L)	2,700	152,604
AMETEK, Inc.	24,800	1,040,360
AZZ, Inc.	1,200	51,192
Franklin Electric Company, Inc.	1,900	80,750
Polypore International, Inc. (I)	17,300	1,011,012
Thomas & Betts Corp. (I)	1,600	88,624
Vicor Corp.	3,700	56,351
Machinery 6.45%
Actuant Corp., Class A	1,400	39,620
Altra Holdings, Inc. (I)	600	12,978
ArvinMeritor, Inc. (I)	19,500	349,440
Blount International, Inc. (I)	2,300	34,960
CLARCOR, Inc.	1,100	45,254
Colfax Corp. (I)	1,800	39,924
EnPro Industries, Inc. (I)	500	19,840
Force Protection, Inc. (I)	100	504
FreightCar America, Inc. (I)	100	2,812
Gardner Denver, Inc.	9,300	680,202
Middleby Corp. (I)	3,700	331,779
Pall Corp.	3,200	173,952
RBC Bearings, Inc. (I)	1,400	50,666
Sauer-Danfoss, Inc. (I)	7,600	232,028
The Toro Company	8,600	536,640
Timken Company	10,600	516,432
TriMas Corp. (I)	23,400	481,338
WABCO Holdings, Inc. (I)	18,500	1,080,955
Professional Services 1.35%
Acacia Research — Acacia Technologies (I)	3,800	111,416
Administaff, Inc.	6,000	179,580
Exponent, Inc. (I)	2,500	98,375

See notes to financial statements  Annual report | Growth Opportunities Fund  17 

	Shares	Value
Professional Services (continued)
IHS, Inc., Class A (I)	5,100	$426,870
The Advisory Board Company (I)	2,900	148,364
VSE Corp.	100	2,711
Road & Rail 0.95%
Celadon Group, Inc. (I)	2,000	29,220
Genesee & Wyoming, Inc., Class A (I)	5,700	296,913
Old Dominion Freight Lines, Inc. (I)	10,000	307,800
Ryder Systems, Inc.	1,000	47,830
Trading Companies & Distributors 1.10%
Applied Industrial Technologies, Inc.	6,800	217,872
CAI International, Inc. (I)	500	10,590
DXP Enterprises, Inc. (I)	2,600	55,276
TAL International Group, Inc.	3,800	132,544
Textainer Group Holdings, Ltd.	3,900	137,865
Titan Machinery, Inc. (I)	400	10,292
WESCO International, Inc. (I)(L)	3,900	227,058
Information Technology 28.04%		20,122,482
Communications Equipment 7.88%
Acme Packet, Inc. (I)(L)	28,000	2,106,720
ADTRAN, Inc.	19,700	895,956
Aruba Networks, Inc. (I)	1,800	54,810
Finisar Corp. (I)	1,200	49,224
Ixia (I)	17,200	301,860
Loral Space & Communications, Inc. (I)	4,600	348,036
Plantronics, Inc.	1,000	34,890
Riverbed Technology, Inc. (I)	45,100	1,862,179
Tellabs, Inc.	300	1,617
Computers & Peripherals 1.15%
NCR Corp. (I)	34,700	662,770
Stratasys, Inc. (I)	1,400	63,532
Super Micro Computer, Inc. (I)	6,500	97,175
Electronic Equipment, Instruments & Components 1.06%
Anixter International, Inc.	900	64,458
Coherent, Inc. (I)	800	49,400
Comverge, Inc. (I)	100	509
DDi Corp.	3,000	31,110
FARO Technologies, Inc. (I)	2,900	103,385
Insight Enterprises, Inc. (I)	1,100	20,119
MTS Systems Corp.	300	13,893
Spectrum Control, Inc. (I)	500	7,005
Trimble Navigation, Ltd. (I)	9,200	452,180
Universal Display Corp. (I)	400	16,836
Internet Software & Services 1.38%
Ancestry.com, Inc. (I)	5,100	167,586
Earthlink, Inc.	100	823
IAC/InterActiveCorp (I)	3,300	102,531
Liquidity Services, Inc. (I)	2,900	46,603

18  Growth Opportunities Fund | Annual report  See notes to financial statements 

	Shares	Value
Internet Software & Services (continued)
LogMeIn, Inc. (I)(L)	2,000	$71,780
OpenTable, Inc. (I)	5,900	524,333
Stamps.com, Inc.	800	10,752
Support.com, Inc. (I)	1,600	8,928
Travelzoo, Inc. (I)	1,400	55,230
ValueClick, Inc. (I)	100	1,493
IT Services 2.24%
Cardtronics, Inc. (I)	6,900	130,755
Forrester Research, Inc.	600	21,708
Gartner, Inc. (I)	3,500	132,020
Global Cash Access Holdings, Inc. (I)	14,700	50,568
iGate Corp.	7,000	126,700
Sapient Corp. (I)	20,000	237,000
Syntel, Inc.	5,800	305,370
VeriFone Systems, Inc. (I)	12,400	563,456
Virtusa Corp. (I)	2,300	38,847
Office Electronics 0.17%
Zebra Technologies Corp., Class A (I)	3,300	123,156
Semiconductors & Semiconductor Equipment 6.79%
Atmel Corp. (I)	110,700	1,625,076
AXT, Inc. (I)	1,900	14,098
Cirrus Logic, Inc. (I)(L)	25,800	602,430
Entropic Communications, Inc. (I)(L)	28,000	259,280
GSI Technology, Inc. (I)	1,400	13,174
GT Solar International, Inc. (I)(L)	18,100	193,489
IXYS Corp. (I)	3,100	38,502
Lattice Semiconductor Corp. (I)	23,400	155,376
Micrel, Inc.	10,760	144,614
MIPS Technologies, Inc. (I)	16,500	200,805
MKS Instruments, Inc.	100	3,002
Novellus Systems, Inc. (I)	3,700	147,852
NVE Corp. (I)	1,100	65,175
OmniVision Technologies, Inc. (I)	8,900	272,518
Silicon Image, Inc. (I)	16,600	133,464
Skyworks Solutions, Inc. (I)(L)	25,100	902,094
TriQuint Semiconductor, Inc. (I)	7,100	101,175
Software 7.37%
ACI Worldwide, Inc. (I)	3,400	106,454
Actuate Corp. (I)	4,500	21,465
Ariba, Inc. (I)	6,300	194,985
Compuware Corp. (I)	11,800	132,868
FactSet Research Systems, Inc.	2,200	230,736
Fortinet, Inc. (I)	600	24,504
Informatica Corp. (I)(L)	10,600	498,306
Manhattan Associates, Inc. (I)	3,600	115,920
MICROS Systems, Inc. (I)	13,900	662,196
Opnet Technologies, Inc.	3,600	122,688
Parametric Technology Corp. (I)	10,200	241,740

See notes to financial statements  Annual report | Growth Opportunities Fund  19 

	Shares	Value
Software (continued)
Progress Software Corp. (I)	4,050	$118,908
Quest Software, Inc. (I)	14,700	393,813
Radiant Systems, Inc. (I)	11,300	193,795
Renaissance Learning, Inc.	5,700	61,218
Rovi Corp. (I)	210	11,612
Smith Micro Software, Inc. (I)	9,100	85,267
Synchronoss Technologies, Inc. (I)	4,500	154,170
TIBCO Software, Inc. (I)	75,500	1,858,810
Virnetx Holding Corp.	5,300	63,600
Materials 6.26%		4,492,798
Chemicals 4.12%
Albemarle Corp.	20,800	1,197,248
Balchem Corp.	3,800	136,800
Ferro Corp. (I)	1,200	19,104
Hawkins, Inc.	2,300	88,021
Innophos Holdings, Inc.	800	34,264
International Flavors & Fragrances, Inc.	11,200	637,840
Kraton Performance Polymers, Inc. (I)	5,600	192,080
LSB Industries, Inc. (I)	2,100	63,588
NewMarket Corp.	1,100	140,921
Omnova Solutions, Inc. (I)	4,200	29,568
PolyOne Corp. (I)	12,300	170,724
Quaker Chemical Corp.	1,100	42,603
Rockwood Holdings, Inc. (I)	3,000	139,650
The Scotts Miracle-Gro Company, Class A	1,200	67,404
Containers & Packaging 0.46%
Ball Corp.	1,800	64,980
Crown Holdings, Inc. (I)	1,700	65,416
Rock-Tenn Company, Class A (L)	1,100	75,515
Silgan Holdings, Inc.	3,300	120,384
Metals & Mining 1.60%
Brush Engineered Materials, Inc. (I)	300	13,131
Carpenter Technology Corp.	8,300	345,112
Globe Specialty Metals, Inc.	6,400	149,056
Stillwater Mining Company (I)	7,400	176,638
Titanium Metals Corp. (I)	13,900	263,961
US Gold Corp. (I)	28,000	203,280
Paper & Forest Products 0.08%
Clearwater Paper Corp. (I)	700	55,510
Telecommunication Services 1.33%		954,251
Diversified Telecommunication Services 0.11%
Consolidated Communications Holdings, Inc.	4,300	78,647
Wireless Telecommunication Services 1.22%
MetroPCS Communications, Inc. (I)	54,900	790,560
USA Mobility, Inc.	5,700	85,044

20  Growth Opportunities Fund | Annual report  See notes to financial statements 

		Shares	Value
Utilities 0.06%			$43,889
Gas Utilities 0.06%
South Jersey Industries, Inc.		800	43,889
	Yield	Shares	Value
Securities Lending Collateral 9.43%			$6,770,934
(Cost $6,770,627)
John Hancock Collateral Investment Trust (W)	0.2855% (Y)	676,593	6,770,934
	Yield	Shares	Value
Short-Term Investments 2.53%			$1,818,545
(Cost $1,818,545)
State Street Institutional Treasury
Money Market Fund	0.0453% (Y)	1,818,545	1,818,545
Total investments (Cost $62,668,301)† 109.99%			$78,938,582
Other assets and liabilities, net (9.99%)			($7,171,788)
Total net assets 100.00%			$71,766,794

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

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W)Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $62,711,639. Net unrealized appreciation aggregated $16,226,943, of which $16,799,125 related to appreciated investment securities and $572,182 related to depreciated investment securities.

See notes to financial statements  Annual report | Growth Opportunities Fund  21 

F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $55,897,674) including
$6,585,457 of securities loaned (Note 2)	$72,167,648
Investments in affiliated issuers, at value (Cost $6,770,627) (Note 2)	6,770,934
Total investments, at value (Cost $62,668,301)	78,938,582
Receivable for investments sold	933,550
Receivable for fund shares sold	70,481
Dividends and interest receivable	14,646
Receivable for securities lending income	1,609
Other receivables and prepaid expenses	12,598
Total assets	79,971,466
Liabilities
Payable for investments purchased	1,204,428
Payable for fund shares repurchased	63,123
Payable upon return of securities loaned (Note 2)	6,770,167
Payable to affiliates
Accounting and legal services fees	1,196
Transfer agent fees	21,307
Trustees’ fees	8,015
Due to Adviser	27,038
Other liabilities and accrued expenses	109,398
Total liabilities	8,204,672
Net assets
Capital paid-in	$86,292,529
Accumulated net investment loss	(5,598)
Accumulated net realized loss on investments and futures contracts	(30,790,418)
Net unrealized appreciation (depreciation) on investments	16,270,281
Net assets	$71,766,794
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 ($63,118,428 ÷ 2,652,231 shares)	$23.80
Class B ($5,144,341 ÷ 223,090 shares)1	$23.06
Class C ($3,321,521 ÷ 144,111 shares)1	$23.05
Class I ($182,504 ÷ 7,510 shares)	$24.30
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$25.05

¹ Redemption price per share is equal to the 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.

22  Growth Opportunities Fund | Annual report  See notes to financial statements 

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$370,844
Securities lending	31,606
Interest	2,823
Less foreign taxes withheld	(163)
Total investment income	405,110
Expenses
Investment management fees (Note 5)	475,337
Distribution and service fees (Note 5)	228,099
Accounting and legal services fees (Note 5)	11,558
Transfer agent fees (Note 5)	169,920
Trustees’ fees (Note 5)	3,962
State registration fees (Note 5)	38,020
Printing and postage (Note 5)	22,184
Professional fees	46,722
Custodian fees	12,772
Registration and filing fees	25,164
Other	79,547
Total expenses	1,113,285
Less expense reductions (Note 5)	(172,440)
Net expenses	940,845
Net investment loss	(535,735)
Realized and unrealized gain (loss)
Net realized gain on
Investments in unaffiliated issuers	10,021,126
Investments in affiliated issuers	741
Futures contracts (Note 3)	305,152
	10,327,019
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	11,154,809
Investments in affiliated issuers	(2,668)
Futures contracts (Note 3)	(112,098)
	11,040,043
Net realized and unrealized gain	21,367,062
Increase in net assets from operations	$20,831,327

See notes to financial statements  Annual report | Growth Opportunities Fund  23 

F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment loss	($535,735)	($389,560)
Net realized gain (loss)	10,327,019	(8,764,202)
Change in net unrealized appreciation (depreciation)	11,040,043	27,627,086
Increase in net assets resulting from operations	20,831,327	18,473,324
From Fund share transactions (Note 6)	(2,659,363)	(7,035,680)
Total increase	18,171,964	11,437,644
Net assets
Beginning of year	53,594,830	42,157,186
End of year	$71,766,794	$53,594,830
Accumulated net investment loss	($5,598)	($942)

24  Growth Opportunities Fund | Annual report  See notes to financial statements 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$16.90	$11.53	$20.76	$24.34	$23.29
Net investment loss2	(0.16)	(0.10)	(0.10)	(0.15)	(0.07)3
Net realized and unrealized gain (loss) on investments	7.06	5.47	(9.13)	(3.43)	1.36
Total from investment operations	6.90	5.37	(9.23)	(3.58)	1.29
Less distributions
From net realized gain	—	—	—	—4	(0.24)
Net asset value, end of year	$23.80	$16.90	$11.53	$20.76	$24.34
Total return (%)5,6	40.83	46.57	(44.46)	(14.69)	5.57
Ratios and supplemental data
Net assets, end of year (in millions)	$63	$47	$36	$72	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.74	2.127	2.01	1.81	5.59
Expenses net of fee waivers	1.50	1.647	1.81	1.55	1.32
Expenses net of fee waivers and credits	1.50	1.517	1.54	1.54	1.32
Net investment loss	(0.82)	(0.68)	(0.52)	(0.64)	(0.34)3
Portfolio turnover (%)	126	125	140	2628	96

¹ Effective 6-12-06, shareholders of the former GMO Small/Mid Cap Growth Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Growth Opportunities Fund. Additionally, the accounting and performance history of the former GMO Small/Mid Cap Growth Fund was redesignated as that of John Hancock Growth Opportunities Fund Class A.
² Based on the average daily shares outstanding.
³ Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.14% of average net assets.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Does not reflect the effect of sales charges, if any.
⁷ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁸ Excludes merger activity.

See notes to financial statements  Annual report | Growth Opportunities Fund  25 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$16.49	$11.33	$20.52	$24.23	$22.17
Net investment loss2	(0.28)	(0.20)	(0.23)	(0.31)	(0.20)3
Net realized and unrealized gain (loss) on investments	6.85	5.36	(8.96)	(3.40)	2.50
Total from investment operations	6.57	5.16	(9.19)	(3.71)	2.30
Less distributions
From net realized gain	—	—	—	—4	(0.24)
Net asset value, end of year	$23.06	$16.49	$11.33	$20.52	$24.23
Total return (%)5,6	39.84	45.54	(44.79)	(15.29)	10.407
Ratios and supplemental data
Net assets, end of year (in millions)	$5	$5	$5	$13	—8
Ratios (as a percentage of average net assets):
Expenses before reductions	2.69	3.199	3.07	2.61	14.6210
Expenses net of fee waivers	2.20	2.249	2.72	2.25	2.2210
Expenses net of fee waivers and credits	2.20	2.219	2.24	2.24	2.2210
Net investment loss	(1.52)	(1.38)	(1.24)	(1.34)	(1.21)3,10
Portfolio turnover (%)	126	125	140	26211	96

¹ The inception date for Class B shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.02 per share and 0.11% of average net assets.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Does not reflect the effect of sales charges, if any.
⁷ Not annualized.
⁸ Less than $500,000.
⁹ Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
¹⁰ Annualized.
¹¹ Excludes merger activity.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$16.49	$11.32	$20.53	$24.23	$22.17
Net investment loss2	(0.29)	(0.20)	(0.21)	(0.32)	(0.19)3
Net realized and unrealized gain (loss) on investments	6.85	5.37	(9.00)	(3.38)	2.49
Total from investment operations	6.56	5.17	(9.21)	(3.70)	2.30
Less distributions
From net realized gain	—	—	—	—4	(0.24)
Net asset value, end of year	$23.05	$16.49	$11.32	$20.53	$24.23
Total return (%)5,6	39.78	45.67	(44.86)	(15.25)	10.407
Ratios and supplemental data
Net assets, end of year (in millions)	$3	$2	$2	$3	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	2.78	3.278	3.45	3.14	10.439
Expenses net of fee waivers	2.20	2.288	2.55	2.25	2.229
Expenses net of fee waivers and credits	2.20	2.218	2.24	2.24	2.229
Net investment loss	(1.53)	(1.39)	(1.21)	(1.35)	(1.15)3,9
Portfolio turnover (%)	126	125	140	26210	96

 1 The inception date for Class C shares is 6-12-06.

² Based on the average daily shares outstanding.
³ Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.11% of average net assets.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Does not reflect the effect of sales charges, if any.
⁷ Not annualized.
⁸ Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
⁹ Annualized.
¹⁰ Excludes merger activity.

26  Growth Opportunities Fund | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.18	$11.66	$20.90	$24.41	$22.17
Net investment loss2	(0.06)	(0.04)	(0.01)	(0.07)	(0.02)3
Net realized and unrealized gain (loss) on investments	7.18	5.56	(9.23)	(3.44)	2.50
Total from investment operations	7.12	5.52	(9.24)	(3.51)	2.48
Less distributions
From net realized gain	—	—	—	—4	(0.24)
Net asset value, end of year	$24.30	$17.18	$11.66	$20.90	$24.41
Total return (%)5	41.44	47.34	(44.21)	(14.36)	11.226
Ratios and supplemental data
Net assets, end of year (in millions)	—7	—7	—7	—7	—7
Ratios (as a percentage of average net assets):
Expenses before reductions	7.92	26.998	121.96	12.17	16.269
Expenses net of fee waivers	1.04	1.078	1.09	1.04	1.139
Expenses net of fee waivers and credits	1.04	1.078	1.09	1.04	1.139
Net investment loss	(0.31)	(0.27)	(0.04)	(0.30)	(0.10)3,9
Portfolio turnover (%)	126	125	140	26210	96

¹ The inception date for Class I shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund, which amounted to $0.03 per share and 0.11% of average net assets.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Less than $500,000.
⁸ Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.
⁹ Annualized.
¹⁰ Excludes merger activity.

See notes to financial statements  Annual report | Growth Opportunities Fund  27 

Notes to financial statements

Note 1 — Organization

John Hancock Growth Opportunities Fund (the Fund) is a non-diversified 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 long-term capital growth.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, state registration fees and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Class R1 shares converted into Class A shares on August 21, 2009.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 quoted prices in active markets for identical securities. Level 2 includes 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 techniques 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments are categorized as Level 1 under the hierarchy described above. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the

28  Growth Opportunities Fund | Annual report 

close of trading. Other portfolio securities and assets, where 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.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date for dividends of foreign securities where the dividend may not be known until after ex-date.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. 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. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value 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 appropriate net asset value of each class and the specific expense rates applicable to each class.

Annual report | Growth Opportunities Fund  29 

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.

For federal income tax purposes, the Fund has a capital loss carryforward of $30,747,080 available to offset future net realized capital gains. The loss carryforward expires as follows: February 28, 2017 — $11,007,488 and February 28, 2018 — $19,739,592.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is 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 and capital gain distributions, if any, at least annually. There were no distributions during the years ended February 28, 2011 and February 28, 2010.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the Fund had no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital.

Capital accounts within 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 net operating losses, wash sale loss deferrals and merger related transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the Fund to the risk that the counterparty to an over-the-counter (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. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

30  Growth Opportunities Fund | Annual report 

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, 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 hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statement of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. 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 contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to maintain diversity and liquidity of the portfolio. During year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from zero to $2.2 million, as measured at each quarter end. There were no open futures contracts as of February 28, 2011.

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, 2011:

RISK	STATEMENT OF OPERATIONS LOCATION	FUTURES CONTRACTS
Equity contracts	Net realized gain	$305,152

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, 2011:

RISK	STATEMENT OF OPERATIONS LOCATION	FUTURES
	Change in unrealized appreciation
Equity contracts	(depreciation)	($112,098)

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Annual report | Growth Opportunities Fund  31 

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.80% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.78% of the next $500,000,000; and (c) 0.77% of the next $1,500,000,000; and (d) 0.76% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.80% of the Fund’s average daily net assets.

