Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
March 27 2014 - 5:21PM
Edgar (US Regulatory)
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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM N-Q
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
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MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number
811-3999
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John Hancock Investment Trust II
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(Exact name of registrant as specified in charter)
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601 Congress Street, Boston, Massachusetts 02210
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(Address of principal executive offices) (Zip code)
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Salvatore Schiavone, Treasurer
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601 Congress Street
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Boston, Massachusetts 02210
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
617-663-4497
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Date of fiscal year end:
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October 31
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Date of reporting period:
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January 31, 2014
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ITEM 1. SCHEDULE OF INVESTMENTS
Regional Bank Fund
As of 1-31-14 (Unaudited)
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Shares
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Value
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Common Stocks 93.3%
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$754,379,693
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(Cost $392,699,759)
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Financials 93.3%
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754,379,693
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Commercial Banks 80.9 %
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1st Source Corp.
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39,395
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1,160,971
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1st United Bancorp, Inc.
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748,779
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5,436,136
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Access National Corp.
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68,218
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1,120,140
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American Business Bank (I)
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41,607
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1,273,174
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Ameris Bancorp (I)
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456,946
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9,353,685
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Anchor Bancorp Wisconsin, Inc. (I)(R)(V)
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230,700
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4,155,131
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Anchor Bancorp, Inc. (I)(V)
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161,584
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2,795,403
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Bank of Marin Bancorp, Class A
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4,180
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184,881
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Bar Harbor Bankshares
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95,308
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3,630,282
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BB&T Corp.
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755,220
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28,252,780
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Bond Street Holdings LLC, Class A
(I)(S)
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520,587
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8,690,187
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Bond Street Holdings LLC, Class B
(I)(S)
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12,609
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210,483
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Bryn Mawr Bank Corp.
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383,894
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10,699,126
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BSB Bancorp, Inc. (I)
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234,047
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3,651,133
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Centerstate Banks, Inc.
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602,986
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6,632,846
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Chemical Financial Corp.
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132,365
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3,822,701
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City Holding Company
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65,330
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2,915,025
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CoBiz Financial, Inc.
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96,113
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1,014,953
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Comerica, Inc.
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165,668
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7,587,594
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Commerce Bancshares, Inc.
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119,511
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5,195,143
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ConnectOne Bancorp, Inc. (I)
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33,239
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1,518,025
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CU Bancorp (I)
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166,115
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2,865,484
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Cullen/Frost Bankers, Inc.
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274,364
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20,308,423
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East West Bancorp, Inc.
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305,801
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10,232,101
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Eastern Virginia Bankshares, Inc. (I)
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264,358
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1,787,060
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Evans Bancorp, Inc.
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126,399
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2,907,177
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Fifth Third Bancorp
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1,222,505
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25,697,055
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First Business Financial Services Inc
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83,333
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3,437,486
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First Citizens BancShares, Inc., Class A
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316
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69,912
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First Commonwealth Financial Corp.
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239,085
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1,962,888
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First Community Corp.
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228,772
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2,489,039
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First Connecticut Bancorp, Inc.
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42,923
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661,443
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First Financial Bancorp
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188,393
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3,123,556
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First Financial Holdings, Inc.
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150,691
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9,275,031
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First Horizon National Corp.
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324,384
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3,814,756
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First Merchants Corp.
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298,324
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6,291,653
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First Security Group, Inc. (I)
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1,767,811
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3,641,691
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First Southern Bancorp, Inc., Class B (I)
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140,985
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848,730
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Firstbank Corp.
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1,724
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30,825
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FirstMerit Corp.
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615,412
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12,523,634
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Flushing Financial Corp.
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235,254
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4,832,117
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FNB Corp.
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1,289,898
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15,272,392
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Glacier Bancorp, Inc.
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471,924
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12,472,951
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Guaranty Bancorp
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38,435
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498,118
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Hancock Holding Company
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464,181
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16,060,663
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Heritage Commerce Corp.
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712,266
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5,705,251
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Heritage Financial Corp.
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141,015
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2,401,485
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Heritage Oaks Bancorp (I)
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1,064,426
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8,153,503
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Home Federal Bancorp, Inc.
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220,191
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3,192,770
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Independent Bank Corp.
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482,214
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17,436,858
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Independent Bank Corp. (I)
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175,548
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2,326,011
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John Marshall Bank (I)
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43,062
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734,207
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Regional Bank Fund
As of 1-31-14 (Unaudited)
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Shares
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Value
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Financials (continued)
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KeyCorp
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483,753
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$6,172,688
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M&T Bank Corp.
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207,703
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23,160,962
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MB Financial, Inc.
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533,194
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14,982,751
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Monarch Financial Holdings, Inc.
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223,406
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2,571,403
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MutualFirst Financial, Inc.
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5,800
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108,982
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NewBridge Bancorp (I)
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350,132
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2,447,423
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Northrim BanCorp, Inc.
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18,959
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455,395
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Pacific Continental Corp.
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318,618
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4,492,514
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Park Sterling Corp.
