N-CSR

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 811-21779

JOHN HANCOCK FUNDS II

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(Exact name of registrant as specified in charter)

200 BERKELEY STREET, BOSTON, MA 02116

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(Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE, 200 Berkeley Street, BOSTON, MA 02116

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(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 543-9634

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Date of fiscal year end: August 31

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Date of reporting period: August 31, 2023

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A message to shareholders

Dear shareholder,

Bonds posted mixed results for the 12 months ended August 31, 2023. Inflation remained a key factor; while rates cooled off from their 40-year highs during the summer of 2022, they remained elevated through period end. To curb inflationary pressures, the U.S. Federal Reserve (Fed) continued to raise short-term interest rates and emphasized that further interest rate increases may be necessary to bring inflation under control.

U.S. bond yields moved broadly higher, with short- and intermediate-term bond yields rising the most. On a sector basis, U.S. Treasury securities and residential mortgage-backed securities declined the most, while high-yield corporate bonds posted positive returns, reflecting signs of improving economic growth late in the period.

In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.

On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks total return with an emphasis on current income as well as capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index tracks the performance of U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasisovereign entities, capping exposure to countries with larger amounts of outstanding debt.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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QUALITY COMPOSITION AS OF 8/31/2023 (% of net assets)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 8-31-23 and do not reflect subsequent downgrades or upgrades, if any.

Notes about risk

The fund is subject to various risks as described in the fund’s prospectuses. Political tensions and armed conflicts, including the Russian invasion of Ukraine, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors, or the markets, generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectuses.

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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Management’s discussion of fund performance

Can you describe the market environment for the emerging markets during the 12 months ended August 31, 2023?

Emerging-market debt (EMD) posted solid gains over the past year despite a broad rise in global interest rates. Central banks around the globe continued to raise short-term interest rates aggressively to curb elevated inflation levels. Although inflation rates eased in many regions of the world, improving economic growth led to expectations that central bank interest rate policy would remain restrictive. In this environment, bond yields rose broadly, leading to a decline in bond prices. However, the positive economic developments contributed to risk-on market sentiment, particularly over the last six months of the period, which led to stronger investor demand for risk assets such as emerging markets debt.

As a result, EMD bucked the downward trend that prevailed in developed bond markets. Within emerging markets, high-yield bonds led the advance, outperforming investment-grade securities by a wide margin. In addition, EMD denominated in local currencies fared better than bonds denominated in U.S. dollars.

How did the fund perform?

The fund delivered a return that outpaced the performance of its benchmark. The fund benefited from an overweight position in Argentina, as well as favorable

TOP 10 ISSUERS AS OF 8/31/2023 (% of net assets)
Pertamina Persero PT	3.9
Kingdom of Saudi Arabia	3.8
State of Qatar	3.4
Petroleos Mexicanos	3.3
Republic of Turkey	3.3
Sultanate of Oman	2.5
Kingdom of Bahrain	2.5
Arab Republic of Egypt	2.2
Government of Dominican Republic	2.1
Government of Romania	2.0
TOTAL	29.0
Cash and cash equivalents are not included.

TOP 10 COUNTRIES AS OF 8/31/2023 (% of net assets)
Mexico	11.5
Indonesia	6.4
Brazil	5.2
Turkey	4.1
Peru	3.9
Saudi Arabia	3.8
India	3.6
Luxembourg	3.6
Qatar	3.4
Dominican Republic	3.3
TOTAL	48.8
Cash and cash equivalents are not included.

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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security selection among corporate bonds in Mexico. An underweight position in China, which has been navigating economic headwinds in 2023, also added value. A tactical allocation in Brazilian local-currency bonds was another positive contributor to the fund’s outperformance of the index.

On the downside, the fund’s limited exposure to countries with distressed bond markets—such as Ecuador, El Salvador, and Sri Lanka—detracted from performance relative to the benchmark as the risk-on market environment boosted these markets. Exposure to communication-related bonds in Chile and South Africa also weighed on relative results as the telecom industry faced competitive challenges.

Can you tell us about changes to the portfolio management team?

Effective January 1, 2023, Neal Capecci, CFA, was added to the portfolio management team. Effective May 12, 2023, Paolo H. Valle left the team.

MANAGED BY

Roberto D. Sanchez-Dahl, CFA

Neal Capecci, CFA

Elina Theodorakopoulou

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge		SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized^†
	1-year	5-year	10-year	5-year	10-year	as of 8-31-23	as of 8-31-23
Class A	2.14	0.01	2.05	0.03	22.54	7.03	7.02
Class C¹	4.50	0.12	1.80	0.61	19.55	6.71	6.70
Class I²	6.53	1.12	2.78	5.72	31.57	7.69	7.69
Class R2^1,2	6.40	0.92	2.56	4.69	28.81	7.57	7.56
Class R6^1,2	6.66	1.25	2.83	6.42	32.18	7.82	7.81
Class NAV²	6.68	1.24	2.92	6.37	33.31	7.83	7.82
Index 1^††	5.77	0.47	3.01	2.39	34.49	—	—
Index 2^††	4.96	0.84	2.80	4.26	31.86	—	—

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 4.0%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 4.5% to 4.0%, effective 2-3-14. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R6, and Class NAV shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until July 31, 2025 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R6	Class NAV
Gross (%)	1.18	1.88	0.88	1.27	0.77	0.76
Net (%)	1.17	1.87	0.87	1.26	0.76	0.75

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

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 and other factors, 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 800–225–5291 or visit the fund’s website at jhinvestments.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 fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

^† Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.

^†† Index 1 is the J.P. Morgan EMBI Global Diversified Index; Index 2 is the J.P. Morgan EMBI Global Index.

See the following page for footnotes.

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Emerging Markets Debt Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two separate indexes.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)
Class C^1,3	8-31-13	11,955	11,955	13,449	13,186
Class I²	8-31-13	13,157	13,157	13,449	13,186
Class R2^1,2	8-31-13	12,881	12,881	13,449	13,186
Class R6^1,2	8-31-13	13,218	13,218	13,449	13,186
Class NAV²	8-31-13	13,331	13,331	13,449	13,186

The values shown in the chart for “Class A shares with maximum sales charge” have been adjusted to reflect the reduction in the Class A maximum sales charge from 4.5% to 4.0%, which became effective on 2-3-14.

The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Index is a market-capitalization-weighted index that tracks the performance of U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasisovereign entities.

Prior to April 1, 2023, the fund’s primary benchmark was the J.P. Morgan EMBI Global Index. Effective April 1, 2023, the fund’s primary benchmark index is the JP Morgan EMBI Global Diversified Index. The JP Morgan EMBI Global Diversified Index better reflects the universe of investment opportunities based on the fund’s investment strategy.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	Class R2 and Class R6 shares were first offered on 3-27-15. Class C shares were first offered on 8-28-14. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
²	For certain types of investors, as described in the fund’s prospectuses.
³	The contingent deferred sales charge is not applicable.

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page 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 March 1, 2023, with the same investment held until August 31, 2023.

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 August 31, 2023, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each share class in the table on the following page 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 class’s actual return). It assumes an account value of $1,000.00 on March 1, 2023, with the same investment held until August 31, 2023. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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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 prospectuses for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,035.40	$6.00	1.17%
	Hypothetical example	1,000.00	1,019.30	5.95	1.17%
Class C	Actual expenses/actual returns	1,000.00	1,030.70	9.73	1.90%
	Hypothetical example	1,000.00	1,015.60	9.65	1.90%
Class I	Actual expenses/actual returns	1,000.00	1,034.30	4.56	0.89%
	Hypothetical example	1,000.00	1,020.70	4.53	0.89%
Class R2	Actual expenses/actual returns	1,000.00	1,033.70	5.33	1.04%
	Hypothetical example	1,000.00	1,020.00	5.30	1.04%
Class R6	Actual expenses/actual returns	1,000.00	1,036.40	4.00	0.78%
	Hypothetical example	1,000.00	1,021.30	3.97	0.78%
Class NAV	Actual expenses/actual returns	1,000.00	1,035.00	4.00	0.78%
	Hypothetical example	1,000.00	1,021.30	3.97	0.78%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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Fund’s investments

AS OF 8-31-23

	Rate (%)	Maturity date		Par value^	Value
Foreign government obligations 47.5%					$435,211,102
(Cost $533,170,427)
Angola 0.6%					5,745,580
Republic of Angola
Bond	8.750	04-14-32		4,300,000	3,526,000
Bond (A)	9.125	11-26-49		3,000,000	2,219,580
Argentina 2.1%					19,098,124
Provincia de Buenos Aires
Bond (5.250% to 9-1-23, then 6.375% to 9-1-24, then 6.625% thereafter) (A)	5.250	09-01-37		10,689,333	4,005,683
Provincia de Rio Negro
Bond (6.625% to 9-10-23, then 6.875% thereafter) (A)	6.625	03-10-28		2,462,111	1,428,024
Republic of Argentina
Bond (3.625% to 7-9-24, then 4.125% to 7-9-27, then 4.375% to 7-9-28, then 5.000% thereafter)	3.625	07-09-46		4,300,000	1,276,248
Bond (3.625% to 7-9-24, then 4.125% to 7-9-27, then 4.750% to 7-9-28, then 5.000% thereafter)	3.625	07-09-35		27,207,840	8,017,926
Bond (4.250% to 7-9-24, then 5.000% thereafter)	4.250	01-09-38		12,490,579	4,370,243
Armenia 0.3%					3,153,472
Republic of Armenia
Bond (A)	3.600	02-02-31		4,000,000	3,153,472
Bahrain 2.5%					22,482,857
Kingdom of Bahrain
Bond (A)	5.250	01-25-33		6,000,000	5,258,184
Bond (A)	7.000	10-12-28		3,450,000	3,544,703
Bond (A)	7.375	05-14-30		8,700,000	8,915,673
Bond (A)	7.750	04-18-35		4,650,000	4,764,297
Brazil 2.0%					17,876,206
Federative Republic of Brazil
Note	10.000	01-01-27	BRL	88,000,000	17,876,206
Colombia 1.4%					12,917,637
Republic of Colombia
Bond	3.125	04-15-31		7,770,000	5,978,858
Bond	5.000	06-15-45		6,900,000	4,835,386
Bond	5.200	05-15-49		3,000,000	2,103,393
Dominican Republic 2.1%					19,336,476
Government of Dominican Republic

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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	Rate (%)	Maturity date	Par value^	Value
Dominican Republic (continued)
Bond (A)	5.300	01-21-41	5,000,000	$3,896,083
Bond (A)	5.875	01-30-60	5,350,000	4,098,813
Bond	5.875	01-30-60	1,500,000	1,148,989
Bond (A)	5.950	01-25-27	1,500,000	1,465,587
Bond	5.950	01-25-27	900,000	879,352
Bond	6.850	01-27-45	5,800,000	5,183,069
Bond (A)	6.875	01-29-26	2,650,000	2,664,583
Egypt 2.2%				19,985,289
Arab Republic of Egypt
Bond (A)	3.875	02-16-26	5,000,000	3,589,860
Bond (A)	5.875	06-11-25	3,000,000	2,438,340
Bond (A)	7.500	01-31-27	3,700,000	2,659,449
Bond (A)	7.903	02-21-48	9,200,000	4,657,500
Bond	7.903	02-21-48	2,000,000	1,012,500
Bond	8.500	01-31-47	4,600,000	2,428,800
Bond (A)	8.875	05-29-50	6,000,000	3,198,840
El Salvador 0.6%				5,636,467
Republic of El Salvador
Bond	6.375	01-18-27	2,250,000	1,750,586
Bond	9.500	07-15-52	5,000,000	3,885,881
Georgia 0.1%				896,160
Republic of Georgia
Bond (A)	2.750	04-22-26	1,000,000	896,160
Ghana 0.6%				5,545,579
Republic of Ghana
Bond	7.625	05-16-29	3,275,000	1,400,063
Bond (A)	7.875	02-11-35	1,200,000	528,000
Bond	8.125	01-18-26	3,150,000	1,431,266
Bond	8.950	03-26-51	5,300,000	2,186,250
Guatemala 0.7%				6,549,304
Republic of Guatemala
Bond	6.600	06-13-36	6,550,000	6,549,304
Honduras 0.1%				994,592
Republic of Honduras
Bond (A)	6.250	01-19-27	1,050,000	994,592
Hungary 1.3%				12,137,591
Republic of Hungary
Bond (A)	6.125	05-22-28	2,800,000	2,838,366
Bond	6.250	09-22-32	9,230,000	9,299,225
India 2.0%				18,299,229
Republic of India

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Rate (%)	Maturity date		Par value^	Value
India (continued)
Bond	6.100	07-12-31	INR	1,620,000,000	$18,299,229
Indonesia 1.2%					11,317,747
Republic of Indonesia
Bond	6.625	02-17-37		2,421,000	2,693,838
Bond	7.000	09-15-30	IDR	127,000,000,000	8,623,909
Iraq 0.6%					5,202,735
Republic of Iraq
Bond	5.800	01-15-28		5,668,875	5,202,735
Ivory Coast 0.8%					6,950,272
Republic of Ivory Coast
Bond (A)	4.875	01-30-32	EUR	8,350,000	6,950,272
Kenya 0.5%					4,786,000
Republic of Kenya
Bond (A)	8.000	05-22-32		3,000,000	2,476,500
Bond (A)	8.250	02-28-48		3,100,000	2,309,500
Mexico 1.1%					9,817,190
Government of Mexico
Bond	5.750	03-05-26	MXN	185,000,000	9,817,190
Morocco 0.9%					8,041,250
Kingdom of Morocco
Bond (A)	4.000	12-15-50		6,500,000	4,241,250
Bond (A)	5.950	03-08-28		3,800,000	3,800,000
Namibia 0.4%					3,226,736
Republic of Namibia
Bond (A)	5.250	10-29-25		3,400,000	3,226,736
Nigeria 1.9%					17,761,413
Federal Republic of Nigeria
Bond	7.625	11-28-47		2,550,000	1,753,329
Bond (A)	7.696	02-23-38		2,600,000	1,885,364
Bond (A)	7.875	02-16-32		2,000,000	1,625,360
Bond	7.875	02-16-32		4,500,000	3,657,060
Bond (A)	8.375	03-24-29		5,500,000	4,840,000
Bond	9.248	01-21-49		5,000,000	4,000,300
Oman 2.5%					23,239,508
Sultanate of Oman
Bond	5.625	01-17-28		6,000,000	5,917,740
Bond	6.750	01-17-48		11,500,000	11,134,668
Bond (A)	7.000	01-25-51		6,250,000	6,187,100
Panama 0.5%					4,319,573
Republic of Panama
Bond	6.700	01-26-36		3,050,000	3,198,582
Bond	8.875	09-30-27		1,000,000	1,120,991

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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	Rate (%)	Maturity date	Par value^	Value
Philippines 0.5%				$4,305,217
Republic of the Philippines
Bond	5.170	10-13-27	4,300,000	4,305,217
Poland 0.6%				5,860,153
Republic of Poland
Bond	4.875	10-04-33	3,020,000	2,928,361
Bond	5.500	04-04-53	3,020,000	2,931,792
Qatar 3.4%				31,341,840
State of Qatar
Bond	4.500	04-23-28	11,100,000	10,981,807
Bond (A)	4.817	03-14-49	10,000,000	9,308,520
Bond	4.817	03-14-49	7,500,000	6,981,390
Bond (A)	5.103	04-23-48	4,250,000	4,070,123
Romania 2.0%				18,623,624
Government of Romania
Bond	3.625	03-27-32	5,640,000	4,721,244
Bond	6.625	02-17-28	4,520,000	4,662,380
Bond	7.125	01-17-33	8,800,000	9,240,000
Saudi Arabia 3.8%				34,514,874
Kingdom of Saudi Arabia
Bond (A)	2.250	02-02-33	7,760,000	6,148,248
Bond (A)	5.000	01-18-53	12,600,000	11,170,580
Bond (A)	5.250	01-16-50	18,650,000	17,196,046
Senegal 0.3%				2,529,011
Republic of Senegal
Bond (A)	6.250	05-23-33	1,600,000	1,305,296
Bond	6.250	05-23-33	1,500,000	1,223,715
Serbia 0.1%				988,000
Republic of Serbia
Bond (A)	2.125	12-01-30	1,300,000	988,000
South Africa 1.6%				14,865,448
Republic of South Africa
Bond	4.300	10-12-28	3,300,000	2,908,442
Bond	5.875	04-20-32	8,000,000	7,066,400
Bond	7.300	04-20-52	5,800,000	4,890,606
South Korea 0.3%				2,838,184
Korea Development Bank
Bond	4.250	09-08-32	3,000,000	2,838,184
Sri Lanka 0.4%				3,410,679
Republic of Sri Lanka
Bond	6.750	04-18-28	7,500,000	3,410,679

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	Rate (%)	Maturity date	Par value^	Value
Turkey 4.1%				$37,193,159
Istanbul Metropolitan Municipality
Bond (A)(B)	6.375	12-09-25	8,150,000	7,640,084
Republic of Turkey
Bond	4.250	04-14-26	2,500,000	2,301,300
Bond	5.875	06-26-31	10,000,000	8,570,800
Bond	5.950	01-15-31	5,000,000	4,329,800
Bond	6.000	01-14-41	18,650,000	14,351,175
Ukraine 0.8%				7,595,426
Republic of Ukraine
Bond (A)	7.253	03-15-35	22,800,000	6,011,676
GDP-Linked Bond (C)*	7.750	05-31-41	3,500,000	1,583,750
Uzbekistan 0.6%				5,828,500
Republic of Uzbekistan
Bond (A)	3.700	11-25-30	2,700,000	2,173,500

Bond (A)	5.375	02-20-29	4,000,000	3,655,000
Corporate bonds 49.6%				$454,856,526
(Cost $552,742,962)
Austria 0.4%				3,880,567
Klabin Austria GmbH (A)	7.000	04-03-49	4,000,000	3,880,567
Brazil 3.2%				29,268,829
Globo Comunicacao e Participacoes SA (A)	4.875	01-22-30	6,900,000	5,850,439
Globo Comunicacao e Participacoes SA (A)	5.500	01-14-32	3,000,000	2,526,361
MC Brazil Downstream Trading SARL (A)	7.250	06-30-31	5,797,510	3,884,331
Odebrecht Holdco Finance, Ltd. (A)(D)	20.077	09-10-58	1,671,394	2,507
Odebrecht Holdco Finance, Ltd. (D)	20.077	09-10-58	1,396,835	2,095
Odebrecht Oil & Gas Finance, Ltd., Zero Coupon (A)(E)	0.000	10-16-23	253,378	2,536
OEC Finance, Ltd. (7.500% Cash or 10.500% PIK) (A)(E)	7.500	10-02-23	1,778,982	144,738
OEC Finance, Ltd. (7.284% Cash or 0.394% PIK)	7.678	12-27-33	1,376,165	61,927
Petrobras Global Finance BV	5.600	01-03-31	7,600,000	7,284,112
Petrobras Global Finance BV	6.850	06-05-15	10,376,000	9,103,163
Vale Overseas, Ltd.	6.875	11-21-36	390,000	406,620
Chile 2.4%				22,108,749
Colbun SA	3.950	10-11-27	4,000,000	3,732,724
Corp. Nacional del Cobre de Chile	4.500	08-01-47	5,600,000	4,492,265
Corp. Nacional del Cobre de Chile (A)	5.125	02-02-33	4,800,000	4,600,197
Corp. Nacional del Cobre de Chile	5.125	02-02-33	2,800,000	2,683,288

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	Rate (%)	Maturity date	Par value^	Value
Chile (continued)
Enel Americas SA	4.000	10-25-26	4,000,000	3,779,920
Sociedad Quimica y Minera de Chile SA (A)	4.250	05-07-29	3,000,000	2,820,355
China 0.7%				$5,960,370
State Grid Overseas Investment 2014, Ltd.	4.850	05-07-44	6,235,000	5,960,370
Colombia 1.5%				13,692,742
Ecopetrol SA	5.875	05-28-45	9,700,000	6,837,874
Empresas Publicas de Medellin ESP (A)	4.250	07-18-29	2,300,000	1,867,307
Grupo Energia Bogota SA ESP (A)	4.875	05-15-30	2,200,000	2,028,629
Promigas SA ESP (A)(B)	3.750	10-16-29	3,500,000	2,958,932
Costa Rica 1.0%				9,191,358
Instituto Costarricense de Electricidad	6.375	05-15-43	10,980,000	9,191,358
Dominican Republic 1.2%				11,155,000
Aeropuertos Dominicanos Siglo XXI SA (A)	6.750	03-30-29	4,150,000	4,025,500
Aeropuertos Dominicanos Siglo XXI SA	6.750	03-30-29	7,350,000	7,129,500
Guatemala 0.9%				8,345,648
CT Trust (A)	5.125	02-03-32	5,600,000	4,611,488
Investment Energy Resources, Ltd. (A)	6.250	04-26-29	4,000,000	3,734,160
Hong Kong 0.4%				4,030,531
Sinochem Overseas Capital Company, Ltd.	6.300	11-12-40	4,000,000	4,030,531
India 1.6%				14,898,611
Adani Ports & Special Economic Zone, Ltd. (A)	3.100	02-02-31	4,500,000	3,100,647
Adani Ports & Special Economic Zone, Ltd. (A)	4.200	08-04-27	4,100,000	3,433,880
Adani Ports & Special Economic Zone, Ltd. (A)	4.375	07-03-29	3,500,000	2,787,062
Shriram Finance, Ltd. (A)	4.400	03-13-24	5,700,000	5,577,022
Indonesia 5.2%				47,845,463
Cikarang Listrindo Tbk PT (A)	4.950	09-14-26	7,750,000	7,408,141
Pertamina Persero PT (A)	4.700	07-30-49	7,000,000	5,725,167
Pertamina Persero PT	6.000	05-03-42	8,200,000	7,903,626
Pertamina Persero PT (A)	6.000	05-03-42	14,300,000	13,783,152
Pertamina Persero PT (A)	6.450	05-30-44	8,500,000	8,584,760

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	Rate (%)	Maturity date	Par value^	Value
Indonesia (continued)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara	4.875	07-17-49	5,600,000	4,440,617
Luxembourg 3.6%				$32,607,951
Foresea Holding SA (A)	7.500	06-15-30	164,787	150,780
Hidrovias International Finance SARL (A)	4.950	02-08-31	6,000,000	4,835,556
Kenbourne Invest SA (A)	4.700	01-22-28	3,881,000	2,381,575
Kenbourne Invest SA (A)	6.875	11-26-24	2,485,000	2,086,655
Millicom International Cellular SA (A)	4.500	04-27-31	758,000	598,897
Millicom International Cellular SA (A)	5.125	01-15-28	5,220,000	4,733,058
Petrorio Luxembourg Trading Sarl (A)	6.125	06-09-26	8,750,000	8,406,709
Rede D’or Finance Sarl (A)	4.500	01-22-30	4,265,000	3,665,186
Simpar Europe SA (A)	5.200	01-26-31	7,000,000	5,749,535
Mauritius 1.5%				13,343,080
HTA Group, Ltd. (A)	7.000	12-18-25	4,900,000	4,624,032
MTN Mauritius Investments, Ltd. (A)	4.755	11-11-24	5,950,000	5,780,128
MTN Mauritius Investments, Ltd.	6.500	10-13-26	3,000,000	2,938,920
Mexico 10.4%				94,960,231
Banco Mercantil del Norte SA (7.500% to 6-27-29, then 10 Year CMT + 5.470%) (A)(E)	7.500	06-27-29	2,200,000	2,006,968
Banco Mercantil del Norte SA (E)	7.500	06-27-29	830,000	757,157
BBVA Bancomer SA (8.450% to 6-29-38, then 5 Year CMT + 4.661%) (A)	8.450	06-29-38	6,600,000	6,602,983
Braskem Idesa SAPI (A)	6.990	02-20-32	4,790,000	2,868,544
Braskem Idesa SAPI	6.990	02-20-32	3,200,000	1,919,288
Cemex SAB de CV (A)	3.875	07-11-31	7,750,000	6,631,456
Credito Real SAB de CV (E)(F)	9.125	11-29-27	3,500,000	36,750
Credito Real SAB de CV (A)(F)	9.500	02-07-26	11,760,000	1,264,200
Cydsa SAB de CV (A)	6.250	10-04-27	7,600,000	7,105,711
Cydsa SAB de CV	6.250	10-04-27	943,000	881,669
Infraestructura Energetica Nova SAPI de CV (A)	4.750	01-15-51	5,700,000	4,242,783
Infraestructura Energetica Nova SAPI de CV (A)	4.875	01-14-48	2,800,000	2,124,552
Metalsa Sapi De CV	3.750	05-04-31	9,500,000	7,433,555
Mexico City Airport Trust (A)	5.500	10-31-46	7,100,000	5,927,066
Mexico City Airport Trust (A)	5.500	07-31-47	6,900,000	5,726,764
Mexico City Airport Trust	5.500	07-31-47	4,000,000	3,319,863
Petroleos Mexicanos	6.625	06-15-35	10,880,000	7,505,986

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	Rate (%)	Maturity date	Par value^	Value
Mexico (continued)
Petroleos Mexicanos	7.690	01-23-50	26,500,000	17,730,731
Petroleos Mexicanos (A)	10.000	02-07-33	5,000,000	4,554,642
Trust Fibra Uno (A)	6.950	01-30-44	6,600,000	5,744,563
Unifin Financiera SAB de CV (A)(F)	8.375	01-27-28	11,500,000	575,000
Netherlands 2.5%				$23,241,870
Braskem Netherlands Finance BV (A)	4.500	01-10-28	11,150,000	10,146,731
Metinvest BV	7.750	10-17-29	6,500,000	3,753,750
Prosus NV (A)	4.027	08-03-50	8,870,000	5,263,264
VEON Holdings BV (A)(B)	4.950	06-16-24	4,350,000	4,078,125
Panama 0.8%				7,476,688
AES Panama Generation Holdings SRL (A)	4.375	05-31-30	3,468,666	2,999,642
Banco General SA (A)	4.125	08-07-27	4,750,000	4,477,046
Paraguay 0.3%				2,368,750
Telefonica Celular del Paraguay SA (A)	5.875	04-15-27	2,500,000	2,368,750
Peru 3.9%				36,070,088
Atlantica Transmision Sur SA (A)	6.875	04-30-43	5,828,125	5,669,017
Banco BBVA Peru SA (5.250% to 9-22-24, then 5 Year CMT + 2.750%) (A)	5.250	09-22-29	2,300,000	2,242,516
Cia de Minas Buenaventura SAA (A)	5.500	07-23-26	4,000,000	3,524,664
Consorcio Transmantaro SA (A)	5.200	04-11-38	5,000,000	4,615,829
InRetail Consumer (A)	3.250	03-22-28	6,000,000	5,195,831
Kallpa Generacion SA (A)	4.875	05-24-26	2,890,000	2,774,400
Petroleos del Peru SA (A)	5.625	06-19-47	9,180,000	5,874,444
Petroleos del Peru SA	5.625	06-19-47	3,600,000	2,304,553
Volcan Cia Minera SAA (A)	4.375	02-11-26	6,000,000	3,868,834
Singapore 1.9%				17,381,503
LLPL Capital Pte, Ltd. (A)	6.875	02-04-39	5,792,523	5,108,985
Medco Bell Pte, Ltd. (A)	6.375	01-30-27	6,800,000	6,316,910
Medco Oak Tree Pte, Ltd. (A)	7.375	05-14-26	6,100,000	5,955,608
South Africa 0.5%				4,646,534
Eskom Holdings SOC Ltd.	8.450	08-10-28	4,800,000	4,646,534
Thailand 0.8%				7,773,297
GC Treasury Center Company, Ltd. (A)	5.200	03-30-52	3,000,000	2,314,378
PTTEP Treasury Center Company, Ltd. (A)(B)	6.350	06-12-42	2,600,000	2,663,674