The Adviser has agreed to reimburse or limit certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. In addition, fees incurred under any agreement or plans of the Fund dealing with services for the shareholders and others with beneficial interest in shares of the Fund, are excluded. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.50%, 2.20%, 2.20% and 1.04% for Class A, Class B, Class C and Class I shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.02% for Class I shares.

Accordingly, these expense reductions amounted to $123,423, $22,539, $15,101 and $11,377 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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, 2011 amounted to an annual rate of 0.02% 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 and Class C 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	12b–1 FEE
Class A	0.30%
Class B	1.00%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $32,748 for the year ended February 28, 2011. Of this amount, $5,175 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $19,940 was paid as sales commissions to broker-dealers and $7,633 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

32  Growth Opportunities Fund | Annual report 

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $8,151 and $86 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services receives in connection with the performance of the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:
	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$156,179	$146,649	$8,412	$19,240
Class B	45,912	16,142	9,306	1,434
Class C	26,008	6,719	9,969	966
Class I	—	410	10,333	544
Total	$228,099	$169,920	$38,020	$22,184

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and payable to affiliates — trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Annual report | Growth Opportunities Fund  33 

Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class A shares
Sold	309,928	$6,227,473	239,627	$3,485,927
Exchanged from Class R1	—	—	6,731	100,417
Repurchased	(428,241)	(8,291,062)	(581,309)	(8,514,817)
Net decrease	(118,313)	($2,063,589)	(334,951)	($4,928,473)
Class B shares
Sold	38,918	$771,837	33,636	$477,682
Repurchased	(98,790)	(1,855,707)	(152,890)	(2,199,177)
Net decrease	(59,872)	($1,083,870)	(119,254)	($1,721,495)
Class C shares
Sold	72,408	$1,350,138	20,040	$295,286
Repurchased	(53,653)	(968,349)	(45,542)	(585,976)
Net increase (decrease)	18,755	$381,789	(25,502)	($290,690)
Class I shares
Sold	50,028	$943,676	5,869	$76,363
Repurchased	(44,392)	(837,369)	(5,195)	(76,017)
Net increase	5,636	$106,307	674	$346
Class R1 shares
Sold	—	—	381	$5,049
Exchanged for Class A	—	—	(6,769)	(100,417)
Net decrease	—	—	(6,388)	($95,368)
Net decrease	(153,794)	($2,659,363)	(485,421)	($7,035,680)

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $71,878,215 and $73,894,903, respectively, for the year ended February 28, 2011.

Note 8 — Subsequent event

At the close of business on April 8, 2011, the Fund was acquired by the John Hancock Small Company Fund (the Acquiring Fund). This reorganization was approved by the Board of Trustees on December 7, 2010 and subsequently approved by the shareholders of the Fund on March 23, 2011. Under the terms of the reorganization, the Fund transferred all of its assets and liabilities to the Acquiring Fund in exchange for shares of equal value of the Acquiring Fund. Upon completion of the reorganization the Fund terminated. In addition, the Fund incurred $71,600 of merger expenses, which amounted to 0.12% of average net assets.

34  Growth Opportunities Fund | Annual report 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of  John Hancock Growth Opportunities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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 Growth Opportunities Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets 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, 2011 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 19, 2011

Annual report | Growth Opportunities Fund  35 

Shareholder meeting

The Fund held a Special Meeting of Shareholders on March 23, 2011. The following proposal was considered by the shareholders:

Proposal: Approve an Agreement and Plan of Reorganization between John Hancock Growth Opportunities Fund and John Hancock Small Company Fund. The votes cast are set forth below.

THE PROPOSAL PASSED ON MARCH 23, 2011.

FOR	AGAINST	ABSTAIN	UNINSTRUCTED
1,145,331.1523	69,182.3307	72,823.8580	266,667.0000

36  Growth Opportunities Fund | Annual report 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

Annual report | Growth Opportunities Fund  37 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

38  Growth Opportunities Fund | Annual report 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

Annual report | Growth Opportunities Fund  39 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

40  Growth Opportunities Fund | Annual report 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Grantham, Mayo, Van Otterloo & Co. LLC
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.	The report is certified under the Sarbanes-Oxley
Chief Compliance Officer	Act, which requires mutual funds and other public
	companies to affirm that, to the best of their
Charles A. Rizzo	knowledge, the information in their financial reports
Chief Financial Officer	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

Annual report | Growth Opportunities Fund  41 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Growth Opportunities Fund.	8400A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Fund performance

By Grantham, Mayo, Van Otterloo & Co. LLC

International stocks fared quite well during the 12 months ended February 28, 2011, thanks to a vigorous second-half rally. During the first half of the period, global markets struggled with concern about the European sovereign debt crisis, weakness in the energy sector following the BP drilling rig explosion and oil leak in the Gulf of Mexico and tepid data on the U.S. economy that led investors to fear a double-dip recession. Over the summer, anxiety about the European debt situation eased and BP managed to contain its leaking undersea well. Meanwhile, the Federal Reserve proposed another round of quantitative easing to stimulate U.S. economic growth. The Fed’s remarks ignited a global stock rally that boosted the MSCI EAFE Growth Index to a gain of 21.72%, while the average large blend fund monitored by Morningstar, Inc. advanced 20.63%.

During the period, John Hancock International Growth Fund’s Class A shares returned 21.58% at net asset value. The strongest sector contributions came from industrials, financials and consumer staples. Geographically, Denmark, Sweden and Japan were noteworthy contributors. The top individual contributor was Danish insulin maker Novo Nordisk A/S, whose stock advanced by more than 80%. Overweighting U.K.-headquartered mining company Rio Tinto PLC also helped, as did underweighting two weak benchmark components from the financial sector, Barclays PLC and Westpac Banking Corp. Not owning Israel-based Teva Pharmaceuticals further bolstered performance. Conversely, the Fund’s sizable overweighting in health care weighed on performance, although we offset that negative with positive stock selection in the sector. On a country basis, weak picks in Switzerland detracted. Additionally, our efforts to hedge an out-of-benchmark Canadian exposure via currency forward contracts had a mildly negative impact. At the stock level, a large overweighting in U.K. drug stock GlaxoSmithKline PLC was counterproductive. Other notable detractors were benchmark components we underweighted or didn’t own for quality or valuation reasons: Australian natural resources company BHP Billiton Ltd, Swiss bank UBS AG and two German stocks, automaker Daimler AG and industrial conglomerate Siemens AG.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

6  International Growth Fund | Annual report 

A look at performance

For the period ended February 28, 2011
	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception1	1-year	5-year	10-year	inception1
Class A	15.52	—	—	2.78	15.52	—	—	13.85
Class B	15.56	—	—	2.75	15.56	—	—	13.66
Class C	19.59	—	—	3.11	19.59	—	—	15.56
Class I2	22.08	—	—	4.37	22.08	—	—	22.41
Class 12	22.11	—	—	4.39	22.11	—	—	22.50

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I and Class 1 shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.70%, Class B — 2.40%, Class C — 2.40 and Class 1 — 1.20%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.79%, Class B — 4.17%, Class C — 3.67% and Class 1 — 1.22%. For Class I, the net expenses equal the gross expenses and are 1.23%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses increase and results would have been less favorable.

¹ From 6-12-06.

² For certain types of investors, as described in the Fund’s Class I and Class 1 shares prospectuses.

Annual report | International Growth Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index 1	Index 2
Class B	6-12-06	$11,566	$11,366	$11,552	$11,991
Class C2	6-12-06	11,556	11,556	11,552	11,991
Class I3	6-12-06	12,241	12,241	11,552	11,991
Class 13	6-12-06	12,250	12,250	11,552	11,991

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C, Class I and Class 1 shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

MSCI EAFE Index (gross of foreign withholding tax on dividends) — Index 1 — 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. The index consists of 21 developed market country indexes.

MSCI EAFE Growth Index (gross of foreign withholding tax on dividends) — Index 2 — 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 Index consists of 21 developed market country indexes.

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

¹ NAV represents net asset value and POP represents public offering price.

² The contingent deferred sales charge, if any, is not applicable.

³ For certain types of investors, as described in the Fund’s Class I and Class 1 shares prospectuses.

8  International Growth Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,232.10	$8.86
Class B	1,000.00	1,226.80	13.25
Class C	1,000.00	1,227.10	13.25
Class I	1,000.00	1,234.30	6.32
Class 1	1,000.00	1,234.60	6.26

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, 2011, 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:

Annual report | International Growth Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,016.90	$8.00
Class B	1,000.00	1,012.90	11.98
Class C	1,000.00	1,012.90	11.98
Class I	1,000.00	1,019.10	5.71
Class 1	1,000.00	1,019.20	5.66

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.60%, 2.40%, 2.40%, 1.14% and 1.13% for Class A, Class B, Class C, Class I and Class 1 shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  International Growth Fund | Annual report 

Portfolio summary

Top 10 Holdings1
GlaxoSmithKline PLC	3.5%	British American Tobacco PLC	1.6%
Nestle SA	3.2%	SAP AG	1.5%
Novo Nordisk A/S	2.9%	Daimler AG	1.4%
Roche Holdings AG	2.4%	Honda Motor Company, Ltd.	1.2%
Novartis AG	1.8%	Canon, Inc.	1.2%
Sector Composition2,3
Health Care	17%	Financials	8%
Consumer Discretionary	16%	Telecommunication Services	4%
Industrials	16%	Energy	3%
Consumer Staples	13%	Utilities	2%
Materials	9%	Short-Term Securities & Other	4%
Information Technology	8%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents not included in Top 10 Holdings and Top Five Countries.

² As a percentage of net assets on 2-28-11.

³ International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

Annual report | International Growth Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 93.99%		$242,526,085
(Cost $203,718,076)
Australia 4.02%		10,383,783
BHP Billiton, Ltd.	45,178	2,134,417
Cochlear, Ltd.	3,748	296,225
CSL, Ltd.	15,954	579,731
Fortescue Metals Group, Ltd. (I)	31,629	216,178
JB Hi-Fi, Ltd. (L)	7,072	141,478
Newcrest Mining, Ltd.	17,436	676,110
Rio Tinto, Ltd.	16,443	1,435,153
Sims Group, Ltd.	6,858	131,100
Telstra Corp., Ltd.	193,663	551,500
Wesfarmers, Ltd.	15,801	532,969
Westpac Banking Corp.	16,846	405,667
Woodside Petroleum, Ltd. (L)	22,686	988,407
Woolworths, Ltd.	83,638	2,294,848
Austria 0.27%		688,618
Andritz AG	2,881	243,497
Immofinanz AG (I)(L)	39,303	173,653
Immofinanz AG — Escrow Shares (I)(L)	49,581	0
Raiffeisen International Bank Holding AG	2,773	166,568
Voestalpine AG	2,267	104,900
Belgium 0.97%		2,509,541
Anheuser-Busch InBev NV	5,495	307,082
Bekaert SA	4,005	434,743
Belgacom SA	6,631	248,512
Colruyt SA	9,285	466,587
Delhaize Group SA	2,611	201,919
Mobistar SA	3,863	246,676
Telenet Group Holding NV (I)	5,111	229,204
Umicore	7,428	374,818
Bermuda 0.23%		582,458
Alliance Oil Company, Ltd., SADR (I)	6,651	119,596
Frontline, Ltd.	3,858	104,455
Golden Ocean Group, Ltd. (L)	63,400	81,773
Seadrill, Ltd.	7,262	276,634

12  International Growth Fund | Annual report  See notes to financial statements 

	Shares	Value
Canada 3.12%		$8,050,162
Bank of Montreal (L)	6,200	395,401
Barrick Gold Corp.	27,600	1,456,773
Canadian National Railway Company	22,600	1,652,983
Eldorado Gold Corp.	15,300	260,630
Enbridge, Inc.	4,600	274,849
Imperial Oil, Ltd.	3,900	203,079
Magna International, Inc.	10,700	526,988
Pacific Rubiales Energy Corp.	6,600	221,189
Potash Corp. of Saskatchewan, Inc.	2,400	147,871
Research In Motion, Ltd. (I)	12,700	838,562
Rogers Communications, Inc., Class B	10,100	356,575
Royal Bank of Canada	4,200	245,503
Saputo, Inc.	4,900	207,590
Shaw Communications, Inc., Class B	6,000	127,775
Shoppers Drug Mart Corp.	8,700	368,936
Silver Wheaton Corp. (I)	5,500	233,802
Teck Resources, Ltd., Class B	6,400	354,073
Valeant Pharmaceuticals International, Inc.	4,425	177,583
Cayman Islands 0.14%		366,540
Sands China, Ltd. (I)	90,000	214,789
Wynn Macau, Ltd.	56,000	151,751
Denmark 3.55%		9,153,370
A P Moller Maersk A/S, Series A	21	208,186
Carlsberg A/S	5,058	537,793
Danske Bank A/S (I)	15,321	359,365
Novo Nordisk A/S	58,767	7,399,479
Novozymes A/S, B Shares	4,639	648,547
Finland 1.11%		2,868,437
Kone Oyj (L)	11,134	607,369
Metra Oyj	5,174	397,636
Metso Oyj	9,734	503,013
Nokia AB Oyj	20,710	178,527
Nokian Renkaat Oyj	6,062	247,076
Stora Enso Oyj, Series R	25,531	288,149
UPM-Kymmene Oyj	32,518	646,667
France 6.38%		16,472,940
Air Liquide SA	2,323	300,664
Arkema	3,329	243,563
BNP Paribas	20,446	1,598,084
Bureau Veritas SA	4,684	361,493
Carrefour SA	5,212	255,888
Christian Dior SA	1,369	197,408
Cie de Saint-Gobain SA	3,778	225,792
Credit Agricole SA	12,073	212,183
Danone SA	9,579	600,374
Dassault Systemes SA	3,681	281,832
Essilor International SA	4,567	326,151

See notes to financial statements  Annual report | International Growth Fund  13 

	Shares	Value
France (continued)
Eutelsat Communications	5,471	$218,245
Hermes International SA	3,669	798,818
L’Oreal SA	7,961	925,690
Legrand SA, ADR	8,608	361,040
LVMH Moet Hennessy Louis Vuitton SA	11,960	1,885,209
Neopost SA	2,001	189,795
Peugeot SA (I)	5,367	215,015
PPR	3,033	460,445
Publicis Groupe SA	3,402	194,076
Renault SA (I)	13,874	850,798
Rhodia SA	6,377	183,939
Safran SA	8,249	293,776
Sanofi-Aventis SA	19,065	1,316,087
Schneider Electric SA	5,011	828,820
SEB SA	1,638	161,071
Societe Generale	11,284	794,384
Total SA	19,529	1,198,206
Valeo SA (I)	4,387	273,178
Vallourec SA	1,832	189,647
Wendel	3,040	313,697
Zodiac SA	3,122	217,572
Germany 6.47%		16,703,916
Adidas AG	5,063	324,875
BASF SE	17,048	1,417,563
Bayerische Motoren Werke (BMW) AG	30,580	2,480,100
Beiersdorf AG	4,055	243,421
Daimler AG (I)	51,634	3,636,868
Deutsche Lufthansa AG (I)	13,692	279,888
Henkel AG & Company, KGaA	993	50,704
Infineon Technologies AG	57,022	623,710
K&S AG	3,272	252,567
Lanxess AG	11,207	834,051
Linde AG	1,491	227,632
MAN AG	7,053	895,523
Metro AG	2,605	190,542
Norddeutsche Affinerie AG (L)	1,710	91,002
SAP AG	62,792	3,788,493
Software AG	1,774	286,291
Stada Arzneimittel AG	7,447	297,930
Suedzucker AG	3,083	84,687
Symrise AG	6,284	164,940
Volkswagen AG	2,281	346,457
Wacker Chemie AG	1,012	186,672
Greece 0.38%		969,065
Alpha Bank A.E. (I)	14,196	94,653
EFG Eurobank Ergasias SA (I)	14,671	93,765
National Bank of Greece SA (I)	44,525	416,914
OPAP SA	17,418	363,733

14  International Growth Fund | Annual report  See notes to financial statements 

	Shares	Value
Hong Kong 2.44%		$6,286,908
BOC Hong Kong Holdings, Ltd.	79,500	247,474
Cathay Pacific Airways, Ltd.	83,000	194,033
CLP Holdings, Ltd.	110,500	902,653
Esprit Holdings, Ltd.	83,663	411,863
Hang Seng Bank, Ltd.	31,700	507,214
Hong Kong & China Gas Company, Ltd.	299,550	675,027
Hong Kong Electric Holdings, Ltd.	85,500	559,002
Hong Kong Exchanges & Clearing, Ltd.	37,400	813,369
Hutchison Whampoa, Ltd.	74,000	875,629
Jardine Matheson Holdings, Ltd.	6,000	277,078
SJM Holdings, Ltd.	142,000	210,503
Sun Hung Kai Properties, Ltd.	8,000	129,261
Swire Pacific, Ltd., Class A	34,500	483,802
Ireland 1.01%		2,612,006
CRH PLC	24,280	561,534
Experian PLC	42,058	533,225
Shire PLC	53,588	1,517,247
Israel 0.07%		192,700
Israel Chemicals, Ltd.	11,591	192,700
Italy 0.16%		419,063
Assicurazioni Generali SpA	5,014	113,464
Fiat SpA	14,478	134,606
Mediobanca SpA	16,159	170,993
Japan 19.35%		49,920,127
AEON Company, Ltd. (L)	17,800	224,635
Asahi Glass Company, Ltd.	18,000	251,404
Astellas Pharma, Inc.	12,700	498,759
Canon, Inc.	61,500	2,974,422
Central Japan Railway Company, Ltd.	43	385,039
Chugai Pharmaceutical Company, Ltd.	18,300	352,061
Daihatsu Motor Company, Ltd.	12,000	189,573
Daiichi Sankyo Company, Ltd.	11,100	238,216
Dainippon Ink & Chemicals, Inc.	44,000	117,060
Daito Trust Construction Company, Ltd.	13,000	1,065,405
Dena Company, Ltd.	11,900	459,428
Denso Corp.	4,300	161,154
Eisai Company, Ltd. (L)	13,000	486,359
FamilyMart Company, Ltd.	3,800	143,835
Fanuc, Ltd.	15,900	2,474,939
Fast Retailing Company, Ltd.	4,600	721,937
Fuji Heavy Industries, Ltd.	44,000	379,169
Fujitsu, Ltd.	24,000	162,414
Gree, Inc.	8,500	138,693
Hirose Electric Company, Ltd.	2,700	309,565
Hisamitsu Pharmaceutical Company, Inc.	10,900	440,293
Hitachi, Ltd.	324,000	1,966,978
Honda Motor Company, Ltd.	68,300	2,977,961

See notes to financial statements  Annual report | International Growth Fund  15 

	Shares	Value
Japan (continued)
Hoya Corp.	32,900	$787,410
Idemitsu Kosan Company, Ltd.	1,300	153,867
Inpex Corp.	130	914,148
Ishikawajima-Harima Heavy Industries Company, Ltd.	55,000	144,422
Isuzu Motors, Ltd.	118,000	531,727
Itochu Corp.	30,300	314,720
Japan Tobacco, Inc.	88	365,981
JX Holdings, Inc.	89,400	628,655
Kao Corp.	46,000	1,240,338
Kawasaki Kisen Kaisha, Ltd.	55,000	240,260
KDDI Corp.	64	415,458
Keyence Corp.	4,100	1,118,276
Kintetsu Corp. (L)	51,000	161,217
Kobe Steel Company, Ltd.	88,000	240,990
Komatsu, Ltd.	39,700	1,216,152
Kurita Water Industries, Ltd.	5,300	150,549
Lawson, Inc.	6,100	300,519
Marubeni Corp.	13,000	99,749
Mazda Motor Corp.	62,000	159,890
Mitsubishi Chemical Holdings Corp.	114,000	834,906
Mitsubishi Electric Corp.	52,000	616,517
Mitsubishi Estate Company, Ltd.	11,000	225,210
Mitsui O.S.K. Lines, Ltd.	61,000	405,023
Murata Manufacturing Company, Ltd.	10,100	753,598
Nabtesco Corp.	6,900	164,069
NHK Spring Company, Ltd.	19,000	222,831
Nidec Corp. (L)	3,500	326,116
Nintendo Company, Ltd.	3,800	1,115,822
Nippon Yusen Kabushiki Kaisha	77,000	339,897
Nissan Motor Company, Ltd.	91,100	934,311
Nitori Company, Ltd.	5,800	513,593
Nitto Denko Corp.	10,300	622,607
Nomura Research Institute, Ltd.	8,300	194,775
NSK, Ltd.	22,000	210,274
NTT Data Corp.	37	131,909
NTT DoCoMo, Inc.	554	1,041,107
Odakyu Electric Railway Company, Ltd.	42,000	391,320
Olympus Corp.	6,400	187,646
Omron Corp.	9,600	267,097
Ono Pharmaceutical Company, Ltd.	2,200	115,106
Oriental Land Company, Ltd.	4,300	430,420
ORIX Corp.	880	98,864
Rakuten, Inc.	259	230,516
Resona Holdings, Inc.	12,700	69,370
Ricoh Company, Ltd.	29,000	383,783
Sankyo Company, Ltd.	2,600	147,472
Santen Pharmaceutical Company, Ltd.	6,500	254,167
Sawai Pharmaceutical Company, Ltd.	2,500	234,487