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1,286,421
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8,683,342
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Peoples Bancorp, Inc.
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132,557
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2,989,160
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PNC Financial Services Group, Inc.
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352,131
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28,128,224
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Prosperity Bancshares, Inc.
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163,828
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10,249,080
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Regions Financial Corp.
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1,531,253
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15,572,843
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Sandy Spring Bancorp, Inc.
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100,205
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2,502,119
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Sierra Bancorp
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260,000
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4,121,000
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Simmons First National Corp., Class A
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15,248
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526,513
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Southern First Bancshares, Inc. (I)
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96,428
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1,281,528
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Southwest Bancorp, Inc.
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257,823
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4,499,011
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State Bank Financial Corp.
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226,420
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3,878,575
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Suffolk Bancorp (I)
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220,756
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4,256,176
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Sun Bancorp, Inc. (I)
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1,010,383
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3,202,914
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SunTrust Banks, Inc.
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620,932
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22,986,903
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SVB Financial Group (I)
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158,109
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17,744,573
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Talmer Bancorp, Inc., Class A (I)
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1,609,719
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19,558,086
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The Community Financial Corp.
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76,852
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1,565,475
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TriCo Bancshares
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377,716
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9,352,248
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Trustmark Corp.
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90,000
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2,138,400
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U.S. Bancorp
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705,902
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28,045,486
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Union First Market Bankshares Corp.
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326,026
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7,521,420
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United Bancorp, Inc. (I)
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574,891
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6,927,437
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Vantagesouth Bancshares, Inc. (I)
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360,300
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1,861,310
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Virginia Heritage Bank (I)
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56,123
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1,083,735
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Washington Banking Company
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130,863
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2,328,053
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Washington Trust Bancorp, Inc.
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224,305
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7,388,607
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Wells Fargo & Company
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626,339
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28,398,210
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WesBanco, Inc.
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299,228
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8,545,952
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Westbury Bancorp, Inc. (I)
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67,666
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950,707
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Wilshire Bancorp, Inc.
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1,011,353
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10,073,076
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Yadkin Financial Corp. (I)
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320,235
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5,988,395
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Zions Bancorporation
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577,575
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16,605,281
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Diversified Financial Services 5.9 %
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Bank of America Corp.
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1,384,523
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23,190,760
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JPMorgan Chase & Company
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452,681
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25,060,420
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Thrifts & Mortgage Finance 6.5 %
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Berkshire Hills Bancorp, Inc.
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386,034
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9,442,392
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Cheviot Financial Corp.
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191,734
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2,007,455
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First Defiance Financial Corp.
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262,030
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6,739,412
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Heritage Financial Group, Inc.
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221,086
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4,375,292
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HomeStreet, Inc.
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224,021
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4,018,937
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New York Community Bancorp, Inc.
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119,078
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1,927,873
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Provident Financial Holdings, Inc.
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77,242
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1,162,492
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Rockville Financial, Inc.
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151,335
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2,009,729
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Simplicity Bancorp, Inc.
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200,414
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3,326,872
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Southern Missouri Bancorp, Inc.
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93,660
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3,033,647
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United Community Financial Corp. (I)
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1,058,239
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3,735,584
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WSFS Financial Corp.
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148,312
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10,648,802
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Regional Bank Fund
As of 1-31-14 (Unaudited)
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Shares
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Value
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Preferred Securities 1.1%
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$8,832,990
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(Cost $6,225,930)
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Financials 1.1%
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8,832,990
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Commercial Banks 0.8 %
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First Citizens Bancshares, Inc., Series A (5.000% to 2-1-14, then
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9.000% thereafter)
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24,962
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5,522,593
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First Southern Bancorp, Inc. (5.000% to 2-1-14, then 9.000%
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thereafter)
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241
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579,147
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Thrifts & Mortgage Finance 0.3 %
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Flagstar Bancorp, Inc. (5.000% to 2-1-14, then 9.000% thereafter)
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2,500
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2,731,250
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Warrants 1.6%
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$12,746,403
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(Cost $7,435,156)
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Financials 1.6%
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12,746,403
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Commercial Banks 1.4 %
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Bank of Marin Bancorp (Expiration Date: 12-5-18, Strike Price: $27.23) (I)
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97,827
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1,715,357
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Comerica, Inc. (Expiration Date: 11-14-18, Strike Price: $29.40) (I)
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285,756
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4,943,579
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Horizon Bancorp (Expiration Date: 12-19-18, Strike Price: $17.68) (I)
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300,229
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4,333,939
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TCF Financial Corp. (Expiration Date: 11-14-18, Strike Price: $16.93) (I)
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116,620
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355,691
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Valley National Bancorp (Expiration Date: 11-14-18, Strike Price: $16.92) (I)
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63,055
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34,680
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Diversified Financial Services 0.2 %
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Citigroup, Inc. (Expiration Date: 1-4-19, Strike Price: $106.10) (I)
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1,721,817
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1,088,188
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Thrifts & Mortgage Finance 0.0 %
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Washington Federal, Inc. (Expiration Date: 11-14-18, Strike Price: $17.57) (I)
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51,979
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274,969
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Par value
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Value
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Short-Term Investments 2.8%
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$22,683,000
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(Cost $22,683,000)
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Repurchase Agreement 2.8%
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22,683,000
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Barclays Tri-Party Repurchase Agreement dated 1-31-14 at 0.020% to
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be repurchased at $22,683,038 on 2-3-14, collateralized by
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$23,267,200 U.S. Treasury Notes, 0.750% due 6-30-17 (valued at
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$23,136,724, including interest)
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$22,683,000
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22,683,000
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Total investments (Cost $429,043,845)† 98.8%
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$798,642,086
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Other assets and liabilities, net 1.2%
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$9,629,204
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Total net assets 100.0%
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$808,271,290
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The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Regional Bank Fund
As of 1-31-14 (Unaudited)
(I) Non-income producing security.
