John Hancock Funds has rolled out three consolidated prospectuses to cover all of its retail mutual funds.

The Boston-based fund company is consolidating the prospectuses of 21 funds into three, which will include information on various international and global funds, income funds, and growth and income funds.

Prospectuses, the official legal documents that describe a mutual fund portfolio's investment strategy, have become a point of controversy in the fund industry. These documents are often vague and written in arcane legal jargon, often required by regulators.

The Securities and Exchange Commission has challenged fund companies to make their prospectuses easier to read.

- Compiled by Howard Kapiloff

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