16  International Growth Fund | Annual report  See notes to financial statements 

	Shares	Value
Japan (continued)
Secom Company, Ltd.	13,200	$665,968
SEGA SAMMMY HOLDINGS, Inc.	10,900	248,531
Shimamura Company, Ltd.	1,900	183,781
Shin-Etsu Chemical Company, Ltd.	11,700	674,187
Shionogi & Company, Ltd.	12,600	239,231
Shiseido Company, Ltd.	18,000	366,681
SMC Corp.	3,400	582,109
Softbank Corp.	43,000	1,769,838
Stanley Electric Company, Ltd.	12,400	228,202
Sumitomo Corp.	34,700	514,959
Sumitomo Heavy Industries, Ltd.	22,000	154,792
Sysmex Corp.	3,200	207,685
Takeda Pharmaceutical Company, Ltd.	42,100	2,094,884
Teijin, Ltd.	39,000	188,981
Terumo Corp.	15,500	850,177
The Sumitomo Trust & Banking Company, Ltd.	24,000	152,811
THK Company, Ltd.	6,700	177,302
Toshiba Corp.	47,000	308,254
Toyota Tsusho Corp.	12,100	229,943
Trend Micro, Inc.	7,300	226,946
Tsumura & Company, Ltd.	6,200	201,229
Unicharm Corp.	19,300	747,354
Yahoo! Japan Corp.	1,116	420,576
Yamada Denki Company, Ltd.	4,520	345,078
Yamato Kogyo Company, Ltd.	4,200	138,556
Zeon Corp.	23,000	235,632
Luxembourg 0.33%		838,442
Millicom International Cellular SA	5,161	452,530
Oriflame Cosmetics SA	3,026	177,308
SES SA	8,103	208,604
Netherlands 2.06%		5,311,352
Aegon NV (I)	30,018	230,895
ASML Holding NV	7,445	322,969
Fugro NV	4,794	403,734
Heineken NV	7,027	362,385
Koninklijke (Royal) KPN NV	61,895	1,002,245
Koninklijke Philips Electronics NV	10,932	356,796
Koninklijke Vopak NV	4,877	236,059
Reed Elsevier NV	36,234	478,404
Unilever NV (L)	63,545	1,917,865
Norway 0.48%		1,242,818
Norsk Hydro ASA	20,011	165,098
Statoil ASA	5,134	135,302
Telenor ASA	6,900	114,681
TGS Nopec Geophysical Company ASA	10,055	260,178
Yara International ASA	10,709	567,559

See notes to financial statements  Annual report | International Growth Fund  17 

	Shares	Value
Singapore 3.32%		$8,570,613
CapitaCommercial Trust	157,000	170,722
Cosco Corp. Singapore, Ltd.	161,000	249,975
Ezra Holdings, Ltd.	103,000	126,888
Fraser and Neave, Ltd.	55,000	243,138
Genting Singapore PLC (I)	388,000	585,943
Golden Agri-Resources, Ltd.	773,000	398,328
Hyflux, Ltd.	82,500	126,377
Keppel Corp., Ltd.	94,000	836,408
Midas Holdings, Ltd.	131,000	76,617
Neptune Orient Lines, Ltd. (I)	142,000	229,386
Olam International, Ltd.	62,000	136,327
Oversea-Chinese Banking Corp., Ltd.	67,000	486,669
SembCorp Industries, Ltd.	65,000	243,626
SembCorp Marine, Ltd.	148,000	623,357
Singapore Airport Terminal Services, Ltd.	76,000	152,471
Singapore Exchange, Ltd.	79,000	491,113
Singapore Post, Ltd.	183,000	163,982
Singapore Press Holdings, Ltd.	207,000	631,793
Singapore Technologies Engineering, Ltd.	218,000	547,701
Singapore Telecommunications, Ltd.	497,000	1,164,172
SMRT Corp., Ltd.	89,000	137,182
StarHub, Ltd.	51,000	105,378
United Overseas Bank, Ltd.	14,000	199,162
Wilmar International, Ltd.	57,000	229,130
Yangzijiang Shipbuilding Holdings, Ltd.	152,000	214,768
Spain 0.57%		1,469,686
Inditex SA	14,339	1,037,683
Red Electrica De Espana	2,381	128,070
Telefonica SA	11,950	303,933
Sweden 6.29%		16,221,955
Alfa Laval AB	24,884	508,731
Assa Abloy AB, Series B	24,111	674,791
Atlas Copco AB, Series A	61,884	1,554,038
Atlas Copco AB, Series B	46,356	1,052,711
Boliden AB	16,459	350,329
Elekta AB, Series B	12,312	469,552
Getinge AB, Series B	4,236	103,447
Hennes & Mauritz AB, B Shares	77,493	2,528,839
Hexagon AB	15,807	349,039
Investor AB, B Shares	19,871	457,314
Kinnevik Investment AB	8,028	180,139
Lundin Petroleum AB (I)	11,701	145,737
Modern Times Group AB, B Shares	5,121	342,981
Sandvik AB	36,739	704,364
Scania AB, Series B	42,176	939,780
Skandinaviska Enskilda Banken AB, Series A	54,899	499,556
SKF AB, B Shares	42,897	1,196,824
Swedbank AB, Class A (I)	51,380	905,138

18  International Growth Fund | Annual report  See notes to financial statements 

	Shares	Value
Sweden (continued)
Swedish Match AB	19,019	$600,482
Tele2 AB, Series B	19,071	434,421
Telefonaktiebolaget LM Ericsson, B Shares	49,301	633,529
Volvo AB, Series B (I)	91,927	1,590,213
Switzerland 9.61%		24,803,492
Compagnie Financiere Richemont SA, BR Shares	29,363	1,683,563
Geberit AG	2,422	522,621
Kuehne & Nagel International AG	2,062	277,124
Nestle SA	145,403	8,230,551
Nobel Biocare Holding AG	7,730	148,656
Novartis AG	80,368	4,513,408
Roche Holdings AG	41,303	6,227,545
Schindler Holding AG	3,094	348,551
SGS SA	386	671,468
Sonova Holding AG	3,687	490,297
Swisscom AG	674	297,785
Synthes AG	4,504	617,996
The Swatch Group AG, BR Shares	802	341,919
UBS AG (Swiss Exchange) (I)	21,740	432,008
United Kingdom 21.66%		55,888,093
Admiral Group PLC	27,988	768,311
Aggreko PLC	38,577	907,294
AMEC PLC (I)	15,001	283,803
Antofagasta PLC	14,862	339,722
ARM Holdings PLC	100,196	1,008,582
Asos PLC (I)	10,289	315,083
Associated British Foods PLC (I)	15,547	244,229
AstraZeneca PLC	41,610	2,028,888
Babcock International Group PLC	17,470	159,304
BAE Systems PLC	35,239	188,651
Balfour Beatty PLC	29,784	169,405
Barclays PLC	111,473	578,843
BG Group PLC	58,791	1,434,321
BHP Billiton PLC	16,541	655,332
British American Tobacco PLC	101,989	4,081,476
British Sky Broadcasting Group PLC	91,419	1,169,503
BT Group PLC	342,045	1,019,575
Bunzl PLC	23,132	285,726
Burberry Group PLC	69,734	1,358,964
Cairn Energy PLC (I)	22,013	153,257
Capita Group PLC	40,873	482,012
Carnival PLC	1,121	50,179
Centrica PLC	187,362	1,037,143
Chemring Group PLC (I)	3,054	162,949
Cobham PLC	85,258	312,507
Compass Group PLC (I)	79,536	715,510
Croda International PLC	17,255	444,249
Diageo PLC	141,782	2,772,045

See notes to financial statements  Annual report | International Growth Fund  19 

	Shares	Value
United Kingdom (continued)
Drax Group PLC	13,172	$84,526
Eurasian Natural Resources Corp.	15,303	239,821
Fresnillo PLC	12,854	334,490
GKN PLC	61,175	208,696
GlaxoSmithKline PLC	473,482	9,101,929
ICAP PLC	40,766	345,050
IG Group Holdings PLC	42,806	311,934
IMI PLC	23,154	334,497
Informa PLC	42,872	302,842
Inmarsat PLC	27,790	302,950
Intercontinental Hotels Group PLC	22,850	508,037
International Power PLC	29,310	159,269
Intertek Group PLC	19,376	568,159
Investec PLC	13,087	100,573
ITV PLC (I)	166,557	236,661
Legal & General Group PLC	195,590	377,631
Lloyds Banking Group PLC (I)	1,617,088	1,631,907
Man Group PLC	94,837	442,790
Marks & Spencer Group PLC	52,305	294,487
National Grid PLC	23,205	215,827
Next PLC	14,547	467,905
Petrofac, Ltd.	18,340	415,244
Petropavlovsk PLC	9,294	164,216
Randgold Resources, Ltd. (I)	2,713	219,643
Reckitt Benckiser Group PLC	42,844	2,208,046
Reed Elsevier PLC	71,603	639,377
Rio Tinto PLC	30,830	2,174,669
Rolls-Royce Group PLC (I)	47,868	480,099
Sage Group PLC	51,391	237,453
Scottish & Southern Energy PLC	6,039	121,620
Serco Group PLC	24,578	217,525
Severn Trent PLC	17,804	430,835
Smith & Nephew PLC	62,908	728,529
Smiths Group PLC	29,038	632,535
Spectris PLC	8,906	201,959
Standard Chartered PLC	90,504	2,392,943
Tesco PLC	32,136	211,352
The Weir Group PLC	23,492	654,284
Tullett Prebon PLC	14,637	96,873
Unilever PLC	14,297	424,230
Vodafone Group PLC	484,878	1,375,845
Wolseley PLC (I)	13,535	470,997
WPP PLC	41,686	573,475
Xstrata PLC	49,048	1,119,500

20  International Growth Fund | Annual report  See notes to financial statements 

		Shares	Value
Preferred Securities 0.93%			$2,397,754
(Cost $1,639,369)
Germany 0.93%			2,397,754
Porsche Automobil Holding SE		3,814	302,131
ProSiebenSat.1 Media AG		10,663	344,920
Volkswagen AG		10,324	1,750,703
		Shares	Value
Rights 0.00%			$0
(Cost $0)
Austria 0.00%			0
Immofinanz AG (Expiration Date: 3-2-11, Strike Price: EUR 4.12) (I)(L)		39,303	0
		Shares	Value
Warrants 0.00%			$3,230
(Cost $5,399)
Canada 0.00%			3,230
Kinross Gold Corp. (Expiration Date: 9-17-14, Strike Price: $21.30) (I)		1,133	3,230
		Shares	Value
Securities Lending Collateral 1.19%			$3,069,679
(Cost $3,069,468)
John Hancock Collateral Investment Trust (W)	0.2855% (Y)	306,741	3,069,679
		Shares	Value
Short-Term Investments 4.16%			$10,748,557
(Cost $10,748,557)
Short-Term Securities 4.16%			10,748,557
State Street Institutional Treasury Money Market Fund	0.0453% (Y)	10,748,557	10,748,557
Total investments (Cost $219,180,869)† 100.27%			$258,745,305
Other assets and liabilities, net (0.27%)			($707,785)
Total net assets 100.00%			$258,037,520

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

See notes to financial statements  Annual report | International Growth Fund  21 

Notes to Schedule of Investments

Currency abbreviation

EUR Euro

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 2-28-11.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investments of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $220,040,489. Net unrealized appreciation aggregated $38,704,816, of which $41,315,160 related to appreciated investment securities and $2,610,344 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 2-28-11:

Health Care	17%
Consumer Discretionary	16%
Industrials	16%
Consumer Staples	13%
Materials	9%
Information Technology	8%
Financials	8%
Telecommunication Services	4%
Energy	3%
Utilities	2%
Short-Term Securities & Other	4%

22  International Growth Fund | Annual report  See notes to financial statements 

F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $216,111,401) including
$2,934,685 of securities loaned (Note 2)	$255,675,626
Investments in affiliated issuers, at value (Cost $3,069,468) (Note 2)	3,069,679
Total investments, at value (Cost $219,180,869)	258,745,305
Foreign currency, at value (Cost $249,551)	251,893
Cash held at broker for futures contracts	1,278,640
Receivable for forward foreign currency exchange contracts (Note 3)	371,523
Receivable for fund shares sold	699,821
Dividends and interest receivable	730,029
Receivable for securities lending income	2,258
Receivable for futures variation margin	52,263
Other receivables and prepaid expenses	14,168
Total assets	262,145,900
Liabilities
Payable for forward foreign currency exchange contracts (Note 3)	677,897
Payable for fund shares repurchased	167,672
Payable upon return of securities loaned (Note 2)	3,072,429
Payable to affiliates
Accounting and legal services fees	3,351
Transfer agent fees	29,737
Trustees’ fees	1,826
Due to adviser	6,831
Other liabilities and accrued expenses	148,637
Total liabilities	4,108,380
Net assets
Capital paid-in	$221,707,048
Accumulated distributions in excess of net investment income	(470,256)
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions	(2,639,521)
Net unrealized appreciation (depreciation) on investments, futures
contracts and translation of assets and liabilities in foreign currencies	39,440,249
Net assets	$258,037,520

See notes to financial statements  Annual report | International Growth Fund  23 

F I N A N C I A L  S T A T E M E N T S

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 ($44,727,389 ÷ 2,131,369 shares)	$20.99
Class B ($792,690 ÷ 37,876 shares)1	$20.93
Class C ($1,119,316 ÷ 53,541 shares)1	$20.91
Class I ($203,642,618 ÷ 9,678,402 shares)	$21.04
Class 1 ($7,755,507 ÷ 368,920 shares)	$21.02
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$22.09

¹ Redemption price 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.

24  International Growth Fund | Annual report  See notes to financial statements 

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$5,159,835
Securities lending	115,060
Interest	7,030
Less foreign taxes withheld	(393,205)
Total investment income	4,888,720
Expenses
Investment management fees (Note 5)	1,892,983
Distribution and service fees (Note 5)	111,562
Accounting and legal services fees (Note 5)	24,325
Transfer agent fees (Note 5)	136,113
Trustees’ fees (Note 5)	13,996
State registration fees (Note 5)	42,537
Printing and postage (Note 5)	9,544
Professional fees	64,185
Custodian fees	224,873
Registration and filing fees	29,912
Other	9,520
Total expenses	2,559,550
Less expense reductions (Note 5)	(21,255)
Net expenses	2,538,295
Net investment income	2,350,425
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	7,188,523
Investments in affiliated issuers	(3,237)
Futures contracts (Note 3)	1,370,588
Foreign currency transactions	(262,726)
	8,293,148
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	33,642,964
Investments in affiliated issuers	1
Futures contracts (Note 3)	147,964
Translation of assets and liabilities in foreign currencies	(342,565)
	33,448,364
Net realized and unrealized gain	41,741,512
Increase in net assets from operations	$44,091,937

See notes to financial statements  Annual report | International Growth Fund  25 

F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$2,350,425	$935,458
Net realized gain (loss)	8,293,148	(3,844,492)
Change in net unrealized appreciation (depreciation)	33,448,364	25,186,082
Increase in net assets resulting from operations	44,091,937	22,277,048
Distributions to shareholders
From net investment income
Class A	(211,992)	(118,341)
Class I	(1,859,699)	(1,187,527)
Class 1	(65,793)	(48,594)
Class NAV1	(47,095)	(45,290)
Total distributions	(2,184,579)	(1,399,752)
From Fund share transactions (Note 6)	49,129,284	103,903,777
Total increase	91,036,642	124,781,073
Net assets
Beginning of year	167,000,878	42,219,805
End of year	$258,037,520	$167,000,878
Accumulated distributions in excess of net investment income	($470,256)	($423,376)

¹ Class NAV shares were terminated on 12-22-10.

26  International Growth Fund | Annual report  See notes to financial statements 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.36	$12.46	$22.86	$23.94	$20.00
Net investment income (loss)2	0.13	0.14	0.31	0.26	(0.01)
Net realized and unrealized gain (loss) on investments	3.61	4.86	(10.31)	0.53	4.44
Total from investment operations	3.74	5.00	(10.00)	0.79	4.43
Less distributions
From net investment income	(0.11)	(0.10)	(0.40)	(0.18)	(0.09)
From net realized gain	—	—	—	(1.69)	(0.40)
Total distributions	(0.11)	(0.10)	(0.40)	(1.87)	(0.49)
Net asset value, end of year	$20.99	$17.36	$12.46	$22.86	$23.94
Total return (%)3	21.58	40.07	(44.00)	2.85	22.184
Ratios and supplemental data
Net assets, end of year (in millions)	$45	$23	$13	$26	$20
Ratios (as a percentage of average net assets):
Expenses before reductions	1.60	1.685	1.94	2.21	2.286
Expenses net of fee waivers	1.60	1.645	1.62	1.56	1.666
Expenses net of fee waivers and credits	1.60	1.635	1.62	1.56	1.666
Net investment income (loss)	0.69	0.86	1.59	1.02	(0.06)6
Portfolio turnover (%)	48	37	59	97	41

¹ The inception date for Class A shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.

See notes to financial statements  Annual report | International Growth Fund  27 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.36	$12.48	$22.81	$23.91	$20.00
Net investment income (loss)2	0.01	0.05	0.15	(0.01)	(0.16)
Net realized and unrealized gain (loss) on investments	3.56	4.83	(10.25)	0.60	4.48
Total from investment operations	3.57	4.88	(10.10)	0.59	4.32
Less distributions
From net investment income	—	—	(0.23)	—	(0.01)
From net realized gain	—	—	—	(1.69)	(0.40)
Total distributions	—	—	(0.23)	(1.69)	(0.41)
Net asset value, end of year	$20.93	$17.36	$12.48	$22.81	$23.91
Total return (%)3	20.56	39.10	(44.43)	2.03	21.644
Ratios and supplemental data
Net assets, end of year (in millions)	$1	$1	$1	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	4.24	4.835	4.68	4.62	10.946
Expenses net of fee waivers	2.40	2.445	2.65	2.41	2.396
Expenses net of fee waivers and credits	2.40	2.405	2.40	2.40	2.396
Net investment income (loss)	0.04	0.29	0.80	(0.03)	(0.94)6
Portfolio turnover (%)	48	37	59	97	41

¹ The inception date for Class B shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.34	$12.47	$22.79	$23.90	$20.00
Net investment income (loss)2	0.01	(0.01)	0.20	0.05	(0.16)
Net realized and unrealized gain (loss) on investments	3.56	4.88	(10.29)	0.53	4.47
Total from investment operations	3.57	4.87	(10.09)	0.58	4.31
Less distributions
From net investment income	—	—	(0.23)	—	(0.01)
From net realized gain	—	—	—	(1.69)	(0.40)
Total distributions	—	—	(0.23)	(1.69)	(0.41)
Net asset value, end of year	$20.91	$17.34	$12.47	$22.79	$23.90
Total return (%)3	20.59	39.05	(44.43)	1.99	21.594
Ratios and supplemental data
Net assets, end of year (in millions)	$1	$1	$1	$2	$2
Ratios (as a percentage of average net assets):
Expenses before reductions	3.45	3.955	3.81	3.73	6.716
Expenses net of fee waivers	2.40	2.415	2.42	2.40	2.396
Expenses net of fee waivers and credits	2.40	2.405	2.40	2.40	2.396
Net investment income (loss)	0.03	(0.06)	1.03	0.21	(0.98)6
Portfolio turnover (%)	48	37	59	97	41

¹ The inception date for Class C shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁶ Annualized.

28  International Growth Fund | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.40	$12.48	$22.90	$23.97	$20.00
Net investment income2	0.23	0.14	0.18	0.36	0.07
Net realized and unrealized gain (loss) on investments	3.60	4.95	(10.12)	0.54	4.45
Total from investment operations	3.83	5.09	(9.94)	0.90	4.52
Less distributions
From net investment income	(0.19)	(0.17)	(0.48)	(0.28)	(0.15)
From net realized gain	—	—	—	(1.69)	(0.40)
Total distributions	(0.19)	(0.17)	(0.48)	(1.97)	(0.55)
Net asset value, end of year	$21.04	$17.40	$12.48	$22.90	$23.97
Total return (%)3	22.08	40.76	(43.74)	3.27	22.604
Ratios and supplemental data
Net assets, end of year (in millions)	$204	$134	$23	$1	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.14	1.236	1.67	5.07	17.207
Expenses net of fee waivers	1.14	1.216	1.20	1.20	1.197
Expenses net of fee waivers and credits	1.14	1.216	1.20	1.20	1.197
Net investment income	1.21	0.84	1.16	1.43	0.427
Portfolio turnover (%)	48	37	59	97	41

¹ The inception date for Class I shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Less than $500,000.
⁶ Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.
⁷ Annualized.