(R) Direct placement securities are restricted to resale and the fund has limited rights to registration under the Securities Act of 1933.
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Value as a
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Original
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Beginning
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Ending
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percentage of
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Issuer,
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acquisition
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Acquisition
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share
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share
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fund’s net
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Value as of
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description
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date
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cost
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amount
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amount
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assets
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1-31-14
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Anchor Bancorp
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Wisconsin, Inc.
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9-20-13
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$4,614,007
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230,700
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230,700
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0.51%
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$4,155,131
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$4,155,131
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(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(V) The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to the financial statements.
† At 1-31-14, the aggregate cost of investment securities for federal income tax purposes was $431,083,488.
Net unrealized appreciation aggregated $367,558,598 of which $371,670,439 related to appreciated investment securities and $4,111,841 related to depreciated investment securities.
Regional Bank Fund
As of 1-31-14 (Unaudited)
Notes to the Portfolio of Investments
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. 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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Securities that trade only in the over-the-counter market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
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 other 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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of January 31, 2014 by major security category or type:
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Level 2
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Level 3
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Total Market
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Significant
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Significant
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Value at
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Level 1 Quoted
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Observable
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Unobservable
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01-31-14
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Price
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Inputs
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Inputs
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Common Stocks
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Commercial Banks
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$653,700,026
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$615,583,138
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$5,503,001
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$32,613,887
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Diversified Financial Services
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48,251,180
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48,251,180
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—
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—
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Thrifts & Mortgage Finance
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52,428,487
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52,428,487
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—
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—
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Preferred Securities
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Commercial Banks
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6,101,740
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—
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5,522,593
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579,147
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Thrifts & Mortgage Finance
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2,731,250
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—
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2,731,250
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—
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Warrants
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Commercial Banks
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11,383,246
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5,333,950
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6,049,296
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—
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Diversified Financial Services
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1,088,188
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1,088,188
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—
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—
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Thrifts & Mortgage Finance
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274,969
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274,969
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—
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—
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Short-Term Investments
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22,683,000
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—
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22,683,000
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—
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Total Investments in Securities
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$798,642,086
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$722,959,912
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$42,489,140
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$33,193,034
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Regional Bank Fund
As of 1-31-14 (Unaudited)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.
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COMMERCIAL BANKS
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Balance as of 10-31-13
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$32,691,177
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Realized gain (loss)
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66,119
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Change in unrealized appreciation (depreciation)
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3,476,028
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Purchases
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-
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Sales
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(3,040,290)
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Transfer into Level 3
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-
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Transfer out of Level 3
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-
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Balance as of 1-31-14
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$33,193,034
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Changes in unrealized at period end *
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3,476,028
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*Changes in unrealized appreciation (depreciation) attributable to level 3 securities held at the period end.
The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund’s Level 3 securities are outlined in the table below:
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Fair Value
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Valuation Technique
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Unobservable Inputs
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Input/ Range
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at 1-31-14
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Book Value multiple/
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1.11x - 1.15x
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Common Stocks
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$13,055,801
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Market Approach
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(weighted average 1.12x)
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Discount for lack of marketability
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10%
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Offered Quotes/
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$13.50
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$19,558,086
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Market Approach
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Discount for lack of marketability
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10%
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$32,613,887
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Preferred Stock
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$579,147
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Market Approach
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Offered Quotes
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$2,403.10
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Increases/decreases in book value multiples or offered quotes may result in increases/decreases in security valuation. Increases/decreases in discounts for lack of marketability may result in decreases/increases in security valuation.
Repurchase agreements.
The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that 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. Collateral for certain tri-party repurchase agreements is held at a third-party custodian bank in a segregated account for the benefit of the fund.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the net amounts owed. 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 or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.