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	Rate (%)	Maturity date		Par value^	Value
Thailand (continued)
Thaioil Treasury Center Company, Ltd. (A)	3.750	06-18-50		2,000,000	1,276,702
Thaioil Treasury Center Company, Ltd. (A)	5.375	11-20-48		1,800,000	1,518,543
Togo 0.4%					$3,774,750
Banque Ouest Africaine de Developpement (A)	5.000	07-27-27		4,200,000	3,774,750
United Kingdom 2.7%					24,346,648
European Bank For Reconstruction & Development	5.000	01-27-25	BRL	47,000,000	8,953,827
IHS Holding, Ltd. (A)	6.250	11-29-28		5,800,000	4,668,420
Liquid Telecommunications Financing PLC (A)	5.500	09-04-26		6,000,000	3,720,360
MARB BondCo PLC (A)	3.950	01-29-31		9,000,000	7,004,041
United States 1.8%					16,487,268
ATP Tower Holdings LLC (A)	4.050	04-27-26		2,000,000	1,750,000
JBS USA LUX SA	3.625	01-15-32		5,000,000	4,103,410
Kosmos Energy, Ltd. (A)	7.750	05-01-27		3,200,000	2,870,411
Sasol Financing USA LLC	5.500	03-18-31		9,700,000	7,763,447

	Shares	Value
Common stocks 0.1%		$893,688
(Cost $6,135,042)
Canada 0.1%		477,142
Frontera Energy Corp. (C)	62,290	477,142
Luxembourg 0.0%		416,546
Drillco Holdings SA, Class B (A)(C)	1,602	41,652
Drillco Holdings SA, Class C (A)(C)	14,419	374,894

	Yield* (%)	Maturity date	Par value^	Value
Short-term investments 1.9%				$17,548,747
(Cost $17,547,611)
U.S. Government Agency 1.3%				11,762,000
Federal Agricultural Mortgage Corp. Discount Note	5.170	09-01-23	4,834,000	4,834,000
Federal Home Loan Bank Discount Note	5.198	09-01-23	6,928,000	6,928,000

	Yield (%)	Shares	Value
Short-term funds 0.6%			5,786,747
John Hancock Collateral Trust (G)	5.4789(H)	578,871	5,786,747

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Total investments (Cost $1,109,596,042) 99.1%					$908,510,063
Other assets and liabilities, net 0.9%					8,015,438
Total net assets 100.0%					$916,525,501

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
BRL	Brazilian Real
EUR	Euro
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso

Security Abbreviations and Legend
CMT	Constant Maturity Treasury
PIK	Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
(A)	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. Rule 144A securities amounted to $478,608,586 or 52.2% of the fund’s net assets as of 8-31-23.
(B)	All or a portion of this security is on loan as of 8-31-23.
(C)	Non-income producing security.
(D)	Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.
(E)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F)	Non-income producing - Issuer is in default.
(G)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(H)	The rate shown is the annualized seven-day yield as of 8-31-23.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $1,103,810,431) including $5,707,451 of securities loaned	$902,723,316
Affiliated investments, at value (Cost $5,785,611)	5,786,747
Total investments, at value (Cost $1,109,596,042)	908,510,063
Receivable for futures variation margin	139,141
Cash	675,946
Foreign currency, at value (Cost $131)	129
Collateral held at broker for futures contracts	2,135,000
Interest receivable	13,300,236
Receivable for fund shares sold	56,169
Receivable for securities lending income	17,574
Other assets	90,186
Total assets	924,924,444
Liabilities
Distributions payable	75,742
Payable for fund shares repurchased	2,352,604
Payable upon return of securities loaned	5,825,157
Payable to affiliates
Accounting and legal services fees	46,871
Transfer agent fees	2,906
Trustees’ fees	63
Other liabilities and accrued expenses	95,600
Total liabilities	8,398,943
Net assets	$916,525,501
Net assets consist of
Paid-in capital	$1,202,509,463
Total distributable earnings (loss)	(285,983,962)
Net assets	$916,525,501

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STATEMENT OF OPERATIONS For the year ended 8-31-23

Investment income
Interest	$60,484,793
Securities lending	135,638
Less foreign taxes withheld	(124,917)
Total investment income	60,495,514
Expenses
Investment management fees	6,355,520
Distribution and service fees	8,456
Accounting and legal services fees	187,036
Transfer agent fees	28,633
Trustees’ fees	22,415
Custodian fees	201,947
State registration fees	111,515
Printing and postage	18,114
Professional fees	163,325
Other	51,129
Total expenses	7,148,090
Less expense reductions	(65,137)
Net expenses	7,082,953
Net investment income	53,412,561
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(25,931,074)
Affiliated investments	(6,099)
Futures contracts	(1,139,829)
Forward foreign currency contracts	(2,555,800)
	(29,632,802)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	35,118,376
Affiliated investments	4,470
Futures contracts	651,610
Forward foreign currency contracts	(35,771)
	35,738,685
Net realized and unrealized gain	6,105,883
Increase in net assets from operations	$59,518,444

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.24	$9.45	$9.21	$9.33	$8.86
Net investment income¹	0.38	0.41	0.37	0.41	0.43
Net realized and unrealized gain (loss) on investments	0.06	(2.22)	0.23	(0.11)	0.48
Total from investment operations	0.44	(1.81)	0.60	0.30	0.91
Less distributions
From net investment income	(0.40)	(0.40)	(0.36)	(0.36)	(0.44)
From tax return of capital	—	—	—	(0.06)	—
Total distributions	(0.40)	(0.40)	(0.36)	(0.42)	(0.44)
Net asset value, end of period	$7.28	$7.24	$9.45	$9.21	$9.33
Total return (%)^2,3	6.37	(19.55)	6.61	3.36	10.52
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$2	$3	$2
Ratios (as a percentage of average net assets):
Expenses before reductions	1.20	1.18	1.17	1.20	1.19
Expenses including reductions	1.19	1.17	1.17	1.19	1.18
Net investment income	5.27	4.87	4.01	4.54	4.78
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

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CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.24	$9.44	$9.20	$9.32	$8.85
Net investment income¹	0.34	0.35	0.31	0.35	0.37
Net realized and unrealized gain (loss) on investments	0.05	(2.21)	0.22	(0.12)	0.48
Total from investment operations	0.39	(1.86)	0.53	0.23	0.85
Less distributions
From net investment income	(0.36)	(0.34)	(0.29)	(0.30)	(0.38)
From tax return of capital	—	—	—	(0.05)	—
Total distributions	(0.36)	(0.34)	(0.29)	(0.35)	(0.38)
Net asset value, end of period	$7.27	$7.24	$9.44	$9.20	$9.32
Total return (%)^2,3	5.50	(20.04)	5.87	2.65	9.76
Ratios and supplemental data
Net assets, end of period (in millions)	$—⁴	$—⁴	$—⁴	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	1.90	1.88	1.87	1.90	1.89
Expenses including reductions	1.89	1.87	1.87	1.89	1.88
Net investment income	4.78	4.17	3.32	3.85	4.09
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.
⁴	Less than $500,000.

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CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.25	$9.46	$9.22	$9.34	$8.86
Net investment income¹	0.41	0.43	0.41	0.44	0.46
Net realized and unrealized gain (loss) on investments	0.05	(2.22)	0.21	(0.12)	0.49
Total from investment operations	0.46	(1.79)	0.62	0.32	0.95
Less distributions
From net investment income	(0.43)	(0.42)	(0.38)	(0.38)	(0.47)
From tax return of capital	—	—	—	(0.06)	—
Total distributions	(0.43)	(0.42)	(0.38)	(0.44)	(0.47)
Net asset value, end of period	$7.28	$7.25	$9.46	$9.22	$9.34
Total return (%)²	6.53	(19.30)	6.91	3.67	10.95
Ratios and supplemental data
Net assets, end of period (in millions)	$31	$19	$18	$14	$15
Ratios (as a percentage of average net assets):
Expenses before reductions	0.90	0.88	0.87	0.90	0.90
Expenses including reductions	0.89	0.87	0.87	0.89	0.89
Net investment income	5.73	5.21	4.36	4.83	5.06
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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CLASS R2 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.24	$9.45	$9.21	$9.32	$8.85
Net investment income¹	0.41	0.42	0.38	0.42	0.44
Net realized and unrealized gain (loss) on investments	0.04	(2.22)	0.22	(0.11)	0.48
Total from investment operations	0.45	(1.80)	0.60	0.31	0.92
Less distributions
From net investment income	(0.42)	(0.41)	(0.36)	(0.36)	(0.45)
From tax return of capital	—	—	—	(0.06)	—
Total distributions	(0.42)	(0.41)	(0.36)	(0.42)	(0.45)
Net asset value, end of period	$7.27	$7.24	$9.45	$9.21	$9.32
Total return (%)²	6.40	(19.32)	6.52	3.49	10.62
Ratios and supplemental data
Net assets, end of period (in millions)	$—³	$—³	$—³	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	1.05	1.02	1.15	1.18	1.12
Expenses including reductions	1.04	1.01	1.15	1.17	1.11
Net investment income	5.66	5.06	4.04	4.60	4.85
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.25	$9.44	$9.21	$9.33	$8.85
Net investment income¹	0.42	0.44	0.41	0.45	0.48
Net realized and unrealized gain (loss) on investments	0.04	(2.20)	0.21	(0.12)	0.47
Total from investment operations	0.46	(1.76)	0.62	0.33	0.95
Less distributions
From net investment income	(0.43)	(0.43)	(0.39)	(0.39)	(0.47)
From tax return of capital	—	—	—	(0.06)	—
Total distributions	(0.43)	(0.43)	(0.39)	(0.45)	(0.47)
Net asset value, end of period	$7.28	$7.25	$9.44	$9.21	$9.33
Total return (%)²	6.66	(19.04)	6.92	3.79	11.05
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$3	$4	$3
Ratios (as a percentage of average net assets):
Expenses before reductions	0.79	0.77	0.77	0.78	0.79
Expenses including reductions	0.79	0.76	0.76	0.78	0.78
Net investment income	5.91	5.28	4.44	4.96	5.22
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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CLASS NAV SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$7.24	$9.44	$9.21	$9.33	$8.85
Net investment income¹	0.42	0.44	0.42	0.45	0.47
Net realized and unrealized gain (loss) on investments	0.05	(2.21)	0.20	(0.11)	0.49
Total from investment operations	0.47	(1.77)	0.62	0.34	0.96
Less distributions
From net investment income	(0.44)	(0.43)	(0.39)	(0.40)	(0.48)
From tax return of capital	—	—	—	(0.06)	—
Total distributions	(0.44)	(0.43)	(0.39)	(0.46)	(0.48)
Net asset value, end of period	$7.27	$7.24	$9.44	$9.21	$9.33
Total return (%)²	6.68	(19.14)	6.93	3.80	11.10
Ratios and supplemental data
Net assets, end of period (in millions)	$882	$911	$1,175	$1,014	$1,069
Ratios (as a percentage of average net assets):
Expenses before reductions	0.79	0.76	0.76	0.77	0.77
Expenses including reductions	0.78	0.75	0.75	0.76	0.77
Net investment income	5.91	5.31	4.49	4.97	5.21
Portfolio turnover (%)	22	9	18	24	7

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

Note 1—Organization

John Hancock Emerging Markets Debt Fund (the fund) is a series of John Hancock Funds II (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 total return with an emphasis on current income as well as capital appreciation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

Note 2—Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

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 scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor’s Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. 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. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

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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 scheduled 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 Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor 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, including registered investment companies. 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 Advisor’s 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 and related inputs 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 August 31, 2023, by major security category or type:

	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Foreign government obligations	$435,211,102	—	$435,211,102	—
Corporate bonds	454,856,526	—	454,856,526	—
Common stocks	893,688	$477,142	416,546	—
Short-term investments	17,548,747	5,786,747	11,762,000	—
Total investments in securities	$908,510,063	$6,263,889	$902,246,174	—
Derivatives:
Assets
Futures	$651,610	$651,610	—	—

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Exchange Commission (SEC) as an investment company. JHCT is a prime money market fund and invests in short-term money market investments. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.

The fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.

Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of the loan, the fund will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The fund receives 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. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations.

Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of August 31, 2023, the fund loaned securities valued at $5,707,451 and received $5,825,157 of cash collateral.

Foreign investing. 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 the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are 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.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund’s custodian agreement, the custodian may loan money to the 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 may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.

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funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. 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 based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2023 were $5,914.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets 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, as of August 31, 2023, the fund has a short-term capital loss carryforward of $9,538,476 and a long-term capital loss carryforward of $70,460,710 available to offset future net realized capital gains. These carryforwards do not expire.

Qualified late year ordinary losses of $899,544 are treated as occurring on September 1, 2023, the first day of the fund’s next taxable year.

As of August 31, 2023, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are 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 dividends daily and pays them monthly. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	$54,744,687	$55,434,824

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2023, there were 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 US GAAP. 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 the 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 defaulted bonds, derivatives, foreign currency transactions and amortization and accretion of debt securities.

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Note 3—Derivative instruments

The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an 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.

Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a segregated account at the fund’s custodian and is noted in the accompanying Fund’s investments, or if cash is posted, on the Statement of assets and liabilities. The fund’s risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.

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 set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable for futures variation margin is included on the

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Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss 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.

During the year ended August 31, 2023, the fund used futures contracts to manage duration of the fund and manage against changes in interest rates. The fund held futures contracts with USD notional values ranging up to $76.0 million, as measured at each quarter end.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. 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 if applicable, and the risk that currency movements will not favor the fund 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 the 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 or settlement with the counterparty.

During the year ended August 31, 2023, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates and gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging up to $27.4 million, as measured at each quarter end. There were no open forward foreign currency contracts as of August 31, 2023.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2023 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Interest rate	Receivable/payable for futures variation margin¹	Futures	$651,610	—

¹	Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the year end variation margin receivable/payable is separately reported 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 August 31, 2023:

	Statement of operations location - Net realized gain (loss) on:
Risk	Futures contracts	Forward foreign currency contracts	Total
Interest rate	$(1,139,829)	—	$(1,139,829)
Currency	—	$(2,555,800)	(2,555,800)
Total	$(1,139,829)	$(2,555,800)	$(3,695,629)

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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 August 31, 2023:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Futures contracts	Forward foreign currency contracts	Total
Interest rate	$651,610	—	$651,610
Currency	—	$(35,771)	(35,771)
Total	$651,610	$(35,771)	$615,839

Note 4—Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including 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 LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund, in an amount equal to the amount by which expenses of the fund exceed 0.78% of average net assets. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, acquired fund fees and expenses paid indirectly, borrowing costs, prime brokerage fees, and short dividend expense. This agreement expires on December 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$129
Class C	20
Class I	1,612
Class R2	3

Class	Expense reduction
Class R6	$133
Class NAV	63,240
Total	$65,137

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2023, were equivalent to a net annual effective rate of 0.70% of the fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to 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 August 31, 2023, 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 for certain classes as detailed below 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 certain classes as detailed below, 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	Rule 12b-1 Fee	Service fee
Class A	0.30%	—
Class C	1.00%	—
Class R2	0.25%	0.25%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $379 for the year ended August 31, 2023. Of this amount, $48 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $331 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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 August 31, 2023, there were no CDSCs received by the Distributor for Class A or Class C shares.

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retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond 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.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$5,509	$2,116
Class C	2,855	329
Class I	—	26,045
Class R2	92	3
Class R6	—	140
Total	$8,456	$28,633

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Interfund lending program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. The fund’s activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Weighted Average Loan Balance	Days Outstanding	Weighted Average Interest Rate	Interest Income (Expense)
Lender	$6,450,000	2	5.401%	$1,935

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	2,793,871	$20,465,377	411,743	$3,459,249
Distributions reinvested	13,426	96,444	11,196	91,480
Repurchased	(2,797,582)	(20,523,474)	(450,053)	(3,773,456)
Net increase (decrease)	9,715	$38,347	(27,114)	$(222,727)
Class C shares
Sold	14,716	$104,770	2,628	$23,499
Distributions reinvested	1,961	14,067	1,681	13,722
Repurchased	(14,900)	(107,973)	(10,099)	(85,390)
Net increase (decrease)	1,777	$10,864	(5,790)	$(48,169)

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	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class I shares
Sold	7,911,995	$56,440,767	3,798,726	$31,015,064
Distributions reinvested	84,482	607,758	63,916	522,360
Repurchased	(6,345,878)	(45,410,011)	(3,174,737)	(25,504,273)
Net increase	1,650,599	$11,638,514	687,905	$6,033,151
Class R2 shares
Sold	—	—	1	$9
Repurchased	—	—	(2)	(16)
Net decrease	—	—	(1)	$(7)
Class R6 shares
Sold	67,416	$483,764	94,851	$787,917
Distributions reinvested	15,238	109,401	13,121	107,404
Repurchased	(84,598)	(611,037)	(143,587)	(1,284,479)
Net decrease	(1,944)	$(17,872)	(35,615)	$(389,158)
Class NAV shares
Sold	3,068,931	$21,950,559	4,787,248	$39,380,209
Distributions reinvested	7,411,620	53,191,981	6,657,118	54,239,103
Repurchased	(15,087,526)	(108,982,746)	(9,996,975)	(79,942,623)
Net increase (decrease)	(4,606,975)	$(33,840,206)	1,447,391	$13,676,689
Total net increase (decrease)	(2,946,828)	$(22,170,353)	2,066,776	$19,049,779

Affiliates of the fund owned 100%, 57% and 100% of shares of Class R2, Class R6 and Class NAV, respectively, on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $226,794,835 and $191,192,625, respectively, for the year ended August 31, 2023.

Note 8—Emerging-market risk

Foreign investing especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability. Funds that invest a significant portion of assets in the securities of issuers based in countries with emerging market economies are subject to greater levels of foreign investment risk than funds investing primarily in more-developed foreign markets, since emerging-market securities may present other risks greater than, or in addition to, the risks of investing in developed foreign countries.

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Note 9—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At August 31, 2023, funds within the John Hancock group of funds complex held 96.2% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:

Fund	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	30.1%
John Hancock Funds II Multimanager Lifestyle Growth Portfolio	18.1%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio	13.3%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	12.7%

Note 10—Investment in affiliated underlying funds

The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	578,871	$19,322,766	$30,691,490	$(44,225,880)	$(6,099)	$4,470	$135,638	—	$5,786,747

*	Refer to the Securities lending note within Note 2 for details regarding this investment.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Emerging Markets Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Emerging Markets Debt Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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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 August 31, 2023.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports 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.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Emerging Markets Debt Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

At meetings held on June 26-29, 2023, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

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Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the one- and three-year periods and underperformed its benchmark index for the five- and ten-year periods ended December 31, 2022. The Board also noted that the fund outperformed its peer group median for the one-, five- and ten-year periods and performed in-line with the peer group median for the three-year period ended December 31, 2022. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one- and three-year periods and relative to the peer group median for the one-, three-, five- and ten-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the benchmark index.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses are higher than the peer group median.

The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as

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assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship with the Trust, the Board:

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the fund’s Subadvisor is an affiliate of the Advisor
(i)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(j)	noted that the subadvisory fee for the fund is paid by the Advisor;
(k)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:

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(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

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Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.

The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the benchmark index;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

***

Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Emerging Markets Debt Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, Manulife Investment Management (US) LLC (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The Committee receives monthly reports and holds quarterly in person meetings to: (1) review the day-to-day operations of the LRMP; (2) monitor current market and liquidity conditions and assess liquidity risks; (3) review and approve month-end liquidity classifications; (4) monitor illiquid investment levels against the 15% limit on illiquid investments and established Highly Liquid Investment Minimums (HLIMs), if any; (5) review quarterly testing and determinations, as applicable; (6) review redemption-in-kind activities; and (7) review other LRMP related material. The Advisor also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Advisor may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity issues. The Committee also monitors global events, such as the ongoing Russian invasion of Ukraine and related U.S. imposed sanctions on the Russian government, companies and oligarchs, and other amendments to the Office of Foreign Assets Control sanctioned company lists, that could impact the markets and liquidity of portfolio investments and their classifications. In addition, the Committee monitors macro events and assesses their potential impact on liquidity brought on by fear of contagion (e.g. regional banking crisis).

The Committee provided the Board at a meeting held on March 28-30, 2023 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period January 1, 2022 through December 31, 2022, included an assessment of important aspects of the LRMP including, but not limited to: (1) Security-level liquidity classifications; (2) Fund-level liquidity risk assessment; (3) Reasonably Anticipated Trade Size (RATS) determination; (4) HLIM determination and daily monitoring; (5) Daily compliance with the 15% limit on illiquid investments; (6) Operation of the Fund’s Redemption-In-Kind Procedures; and (7) Review of liquidity management facilities.

The report provided an update on Committee activities over the previous year. Additionally, the report included a discussion of notable changes and enhancements to the LRMP implemented during 2022 and key initiatives for 2023.

The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.

The report stated, in relevant part, that during the period covered by the report:

•	The Fund’s investment strategy remained appropriate for an open-end fund structure;
•	The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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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 Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2005	186
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	183
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	2012	184
Trustee
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 (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,^* Born: 1971	2022	183
Trustee
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946	2008	186
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,^* Born: 1968	2022	183
Trustee
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	185
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2012	183
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,³ Born: 1960	2020	183
Trustee
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2012	183
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	184
Non-Independent Trustee
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Paul Lorentz,^† Born: 1968	2022	183
Non-Independent Trustee
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Kristie M. Feinberg, Born: 1975	2023
President
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2009
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

The Statement of Additional Information of the fund includes additional information about members of the Board of Trustees of the Trust and is available without charge, upon request, by calling 800-225-5291.

¹	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee as of September 26, 2023.
³	Member of the Audit Committee.
⁴	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
^*	Elected to serve as Independent Trustee effective as of September 9, 2022.
^†	Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

JOHN HANCOCK EMERGING MARKETS DEBT FUND | ANNUAL REPORT

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More information

Trustees

Hassell H. McClellan, Chairperson^π
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
James R. Boyle
William H. Cunningham^*
Grace K. Fey
Noni L. Ellison^{^}
Dean C. Garfield^{^}
Deborah C. Jackson
Patricia Lizarraga^{*,^,§}

Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

Neal Capecci¹
Roberto Sanchez-Dahl, CFA
Elina Theodorakopoulou

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

Citibank, N.A.

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

^π Member of the Audit Committee as of September 26, 2023.

^† Non-Independent Trustee

^* Member of the Audit Committee

^{^} Elected to serve as Independent Trustee effective as of September 9, 2022.

^§Effective September 21, 2023, Ms. Lizarraga is no longer a Trustee.

^‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

^# Effective June 29, 2023.

¹ Effective January 1, 2023, Neal Capecci was added as a portfolio manager of the fund.

The fund’s proxy voting policies and procedures, as well as the fund 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) website at sec.gov or on our website.

All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:
800-225-5291	Regular mail:	Express mail:
jhinvestments.com	John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	John Hancock Signature Services, Inc. 430 W 7^th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS DEBT FUND

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

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A trusted brand

John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock Emerging Markets Debt Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3099557

358A 8/23

10/2023

A message to shareholders

Dear shareholder,

A large portion of the gain for the major world indexes came from a narrow group of U.S. mega-cap, technology-related companies. European equities also performed very well, as the impact of the conflict in Ukraine did not hamper growth as much as initially feared. On the other hand, value stocks, defensive sectors, smaller companies, and the emerging markets posted gains but underperformed the broad-based indexes.

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The MSCI Emerging Markets (EM) Index tracks the performance of publicly traded large- and mid-cap emerging-market stocks.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Positive performance overall for emerging markets

Emerging-markets stocks gained modest ground, with Europe and Latin America providing the strongest returns and the largest emerging market, China, struggling.

A focus on small caps helped

The fund outperformed the benchmark, the MSCI Emerging Markets Index, due partly to an emphasis on small-cap stocks, which meaningfully outperformed larger stocks this period.

Value stocks also contributed

The fund’s greater emphasis on value-oriented stocks, which generally outpaced growth stocks within emerging markets, added further value.

SECTOR COMPOSITION AS OF 8/31/2023 (% of total investments)

Notes about risk

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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Management’s discussion of fund performance

Can you describe the market environment for emerging-market equities during the 12 months ended August 31, 2023?

Emerging-market stocks, as measured by the fund’s benchmark, the MSCI Emerging Markets Index, gained modest ground during this time frame. Within the index, most markets produced a positive return. The strongest overall returns came in Latin America and Europe, the latter of which rebounded after losing substantial value the previous year amid Russia’s invasion of Ukraine. Asia, at more than three-quarters of the index, generated a roughly flat return, hampered by the benchmark’s largest single weight, China.

Given this environment, how did the fund perform?

The fund outperformed its benchmark. One notable contributor to relative performance was the overweight in small-cap stocks in the fund. In contrast, the index primarily includes large- and mid-cap stocks. Because the market’s smallest stocks outperformed their larger counterparts this period, the fund’s positioning boosted relative results. Also adding value was the fund’s greater emphasis on value-oriented stocks compared to the index. On average, value stocks outpaced growth stocks within emerging markets by a wide margin, lifting the fund’s result.

TOP 10 HOLDINGS AS OF 8/31/2023 (% of total investments)
Taiwan Semiconductor Manufacturing Company, Ltd.	4.2
Tencent Holdings, Ltd.	2.9
Samsung Electronics Company, Ltd.	2.2
Alibaba Group Holding, Ltd.	1.5
Infosys, Ltd.	0.7
SK Hynix, Inc.	0.7
Samsung Electronics Company, Ltd., GDR	0.6
China Construction Bank Corp., H Shares	0.6
Petroleo Brasileiro SA	0.6
HDFC Bank, Ltd.	0.6
TOTAL	14.6
Cash and cash equivalents are not included.

TOP 10 COUNTRIES AS OF 8/31/2023 (% of total investments)
China	22.2
India	16.8
Taiwan	16.2
South Korea	12.6
Brazil	5.0
Saudi Arabia	3.6
Mexico	3.2
South Africa	2.9
Hong Kong	2.8
Thailand	2.3
TOTAL	87.6
Cash and cash equivalents are not included.

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year	5-year	10-year
Class A	0.49	0.38	2.37	1.91	26.42
Class C¹	4.14	0.73	2.27	3.68	25.15
Class I²	6.07	1.74	3.20	8.98	37.05
Class R6²	6.30	1.86	3.31	9.67	38.50
Class NAV²	6.21	1.86	3.33	9.63	38.78
Index^†	1.25	0.98	2.99	5.00	34.26

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R6, and Class NAV shares.