CLASS 1 SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$17.38	$12.47	$22.89	$23.97	$20.00
Net investment income2	0.23	0.20	0.36	0.29	0.07
Net realized and unrealized gain (loss) on investments	3.60	4.89	(10.29)	0.61	4.45
Total from investment operations	3.83	5.09	(9.93)	0.90	4.52
Less distributions
From net investment income	(0.19)	(0.18)	(0.49)	(0.29)	(0.15)
From net realized gain	—	—	—	(1.69)	(0.40)
Total distributions	(0.19)	(0.18)	(0.49)	(1.98)	(0.55)
Net asset value, end of year	$21.02	$17.38	$12.47	$22.89	$23.97
Total return (%)3	22.11	40.73	(43.72)	3.28	22.634
Ratios and supplemental data
Net assets, end of year (in millions)	$8	$5	$3	$3	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	1.13	1.245	1.51	1.83	2.006
Expenses net of fee waivers	1.13	1.195	1.15	1.15	1.156
Expenses net of all fee waivers and credits	1.13	1.195	1.15	1.15	1.156
Net investment income	1.21	1.23	1.94	1.14	0.416
Portfolio turnover (%)	48	37	59	97	41

¹ The inception date for Class 1 shares is 6-12-06.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁶ Annualized.

See notes to financial statements  Annual report | International Growth Fund  29 

Notes to financial statements

Note 1 — Organization

John Hancock International Growth Fund (the Fund) is a diversified 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.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Class NAV shares were terminated on December 22, 2010.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

30  International Growth Fund | Annual report 

				LEVEL 3
			LEVEL 2	SIGNIFICANT
	TOTAL MARKET	LEVEL 1	SIGNIFICANT	UNOBSERVABLE
	VALUE AT 2-28-11	QUOTED PRICE	OBSERVABLE INPUTS	INPUTS
Common Stocks
Australia	$10,383,783	—	$10,383,783	—
Austria	688,618	—	688,618	—
Belgium	2,509,541	—	2,509,541	—
Bermuda	582,458	—	582,458	—
Canada	8,050,162	$8,050,162	—	—
Cayman Islands	366,540	—	366,540	—
Denmark	9,153,370	—	9,153,370	—
Finland	2,868,437	—	2,868,437	—
France	16,472,940	—	16,472,940	—
Germany	16,703,916	—	16,703,916	—
Greece	969,065	—	969,065	—
Hong Kong	6,286,908	—	6,286,908	—
Ireland	2,612,006	—	2,612,006	—
Israel	192,700	—	192,700	—
Italy	419,063	—	419,063	—
Japan	49,920,127	—	49,920,127	—
Luxembourg	838,442	—	838,442	—
Netherlands	5,311,352	—	5,311,352	—
Norway	1,242,818	—	1,242,818	—
Singapore	8,570,613	—	8,570,613	—
Spain	1,469,686	—	1,469,686	—
Sweden	16,221,955	—	16,221,955	—
Switzerland	24,803,492	—	24,803,492	—
United Kingdom	55,888,093	—	55,888,093	—
Preferred Securities
Germany	2,397,754	—	2,397,754	—
Warrants
Canada	3,230	3,230	—	—
Securities Lending
Collateral	3,069,679	3,069,679	—	—
Short-Term Investments	10,748,557	10,748,557	—	—
Total Investments in
Securities	$258,745,305	$21,871,628	$236,873,677	—
Other Financial
Instruments
Futures	$162,636	$162,636	—	—
Forward Foreign
Currency Contracts	($306,374)	—	($306,374)	—

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies, including forward foreign currency contracts, are valued in U.S. dollars, based on foreign currency exchange

Annual report | International Growth Fund  31 

rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where 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. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. 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 is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. 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. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

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 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. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. 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.

The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net unrealized appreciation.

32  International Growth Fund | Annual report 

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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses of the Trust 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 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 asset value 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 appropriate net asset value 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $1,852,776 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2018 — $1,852,776. Net currency losses of $613,644, that are a result of security transactions occurring after October 31, 2010, are treated as occurring on March 1, 2011, the first day of the Fund’s next taxable year.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Annual report | International Growth Fund  33 

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, 2011 and February 28, 2010 was as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	$2,184,579	$1,399,752

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the Fund has no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material 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 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 foreign currency transactions, passive foreign investment companies, wash sale deferrals and derivative transactions.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the Fund to the risk that the counterparty to an over-the-counter (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. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, 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 hedged security values and/or interest rates and potential losses in excess of the amounts recognized on the Statements of Assets and Liabilities.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. 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 contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.

During the year ended February 28, 2011, the Fund used futures contracts to gain market exposure, maintain diversification and liquidity and adjust exposure to foreign currencies. The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held futures contracts with notional absolute values ranging from $12.3 million to $20.7 million as measured at each quarter end.

34  International Growth Fund | Annual report 

					UNREALIZED
OPEN	NUMBER OF				APPRECIATION
CONTRACTS	CONTRACTS	POSITION	EXPIRATION DATE	NOTIONAL VALUE	(DEPRECIATION)
DAX Index Futures	23	Long	Mar 2011	$5,772,900	$159,237
FTSE 100 Index	67	Long	Mar 2011	6,506,245	131,858
Futures
SGX MSCI Singapore	8	Long	Mar 2011	444,850	(2,176)
Index Futures
ASX SPI 200 Index	42	Short	Mar 2011	(5,159,269)	(50,867)
Futures
FTSE MIB Index	2	Short	Mar 2011	(310,185)	(24,818)
Futures
S&P TSE 60 Index	5	Short	Mar 2011	(836,395)	(50,598)
Futures
Total					$162,636

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency 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, the risk that currency movements will not occur, thereby reducing the Fund’s total return, and the potential for losses in excess of the amounts recognized on the Statements of Assets and Liabilities.

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 a 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.

During the year ended February 28, 2011, the Fund used forward foreign currency contracts to hedge against anticipated currency exchange rates.

The following table summarizes the contracts held at February 28, 2011. During the year ended February 28, 2011, the Fund held forward foreign currency contracts with USD absolute values ranging from $24.2 million to $50.8 million, as measured at each quarter end.

		PRINCIPAL
	PRINCIPAL	AMOUNT
	AMOUNT	COVERED			UNREALIZED
	COVERED BY	BY CONTRACT		SETTLEMENT	APPRECIATION
CURRENCY	CONTRACT	(USD)	COUNTERPARTY	DATE	(DEPRECIATION)
Buys
AUD	149,033	$148,167	Brown Brothers	4-20-11	$2,652
			Harriman & Company
AUD	724,675	719,928	JPMorgan Chase Bank	4-20-11	13,434
EUR	540,433	727,435	Bank of America N.A.	4-20-11	17,880
EUR	945,132	1,268,892	Deutsche Bank AG	4-20-11	34,546
EUR	664,614	894,239	Royal Bank of Scotland PLC	4-20-11	22,334
GBP	881,417	1,412,402	Bank of America N.A.	4-20-11	19,846
GBP	474,203	758,654	Barclays Bank PLC	4-20-11	11,897
GBP	1,146,471	1,834,870	Brown Brothers	4-20-11	28,075
			Harriman & Company
GBP	1,553,874	2,484,733	JPMorgan Chase Bank	4-20-11	40,217
GBP	1,211,533	1,935,718	Morgan Stanley Capital	4-20-11	32,948
			Services, Inc.

Annual report | International Growth Fund  35 

		PRINCIPAL
	PRINCIPAL	AMOUNT
	AMOUNT	COVERED			UNREALIZED
	COVERED BY	BY CONTRACT		SETTLEMENT	APPRECIATION
CURRENCY	CONTRACT	(USD)	COUNTERPARTY	DATE	(DEPRECIATION)
Buys (continued)
HKD	8,392,911	$1,077,672	Barclays Bank PLC	4-20-11	$519
HKD	11,190,548	1,436,527	Brown Brothers	4-20-11	1,060
			Harriman & Company
HKD	4,697,105	603,879	Mellon Bank NA	4-20-11	(468)
HKD	8,392,911	1,077,501	Morgan Stanley Capital	4-20-11	690
			Services, Inc.
HKD	16,785,822	2,154,625	State Street Bank &	4-20-11	1,757
			Trust Company
JPY	322,142,600	3,862,598	Deutsche Bank AG	4-20-11	76,659
JPY	73,531,690	882,633	JPMorgan Chase Bank	4-20-11	16,535
NOK	2,404,324	416,882	Brown Brothers	4-20-11	11,351
			Harriman & Company
SGD	1,845,284	1,439,626	Bank of America N.A.	4-20-11	11,727
SGD	922,641	719,745	Barclays Bank PLC	4-20-11	5,931
SGD	766,929	601,631	Brown Brothers	4-20-11	1,574
			Harriman & Company
SGD	751,694	586,273	Mellon Bank NA	4-20-11	4,949
SGD	751,694	586,419	Morgan Stanley Capital	4-20-11	4,804
			Services, Inc.
SGD	751,694	586,178	Royal Bank of Scotland PLC	4-20-11	5,045
SGD	751,694	586,130	State Street Bank &	4-20-11	5,093
			Trust Company
Total		$28,803,357			$371,055
Sells
CAD	4,246,070	$4,289,462	Bank of America N.A.	4-20-11	($76,384)
CAD	2,102,590	2,124,215	Royal Bank of Scotland PLC	4-20-11	(37,687)
CHF	1,870,933	1,927,843	Barclays Bank PLC	4-20-11	(86,757)
CHF	1,093,905	1,127,063	Brown Brothers	4-20-11	(50,842)
			Harriman & Company
CHF	1,717,392	1,771,166	Royal Bank of Scotland PLC	4-20-11	(78,102)
CHF	2,693,080	2,776,114	State Street Bank &	4-20-11	(123,765)
			Trust Company
NOK	2,125,898	362,732	Barclays Bank PLC	4-20-11	(15,910)
NOK	4,812,506	821,093	Brown Brothers	4-20-11	(36,059)
			Harriman & Company
NOK	2,125,898	362,311	Royal Bank of Scotland PLC	4-20-11	(16,331)
SEK	7,155,724	1,097,992	Barclays Bank PLC	4-20-11	(29,141)
SEK	9,540,966	1,463,877	Brown Brothers	4-20-11	(38,966)
			Harriman & Company
SEK	6,411,075	982,297	Deutsche Bank AG	4-20-11	(27,543)
SEK	7,181,998	1,100,200	JPMorgan Chase Bank	4-20-11	(31,071)
SEK	7,155,724	1,098,262	Mellon Bank NA	4-20-11	(28,871)
Total		$21,304,627			($677,429)

36  International Growth Fund | Annual report 

Currency Abbreviations
AUD	Australian Dollar	HKD	Hong Kong Dollar
CAD	Canadian Dollar	JPY	Japanese Yen
CHF	Swiss Franc	NOK	Norwegian Krone
EUR	Euro	SEK	Swedish Krona
GBP	Pound Sterling	SGD	Singapore Dollar

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at February 28, 2011 by risk category:

		FINANCIAL	ASSET	LIABILITY
	STATEMENT OF ASSETS AND	INSTRUMENTS	DERIVATIVES	DERIVATIVES
RISK	LIABILITIES LOCATION	LOCATION	FAIR VALUE	FAIR VALUE
Equity contracts	Receivable for futures varia-	Futures†	$291,095	($128,459)
	tion margin; net unrealized
	appreciation (depreciation)
	on investments
Foreign exchange	Receivable/Payable for	Forward foreign	371,523	(677,897)
contracts	forward foreign currency	currency
	exchange contracts	contracts
Total			$662,618	($806,356)

† Reflects cumulative appreciation/depreciation of futures as disclosed in Note 3. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

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, 2011:

			FOREIGN
	STATEMENT OF	FUTURES	CURRENCY
RISK	OPERATIONS LOCATION	CONTRACTS	TRANSACTIONS*	TOTAL
Equity contracts	Net realized gain	$1,370,588	—	$1,370,588
Foreign exchange	Net realized gain
contracts	(loss)	—	($275,418)	(275,418)
Total		$1,370,588	($275,418)	$1,095,170

* Realized gain/loss associated with forward foreign currency contracts is included in this caption 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, 2011:

			TRANSLATION
			OF ASSETS
			AND LIABILITIES
		FUTURES	IN FOREIGN
RISK	STATEMENT OF OPERATIONS LOCATION	CONTRACTS	TRANSACTIONS*	TOTAL
Equity contracts	Change in unrealized appreciation	$147,964	—	$147,964
	(depreciation)
Foreign exchange	Change in unrealized appreciation	—	($364,800)	(364,800)
contracts	(depreciation)
Total		$147,964	($364,800)	($216,836)

* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in this caption on the Statement of Operations.

Annual report | International Growth Fund  37 

Note 4 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 5 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: a) 0.920% of the first $100,000,000 of the Fund’s average daily net assets; b) 0.895% of the next $900,000,000; c) 0.880% of the next $1,000,000,000; d) 0.850% of the next $1,000,000,000; e) 0.825% of the next $1,000,000,000; and f) 0.800% of the Fund’s average daily net asset in excess of $4,000,000,000. The Adviser has a subadvisory agreement with Grantham, Mayo, Van Otterloo & Co. LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.91% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.70%, 2.40%, 2.40%, 1.24% and 1.20% for Class A, Class B, Class C, Class I and Class 1 shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.70%, 2.40%, 2.40%, 1.22%, 1.20% and 1.15% for Class A, Class B, Class C, Class I, Class 1 and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $11,045 and $10,210 for Class B and Class C shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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, 2011, 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 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

38  International Growth Fund | Annual report 

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	12b-1 FEES
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 $15,406 for the year ended February 28, 2011. Of this amount, $2,556 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $12,086 was paid as sales commissions to broker-dealers and $764 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $1,165 and $64 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Annual report | International Growth Fund  39 

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$92,883	$53,409	$10,509	$2,741
Class B	5,990	2,055	10,708	195
Class C	9,707	2,302	10,689	314
Class I	—	78,347	10,631	6,434
Class 1	2,982	—	—	(140)
Total	$111,562	$136,113	$42,537	$9,544

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 6 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class A shares
Sold	1,001,925	$18,930,095	368,180	$6,341,223
Exchanged from Class R1	—	—	7,263	121,989
Distributions reinvested	10,486	210,444	6,431	116,714
Repurchased	(182,969)	(3,423,082)	(105,391)	(1,656,573)
Net increase	829,442	$15,717,457	276,483	$4,923,353
Class B shares
Sold	18,488	$350,796	11,882	$200,465
Repurchased	(13,173)	(234,105)	(20,091)	(318,226)
Net increase (decrease)	5,315	$116,691	(8,209)	($117,761)
Class C shares
Sold	14,797	$278,217	43,030	$684,156
Repurchased	(12,304)	(222,459)	(40,666)	(591,385)
Net increase	2,493	$55,758	2,364	$92,771
Class I shares
Sold	3,607,016	$67,388,025	6,511,940	$108,774,330
Distributions reinvested	919	18,465	499	9,073
Repurchased	(1,611,195)	(30,758,599)	(638,236)	(10,431,836)
Net increase	1,996,740	$36,647,891	5,874,203	$98,351,567
Class R1 shares
Sold	—	—	1,969	$26,066
Exchanged for Class A	—	—	(7,270)	(121,989)
Repurchased	—	—	(897)	(12,532)
Net decrease	—	—	(6,198)	($108,455)

40  International Growth Fund | Annual report 

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	191,560	$3,635,364	155,089	$2,534,636
Distributions reinvested	3,275	65,793	2,674	48,594
Repurchased	(102,225)	(1,936,307)	(84,600)	(1,398,184)
Net increase	92,610	$1,764,850	73,163	$1,185,046
Class NAV shares1
Sold	25,913	$465,996	194,492	$2,950,895
Distributions reinvested	2,350	47,095	2,499	45,290
Repurchased	(288,620)	(5,686,454)	(191,058)	(3,418,929)
Net increase (decrease)	(260,357)	($5,173,363)	5,933	($422,744)
Net increase	2,666,243	$49,129,284	6,217,739	$103,903,777
1 Class NAV shares were terminated on 12-22-10.

Affiliates of the Fund owned 39% of shares of beneficial interest of Class A on February 28, 2011.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $140,485,265 and $94,075,467, respectively, for the year ended February 28, 2011.

Annual report | International Growth Fund  41 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of John Hancock Funds III and Shareholders of  John Hancock International Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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, 2011, and the results of its operations, the changes in its net assets 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, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

42  International Growth Fund | Annual report 

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, 2011.

The Fund designates 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. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

Income derived from foreign sources was $2,812,259. The Fund intends to pass through foreign tax credits of $227,679 for the fiscal year ended February 28, 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | International Growth Fund  43 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

44  International Growth Fund | Annual report 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

Annual report | International Growth Fund  45 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

46  International Growth Fund | Annual report 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | International Growth Fund  47 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Grantham, Mayo, Van Otterloo & Co. LLC
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

48  International Growth Fund | Annual report 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Growth Fund.	8700A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Portfolio performance

By John Hancock Asset Management¹

During the 12-month period ended February 28, 2011, international developed markets posted strong results, with the MSCI EAFE Index returning 20.54%. In Europe, Germany’s strong recovery helped propel its markets to a 32.18% gain. Japan lagged the overall MSCI EAFE Index, with a 17.45% return, weighed down by the impact of a stronger yen.

Emerging markets had a return of 21.23% for the 12-month period — roughly in line with developed international markets. Over the 12-month period, the euro advanced about 1% against the U.S. dollar, adding a small tailwind to the returns of U.S. investors, as their euro-based proceeds would translate into more dollars.

Portfolio performance

For the 12 months ended February 28, 2011, John Hancock International Allocation Portfolio’s Class A shares posted a total return of 22.43% at net asset value, versus 20.54% for the benchmark MSCI EAFE Index and 20.63% for the average foreign large blend fund, according to Morningstar, Inc.

Both asset allocation and performance by underlying managers added to relative results during the period. Allocations to the international small-cap sector helped performance, while weightings to emerging markets partially offset that with modest underperformance. Among managers, International Opportunities Fund (Marsico) had strong relative performance, helped by stock selection in consumer discretionary, materials and industrials sectors. International Value Fund (Franklin) had success with strong stock selection in financials and health care.

During the period, we established a new position in the International Growth Stock Fund (Invesco). This move was made to further diversify our exposures within the growth portion of the Portfolio. Additionally, we moved from the International Growth Fund (GMO) to the International Core Fund (GMO), which we feel will better complement the rest of our overall developed-market exposures.

This commentary reflects the views of the portfolio managers through the end of the Portfolio’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting.

¹ Effective 1-1-11, Manulife Asset Management (US) LLC has been added as a subadviser. Manulife Asset Management (US) LLC and Manulife Asset Management (North America) Limited are doing business as John Hancock Asset Management.

6  International Allocation Portfolio | Annual report 

A look at performance

For the period ended February 28, 2011

	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception1	1-year	5-year	10-year	inception1
Class A	16.30	—	—	–2.03	16.30	—	—	–8.19
Class B	16.35	—	—	–1.95	16.35	—	—	–7.89
Class C	20.49	—	—	–1.50	20.49	—	—	–6.12
Class I 2	22.87	—	—	–0.38	22.87	—	—	–1.56

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.68%, Class B — 2.38%, Class C — 2.38% and Class I — 1.22%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.16%, Class B — 3.78%, Class C — 3.06% and Class I — 5.32%.

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, the Portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1–800–225–5291 or visit the Portfolio’s Web site at www.jhfunds.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 portfolio distributions or the redemption of portfolio shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

¹ From 12-29-06.

² For certain types of investors, as described in the Portfolio’s Class I share prospectus.

Annual report | International Allocation Portfolio  7 

A look at performance

 

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index
Class B	12-29-06	$9,377	$9,211	$9,641
Class C2	12-29-06	9,388	9,388	9,641
Class I3	12-29-06	9,844	9,844	9,641

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Portfolio’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

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 the equity market performance of developed markets, excluding the U.S. and Canada.

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

¹ NAV represents net asset value and POP represents public offering price.

² The contingent deferred sales charge, if any, is not applicable.

³ For certain types of investors, as described in the Portfolio’s Class I share prospectus.

8  International Allocation Portfolio | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding portfolio expenses

As a shareholder of the Portfolio, 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 portfolio expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Portfolio’s actual ongoing operating expenses, and is based on the Portfolio’s actual return. It assumes an account value of $1,000.00 on September 1, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111,2
Class A	$1,000.00	$1,235.20	$3.49
Class B	1,000.00	1,229.60	7.35
Class C	1,000.00	1,231.10	7.36
Class I	1,000.00	1,237.80	0.94

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, 2011, 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:

 

Annual report | International Allocation Portfolio  9 

Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Portfolio’s ongoing operating expenses with those of any other portfolio. It provides an example of the Portfolio’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 Portfolio’s actual return). It assumes an account value of $1,000.00 on September 1, 2010, with the same investment held until February 28, 2011. Look in any other portfolio shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111,2
Class A	$1,000.00	$1,021.70	$3.16
Class B	1,000.00	1,018.20	6.66
Class C	1,000.00	1,018.20	6.66
Class I	1,000.00	1,024.00	0.85

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Portfolio’s annualized expense ratio of 0.63%, 1.33%, 1.33% and 0.17% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

² The Portfolio’s expense ratios do not include fees and expenses indirectly incurred by the underlying funds, whose ratios can vary based on the mix of underlying funds. The range of expense ratios of the underlying funds held were 0.91% to 1.11%.