Regional Bank Fund
As of 1-31-14 (Unaudited)
Transactions in securities of affiliated issuers
Affiliated issuers, as defined by the 1940 Act, are those in which the fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund’s transactions in the securities of these issuers during the period ended January 31, 2014, is set forth below:
Ending
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|
|
Beginning
|
share
|
Realized
|
Dividend
|
|
Affiliate
|
share amount
|
amount
|
gain (loss)
|
income
|
Ending value
|
|
Anchor Bancorp, Inc.
|
|
|
|
|
|
Purchased: none Sold: none
|
161,584
|
161,584
|
-
|
-
|
$ 2,795,403
|
Anchor Bancorp Wisconsin, Inc.
|
|
|
|
|
|
Purchased: none Sold: none
|
230,700
|
230,700
|
-
|
-
|
$ 4,155,131
|
For additional information on the fund’s significant accounting policies, please refer to the fund’s most recent semiannual or annual shareholder report.
Small Cap Equity Fund
As of 1-31-14 (Unaudited)
|
|
|
|
Shares
|
Value
|
|
|
Common Stocks 99.3%
|
|
$484,887,778
|
|
(Cost $364,114,739)
|
|
|
|
Consumer Discretionary 13.3%
|
|
65,121,788
|
|
|
Auto Components 2.2%
|
|
|
Dorman Products, Inc. (I)
|
203,141
|
10,595,835
|
|
|
|
Internet & Catalog Retail 3.8%
|
|
|
HomeAway, Inc. (I)
|
392,918
|
16,054,629
|
zulily, Inc., Class A (I)
|
60,621
|
2,409,685
|
|
|
|
Media 1.4%
|
|
|
IMAX Corp. (I)
|
250,671
|
6,941,080
|
|
|
|
Specialty Retail 4.2%
|
|
|
Five Below, Inc. (I)
|
285,905
|
10,478,418
|
Restoration Hardware Holdings, Inc. (I)
|
182,837
|
10,374,171
|
|
|
|
Textiles, Apparel & Luxury Goods 1.7%
|
|
|
Wolverine World Wide, Inc.
|
296,343
|
8,267,970
|
|
Consumer Staples 7.5%
|
|
36,453,649
|
|
|
Food & Staples Retailing 3.3%
|
|
|
Pricesmart, Inc.
|
67,069
|
6,096,572
|
United Natural Foods, Inc. (I)
|
145,893
|
9,857,990
|
|
|
|
Food Products 4.2%
|
|
|
Annie's, Inc. (I)
|
150,867
|
6,052,784
|
The Hain Celestial Group, Inc. (I)
|
157,213
|
14,446,303
|
|
Energy 1.6%
|
|
7,612,190
|
|
|
Energy Equipment & Services 0.9%
|
|
|
Geospace Technologies Corp. (I)
|
56,987
|
4,531,606
|
|
|
|
Oil, Gas & Consumable Fuels 0.7%
|
|
|
Americas Petrogas, Inc. (I)
|
2,859,167
|
3,080,584
|
|
Health Care 21.9%
|
|
106,967,230
|
|
|
Biotechnology 5.5%
|
|
|
Acceleron Pharma, Inc. (I)
|
44,465
|
2,060,953
|
Alnylam Pharmaceuticals, Inc. (I)
|
109,928
|
9,196,576
|
Celldex Therapeutics, Inc. (I)
|
136,640
|
3,522,579
|
Cepheid, Inc. (I)
|
107,639
|
5,689,798
|
NPS Pharmaceuticals, Inc. (I)
|
183,327
|
6,559,440
|
|
|
|
Health Care Equipment & Supplies 8.6%
|
|
|
Align Technology, Inc. (I)
|
316,568
|
18,810,471
|
DexCom, Inc. (I)
|
270,271
|
10,935,165
|
GenMark Diagnostics, Inc. (I)
|
448,651
|
5,796,571
|
HeartWare International, Inc. (I)
|
66,165
|
6,564,230
|
|
|
|
Health Care Technology 6.8%
|
|
|
athenahealth, Inc. (I)
|
122,148
|
18,004,615
|
HealthStream, Inc. (I)
|
299,471
|
8,690,648
|
HMS Holdings Corp. (I)
|
272,867
|
6,284,127
|
|
|
|
Pharmaceuticals 1.0%
|
|
|
Akorn, Inc. (I)
|
213,747
|
4,852,057
|
Small Cap Equity Fund
As of 1-31-14 (Unaudited)
|
|
|
|
Shares
|
Value
|
|
Industrials 22.0%
|
|
$107,538,763
|
|
|
Aerospace & Defense 1.1%
|
|
|
The KEYW Holding Corp. (I)
|
347,196
|
5,555,136
|
|
|
|
Building Products 0.6%
|
|
|
Trex Company, Inc. (I)
|
44,943
|
3,160,841
|
|
|
|
Commercial Services & Supplies 2.6%
|
|
|
Clean Harbors, Inc. (I)
|
223,752
|
12,548,012
|
|
|
|
Electrical Equipment 3.0%
|
|
|
Acuity Brands, Inc.