	Class A	Class C	Class I	Class R6	Class NAV
Gross (%)	1.49	2.19	1.19	1.08	1.07
Net (%)	1.48	2.18	1.18	1.07	1.06

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

^† Index is the MSCI Emerging Markets Index.

See the following page for footnotes.

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Emerging Markets Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI Emerging Markets Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C^1,3	8-31-13	12,515	12,515	13,426
Class I²	8-31-13	13,705	13,705	13,426
Class R6²	8-31-13	13,850	13,850	13,426
Class NAV²	8-31-13	13,878	13,878	13,426

The MSCI Emerging Markets (EM) Index tracks the performance of publicly traded large- and mid-cap emerging-market stocks.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	Class C shares were first offered on 6-27-14. Returns prior to this date are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
²	For certain types of investors, as described in the fund’s prospectuses.
³	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,048.90	$7.39	1.43%
	Hypothetical example	1,000.00	1,018.00	7.27	1.43%
Class C	Actual expenses/actual returns	1,000.00	1,045.80	10.98	2.13%
	Hypothetical example	1,000.00	1,014.50	10.82	2.13%
Class I	Actual expenses/actual returns	1,000.00	1,050.90	5.84	1.13%
	Hypothetical example	1,000.00	1,019.50	5.75	1.13%
Class R6	Actual expenses/actual returns	1,000.00	1,052.00	5.28	1.02%
	Hypothetical example	1,000.00	1,020.10	5.19	1.02%
Class NAV	Actual expenses/actual returns	1,000.00	1,050.90	5.22	1.01%
	Hypothetical example	1,000.00	1,020.10	5.14	1.01%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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Fund’s investments

Summary of fund’s investments as of 8-31-23

(showing percentage of total net assets)

This section shows the fund’s 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the fund’s total net assets as of the report date. The remaining securities held by the fund are grouped as “Other Securities” in each category. Certain percentages of less than 0.05% are rounded and presented as 0.0%. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by calling 1-800-225-5291. This complete schedule, filed on the fund’s Form N-CSR, is also available on the SEC’s website at http://www.sec.gov.

	Shares	Value	% of Net Assets
Common stocks 98.9%		$174,665,120
(Cost $162,078,100)
Australia 0.0%		58,402	0.0%
Belgium 0.0%		47,059	0.0%
Brazil 3.9%		6,928,743	3.9%
Petroleo Brasileiro SA	120,644	841,479	0.5%
Vale SA	59,953	787,904	0.5%
OTHER SECURITIES		5,299,360	2.9%
Canada 0.0%		43,528	0.0%
Chile 0.7%		1,192,727	0.7%
China 22.3%		39,408,439	22.3%
Alibaba Group Holding, Ltd. (A)	228,300	2,649,683	1.5%
Aowei Holdings, Ltd. (A)	9,116,000	709,035	0.4%
Bank of China, Ltd., H Shares	1,491,075	505,351	0.3%
BYD Company, Ltd., H Shares	12,500	392,633	0.2%
China Construction Bank Corp., H Shares	1,815,000	971,117	0.6%
China Merchants Bank Company, Ltd., H Shares	108,961	431,466	0.3%
China Petroleum & Chemical Corp., H Shares	600,000	350,824	0.2%
Industrial & Commercial Bank of China, Ltd., H Shares	1,100,000	504,325	0.3%
JD.com, Inc., ADR	581	19,295	0.0%
JD.com, Inc., Class A	23,188	385,109	0.2%
NetEase, Inc.	40,400	836,986	0.5%
PetroChina Company, Ltd., H Shares	686,000	494,857	0.3%
Ping An Insurance Group Company of China, Ltd., H Shares	115,000	688,522	0.4%
Tencent Holdings, Ltd.	122,300	5,068,157	2.9%
Yum China Holdings, Inc.	2,500	132,897	0.1%
Yum China Holdings, Inc. (New York Stock Exchange)	3,785	203,217	0.1%
OTHER SECURITIES		25,064,965	14.0%
Colombia 0.1%		223,725	0.1%
Cyprus 0.0%		16,742	0.0%

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	Shares	Value	% of Net Assets
Czech Republic 0.1%		$181,071	0.1%
Egypt 0.0%		31,085	0.0%
Greece 0.5%		867,378	0.5%
Hong Kong 2.8%		4,982,641	2.8%
China Resources Land, Ltd.	88,444	373,826	0.2%
OTHER SECURITIES		4,608,815	2.6%
Hungary 0.2%		323,953	0.2%
India 16.9%		29,857,442	16.9%
Axis Bank, Ltd.	46,026	539,630	0.3%
Bharti Airtel, Ltd.	55,404	573,260	0.3%
HDFC Bank, Ltd.	50,990	968,956	0.6%
ICICI Bank, Ltd.	68,453	791,124	0.5%
ICICI Bank, Ltd., ADR	1,674	38,787	0.0%
Infosys, Ltd.	73,259	1,270,445	0.7%
ITC, Ltd.	75,338	399,739	0.2%
Larsen & Toubro, Ltd.	9,733	319,124	0.2%
Mahindra & Mahindra, Ltd.	16,748	318,906	0.2%
Reliance Industries, Ltd.	30,170	876,834	0.5%
Tata Consultancy Services, Ltd.	13,739	557,179	0.3%
Tata Steel, Ltd.	234,691	350,033	0.2%
OTHER SECURITIES		22,853,425	12.9%
Indonesia 2.2%		3,810,082	2.2%
Bank Central Asia Tbk PT	665,100	400,394	0.3%
OTHER SECURITIES		3,409,688	1.9%
Ireland 0.0%		72,347	0.0%
Kuwait 0.5%		936,409	0.5%
Malaysia 1.8%		3,115,229	1.8%
Mexico 3.2%		5,599,044	3.2%
America Movil SAB de CV (A)	555,772	534,569	0.3%
Grupo Financiero Banorte SAB de CV, Series O	40,737	345,788	0.2%
Grupo KUO SAB de CV, Series B	136,788	320,821	0.2%
Organizacion Soriana SAB de CV, Series B (A)	386,061	661,153	0.4%
OTHER SECURITIES		3,736,713	2.1%
Netherlands 0.0%		57,281	0.0%
Panama 0.0%		1,182	0.0%
Peru 0.1%		105,342	0.1%
Philippines 0.9%		1,582,976	0.9%

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ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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	Shares	Value	% of Net Assets
Poland 1.0%		$1,736,638	1.0%
Qatar 0.9%		1,501,169	0.9%
Qatar National Bank QPSC	99,106	424,560	0.3%
OTHER SECURITIES		1,076,609	0.6%
Russia 0.0%		32,146	0.0%
Saudi Arabia 3.6%		6,337,792	3.6%
Al Rajhi Bank	24,548	471,918	0.3%
Saudi Arabian Oil Company (B)	35,352	329,189	0.2%
Saudi Basic Industries Corp.	16,613	391,255	0.2%
Saudi Telecom Company	31,225	331,341	0.2%
OTHER SECURITIES		4,814,089	2.7%
Singapore 0.1%		75,754	0.1%
South Africa 2.9%		5,163,473	2.9%
Gold Fields, Ltd., ADR	25,603	323,366	0.2%
OTHER SECURITIES		4,840,107	2.7%
South Korea 12.7%		22,390,953	12.7%
Ecopro Company, Ltd.	338	320,650	0.2%
Hyundai Motor Company	2,796	399,504	0.3%
KB Financial Group, Inc.	10,019	408,136	0.3%
Kia Corp.	8,457	512,613	0.3%
Samsung Electronics Company, Ltd.	75,696	3,828,420	2.2%
Samsung Electronics Company, Ltd., GDR	794	1,000,748	0.6%
SK Hynix, Inc.	13,144	1,208,593	0.7%
OTHER SECURITIES		14,712,289	8.1%
Spain 0.0%		16,362	0.0%
Taiwan 16.3%		28,799,297	16.3%
Hon Hai Precision Industry Company, Ltd.	242,352	809,152	0.5%
MediaTek, Inc.	32,000	705,711	0.4%
Taiwan Semiconductor Manufacturing Company, Ltd.	431,000	7,405,856	4.2%
United Microelectronics Corp.	251,468	359,033	0.2%
OTHER SECURITIES		19,519,545	11.0%
Thailand 2.3%		4,050,836	2.3%
Turkey 1.1%		1,896,983	1.1%
United Arab Emirates 1.7%		2,965,725	1.7%
Emirates Telecommunications Group Company PJSC	59,004	318,635	0.2%
OTHER SECURITIES		2,647,090	1.5%

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Table of Contents

	Shares	Value	% of Net Assets
United Kingdom 0.0%		$27,490	0.0%

United States 0.1%		227,675	0.1%
Preferred securities 1.2%		$2,088,595
(Cost $1,431,750)
Brazil 1.1%		1,885,594	1.1%
Petroleo Brasileiro SA	150,238	969,013	0.6%
OTHER SECURITIES		916,581	0.5%
Chile 0.1%		141,079	0.1%
Colombia 0.0%		49,988	0.0%
India 0.0%		4,815	0.0%
Philippines 0.0%		7,119	0.0%
Rights 0.0%		$5,701
(Cost $3,528)
Warrants 0.0%		$49
(Cost $0)

	Yield (%)	Shares	Value	% of Net Assets
Short-term investments 0.1%			$165,600
(Cost $165,594)
Short-term funds 0.1%			165,600	0.1%
John Hancock Collateral Trust (C)	5.4789 (D)	16,566	165,600	0.1%

Total investments (Cost $163,678,972) 100.2%	$176,925,065	100.2%
Other assets and liabilities, net (0.2%)	(328,031)	(0.2)%
Total net assets 100.0%	$176,597,034	100.0%

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Security Abbreviations and Legend
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(A)	Non-income producing security.
(B)	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.
(C)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(D)	The rate shown is the annualized seven-day yield as of 8-31-23.

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ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $163,513,378) including $158,742 of securities loaned	$176,759,465
Affiliated investments, at value (Cost $165,594)	165,600
Total investments, at value (Cost $163,678,972)	176,925,065
Foreign currency, at value (Cost $397,322)	397,190
Collateral held at broker for futures contracts	33,600
Dividends and interest receivable	374,271
Receivable for fund shares sold	269,294
Receivable for investments sold	1,684,093
Receivable for securities lending income	99
Receivable from affiliates	490
Other assets	38,943
Total assets	179,723,045
Liabilities
Payable for futures variation margin	38,264
Due to custodian	668,981
Foreign capital gains tax payable	1,362,692
Payable for investments purchased	33,153
Payable for fund shares repurchased	662,096
Payable upon return of securities loaned	165,594
Payable to affiliates
Accounting and legal services fees	9,344
Transfer agent fees	10,922
Trustees’ fees	13
Other liabilities and accrued expenses	174,952
Total liabilities	3,126,011
Net assets	$176,597,034
Net assets consist of
Paid-in capital	$163,804,155
Total distributable earnings (loss)	12,792,879
Net assets	$176,597,034

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ANNUAL REPORT | JOHN HANCOCK Emerging Markets Fund

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STATEMENT OF OPERATIONS For the year ended 8-31-23

Investment income
Dividends	$6,224,431
Interest	26,042
Securities lending	2,692
Less foreign taxes withheld	(741,109)
Total investment income	5,512,056
Expenses
Investment management fees	1,297,797
Distribution and service fees	134,601
Accounting and legal services fees	35,133
Transfer agent fees	108,698
Trustees’ fees	3,998
Custodian fees	394,551
State registration fees	69,500
Printing and postage	14,048
Professional fees	90,701
Other	31,415
Total expenses	2,180,442
Less expense reductions	(224,689)
Net expenses	1,955,753
Net investment income	3,556,303
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	744,885
Affiliated investments	(41)
Futures contracts	19,092
	763,936
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	6,307,231¹
Affiliated investments	(4)
Futures contracts	(1,454)
	6,305,773
Net realized and unrealized gain	7,069,709
Increase in net assets from operations	$10,626,012


¹	Net of $536,882 increase in deferred foreign withholding taxes.

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$10.54	$13.27	$10.51	$10.10	$11.13
Net investment income¹	0.18	0.25	0.11	0.13	0.14
Net realized and unrealized gain (loss) on investments	0.41	(2.65)	2.78	0.50	(1.04)
Total from investment operations	0.59	(2.40)	2.89	0.63	(0.90)
Less distributions
From net investment income	(0.19)	(0.33)	(0.13)	(0.22)	(0.13)
Net asset value, end of period	$10.94	$10.54	$13.27	$10.51	$10.10
Total return (%)^2,3	5.73	(18.46)	27.61	6.11	(8.06)
Ratios and supplemental data
Net assets, end of period (in millions)	$40	$43	$57	$49	$52
Ratios (as a percentage of average net assets):
Expenses before reductions	1.55	1.49	1.54	1.57	1.51
Expenses including reductions	1.42	1.42	1.51	1.56	1.50
Net investment income	1.74	2.09	0.87	1.30	1.38
Portfolio turnover (%)	21	24	10	14	13

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

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ANNUAL REPORT | JOHN HANCOCK Emerging Markets Fund

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CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$10.54	$13.26	$10.52	$10.11	$11.13
Net investment income¹	0.11	0.16	0.02	0.06	0.06
Net realized and unrealized gain (loss) on investments	0.41	(2.65)	2.78	0.50	(1.03)
Total from investment operations	0.52	(2.49)	2.80	0.56	(0.97)
Less distributions
From net investment income	(0.11)	(0.23)	(0.06)	(0.15)	(0.05)
Net asset value, end of period	$10.95	$10.54	$13.26	$10.52	$10.11
Total return (%)^2,3	5.14	(19.08)	26.65	5.40	(8.71)
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$2	$2	$3
Ratios (as a percentage of average net assets):
Expenses before reductions	2.25	2.19	2.24	2.27	2.21
Expenses including reductions	2.12	2.12	2.21	2.26	2.20
Net investment income	1.03	1.36	0.12	0.59	0.65
Portfolio turnover (%)	21	24	10	14	13

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

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CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$10.54	$13.27	$10.51	$10.10	$11.12
Net investment income¹	0.24	0.28	0.15	0.15	0.17
Net realized and unrealized gain (loss) on investments	0.38	(2.64)	2.77	0.51	(1.03)
Total from investment operations	0.62	(2.36)	2.92	0.66	(0.86)
Less distributions
From net investment income	(0.22)	(0.37)	(0.16)	(0.25)	(0.16)
Net asset value, end of period	$10.94	$10.54	$13.27	$10.51	$10.10
Total return (%)²	6.07	(18.20)	27.93	6.41	(7.72)
Ratios and supplemental data
Net assets, end of period (in millions)	$67	$38	$46	$37	$68
Ratios (as a percentage of average net assets):
Expenses before reductions	1.25	1.19	1.24	1.27	1.22
Expenses including reductions	1.12	1.12	1.21	1.26	1.21
Net investment income	2.30	2.32	1.21	1.43	1.69
Portfolio turnover (%)	21	24	10	14	13

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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ANNUAL REPORT | JOHN HANCOCK Emerging Markets Fund

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$10.52	$13.26	$10.49	$10.09	$11.11
Net investment income¹	0.22	0.29	0.06	0.18	0.17
Net realized and unrealized gain (loss) on investments	0.43	(2.65)	2.88	0.48	(1.01)
Total from investment operations	0.65	(2.36)	2.94	0.66	(0.84)
Less distributions
From net investment income	(0.24)	(0.38)	(0.17)	(0.26)	(0.18)
Net asset value, end of period	$10.93	$10.52	$13.26	$10.49	$10.09
Total return (%)²	6.30	(18.20)	28.20	6.42	(7.56)
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$1	$67	$60
Ratios (as a percentage of average net assets):
Expenses before reductions	1.15	1.08	1.13	1.16	1.11
Expenses including reductions	1.01	1.01	1.10	1.15	1.10
Net investment income	2.14	2.38	0.53	1.75	1.71
Portfolio turnover (%)	21	24	10	14	13

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

JOHN HANCOCK Emerging Markets Fund | ANNUAL REPORT

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Table of Contents

CLASS NAV SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$10.54	$13.28	$10.51	$10.10	$11.13
Net investment income¹	0.23	0.30	0.16	0.18	0.10
Net realized and unrealized gain (loss) on investments	0.41	(2.66)	2.78	0.49	(0.95)
Total from investment operations	0.64	(2.36)	2.94	0.67	(0.85)
Less distributions
From net investment income	(0.24)	(0.38)	(0.17)	(0.26)	(0.18)
Net asset value, end of period	$10.94	$10.54	$13.28	$10.51	$10.10
Total return (%)²	6.21	(18.15)	28.16	6.53	(7.63)
Ratios and supplemental data
Net assets, end of period (in millions)	$67	$76	$91	$75	$68
Ratios (as a percentage of average net assets):
Expenses before reductions	1.14	1.07	1.12	1.14	1.10
Expenses including reductions	1.01	1.00	1.09	1.14	1.09
Net investment income	2.16	2.55	1.30	1.77	0.93
Portfolio turnover (%)	21	24	10	14	13

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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ANNUAL REPORT | JOHN HANCOCK Emerging Markets Fund

Table of Contents

Notes to financial statements

Note 1—Organization

John Hancock Emerging Markets Fund (the fund) is a series of John Hancock Funds II (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 appreciation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors.Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

Note 2—Significant accounting policies

In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

JOHN HANCOCK Emerging Markets Fund | ANNUAL REPORT

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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 Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor 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 following is a summary of the values by input classification of the fund’s investments as of August 31, 2023, by major security category or type:

	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Common stocks
Australia	$58,402	—	$58,402	—
Belgium	47,059	—	47,059	—
Brazil	6,928,743	$6,928,743	—	—
Canada	43,528	—	43,528	—
Chile	1,192,727	1,192,727	—	—
China	39,408,439	1,116,087	38,198,944	$93,408
Colombia	223,725	223,725	—	—
Cyprus	16,742	—	16,742	—
Czech Republic	181,071	—	181,071	—
Egypt	31,085	—	31,085	—
Greece	867,378	—	856,550	10,828
Hong Kong	4,982,641	—	4,836,444	146,197
Hungary	323,953	—	323,953	—
India	29,857,442	56,666	29,773,259	27,517
Indonesia	3,810,082	—	3,706,897	103,185
Ireland	72,347	72,347	—	—
Kuwait	936,409	—	936,409	—
Malaysia	3,115,229	—	3,115,229	—
Mexico	5,599,044	5,599,044	—	—
Netherlands	57,281	—	57,281	—

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	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Panama	$1,182	$1,182	—	—
Peru	105,342	105,342	—	—
Philippines	1,582,976	—	$1,581,982	$994
Poland	1,736,638	—	1,736,638	—
Qatar	1,501,169	—	1,501,169	—
Russia	32,146	—	—	32,146
Saudi Arabia	6,337,792	—	6,337,792	—
Singapore	75,754	—	75,754	—
South Africa	5,163,473	535,323	4,628,150	—
South Korea	22,390,953	41,395	22,340,599	8,959
Spain	16,362	—	16,362	—
Taiwan	28,799,297	240,336	28,553,080	5,881
Thailand	4,050,836	—	4,049,834	1,002
Turkey	1,896,983	—	1,896,789	194
United Arab Emirates	2,965,725	—	2,965,725	—
United Kingdom	27,490	—	27,490	—
United States	227,675	—	227,675	—
Preferred securities
Brazil	1,885,594	1,885,594	—	—
Chile	141,079	141,079	—	—
Colombia	49,988	49,988	—	—
India	4,815	—	4,806	9
Philippines	7,119	—	7,119	—
Rights	5,701	3,237	2,464	—
Warrants	49	49	—	—
Short-term investments	165,600	165,600	—	—
Total investments in securities	$176,925,065	$18,358,464	$158,136,281	$430,320
Derivatives:
Liabilities
Futures	$(2,332)	$(2,332)	—	—
Level 3 includes securities valued at $0. Refer to Fund’s investments.

Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT is a prime money market fund and invests in

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short-term money market investments. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.

There may be unexpected restrictions on investments or on exposures to investments in companies located in certain foreign countries, such as China. For example, a government may restrict investment in companies or industries considered important to national interests, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. As a result of forced sales of a security, or inability to participate in an investment the manager otherwise believes is attractive, a fund may incur losses.

Trading in certain Chinese securities through Hong Kong Stock Connect or Bond Connect, mutual market access programs that enable foreign investment in the People’s Republic of China, is subject to certain restrictions and risks. Securities offered through these programs may lose purchase eligibility and any changes in laws, regulations and policies impacting these programs may affect security prices, which could adversely affect the fund’s performance.

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Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. 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 based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2023 were $3,612.

For federal income tax purposes, as of August 31, 2023, the fund has a short-term capital loss carryforward of $100 and a long-term capital loss carryforward of $331,051 available to offset future net realized capital gains. These carryforwards do not expire.

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 annually. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	$3,459,396	$5,413,787

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Capital accounts within the 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 corporate actions, investments in passive foreign investment companies and wash sale loss deferrals.

Note 3—Derivative instruments

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 set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Payable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss 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.

During the year ended August 31, 2023, the fund used futures contracts to equitize cash balances. The fund held futures contracts with USD notional values ranging from $396,000 to $1.2 million, as measured at each quarter end.

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Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2023 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Equity	Receivable/payable for futures variation margin¹	Futures	—	$(2,332)

¹	Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the year end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.

Effect of derivative instruments on the Statement of operations

	Statement of operations location - Net realized gain (loss) on:
Risk	Futures contracts
Equity	$19,092

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Futures contracts
Equity	$(1,454)

Note 4—Guarantees and indemnifications

Note 5—Fees and transactions with affiliates

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The Advisor voluntarily agrees to reduce its management fee for the fund, or if necessary make payment to the fund, in an amount equal to the amount by which the expenses of the fund exceed 0.25% of the average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all the expenses of the fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) advisory fees, (f) class-specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. The Advisor may terminate this voluntary waiver at any time upon notice to the fund.

For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$54,497
Class C	1,759
Class I	66,433

Class	Expense reduction
Class R6	$821
Class NAV	101,179
Total	$224,689

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below 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	Rule 12b-1 Fee
Class A	0.30%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $11,753 for the year ended August 31, 2023. Of this amount, $1,947 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $9,806 was paid as sales commissions to broker-dealers.

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purchase are subject to a 1.00% CDSC. CDSCs are applied to 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 August 31, 2023, CDSCs received by the Distributor amounted to $2 for Class A shares. There were no CDSCs received by the Distributor for Class C shares.

Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including 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 fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond 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.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$121,655	$46,681
Class C	12,946	1,489
Class I	—	60,483
Class R6	—	45
Total	$134,601	$108,698

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	184,361	$1,956,552	250,208	$3,024,998
Distributions reinvested	71,593	730,960	110,051	1,352,525
Repurchased	(636,136)	(6,678,661)	(607,921)	(7,294,944)
Net decrease	(380,182)	$(3,991,149)	(247,662)	$(2,917,421)
Class C shares
Sold	10,086	$105,639	11,125	$135,227
Distributions reinvested	1,417	14,558	2,765	34,142
Repurchased	(30,075)	(308,391)	(39,945)	(488,131)
Net decrease	(18,572)	$(188,194)	(26,055)	$(318,762)

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	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class I shares
Sold	4,324,850	$45,694,356	1,950,741	$22,374,365
Distributions reinvested	95,377	971,892	108,331	1,329,223
Repurchased	(1,939,643)	(20,501,382)	(1,860,291)	(21,656,244)
Net increase	2,480,584	$26,164,866	198,781	$2,047,344
Class R6 shares
Sold	22,457	$245,390	589	$7,061
Distributions reinvested	1,382	14,054	2,422	29,649
Repurchased	(22,267)	(231,360)	(30,439)	(374,162)
Net increase (decrease)	1,572	$28,084	(27,428)	$(337,452)
Class NAV shares
Sold	825,926	$8,714,680	791,863	$9,556,264
Distributions reinvested	168,545	1,715,785	216,119	2,647,457
Repurchased	(2,019,195)	(21,933,449)	(695,109)	(8,307,000)
Net increase (decrease)	(1,024,724)	$(11,502,984)	312,873	$3,896,721
Total net increase	1,058,678	$10,510,623	210,509	$2,370,430

Affiliates of the fund owned 25% of shares of Class NAV on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $45,698,781 and $34,737,193, respectively, for the year ended August 31, 2023.

Note 8—Emerging-market risk

Note 9—Investment in affiliated underlying funds

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	16,566	$212,055	$3,222,389	$(3,268,799)	$(41)	$(4)	$2,692	—	$165,600

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Emerging Markets Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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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 August 31, 2023.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports 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.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

Income derived from foreign sources was $6,844,586. The fund intends to pass through foreign tax credits of $709,512.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Dimensional Fund Advisors LP (the Subadvisor) for John Hancock Emerging Markets Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

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Approval of Advisory Agreement

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

The Board took into account management’s discussion of the fund’s expenses, including actions taken to reduce the fund’s expenses in the prior year. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fees, in each case in light of the services rendered for those amounts and the risk undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or

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reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor’s relationship with the Trust, the Board:

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length;
(j)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

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(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and

information relating to the nature and scope of any material relationships and their significant to the Trust’s Advisor and Subadvisor.

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orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.

The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group median and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.

The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Emerging Markets Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, Dimensional Fund Advisors LP (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.

The report stated, in relevant part, that during the period covered by the report:

•	The Fund’s investment strategy remained appropriate for an open-end fund structure;
•	The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;

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Trustees and Officers

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2005	186
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	183
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	2012	184
Trustee
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 (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,^* Born: 1971	2022	183
Trustee
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946	2008	186
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,^* Born: 1968	2022	183
Trustee
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	185
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2012	183
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,³ Born: 1960	2020	183
Trustee
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2012	183
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	184
Non-Independent Trustee
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Paul Lorentz,^† Born: 1968	2022	183
Non-Independent Trustee
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Kristie M. Feinberg, Born: 1975	2023
President
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2009
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

¹	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee as of September 26, 2023.
³	Member of the Audit Committee.
⁴	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
^*	Elected to serve as Independent Trustee effective as of September 9, 2022.
^†	Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS FUND

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More information

Trustees

Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Dimensional Fund Advisors LP

Portfolio Managers

Will B. Collins-Dean, CFA
Jed S. Fogdall
Mary T. Phillips, CFA

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

Citibank, N.A.

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

^π Member of the Audit Committee as of September 26, 2023.

^† Non-Independent Trustee

^* Member of the Audit Committee

^{^} Elected to serve as Independent Trustee effective as of September 9, 2022.

^§Effective September 21, 2023, Ms. Lizarraga is no longer a Trustee.

^‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

^# Effective June 29, 2023.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:
800-225-5291	Regular mail:	Express mail:
jhinvestments.com	John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	John Hancock Signature Services, Inc. 430 W 7^th Street Suite 219909 Kansas City, MO 64105-1407

JOHN HANCOCK EMERGING MARKETS FUND | ANNUAL REPORT

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

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A trusted brand

A better way to invest

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock Emerging Markets Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3099550

368A 8/23

10/2023

A message to shareholders

Dear shareholder,

Global equities shook off a number of concerns to register gains during the 12 months ended August 31, 2023. Although central banks continued to raise interest rates, falling inflation gave investors confidence that the tightening cycle would likely slow within some point in next year. In addition, continued global growth fueled optimism that the world economy would experience a soft landing rather than a recession. Corporate earnings also came in much better than the markets had been anticipating in late 2022. A large portion of the gain for the major world indexes came from a narrow group of U.S. mega-cap, technology-related companies. European equities also performed very well, reflecting better-than-expected economic conditions. Value stocks, defensive sectors, smaller companies, and the emerging markets posted gains but underperformed the broad-based indexes.

The global bond markets struggled in the rising-rate environment. While credit-sensitive market segments such as high-yield bonds and emerging-market debt held up well, the benefit was outweighed by pronounced weakness in longer-term government issues in the developed markets.

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to provide a high level of current income with consideration for capital appreciation and preservation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The Primary Blended Index comprises 20% MSCI USA High Dividend Yield Index, 10% MSCI World ex–USA High Dividend Yield Index, 25% Bloomberg U.S. Aggregate Credit – Corporate Investment Grade Index, and 45% Bloomberg Global High Yield (USD Hedged) Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Most segments of the financial markets gained ground during the annual period

Global equities and credit-sensitive areas of the bond market delivered positive returns, outweighing losses for categories with higher sensitivity to interest-rate movements, such as government bonds.

The fund underperformed its primary blended benchmark

The fund generated a gain for the period but its overweight to bonds resulted in underperformance.

Equity strategies had better outcomes

The fund’s dividend-equity strategy produced the strongest absolute return, while its Asian emerging-markets bond strategy suffered a loss.

PORTFOLIO COMPOSITION AS OF 8/31/2023 (% of net assets)

Notes about risk

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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Management’s discussion of fund performance

Can you describe the investment conditions during the 12 months ended August 31, 2023?

Financial assets produced mixed results during the annual period. On the positive side, global equities shook off a number of concerns to register a gain. Although central banks continued to raise interest rates, falling inflation gave investors confidence that the tightening cycle would likely end at some point within the next year. In addition, continued global growth fueled optimism that the world economy would experience a soft landing rather than a recession. Together, these factors helped stocks overcome potential headwinds such as the ongoing conflict in Ukraine, short-lived turmoil in the U.S. and European banking sectors, and growing competition from rising yields on lower-risk investments.

The global bond markets struggled in the rising interest-rate environment. While credit-sensitive categories such as high-yield bonds and emerging-market debt held up well, the benefit was outweighed by pronounced weakness in longer-term government issues in the developed markets.

What factors drove the fund’s performance?

At period end, the fund held approximately 60% of its net assets in a multi-sector fixed-income allocation that invests in the global credit sectors and has significant allocations to emerging-market debt and high-yield bonds. This segment of the fund produced mixed results. An allocation to high-yield bonds posted a positive absolute return but underperformed the fund’s primary blended benchmark (which has exposure to both stocks and bonds). The fund’s holdings in the emerging markets outside of Asia gained ground but lagged in relative terms. On the other

TOP 5 EQUITY HOLDINGS AS OF 8/31/2023 (% of net assets)
Microsoft Corp.	1.2
Reinsurance Group of America, Inc.	0.6
Apple, Inc.	0.6
NVIDIA Corp.	0.5
Intel Corp.	0.4
TOTAL	3.3
Cash and cash equivalents are not included.

TOP 5 BOND ISSUERS AS OF 8/31/2023 (% of net assets)
Carnival Corp.	1.0
Bank of America Corp.	0.9
Edison International	0.9
Petroleos Mexicanos	0.9
NextEra Energy, Inc.	0.7
TOTAL	4.4
Cash and cash equivalents are not included.

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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hand, an allocation to Asian emerging markets suffered a loss and finished well short of the fund’s primary blended benchmark.

The fund had an approximately 31% weighting in common stocks at the end of the period through a passively managed portfolio that invests in higher-quality, higher-yielding global equities using a quantitative approach. This portion of the fund generated a solid gain but underperformed the primary blended benchmark. Although dividend stocks performed well in the period, they lagged the broader equity market at a time of elevated investor risk appetites.

The fund also had an allocation to an options strategy that uses a combination of covered calls and collateralized puts. The options strategy registered a gain in absolute terms, but it trailed the primary blended benchmark.

MANAGED BY

Nathan W. Thooft, CFA

Christopher Walsh, CFA

John F. Addeo, CFA

Geoffrey Kelley, CFA

Caryn E. Rothman, CFA

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge		SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized^†
	1-year	5-year	Since inception (11-14-14)	5-year	Since inception (11-14-14)	as of 8-31-23	as of 8-31-23
Class A	-0.93	1.74	2.24	9.03	21.55	5.66	5.48
Class C	2.11	1.95	2.03	10.15	19.37	5.17	4.98
Class I¹	4.03	2.98	3.07	15.79	30.46	6.18	5.99
Class R6¹	4.14	3.08	3.19	16.39	31.76	6.29	6.10
Class NAV^1,2	4.17	2.68	2.45	14.13	23.68	6.29	6.10
Index 1^††	-1.19	0.49	1.02	2.47	9.37	—	—
Index 2^††	15.60	8.33	8.42	49.17	103.58	—	—
Index 3^††	7.29	3.45	4.18	18.46	43.36	—	—
Index 4^††	3.78	3.09	3.42	16.43	34.40	—	—

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 4.5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the increase in the maximum sales charge from 4.0% to 4.5%, effective 6-4-20. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R6 and Class NAV shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until December 31, 2023 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R6	Class NAV
Gross (%)	0.95	1.70	0.70	0.60	0.59
Net (%)	0.89	1.64	0.64	0.53	0.52

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

^† Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.

^†† Index 1 is the Bloomberg U.S. Aggregate Bond Index; Index 2 is the MSCI World Index; Index 3 is the Primary Blended Index; Index 4 is the Secondary Blended Index.

See the following page for footnotes.

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Multi-Asset High Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and two separate indexes.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)	Index 3 ($)	Index 4 ($)
Class C³	11-14-14	11,937	11,937	10,937	20,358	14,336	13,440
Class I¹	11-14-14	13,046	13,046	10,937	20,358	14,336	13,440
Class R6¹	11-14-14	13,176	13,176	10,937	20,358	14,336	13,440
Class NAV^1,2	11-14-14	12,368	12,368	10,937	20,358	14,336	13,440

The values shown in the chart for “Class A shares with maximum sales charge” have been adjusted to reflect the increase in the maximum sales charge from 4.0% to 4.5%, effective 6-4-20.

The Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets.

The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed-market companies.

The Secondary Blended Index comprises 70% Bloomberg U.S. Aggregate Bond Index and 30% MSCI World Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	For certain types of investors, as described in the portfolio’s prospectuses.
²	Class NAV shares were first offered on 6-4-20. Returns prior to this date are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
³	The contingent deferred sales charge is not applicable.

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,010.00	$4.51	0.89%
	Hypothetical example	1,000.00	1,020.70	4.53	0.89%
Class C	Actual expenses/actual returns	1,000.00	1,006.10	8.29	1.64%
	Hypothetical example	1,000.00	1,016.90	8.34	1.64%
Class I	Actual expenses/actual returns	1,000.00	1,011.40	3.24	0.64%
	Hypothetical example	1,000.00	1,022.00	3.26	0.64%
Class R6	Actual expenses/actual returns	1,000.00	1,011.90	2.69	0.53%
	Hypothetical example	1,000.00	1,022.50	2.70	0.53%
Class NAV	Actual expenses/actual returns	1,000.00	1,011.40	2.64	0.52%
	Hypothetical example	1,000.00	1,022.60	2.65	0.52%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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Fund’s investments

AS OF 8-31-23

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 0.3%					$334,029
(Cost $334,508)
U.S. Government Agency 0.3%					334,029
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru	5.000	04-01-53		115,263	112,219
30 Yr Pass Thru	5.500	06-01-53		117,830	117,238

Federal National Mortgage Association 30 Yr Pass Thru	4.500	07-01-52		110,177	104,572
Foreign government obligations 0.2%					$247,174
(Cost $353,199)
Colombia 0.2%					247,174
Republic of Colombia Bond	6.125	01-18-41		300,000	247,174

Corporate bonds 55.2%					$64,604,685
(Cost $72,799,654)
Communication services 7.2%					8,467,022
Diversified telecommunication services 2.3%
C&W Senior Financing DAC (A)	6.875	09-15-27		440,000	408,355
Cellnex Telecom SA	1.875	06-26-29	EUR	400,000	370,697
Connect Finco SARL (A)	6.750	10-01-26		300,000	284,597
Frontier Florida LLC	6.860	02-01-28		190,000	177,950
IHS Holding, Ltd. (A)	6.250	11-29-28		210,000	169,029
Iliad Holding SASU (A)	5.125	10-15-26	EUR	125,000	130,292
Iliad Holding SASU (A)	6.500	10-15-26		315,000	300,568
PPF Telecom Group BV	3.125	03-27-26	EUR	325,000	338,993
Telesat Canada (A)	5.625	12-06-26		315,000	222,296
Total Play Telecomunicaciones SA de CV (A)	6.375	09-20-28		260,000	119,293
Total Play Telecomunicaciones SA de CV (A)	7.500	11-12-25		300,000	174,898
Entertainment 0.3%
AMC Entertainment Holdings, Inc. (A)	7.500	02-15-29		195,000	133,099
ROBLOX Corp. (A)	3.875	05-01-30		235,000	193,876
Interactive media and services 0.6%
Arches Buyer, Inc. (A)	6.125	12-01-28		113,000	96,920
Match Group Holdings II LLC (A)	4.125	08-01-30		270,000	231,557
TripAdvisor, Inc. (A)	7.000	07-15-25		390,000	389,070
Media 3.2%
Altice Financing SA (A)	4.250	08-15-29	EUR	100,000	82,781
Altice Financing SA (A)	5.750	08-15-29		255,000	202,001
Altice France SA (A)	8.125	02-01-27		358,000	302,560

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Media (continued)
CCO Holdings LLC	4.500	05-01-32		400,000	$324,278
CCO Holdings LLC (A)	6.375	09-01-29		375,000	355,015
DISH Network Corp. (A)	11.750	11-15-27		270,000	273,953
Globo Comunicacao e Participacoes SA (A)	4.875	01-22-30		500,000	423,945
iHeartCommunications, Inc.	8.375	05-01-27		250,000	173,107
LCPR Senior Secured Financing DAC (A)	5.125	07-15-29		245,000	206,535
News Corp. (A)	5.125	02-15-32		111,000	100,455
Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999%)	6.375	03-30-62		540,000	445,500
Sirius XM Radio, Inc. (A)	5.500	07-01-29		400,000	360,102
Stagwell Global LLC (A)	5.625	08-15-29		240,000	200,433
Townsquare Media, Inc. (A)	6.875	02-01-26		112,000	107,800
Virgin Media Finance PLC (A)	5.000	07-15-30		250,000	202,190
Wireless telecommunication services 0.8%
Millicom International Cellular SA (A)	6.250	03-25-29		373,500	341,850
SoftBank Group Corp.	5.125	09-19-27		265,000	244,765
Vmed O2 UK Financing I PLC (A)	3.250	01-31-31	EUR	420,000	378,262
Consumer discretionary 8.4%					9,774,786
Automobile components 0.3%
Clarios Global LP (A)	6.750	05-15-28		172,000	171,546
ZF North America Capital, Inc. (A)	6.875	04-14-28		197,000	196,365
Automobiles 0.6%
Ford Motor Credit Company LLC	4.063	11-01-24		400,000	387,557
Ford Motor Credit Company LLC	7.350	03-06-30		307,000	312,462
Broadline retail 0.4%
Liberty Interactive LLC	8.250	02-01-30		307,000	119,213
Macy’s Retail Holdings LLC (A)	5.875	03-15-30		25,000	21,875
Macy’s Retail Holdings LLC (A)	6.125	03-15-32		25,000	21,438
Prosus NV (A)	2.031	08-03-32	EUR	170,000	130,881
Prosus NV (A)	3.832	02-08-51		200,000	113,811
Diversified consumer services 0.9%
GEMS MENASA Cayman, Ltd. (A)	7.125	07-31-26		325,000	315,673
Sotheby’s (A)	7.375	10-15-27		300,000	273,107
Stena International SA (A)	6.125	02-01-25		400,000	393,600
Hotels, restaurants and leisure 5.6%
Affinity Interactive (A)	6.875	12-15-27		305,000	270,063
Allwyn International AS (A)	3.875	02-15-27	EUR	450,000	456,850
Caesars Entertainment, Inc. (A)	7.000	02-15-30		352,000	353,347
Carnival Corp. (A)	5.750	03-01-27		230,000	216,456

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Carnival Corp. (A)	6.000	05-01-29	662,000	$597,704
Carnival Corp. (A)	7.625	03-01-26	110,000	109,666
Carnival Holdings Bermuda, Ltd. (A)	10.375	05-01-28	200,000	217,517
CEC Entertainment LLC (A)	6.750	05-01-26	260,000	248,604
Champion Path Holdings, Ltd.	4.500	01-27-26	200,000	176,600
Choice Hotels International, Inc.	3.700	12-01-29	260,000	229,588
Hilton Grand Vacations Borrower Escrow LLC (A)	5.000	06-01-29	179,000	158,694
International Game Technology PLC (A)	5.250	01-15-29	240,000	225,683
International Game Technology PLC (A)	6.250	01-15-27	481,000	476,265
Meituan	2.125	10-28-25	200,000	183,958
MGM Resorts International	6.750	05-01-25	250,000	250,415
Mohegan Tribal Gaming Authority (A)	8.000	02-01-26	365,000	339,906
New Red Finance, Inc. (A)	4.375	01-15-28	280,000	256,999
Resorts World Las Vegas LLC (A)	4.625	04-16-29	400,000	326,982
Resorts World Las Vegas LLC	4.625	04-16-29	200,000	163,491
Royal Caribbean Cruises, Ltd. (A)	9.250	01-15-29	270,000	287,779
Sands China, Ltd.	5.375	08-08-25	200,000	193,372
Studio City Company, Ltd. (A)	7.000	02-15-27	200,000	189,205
Travel + Leisure Company (A)	6.625	07-31-26	180,000	178,643
Wynn Macau, Ltd.	4.875	10-01-24	200,000	195,249
Yum! Brands, Inc. (A)	4.750	01-15-30	250,000	230,217
Household durables 0.5%
KB Home	4.000	06-15-31	251,000	211,437
KB Home	7.250	07-15-30	80,000	80,191
Newell Brands, Inc.	6.375	09-15-27	344,000	336,994
Specialty retail 0.1%
Group 1 Automotive, Inc. (A)	4.000	08-15-28	175,000	155,383
Consumer staples 1.7%				2,022,670
Consumer staples distribution and retail 0.1%
U.S. Foods, Inc. (A)	4.750	02-15-29	195,000	177,981
Food products 1.3%
Darling Ingredients, Inc. (A)	6.000	06-15-30	125,000	122,167
Health & Happiness H&H International Holdings, Ltd.	13.500	06-26-26	200,000	188,074
JBS USA LUX SA	5.750	04-01-33	280,000	266,486
MARB BondCo PLC (A)	3.950	01-29-31	215,000	167,319
Post Holdings, Inc. (A)	4.500	09-15-31	300,000	258,446
Ulker Biskuvi Sanayi AS (A)	6.950	10-30-25	505,000	475,661

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer staples (continued)
Household products 0.2%
Edgewell Personal Care Company (A)	4.125	04-01-29	160,000	$138,662
Edgewell Personal Care Company (A)	5.500	06-01-28	170,000	160,225
Personal care products 0.1%
Oriflame Investment Holding PLC (A)	5.125	05-04-26	200,000	67,649
Energy 8.1%				9,498,940
Oil, gas and consumable fuels 8.1%
Antero Midstream Partners LP (A)	5.375	06-15-29	190,000	178,039
Ascent Resources Utica Holdings LLC (A)	5.875	06-30-29	180,000	163,945
Cheniere Energy Partners LP	3.250	01-31-32	125,000	103,291
Cheniere Energy Partners LP	4.000	03-01-31	230,000	203,057
Cheniere Energy Partners LP	4.500	10-01-29	143,000	131,946
Crestwood Midstream Partners LP (A)	8.000	04-01-29	240,000	247,996
Delek Logistics Partners LP (A)	7.125	06-01-28	185,000	171,972
Ecopetrol SA	5.875	05-28-45	285,000	200,907
Enbridge, Inc. (7.625% to 10-15-32, then 5 Year CMT + 4.418%)	7.625	01-15-83	625,000	629,974
Energean Israel Finance, Ltd. (A)	5.375	03-30-28	100,000	90,860
Energean Israel Finance, Ltd. (A)	5.875	03-30-31	190,000	167,390
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (B)	7.125	05-15-30	830,000	734,450
EnLink Midstream LLC (A)	5.625	01-15-28	291,000	281,505
EQM Midstream Partners LP (A)	4.750	01-15-31	205,000	181,154
EQM Midstream Partners LP (A)	7.500	06-01-30	218,000	223,560
Genesis Energy LP	7.750	02-01-28	215,000	209,204
Greenko Solar Mauritius, Ltd.	5.950	07-29-26	200,000	187,600
Hess Midstream Operations LP (A)	5.500	10-15-30	225,000	210,638
Howard Midstream Energy Partners LLC (A)	8.875	07-15-28	173,000	179,157
Indika Energy Capital IV Pte, Ltd.	8.250	10-22-25	300,000	296,186
Inversiones Latin America Power, Ltda. (A)	5.125	06-15-33	192,034	79,694
Leviathan Bond, Ltd. (A)	6.750	06-30-30	260,000	243,360
MC Brazil Downstream Trading SARL (A)	7.250	06-30-31	284,646	190,713
Medco Bell Pte, Ltd.	6.375	01-30-27	200,000	185,791
MEG Energy Corp. (A)	5.875	02-01-29	87,000	83,114
New Fortress Energy, Inc. (A)	6.500	09-30-26	250,000	232,381
NuStar Logistics LP	6.375	10-01-30	235,000	226,188
Occidental Petroleum Corp.	6.375	09-01-28	135,000	137,288
Occidental Petroleum Corp.	6.625	09-01-30	135,000	139,362
Parkland Corp. (A)	5.875	07-15-27	350,000	338,264
Petroleos del Peru SA (A)	5.625	06-19-47	495,000	316,759

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Petroleos Mexicanos	6.625	06-15-35		635,000	$438,079
Petroleos Mexicanos	7.470	11-12-26	MXN	12,562,500	621,660
Plains All American Pipeline LP (3 month CME Term SOFR + 4.372%) (B)(C)	9.736	10-02-23		380,000	348,648
Southwestern Energy Company	4.750	02-01-32		95,000	84,156
Sunoco LP	4.500	04-30-30		132,000	117,690
Talos Production, Inc.	12.000	01-15-26		100,000	104,250
The Oil and Gas Holding Company BSCC (A)	7.500	10-25-27		450,000	457,376
Venture Global Calcasieu Pass LLC (A)	4.125	08-15-31		225,000	190,858
Venture Global Calcasieu Pass LLC (A)	6.250	01-15-30		175,000	170,478
Financials 10.7%					12,555,506
Banks 7.1%
Axis Bank, Ltd. (4.100% to 9-8-26, then 5 Year CMT + 3.315%) (A)(B)	4.100	09-08-26		200,000	173,800
Bank Negara Indonesia Persero Tbk PT (4.300% to 3-24-27, then 5 Year CMT + 3.466%) (B)	4.300	03-24-27		200,000	165,126
Bank of America Corp. (6.100% to 3-17-25, then 3 month CME Term SOFR + 4.160%) (B)	6.100	03-17-25		650,000	638,909
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)	6.125	04-27-27		480,000	465,600
Barclays PLC (8.000% to 3-15-29, then 5 Year CMT + 5.431%) (B)	8.000	03-15-29		550,000	491,623
BNP Paribas SA (6.625% to 3-25-24, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 4.149%) (A)(B)	6.625	03-25-24		352,000	347,635
Citigroup, Inc. (7.375% to 5-15-28, then 5 Year CMT + 3.209%) (B)	7.375	05-15-28		485,000	488,031
Credit Agricole SA (4.750% to 3-23-29, then 5 Year CMT + 3.237%) (A)(B)	4.750	03-23-29		275,000	215,078
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (A)(B)	8.125	12-23-25		385,000	383,609
Fifth Third Bancorp (6.361% to 10-27-27, then SOFR + 2.192%)	6.361	10-27-28		340,000	342,711
Freedom Mortgage Corp. (A)	8.250	04-15-25		261,000	257,194
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (B)	6.500	04-16-25		440,000	415,533

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
JPMorgan Chase & Co. (4.600% to 2-1-25, then 3 month CME Term SOFR + 3.125%) (B)	4.600	02-01-25	420,000	$394,044
KeyCorp (5.000% to 9-15-26, then 3 month CME Term SOFR + 3.868%) (B)	5.000	09-15-26	164,000	127,166
Popular, Inc.	7.250	03-13-28	209,000	210,306
Societe Generale SA (5.375% to 11-18-30, then 5 Year CMT + 4.514%) (A)(B)	5.375	11-18-30	400,000	300,872
Societe Generale SA (7.875% to 12-18-23, then 5 Year U.S. Swap Rate + 4.979%) (A)(B)	7.875	12-18-23	353,000	351,535
The Bank of East Asia, Ltd. (5.825% to 10-21-25, then 5 Year CMT + 5.527%) (B)	5.825	10-21-25	250,000	190,000
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%)	8.625	10-27-82	690,000	703,369
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)	6.000	05-15-27	245,000	220,280
The PNC Financial Services Group, Inc. (6.250% to 3-15-30, then 7 Year CMT + 2.808%) (B)	6.250	03-15-30	374,000	330,837
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%)	8.125	10-31-82	680,000	683,415
Wells Fargo & Company (7.625% to 9-15-28, then 5 Year CMT + 3.606%) (B)	7.625	09-15-28	342,000	350,123
Capital markets 0.5%
Brookfield Capital Finance LLC	6.087	06-14-33	215,000	215,529
The Goldman Sachs Group, Inc. (7.500% to 2-10-29, then 5 Year CMT + 3.156%) (B)	7.500	02-10-29	400,000	402,000
Consumer finance 0.4%
Ally Financial, Inc.	7.100	11-15-27	300,000	303,934
OneMain Finance Corp.	9.000	01-15-29	149,000	151,049
Unifin Financiera SAB de CV (A)(D)	9.875	01-28-29	475,000	23,750
Financial services 0.9%
Block, Inc.	3.500	06-01-31	340,000	278,788
Corebridge Financial, Inc. (6.875% to 9-15-27, then 5 Year CMT + 3.846%)	6.875	12-15-52	450,000	437,521
Macquarie Airfinance Holdings, Ltd. (A)	8.375	05-01-28	127,000	129,670

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Financial services (continued)
Nationstar Mortgage Holdings, Inc. (A)	5.125	12-15-30		125,000	$105,884
Nationstar Mortgage Holdings, Inc. (A)	6.000	01-15-27		150,000	142,875
Insurance 1.8%
Alliant Holdings Intermediate LLC (A)	6.750	04-15-28		256,000	252,215
HUB International, Ltd. (A)	7.250	06-15-30		213,000	216,811
Lincoln National Corp. (9.250% to 12-1-27, then 5 Year CMT + 5.318%) (B)(E)	9.250	12-01-27		320,000	332,760
Markel Group, Inc. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (B)	6.000	06-01-25		400,000	387,892
Prudential Financial, Inc. (6.000% to 6-1-32, then 5 Year CMT + 3.234%)	6.000	09-01-52		500,000	477,580
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (A)(B)	6.500	11-13-26		800,000	450,452
Health care 1.4%					1,660,639
Health care equipment and supplies 0.2%
Varex Imaging Corp. (A)	7.875	10-15-27		204,000	202,979
Health care providers and services 0.9%
DaVita, Inc. (A)	3.750	02-15-31		245,000	195,104
DaVita, Inc. (A)	4.625	06-01-30		400,000	343,101
Rede D’or Finance Sarl (A)	4.500	01-22-30		200,000	171,873
Select Medical Corp. (A)	6.250	08-15-26		330,000	326,872
Pharmaceuticals 0.3%
Organon & Company (A)	5.125	04-30-31		245,000	208,741
Viatris, Inc.	4.000	06-22-50		320,000	211,969
Industrials 5.2%					6,085,691
Aerospace and defense 0.3%
TransDigm, Inc. (A)	6.750	08-15-28		322,000	323,129
Air freight and logistics 0.3%
Simpar Europe SA (A)	5.200	01-26-31		200,000	164,272
Simpar Finance Sarl (A)	10.750	02-12-28	BRL	1,190,000	189,841
Building products 0.2%
Builders FirstSource, Inc. (A)	5.000	03-01-30		225,000	206,680
Commercial services and supplies 1.6%
Albion Financing 1 SARL (A)	5.250	10-15-26	EUR	100,000	103,941
Albion Financing 1 SARL (A)	6.125	10-15-26		200,000	189,250
Allied Universal Holdco LLC (A)	6.000	06-01-29		210,000	160,604
Allied Universal Holdco LLC (A)	6.625	07-15-26		211,000	200,691

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Commercial services and supplies (continued)
APX Group, Inc. (A)	6.750	02-15-27		200,000	$194,340
Cimpress PLC	7.000	06-15-26		245,000	229,688
Clean Harbors, Inc. (A)	6.375	02-01-31		153,000	152,148
Elis SA	1.625	04-03-28	EUR	300,000	286,512
Prime Security Services Borrower LLC (A)	3.375	08-31-27		225,000	200,116
VT Topco, Inc. (A)	8.500	08-15-30		100,000	101,500
Construction and engineering 0.8%
Global Infrastructure Solutions, Inc. (A)	5.625	06-01-29		300,000	251,942
IHS Netherlands Holdco BV (A)	8.000	09-18-27		400,000	358,032
MasTec, Inc. (A)	6.625	08-15-29		160,000	153,070
Williams Scotsman International, Inc. (A)	6.125	06-15-25		211,000	209,141
Electrical equipment 0.4%
Emerald Debt Merger Sub LLC (A)	6.625	12-15-30		280,000	275,638
Vertiv Group Corp. (A)	4.125	11-15-28		199,000	178,655
Ground transportation 0.3%
Uber Technologies, Inc. (A)	8.000	11-01-26		400,000	407,279
Machinery 0.1%
Madison IAQ LLC (A)	5.875	06-30-29		124,000	104,408
Passenger airlines 0.4%
American Airlines 2017-1 Class B Pass Through Trust	4.950	02-15-25		77,350	74,920
United Airlines 2020-1 Class A Pass Through Trust	5.875	10-15-27		136,567	135,406
United Airlines, Inc. (A)	4.375	04-15-26		220,000	207,335
Professional services 0.4%
Concentrix Corp.	6.850	08-02-33		334,000	319,742
TriNet Group, Inc. (A)	7.125	08-15-31		201,000	202,130
Trading companies and distributors 0.1%
Beacon Roofing Supply, Inc. (A)	6.500	08-01-30		155,000	153,115
Transportation infrastructure 0.3%
GMR Hyderabad International Airport, Ltd.	4.250	10-27-27		200,000	177,750
JSW Infrastructure, Ltd. (A)	4.950	01-21-29		200,000	174,416
Information technology 2.5%					2,931,535
Communications equipment 0.0%
CommScope, Inc. (A)	6.000	03-01-26		76,000	69,066
IT services 0.5%
Sabre GLBL, Inc. (A)	7.375	09-01-25		179,000	175,921