10  International Allocation Portfolio | Annual report 

Asset allocation

¹ As a percentage of net assets on 2-28-11.

Annual report | International Allocation Portfolio  11 

Portfolio’s investments

Investment companies

Underlying Funds’ Subadvisers

Dimensional Fund Advisors LP	(DFA)
Templeton Investment Counsel, LLC	(Franklin)
Grantham, Mayo, Van Otterloo & Co. LLC	(GMO)
Invesco Advisers, Inc.	(Invesco)
Marsico Capital Management, LLC	(Marsico)
John Hancock Asset Management*	(John Hancock)

*Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.

As of 2-28-11

	Shares	Value
Affiliated Investment Companies 100.11%		$20,119,079
(Cost $17,088,215)
EQUITY 100.11%		20,119,079
International Large Cap 74.59%
John Hancock Funds II (G)
International Growth Stock, Class NAV (Invesco)	222,510	2,498,790
International Opportunities, Class NAV (Marsico)	174,253	2,498,790
International Value, Class NAV (Franklin)	321,672	4,995,567
John Hancock Funds III (G)
International Core, Class NAV (GMO)	161,251	4,995,567
Emerging Markets 18.01%
John Hancock Funds II (G)
Emerging Markets, Class NAV (DFA)	224,698	2,615,480
John Hancock Investment Trust III (G)
Greater China Opportunities, Class NAV (John Hancock1) (A)	49,311	1,005,954
International Small Cap 7.51%
John Hancock Funds II (G)
International Small Company, Class NAV (DFA)	167,845	1,508,931
Total investments (Cost $17,088,215)† 100.11%		$20,119,079
Other assets and liabilities, net (0.11%)		($22,965)
Total net assets 100.00%		$20,096,114

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

(A) The subadviser is an affiliate of the adviser.

(G) The underlying fund’s subadviser is shown parenthetically.

¹ Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $19,468,650. Net unrealized appreciation aggregated $650,429, of which $650,429 related to appreciated investment securities and $0 related to depreciated investment securities.

12  International Allocation Portfolio | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Portfolio’s balance sheet. It shows the value of what the Portfolio owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in affiliated funds, at value	20,119,079
Total investments, at value (Cost $17,088,215)	20,119,079
Receivable for portfolio shares sold	97,179
Receivable due from adviser	4,107
Other receivables and prepaid expenses	22,177
Total assets	20,242,542
Liabilities
Due to custodian	314
Payable for investments purchased	79,879
Payable for fund shares repurchased	12,969
Payable to affiliates
Accounting and legal services fees	292
Transfer agent fees	6,072
Trustees’ fees	641
Other liabilities and accrued expenses	46,261
Total liabilities	146,428
Net assets
Capital paid-in	$32,711,953
Undistributed net investment income	137,738
Accumulated net realized loss on investments	(15,784,441)
Net unrealized appreciation (depreciation) on investments	3,030,864
Net assets	$20,096,114
Net asset value per share
Based on net asset values and shares outstanding — the Portfolio has an
unlimited number of shares authorized with no par value
Class A ($11,482,643 ÷ 1,375,601 shares)	$8.35
Class B ($2,310,198 ÷ 278,210 shares)1	$8.30
Class C ($6,034,038 ÷ 726,153 shares)1	$8.31
Class I ($269,235 ÷ 32,114 shares)	$8.38
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$8.79

¹ Redemption price 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.

See notes to financial statements  Annual report | International Allocation Portfolio  13 

F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Portfolio’s investment income earned and expenses incurred in operating the Portfolio. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$231,592
Total investment income	231,592
Expenses
Investment management fees (Note 4)	13,122
Distribution and service fees (Note 4)	103,948
Accounting and legal services fees (Note 4)	2,853
Transfer agent fees (Note 4)	39,723
Trustees’ fees (Note 4)	1,417
State registration fees (Note 4)	39,582
Printing and postage (Note 4)	9,899
Professional fees	36,929
Custodian fees	12,001
Registration and filing fees	20,993
Other	4,426
Total expenses	284,893
Less expense reductions (Note 4)	(118,808)
Net expenses	166,085
Net investment income	65,507
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in affiliated issuers	(190,146)
Capital gain distributions received from affiliated underlying funds	156,004
	(34,142)
Change in net unrealized appreciation (depreciation) of
Investments in affiliated issuers	3,589,573
	3,589,573
Net realized and unrealized gain	3,555,431
Increase in net assets from operations	$3,620,938

14  International Allocation Portfolio | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Portfolio’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Portfolio share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$65,507	$75,504
Net realized loss	(34,142)	(10,066,907)
Change in net unrealized appreciation (depreciation)	3,589,573	20,230,923
Increase in net assets resulting from operations	3,620,938	10,239,520
Distributions to shareholders
From net investment income
Class A	—	(83,517)
Class B	—	(2,809)
Class C	—	(12,136)
Class I	—	(3,728)
From net realized gain
Class A	—	(2,419)
Class B	—	(300)
Class C	—	(1,298)
Class I	—	(72)
Total distributions	—	(106,279)
From Portfolio share transactions (Note 5)	(607,486)	(10,301,661)
Total increase (decrease)	3,013,452	(168,420)
Net assets
Beginning of year	17,082,662	17,251,082
End of year	$20,096,114	$17,082,662
Undistributed (distributions in excess of) net investment income	$137,738	($408)

See notes to financial statements  Annual report | International Allocation Portfolio  15 

Financial highlights

The Financial Highlights show how the Portfolio’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$6.82	$4.31	$9.48	$9.96	$10.00
Net investment income (loss)2,3	0.05	0.02	0.12	0.13	(0.01)
Net realized and unrealized gain (loss) on investments	1.48	2.55	(4.86)	(0.03)	(0.03)
Total from investment operations	1.53	2.57	(4.74)	0.10	(0.04)
Less distributions
From net investment income	—	(0.06)	(0.14)	(0.13)	—
From net realized gain	—	—4	(0.29)	(0.45)	—
Total distributions	—	(0.06)	(0.43)	(0.58)	—
Net asset value, end of year	$8.35	$6.82	$4.31	$9.48	$9.96
Total return (%)5	22.43	59.59	(50.67)	0.70	(0.40)6
Ratios and supplemental data
Net assets, end of year (in millions)	$11	$10	$13	$30	$3
Ratios (as a percentage of average net assets):
Expenses before reductions	1.157	1.067,8	0.927	1.117	8.539
Expenses net of fee waivers	0.657	0.677,8	0.617	0.587	0.609
Expenses net of fee waivers and credits	0.657	0.667,8	0.617	0.587	0.609
Net investment income (loss)3	0.62	0.29	1.56	1.21	(0.60)9
Portfolio turnover (%)	64	41	23	23	3

¹ The inception date for Class A shares is 12-29-06.
² Based on the average daily shares outstanding.
³ Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
⁸ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁹ Annualized.

16  International Allocation Portfolio | Annual report  See notes to financial statements 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$6.84	$4.32	$9.46	$9.95	$10.00
Net investment income (loss)2,3	—	0.03	0.06	0.07	(0.02)
Net realized and unrealized gain (loss) on investments	1.46	2.51	(4.83)	(0.06)	(0.03)
Total from investment operations	1.46	2.54	(4.77)	0.01	(0.05)
Less distributions
From net investment income	—	(0.02)	(0.08)	(0.05)	—
From net realized gain	—	—4	(0.29)	(0.45)	—
Total distributions	—	(0.02)	(0.37)	(0.50)	—
Net asset value, end of year	$8.30	$6.84	$4.32	$9.46	$9.95
Total return (%)5	21.35	58.73	(51.01)	(0.13)	(0.50)6
Ratios and supplemental data
Net assets, end of year (in millions)	$2	$1	$1	$2	—7
Ratios (as a percentage of average net assets):
Expenses before reductions	2.338	3.068,9	3.038	4.028	28.5810
Expenses net of fee waivers	1.348	1.448,9	1.538	1.348	1.2610
Expenses net of fee waivers and credits	1.348	1.378,9	1.318	1.338	1.2610
Net investment income (loss)3	0.05	0.48	0.80	0.70	(1.26)10
Portfolio turnover (%)	64	41	23	23	3

¹ The inception date for Class B shares is 12-29-06.
² Based on the average daily shares outstanding.
³ Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Less than $500,000.
⁸ Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
⁹ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
¹⁰ Annualized.

See notes to financial statements  Annual report | International Allocation Portfolio  17 

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$6.84	$4.32	$9.46	$9.95	$10.00
Net investment income (loss)2,3	—4	0.03	0.06	0.08	(0.02)
Net realized and unrealized gain (loss) on investments	1.47	2.51	(4.83)	(0.07)	(0.03)
Total from investment operations	1.47	2.54	(4.77)	0.01	(0.05)
Less distributions
From net investment income	—	(0.02)	(0.08)	(0.05)	—
From net realized gain	—	—4	(0.29)	(0.45)	—
Total distributions	—	(0.02)	(0.37)	(0.50)	—
Net asset value, end of year	$8.31	$6.84	$4.32	$9.46	$9.95
Total return (%)5	21.49	58.73	(51.01)	(0.13)	(0.50)6
Ratios and supplemental data
Net assets, end of year (in millions)	$6	$5	$3	$8	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	1.967	2.117,8	1.927	2.317	18.629
Expenses net of fee waivers	1.357	1.407,8	1.317	1.337	1.279
Expenses net of fee waivers and credits	1.357	1.377,8	1.317	1.337	1.279
Net investment income (loss)3	(0.06)	0.44	0.76	0.79	(1.27)9
Portfolio turnover (%)	64	41	23	23	3

¹ The inception date for Class C shares is 12-29-06.
² Based on the average daily shares outstanding.
³ Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
⁸ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
⁹ Annualized.

18  International Allocation Portfolio | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-08	2-28-071
Per share operating performance
Net asset value, beginning of year	$6.82	$4.30	$9.49	$9.97	$10.00
Net investment income2,3	0.07	0.09	0.11	0.16	—4
Net realized and unrealized gain (loss) on investments	1.49	2.52	(4.84)	(0.03)	(0.03)
Total from investment operations	1.56	2.61	(4.73)	0.13	(0.03)
Less distributions
From net investment income	—	(0.09)	(0.17)	(0.16)	—
From net realized gain	—	—4	(0.29)	(0.45)	—
Total distributions	—	(0.09)	(0.46)	(0.61)	—
Net asset value, end of year	$8.38	$6.82	$4.30	$9.49	$9.97
Total return (%)5	22.87	60.62	(50.48)	1.02	(0.30)6
Ratios and supplemental data
Net assets, end of year (in millions)	—7	—7	—7	$1	—7
Ratios (as a percentage of average net assets):
Expenses before reductions	5.698	4.688,9	1.358	7.178	25.0110
Expenses net of fee waivers	0.188	0.198,9	0.168	0.188	0.1710
Expenses net of fee waivers and credits	0.188	0.198,9	0.168	0.188	0.1710
Net investment income (loss)3	0.91	1.46	1.44	1.55	(0.17)10
Portfolio turnover (%)	64	41	23	23	3

¹ The inception date for Class I shares is 12-29-06.
² Based on the average daily shares outstanding.
³ Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
⁴ Less than ($0.005) per share.
⁵ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁶ Not annualized.
⁷ Less than $500,000.
⁸ Ratios do not include expenses incurred from underlying funds whose annualized expense ratios were 0.91% to 1.11%, 0.91% to 1.17%, 0.99% to 1.17% and 1.02% for the years ended 2-28-11, 2-28-10, 2-28-09 and 2-29-08, respectively, based on the mix of underlying funds held by the Portfolio.
⁹ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.
¹⁰ Annualized.

See notes to financial statements  Annual report | International Allocation Portfolio  19 

Notes to financial statements

Note 1 — Organization

John Hancock International Allocation Portfolio (the Portfolio) is a diversified series of John Hancock Funds III (JHF III or 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 Portfolio is to seek long-term growth of capital. The Portfolio is designed to provide diversification of investments within the international asset class.

The Portfolio operates as a “fund of funds”, investing in Class NAV shares of affiliated underlying funds of the Trust and John Hancock Funds II (JHF II) and other permitted investments, including other affiliated funds in the John Hancock Funds complex.

The Portfolio may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

The accounting policies of the underlying funds of the Portfolio are outlined in the underlying funds’ shareholder reports, available without charge by calling 1-800-344-1029 and jhfunds.com, on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or at the SEC’s public reference room in Washington, D.C. The underlying funds are not covered by this report.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 Portfolio:

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. The Portfolio 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 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 Portfolio’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments are categorized as Level 1 under the hierarchy described above.

20  International Allocation Portfolio | Annual report 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Portfolio uses the following valuation techniques. Investments by the Portfolio in underlying affiliated funds and/or other investment companies are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. 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 is recorded when the Portfolio becomes aware of the dividends.

Line of credit. The Portfolio 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 custodian agreement, the custodian may loan money to a Portfolio to make properly authorized payments. The Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Portfolio property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Portfolio and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Portfolio had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired, and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value 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 appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Portfolio 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.

Annual report | International Allocation Portfolio  21 

For federal income tax purposes, the Portfolio has a capital loss carryforward of $13,389,130 available to offset future net realized capital gains as of February 28, 2011. The following table details the capital loss carryforward available as of February 28, 2011.

CAPITAL LOSS CARRYFORWARD EXPIRING AT FEBRUARY 28
2017	2018	2019
$1,965,278	$6,868,187	$4,555,665

Net capital losses of $14,876, that are a result of security transactions occurring after October 31, 2010, are treated as occurring on March 1, 2011, the first day of the Portfolio’s next taxable year.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolio will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Portfolio’s federal tax return is 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 Portfolio generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	—	$106,279

Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $138,154 of undistributable ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Short-term gains from underlying funds are treated as ordinary income for tax purposes. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Portfolio’s financial statements as a return of capital.

Capital accounts within 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 short-term distributions received from underlying funds.

Note 3 — Guarantees and indemnifications

Under the Portfolio’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts with service providers that contain general indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. The risk of material loss from such claims is considered remote.

22  International Allocation Portfolio | Annual report 

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Portfolio. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Portfolio has an investment management contract with the Adviser under which the Portfolio pays the Adviser a management fee that has two components: (a) a fee on assets invested in the funds of JHF II and JHF III (Portfolio Assets) and (b) a fee on assets invested in other permitted investments (other than JHF II and JHF III), including other affiliated funds in the John Hancock Funds complex (Other Assets). The Portfolio pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.05% of the first $500,000,000 of the Portfolio Assets; (b) 0.04% of the Portfolio Assets in excess of $500,000,000; (c) 0.50% of the first $500,000,000 of the Other Assets and (d) 0.49% of the Other Assets in excess of $500,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (North America) Limited (formerly, MFC Global Investment Management (U.S.A.) Limited) and John Hancock Asset Management, a division of Manulife Asset Management (US) LLC). The Portfolio is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.07% of the Portfolio’s average daily net assets, which includes a voluntary waiver by the Adviser of 0.035% of the Portfolio’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Portfolio. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 0.63%, 1.33%, 1.33% and 0.17% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 0.68%, 1.38%, 1.38% and 0.20% for Class A, Class B, Class C and Class I shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Effective May 1, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.16% of average daily net assets.

Accordingly, these expense reductions amounted to $52,997, $17,220, $33,335 and $15,256 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement the Portfolio reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Portfolio, 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, 2011, amounted to an annual rate of 0.02% of the Portfolio’s average daily net assets.

Distribution and service plans. The Portfolio has a distribution agreement with the Distributor. The Portfolio has adopted distribution and service plans with respect to Class A, Class B, and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services

Annual report | International Allocation Portfolio  23 

provided as the distributor of shares of the Portfolio. The Portfolio 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 Portfolio’s shares.

CLASS	12b–1 FEES
Class A	0.30%
Class B	1.00%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $14,651 for the year ended February 28, 2011. Of this amount, $2,444 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $11,461 was paid as sales commissions to broker-dealers and $746 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $2,457 and $393 for Class B and Class C shares, respectively.

Transfer agent fees. The Portfolio has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. 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 Portfolio and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of 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 revenues that Signature Services receives in connection with the service it provides to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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.

Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Portfolio paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Portfolio paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

24  International Allocation Portfolio | Annual report 

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$31,780	$22,978	$8,013	$5,024
Class B	17,501	4,378	8,740	1,156
Class C	54,667	11,869	9,320	3,368
Class I	—	498	13,509	351
Total	$103,948	$39,723	$39,582	$9,899

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Portfolio share transactions

Transactions in Portfolio shares for the years ended February 28, 2011 and 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class A shares
Sold	299,343	$2,223,804	522,788	$3,506,036
Distributions reinvested	—	—	10,629	75,571
Repurchased	(429,709)	(3,132,873)	(2,065,514)	(14,287,346)
Net decrease	(130,366)	($909,069)	(1,532,097)	($10,705,739)
Class B shares
Sold	124,785	$912,788	82,988	$561,962
Distributions reinvested	—	—	385	2,746
Repurchased	(35,612)	(257,341)	(49,422)	(311,321)
Net increase	89,173	$655,447	33,951	$253,387
Class C shares
Sold	185,601	$1,310,203	232,661	$1,591,552
Distributions reinvested	—	—	1,523	10,860
Repurchased	(221,117)	(1,580,337)	(225,150)	(1,384,944)
Net increase (decrease)	(35,516)	($270,134)	9,034	$217,468
Class I shares
Sold	12,543	$92,073	23,320	$141,232
Distributions reinvested	—	—	355	2,524
Repurchased	(24,742)	(175,803)	(33,711)	(210,533)
Net decrease	(12,199)	($83,730)	(10,036)	($66,777)
Net decrease	(88,908)	($607,486)	(1,499,148)	($10,301,661)

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $11,427,071 and $11,839,574, respectively, for the year ended February 28, 2011.

Annual report | International Allocation Portfolio  25 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock International Allocation Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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 Allocation Portfolio (the “Portfolio”) at February 28, 2011, and the results of its operations, the changes in its net assets 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 Portfolio’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, 2011 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

26  International Allocation Portfolio | Annual report 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

Annual report | International Allocation Portfolio  27 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

28  International Allocation Portfolio | Annual report 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

Annual report | International Allocation Portfolio  29 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

30  International Allocation Portfolio | Annual report 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	John Hancock Asset Management
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

Annual report | International Allocation Portfolio  31 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Allocation Portfolio.	3180A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Fund performance

By Epoch Investment Partners, Inc.

The 12 months ended February 28, 2011, produced positive global equity performance against a backdrop of economic and political uncertainty. It was a year in which growth shares outperformed value-oriented stocks, and developed and emerging-market stocks finished on roughly equal footing, as measured by the MSCI indexes. For the fiscal year, John Hancock Global Shareholder Yield Fund’s Class A shares posted a total return of 20.64% at net asset value. By comparison, the MSCI World Index had a return of 22.31%. The average return of the world stock funds tracked by Morningstar, Inc. was 21.32%.

The Fund’s shortfall compared with the benchmark MSCI World Index can be explained by the fact that the value-oriented, dividend-paying stocks we typically favor generally lagged the returns of the higher-beta, growth-oriented shares that drove the index’s return. Indeed, our stock selection had a positive effect on performance for the fiscal year; nevertheless, the Fund trailed the index because we held overweight positions in the lagging utilities and staples sectors. It also hurt to be underrepresented in three of the four best-performing market segments for the fiscal year. Stock choices in energy shares were other key detractors, including Diamond Offshore Drilling, Inc. and France Telecom SA. At the other end of the spectrum, after utilities, our stock selection contributed strongly in the information technology sector, especially smart-phone maker HTC Corp. Stock selection and an overweight position made the telecommunication sector another source of strength, as several of the top-10 contributors to return resided in this sector, such as BCE, Inc., Vodafone Group PLC, Swisscom AG, CenturyLink, Inc. and Verizon Communications, Inc. Stock choices also drove outperformance in the utilities and consumer staples sectors, where the most helpful holdings were NiSource, Inc. in utilities and Altria Group, Inc. and Philip Morris International in consumer staples.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

6  Global Shareholder Yield Fund | Annual report 

A look at performance

For the period ended February 28, 2011

									SEC 30-day	SEC 30-day
	Average annual total returns (%)				Cumulative total returns (%)				yield (%)	yield (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)				subsidized	unsubsidized1
				Since				Since	as of	as of
	1-year	5-year	10-year	inception	1-year	5-year	10-year	inception	2-28-11	2-28-11
Class A2	14.56	—	—	0.37	14.56	—	—	1.51	2.24	2.24
Class B2	14.65	—	—	0.26	14.65	—	—	1.05	1.88	–2.18
Class C2	18.78	—	—	0.99	18.78	—	—	4.00	1.89	1.19
Class i2,3	21.09	—	—	2.18	21.09	—	—	8.99	2.93	2.88
Class NAV 3,4	21.19	—	—	2.85	21.19	—	—	8.31	3.12	3.12

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.55%, Class B — 2.25%, Class C — 2.25% and Class I — 1.09%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.66%, Class B — 3.33%, Class C — 2.56% and Class I — 1.12%. For Class NAV the net expenses equal the gross expenses and are 0.99%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses increase and results would have been less favorable.