|
87,816
|
11,156,145
|
SolarCity Corp. (I)
|
46,469
|
3,442,888
|
|
|
|
Machinery 2.7%
|
|
|
Chart Industries, Inc. (I)
|
104,218
|
8,904,386
|
The ExOne Company (I)
|
48,135
|
2,265,233
|
Westport Innovations, Inc. (I)
|
124,948
|
2,126,615
|
|
|
|
Professional Services 4.4%
|
|
|
The Advisory Board Company (I)
|
242,800
|
15,371,668
|
WageWorks, Inc. (I)
|
94,420
|
5,871,980
|
|
|
|
Road & Rail 2.8%
|
|
|
Heartland Express, Inc.
|
654,632
|
13,786,550
|
|
|
|
Trading Companies & Distributors 4.8%
|
|
|
Beacon Roofing Supply, Inc. (I)
|
137,945
|
5,212,942
|
DXP Enterprises, Inc. (I)
|
43,900
|
4,216,156
|
Watsco, Inc.
|
147,117
|
13,920,211
|
|
Information Technology 33.0%
|
|
161,194,158
|
|
|
Communications Equipment 1.3%
|
|
|
KVH Industries, Inc. (I)
|
457,215
|
6,026,094
|
|
|
|
Electronic Equipment, Instruments & Components 0.5%
|
|
|
DTS, Inc. (I)
|
123,454
|
2,559,201
|
|
|
|
Internet Software & Services 9.3%
|
|
|
CoStar Group, Inc. (I)
|
75,409
|
12,973,364
|
Marketo, Inc. (I)
|
249,370
|
10,209,208
|
Pandora Media, Inc. (I)
|
266,578
|
9,615,468
|
Rocket Fuel, Inc. (I)(L)
|
93,251
|
5,455,184
|
Yelp, Inc. (I)
|
94,376
|
7,167,857
|
|
|
|
IT Services 2.3%
|
|
|
WEX, Inc. (I)
|
136,787
|
11,265,777
|
|
|
|
Semiconductors & Semiconductor Equipment 0.5%
|
|
|
Rubicon Technology, Inc. (I)
|
227,240
|
2,492,823
|
|
|
|
Software 19.1%
|
|
|
Aspen Technology, Inc. (I)
|
175,794
|
8,010,933
|
Bottomline Technologies, Inc. (I)
|
460,325
|
15,936,452
|
Concur Technologies, Inc. (I)(L)
|
101,303
|
12,292,106
|
FleetMatics Group PLC (I)
|
262,544
|
10,504,385
|
SolarWinds, Inc. (I)
|
165,025
|
6,582,847
|
Synchronoss Technologies, Inc. (I)
|
500,263
|
13,337,012
|
Tableau Software, Inc., Class A (I)
|
36,647
|
2,961,811
|
Tangoe, Inc. (I)
|
597,807
|
10,898,022
|
Ultimate Software Group, Inc. (I)
|
79,064
|
12,905,614
|
Small Cap Equity Fund
As of 1-31-14 (Unaudited)
|
|
|
|
|
Yield (%)
|
Shares
|
Value
|
|
Securities Lending Collateral 1.2%
|
|
|
$6,041,363
|
|
(Cost $6,040,952)
|
|
|
|
|
|
|
|
John Hancock Collateral Investment Trust (W)
|
0.1428(Y)
|
603,744
|
6,041,363
|
|
|
|
Par value
|
Value
|
|
Short-Term Investments 1.7%
|
|
|
$8,442,000
|
|
(Cost $8,442,000)
|
|
|
|
|
|
|
|
Repurchase Agreement 1.7%
|
|
|
8,442,000
|
|
Barclays Tri-Party Repurchase Agreement dated 1-31-14 at 0.020% to
|
|
|
|
be repurchased at $8,442,014 on 2-3-14, collateralized by
|
|
|
|
$8,659,500 U.S. Treasury Notes, 0.750% due 6-30-17 (valued at
|
|
|
|
$8,610,940, including interest)
|
|
8,442,000
|
8,442,000
|
|
Total investments (Cost $378,597,691)† 102.2%
|
|
|
$499,371,141
|
|
Other assets and liabilities, net (2.2%)
|
|
|
($10,833,214)
|
|
Total net assets 100.0%
|
|
|
$488,537,927
|
|
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.
(I) Non-income producing security.
(L) A portion of this security is on loan as of 1-31-14. The value of securities on loan amounted to $5,399,794.
(W) Investment is an affiliate of the fund, the advisor and/or subadvisor. This investment represents collateral received for securities lending.
(Y) The rate shown is the annualized seven-day yield as of 1-31-14.
† At 1-31-14, the aggregate cost of investment securities for federal income tax purposes was $378,955,920.
Net unrealized appreciation aggregated $120,415,221 of which $128,714,169 related to appreciated investment securities and $8,298,948 related to depreciated investment securities.
Small Cap Equity Fund
As of 1-31-14 (Unaudited)
Notes to the Portfolio of Investments
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 (ET). 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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
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 other 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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
As of January 31, 2014, all investments are categorized as Level 1, except for short term which are Level 2 under the hierarchy described above.
Repurchase agreements.