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Information technology (continued)
IT services (continued)
Sixsigma Networks Mexico SA de CV (A)	7.500	05-02-25		458,000	$409,424
Semiconductors and semiconductor equipment 0.7%
Entegris Escrow Corp. (A)	4.750	04-15-29		324,000	301,433
ON Semiconductor Corp. (A)	3.875	09-01-28		240,000	213,643
Qorvo, Inc. (A)	3.375	04-01-31		330,000	268,658
Software 0.7%
Consensus Cloud Solutions, Inc. (A)	6.000	10-15-26		141,000	130,766
Consensus Cloud Solutions, Inc. (A)	6.500	10-15-28		275,000	248,548
NCR Corp. (A)	5.125	04-15-29		95,000	86,397
NCR Corp. (A)	5.250	10-01-30		185,000	166,030
Ziff Davis, Inc. (A)	4.625	10-15-30		180,000	154,824
Technology hardware, storage and peripherals 0.6%
Seagate HDD Cayman	4.125	01-15-31		109,000	89,026
Seagate HDD Cayman (A)	9.625	12-01-32		392,800	435,107
Xerox Holdings Corp. (A)	5.500	08-15-28		210,000	182,692
Materials 3.0%					3,497,259
Chemicals 0.3%
Braskem Idesa SAPI (A)	6.990	02-20-32		325,000	194,630
SCIL IV LLC (A)	5.375	11-01-26		200,000	187,216
Construction materials 0.6%
Cemex SAB de CV (A)	3.875	07-11-31		260,000	222,475
Standard Industries, Inc. (A)	5.000	02-15-27		210,000	199,079
West China Cement, Ltd.	4.950	07-08-26		400,000	284,000
Containers and packaging 0.6%
Ardagh Packaging Finance PLC (A)	5.250	08-15-27		340,000	291,305
Clydesdale Acquisition Holdings, Inc. (A)	8.750	04-15-30		150,000	135,650
Graham Packaging Company, Inc. (A)	7.125	08-15-28		120,000	104,647
OI European Group BV (A)	6.250	05-15-28	EUR	100,000	110,860
Sealed Air Corp. (A)	6.125	02-01-28		87,000	85,484
Metals and mining 1.5%
Adaro Indonesia PT	4.250	10-31-24		250,000	240,350
CSN Resources SA (A)	5.875	04-08-32		265,000	214,333
First Quantum Minerals, Ltd. (A)	7.500	04-01-25		349,000	348,432
Gold Fields Orogen Holdings BVI, Ltd. (A)	6.125	05-15-29		475,000	470,004
Indonesia Asahan Aluminium PT	4.750	05-15-25		200,000	196,008
Volcan Cia Minera SAA (A)	4.375	02-11-26		330,000	212,786

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Real estate 1.9%				$2,148,111
Health care REITs 0.2%
Diversified Healthcare Trust	9.750	06-15-25	245,000	240,913
Hotel and resort REITs 0.4%
RHP Hotel Properties LP (A)	4.500	02-15-29	230,000	201,894
XHR LP (A)	4.875	06-01-29	240,000	207,652
Real estate management and development 0.6%
Agile Group Holdings, Ltd.	6.050	10-13-25	200,000	17,000
Central China Real Estate, Ltd. (D)	7.250	07-16-24	200,000	7,000
Central China Real Estate, Ltd. (D)	7.900	11-07-25	200,000	8,100
China SCE Group Holdings, Ltd.	7.375	04-09-24	200,000	17,500
CIFI Holdings Group Company, Ltd. (D)	6.000	07-16-25	200,000	13,500
Country Garden Holdings Company, Ltd.	3.125	10-22-25	200,000	17,760
Country Garden Holdings Company, Ltd.	5.625	01-14-30	350,000	27,300
Greenland Global Investment, Ltd.	6.750	03-03-26	400,000	40,000
Greystar Real Estate Partners LLC (A)	7.750	09-01-30	117,000	118,176
Hopson Development Holdings, Ltd.	6.800	12-28-23	250,000	218,125
KWG Group Holdings, Ltd. (D)	6.000	01-14-24	237,500	17,813
Powerlong Real Estate Holdings, Ltd.	6.250	08-10-24	200,000	14,000
RKPF Overseas 2019 A, Ltd.	6.000	09-04-25	200,000	88,730
Wanda Properties Global Company, Ltd.	11.000	02-13-26	200,000	67,000
Zhenro Properties Group, Ltd. (D)	7.875	04-14-24	200,000	500
Specialized REITs 0.7%
Iron Mountain Information Management Services, Inc. (A)	5.000	07-15-32	245,000	211,549
Uniti Group LP (A)	10.500	02-15-28	194,000	193,541
VICI Properties LP (A)	4.625	12-01-29	465,000	420,058
Utilities 5.1%				5,962,526
Electric utilities 2.7%
Alexander Funding Trust II (A)	7.467	07-31-28	173,000	175,204
Comision Federal de Electricidad (A)	3.348	02-09-31	175,000	138,789
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (B)	5.375	03-15-26	300,000	265,045
Edison International (8.125% to 3-15-28, then 5 Year CMT + 3.864%)	8.125	06-15-53	360,000	366,167
Electricite de France SA (9.125% to 3-15-33, then 5 Year CMT + 5.411%) (A)(B)	9.125	03-15-33	208,000	217,565
NextEra Energy Capital Holdings, Inc. (5.650% to 5-1-29, then 3 month LIBOR + 3.156%)	5.650	05-01-79	800,000	741,456

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Utilities (continued)
Electric utilities (continued)
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (A)(B)	10.250	03-15-28	270,000	$265,223
PPL Capital Funding, Inc. (3 month LIBOR + 2.665%) (C)	8.203	03-30-67	550,000	498,138
Southern California Edison Company (3 month LIBOR + 4.199%) (B)(C)	9.833	10-02-23	450,000	448,875
Gas utilities 0.4%
AmeriGas Partners LP (A)	9.375	06-01-28	273,000	279,833
Superior Plus LP (A)	4.500	03-15-29	245,000	215,595
Independent power and renewable electricity producers 1.3%
Adani Green Energy, Ltd. (A)	4.375	09-08-24	200,000	187,050
Calpine Corp. (A)	4.500	02-15-28	369,000	341,593
India Clean Energy Holdings (A)	4.500	04-18-27	300,000	252,549
Talen Energy Supply LLC (A)	8.625	06-01-30	172,000	179,088
Vistra Corp. (7.000% to 12-15-26, then 5 Year CMT + 5.740%) (A)(B)	7.000	12-15-26	325,000	300,807
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (A)(B)	8.000	10-15-26	320,000	305,812
Multi-utilities 0.7%
CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (B)	6.125	09-01-23	500,000	500,000

Sempra (4.875% to 10-15-25, then 5 Year CMT + 4.550%) (B)	4.875	10-15-25	300,000	283,737
Convertible bonds 0.2%				$226,875
(Cost $263,762)
Communication services 0.2%				226,875
Media 0.2%

DISH Network Corp.	3.375	08-15-26	375,000	226,875
Capital preferred securities 0.2%				$251,550
(Cost $292,200)
Financials 0.2%				251,550
Insurance 0.2%

MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month LIBOR + 3.960%) (A)	7.875	12-15-67	240,000	251,550

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value

Term loans (F) 1.8%				$2,090,246
(Cost $2,140,589)
Communication services 0.7%				834,489
Diversified telecommunication services 0.2%
Zayo Group Holdings, Inc., 2022 USD Incremental Term Loan B (G)	TBD	03-09-27	263,000	210,334
Interactive media and services 0.2%
Arches Buyer, Inc., 2021 Term Loan B (1 month SOFR + 3.250%)	8.681	12-06-27	313,107	304,055
Media 0.3%
AP Core Holdings II LLC, High-Yield Term Loan B2 (1 month SOFR + 5.500%)	10.945	09-01-27	330,000	320,100
Financials 0.1%				56,152
Insurance 0.1%
HUB International, Ltd., 2023 Term Loan B (3 month SOFR + 4.250%)	9.584	06-20-30	56,000	56,152
Health care 0.4%				502,062
Health care providers and services 0.2%
Mamba Purchaser, Inc., 2021 Term Loan (1 month SOFR + 3.500%)	8.946	10-16-28	208,472	207,847
Pharmaceuticals 0.2%
Bausch Health Americas, Inc. , 2022 Term Loan B (1 month SOFR + 5.250%)	10.664	02-01-27	361,000	294,215
Industrials 0.5%				593,268
Ground transportation 0.1%
Uber Technologies, Inc., 2023 Term Loan B (3 month SOFR + 2.750%)	8.009	03-03-30	174,125	174,313
Passenger airlines 0.4%
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month SOFR + 4.750%)	10.338	04-20-28	403,750	418,955
Information technology 0.1%				104,275
Software 0.1%

Quest Software, Inc., 2022 Term Loan (3 month SOFR + 4.250%)	9.769	02-01-29	127,710	104,275

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value

Collateralized mortgage obligations 0.4%				$420,162
(Cost $411,250)
Commercial and residential 0.4%				420,162
BX Commercial Mortgage Trust

Series 2019-XL, Class F (1 month CME Term SOFR + 2.114%) (A)(C)	7.425	10-15-36	425,000	420,162
Asset backed securities 2.1%				$2,444,167
(Cost $2,585,021)
Asset backed securities 2.1%				2,444,167
Concord Music Royalties LLC
Series 2022-1A, Class A2 (A)	6.500	01-20-73	285,000	281,527
CyrusOne Data Centers Issuer I LLC
Series 2023-1A, Class B (A)	5.450	04-20-48	273,987	234,286
Driven Brands Funding LLC
Series 2019-1A, Class A2 (A)	4.641	04-20-49	520,475	492,328
Jack in the Box Funding LLC
Series 2019-1A, Class A23 (A)	4.970	08-25-49	121,875	110,409
MVW LLC
Series 2023-1A, Class D (A)	8.830	10-20-40	461,723	456,538
Neighborly Issuer LLC
Series 2023-1A, Class A2 (A)	7.308	01-30-53	425,860	416,296
Sonic Capital LLC
Series 2020-1A, Class A2II (A)	4.336	01-20-50	195,940	172,552
VR Funding LLC
Series 2020-1A, Class A (A)	2.790	11-15-50	319,679	280,231

	Shares	Value
Common stocks 30.6%		$35,815,082
(Cost $36,146,330)
Communication services 2.0%		2,330,148
Diversified telecommunication services 1.5%
AT&T, Inc.	26,084	385,782
BCE, Inc.	5,496	232,823
HKT Trust & HKT, Ltd.	31,132	33,176
Swisscom AG	149	90,724
Telefonica SA	41,311	171,179
Telia Company AB	63,441	128,075
TELUS Corp.	11,651	204,617
Verizon Communications, Inc.	13,088	457,818
Media 0.3%
Comcast Corp., Class A	8,844	413,545
Wireless telecommunication services 0.2%
SoftBank Corp.	8,900	102,071
Tele2 AB, B Shares	15,618	110,338

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Shares	Value
Consumer discretionary 1.8%		$2,090,814
Automobiles 0.3%
Bayerische Motoren Werke AG	2,137	224,768
Ferrari NV	169	53,584
Mercedes-Benz Group AG	1,734	126,885
Distributors 0.4%
Genuine Parts Company	2,700	415,071
Hotels, restaurants and leisure 0.4%
Evolution AB (A)	398	43,046
Texas Roadhouse, Inc.	4,247	442,113
Household durables 0.2%
Garmin, Ltd.	2,693	285,512
Specialty retail 0.2%
The Home Depot, Inc.	584	192,895
Textiles, apparel and luxury goods 0.3%
Cie Financiere Richemont SA, A Shares	365	51,772
Hermes International SCA	48	98,721
LVMH Moet Hennessy Louis Vuitton SE	185	156,447
Consumer staples 2.3%		2,714,759
Consumer staples distribution and retail 0.2%
J Sainsbury PLC	72,877	249,221
Food products 0.7%
Conagra Brands, Inc.	12,074	360,771
Kellogg Company	6,872	419,329
Household products 0.7%
Colgate-Palmolive Company	2,309	169,642
Kimberly-Clark Corp.	3,472	447,298
The Clorox Company	1,257	196,658
Personal care products 0.2%
Unilever PLC	5,000	255,346
Tobacco 0.5%
Altria Group, Inc.	3,026	133,810
British American Tobacco PLC	6,309	208,981
Japan Tobacco, Inc.	12,500	273,703
Energy 1.5%		1,758,722
Oil, gas and consumable fuels 1.5%
Birchcliff Energy, Ltd.	9,306	57,508
Chevron Corp.	2,771	446,408
ENEOS Holdings, Inc.	70,100	263,235
Exxon Mobil Corp.	4,269	474,670
Peyto Exploration & Development Corp.	6,260	58,143
The Williams Companies, Inc.	9,193	317,434

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Table of Contents

	Shares	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Woodside Energy Group, Ltd.	5,920	$141,324
Financials 4.1%		4,790,039
Banks 1.7%
Banco Bilbao Vizcaya Argentaria SA	4,027	31,773
Bank Leumi Le-Israel BM	11,041	85,706
Bank of Montreal	386	33,244
BOC Hong Kong Holdings, Ltd.	75,310	209,233
Canadian Imperial Bank of Commerce	1,516	60,070
KBC Group NV	1,139	74,730
KeyCorp	9,378	106,253
M&T Bank Corp.	1,175	146,934
Nordea Bank ABP	10,546	115,534
Oversea-Chinese Banking Corp., Ltd.	26,400	244,947
The Bank of Nova Scotia	4,220	200,256
The Toronto-Dominion Bank	761	46,419
Truist Financial Corp.	1,775	54,226
U.S. Bancorp	9,724	355,218
United Overseas Bank, Ltd.	10,300	216,376
Capital markets 0.6%
abrdn PLC	37,958	79,183
Daiwa Securities Group, Inc.	44,700	254,193
DWS Group GmbH & Company KGaA (A)	2,287	78,777
Nomura Holdings, Inc.	26,500	102,598
Northern Trust Corp.	789	60,019
Partners Group Holding AG	121	130,426
Financial services 0.4%
Banca Mediolanum SpA	7,907	72,162
Mitsubishi HC Capital, Inc.	41,200	267,670
The Western Union Company	12,549	154,980
Insurance 1.4%
Cincinnati Financial Corp.	3,857	408,032
Everest Group, Ltd.	598	215,687
MS&AD Insurance Group Holdings, Inc.	6,900	247,790
Sompo Holdings, Inc.	5,200	226,291
The Allstate Corp.	2,455	264,674
Zurich Insurance Group AG	526	246,638
Health care 4.4%		5,144,966
Biotechnology 1.1%
AbbVie, Inc.	2,735	401,936
Amgen, Inc.	1,551	397,583
Gilead Sciences, Inc.	5,728	438,077

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Shares	Value
Health care (continued)
Health care equipment and supplies 0.4%
Abbott Laboratories	553	$56,904
Medtronic PLC	5,399	440,019
Straumann Holding AG	215	32,506
Health care providers and services 0.6%
Cardinal Health, Inc.	3,940	344,080
CVS Health Corp.	5,489	357,718
Life sciences tools and services 0.0%
Sartorius Stedim Biotech	127	36,019
Pharmaceuticals 2.3%
AstraZeneca PLC	239	32,103
Bristol-Myers Squibb Company	6,983	430,502
GSK PLC	14,706	257,589
Johnson & Johnson	2,940	475,339
Merck & Company, Inc.	4,465	486,596
Novo Nordisk A/S, B Shares	854	157,523
Orion OYJ, Class B	4,488	183,427
Pfizer, Inc.	10,365	366,714
Takeda Pharmaceutical Company, Ltd.	8,100	250,331
Industrials 3.4%		3,963,598
Air freight and logistics 0.8%
CH Robinson Worldwide, Inc.	4,684	423,574
DHL Group	1,381	64,400
United Parcel Service, Inc., Class B	2,432	411,981
Building products 0.1%
Xinyi Glass Holdings, Ltd.	87,612	129,245
Electrical equipment 0.1%
Schneider Electric SE	690	118,272
Ground transportation 0.1%
ALD SA (A)	14,388	139,088
Industrial conglomerates 0.6%
3M Company	3,846	410,253
CK Hutchison Holdings, Ltd.	39,578	215,700
Siemens AG	798	119,884
Machinery 0.7%
Atlas Copco AB, A Shares	3,380	44,688
Cummins, Inc.	1,828	420,513
Metso OYJ	2,841	32,630
Parker-Hannifin Corp.	149	62,118
Snap-on, Inc.	743	199,570
VAT Group AG (A)	251	100,311

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Table of Contents

	Shares	Value
Industrials (continued)
Marine transportation 0.1%
Kuehne + Nagel International AG	270	$81,120
Professional services 0.5%
Adecco Group AG	1,429	61,469
Paychex, Inc.	3,846	470,097
Trading companies and distributors 0.4%
Fastenal Company	4,878	280,875
Sumitomo Corp.	7,200	148,078
Transportation infrastructure 0.0%
Westshore Terminals Investment Corp.	1,381	29,732
Information technology 6.8%		7,947,032
Communications equipment 0.4%
Cisco Systems, Inc.	8,245	472,851
Electronic equipment, instruments and components 0.3%
Corning, Inc.	5,245	172,141
Venture Corp., Ltd.	14,300	138,604
IT services 0.8%
Accenture PLC, Class A	1,453	470,438
Capgemini SE	279	52,067
IBM Corp.	3,195	469,122
Semiconductors and semiconductor equipment 2.3%
Analog Devices, Inc.	633	115,067
ASM International NV	77	37,065
ASML Holding NV	330	216,984
BE Semiconductor Industries NV	476	54,638
Broadcom, Inc.	534	492,823
Infineon Technologies AG	2,054	73,401
Intel Corp.	14,354	504,400
NVIDIA Corp.	1,286	634,705
STMicroelectronics NV	739	34,877
Texas Instruments, Inc.	2,493	418,974
Tokyo Electron, Ltd.	400	59,410
Software 2.4%
Constellation Software, Inc.	21	43,135
Dassault Systemes SE	1,034	40,978
Microsoft Corp.	4,257	1,395,263
Nemetschek SE	666	45,998
Oracle Corp.	4,059	488,663
Oracle Corp.	3,500	244,465
Roper Technologies, Inc.	990	494,069
SAP SE	803	112,022

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Shares	Value
Information technology (continued)
Technology hardware, storage and peripherals 0.6%
Apple, Inc.	3,539	$664,872
Materials 1.5%		1,781,711
Chemicals 0.8%
Air Products & Chemicals, Inc.	565	166,952
ICL Group, Ltd.	37,360	223,256
Sumitomo Chemical Company, Ltd.	63,100	174,681
Tosoh Corp.	19,700	254,914
Wacker Chemie AG	514	75,707
Construction materials 0.1%
Holcim, Ltd. (H)	2,410	159,374
Containers and packaging 0.3%
Packaging Corp. of America	2,394	356,945
Metals and mining 0.3%
BHP Group, Ltd.	5,608	161,220
Fortescue Metals Group, Ltd.	3,743	51,531
Norsk Hydro ASA	11,876	65,709
Rio Tinto PLC	476	29,314
Southern Copper Corp.	770	62,108
Real estate 0.6%		673,676
Health care REITs 0.3%
Medical Properties Trust, Inc.	43,208	311,962
Industrial REITs 0.1%
CapitaLand Ascendas REIT	39,000	79,876
Mapletree Logistics Trust	65,800	81,753
Real estate management and development 0.2%
CK Asset Holdings, Ltd.	36,262	200,085
Utilities 2.2%		2,619,617
Electric utilities 1.0%
Alliant Energy Corp.	6,527	327,460
Endesa SA	11,678	242,528
Power Assets Holdings, Ltd.	19,306	95,034
Redeia Corp. SA	8,178	132,805
The Southern Company	830	56,216
Xcel Energy, Inc.	6,962	397,739
Gas utilities 0.4%
Enagas SA	11,438	195,190
Snam SpA	49,714	256,542
Multi-utilities 0.8%
Algonquin Power & Utilities Corp.	13,400	358,986

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Table of Contents

	Shares	Value
Utilities (continued)
Multi-utilities (continued)
CMS Energy Corp.	7,643	$429,460

National Grid PLC	10,227	127,657
Preferred securities 2.9%		$3,422,581
(Cost $3,797,702)
Communication services 0.3%		350,175
Wireless telecommunication services 0.3%
Telephone & Data Systems, Inc., 6.625%	20,125	350,175
Consumer discretionary 0.1%		88,600
Broadline retail 0.1%
Qurate Retail, Inc., 8.000%	2,500	88,600
Financials 1.4%		1,712,402
Banks 0.3%
Huntington Bancshares, Inc., Series J, 6.875% (6.875% to 4-15-28, then 5 Year CMT + 2.704%)	16,025	387,485
Financial services 0.3%
Apollo Global Management, Inc., 7.625% (7.625% to 9-15-28, then 5 Year CMT + 3.226%)	14,600	378,724
Insurance 0.8%
Reinsurance Group of America, Inc., 7.125% (7.125% to 10-15-27, then 5 Year CMT + 3.456%)	26,575	690,950
The Allstate Corp., 7.375%	9,650	255,243
Industrials 0.1%		159,988
Trading companies and distributors 0.1%
FTAI Aviation, Ltd., 8.250% (8.250% to 6-15-26, then 5 Year CMT + 7.378%)	6,725	159,988
Real estate 0.2%		203,137
Hotel and resort REITs 0.2%
Pebblebrook Hotel Trust, 6.375%	10,275	203,137
Utilities 0.8%		908,279
Electric utilities 0.3%
NextEra Energy, Inc., 6.926%	7,750	327,825
Independent power and renewable electricity producers 0.1%
The AES Corp., 6.875%	2,000	143,100
Multi-utilities 0.4%
Algonquin Power & Utilities Corp., 6.200% (6.200% to 7-1-24, then 3 month LIBOR + 4.010%)	9,025	218,856

NiSource, Inc., 6.500% (6.500% to 3-15-24, then 5 Year CMT + 3.632%)	8,775	218,498

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

Table of Contents

	Shares	Value

Rights 0.0%		$12
(Cost $9)
Constellation Software, Inc. (Expiration Date: 10-2-23; Strike Price: CAD 133.00) (H)	21	12

Warrants 0.0%		$0
(Cost $0)
Constellation Software, Inc. (Expiration Date: 3-31-40) (H)(I)(J)	21	0

	Yield* (%)	Maturity date	Par value^	Value
Short-term investments 5.3%				$6,246,968
(Cost $6,246,899)
U.S. Government 2.1%				2,479,776
U.S. Treasury Bill (K)	5.181	10-26-23	2,500,000	2,479,776

	Yield (%)	Shares	Value
Short-term funds 3.2%			3,767,192
John Hancock Collateral Trust (L)	5.4789(M)	376,847	3,767,192


Total investments (Cost $125,371,123) 99.2%					$116,103,531
Other assets and liabilities, net 0.8%					915,378
Total net assets 100.0%					$117,018,909

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
MXN	Mexican Peso

Security Abbreviations and Legend
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	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. Rule 144A securities amounted to $42,263,526 or 36.1% of the fund’s net assets as of 8-31-23.
(B)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	Non-income producing - Issuer is in default.
(E)	All or a portion of this security is on loan as of 8-31-23.
(F)	Term loans are variable rate obligations. The rate shown represents the rate at period end.