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 Class I and Class NAV shares prospectuses.

⁴ From 4-28-08.

Annual report | Global Shareholder Yield Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index
Class B	3-1-07	$10,389	$10,105	$10,101
Class C2	3-1-07	10,400	10,400	10,101
Class I3	3-1-07	10,899	10,899	10,101
Class NAV3	4-28-08	10,831	10,831	9,625

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the fund’s Class B, Class C, Class I and Class NAV shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

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 sales charges, which would have resulted in lower values if they did.

¹ NAV represents net asset value and POP represents public offering price.

² The contingent deferred sales charge, if any, is not applicable.

³ For certain types of investors, as described in the Fund’s Class I and Class NAV shares prospectuses.

8  Global Shareholder Yield Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,186.80	$8.46
Class B	1,000.00	1,183.00	12.18
Class C	1,000.00	1,184.30	12.19
Class I	1,000.00	1,190.30	5.92
Class NAV	1,000.00	1,190.90	5.38

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, 2011, 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:

 

Annual report | Global Shareholder Yield Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,017.10	$7.80
Class B	1,000.00	1,013.60	11.23
Class C	1,000.00	1,013.60	11.23
Class I	1,000.00	1,019.40	5.46
Class NAV	1,000.00	1,019.90	4.96

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.56%, 2.25%, 2.25%, 1.09% and 0.99% for Class A, Class B, Class C, Class I and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Global Shareholder Yield Fund | Annual report 

Portfolio summary

Top 10 Holdings1
Swisscom AG	2.0%	Diageo PLC	1.7%
Philip Morris International, Inc.	1.9%	France Telecom SA	1.7%
BCE, Inc.	1.8%	Pearson PLC	1.7%
Vodafone Group PLC	1.8%	National Grid PLC	1.6%
Imperial Tobacco Group PLC	1.7%	CenturyLink, Inc.	1.6%
Sector Composition2,3
Consumer Staples	18%	Information Technology	6%
Telecommunication Services	15%	Health Care	6%
Utilities	13%	Financials	5%
Consumer Discretionary	11%	Materials	4%
Energy	10%	Short-Term Investments & Other	4%
Industrials	8%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

² As a percentage of net assets on 2-28-11.

³ International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. 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.

Annual report | Global Shareholder Yield Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 95.63%		$338,634,007
(Cost $282,424,876)
Australia 1.77%		6,249,632
BHP Billiton, Ltd., SADR	27,100	2,563,660
JB Hi-Fi, Ltd.	88,600	1,772,478
Westpac Banking Corp.	79,461	1,913,494
Belgium 2.08%		7,382,158
Anheuser-Busch InBev NV	86,520	4,835,069
Mobistar SA	39,888	2,547,089
Brazil 0.91%		3,219,633
CPFL Energia SA	123,800	3,219,633
Canada 3.06%		10,826,878
BCE, Inc.	174,000	6,451,011
Rogers Communications, Inc., Class B	81,300	2,870,249
Shaw Communications, Inc., Class B	70,700	1,505,618
France 7.23%		25,617,912
Air Liquide SA	14,840	1,920,727
France Telecom SA	268,800	5,956,547
SCOR SE	103,300	3,035,058
Total SA	81,100	4,975,908
Vinci SA	80,600	4,850,216
Vivendi SA	171,200	4,879,456
Germany 3.08%		10,891,632
BASF SE	45,500	3,783,384
Daimler AG (I)	49,000	3,451,341
Muenchener Rueckversicherungs AG	21,900	3,656,907
Hong Kong 0.44%		1,550,456
China Mobile, Ltd., SADR	32,800	1,550,456
Italy 1.24%		4,374,466
Terna Rete Elettrica Nazionale SpA	948,600	4,374,466
Netherlands 1.56%		5,534,350
Royal Dutch Shell PLC, ADR	76,600	5,534,350
Norway 1.54%		5,448,155
Orkla ASA	169,700	1,547,713
StatoilHydro ASA, SADR	147,800	3,900,442

12  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

	Shares	Value
Philippines 0.38%		$1,358,798
Philippine Long Distance Telephone Company, SADR	27,351	1,358,798
Spain 1.57%		5,564,895
Telefonica SA	218,800	5,564,895
Sweden 0.46%		1,642,829
Assa Abloy AB, Series B	58,700	1,642,829
Switzerland 4.27%		15,102,588
Nestle SA	99,000	5,603,904
Roche Holdings AG	16,700	2,517,977
Swisscom AG	15,800	6,980,707
Taiwan 2.51%		8,882,798
HTC Corp.	101,650	3,693,302
Quanta Computer, Inc.	1,179,000	2,314,865
Taiwan Semiconductor Manufacturing Company, Ltd., SADR	233,900	2,874,631
United Kingdom 18.25%		64,633,069
AstraZeneca PLC, SADR	102,300	5,030,091
BAE Systems PLC	759,400	4,065,427
British American Tobacco PLC	42,400	1,696,797
Compass Group PLC	261,700	2,354,266
Diageo PLC, SADR	76,600	5,994,716
FirstGroup PLC	838,572	4,971,945
Imperial Tobacco Group PLC	192,100	6,172,734
Meggitt PLC	414,000	2,275,409
National Grid PLC	624,260	5,806,173
Next PLC	70,729	2,275,003
Pearson PLC	345,900	5,912,665
Reckitt Benckiser Group PLC	49,700	2,561,383
Scottish & Southern Energy PLC	174,200	3,508,222
Unilever PLC	53,000	1,572,652
United Utilities Group PLC	257,663	2,482,140
Vodafone Group PLC	2,226,500	6,317,712
William Morrison Supermarket PLC	363,250	1,635,734
United States 45.28%		160,353,758
Abbott Laboratories	39,100	1,880,710
Altria Group, Inc.	192,600	4,886,262
Arthur J. Gallagher & Company	114,800	3,604,720
AT&T, Inc.	133,900	3,800,082
Automatic Data Processing, Inc.	40,300	2,015,000
Bemis Company, Inc.	51,900	1,704,915
Bristol-Myers Squibb Company	144,300	3,724,383
CenturyLink, Inc.	136,700	5,629,306
Chevron Corp.	26,400	2,739,000
CMS Energy Corp.	128,000	2,465,280
Coca-Cola Enterprises, Inc.	71,400	1,877,820
Comcast Corp., Special Class A	124,700	3,032,704
ConocoPhillips	25,700	2,001,259

See notes to financial statements  Annual report | Global Shareholder Yield Fund  13 

	Shares	Value
United States (continued)
Diamond Offshore Drilling, Inc.	44,300	$3,465,589
DPL, Inc.	59,400	1,545,588
Duke Energy Corp.	185,800	3,342,542
E.I. Du Pont de Nemours & Company	67,700	3,714,699
Emerson Electric Company	30,400	1,813,664
Enterprise Products Partners LP	39,100	1,704,760
Exxon Mobil Corp.	34,700	2,967,891
Genuine Parts Company	38,700	2,039,103
H.J. Heinz Company	36,300	1,822,986
Honeywell International, Inc.	56,600	3,277,706
Johnson & Johnson	73,800	4,534,272
Kellogg Company	40,800	2,185,248
Kimberly-Clark Corp.	58,900	3,881,510
Kinder Morgan Energy Partners LP	50,000	3,682,500
Lorillard, Inc.	60,400	4,636,908
McDonald’s Corp.	23,800	1,801,184
Merck & Company, Inc.	71,200	2,318,984
Microchip Technology, Inc.	94,500	3,487,995
Microsoft Corp.	150,900	4,010,922
Nicor, Inc.	50,900	2,684,466
NiSource, Inc.	262,400	5,027,584
NYSE Euronext	59,900	2,216,300
Oracle Corp.	120,000	3,948,000
PepsiCo, Inc.	26,400	1,674,288
Philip Morris International, Inc.	105,400	6,617,012
Pitney Bowes, Inc.	150,600	3,792,108
Progress Energy, Inc.	35,600	1,627,276
Regal Entertainment Group	227,500	3,398,850
Reynolds American, Inc.	62,200	2,134,704
SCANA Corp.	42,700	1,728,496
Southern Company	84,400	3,216,484
Spectra Energy Corp.	69,300	1,853,775
TECO Energy, Inc.	176,300	3,192,793
The Coca-Cola Company	29,200	1,866,464
The Travelers Companies, Inc.	32,800	1,965,704
Time Warner, Inc.	72,600	2,773,320
Tupperware Brands Corp.	70,000	3,755,500
Vectren Corp.	90,800	2,389,856
Verizon Communications, Inc.	122,100	4,507,932
Waste Management, Inc.	43,100	1,597,286
Williams Partners LP	53,800	2,790,068

14  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

	Shares	Value
Preferred Securities 0.69%		$2,442,755
(Cost $2,301,838)
United States 0.69%		2,442,755
MetLife, Inc., Series B, 6.500%	98,300	2,442,755
Short-Term Investments 3.12%		$11,064,075
(Cost $11,064,075)
United States 3.12%		11,064,075
State Street Institutional Treasury Money Market Fund, 0.045% (Y)	11,064,075	11,064,075
Total investments (Cost $295,790,789)† 99.44%		$352,140,837
Other assets and liabilities, net 0.56%		$1,985,637
Total net assets 100.00%		$354,126,474

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

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

(Y) The rate shown is the annualized seven-day yield as of 2-28-11.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $298,651,623. Net unrealized appreciation aggregated $53,489,214, of which $54,878,701 related to appreciated investment securities and $1,389,487 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of total net assets on 2-28-11:

Consumer Staples	18%
Telecommunication Services	15%
Utilities	13%
Consumer Discretionary	11%
Energy	10%
Industrials	8%
Information Technology	6%
Health Care	6%
Financials	5%
Materials	4%
Short-Term Investments and Other	4%

See notes to financial statements  Annual report | Global Shareholder Yield Fund  15 

F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments, at value (Cost $295,790,789)	$352,140,837
Foreign currency, at value (Cost $85,533)	85,709
Receivable for fund shares sold	2,521,390
Dividends and interest receivable	1,124,398
Receivable due from adviser	2,826
Other receivables and prepaid expenses	46,079
Total assets	355,921,239
Liabilities
Payable for investments purchased	1,055,353
Payable for fund shares repurchased	582,378
Payable to affiliates
Accounting and legal services fees	5,366
Transfer agent fees	27,681
Trustees’ fees	3,406
Other liabilities and accrued expenses	120,581
Total liabilities	1,794,765
Net assets
Capital paid-in	$332,238,098
Undistributed net investment income	1,147,879
Accumulated net realized loss on investments and foreign
currency transactions	(35,629,576)
Net unrealized appreciation on investments and translation of assets and
liabilities in foreign currencies	56,370,073
Net assets	$354,126,474
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 ($55,888,433 ÷ 5,883,971 shares)	$9.50
Class B ($2,091,710 ÷ 220,339 shares)1	$9.49
Class C ($10,531,019 ÷ 1,109,027 shares)1	$9.50
Class I ($123,131,857 ÷ 12,923,454 shares)	$9.53
Class NAV ($162,483,455 ÷ 17,056,448 shares)	$9.53
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$10.00

¹ Redemption price per share is equal to the 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.

16  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$13,115,758
Interest	1,370
Less foreign taxes withheld	(623,656)
Total investment income	12,493,472
Expenses
Investment management fees (Note 4)	2,451,550
Distribution and service fees (Note 4)	157,215
Accounting and legal services fees (Note 4)	38,071
Transfer agent fees (Note 4)	120,755
Trustees’ fees (Note 4)	19,400
State registration fees (Note 4)	47,357
Printing and postage (Note 4)	43,199
Professional fees	67,259
Custodian fees	142,537
Registration and filing fees	26,412
Other	16,063
Total expenses	3,129,818
Less expense reductions (Note 4)	(21,913)
Net expenses	3,107,905
Net investment income	9,385,567
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments	7,320,587
Foreign currency transactions	(162,614)
	7,157,973
Change in net unrealized appreciation (depreciation) of
Investments	38,306,117
Translation of assets and liabilities in foreign currencies	26,029
	38,332,146
Net realized and unrealized gain	45,490,119
Increase in net assets from operations	$54,875,686

See notes to financial statements  Annual report | Global Shareholder Yield Fund  17 

F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$9,385,567	$7,764,203
Net realized gain (loss)	7,157,973	(16,931,286)
Change in net unrealized appreciation (depreciation)	38,332,146	69,100,321
Increase in net assets resulting from operations	54,875,686	59,933,238
Distributions to shareholders
From net investment income
Class A	(723,542)	(492,495)
Class B	(28,890)	(22,183)
Class C	(90,915)	(78,356)
Class I	(3,013,058)	(2,859,421)
Class R1	—	(1,490)
Class NAV	(4,805,780)	(3,900,810)
Total distributions	(8,662,185)	(7,354,755)
From Fund share transactions (Note 5)	65,670,818	51,057,676
Total increase	111,884,319	103,636,159
Net assets
Beginning of year	242,242,155	138,605,996
End of year	$354,126,474	$242,242,155
Undistributed net investment income	$1,147,879	$709,494

18  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$8.10	$6.10	$9.52	$10.00
Net investment income2	0.24	0.25	0.36	0.35
Net realized and unrealized gain (loss) on investments	1.40	1.99	(3.57)	(0.51)
Total from investment operations	1.64	2.24	(3.21)	(0.16)
Less distributions
From net investment income	(0.24)	(0.24)	(0.21)	(0.29)
From net realized gain	—	—	—	(0.03)
Total distributions	(0.24)	(0.24)	(0.21)	(0.32)
Net asset value, end of year	$9.50	$8.10	$6.10	$9.52
Total return (%)3,4	20.64	37.19	(34.21)	(1.84)
Ratios and supplemental data
Net assets, end of year (in millions)	$56	$22	$11	$27
Ratios (as a percentage of average net assets):
Expenses before reductions	1.55	1.665	1.72	1.79
Expenses net of fee waivers	1.55	1.565	1.56	1.45
Expenses net of fee waivers and credits	1.55	1.555	1.55	1.45
Net investment income	2.80	3.34	4.28	3.31
Portfolio turnover (%)	39	53	54	24

¹ The inception date for Class A shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

See notes to financial statements  Annual report | Global Shareholder Yield Fund  19 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$8.10	$6.09	$9.51	$10.00
Net investment income2	0.19	0.20	0.29	0.22
Net realized and unrealized gain (loss) on investments	1.38	2.00	(3.56)	(0.45)
Total from investment operations	1.57	2.20	(3.27)	(0.23)
Less distributions
From net investment income	(0.18)	(0.19)	(0.15)	(0.23)
From net realized gain	—	—	—	(0.03)
Total distributions	(0.18)	(0.19)	(0.15)	(0.26)
Net asset value, end of year	$9.49	$8.10	$6.09	$9.51
Total return (%)3,4	19.65	36.49	(34.72)	(2.54)
Ratios and supplemental data
Net assets, end of year (in millions)	$2	$1	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	2.91	3.545	3.94	3.89
Expenses net of fee waivers	2.25	2.295	2.43	2.23
Expenses net of fee waivers and credits	2.25	2.255	2.25	2.23
Net investment income	2.18	2.68	3.50	2.11
Portfolio turnover (%)	39	53	54	24

¹ The inception date for Class B shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$8.10	$6.10	$9.51	$10.00
Net investment income2	0.18	0.20	0.29	0.22
Net realized and unrealized gain (loss) on investments	1.40	1.99	(3.55)	(0.45)
Total from investment operations	1.58	2.19	(3.26)	(0.23)
Less distributions
From net investment income	(0.18)	(0.19)	(0.15)	(0.23)
From net realized gain	—	—	—	(0.03)
Total distributions	(0.18)	(0.19)	(0.15)	(0.26)
Net asset value, end of year	$9.50	$8.10	$6.10	$9.51
Total return (%)3,4	19.78	36.27	(34.62)	(2.54)
Ratios and supplemental data
Net assets, end of year (in millions)	$11	$4	$3	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	2.39	2.635	2.72	3.00
Expenses net of fee waivers	2.25	2.275	2.28	2.23
Expenses net of fee waivers and credits	2.25	2.255	2.25	2.22
Net investment income	2.10	2.66	3.50	2.08
Portfolio turnover (%)	39	53	54	24

¹ The inception date for Class C shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

20  Global Shareholder Yield Fund | Annual report  See notes to financial statements 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$8.13	$6.11	$9.53	$10.00
Net investment income2	0.29	0.30	0.29	0.33
Net realized and unrealized gain (loss) on investments	1.38	2.00	(3.46)	(0.44)
Total from investment operations	1.67	2.30	(3.17)	(0.11)
Less distributions
From net investment income	(0.27)	(0.28)	(0.25)	(0.33)
From net realized gain	—	—	—	(0.03)
Total distributions	(0.27)	(0.28)	(0.25)	(0.36)
Net asset value, end of year	$9.53	$8.13	$6.11	$9.53
Total return (%)3	21.09	38.08	(33.87)	(1.43)
Ratios and supplemental data
Net assets, end of year (in millions)	$123	$86	$57	$3
Ratios (as a percentage of average net assets):
Expenses before reductions	1.09	1.194	1.21	2.16
Expenses net of fee waivers	1.08	1.084	1.10	1.09
Expenses net of fee waivers and credits	1.08	1.084	1.10	1.09
Net investment income	3.40	3.96	3.78	3.14
Portfolio turnover (%)	39	53	54	24

¹ The inception date for Class I shares is 3-1-07.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

CLASS NAV SHARES Period ended	2-28-11	2-28-10	2-28-091
Per share operating performance
Net asset value, beginning of year	$8.13	$6.11	$9.71
Net investment income2	0.30	0.29	0.29
Net realized and unrealized gain (loss) on investments	1.38	2.01	(3.67)
Total from investment operations	1.68	2.30	(3.38)
Less distributions
From net investment income	(0.28)	(0.28)	(0.22)
Net asset value, end of year	$9.53	$8.13	$6.11
Total return (%)3	21.19	38.16	(35.32)4
Ratios and supplemental data
Net assets, end of year (in millions)	$162	$129	$67
Ratios (as a percentage of average net assets):
Expenses before reductions	0.99	1.055	1.096
Expenses net of fee waivers	0.99	1.005	1.056
Expenses net of fee waivers and credits	0.99	1.005	1.056
Net investment income	3.49	3.84	4.276
Portfolio turnover (%)	39	53	54

¹ The inception date for Class NAV shares is 4-28-08.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Not annualized.
⁵ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.
⁶ Annualized.

See notes to financial statements  Annual report | Global Shareholder Yield Fund  21 

Notes to financial statements

Note 1 — Organization

John Hancock Global Shareholder Yield Fund (the Fund) is a diversified 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 investment objective of the Fund is to seek to provide a high level of income. Capital appreciation is a secondary objective.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, print and postage, state registration and transfer agent fees 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, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 quoted prices in active markets for identical securities. Level 2 includes 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 techniques 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

22  Global Shareholder Yield Fund | Annual report 

The following is a summary of the values by input classification of the Fund’s investments as of February 28, 2011, by major security category or type:

				LEVEL 3
			LEVEL 2	SIGNIFICANT
	TOTAL MARKET	LEVEL 1	SIGNIFICANT	UNOBSERVABLE
	VALUE AT 2-28-11	QUOTED PRICE	OBSERVABLE INPUTS	INPUTS
Common Stocks
Australia	$6,249,632	$2,563,660	$3,685,972	—
Belgium	7,382,158	—	7,382,158	—
Brazil	3,219,633	3,219,633	—	—
Canada	10,826,878	10,826,878	—	—
France	25,617,912	—	25,617,912	—
Germany	10,891,632	—	10,891,632	—
Hong Kong	1,550,456	1,550,456	—	—
Italy	4,374,466	—	4,374,466	—
Netherlands	5,534,350	5,534,350	—	—
Norway	5,448,155	3,900,442	1,547,713	—
Philippines	1,358,798	1,358,798	—	—
Spain	5,564,895	—	5,564,895	—
Sweden	1,642,829	—	1,642,829	—
Switzerland	15,102,588	—	15,102,588	—
Taiwan	8,882,798	2,874,631	6,008,167	—
United Kingdom	64,633,069	11,024,807	53,608,262	—
United States	160,353,758	160,353,758	—	—
Preferred Securities
United States	2,442,755	2,442,755	—	—
Short-Term Investments	11,064,075	11,064,075
Total Investments in
Securities	$352,140,837	$216,714,243	$135,426,594	—

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where 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. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Annual report | Global Shareholder Yield Fund  23 

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date except for dividends of foreign securities where the dividend may not be known until after ex-date. In these cases dividend income is recorded when the Fund becomes aware of the dividends.