The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that 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. Collateral for certain tri-party repurchase agreements is held at a third-party custodian bank in a segregated account for the benefit of the fund.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the net amounts owed. 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 or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.
For additional information on the funds' significant accounting policies, please refer to the funds' most recent semiannual or annual shareholder report.
Financial Industries Fund
As of 1-31-14 (Unaudited)
|
|
|
|
Shares
|
Value
|
|
Common Stocks 95.2%
|
|
$822,876,689
|
|
(Cost $657,549,909)
|
|
|
|
Financials 92.2%
|
|
797,285,113
|
|
|
Capital Markets 19.1 %
|
|
|
American Capital, Ltd. (I)
|
1,754,983
|
27,395,285
|
Ameriprise Financial, Inc.
|
259,862
|
27,451,821
|
Apollo Global Management LLC, Class A
|
448,099
|
14,540,813
|
Invesco, Ltd.
|
513,471
|
17,072,911
|
KKR & Company LP
|
780,452
|
18,816,698
|
The Blackstone Group LP
|
1,045,886
|
34,252,767
|
The Carlyle Group LP
|
419,579
|
14,605,545
|
The Goldman Sachs Group, Inc.
|
65,480
|
10,746,578
|
|
|
|
Commercial Banks 41.4 %
|
|
|
1st United Bancorp, Inc.
|
359,434
|
2,609,491
|
Barclays PLC, ADR
|
1,053,587
|
18,859,207
|
BB&T Corp.
|
288,391
|
10,788,707
|
CIT Group, Inc.
|
303,976
|
14,150,083
|
East West Bancorp, Inc.
|
369,740
|
12,371,500
|
Fifth Third Bancorp
|
1,075,690
|
22,611,004
|
Flushing Financial Corp.
|
225,857
|
4,639,103
|
Glacier Bancorp, Inc.
|
519,701
|
13,735,697
|
Independent Bank Corp. - Massachusetts
|
81,521
|
2,947,799
|
Independent Bank Corp. - Michigan (I)
|
169,595
|
2,247,134
|
M&T Bank Corp.
|
18,401
|
2,051,896
|
MB Financial, Inc.
|
116,281
|
3,267,496
|
North Valley Bancorp (I)
|
98,801
|
2,308,979
|
PNC Financial Services Group, Inc.
|
220,338
|
17,600,599
|
Prosperity Bancshares, Inc.
|
231,320
|
14,471,379
|
Regions Financial Corp.
|
1,245,971
|
12,671,525
|
Royal Bank of Scotland Group PLC, ADR (I)
|
288,545
|
3,211,506
|
SpareBank 1 SR Bank ASA
|
888,000
|
8,625,026
|
State Bank Financial Corp.
|
255,573
|
4,377,965
|
Sun Bancorp, Inc. (I)
|
769,670
|
2,439,854
|
SunTrust Banks, Inc.
|
519,762
|
19,241,589
|
SVB Financial Group (I)
|
187,613
|
21,055,807
|
Swedbank AB, Class A
|
631,154
|
16,469,731
|
Talmer Bancorp, Inc., Class A (I)
|
739,378
|
8,983,443
|
The Community Financial Corp.
|
80,680
|
1,643,452
|
U.S. Bancorp
|
878,353
|
34,896,965
|
UniCredit SpA
|
2,724,693
|
20,394,630
|
Union First Market Bankshares Corp.
|
312,832
|
7,217,034
|
VantageSouth Bancshares, Inc. (I)
|
392,200
|
2,026,105
|
Wells Fargo & Company
|
570,085
|
25,847,654
|
Wilshire Bancorp, Inc.
|
403,141
|
4,015,284
|
Yadkin Financial Corp. (I)
|
196,251
|
3,669,894
|
Zions Bancorporation
|
565,683
|
16,263,386
|
|
|
|
Consumer Finance 2.7 %
|
|
|
Discover Financial Services
|
436,473
|
23,416,776
|
|
|
|
Diversified Financial Services 9.0 %
|
|
|
Bank of America Corp.
|
1,760,826
|
29,493,836
|
Citigroup, Inc.
|
416,909
|
19,773,994
|
JPMorgan Chase & Company
|
517,940
|
28,673,158
|
|
|
|
Insurance 12.5 %
|
|
|
ACE, Ltd.
|
215,071
|
20,175,811
|
Financial Industries Fund
As of 1-31-14 (Unaudited)
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
Financials (continued)
|
|
|
|
|
|
American International Group, Inc.
|
|
|
402,212
|
$19,290,088
|
Assured Guaranty, Ltd.
|
|
|
968,472
|
20,483,183
|
CNO Financial Group, Inc.
|
|
|
780,331
|
13,218,807
|
Hartford Financial Services Group, Inc.
|
|
|
259,092
|
8,614,809
|
Lincoln National Corp.
|
|
|
212,684
|
10,215,213
|
MetLife, Inc.
|
|
|
157,194
|
7,710,366
|
Prudential Financial, Inc.
|
|
|
97,525
|
8,230,135
|
|
|
|
|
|
Real Estate Investment Trusts 6.2 %
|
|
|
|
|
BRE Properties, Inc.