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Table of Contents

(G)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).
(H)	Non-income producing security.
(I)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(J)	Strike price and/or expiration date not available.
(K)	All or a portion of this security is segregated at the custodian as collateral for certain derivatives.
(L)	Investment is an affiliate of the fund, the advisor and/or subadvisor. A portion of this security represents the investment of cash collateral received for securities lending. Market value of this investment amounted to $71,573.
(M)	The rate shown is the annualized seven-day yield as of 8-31-23.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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DERIVATIVES

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
EUR	52,000	USD	57,744	JPM	9/20/2023	—	$(1,317)
MXN	350,000	USD	19,363	MSCS	9/20/2023	$1,111	—
USD	1,202,632	EUR	1,090,925	CITI	9/20/2023	18,843	—
USD	54,459	EUR	50,000	SSB	9/20/2023	203	—
USD	616,595	MXN	11,210,000	GSI	9/20/2023	—	(39,151)
						$20,157	$(40,468)

WRITTEN OPTIONS

Options on securities
Counterparty (OTC)/ Exchange- traded	Name of issuer	Currency	Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	42.00	Sep 2023	14	1,400	$350	$(21)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	41.00	Sep 2023	18	1,800	269	(36)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	39.50	Sep 2023	18	1,800	575	(621)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	40.50	Sep 2023	14	1,400	364	(147)
							$1,558	$(825)
Puts
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	39.50	Sep 2023	52	5,200	$4,561	$(2,600)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	38.50	Sep 2023	53	5,300	3,708	(1,087)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	39.00	Sep 2023	26	2,600	1,377	(1,196)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	39.50	Sep 2023	26	2,600	1,949	(1,690)
							$11,595	$(6,573)
							$13,153	$(7,398)

Options on index
Counterparty (OTC)/ Exchange- traded	Name of issuer	Currency	Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls
UBS	FTSE 100 Index	GBP	7,650.00	Sep 2023	3	3	$96	—
GSI	FTSE 100 Index	GBP	7,650.00	Sep 2023	4	4	165	$(11)
GSI	FTSE 100 Index	GBP	7,600.00	Sep 2023	2	2	77	(13)
UBS	Nikkei 225 Index	JPY	33,000.00	Sep 2023	470	470	816	(29)

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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Options on index (continued)
Counterparty (OTC)/ Exchange- traded	Name of issuer	Currency	Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
GSI	Nikkei 225 Index	JPY	33,000.00	Sep 2023	219	219	$236	$(173)
UBS	Nikkei 225 Index	JPY	32,375.00	Sep 2023	479	479	754	(1,684)
UBS	Nikkei 225 Index	JPY	32,875.00	Sep 2023	483	483	811	(1,115)
							$2,955	$(3,025)
Exchange-traded	EURO STOXX 50 Index	EUR	4,425.00	Sep 2023	4	40	1,404	(9)
Exchange-traded	EURO STOXX 50 Index	EUR	4,425.00	Sep 2023	4	40	1,345	(130)
Exchange-traded	EURO STOXX 50 Index	EUR	4,375.00	Sep 2023	4	40	1,254	(933)
Exchange-traded	EURO STOXX 50 Index	EUR	4,375.00	Sep 2023	4	40	1,195	(1,275)
Exchange-traded	FTSE 100 Index	GBP	7,450.00	Sep 2023	1	10	464	(801)
Exchange-traded	S&P 500 Index	USD	4,600.00	Sep 2023	3	300	7,017	(23)
Exchange-traded	S&P 500 Index	USD	4,550.00	Sep 2023	1	100	2,599	(1,185)
Exchange-traded	S&P 500 Index	USD	4,480.00	Sep 2023	2	200	5,850	(12,111)
Exchange-traded	S&P 500 Index	USD	4,525.00	Sep 2023	2	200	4,978	(9,500)
							$26,106	$(25,967)
Puts
UBS	FTSE 100 Index	GBP	7,525.00	Sep 2023	6	6	$729	$(649)
GSI	FTSE 100 Index	GBP	7,500.00	Sep 2023	6	6	761	(596)
GSI	FTSE 100 Index	GBP	7,475.00	Sep 2023	6	6	717	(478)
UBS	Nikkei 225 Index	JPY	32,250.00	Sep 2023	364	364	1,388	(30)
GSI	Nikkei 225 Index	JPY	32,125.00	Sep 2023	372	372	1,315	(254)
UBS	Nikkei 225 Index	JPY	31,500.00	Sep 2023	374	374	1,021	(193)
UBS	Nikkei 225 Index	JPY	32,125.00	Sep 2023	370	370	1,147	(671)
							$7,078	$(2,871)
Exchange-traded	EURO STOXX 50 Index	EUR	4,325.00	Sep 2023	3	30	2,209	(779)
Exchange-traded	EURO STOXX 50 Index	EUR	4,325.00	Sep 2023	3	30	2,256	(1,344)
Exchange-traded	EURO STOXX 50 Index	EUR	4,275.00	Sep 2023	3	30	2,548	(1,104)
Exchange-traded	EURO STOXX 50 Index	EUR	4,275.00	Sep 2023	3	30	2,205	(1,425)
Exchange-traded	FTSE 100 Index	GBP	7,300.00	Sep 2023	1	10	1,224	(295)
Exchange-traded	S&P 500 Index	USD	4,500.00	Sep 2023	2	200	11,767	(1,700)
Exchange-traded	S&P 500 Index	USD	4,470.00	Sep 2023	2	200	12,532	(2,250)
Exchange-traded	S&P 500 Index	USD	4,400.00	Sep 2023	2	200	12,652	(1,750)
Exchange-traded	S&P 500 Index	USD	4,440.00	Sep 2023	2	200	11,818	(4,740)
							$59,211	$(15,387)
							$95,350	$(47,250)

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ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $121,604,435) including $69,680 of securities loaned	$112,336,339
Affiliated investments, at value (Cost $3,766,688)	3,767,192
Total investments, at value (Cost $125,371,123)	116,103,531
Unrealized appreciation on forward foreign currency contracts	20,157
Cash	3,083
Foreign currency, at value (Cost $274,985)	276,390
Dividends and interest receivable	1,379,622
Receivable for investments sold	609,484
Receivable for securities lending income	598
Receivable from affiliates	836
Other assets	19,885
Total assets	118,413,586
Liabilities
Unrealized depreciation on forward foreign currency contracts	40,468
Written options, at value (Premiums received $108,503)	54,648
Payable for investments purchased	912,823
Payable for fund shares repurchased	276,175
Payable upon return of securities loaned	71,690
Payable to affiliates
Accounting and legal services fees	6,040
Transfer agent fees	648
Trustees’ fees	8
Other liabilities and accrued expenses	32,177
Total liabilities	1,394,677
Net assets	$117,018,909
Net assets consist of
Paid-in capital	$136,293,157
Total distributable earnings (loss)	(19,274,248)
Net assets	$117,018,909

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STATEMENT OF OPERATIONS For the year ended 8-31-23

Investment income
Interest	$5,142,237
Dividends	1,660,526
Dividends from affiliated investments	210,399
Securities lending	9,470
Less foreign taxes withheld	(67,819)
Total investment income	6,954,813
Expenses
Investment management fees	498,166
Distribution and service fees	17,218
Accounting and legal services fees	24,530
Transfer agent fees	6,583
Trustees’ fees	2,939
Custodian fees	60,593
State registration fees	66,327
Printing and postage	14,296
Professional fees	56,777
Other	21,528
Total expenses	768,957
Less expense reductions	(128,242)
Net expenses	640,715
Net investment income	6,314,098
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(5,521,369)
Affiliated investments	(195)
Forward foreign currency contracts	(173,928)
Written options	54,729
	(5,640,763)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	3,995,609
Affiliated investments	625
Forward foreign currency contracts	(26,717)
Written options	160,440
	4,129,957
Net realized and unrealized loss	(1,510,806)
Increase in net assets from operations	$4,803,292

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$8.65	$10.52	$9.86	$9.88	$9.67
Net investment income¹	0.43	0.39	0.37	0.30	0.31
Net realized and unrealized gain (loss) on investments	(0.12)	(1.28)	0.84	(0.11)	0.21
Total from investment operations	0.31	(0.89)	1.21	0.19	0.52
Less distributions
From net investment income	(0.47)	(0.44)	(0.47)	(0.21)	(0.31)
From net realized gain	(0.07)	(0.54)	(0.08)	—	—
Total distributions	(0.54)	(0.98)	(0.55)	(0.21)	(0.31)
Net asset value, end of period	$8.42	$8.65	$10.52	$9.86	$9.88
Total return (%)^2,3	3.76	(9.20)	12.67	1.96	5.52
Ratios and supplemental data
Net assets, end of period (in millions)	$6	$4	$5	$5	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	0.99	0.95	1.00	1.59⁴	3.88⁴
Expenses including reductions	0.89	0.89	0.89	0.90⁴	0.62⁴
Net investment income	5.02	4.09	3.62	2.98	3.20
Portfolio turnover (%)	59	55	79	42	29

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.
⁴	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

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ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund

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CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$8.60	$10.47	$9.81	$9.85	$9.64
Net investment income¹	0.36	0.32	0.29	0.23	0.24
Net realized and unrealized gain (loss) on investments	(0.11)	(1.28)	0.84	(0.11)	0.21
Total from investment operations	0.25	(0.96)	1.13	0.12	0.45
Less distributions
From net investment income	(0.40)	(0.37)	(0.39)	(0.16)	(0.24)
From net realized gain	(0.07)	(0.54)	(0.08)	—	—
Total distributions	(0.47)	(0.91)	(0.47)	(0.16)	(0.24)
Net asset value, end of period	$8.38	$8.60	$10.47	$9.81	$9.85
Total return (%)^2,3	3.08	(9.88)	11.75	1.24	4.80
Ratios and supplemental data
Net assets, end of period (in millions)	$—⁴	$1	$1	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	1.74	1.70	1.75	2.30⁵	4.58⁵
Expenses including reductions	1.64	1.64	1.64	1.62⁵	1.32⁵
Net investment income	4.20	3.35	2.87	2.27	2.51
Portfolio turnover (%)	59	55	79	42	29

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.
⁴	Less than $500,000.
⁵	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

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CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$8.66	$10.54	$9.88	$9.89	$9.67
Net investment income¹	0.44	0.42	0.40	0.33	0.34
Net realized and unrealized gain (loss) on investments	(0.11)	(1.29)	0.83	(0.11)	0.22
Total from investment operations	0.33	(0.87)	1.23	0.22	0.56
Less distributions
From net investment income	(0.49)	(0.47)	(0.49)	(0.23)	(0.34)
From net realized gain	(0.07)	(0.54)	(0.08)	—	—
Total distributions	(0.56)	(1.01)	(0.57)	(0.23)	(0.34)
Net asset value, end of period	$8.43	$8.66	$10.54	$9.88	$9.89
Total return (%)²	4.03	(8.96)	12.83	2.28	5.94
Ratios and supplemental data
Net assets, end of period (in millions)	$—³	$1	$1	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	0.74	0.70	0.75	1.30⁴	3.60⁴
Expenses including reductions	0.63	0.64	0.64	0.62⁴	0.34⁴
Net investment income	5.11	4.50	3.87	3.29	3.50
Portfolio turnover (%)	59	55	79	42	29

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.
⁴	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

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ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$8.67	$10.55	$9.89	$9.89	$9.68
Net investment income¹	0.46	0.43	0.41	0.35	0.34
Net realized and unrealized gain (loss) on investments	(0.12)	(1.29)	0.84	(0.11)	0.22
Total from investment operations	0.34	(0.86)	1.25	0.24	0.56
Less distributions
From net investment income	(0.50)	(0.48)	(0.51)	(0.24)	(0.35)
From net realized gain	(0.07)	(0.54)	(0.08)	—	—
Total distributions	(0.57)	(1.02)	(0.59)	(0.24)	(0.35)
Net asset value, end of period	$8.44	$8.67	$10.55	$9.89	$9.89
Total return (%)²	4.14	(8.85)	12.95	2.46	5.94
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$1	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	0.64	0.60	0.65	1.19⁴	3.48⁴
Expenses including reductions	0.53	0.53	0.53	0.50⁴	0.22⁴
Net investment income	5.37	4.60	3.99	3.45	3.53
Portfolio turnover (%)	59	55	79	42	29

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.
⁴	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

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CLASS NAV SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20¹
Per share operating performance
Net asset value, beginning of period	$9.12	$11.04	$10.32	$10.00
Net investment income²	0.48	0.45	0.43	0.09
Net realized and unrealized gain (loss) on investments	(0.12)	(1.35)	0.88	0.28
Total from investment operations	0.36	(0.90)	1.31	0.37
Less distributions
From net investment income	(0.50)	(0.48)	(0.51)	(0.05)
From net realized gain	(0.07)	(0.54)	(0.08)	—
Total distributions	(0.57)	(1.02)	(0.59)	(0.05)
Net asset value, end of period	$8.91	$9.12	$11.04	$10.32
Total return (%)³	4.17	(8.81)	13.00	3.67⁴
Ratios and supplemental data
Net assets, end of period (in millions)	$109	$118	$151	$142
Ratios (as a percentage of average net assets):
Expenses before reductions	0.63	0.59	0.64	1.17⁵
Expenses including reductions	0.52	0.52	0.52	0.49⁵
Net investment income	5.34	4.44	3.98	3.77⁵
Portfolio turnover (%)	59	55	79	42⁶

¹	The inception date for Class NAV shares is 6-4-20.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Not annualized.
⁵	Annualized.
⁶	The portfolio turnover is shown for the period from 9-1-19 to 8-31-20.

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ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund

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Notes to financial statements

Note 1—Organization

John Hancock Multi-Asset High Income Fund (the fund) is a series of John Hancock Funds II (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 to provide a high level of current income with consideration for capital appreciation and preservation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors.Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

Note 2—Significant accounting policies

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. 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. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 Trust (JHCT), are valued at their respective NAVs each business day. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices from the exchange where the option trades. Unlisted options are valued using evaluated prices obtained from an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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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 Pricing Committee following procedures established by the Advisor and adopted 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 scheduled 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 Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor 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 following is a summary of the values by input classification of the fund’s investments as of August 31, 2023, by major security category or type:

	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$334,029	—	$334,029	—
Foreign government obligations	247,174	—	247,174	—
Corporate bonds	64,604,685	—	64,604,685	—
Convertible bonds	226,875	—	226,875	—
Capital preferred securities	251,550	—	251,550	—
Term loans	2,090,246	—	2,090,246	—
Collateralized mortgage obligations	420,162	—	420,162	—
Asset backed securities	2,444,167	—	2,444,167	—
Common stocks	35,815,082	$24,426,391	11,388,691	—
Preferred securities	3,422,581	3,422,581	—	—
Rights	12	12	—	—
Warrants	—	—	—	—
Short-term investments	6,246,968	3,767,192	2,479,776	—
Total investments in securities	$116,103,531	$31,616,176	$84,487,355	—

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	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Derivatives:
Assets
Forward foreign currency contracts	$20,157	—	$20,157	—
Liabilities
Forward foreign currency contracts	(40,468)	—	(40,468)	—
Written options	(54,648)	$(48,752)	(5,896)	—
Level 3 includes securities valued at $0. Refer to Fund’s investments.

Term loans (Floating rate loans). The fund may invest in term loans, which are debt securities and are often rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk, and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.

The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund’s income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund’s exposure to such investments is substantial, it could impair the fund’s ability to meet redemptions. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.

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 their 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.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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For federal income tax purposes, as of August 31, 2023, the fund has a short-term capital loss carryforward of $4,666,930 and a long-term capital loss carryforward of $4,997,044 available to offset future net realized capital gains. These carryforwards do not expire. Due to certain Internal Revenue Code rules, utilization of the capital loss carryforwards may be limited in future 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 monthly. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	$6,694,483	$12,311,155
Long-term capital gains	872,699	2,015,910
Total	$7,567,182	$14,327,065

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Capital accounts within the 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, investments in passive foreign investment companies, contingent payment debt instruments and amortization and accretion on debt securities.

Note 3—Derivative instruments

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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 or settlement with the counterparty.

During the year ended August 31, 2023, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates and gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging from $1.8 million to $3.7 million, as measured at each quarter end.

Options. There are two types of options, put options and call options. Options are traded either OTC or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying asset at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying asset at the exercise price. Writing puts and buying calls may increase the fund’s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the fund’s exposure to such changes. Risks related to the use of options include the loss of premiums on purchased options, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Statement of assets and liabilities. In addition, OTC options are subject to the risks of all OTC derivatives contracts.

Purchased options are included in the Fund’s investments and are subsequently “marked-to-market” to reflect current market value. If a purchased option expires, the fund realizes a loss equal to the premium paid for the option. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying asset transaction to determine the realized gain (loss). Written options are included as liabilities in the Statement of assets and liabilities and are “marked-to-market” to reflect the current market value. If the written option expires, the fund realizes a gain equal to the premium received. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying asset transaction to determine the realized gain (loss).

During the year ended August 31, 2023, the fund used purchased options contracts to manage against changes in certain securities markets and to gain exposure to certain securities markets. The fund held purchased options contracts with market values ranging up to $8,000, as measured at each quarter end. There were no open purchased options contracts as of August 31, 2023.

During the year ended August 31, 2023, the fund wrote option contracts to manage against changes in certain securities markets and to gain exposure to certain securities markets. The fund held written option contracts with market values ranging from $54,600 to $250,600, as measured at each quarter end.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2023 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Currency	Unrealized appreciation (depreciation) on forward foreign currency contracts	Forward foreign currency contracts	$20,157	$(40,468)
Equity	Written options, at value	Written options	—	(54,648)
			$20,157	$(95,116)

For financial reporting purposes, the fund does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.

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Effect of derivative instruments on the Statement of operations

	Statement of operations location - Net realized gain (loss) on:
Risk	Unaffiliated investments and foreign currency transactions¹	Forward foreign currency contracts	Written options	Total
Currency	—	$(173,928)	—	$(173,928)
Equity	$(11,275)	—	$54,729	43,454
Total	$(11,275)	$(173,928)	$54,729	$(130,474)

¹	Realized gain (loss) associated with purchased options is included in this caption on the Statement of operations.

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Forward foreign currency contracts	Written options	Total
Currency	$(26,717)	—	$(26,717)
Equity	—	$160,440	160,440
Total	$(26,717)	$160,440	$133,723

Note 4—Guarantees and indemnifications

Note 5—Fees and transactions with affiliates

Management fee. The fund has an investment management agreement with the Advisor. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The management fee has two components: (1) a fee on assets invested in a fund of the Trust or John Hancock Funds III (JHF III); and (2) a fee on assets invested in investments other than a fund of the Trust or JHF III (Other assets).

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The management fees are determined in accordance with the following schedule:

	First $5.0 billion of net assets	Excess over $5.0 billion of net assets
Assets in a fund of the Trust or JHF III	0.200%	0.175%

	First $1.5 billion of net assets	Excess over $1.5 billion of net assets
Other assets	0.420%	0.410%

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund, in an amount equal to the amount by which the “Expenses” of the fund exceed 0.52% of average daily net assets. “Expenses” means all the expenses of the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. The current expense limitation agreement expires on December 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$5,174
Class C	590
Class I	438

Class	Expense reduction
Class R6	$1,152
Class NAV	120,888
Total	$128,242

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below 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:

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Class	Rule 12b-1 Fee
Class A	0.25%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $478 for the year ended August 31, 2023. Of this amount, $64 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $414 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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 August 31, 2023, CDSCs received by the Distributor amounted to $33 for Class C shares. There were no CDSCs received by the Distributor for Class A shares.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$11,695	$5,400
Class C	5,523	635
Class I	—	470
Class R6	—	78
Total	$17,218	$6,583

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Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	297,970	$2,539,095	84,515	$797,434
Distributions reinvested	35,069	295,929	44,546	427,604
Repurchased	(129,132)	(1,099,132)	(101,284)	(946,473)
Net increase	203,907	$1,735,892	27,777	$278,565
Class C shares
Sold	8,679	$74,376	4,420	$43,124
Distributions reinvested	3,677	30,820	6,442	61,530
Repurchased	(28,565)	(244,581)	(6,834)	(69,055)
Net increase (decrease)	(16,209)	$(139,385)	4,028	$35,599
Class I shares
Sold	5,960	$50,410	99,588	$908,217
Distributions reinvested	3,246	27,389	6,523	61,703
Repurchased	(82,027)	(709,995)	(38,443)	(349,159)
Net increase (decrease)	(72,821)	$(632,196)	67,668	$620,761
Class R6 shares
Sold	26,373	$226,553	61,171	$580,751
Distributions reinvested	8,307	70,231	7,568	71,967
Repurchased	(8,822)	(75,870)	(11,444)	(113,071)
Net increase	25,858	$220,914	57,295	$539,647
Class NAV shares
Sold	79,004	$714,062	180,242	$1,715,000
Distributions reinvested	801,656	7,141,424	1,354,715	13,698,738
Repurchased	(1,519,735)	(13,663,934)	(2,266,769)	(22,378,039)
Net decrease	(639,075)	$(5,808,448)	(731,812)	$(6,964,301)
Total net decrease	(498,340)	$(4,623,223)	(575,044)	$(5,489,729)

Affiliates of the fund owned 97% and 100% of shares of Class R6 and Class NAV on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $65,398,978 and $69,326,142, respectively, for the year ended August 31, 2023.

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Note 8—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At August 31, 2023, funds within the John Hancock group of funds complex held 94.0% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:

Fund	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	33.6%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio	30.4%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	29.5%

Note 9—Investment in affiliated underlying funds

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	376,847	$4,934,448	$47,171,190	$(48,338,876)	$(195)	$625	$219,869	—	$3,767,192

*	Refer to the Securities lending note within Note 2 for details regarding this investment.

Note 10—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate and these effects could be experienced until the permanent cessation of the majority of U.S. LIBOR rates in 2023. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR maturities, including some U.S. LIBOR maturities, on December 31, 2021, and ceased publishing the remaining and most liquid U.S. LIBOR maturities on June 30, 2023 on a representative basis. The 1-, 3- and 6-month USD LIBOR maturities will continue to be published based on a synthetic methodology through September 30, 2024 and are permitted to be used in all legacy contracts except cleared derivatives. It is expected that market participants have or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. Additionally, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate ("SOFR"), the future utilization of LIBOR or of any particular replacement rate remains uncertain.

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referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

Note 11—New accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management expects that the adoption of the guidance will not have a material impact to the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Multi-Asset High Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Multi-Asset High Income Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agents, agent bank and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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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 August 31, 2023.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports 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.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund paid $872,699 in long term capital gain dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Multi-Asset High Income Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

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Approval of Advisory Agreement

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the one-, three-, and five-year periods ended December 31, 2022. The Board also noted that the fund outperformed its peer group median for the one-year period and underperformed its peer group median for the three- and five-year periods ended December 31, 2022. The Board took into account that certain changes were made to the Fund’s investment process in June 2020. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one-, three-, and five-year periods and the peer group median for the one-year period. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that the Advisor waived the fund’s management fee and that net total expenses for the fund are lower than the peer group median.

The Board also took into account management’s discussion with respect to overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management

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fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor’s relationship with the Trust, the Board:

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the fund’s Subadvisor is an affiliate of the Advisor;
(i)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(j)	noted that the subadvisory fee for the fund is paid by the Advisor;
(k)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

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(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that certain breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds;
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

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The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

***

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Multi-Asset High Income Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, Manulife Investment Management (US) LLC (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.

The report stated, in relevant part, that during the period covered by the report:

•	The Fund’s investment strategy remained appropriate for an open-end fund structure;
•	The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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Trustees and Officers

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2005	186
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	183
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	2012	184
Trustee
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 (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,^* Born: 1971	2022	183
Trustee
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946	2008	186
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,^* Born: 1968	2022	183
Trustee
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	185
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2012	183
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,³ Born: 1960	2020	183
Trustee
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2012	183
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	184
Non-Independent Trustee
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Paul Lorentz,^† Born: 1968	2022	183
Non-Independent Trustee
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Kristie M. Feinberg, Born: 1975	2023
President
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2009
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

¹	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee as of September 26, 2023.
³	Member of the Audit Committee.
⁴	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
^*	Elected to serve as Independent Trustee effective as of September 9, 2022.
^†	Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

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More information

Trustees

Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

John F. Addeo, CFA
Geoffrey Kelley, CFA
Caryn E. Rothman, CFA
Nathan W. Thooft, CFA
Christopher Walsh, CFA

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

^π Member of the Audit Committee as of September 26, 2023.

^† Non-Independent Trustee

^* Member of the Audit Committee

^{^} Elected to serve as Independent Trustee effective as of September 9, 2022.

^§Effective September 21, 2023, Ms. Lizarraga is no longer a Trustee.

^‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

^# Effective June 29, 2023.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:
800-225-5291	Regular mail:	Express mail:
jhinvestments.com	John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	John Hancock Signature Services, Inc. 430 W 7^th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

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A trusted brand

A better way to invest

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock Multi-Asset High Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3099598

448A 8/23

10/2023

A message to shareholders

Dear shareholder,

After trading lower in the early part of the 12 months ended August 31, 2023, stocks rallied from mid-October onward to post impressive returns for the period. Although the U.S. Federal Reserve continued to raise interest rates, falling inflation gave investors confidence that the tightening cycle would likely slow at some point within the next year. Economic growth remained in positive territory even as interest rates rose. Together, these factors helped stocks overcome potential headwinds such as ongoing geopolitical instability and turmoil in the U.S. and European banking sectors in March.

A large portion of the gains came from a narrow group of U.S. mega-cap, technology-related companies. On the other hand, the value style, defensive sectors, and smaller companies posted gains but underperformed the broad-based indexes.

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The Russell 2000 Growth Index tracks the performance of publicly traded small-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

¹Class A shares were first offered on 5-27-15. Returns prior to this date are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.

JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Small-cap growth stocks delivered positive returns

Upbeat economic growth and corporate earnings propelled the fund’s benchmark, the Russell 2000 Growth Index, to a positive return.

The fund outpaced the benchmark

The fund’s holdings outperformed its benchmark in all sectors except for information technology and materials.

Stock selection in the consumer discretionary sector made the largest contribution

Healthcare, energy, financials, and real estate were also areas of relative strength.

SECTOR COMPOSITION AS OF 8/31/2023 (% of net assets)

Notes about risk

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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Management’s discussion of fund performance

Can you describe market conditions during the 12 months ended August 31, 2023?

The U.S. equity market produced a healthy gain in the annual period. Both economic growth and corporate earnings exceeded the depressed expectations that were in place coming into 2023, boosting investor sentiment. In addition, the markets began to look ahead to the point at which the U.S. Federal Reserve would taper its long series of interest-rate hikes.

What elements of the fund’s positioning helped and hurt results?

A large portion of the fund’s relative strength came from its stock selection in the consumer discretionary sector. These holdings, as a group, delivered a gain more than three times that of the broader category. The retailer Five Below, Inc. and the Tex-Mex restaurant chain Chuy’s Holdings, Inc., both of which benefited from the backdrop of better-than-expected consumer spending, were the most significant contributors in the sector. TopBuild Corp., Grand Canyon Education, Inc., and Churchill Downs, Inc. also made strong contributions to performance. We sold the fund’s holdings in Five Below, Inc. and Churchill Downs, Inc. prior to period end.

Energy was the second-best performing sector. Two holdings, in particular, stood out: ChampionX Corp., which demonstrated solid execution, and Earthstone Energy, Inc., which received a takeover bid. Outside of these sectors, Atkore, Inc.

TOP 10 HOLDINGS AS OF 8/31/2023 (% of net assets)
Atkore, Inc.	2.6
Novanta, Inc.	2.5
Flywire Corp.	2.4
SiteOne Landscape Supply, Inc.	2.3
Matador Resources Company	2.3
Fox Factory Holding Corp.	2.1
Grand Canyon Education, Inc.	2.1
Appfolio, Inc., Class A	1.9
SPX Technologies, Inc.	1.9
CyberArk Software, Ltd.	1.9
TOTAL	22.0
Cash and cash equivalents are not included.

JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

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was the leading contributor to performance. A manufacturer of electrical, safety, and infrastructure solutions, Atkore saw solid demand trends over the past year, and its ability to raise prices led to robust cash flow generation and a more sustainable level of profitability.

Healthcare was another area of strength for the fund. Albireo Pharma, Inc., which was acquired at a premium, was the leading contributor. We sold the fund’s holdings in the company prior to period end. Medpace Holdings, Inc., a contract research organization, also performed well after reporting improved results and a positive outlook. With this said, healthcare was home to several of the fund’s largest individual detractors for the period. Arcutis Biotherapeutics, Inc. was pressured by reimbursement delays for its leading drug, and BioCryst Pharmaceuticals, Inc. lost ground due to weaker-than-expected results and a setback in its pipeline of new treatments.

Information technology and materials were the only sectors in which the fund’s holdings trailed the corresponding benchmark components by a meaningful margin. Much of the shortfall was the result of a position in the technology consulting firm Thoughtworks Holding, Inc. Shifting macroeconomic conditions prompted some of the company’s customers to defer orders, weighing on its earnings outlook. In industrials, Paycor HCM, Inc.—a provider of human-resource management software—lagged due to concerns about the effect of slowing economic growth.

The Shyft Group Inc., a producer of components for large vehicles, was the most significant detractor outside of information technology and healthcare. The company’s business was adversely affected by cost-cutting efforts among its customers in the parcel-delivery industry.

MANAGED BY

Daniel L. Miller, CFA

Joseph C. Craigen, CFA

The views expressed in this report are exclusively those of Daniel L. Miller, CFA, and Joseph C. Craigen, CFA, GW&K Investment Management, LLC, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year	5-year	10-year
Class A¹	4.60	2.67	6.96	14.07	95.90
Class C¹	8.31	2.96	6.87	15.73	94.30
Class I^1,2	10.37	3.99	7.76	21.63	111.07
Class R2^1,2	10.05	3.73	7.55	20.09	107.05
Class R4^1,2	10.31	3.94	7.70	21.30	110.00
Class R6^1,2	10.51	4.10	7.84	22.27	112.72
Class 1²	10.46	4.06	7.80	22.03	111.94
Index^†	6.78	2.46	8.17	12.94	119.36

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R6, and Class 1 shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until December 31, 2023 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R4	Class R6	Class 1
Gross (%)	1.20	1.95	0.95	1.34	1.19	0.84	0.88
Net (%)	1.19	1.94	0.94	1.33	1.08	0.83	0.87

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

^† Index is the Russell 2000 Growth Index.