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 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. Funds investing in a single country or in a limited geographic region tend to be riskier than funds that invest more broadly. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. 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.

The Fund may be subject to capital gains and repatriation taxes as imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based upon net investment income, net realized gains and net 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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer

24  Global Shareholder Yield Fund | Annual report 

agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net asset value 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $32,768,742 available to offset future net realized capital gains. The loss carryforward expires as follows: February 28, 2017 — $3,529,884 and February 28, 2018 — $29,238,858.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is 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 and capital gain distributions, if any, at least annually. The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 were as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	$8,662,185	$7,354,755

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $1,149,666 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material 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 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.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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

Annual report | Global Shareholder Yield Fund  25 

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 Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.875% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.850% of the next $500,000,000; and (c) 0.800% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with Epoch Investment Partners, Inc. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.875% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.55%, 2.25%, 2.25% and 1.09% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.07% and 1.00% for Class I and Class NAV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Accordingly, these expense reductions amounted to $9,789, $7,446 and $4,678 for Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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, 2011 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 and Class C 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	12b–1 FEES
Class A	0.30%
Class B	1.00%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $159,439 for the year ended February 28, 2011. Of this amount, $26,289 was retained and used for printing prospectuses, advertising, sales literature and other

26  Global Shareholder Yield Fund | Annual report 

purposes, $132,990 was paid as sales commissions to broker-dealers and $160 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $5,202 and $3,686 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services received in connection with the performance of the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B, and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$89,480	$56,105	$15,059	$5,674
Class B	14,948	3,464	9,768	528
Class C	52,787	11,235	9,188	999
Class I	—	49,951	13,342	35,998
Total	$157,215	$120,755	$47,357	$43,199

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Annual report | Global Shareholder Yield Fund  27 

Note 5 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class A shares
Sold	4,386,382	$39,308,009	1,434,058	$10,960,022
Exchanged from Class R1	—	—	13,111	101,374
Distributions reinvested	74,691	629,739	52,831	394,297
Repurchased	(1,275,643)	(11,028,313)	(554,163)	(4,116,860)
Net increase	3,185,430	$28,909,435	945,837	$7,338,833
Class B shares
Sold	109,440	$973,264	77,695	$606,655
Distributions reinvested	3,088	25,713	2,748	20,403
Repurchased	(44,582)	(387,162)	(30,723)	(240,120)
Net increase	67,946	$611,815	49,720	$386,938
Class C shares
Sold	756,536	$6,843,306	226,872	$1,757,846
Distributions reinvested	7,194	60,372	6,336	47,012
Repurchased	(165,715)	(1,417,482)	(136,551)	(975,972)
Net increase	598,015	$5,486,196	96,657	$828,886
Class I shares
Sold	9,776,895	$84,148,820	7,646,302	$56,063,766
Distributions reinvested	342,757	2,878,289	360,676	2,669,843
Repurchased	(7,811,522)	(65,298,399)	(6,757,683)	(50,648,524)
Net increase	2,308,130	$21,728,710	1,249,295	$8,085,085
Class R1 shares
Sold	—	—	2,272	$14,473
Exchanged for Class A	—	—	(13,113)	(101,374)
Distributions reinvested	—	—	215	1,490
Net decrease	—	—	(10,626)	($85,411)
Class NAV shares
Sold	1,838,986	$14,832,210	4,816,056	$34,847,758
Distributions reinvested	571,534	4,805,780	521,545	3,900,810
Repurchased	(1,198,975)	(10,703,328)	(534,873)	(4,245,223)
Net increase	1,211,545	$8,934,662	4,802,728	$34,503,345
Net increase	7,371,066	$65,670,818	7,133,611	$51,057,676

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $169,262,937 and $106,215,633, respectively, for the year ended February 28, 2011.

28  Global Shareholder Yield Fund | Annual report 

Auditors’ 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 portfolio of 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, 2011, and the results of its operations, the changes in its net assets 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, 2011 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 19, 2011

Annual report | Global Shareholder Yield Fund  29 

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, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates 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. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

30  Global Shareholder Yield Fund | Annual report 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

Annual report | Global Shareholder Yield Fund  31 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

32  Global Shareholder Yield Fund | Annual report 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

Annual report | Global Shareholder Yield Fund  33 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

34  Global Shareholder Yield Fund | Annual report 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Epoch Investment Partners, Inc.
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

Annual report | Global Shareholder Yield Fund  35 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Global Shareholder Yield Fund.	3200A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

Management’s discussion of

Fund performance

By Pzena Investment Management, LLC

The U.S. stock market generated strong returns for the year ended February 28, 2011. Stocks fell early in the period as a host of concerns — ranging from weaker-than-expected economic data, to a sovereign debt crisis in Europe, to a soaring U.S. fiscal deficit — clouded the economic outlook. In the second half of the period, however, the equity market shifted gears as evidence of improving economic activity, combined with another round of quantitative easing measures from the Federal Reserve, boosted investor confidence in the economy. The result was a sharp market rebound that extended through the end of the period. Most broad major stock indexes gained more than 20% for the 12 months.

For the year ended February 28, 2011, John Hancock Classic Value Mega Cap Fund’s Class A shares posted a total return of 19.12% at net asset value. The Fund performed in line with the 19.13% return of the Russell Top 200 Value Index, but trailed the 22.16% return of the Russell 1000 Value Index and the 20.44% return of the average large value fund, according to Morningstar, Inc.

The Fund’s underweight position in the energy sector and an emphasis on aerospace and defense companies in the industrials sector accounted for most of its underperformance. The most notable individual decliners included defense contractor L-3 Communications Holdings, Inc., diversified technology firm Hewlett-Packard Company and energy producer BP PLC. On the positive side, the leading performers in the Fund were primarily stocks that benefited from improving economic conditions, including electronic components manufacturer Tyco Electronics Ltd., advertising firm Omnicom Group, Inc. and financial services firm UBS AG.

We continue to find high-quality companies with dominant market positions trading at depressed valuations. Recent examples include network products maker Cisco Systems, Inc., money transfer firm The Western Union Company and medical instruments maker Becton, Dickinson & Company.

This commentary reflects the views of the portfolio managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

The Fund has been classified as non-diversified and may invest more than 5% of assets in securities of individual companies. 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.

6  Classic Value Mega Cap Fund | Annual report 

A look at performance

For the period ended February 28, 2011

	Average annual total returns (%)				Cumulative total returns (%)
	with maximum sales charge (POP)				with maximum sales charge (POP)
				Since				Since
	1-year	5-year	10-year	inception1	1-year	5-year	10-year	inception1
Class A	13.23	—	—	–7.28	13.23	—	—	–26.08
Class B	13.34	—	—	–7.43	13.34	—	—	–26.58
Class C	17.31	—	—	–6.72	17.31	—	—	–24.29
Class i2	19.67	—	—	–5.65	19.67	—	—	–20.77

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares 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 for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until 6-30-11. The net expenses are as follows: Class A — 1.37%, Class B — 2.12%, Class C — 2.12% and Class I — 0.96%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 3.74%, Class B — 10.90%, Class C — 7.05% and Class I — 8.29%.

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, 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 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.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 expense reductions, without which the expenses increase and results would have been less favorable.

¹ From 3-1-07.

² For certain types of investors, as described in the Fund’s Class I share prospectus.

Annual report | Classic Value Mega Cap Fund  7 

A look at performance

	Period	Without	With maximum
	beginning	sales charge	sales charge	Index 1	Index 2
Class B	3-1-07	$7,560	$7,342	$9,269	$8,854
Class C2	3-1-07	7,571	7,571	9,269	8,854
Class I3	3-1-07	7,923	7,923	9,269	8,854

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of 2-28-11. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 1000 Value — Index 1 — is an unmanaged index containing those securities in the Russell 1000 Index with a less-than-average growth orientation.

Russell Top 200 Value — Index 2 — is an unmanaged index which measures the performance of the largest 200 companies within the Russell 3000 Index with a less-than-average growth orientation.

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

¹ NAV represents net asset value and POP represents public offering price.

² The contingent deferred sales charge, if any, is not applicable.

³ For certain types of investors, as described in the Fund’s Class I share prospectus.

8  Classic Value Mega Cap Fund | Annual report 

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

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 going to present 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, 2010 with the same investment held until February 28, 2011.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,283.00	$7.76
Class B	1,000.00	1,278.90	11.98
Class C	1,000.00	1,278.50	11.98
Class I	1,000.00	1,286.60	5.44

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, 2011, 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:

Annual report | Classic Value Mega Cap Fund  9 

Your expenses

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, 2010, with the same investment held until February 28, 2011. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-10	on 2-28-11	period ended 2-28-111
Class A	$1,000.00	$1,018.00	$6.85
Class B	1,000.00	1,014.30	10.59
Class C	1,000.00	1,014.30	10.59
Class I	1,000.00	1,020.00	4.81

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 prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.37%, 2.12%, 2.12% and 0.96% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10  Classic Value Mega Cap Fund | Annual report 

Portfolio summary

Top 10 Holdings1
Hewlett-Packard Company	4.7%	Dell, Inc.	3.4%
Exxon Mobil Corp.	4.6%	Omnicom Group, Inc.	3.2%
The Allstate Corp.	4.0%	L-3 Communications Holdings, Inc.	3.1%
Northrop Grumman Corp.	3.9%	UBS AG	3.1%
BP PLC	3.7%	Edison International	3.0%
Sector Composition2,3
Financials	33%	Consumer Discretionary	6%
Information Technology	20%	Utilities	3%
Health Care	11%	Materials	3%
Energy	10%	Consumer Staples	2%
Industrials	9%	Short-Term Investments & Other	3%

 

¹ As a percentage of net assets on 2-28-11. Cash and cash equivalents are not included in Top 10 Holdings.

² As a percentage of net assets on 2-28-11.

³ 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 perofrmance of those sectors.

Annual report | Classic Value Mega Cap Fund  11 

Fund’s investments

As of 2-28-11

	Shares	Value
Common Stocks 96.42%		$6,186,614
(Cost $5,318,846)
Consumer Discretionary 5.82%		373,565
Media 3.76%
Omnicom Group, Inc.	3,975	202,328
Viacom, Inc., Class B	875	39,078
Specialty Retail 2.06%
Lowe’s Companies, Inc.	5,050	132,159
Consumer Staples 1.83%		117,497
Personal Products 1.83%
Avon Products, Inc.	4,225	117,497
Energy 9.89%		634,589
Oil, Gas & Consumable Fuels 9.89%
BP PLC, SADR	4,850	235,080
Exxon Mobil Corp.	3,425	292,940
Royal Dutch Shell PLC, ADR	1,475	106,569
Financials 33.21%		2,130,750
Capital Markets 9.76%
Morgan Stanley	5,075	150,626
State Street Corp.	3,350	149,812
The Goldman Sachs Group, Inc.	775	126,930
UBS AG (I)	10,000	198,500
Commercial Banks 4.33%
PNC Financial Services Group, Inc.	2,475	152,708
Wells Fargo & Company	3,875	125,008
Consumer Finance 1.49%
Capital One Financial Corp.	1,925	95,807
Diversified Financial Services 7.36%
Bank of America Corp.	8,675	123,966
Citigroup, Inc. (I)	33,306	155,872
JPMorgan Chase & Company	4,125	192,596
Insurance 10.27%
ACE, Ltd.	2,900	183,425
Hartford Financial Services Group, Inc.	2,075	61,420
MetLife, Inc.	3,375	159,840
The Allstate Corp.	8,000	254,240

12  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

		Shares	Value
Health Care 10.71%			$687,189
Health Care Equipment & Supplies 6.05%
Becton, Dickinson & Company		2,075	166,000
Medtronic, Inc.		1,625	64,870
Zimmer Holdings, Inc. (I)		2,525	157,409
Health Care Providers & Services 2.17%
Aetna, Inc.		3,725	139,166
Pharmaceuticals 2.49%
Johnson & Johnson		2,600	159,744
Industrials 8.93%			572,807
Aerospace & Defense 8.93%
L-3 Communications Holdings, Inc.		2,525	200,207
Northrop Grumman Corp.		3,725	248,383
The Boeing Company		1,725	124,217
Information Technology 20.09%			1,289,385
Communications Equipment 1.96%
Cisco Systems, Inc. (I)		6,775	125,744
Computers & Peripherals 8.10%
Dell, Inc. (I)		13,600	215,288
Hewlett-Packard Company		6,975	304,316
Electronic Equipment, Instruments & Components 2.34%
Tyco Electronics, Ltd.		4,162	149,998
IT Services 2.01%
The Western Union Company		5,875	129,191
Software 5.68%
CA, Inc.		7,525	186,470
Microsoft Corp.		6,711	178,378
Materials 2.93%			187,808
Chemicals 2.93%
PPG Industries, Inc.		2,125	187,808
Utilities 3.01%			193,024
Electric Utilities 3.01%
Edison International		5,200	193,024
Short-Term Investments 3.15%			$202,000
(Cost $202,000)
	Par Value		Value
Repurchase Agreement 3.15%			$202,000
Repurchase Agreement with State Street Corp. dated
2-28-11 at 0.010% to be repurchased at $202,000
on 3-1-11, collateralized by $210,000 Federal Home
Loan Mortgage Corp., 4.50% due 6-23-25
(valued at $210,525, including interest)	$202,000		202,000

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  13 

Total investments (Cost $5,520,846)† 99.57%	$6,388,614
Other assets and liabilities, net 0.43%	$27,846
Total net assets 100.00%	$6,416,460

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

ADR American Depositary Receipts

SADR Sponsored American Depositary Receipts

(I) Non-income producing security.

† At 2-28-11, the aggregate cost of investment securities for federal income tax purposes was $6,212,871. Net unrealized appreciation aggregated $175,743, of which $249,003 related to appreciated investment securities and $73,260 related to depreciated investment securities.

The Fund had the following country concentration as a percentage of total net assets on 2-28-11.

United States	86%
Switzerland	5%
United Kingdom	4%
Netherlands	2%
Short-Term Investments & Other	3%

14  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 2-28-11

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments, at value (Cost $5,520,846)	$6,388,614
Cash	987
Receivable for fund shares sold	26,995
Dividends and interest receivable	12,875
Receivable for securities lending income	6
Receivable due from adviser	3,459
Other receivables and prepaid expenses	27,444
Total assets	6,460,380
Liabilities
Payable to affiliates
Accounting and legal services fees	142
Transfer agent fees	1,679
Trustees’ fees	125
Other liabilities and accrued expenses	41,974
Total liabilities	43,920
Net assets
Capital paid-in	$10,373,671
Undistributed net investment income	19
Accumulated net realized loss on investments	(4,824,998)
Net unrealized appreciation on investments	867,768
Net assets	$6,416,460
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 ($5,121,079 ÷ 699,452 shares)	$7.32
Class B ($302,997 ÷ 41,550 shares)1	$7.29
Class C ($604,609 ÷ 82,875 shares)1	$7.30
Class I ($387,775 ÷ 52,839 shares)	$7.34
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$7.71

¹ Redemption price per share is equal to the 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.

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  15 

F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 2-28-11

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$74,256
Securities lending	145
Interest	6
Total investment income	74,407
Expenses
Investment management fees (Note 4)	38,438
Distribution and service fees (Note 4)	16,502
Accounting and legal services fees (Note 4)	780
Transfer agent fees (Note 4)	8,209
Trustees’ fees (Note 4)	491
State registration fees (Note 4)	35,783
Printing and postage (Note 4)	2,663
Professional fees	35,589
Custodian fees	12,098
Registration and filing fees	23,447
Other	5,030
Total expenses	179,030
Less expense reductions (Note 4)	(108,659)
Net expenses	70,371
Net investment income	4,036
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	406,318
Investments in affiliated issuers	(33)
	406,285
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	443,628
Investments in affiliated issuers	(3)
	443,625
Net realized and unrealized gain	849,910
Increase in net assets from operations	$853,946

16  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year	Year
	ended	ended
	2-28-11	2-28-10
Increase (decrease) in net assets
From operations
Net investment income	$4,036	$19,525
Net realized gain (loss)	406,285	(173,212)
Change in net unrealized appreciation (depreciation)	443,625	2,161,309
Increase in net assets resulting from operations	853,946	2,007,622
Distributions to shareholders
From net investment income
Class A	(2,954)	(29,972)
Class B	—	(192)
Class C	—	(460)
Class I	(990)	(3,794)
Total distributions	(3,944)	(34,418)
From Fund share transactions (Note 5)	1,433,426	(443,268)
Total increase	2,283,428	1,529,936
Net assets
Beginning of year	4,133,032	2,603,096
End of year	$6,416,460	$4,133,032
Undistributed (accumulated distributions in excess of) net
investment income	$19	($73)

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  17 

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$6.15	$3.45	$7.60	$10.00
Net investment income2	0.01	0.03	0.09	0.13
Net realized and unrealized gain (loss) on investments	1.17	2.72	(4.16)	(2.23)
Total from investment operations	1.18	2.75	(4.07)	(2.10)
Less distributions
From net investment income	(0.01)	(0.05)	(0.08)	(0.11)
From net realized gain	—	—	—	(0.19)
Total distributions	(0.01)	(0.05)	(0.08)	(0.30)
Net asset value, end of year	$7.32	$6.15	$3.45	$7.60
Total return (%)3,4	19.12	79.57	(53.77)	(21.28)
Ratios and supplemental data
Net assets, end of year (in millions)	$5	$3	$2	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	3.09	3.705	2.82	2.52
Expenses net of fee waivers	1.37	1.395	1.37	1.37
Expenses net of fee waivers and credits	1.37	1.395	1.37	1.37
Net investment income	0.16	0.59	1.49	1.34
Portfolio turnover (%)	58	76	114	38

¹ The inception date for Class A shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.

18  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

CLASS B SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$6.16	$3.47	$7.60	$10.00
Net investment income (loss)2	(0.04)	(0.01)	0.05	0.05
Net realized and unrealized gain (loss) on investments	1.17	2.71	(4.15)	(2.21)
Total from investment operations	1.13	2.70	(4.10)	(2.16)
Less distributions
From net investment income	—	(0.01)	(0.03)	(0.05)
From net realized gain	—	—	—	(0.19)
Total distributions	—	(0.01)	(0.03)	(0.24)
Net asset value, end of year	$7.29	$6.16	$3.47	$7.60
Total return (%)3,4	18.34	77.74	(54.01)	(21.85)
Ratios and supplemental data
Net assets, end of year (in millions)	—5	—5	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	6.75	12.016	14.22	11.98
Expenses net of fee waivers	2.12	2.156	2.70	2.12
Expenses net of fee waivers and credits	2.12	2.136	2.12	2.12
Net investment income (loss)	(0.58)	(0.24)	0.80	0.58
Portfolio turnover (%)	58	76	114	38

¹ The inception date for Class B shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Less than $500,000.
⁶ Includes the impact of proxy expenses, which amounted to 0.02% of average net assets.

CLASS C SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$6.17	$3.47	$7.61	$10.00
Net investment income (loss)2	(0.04)	(0.01)	0.05	0.06
Net realized and unrealized gain (loss) on investments	1.17	2.72	(4.16)	(2.21)
Total from investment operations	1.13	2.71	(4.11)	(2.15)
Less distributions
From net investment income	—	(0.01)	(0.03)	(0.05)
From net realized gain	—	—	—	(0.19)
Total distributions	—	(0.01)	(0.03)	(0.24)
Net asset value, end of year	$7.30	$6.17	$3.47	$7.61
Total return (%)3,4	18.31	78.03	(54.07)	(21.75)
Ratios and supplemental data
Net assets, end of year (in millions)	$1	—5	—5	—5
Ratios (as a percentage of average net assets):
Expenses before reductions	5.29	7.456	7.51	6.38
Expenses net of fee waivers	2.12	2.146	2.29	2.12
Expenses net of fee waivers and credits	2.12	2.136	2.12	2.12
Net investment income (loss)	(0.60)	(0.19)	0.78	0.68
Portfolio turnover (%)	58	76	114	38

¹ The inception date for Class C shares is 3-1-07.
² Based on the average daily shares outstanding.
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 periods shown.
⁵ Less than $500,000.
⁶ Includes the impact of proxy expenses, which amounted to 0.03% of average net assets.