|
|
|
118,947
|
7,029,768
|
CoreSite Realty Corp.
|
|
|
159,862
|
4,904,566
|
DiamondRock Hospitality Company
|
|
|
356,318
|
4,126,162
|
Digital Realty Trust, Inc.
|
|
|
133,767
|
6,820,779
|
FelCor Lodging Trust, Inc.
|
|
|
845,413
|
6,898,570
|
General Growth Properties, Inc.
|
|
|
314,523
|
6,334,493
|
Simon Property Group, Inc.
|
|
|
112,310
|
17,390,080
|
|
|
|
|
|
Real Estate Management & Development 0.4 %
|
|
|
|
|
Eurocastle Investment, Ltd.
|
|
|
393,372
|
3,731,365
|
|
|
|
|
|
Thrifts & Mortgage Finance 0.9 %
|
|
|
|
|
First Defiance Financial Corp.
|
|
|
132,626
|
3,411,141
|
HomeStreet, Inc.
|
|
|
165,029
|
2,960,620
|
United Community Financial Corp. (I)
|
|
|
506,530
|
1,788,051
|
|
Information Technology 3.0%
|
|
|
|
25,591,576
|
|
|
IT Services 3.0 %
|
|
|
|
|
Visa, Inc., Class A
|
|
|
118,793
|
25,591,576
|
|
|
Preferred Securities 0.5%
|
|
|
|
$4,100,633
|
|
(Cost $4,144,150)
|
|
|
|
|
|
Financials 0.5%
|
|
|
|
4,100,633
|
|
|
Commercial Banks 0.2 %
|
|
|
|
|
Zions Bancorporation, 6.300%
|
|
|
56,516
|
1,369,383
|
|
|
|
|
|
Thrifts & Mortgage Finance 0.3 %
|
|
|
|
|
Flagstar Bancorp, Inc. (5.000% to 2-1-14, then 9.000% thereafter)
|
|
2,500
|
2,731,250
|
|
|
|
Maturity
|
|
|
|
Rate (%)
|
date
|
Par value
|
Value
|
|
|
Corporate Bonds 0.3%
|
|
|
|
$2,607,750
|
|
(Cost $2,850,000)
|
|
|
|
|
|
Financials 0.3%
|
|
|
|
2,607,750
|
|
|
Commercial Banks 0.3 %
|
|
|
|
|
Zions Bancorporation (5.800% to 6-15-23, then 3 month
|
|
|
|
|
LIBOR + 3.800%) (Q)
|
5.800
|
06/15/23
|
2,850,000
|
2,607,750
|
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
Investment Companies 1.6%
|
|
|
|
$14,092,127
|
|
(Cost $6,428,028)
|
|
|
|
|
|
AP Alternative Assets LP (I)
|
|
|
442,674
|
14,092,127
|
Financial Industries Fund
As of 1-31-14 (Unaudited)
|
|
|
|
Shares
|
Value
|
Warrants 0.5%
|
|
$4,512,942
|
|
(Cost $3,707,526)
|
|
|
|
|
|
Financials 0.5%
|
|
4,512,942
|
|
Commercial Banks 0.4 %
|
|
|
Comerica, Inc. (Expiration Date: 11-14-18, Strike Price: $29.40) (I)
|
223,341
|
3,863,799
|
|
|
|
Diversified Financial Services 0.1 %
|
|
|
Citigroup, Inc. (Expiration Date: 1-4-19, Strike Price: $106.10) (I)
|
1,027,125
|
649,143
|
|
|
Par value
|
Value
|
Short-Term Investments 0.9%
|
|
$7,882,000
|
|
(Cost $7,882,000)
|
|
|
|
|
|
Repurchase Agreement 0.9%
|
|
7,882,000
|
|
Barclays Tri-Party Repurchase Agreement dated 1-31-14 at 0.020% to
|
|
|
be repurchased at $7,882,013 on 2-3-14, collateralized by
|
|
|
$8,085,000 U.S. Treasury Notes, 0.750% due 6-30-17 (valued at
|
|
|
$8,039,661, including interest)
|
$7,882,000
|
7,882,000
|
|
Total investments (Cost $682,561,613)† 99.0%
|
|
$856,072,141
|
|
Other assets and liabilities, net 1.0%
|
|
$8,549,783
|
|
Total net assets 100.0%
|
|
$864,621,924
|
|
The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the fund.
ADR American Depositary Receipts
LIBOR London Interbank Offered Rate
(I) Non-income producing security.
(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
† At 1-31-14, the aggregate cost of investment securities for federal income tax purposes was $685,573,904.
Net unrealized appreciation aggregated $170,498,237, of which $174,958,078 related to appreciated investment securities and $4,459,841 related to depreciated investment securities.