See the following page for footnotes.

JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock New Opportunities Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Russell 2000 Growth Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C^1,3	8-31-13	19,430	19,430	21,936
Class I^1,2	8-31-13	21,107	21,107	21,936
Class R2^1,2	8-31-13	20,705	20,705	21,936
Class R4^1,2	8-31-13	21,000	21,000	21,936
Class R6^1,2	8-31-13	21,272	21,272	21,936
Class 1²	8-31-12	21,194	21,194	21,936

The Russell 2000 Growth Index tracks the performance of publicly traded small-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	Class A, Class C, Class I, Class R2, Class R4, and Class R6 shares were first offered on 5-27-15. Returns prior to this date are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. Class NAV shares ceased operations on 3-13-19.
²	For certain types of investors, as described in the fund’s prospectuses.
³	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

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SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,013.50	$6.14	1.21%
	Hypothetical example	1,000.00	1,019.10	6.16	1.21%
Class C	Actual expenses/actual returns	1,000.00	1,010.20	9.93	1.96%
	Hypothetical example	1,000.00	1,015.30	9.96	1.96%
Class I	Actual expenses/actual returns	1,000.00	1,015.00	4.88	0.96%
	Hypothetical example	1,000.00	1,020.40	4.89	0.96%
Class R2	Actual expenses/actual returns	1,000.00	1,013.10	6.44	1.27%
	Hypothetical example	1,000.00	1,018.80	6.46	1.27%
Class R4	Actual expenses/actual returns	1,000.00	1,014.60	5.23	1.03%
	Hypothetical example	1,000.00	1,020.00	5.24	1.03%
Class R6	Actual expenses/actual returns	1,000.00	1,015.30	4.32	0.85%
	Hypothetical example	1,000.00	1,020.90	4.33	0.85%
Class 1	Actual expenses/actual returns	1,000.00	1,015.20	4.52	0.89%
	Hypothetical example	1,000.00	1,020.70	4.53	0.89%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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Fund’s investments

AS OF 8-31-23

	Shares	Value
Common stocks 97.1%		$291,773,502
(Cost $234,408,132)
Consumer discretionary 12.1%		36,482,368
Automobile components 2.8%
Dorman Products, Inc. (A)	24,987	2,061,677
Fox Factory Holding Corp. (A)	57,241	6,342,875
Diversified consumer services 2.1%
Grand Canyon Education, Inc. (A)	53,184	6,235,824
Hotels, restaurants and leisure 2.4%
Chuy’s Holdings, Inc. (A)	121,778	4,639,742
Krispy Kreme, Inc.	183,030	2,450,772
Household durables 1.7%
TopBuild Corp. (A)	17,952	5,207,516
Specialty retail 2.2%
Lithia Motors, Inc.	15,612	4,808,808
Revolve Group, Inc. (A)	130,800	1,916,220
Textiles, apparel and luxury goods 0.9%
Oxford Industries, Inc.	27,913	2,818,934
Consumer staples 1.1%		3,324,841
Food products 1.1%
Hostess Brands, Inc. (A)	116,743	3,324,841
Energy 7.2%		21,676,206
Energy equipment and services 1.7%
ChampionX Corp.	142,973	5,159,896
Oil, gas and consumable fuels 5.5%
Earthstone Energy, Inc., Class A (A)	274,792	5,600,261
Magnolia Oil & Gas Corp., Class A	177,163	4,039,316
Matador Resources Company	108,295	6,876,733
Financials 8.1%		24,387,802
Banks 1.5%
Ameris Bancorp	53,730	2,189,498
Pinnacle Financial Partners, Inc.	34,299	2,282,941
Capital markets 4.2%
Houlihan Lokey, Inc.	45,365	4,778,749
PJT Partners, Inc., Class A	63,440	5,011,126
Stifel Financial Corp.	43,071	2,800,476
Financial services 2.4%
Flywire Corp. (A)	211,828	7,325,012

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	Shares	Value
Health care 25.0%		$74,960,768
Biotechnology 9.2%
Arcutis Biotherapeutics, Inc. (A)	184,736	1,577,645
BioCryst Pharmaceuticals, Inc. (A)	387,253	2,753,369
Crinetics Pharmaceuticals, Inc. (A)	178,381	3,089,559
Halozyme Therapeutics, Inc. (A)	97,669	4,156,793
Insmed, Inc. (A)	156,477	3,425,282
Travere Therapeutics, Inc. (A)	174,876	2,497,229
Ultragenyx Pharmaceutical, Inc. (A)	71,075	2,614,849
Veracyte, Inc. (A)	126,826	3,348,206
Vericel Corp. (A)	127,404	4,182,673
Health care equipment and supplies 4.3%
Artivion, Inc. (A)	118,852	2,010,976
AtriCure, Inc. (A)	69,909	3,156,391
Globus Medical, Inc., Class A (A)	59,325	3,209,483
ICU Medical, Inc. (A)	13,991	2,029,115
Integra LifeSciences Holdings Corp. (A)	58,894	2,505,351
Health care providers and services 4.5%
Acadia Healthcare Company, Inc. (A)	61,344	4,729,622
Castle Biosciences, Inc. (A)	59,509	1,186,014
HealthEquity, Inc. (A)	58,757	3,969,035
US Physical Therapy, Inc.	36,222	3,652,264
Life sciences tools and services 3.9%
Azenta, Inc. (A)	100,962	5,697,286
CryoPort, Inc. (A)	101,218	1,427,174
Medpace Holdings, Inc. (A)	16,294	4,403,779
Pharmaceuticals 3.1%
Intra-Cellular Therapies, Inc. (A)	70,059	3,889,676
Phathom Pharmaceuticals, Inc. (A)	169,130	2,433,781
Supernus Pharmaceuticals, Inc. (A)	94,699	3,015,216
Industrials 21.1%		63,347,109
Aerospace and defense 1.8%
Hexcel Corp.	76,040	5,573,732
Building products 1.8%
Gibraltar Industries, Inc. (A)	70,607	5,297,643
Electrical equipment 3.4%
Atkore, Inc. (A)	50,155	7,722,365
Shoals Technologies Group, Inc., Class A (A)	132,200	2,601,696
Machinery 7.3%
Alamo Group, Inc.	24,436	4,194,439
Hillenbrand, Inc.	61,630	2,985,357
RBC Bearings, Inc. (A)	24,487	5,645,233
SPX Technologies, Inc. (A)	72,730	5,747,125

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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	Shares	Value
Industrials (continued)
Machinery (continued)
The Shyft Group, Inc.	209,105	$3,278,766
Professional services 4.5%
CACI International, Inc., Class A (A)	11,900	3,903,319
Exponent, Inc.	53,187	4,779,384
Paycor HCM, Inc. (A)	201,959	4,739,978
Trading companies and distributors 2.3%
SiteOne Landscape Supply, Inc. (A)	40,178	6,878,072
Information technology 16.1%		48,470,134
Communications equipment 1.1%
Viavi Solutions, Inc. (A)	321,177	3,356,300
Electronic equipment, instruments and components 2.5%
Novanta, Inc. (A)	44,150	7,372,086
IT services 0.8%
Thoughtworks Holding, Inc. (A)	490,177	2,436,180
Semiconductors and semiconductor equipment 5.7%
Allegro MicroSystems, Inc. (A)	76,300	2,918,475
MACOM Technology Solutions Holdings, Inc. (A)	60,783	5,139,810
Power Integrations, Inc.	59,517	5,000,618
Silicon Laboratories, Inc. (A)	30,892	4,166,095
Software 6.0%
Appfolio, Inc., Class A (A)	29,848	5,753,799
CyberArk Software, Ltd. (A)	34,390	5,710,116
Rapid7, Inc. (A)	43,081	2,170,852
The Descartes Systems Group, Inc. (A)	59,309	4,445,803
Materials 3.9%		11,729,909
Chemicals 3.9%
Avient Corp.	118,340	4,746,617
Balchem Corp.	29,382	4,128,171
Quaker Chemical Corp.	16,087	2,855,121
Real estate 2.5%		7,394,365
Hotel and resort REITs 1.2%
Ryman Hospitality Properties, Inc.	40,070	3,407,152
Industrial REITs 1.3%
STAG Industrial, Inc.	109,149	3,987,213

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $243,028,886)	$300,394,256
Dividends and interest receivable	156,348
Receivable for fund shares sold	16,034
Receivable from affiliates	9
Other assets	65,396
Total assets	300,632,043
Liabilities
Due to custodian	87
Payable for investments purchased	27,109
Payable for fund shares repurchased	44,571
Payable to affiliates
Accounting and legal services fees	15,283
Transfer agent fees	27,349
Distribution and service fees	39
Trustees’ fees	21
Other liabilities and accrued expenses	47,126
Total liabilities	161,585
Net assets	$300,470,458
Net assets consist of
Paid-in capital	$231,118,791
Total distributable earnings (loss)	69,351,667
Net assets	$300,470,458

Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($259,094,712 ÷ 10,493,379 shares)¹	$24.69
Class C ($1,760,847 ÷ 77,177 shares)¹	$22.82
Class I ($14,286,619 ÷ 570,515 shares)	$25.04
Class R2 ($266,406 ÷ 10,784 shares)	$24.70
Class R4 ($62,108 ÷ 2,488 shares)	$24.96
Class R6 ($1,714,280 ÷ 68,132 shares)	$25.16
Class 1 ($23,285,486 ÷ 917,489 shares)	$25.38
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$25.99

¹	Redemption price per share 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.

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$24.71	$33.80	$25.18	$22.20	$31.99
Net investment income (loss)¹	(0.16)	(0.22)	(0.24)	(0.16)	0.02
Net realized and unrealized gain (loss) on investments	2.37	(6.24)	9.69	3.92	(5.49)
Total from investment operations	2.21	(6.46)	9.45	3.76	(5.47)
Less distributions
From net investment income	—	—	—	—	(0.01)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.32)
Net asset value, end of period	$24.69	$24.71	$33.80	$25.18	$22.20
Total return (%)^2,3	10.10	(20.40)	38.04	17.20	(15.32)
Ratios and supplemental data
Net assets, end of period (in millions)	$259	$257	$347	$272	$264
Ratios (as a percentage of average net assets):
Expenses before reductions	1.22	1.20	1.20	1.26	1.42
Expenses including reductions	1.21	1.19	1.19	1.22	1.20
Net investment income (loss)	(0.65)	(0.78)	(0.81)	(0.72)	0.08
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

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ANNUAL REPORT | JOHN HANCOCK New Opportunities Fund

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CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$23.17	$32.09	$24.12	$21.45	$31.27
Net investment loss¹	(0.31)	(0.41)	(0.44)	(0.31)	(0.15)
Net realized and unrealized gain (loss) on investments	2.19	(5.88)	9.24	3.76	(5.36)
Total from investment operations	1.88	(6.29)	8.80	3.45	(5.51)
Less distributions
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Net asset value, end of period	$22.82	$23.17	$32.09	$24.12	$21.45
Total return (%)^2,3	9.30	(21.00)	37.00	16.33	(15.90)
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$3	$4	$4
Ratios (as a percentage of average net assets):
Expenses before reductions	1.97	1.95	1.95	2.01	2.13
Expenses including reductions	1.96	1.94	1.94	1.97	1.91
Net investment loss	(1.41)	(1.53)	(1.56)	(1.47)	(0.63)
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

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CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$24.97	$34.05	$25.29	$22.24	$32.07
Net investment income (loss)¹	(0.10)	(0.15)	(0.18)	(0.10)	0.09
Net realized and unrealized gain (loss) on investments	2.40	(6.30)	9.77	3.93	(5.51)
Total from investment operations	2.30	(6.45)	9.59	3.83	(5.42)
Less distributions
From net investment income	—	—	—	—	(0.10)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.41)
Net asset value, end of period	$25.04	$24.97	$34.05	$25.29	$22.24
Total return (%)²	10.37	(20.21)	38.44	17.49	(15.08)
Ratios and supplemental data
Net assets, end of period (in millions)	$14	$12	$25	$10	$10
Ratios (as a percentage of average net assets):
Expenses before reductions	0.97	0.95	0.95	1.01	1.14
Expenses including reductions	0.96	0.94	0.94	0.97	0.90
Net investment income (loss)	(0.40)	(0.52)	(0.57)	(0.46)	0.38
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK New Opportunities Fund

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CLASS R2 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$24.74	$33.85	$25.21	$22.22	$32.02
Net investment income (loss)¹	(0.17)	(0.23)	(0.26)	(0.15)	0.04
Net realized and unrealized gain (loss) on investments	2.36	(6.25)	9.73	3.92	(5.49)
Total from investment operations	2.19	(6.48)	9.47	3.77	(5.45)
Less distributions
From net investment income	—	—	—	—	(0.04)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.35)
Net asset value, end of period	$24.70	$24.74	$33.85	$25.21	$22.22
Total return (%)²	10.05	(20.44)	38.03	17.23	(15.23)
Ratios and supplemental data
Net assets, end of period (in millions)	$—³	$—³	$—³	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	1.28	1.24	1.22	1.22	1.33
Expenses including reductions	1.27	1.23	1.21	1.18	1.11
Net investment income (loss)	(0.71)	(0.81)	(0.84)	(0.67)	0.18
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.

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CLASS R4 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$24.91	$34.00	$25.27	$22.23	$32.05
Net investment income (loss)¹	(0.12)	(0.17)	(0.19)	(0.11)	0.08
Net realized and unrealized gain (loss) on investments	2.40	(6.29)	9.75	3.93	(5.51)
Total from investment operations	2.28	(6.46)	9.56	3.82	(5.43)
Less distributions
From net investment income	—	—	—	—	(0.08)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.39)
Net asset value, end of period	$24.96	$24.91	$34.00	$25.27	$22.23
Total return (%)²	10.31	(20.28)	38.35	17.45	(15.11)
Ratios and supplemental data
Net assets, end of period (in millions)	$—³	$—³	$—³	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	1.14	1.12	1.10	1.15	1.28
Expenses including reductions	1.04	1.01	1.00	1.01	0.96
Net investment income (loss)	(0.48)	(0.60)	(0.63)	(0.51)	0.33
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK New Opportunities Fund

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$25.06	$34.12	$25.32	$22.24	$32.07
Net investment income (loss)¹	(0.07)	(0.12)	(0.14)	(0.08)	0.11
Net realized and unrealized gain (loss) on investments	2.40	(6.31)	9.77	3.94	(5.51)
Total from investment operations	2.33	(6.43)	9.63	3.86	(5.40)
Less distributions
From net investment income	—	—	—	—	(0.12)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.43)
Net asset value, end of period	$25.16	$25.06	$34.12	$25.32	$22.24
Total return (%)²	10.51	(20.14)	38.55	17.62	(14.99)
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$—³	$—³	$—³	$—³
Ratios (as a percentage of average net assets):
Expenses before reductions	0.86	0.84	0.84	0.90	1.03
Expenses including reductions	0.85	0.83	0.83	0.86	0.81
Net investment income (loss)	(0.28)	(0.42)	(0.46)	(0.36)	0.45
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Less than $500,000.

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CLASS 1 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$25.26	$34.39	$25.53	$22.42	$32.29
Net investment income (loss)¹	(0.08)	(0.14)	(0.15)	(0.09)	0.11
Net realized and unrealized gain (loss) on investments	2.43	(6.36)	9.84	3.98	(5.56)
Total from investment operations	2.35	(6.50)	9.69	3.89	(5.45)
Less distributions
From net investment income	—	—	—	—	(0.11)
From net realized gain	(2.23)	(2.63)	(0.83)	(0.78)	(4.31)
Total distributions	(2.23)	(2.63)	(0.83)	(0.78)	(4.42)
Net asset value, end of period	$25.38	$25.26	$34.39	$25.53	$22.42
Total return (%)²	10.46	(20.16)	38.47	17.62	(15.04)
Ratios and supplemental data
Net assets, end of period (in millions)	$23	$24	$37	$33	$42
Ratios (as a percentage of average net assets):
Expenses before reductions	0.90	0.88	0.88	0.94	1.06
Expenses including reductions	0.90	0.87	0.87	0.90	0.84
Net investment income (loss)	(0.34)	(0.46)	(0.50)	(0.39)	0.44
Portfolio turnover (%)	24	23	28	25	73

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK New Opportunities Fund

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Notes to financial statements

Note 1—Organization

John Hancock New Opportunities Fund (the fund) is a series of John Hancock Funds II (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 appreciation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 and Class R4 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

Note 2—Significant accounting policies

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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 Advisor’s 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 and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of August 31, 2023, all investments are categorized as Level 1 under the hierarchy described above.

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Qualified late year ordinary losses of $1,042,915 are treated as occurring on September 1, 2023, the first day of the fund’s next taxable year.

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 annually. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	—	$2,386,722
Long-term capital gains	$25,846,681	28,331,429
Total	$25,846,681	$30,718,151

Note 3—Guarantees and indemnifications

Note 4—Fees and transactions with affiliates

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Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.770% of the first $50 million of the fund’s aggregate daily net assets; (b) 0.740% of the next $50 million of the fund’s aggregate daily net assets; (c) 0.720% of the next $300 million of the fund’s aggregate daily net assets and (d) 0.720% on all asset levels when aggregate daily net assets exceed $400 million. Aggregate net assets include the net assets of the fund and a portion of the net assets of Small Cap Opportunities Trust, a series of John Hancock Variable Insurance Trust, managed by GW&K Investment Management, LLC. The Advisor has a subadvisory agreement with GW&K Investment Management, LLC. The fund is not responsible for payment of the subadvisory fees.

For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$18,356
Class C	130
Class I	972
Class R2	17

Class	Expense reduction
Class R4	$4
Class R6	70
Class 1	1,684
Total	$21,233

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

Class	Rule 12b-1 Fee	Service fee
Class A	0.25%	—
Class C	1.00%	—
Class R2	0.25%	0.25%
Class R4	0.25%	0.10%
Class 1	0.05%	—

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The fund’s Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on December 31, 2023, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $60 for Class R4 shares for the year ended August 31, 2023.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $33,175 for the year ended August 31, 2023. Of this amount, $5,543 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $27,632 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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 August 31, 2023, CDSCs received by the Distributor amounted to $26 and $73 for Class A and Class C shares, respectively.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$637,018	$293,234
Class C	18,023	2,072
Class I	—	15,525
Class R2	999	18
Class R4	168	5
Class R6	—	61
Class 1	11,688	—
Total	$667,896	$310,915

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Note 5—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	136,793	$3,287,515	188,661	$5,417,191
Distributions reinvested	977,357	21,374,808	848,537	25,142,153
Repurchased	(1,011,244)	(24,212,863)	(911,924)	(25,997,518)
Net increase	102,906	$449,460	125,274	$4,561,826
Class C shares
Sold	5,664	$124,955	6,137	$167,532
Distributions reinvested	8,305	168,683	8,599	240,162
Repurchased	(21,211)	(473,407)	(27,868)	(735,839)
Net decrease	(7,242)	$(179,769)	(13,132)	$(328,145)
Class I shares
Sold	218,316	$5,258,711	67,940	$2,031,379
Distributions reinvested	46,804	1,036,235	41,745	1,247,762
Repurchased	(172,831)	(4,143,803)	(357,019)	(11,172,293)
Net increase (decrease)	92,289	$2,151,143	(247,334)	$(7,893,152)
Class R2 shares
Sold	1,484	$35,847	1,554	$41,407
Distributions reinvested	592	12,956	343	10,189
Repurchased	(269)	(6,453)	(65)	(1,854)
Net increase	1,807	$42,350	1,832	$49,742
Class R4 shares
Sold	1	$36	—	—
Distributions reinvested	76	1,677	64	$1,912
Repurchased	—	—	(38)	(1,096)
Net increase	77	$1,713	26	$816
Class R6 shares
Sold	57,304	$1,427,130	1,486	$44,754
Distributions reinvested	1,324	29,443	1,031	30,910
Repurchased	(3,664)	(87,503)	(2,016)	(64,840)
Net increase	54,964	$1,369,070	501	$10,824

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	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	108,324	$2,719,286	71,173	$2,160,985
Distributions reinvested	90,467	2,029,166	85,529	2,585,554
Repurchased	(226,256)	(5,603,628)	(301,917)	(8,998,648)
Net decrease	(27,465)	$(855,176)	(145,215)	$(4,252,109)
Total net increase (decrease)	217,336	$2,978,791	(278,048)	$(7,850,198)

Affiliates of the fund owned 31%, 67% and 100% of shares of Class R2, Class R4 and Class 1, respectively, on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $70,162,463 and $97,762,527, respectively, for the year ended August 31, 2023.

Note 7—Industry or sector risk

The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock New Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock New Opportunities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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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 August 31, 2023.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports 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.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund paid $25,846,681 in long term capital gain dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with GW&K Investment Management, LLC (GW&K)(the Subadvisor) for John Hancock New Opportunities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

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Approval of Advisory Agreement

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended December 31, 2022. The Board also noted that the fund outperformed its peer group median for the one- and three-year periods and underperformed its peer group median for the five- and ten-year periods ended December 31, 2022. The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index for the ten-year period and relative to its peer group median for the five- and ten-year periods, including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board also took into account previous actions taken to address the fund’s performance, including the conversion of the fund from a multi-managed fund to a single subadvisor fund effective September 6, 2019. In connection with this change, the Board noted that the fund’s longer term performance in part reflects that of the previous subadvisers. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index since the subadvisor change.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and total expenses for the fund are lower than the peer group median.

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implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length;
(j)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

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(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds;
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data; and
(4)	information relating to the nature and scope of any material relationships and their significance to the Trust’s Advisor and Subadvisor.

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Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the fund’s subadvisory fees were lower than the expense group median. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index since the subadvisor change;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided; and

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock New Opportunities Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, GW&K Investment Management, LLC (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.

The report stated, in relevant part, that during the period covered by the report:

•	The Fund’s investment strategy remained appropriate for an open-end fund structure;
•	The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;

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Trustees and Officers

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2005	186
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	183
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	2012	184
Trustee
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 (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,^* Born: 1971	2022	183
Trustee
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946	2008	186
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,^* Born: 1968	2022	183
Trustee
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	185
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2012	183
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,³ Born: 1960	2020	183
Trustee
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2012	183
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	184
Non-Independent Trustee
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Paul Lorentz,^† Born: 1968	2022	183
Non-Independent Trustee
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Kristie M. Feinberg, Born: 1975	2023
President
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2009
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

¹	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee as of September 26, 2023.
³	Member of the Audit Committee.
⁴	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
^*	Elected to serve as Independent Trustee effective as of September 9, 2022.
^†	Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND

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More information

Trustees

Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

GW&K Investment Management, LLC

Portfolio Managers

Joseph C. Craigen, CFA
Daniel L. Miller, CFA

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

^π Member of the Audit Committee as of September 26, 2023.

^† Non-Independent Trustee

^* Member of the Audit Committee

^{^} Elected to serve as Independent Trustee effective as of September 9, 2022.

^§Effective September 21, 2023, Ms. Lizarraga is no longer a Trustee.

^‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

^# Effective June 29, 2023.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:
800-225-5291	Regular mail:	Express mail:
jhinvestments.com	John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	John Hancock Signature Services, Inc. 430 W 7^th Street Suite 219909 Kansas City, MO 64105-1407

JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

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A trusted brand

A better way to invest

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock New Opportunities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3099606

452A 8/23

10/2023

A message to shareholders

Dear shareholder,

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to achieve a combination of long-term capital appreciation and current income.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The Dow Jones U.S. Select REIT Index tracks the performance of publicly traded real estate investment trusts (REITs) and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

¹Class A shares were first offered on 12-2-20. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

A volatile backdrop for real estate

The real estate sector was one of a few to post a loss for the period, due to a number of factors including pandemic-related office vacancies and rising interest rates.

The fund posted a loss and underperformed its benchmark

The fund lagged the benchmark, the Dow Jones U.S. Select REIT Index, due to sector allocation driven primarily by an underweight in mall REITs.

Security selection detracted overall

Stock picking in the real estate technology and multifamily property sectors detracted, although security selection among office and self-storage REITs were partly offsetting positives.

INDUSTRY COMPOSITION AS OF 8/31/2023 (% of net assets)

Notes about risk

ANNUAL REPORT | JOHN HANCOCK REAL ESTATE SECURITIES FUND

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Management’s discussion of fund performance

What kind of market environment did U.S. real estate securities encounter during the 12 months ended August 31, 2023?

The broad U.S. equity market, as measured by the S&P 500 Index, posted positive results for the period. In the fourth quarter of 2022, greater optimism that the U.S. Federal Reserve (Fed) would begin to scale back its aggressive pace of interest rate hikes, along with outsized short covering and hedging, helped fuel a sharp rebound in stocks. The collapse of two U.S. regional banks in the first quarter of 2023 prompted swift policy actions by federal regulators, which helped stabilize liquidity and stem the potential for broader contagion. The turmoil generated more uncertainty about the U.S. economic outlook.

In June, the Fed held interest rates stable for the first time in 15 months to assess the impact of tighter monetary policy and recent banking industry stresses on the economy and inflation, but raised them again in July. The central bank forecast additional rate increases in 2023 amid concerns that stronger-than-expected economic growth and robust wage gains could trigger more inflation.

How did the fund perform for the period?

The fund posted a loss and trailed the benchmark. Sector selection, which derives from our security-by-security investment approach, detracted the most from relative performance. An underweight in the strong-performing mall real estate investment

TOP 10 HOLDINGS AS OF 8/31/2023 (% of net assets)
Prologis, Inc.	12.4
Equinix, Inc.	8.8
AvalonBay Communities, Inc.	5.7
Welltower, Inc.	5.7
Public Storage	5.4
VICI Properties, Inc.	3.6
Brixmor Property Group, Inc.	3.5
American Homes 4 Rent, Class A	3.4
EastGroup Properties, Inc.	3.4
Digital Realty Trust, Inc.	3.1
TOTAL	55.0
Cash and cash equivalents are not included.

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year	5-year	10-year
Class A¹	-9.58	3.18	6.74	16.94	92.01
Class C¹	-6.41	3.80	7.07	20.50	97.95
Class I^1,2	-4.60	4.40	7.38	24.05	103.77
Class R6^1,2	-4.56	4.43	7.39	24.19	104.01
Class 1²	-4.60	4.41	7.38	24.07	103.81
Index^†	-3.17	2.48	6.38	13.02	85.66

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R6 and Class 1 shares.

	Class A	Class C	Class I	Class R6	Class 1
Gross (%)	1.14	1.89	0.89	0.79	0.83
Net (%)	1.13	1.88	0.88	0.78	0.82

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

^† Index is the Dow Jones U.S. Select REIT Index.

See the following page for footnotes.