See notes to financial statements  Annual report | Classic Value Mega Cap Fund  19 

CLASS I SHARES Period ended	2-28-11	2-28-10	2-28-09	2-29-081
Per share operating performance
Net asset value, beginning of year	$6.15	$3.45	$7.61	$10.00
Net investment income2	0.04	0.05	0.12	0.17
Net realized and unrealized gain (loss) on investments	1.17	2.72	(4.17)	(2.23)
Total from investment operations	1.21	2.77	(4.05)	(2.06)
Less distributions
From net investment income	(0.02)	(0.07)	(0.11)	(0.14)
From net realized gain	—	—	—	(0.19)
Total distributions	(0.02)	(0.07)	(0.11)	(0.33)
Net asset value, end of year	$7.34	$6.15	$3.45	$7.61
Total return (%)3	19.67	80.19	(53.56)	(20.87)
Ratios and supplemental data
Net assets, end of year (in millions)	—4	—4	—4	—4
Ratios (as a percentage of average net assets):
Expenses before reductions	5.73	8.735	17.79	13.02
Expenses net of fee waivers	0.95	0.955	0.97	0.97
Expenses net of fee waivers and credits	0.95	0.955	0.97	0.97
Net investment income	0.56	0.80	1.96	1.80
Portfolio turnover (%)	58	76	114	38

¹ The inception date for Class I shares is 3-1-07.
² Based on the average daily shares outstanding.
³ Total returns would have been lower had certain expenses not been reduced during the periods shown.
⁴ Less than $500,000.
⁵ Includes the impact of proxy expenses, which amounted to 0.01% of average net assets.

20  Classic Value Mega Cap Fund | Annual report  See notes to financial statements 

Notes to financial statements

Note 1 — Organization

John Hancock Classic Value Mega Cap Fund (the Fund) is a non-diversified 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 long-term growth of capital.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, print and postage, state registration and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Effective at the close of business on August 21, 2009, Class R1 shares converted into Class A shares.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. 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 quoted prices in active markets for identical securities. Level 2 includes 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of February 28, 2011, all investments of the Fund are categorized as Level 1 under the hierarchy described above, except Repurchase Agreements, which are Level 2. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended February 28, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.

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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their closing net asset values each day. Foreign securities and currencies are valued in

Annual report | Classic Value Mega Cap Fund  21 

U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where 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.

Repurchase agreements. The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date except for dividends of foreign securities where the dividend may not be known until after ex-date. In these cases dividend income is recorded when the Fund becomes aware of the dividends.

Securities lending. The Fund may lend its securities to earn additional income. It receives and maintains cash collateral received from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. 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. Income received from JHCIT is a component of securities lending income as recorded on the Statement of Operations.

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 custodian agreement, the custodian may loan money to a 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 has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company (SSBT) which enables them to participate in a $100 million unsecured committed line of credit. Prior to March 31, 2010, the amount of the line of credit was $150 million. 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. For the year ended February 28, 2011, the Fund had no borrowings under the line of credit.

Effective March 30, 2011, the line of credit with SSBT expired and a similar arrangement was established with Citibank N.A.

22  Classic Value Mega Cap Fund | Annual report 

Expenses. The majority of expenses are directly attributable to an individual 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 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 asset value 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 appropriate net asset value 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.

For federal income tax purposes, the Fund has a capital loss carryforward of $4,132,973 available to offset future net realized capital gains as of February 28, 2011. The loss carryforward expires as follows: February 28, 2017 — $1,205,196 and February 28, 2018 — $2,927,777.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future 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.

As of February 28, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is 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 and capital gain distributions, if any, at least annually.

The tax character of distributions for the years ended February 28, 2011 and February 28, 2010 was as follows:

	FEBRUARY 28, 2011	FEBRUARY 28, 2010
Ordinary Income	$3,944	$34,418

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of February 28, 2011, the components of distributable earnings on a tax basis included $96 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Annual report | Classic Value Mega Cap Fund  23 

Capital accounts within 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.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.79% of the first $2,500,000,000 of the Fund’s average daily net assets; (b) 0.78% of the next $2,500,000,000; and (c) 0.77% of the Fund’s average daily net asset in excess of $5,000,000,000. The Adviser has a subadvisory agreement with Pzena Investment Management, LLC. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the year ended February 28, 2011 were equivalent to an annual effective rate of 0.79% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest, litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.37%, 2.12%, 2.12% and 0.96% for Class A, Class B, Class C and Class I shares, respectively. Prior to July 1, 2010, the fee waivers and/or reimbursements were such that these expenses would not exceed 0.94% for Class I shares. The fee waivers and/or reimbursements will continue in effect until June 30, 2011.

Effective May 1, 2010, the Adviser has voluntarily agreed to waive fees and/or reimburse certain other fund level expenses. This agreement excludes advisory, interest, overdraft, litigation, Rule 12b-1, class specific and other extraordinary expenses not incurred in the ordinary course of business. The fee waivers and/or reimbursement are such that these expenses will not exceed 0.16% of average daily net assets.

Accordingly, these expense reductions, described above, amounted to $65,103, $10,498, $15,109 and $17,949 for Class A, Class B, Class C and Class I shares, respectively, for the year ended February 28, 2011.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of 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

24  Classic Value Mega Cap Fund | Annual report 

and legal services fees incurred for the year ended February 28, 2011 amounted to an annual rate of 0.02% 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 and Class C 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	12b–1 FEES
Class A	0.30%
Class B	1.00%
Class C	1.00%

Currently, only 0.25% is charged for Class A shares for 12b-1 fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $8,975 for the year ended February 28, 2011. Of this amount, $1,191 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $7,194 was paid as sales commissions to broker-dealers and $590 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on 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, 2011, CDSCs received by the Distributor amounted to $1,649 and $0 for 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 or Transfer Agent), an affiliate of the Adviser. 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 that are comprised of 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 revenues that Signature Services receives in connection with the service they provide to the funds. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail 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.

Prior to July 1, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.05% for Class A, Class B and Class C shares and 0.04% for Class I shares, based on each class’s average daily net assets.

Annual report | Classic Value Mega Cap Fund  25 

• The Fund paid a monthly fee based on an annual rate of $16.50 per shareholder account.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the year ended February 28, 2011 were:

	DISTRIBUTION	TRANSFER	STATE	PRINTING AND
SHARE CLASS	AND SERVICE FEES	AGENT FEES	REGISTRATION FEES	POSTAGE
Class A	$9,466	$6,418	$9,217	$1,450
Class B	2,267	177	7,316	172
Class C	4,769	1,105	7,667	377
Class I	—	509	11,583	664
Total	$16,502	$8,209	$35,783	$2,663

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the years ended February 28, 2011 and February 28, 2010 were as follows:

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class A shares
Sold	352,716	$2,377,573	109,696	$629,324
Exchanged from Class R1	—	—	10,510	61,586
Distributions reinvested	390	2,652	4,769	29,332
Repurchased	(168,024)	(1,084,501)	(256,886)	(1,470,756)
Net increase (decrease)	185,082	$1,295,724	(131,911)	($750,514)
Class B shares
Sold	19,702	$132,319	13,088	$77,435
Distributions reinvested	—	—	31	192
Repurchased	(11,722)	(75,860)	(771)	(3,451)
Net increase	7,980	$56,459	12,348	$74,176
Class C shares
Sold	34,568	$228,531	28,288	$160,131
Distributions reinvested	—	—	57	349
Repurchased	(11,909)	(75,046)	(31,198)	(162,017)
Net increase (decrease)	22,659	$153,485	(2,853)	($1,537)
Class I shares
Sold	25,917	$164,566	58,081	$340,017
Distributions reinvested	7	45	130	800
Repurchased	(37,015)	(236,853)	(6,705)	(42,023)
Net increase (decrease)	(11,091)	($72,242)	51,506	$298,794

26  Classic Value Mega Cap Fund | Annual report 

	Year ended 2-28-11		Year ended 2-28-10
	Shares	Amount	Shares	Amount
Class R1 shares
Exchanged for Class A	—	—	(10,524)	($61,586)
Repurchased	—	—	(512)	(2,601)
Net decrease	—	—	(11,036)	($64,187)
Net increase (decrease)	204,630	$1,433,426	(81,946)	($443,268)

Affiliates of the Fund owned 48% and 25% of shares of beneficial interest of Class A and Class B shares on February 28, 2011.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $3,925,195 and $2,721,824, respectively, for the year ended February 28, 2011.

Annual report | Classic Value Mega Cap Fund  27 

Auditors’ report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Classic Value Mega Cap Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of 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 Classic Value Mega Cap Fund (the “Fund”) at February 28, 2011, and the results of its operations, the changes in its net assets 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, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 19, 2011

28  Classic Value Mega Cap Fund | Annual report 

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, 2011.

The Fund designates the maximum amount allowable for the corporate dividends received deduction for the fiscal year ended February 28, 2011.

The Fund designates 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. This amount will be reflected on Form 1099-DIV for the calendar year 2011.

Shareholders will be mailed a 2011 Form 1099-DIV in January 2012. This will reflect the total of all distributions that are taxable for calendar year 2011.

Annual report | Classic Value Mega Cap Fund  29 

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	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Steven R. Pruchansky, Born: 1944	2006	47
Chairperson (since January 2011); 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 (since 2008); Managing Director, Jon James, LLC (real
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty
Trust (until 1994); President, Maxwell Building Corp. (until 1991).
James F. Carlin, Born: 1940	2006	47
Chief Executive Officer, Director and Treasurer, Alpha Analytical Laboratories (environmental, chemical
and pharmaceutical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance
Agency, Inc. (since 1995); Chairman and Chief Executive Officer, CIMCO, LLC (management/
investments) (since 1987).
William H. Cunningham, Born: 1944	2006	47
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 of the following: LIN Television
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006);
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company)
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following:
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).
Deborah C. Jackson,2 Born: 1952	2008	47
Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); 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 Corp. (1996–2009); Board of Directors of
Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits
company) (since 2007).
Charles L. Ladner,2 Born: 1938	2006	47
Vice Chairperson (since March 2011); Chairman and Trustee, Dunwoody Village, Inc. (retirement
services) (since 2008); Director, Philadelphia Archdiocesan Educational Fund (since 2009); Senior Vice
President and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998);
Vice President and Director for AmeriGas, Inc. (retired 1998); Director of AmeriGas Partners, L.P. (gas
distribution) (until 1997); Director, EnergyNorth, Inc. (until 1995); Director, Parks and History Association
(Cooperating Association, National Park Service) (until 2005).

30  Classic Value Mega Cap Fund | Annual report 

Independent Trustees (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Stanley Martin,2 Born: 1947	2008	47
Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006);
Executive Vice President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive
Vice President, Republic New York Corporation & Republic National Bank of New York (1998–2000);
Partner, KPMG LLP (1971–1998).
Dr. John A. Moore, Born: 1939	2006	47
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution)
(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former
Assistant Administrator & Deputy Administrator, Environmental Protection Agency; Principal,
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit
research) (until 2007).
Patti McGill Peterson,2 Born: 1943	2006	47
Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy
(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,
Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public
Affairs, Cornell University (1997–1998); Former President Wells College, St. Lawrence University and the
Association of Colleges and Universities of the State of New York. Director of the following: Niagara
Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until
1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);
Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development
Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational
Exchange (since 2003).
Gregory A. Russo, Born: 1949	2008	47
Vice Chairman, Risk & Regulatory Matters, KPMG LLP (“KPMG”) (2002–2006); Vice Chairman, Industrial
Markets, KPMG (1998–2002).
Non-Independent Trustees3
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
Hugh McHaffie,4 Born: 1959	2010	47
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);
President of John Hancock Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail
funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment
Management Services, LLC and John Hancock Funds, LLC (since 2010); Senior Vice President, Individual
Business Product Management, MetLife, Inc. (1999–2006).

Annual report | Classic Value Mega Cap Fund  31 

Non-Independent Trustees3 (continued)
Name, Year of Birth	Trustee	Number of John
Position(s) held with Fund	of the	Hancock funds
Principal occupation(s) and other	Trust	overseen by
directorships during past 5 years	since1	Trustee
John G. Vrysen, Born: 1955	2009	47
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II
and John Hancock Trust (since 2007); Chief Operating Officer, John Hancock retail funds (until 2009);
Trustee, John Hancock retail funds (since 2009).
Principal officers who are not Trustees
Name, Year of Birth		Officer
Position(s) held with Fund		of the
Principal occupation(s) and other		Trust
directorships during past 5 years		since
Keith F. Hartstein, Born: 1956		2006
President and Chief Executive Officer
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005);
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales
Force Marketing Committee (since 2003).
Andrew G. Arnott, Born: 1971		2009
Senior Vice President and Chief Operating Officer
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock Trust
(since 2006); Senior Vice President, Product Management and Development, John Hancock Funds,
LLC (until 2009).
Thomas M. Kinzler, Born: 1955		2006
Secretary and Chief Legal Officer
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock
Funds II and John Hancock Trust (since 2006); Vice President and Associate General Counsel,
Massachusetts Mutual Life Insurance Company (1999–2006); Secretary and Chief Legal Counsel, MML
Series Investment Fund (2000–2006); Secretary and Chief Legal Counsel, MassMutual Select Funds and
MassMutual Premier Funds (2004–2006).

32  Classic Value Mega Cap Fund | Annual report 

Principal officers who are not Trustees (continued)
Name, Year of Birth	Officer
Position(s) held with Fund	of the
Principal occupation(s) and other	Trust
directorships during past 5 years	since
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, John Hancock Funds II, John Hancock Trust, John Hancock Advisers, LLC and John Hancock
Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (2005–2008).
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, John Hancock Funds II and John Hancock Trust (since 2007);
Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, Goldman
Sachs (2005–2007).
Salvatore Schiavone,4 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 funds (since 2010); Treasurer, John Hancock Closed-End Funds (since 2009);
Assistant Treasurer, John Hancock Funds II and John Hancock Trust (since 2007); Assistant Treasurer,
John Hancock retail funds, John Hancock Funds II and John Hancock Trust (2007–2009); Assistant
Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management Research
Company (2005–2007).

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 Fund and is available without charge, upon request, by calling 1-800-225-5291.

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 Audit Committee.

³ Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

⁴ Mr. McHaffie and Mr. Schiavone were appointed by the Board of Trustees effective 8-31-10.

Annual report | Classic Value Mega Cap Fund  33 

More information

Trustees	Investment adviser
Steven R. Pruchansky, Chairperson	John Hancock Investment Management
James F. Carlin	Services, LLC
William H. Cunningham
Deborah C. Jackson*	Subadviser
Charles L. Ladner, Vice Chairperson*	Pzena Investment Management, LLC
Stanley Martin*
Hugh McHaffie	Principal distributor
Dr. John A. Moore	John Hancock Funds, LLC
Patti McGill Peterson*
Gregory A. Russo	Custodian
John G. Vrysen	State Street Bank and Trust Company
Officers	Transfer agent
Keith F. Hartstein	John Hancock Signature Services, Inc.
President and Chief Executive Officer
	Legal counsel
Andrew G. Arnott	K&L Gates LLP
Senior Vice President and Chief Operating Officer
	Independent registered
Thomas M. Kinzler	public accounting firm
Secretary and Chief Legal Officer	PricewaterhouseCoopers LLP
Francis V. Knox, Jr.
Chief Compliance Officer	The report is certified under the Sarbanes-Oxley
	Act, which requires mutual funds and other public
Charles A. Rizzo	companies to affirm that, to the best of their
Chief Financial Officer	knowledge, the information in their financial reports
	is fairly and accurately stated in all material respects.
Salvatore Schiavone
Treasurer
*Member of the Audit Committee

The Fund’s proxy voting policies and procedures, as well as the Fund’s 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) Web site at www.sec.gov or on our Web site.

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 Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-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 Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:
1-800-225-5291	Regular mail:	Express mail:
jhfunds.com	John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.
	P.O. Box 55913	Mutual Fund Image Operations
	Boston, MA 02205-5913	30 Dan Road
		Canton, MA 02021

34  Classic Value Mega Cap Fund | Annual report 

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Classic Value Mega Cap Fund.	3220A 2/11
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.	4/11

ITEM 2. CODE OF ETHICS.

As of the end of the period, February 28, 2011, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer and Chief Financial Officer (respectively, the principal executive officer, the principal financial officer, the “Covered Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that it has one “audit committee financial expert” as that term is defined in Item 3(b) of Form N-CSR: Stanley Martin who is “independent” as that term is defined in Item 3(a) (2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant, PricewaterhouseCoopers LLP (“PWC”) 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 $202,369 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $25,833, John Hancock Global Shareholder Yield Fund - $25,833, John Hancock Growth Opportunities Fund -$28,680, John Hancock International Growth Fund - $33,065, John Hancock U.S. Core Fund -$28,088, John Hancock International Core Fund - $36,863 and John Hancock International Allocation Fund - $24,007) and $233,674 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $27,125, John Hancock Global Shareholder Yield Fund - $27,125, John Hancock Growth Opportunities Fund - $29,929, John Hancock International Growth Fund - $34,239, John Hancock Value Opportunities Fund -$27,641, John Hancock U.S. Core Fund - $27,641, John Hancock International Core Fund -$36,283 and John Hancock International Allocation Fund - $23,691). John Hancock Value Opportunities liquidated prior to February 28, 2011.

(b) Audit-Related Services

Audit-related fees for assurance and related services by PWC amounted to $7,982 for the fiscal year ended February 28, 2011(broken out as follows: John Hancock Classic Value Mega Cap Fund - $347, John Hancock Global Shareholder Yield Fund - $347, John Hancock Growth Opportunities Fund - $347, John Hancock International Growth Fund - $347, John Hancock U.S. Core Fund - $347, John Hancock International Core Fund - $347 and John Hancock International Allocation Fund - $5,900) and $14,863 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $1,184, John Hancock Global Shareholder Yield Fund - $1,184, John Hancock Growth Opportunities Fund - $1,184, John Hancock International Growth Fund - $1,184, John Hancock Value Opportunities Fund - $1,184, John Hancock U.S. Core Fund - $1,184, John Hancock International Core Fund - $1,184 and John Hancock International Allocation Fund - $6,575) 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 that provides ongoing services to the registrant ("control affiliates"). The nature of the services provided was security counts and service provider internal controls review.

(c) Tax Fees

The aggregate fees billed for professional services rendered by PWC for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $23,223 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $2,926, John Hancock Global Shareholder Yield Fund - $2,926, John Hancock Growth Opportunities - $3,598, John Hancock International Growth Fund - $3,715, John Hancock U.S. Core Fund - $2,926, John

Hancock International Core Fund - $4,558 and John Hancock International Allocation Portfolio -$2,574) and $26,887 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $2,841, John Hancock Global Shareholder Yield Fund -$2,841, John Hancock Growth Opportunities - $3,493, John Hancock International Growth Fund - $3,606, John Hancock Value Opportunities Fund - $2,841, John Hancock U.S. Core Fund -$2,841, John Hancock International Core Fund - $5,925 and John Hancock International Allocation Portfolio - $2,499). The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements.

(d) All Other Fees

Other fees amounted to $133 for the fiscal year ended February 28, 2011 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $19, John Hancock Global Shareholder Yield Fund - $19, John Hancock Growth Opportunities - $19, John Hancock International Growth Fund - $19, John Hancock U.S. Core Fund - $19, John Hancock International Core Fund - $19 and John Hancock International Allocation Portfolio - $19) and $440 for the fiscal year ended February 28, 2010 (broken out as follows: John Hancock Classic Value Mega Cap Fund - $55, John Hancock Global Shareholder Yield Fund - $55, John Hancock Growth Opportunities - $55, John Hancock International Growth Fund - $55, John Hancock Value Opportunities Fund - $55, John Hancock U.S. Core Fund - $55, John Hancock International Core Fund - $55 and John Hancock International Allocation Portfolio - $559) billed to the registrant or to the control affiliates.

(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 PWC for the Reporting Period, 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 PWC for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $2,028,605 for the fiscal year ended February 28, 2011 and $5,696,633 for the fiscal year ended February 28, 2010.

(h) The registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services that were rendered by PWC to the investment adviser and any control affiliate that provides services that were not pre-approved pursuant to paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X, to be compatible with maintaining PWC’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:

Stanley Martin - Chairman
Deborah C. Jackson
Charles L. Ladner
Patti McGill Peterson

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 – Governance Committee Charter”.

ITEM 11. CONTROLS AND PROCEDURES.

(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in this Form N-CSR is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such disclosure controls and procedures include controls and procedures designed to ensure that such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Within 90 days prior to the filing date of this Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant’s management, including the registrant's principal executive officer and the registrant’s principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures relating to information required to be disclosed on Form N-CSR. Based on such evaluation, the registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures are operating effectively to ensure that:

(i) information required to be disclosed in this Form N-CSR is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission, and

(ii) information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) CHANGE IN REGISTRANT’S INTERNAL CONTROL: Not applicable.

ITEM 12. EXHIBITS.

(a)(1) See attached Code of Ethics.

(a)(2)(i) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER.

(a)(2)(ii) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER.

(b) CERTIFICATION PURSUANT TO Rule 30a-2(b) OF THE INVESTMENT COMPANY ACT OF 1940.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Governance 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/ Keith F. Hartstein
	Keith F. Hartstein
	President and
	Chief Executive Officer
Date:	April 19, 2011

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/ Keith F. Hartstein
	Keith F. Hartstein
	President and
	Chief Executive Officer
Date:	April 19, 2011
By:	/s/ Charles A. Rizzo
	Charles A. Rizzo
	Chief Financial Officer
Date:	April 19, 2011