The fund had the following country concentration as a percentage of total net assets on 1-31-14:
|
|
United States
|
85.8%
|
United Kingdom
|
2.6%
|
Bermuda
|
2.4%
|
Italy
|
2.4%
|
Switzerland
|
2.3%
|
Sweden
|
1.9%
|
Guernsey, Channel Islands
|
1.6%
|
Norway
|
1.0%
|
|
|
Total
|
100.0%
|
Financial Industries Fund
As of 1-31-14 (Unaudited)
Notes to the Portfolio of Investments
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. 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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies, including forward foreign currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost.
Other portfolio securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund’s Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.
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 other 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 or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
Financial Industries Fund
As of 1-31-14 (Unaudited)
The following is a summary of the values by input classification of the fund’s investments as of January 31, 2014 by major security category or type:
|
|
|
|
|
|
|
|
Level 2
|
Level 3
|
|
Total Market
|
|
Significant
|
Significant
|
|
Value at
|
Level 1 Quoted
|
Observable
|
Unobservable
|
|
1-31-14
|
Price
|
Inputs
|
Inputs
|
Common Stocks
|
|
|
|
|
Capital Markets
|
$164,882,418
|
$164,882,418
|
—
|
—
|
Commercial Banks
|
357,710,924
|
301,211,989
|
$47,515,492
|
$8,983,443
|
Consumer Finance
|
23,416,776
|
23,416,776
|
—
|
—
|
Diversified Financial Services
|
77,940,988
|
77,940,988
|
—
|
—
|
Insurance
|
107,938,412
|
107,938,412
|
—
|
—
|
Real Estate Investment Trusts
|
53,504,418
|
53,504,418
|
—
|
—
|
Real Estate Management & Development
|
3,731,365
|
—
|
3,731,365
|
—
|
Thrifts & Mortgage Finance
|
8,159,812
|
8,159,812
|
—
|
—
|
IT Services
|
25,591,576
|
25,591,576
|
—
|
—
|
Preferred Securities
|
|
|
|
|
Commercial Banks
|
1,369,383
|
1,369,383
|
—
|
—
|
Thrifts & Mortgage Finance
|
2,731,250
|
—
|
2,731,250
|
—
|
Corporate Bonds
|
2,607,750
|
—
|
2,607,750
|
—
|
Investment Companies
|
14,092,127
|
—
|
14,092,127
|
—
|
Warrants
|
|
|
|
|
Commercial Banks
|
3,863,799
|
3,863,799
|
—
|
—
|
Diversified Financial Services
|
649,143
|
649,143
|
—
|
—
|
Short-Term Investments
|
7,882,000
|
—
|
7,882,000
|
—
|
|
|
Total Investments in Securities
|
$856,072,141
|
$768,528,714
|
$78,559,984
|
$8,983,443
|
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3, represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.
|
|
|
|
INVESTMENTS IN SECURITIES
|
COMMON STOCKS
|
PREFERRED STOCKS
|
TOTAL
|
|
Balance as of 10-31-13
|
$7,869,508
|
$1,547,615
|
$9,417,123
|
Realized gain (loss)
|
-
|
34,405
|
34,405
|
Change in unrealized appreciation (depreciation)
|
1,113,935
|
-
|
1,113,935
|
Purchases
|
-
|
-
|
-
|
Sales
|
-
|
(1,582,020)
|
(1,582,020)
|
Transfer into Level 3
|
-
|
-
|
-
|
Transfer out of Level 3
|
-
|
-
|
-
|
Balance as of 1-31-14
|
$8,983,443
|
-
|
$8,983,443
|
Change in unrealized at period end*
|
$1,113,935
|
-
|
$1,113,935
|
*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.
The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund’s Level 3 securities are outlined in the table below:
|
|
|
|
|
|
Fair Value
|
Valuation Technique
|
Unobservable Inputs
|
Input/ Range
|
|
at 1-31-14
|
|
|
|
|
|
Common Stocks
|
$8,983,443
|
Market Approach
|
Offered Quotes/
|
$13.50
|
|
|
|
Discount for lack of marketability
|
10%
|
|
Increases/decreases in offered quotes may result in increases/decreases in security valuation. Increases/decreases in discounts for lack of marketability may result in decreases/increases in security valuation.
Financial Industries Fund
As of 1-31-14 (Unaudited)
Repurchase agreements.
The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that 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. Collateral for certain tri-party repurchase agreements is held at a third-party custodian bank in a segregated account for the benefit of the fund.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the net amounts owed. 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 or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.
Real estate investment trusts.
The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
For additional information on the fund’s significant accounting policies, please refer to the fund’s most recent semiannual or annual shareholder report.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
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 Investment Trust II
|
|
By:
|
/s/ Andrew G. Arnott
|
|
Andrew G. Arnott
|
|
President
|
|
|
Date:
|
March 24, 2014
|
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/ Andrew G. Arnott
|
|
Andrew G. Arnott
|
|
President
|
|
|
Date:
|
March 24, 2014
|
|
|
By:
|
/s/ Charles A. Rizzo
|
|
Charles A. Rizzo
|
|
Chief Financial Officer
|
|
|
Date:
|
March 24, 2014
|
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