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Real Estate Securities Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Dow Jones U.S. Select REIT Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C^1,3	8-31-13	19,795	19,795	18,566
Class I^1,2	8-31-13	20,377	20,377	18,566
Class R6^1,2	8-31-13	20,401	20,401	18,566
Class 1²	8-31-13	20,381	20,381	18,566

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	Class A, Class C, Class I, and Class R6 shares were first offered on 12-2-20. Returns prior to this date are those of Class 1 shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
²	For certain types of investors, as described in the fund’s prospectuses.
³	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK REAL ESTATE SECURITIES FUND

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

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SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,000.00	$5.90	1.17%
	Hypothetical example	1,000.00	1,019.30	5.95	1.17%
Class C	Actual expenses/actual returns	1,000.00	996.30	9.66	1.92%
	Hypothetical example	1,000.00	1,015.50	9.75	1.92%
Class I	Actual expenses/actual returns	1,000.00	1,001.80	4.69	0.93%
	Hypothetical example	1,000.00	1,020.50	4.74	0.93%
Class R6	Actual expenses/actual returns	1,000.00	1,001.90	4.14	0.82%
	Hypothetical example	1,000.00	1,021.10	4.18	0.82%
Class 1	Actual expenses/actual returns	1,000.00	1,001.90	4.34	0.86%
	Hypothetical example	1,000.00	1,020.90	4.38	0.86%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

ANNUAL REPORT | JOHN HANCOCK REAL ESTATE SECURITIES FUND

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Fund’s investments

AS OF 8-31-23

	Shares	Value
Common stocks 98.9%		$243,331,826
(Cost $206,401,062)
Consumer discretionary 2.2%		5,491,554
Hotels, restaurants and leisure 2.2%
Hyatt Hotels Corp., Class A	37,804	4,249,548
Wynn Resorts, Ltd.	12,251	1,242,006
Industrials 0.5%		1,230,395
Construction and engineering 0.5%
WillScot Mobile Mini Holdings Corp. (A)	29,995	1,230,395
Real estate 96.2%		236,609,877
Diversified REITs 3.3%
American Assets Trust, Inc.	114,874	2,459,452
Empire State Realty Trust, Inc., Class A	640,806	5,594,236
Health care REITs 8.9%
CareTrust REIT, Inc.	302,575	6,096,886
Ventas, Inc.	40,288	1,759,780
Welltower, Inc.	168,440	13,960,307
Hotel and resort REITs 1.4%
Ryman Hospitality Properties, Inc.	41,644	3,540,989
Industrial REITs 17.6%
EastGroup Properties, Inc.	46,016	8,265,854
Plymouth Industrial REIT, Inc.	194,815	4,463,212
Prologis, Inc.	246,458	30,610,086
Office REITs 3.0%
Kilroy Realty Corp.	69,894	2,582,583
SL Green Realty Corp.	119,740	4,700,992
Real estate management and development 5.5%
CBRE Group, Inc., Class A (A)	48,620	4,135,131
Corp. Inmobiliaria Vesta SAB de CV, ADR (B)	106,209	3,944,602
Jones Lang LaSalle, Inc. (A)	10,573	1,827,014
Tricon Residential, Inc.	437,459	3,709,652
Residential REITs 16.8%
American Homes 4 Rent, Class A	229,614	8,275,289
AvalonBay Communities, Inc.	76,288	14,023,260
Essex Property Trust, Inc.	27,656	6,592,914
UDR, Inc.	162,414	6,480,319
Veris Residential, Inc. (A)	316,313	5,886,585
Retail REITs 11.2%
Brixmor Property Group, Inc.	390,103	8,574,464
Getty Realty Corp.	119,656	3,592,073

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Shares	Value
Real estate (continued)
Retail REITs (continued)
Phillips Edison & Company, Inc.	134,362	$4,549,497
Simon Property Group, Inc.	49,601	5,629,217
Tanger Factory Outlet Centers, Inc.	220,211	5,119,906
Specialized REITs 28.5%
American Tower Corp.	13,766	2,496,051
CubeSmart	90,981	3,794,818
Digital Realty Trust, Inc.	58,574	7,715,367
EPR Properties	85,880	3,845,706
Equinix, Inc.	27,581	21,551,242
Iron Mountain, Inc.	118,148	7,507,124
Public Storage	47,997	13,265,411
VICI Properties, Inc.	288,299	8,891,141
Weyerhaeuser Company	35,686	1,168,717

	Yield (%)	Shares	Value
Short-term investments 0.7%			$1,634,279
(Cost $1,634,279)
Short-term funds 0.7%			1,634,279
John Hancock Collateral Trust (C)	5.4789(D)	388	3,875
State Street Institutional U.S. Government Money Market Fund, Premier Class	5.2681(D)	1,630,404	1,630,404


Total investments (Cost $208,035,341) 99.6%					$244,966,105
Other assets and liabilities, net 0.4%					1,071,345
Total net assets 100.0%					$246,037,450

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-23.
(C)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(D)	The rate shown is the annualized seven-day yield as of 8-31-23.

At 8-31-23, the aggregate cost of investments for federal income tax purposes was $212,056,562. Net unrealized appreciation aggregated to $32,909,543, of which $36,744,684 related to gross unrealized appreciation and $3,835,141 related to gross unrealized depreciation.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK REAL ESTATE SECURITIES FUND

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $208,031,466) including $3,798 of securities loaned	$244,962,230
Affiliated investments, at value (Cost $3,875)	3,875
Total investments, at value (Cost $208,035,341)	244,966,105
Dividends and interest receivable	191,538
Receivable for fund shares sold	17,591
Receivable for investments sold	926,626
Receivable for securities lending income	10
Other assets	16,330
Total assets	246,118,200
Liabilities
Due to custodian	50
Payable for fund shares repurchased	19,892
Payable upon return of securities loaned	3,875
Payable to affiliates
Accounting and legal services fees	12,691
Transfer agent fees	1,886
Trustees’ fees	18
Other liabilities and accrued expenses	42,338
Total liabilities	80,750
Net assets	$246,037,450
Net assets consist of
Paid-in capital	$236,982,881
Total distributable earnings (loss)	9,054,569
Net assets	$246,037,450

Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($5,877,088 ÷ 541,853 shares)¹	$10.85
Class C ($87,657 ÷ 8,069 shares)¹	$10.86
Class I ($12,678,831 ÷ 1,168,864 shares)	$10.85
Class R6 ($1,191,161 ÷ 110,069 shares)	$10.82
Class 1 ($226,202,713 ÷ 20,898,985 shares)	$10.82
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$11.42

¹	Redemption price per share 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.

JOHN HANCOCK Real Estate Securities Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

STATEMENT OF OPERATIONS For the year ended 8-31-23

Investment income
Dividends	$7,885,503
Interest	121,570
Securities lending	39
Less foreign taxes withheld	(5,709)
Total investment income	8,001,403
Expenses
Investment management fees	1,828,625
Distribution and service fees	140,604
Accounting and legal services fees	53,723
Transfer agent fees	15,840
Trustees’ fees	6,684
Custodian fees	43,109
State registration fees	65,969
Printing and postage	25,192
Professional fees	64,346
Other	25,380
Total expenses	2,269,472
Less expense reductions	(18,803)
Net expenses	2,250,669
Net investment income	5,750,734
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(20,937,101)
Affiliated investments	61
	(20,937,040)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(262,535)
	(262,535)
Net realized and unrealized loss	(21,199,575)
Decrease in net assets from operations	$(15,448,841)

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK Real Estate Securities Fund

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21¹
Per share operating performance
Net asset value, beginning of period	$12.92	$16.60	$12.59
Net investment income²	0.21	0.13	0.03
Net realized and unrealized gain (loss) on investments	(0.90)	(1.93)	4.18
Total from investment operations	(0.69)	(1.80)	4.21
Less distributions
From net investment income	(0.14)	(0.08)	(0.20)
From net realized gain	(1.24)	(1.80)	—
Total distributions	(1.38)	(1.88)	(0.20)
Net asset value, end of period	$10.85	$12.92	$16.60
Total return (%)^3,4	(4.82)	(12.77)	33.98⁵
Ratios and supplemental data
Net assets, end of period (in millions)	$6	$7	$4
Ratios (as a percentage of average net assets):
Expenses before reductions	1.17	1.14	1.19⁶
Expenses including reductions	1.17	1.13	1.18⁶
Net investment income	1.88	0.88	0.31⁶
Portfolio turnover (%)	105	81	122⁷

¹	The inception date for Class A shares is 12-2-20.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Does not reflect the effect of sales charges, if any.
⁵	Not annualized.
⁶	Annualized.
⁷	Portfolio turnover is shown for the period from 9-1-20 to 8-31-21.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK Real Estate Securities Fund

Table of Contents

CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21¹
Per share operating performance
Net asset value, beginning of period	$12.91	$16.63	$12.59
Net investment income (loss)²	0.13	0.03	(0.03)
Net realized and unrealized gain (loss) on investments	(0.91)	(1.95)	4.18
Total from investment operations	(0.78)	(1.92)	4.15
Less distributions
From net investment income	(0.03)	—	(0.11)
From net realized gain	(1.24)	(1.80)	—
Total distributions	(1.27)	(1.80)	(0.11)
Net asset value, end of period	$10.86	$12.91	$16.63
Total return (%)^3,4	(5.56)	(13.46)	33.25⁵
Ratios and supplemental data
Net assets, end of period (in millions)	$—⁶	$—⁶	$—⁶
Ratios (as a percentage of average net assets):
Expenses before reductions	1.92	1.89	1.94⁷
Expenses including reductions	1.92	1.88	1.93⁷
Net investment income (loss)	1.14	0.19	(0.28)⁷
Portfolio turnover (%)	105	81	122⁸

¹	The inception date for Class C shares is 12-2-20.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Does not reflect the effect of sales charges, if any.
⁵	Not annualized.
⁶	Less than $500,000.
⁷	Annualized.
⁸	Portfolio turnover is shown for the period from 9-1-20 to 8-31-21.

JOHN HANCOCK Real Estate Securities Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21¹
Per share operating performance
Net asset value, beginning of period	$12.93	$16.60	$12.59
Net investment income²	0.22	0.17	0.10
Net realized and unrealized gain (loss) on investments	(0.89)	(1.92)	4.14
Total from investment operations	(0.67)	(1.75)	4.24
Less distributions
From net investment income	(0.17)	(0.12)	(0.23)
From net realized gain	(1.24)	(1.80)	—
Total distributions	(1.41)	(1.92)	(0.23)
Net asset value, end of period	$10.85	$12.93	$16.60
Total return (%)³	(4.60)	(12.51)	34.30⁴
Ratios and supplemental data
Net assets, end of period (in millions)	$13	$11	$—⁵
Ratios (as a percentage of average net assets):
Expenses before reductions	0.92	0.90	0.94⁶
Expenses including reductions	0.92	0.89	0.93⁶
Net investment income	1.99	1.25	0.89⁶
Portfolio turnover (%)	105	81	122⁷

¹	The inception date for Class I shares is 12-2-20.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Not annualized.
⁵	Less than $500,000.
⁶	Annualized.
⁷	Portfolio turnover is shown for the period from 9-1-20 to 8-31-21.

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21¹
Per share operating performance
Net asset value, beginning of period	$12.91	$16.59	$12.59
Net investment income²	0.24	0.19	0.12
Net realized and unrealized gain (loss) on investments	(0.90)	(1.93)	4.12
Total from investment operations	(0.66)	(1.74)	4.24
Less distributions
From net investment income	(0.19)	(0.14)	(0.24)
From net realized gain	(1.24)	(1.80)	—
Total distributions	(1.43)	(1.94)	(0.24)
Net asset value, end of period	$10.82	$12.91	$16.59
Total return (%)³	(4.56)	(12.48)	34.37⁴
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$—⁵
Ratios (as a percentage of average net assets):
Expenses before reductions	0.82	0.79	0.83⁶
Expenses including reductions	0.81	0.78	0.82⁶
Net investment income	2.16	1.31	1.05⁶
Portfolio turnover (%)	105	81	122⁷

¹	The inception date for Class R6 shares is 12-2-20.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Not annualized.
⁵	Less than $500,000.
⁶	Annualized.
⁷	Portfolio turnover is shown for the period from 9-1-20 to 8-31-21.

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CLASS 1 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$12.91	$16.59	$12.05	$14.55	$12.97
Net investment income¹	0.25	0.18	0.20	0.24	0.29
Net realized and unrealized gain (loss) on investments	(0.92)	(1.93)	4.58	(1.55)	1.82
Total from investment operations	(0.67)	(1.75)	4.78	(1.31)	2.11
Less distributions
From net investment income	(0.18)	(0.13)	(0.24)	(0.29)	(0.26)
From net realized gain	(1.24)	(1.80)	—	(0.90)	(0.27)
Total distributions	(1.42)	(1.93)	(0.24)	(1.19)	(0.53)
Net asset value, end of period	$10.82	$12.91	$16.59	$12.05	$14.55
Total return (%)²	(4.60)	(12.51)	40.36	(9.75)	17.35
Ratios and supplemental data
Net assets, end of period (in millions)	$226	$290	$371	$304	$433
Ratios (as a percentage of average net assets):
Expenses before reductions	0.86	0.83	0.87	0.81	0.81
Expenses including reductions	0.85	0.82	0.86	0.80	0.80
Net investment income	2.22	1.19	1.45	1.86	2.25
Portfolio turnover (%)	105	81	122	133	132

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

Note 1—Organization

John Hancock Real Estate Securities Fund (the fund) is a series of John Hancock Funds II (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 to achieve a combination of long-term capital appreciation and current income.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors.Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

Note 2—Significant accounting policies

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As of August 31, 2023, all investments are categorized as Level 1 under the hierarchy described above.

Real estate investment trusts. The fund invests in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their 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.

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Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

For federal income tax purposes, as of August 31, 2023, the fund has a short-term capital loss carryforward of $25,932,907 and a long-term capital loss carryforward of $1,009,608 available to offset future net realized capital gains. These carryforwards do not expire.

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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 annually. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	$3,830,884	$5,703,527
Long-term capital gains	27,784,270	37,992,290
Total	$31,615,154	$43,695,817

Note 3—Guarantees and indemnifications

Note 4—Fees and transactions with affiliates

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fund. During the year ended August 31, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$476
Class C	6
Class I	512

Class	Expense reduction
Class R6	$64
Class 1	17,745
Total	$18,803

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below 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	Rule 12b-1 Fee
Class A	0.25%
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 $1,591 for the year ended August 31, 2023. Of this amount, $263 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $1,328 was paid as sales commissions to broker-dealers.

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Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond 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.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$16,516	$7,597
Class C	793	91
Class I	—	8,087
Class R6	—	65
Class 1	123,295	—
Total	$140,604	$15,840

Borrower or Lender	Weighted Average Loan Balance	Days Outstanding	Weighted Average Interest Rate	Interest Income (Expense)
Lender	$4,433,333	3	3.933%	$1,453

Note 5—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	210,258	$2,342,702	718,479	$11,392,866
Distributions reinvested	74,416	767,968	52,948	828,102
Repurchased	(322,150)	(3,536,428)	(412,946)	(6,234,610)
Net increase (decrease)	(37,476)	$(425,758)	358,481	$5,986,358
Class C shares
Sold	1,398	$15,444	2,506	$37,258
Distributions reinvested	296	3,079	104	1,628
Repurchased	(686)	(7,574)	(9,990)	(159,537)
Net increase (decrease)	1,008	$10,949	(7,380)	$(120,651)

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	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class I shares
Sold	1,070,674	$11,759,648	963,545	$13,885,249
Distributions reinvested	16,708	172,097	1,041	16,257
Repurchased	(779,187)	(8,896,069)	(111,737)	(1,567,762)
Net increase	308,195	$3,035,676	852,849	$12,333,744
Class R6 shares
Sold	70,528	$780,051	30,756	$459,007
Distributions reinvested	9,262	95,118	3,863	60,222
Repurchased	(24,284)	(273,346)	(6,785)	(98,839)
Net increase	55,506	$601,823	27,834	$420,390
Class 1 shares
Sold	337,404	$3,716,296	1,464,854	$23,157,772
Distributions reinvested	2,936,143	30,154,185	2,723,693	42,462,369
Repurchased	(4,830,907)	(53,264,116)	(4,103,819)	(60,438,158)
Net increase (decrease)	(1,557,360)	$(19,393,635)	84,728	$5,181,983
Total net increase (decrease)	(1,230,127)	$(16,170,945)	1,316,512	$23,801,824

Affiliates of the fund owned 49% and 100% of shares of Class C and Class 1, respectively, on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $274,069,035 and $316,779,048, respectively, for the year ended August 31, 2023.

Note 7—Industry or sector risk

REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.

Note 8—Investment in affiliated underlying funds

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Real Estate Securities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Real Estate Securities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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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 August 31, 2023.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports 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.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund paid $27,784,270 in long term capital gain dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Wellington Management Company LLP (the Subadvisor), for John Hancock Real Estate Securities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June, 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

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Approval of Advisory Agreements

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the three-, five- and ten-year periods and underperformed for the one-year period ended December 31, 2022. The Board also noted that the fund outperformed its peer group median for the five- and ten-year periods and underperformed for the one- and three-year periods ended December 31, 2022. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the three-, five-, and ten-year periods and relative to its peer group median for the five- and ten-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index over the longer term.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and total expenses for the fund are lower than the peer group median.

The Board took into account management’s discussion with respect to overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fees, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as

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(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length;
(j)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is

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	based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)	information relating to the Subadvisor’s businesses, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds;
(3)	the subadvisory fees for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and
(4)	information relating to the nature and scope of any material relationships and their significant to the Trust’s Advisor and Subadvisor.

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Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index over the longer term;
(3)	the subadvisory fees are reasonable in relation to the level and quality of services being provided; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

***

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Real Estate Securities Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, Wellington Management Company LLP (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.

The report stated, in relevant part, that during the period covered by the report:

•	The Fund’s investment strategy remained appropriate for an open-end fund structure;
•	The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;

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Trustees and Officers

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2005	186
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	183
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	2012	184
Trustee
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 (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,^* Born: 1971	2022	183
Trustee
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946	2008	186
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,^* Born: 1968	2022	183
Trustee
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	185
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2012	183
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,³ Born: 1960	2020	183
Trustee
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2012	183
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	184
Non-Independent Trustee
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Paul Lorentz,^† Born: 1968	2022	183
Non-Independent Trustee
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).

Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Kristie M. Feinberg, Born: 1975	2023
President
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2009
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

¹	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee as of September 26, 2023.
³	Member of the Audit Committee.
⁴	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
^*	Elected to serve as Independent Trustee effective as of September 9, 2022.
^†	Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

JOHN HANCOCK REAL ESTATE SECURITIES FUND | ANNUAL REPORT

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More information

Trustees

Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Wellington Management Company LLP

Portfolio Manager

Bradford D. Stoesser

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

^π Member of the Audit Committee as of September 26, 2023.

^† Non-Independent Trustee

^* Member of the Audit Committee

^{^} Elected to serve as Independent Trustee effective as of September 9, 2022.

^§Effective September 21, 2023, Ms. Lizarraga is no longer a Trustee.

^‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

^# Effective June 29, 2023.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:
800-225-5291	Regular mail:	Express mail:
jhinvestments.com	John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909	John Hancock Signature Services, Inc. 430 W 7^th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT | JOHN HANCOCK REAL ESTATE SECURITIES FUND

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

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A trusted brand

A better way to invest

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock Real Estate Securities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3099615

488A 8/23

10/2023

A message to shareholders

Dear shareholder,

Sincerely,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to maximize total return consisting of current income and capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2023 (%)

The Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

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QUALITY COMPOSITION AS OF 8/31/2023 (% of net assets)

Notes about risk

JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

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Management’s discussion of fund performance

How did the U.S. bond market perform during the 12 months ended August 31, 2023?

U.S. bonds declined modestly as measured by the Bloomberg U.S. Aggregate Bond Index. Bond yields rose broadly during the period as the U.S. Federal Reserve (Fed) raised its short-term interest rate target seven times to combat heightened inflationary pressures. Despite the Fed’s aggressive rate increases, the U.S. economy remained on solid footing, driven by a robust labor market and resilient consumer spending. Other factors affecting bond market performance during the period included a regional banking crisis and government wrangling over the federal debt ceiling.

Although bond yields rose across the board, short-term bond yields rose the most, reflecting the Fed rate hikes. Sector perspective was mixed; U.S. Treasury securities declined the most, reflecting their greater interest-rate sensitivity, while high-yield corporate bonds and asset-backed securities posted positive returns for the period.

How did the fund perform?

The fund posted a positive return, outpacing the decline of its benchmark. One factor behind the outperformance was the fund’s duration positioning. The fund maintained a shorter duration (a measure of interest-rate sensitivity) than the

NET CURRENCY EXPOSURE AS OF 8/31/2023 (% of net assets)
United States Dollar	85.1
Other Currencies	4.8
Canadian Dollar	2.8
Indonesian Rupiah	2.7
Korean Won	1.8
Norwegian Krone	1.7
Malaysian Ringgit	1.5
Euro	1.2
Philippine Peso	1.2
Singapore Dollar	(2.8)
TOTAL	100.0
Net currency exposure, after taking into account the effects of forward foreign currency exchange contracts.

COUNTRY COMPOSITION AS OF 8/31/2023 (% of net assets)
United States	59.9
Canada	7.2
Indonesia	4.2
Supranational	3.1
Mexico	2.4
United Kingdom	1.9
South Korea	1.8
New Zealand	1.7
Norway	1.7
Philippines	1.7
Other countries	14.4
TOTAL	100.0

ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND

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index, which helped limit price declines in a rising interest rate environment. Sector allocation was also a significant contributor, led by a noteworthy position in high-yield corporate bonds, which are not held in the benchmark, and an underweight position in U.S. Treasury securities.

On the downside, individual security selection among high-yield corporate bonds partially offset the gain from its allocation to the asset class. An allocation to convertible bonds and locally denominated corporate bonds in emerging markets, both not held in the benchmark, detracted from relative results. The fund’s foreign currency exposure was also a drag on performance, most notably the Japanese yen, which depreciated against most other currencies during the period.

What changes did you make to the portfolio during the period?

We redeployed risk over the course of the period by reducing credit exposure and reallocating those assets elsewhere. Accordingly, we decreased the fund’s holdings of high-yield corporate bonds and eliminated the fund’s small position in common stocks. We shifted the proceeds into government bonds (both U.S. and non-U.S.) and securitized assets. We also extended the fund’s duration to the longer end of its typical range.

Can you tell us about a change to the portfolio management team?

Effective March 15, 2023, Daniel S. Janis III retired.

MANAGED BY

Thomas C. Goggins

Kisoo Park

Christopher M. Chapman, CFA

Bradley L. Lutz, CFA

JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2023

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge		SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized^†
	1-year	5-year	10-year	5-year	10-year	as of 8-31-23	as of 8-31-23
Class A	-1.76	0.70	1.83	3.56	19.88	4.39	4.35
Class C	0.53	0.81	1.53	4.14	16.45	3.88	3.83
Class I¹	2.54	1.83	2.56	9.47	28.76	4.88	4.83
Class R2¹	2.14	1.42	2.16	7.31	23.80	4.45	4.40
Class R6¹	2.65	1.92	2.66	9.96	29.99	4.99	4.94
Class NAV¹	2.65	1.95	2.67	10.11	30.17	4.99	4.94
Index^††	-1.19	0.49	1.48	2.47	15.86	—	—

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until December 31, 2023 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R6	Class NAV
Gross (%)	1.11	1.81	0.81	1.20	0.70	0.69
Net (%)	1.06	1.76	0.76	1.15	0.65	0.64

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

^† Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.

^†† Index is the Bloomberg U.S. Aggregate Bond Index.

See the following page for footnotes.

ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Strategic Income Opportunities Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Bloomberg U.S. Aggregate Bond Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C²	8-31-13	11,645	11,645	11,586
Class I¹	8-31-13	12,876	12,876	11,586
Class R2¹	8-31-13	12,380	12,380	11,586
Class R6¹	8-31-13	12,999	12,999	11,586
Class NAV¹	8-31-13	13,017	13,017	11,586

The Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

Footnotes related to performance pages

¹	For certain types of investors, as described in the fund’s prospectuses.
²	The contingent deferred sales charge is not applicable.

JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND

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SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2023	Ending value on 8-31-2023	Expenses paid during period ended 8-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,022.60	$5.56	1.09%
	Hypothetical example	1,000.00	1,019.70	5.55	1.09%
Class C	Actual expenses/actual returns	1,000.00	1,019.10	9.06	1.78%
	Hypothetical example	1,000.00	1,016.20	9.05	1.78%
Class I	Actual expenses/actual returns	1,000.00	1,024.20	3.98	0.78%
	Hypothetical example	1,000.00	1,021.30	3.97	0.78%
Class R2	Actual expenses/actual returns	1,000.00	1,021.10	6.01	1.18%
	Hypothetical example	1,000.00	1,019.30	6.01	1.18%
Class R6	Actual expenses/actual returns	1,000.00	1,023.70	3.42	0.67%
	Hypothetical example	1,000.00	1,021.80	3.41	0.67%
Class NAV	Actual expenses/actual returns	1,000.00	1,023.70	3.42	0.67%
	Hypothetical example	1,000.00	1,021.80	3.41	0.67%

¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

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Fund’s investments

AS OF 8-31-23

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 13.4%					$448,015,320
(Cost $488,519,685)
U.S. Government 10.7%					358,088,622
U.S. Treasury
Bond	2.000	02-15-50		31,340,000	20,068,618
Bond	2.375	02-15-42		22,080,000	16,426,312
Bond	2.750	11-15-42		10,200,000	7,997,438
Bond	3.000	02-15-49		58,470,000	46,412,846
Bond	3.000	08-15-52		11,120,000	8,861,684
Bond	3.625	02-15-53		28,510,000	25,685,728
Note	0.500	02-28-26		2,800,000	2,528,094
Note	1.500	01-31-27		34,715,000	31,488,946
Note	1.875	02-15-32		22,533,000	18,939,162
Note	2.375	03-31-29		16,245,000	14,732,819
Note	2.625	05-31-27		10,525,000	9,879,522
Note	2.750	08-15-32		42,010,000	37,708,898
Note	2.875	05-15-32		91,260,000	82,936,090
Note	3.500	02-15-33		36,145,000	34,422,465
U.S. Government Agency 2.7%					89,926,698
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru	4.500	08-01-52		8,641,077	8,193,325
30 Yr Pass Thru	5.000	08-01-52		7,936,110	7,749,465
30 Yr Pass Thru	5.000	10-01-52		7,639,901	7,453,060
30 Yr Pass Thru	5.000	11-01-52		4,287,378	4,173,147
30 Yr Pass Thru	5.000	11-01-52		9,560,167	9,335,327
30 Yr Pass Thru	5.500	11-01-52		6,908,300	6,860,648
Federal National Mortgage Association
30 Yr Pass Thru	4.500	09-01-52		13,094,404	12,493,644
30 Yr Pass Thru	5.000	11-01-52		7,694,942	7,506,756
30 Yr Pass Thru	5.500	10-01-52		5,625,897	5,599,398
30 Yr Pass Thru	5.500	11-01-52		9,633,001	9,527,420

30 Yr Pass Thru	5.500	12-01-52		11,111,151	11,034,508
Foreign government obligations 23.5%					$784,391,761
(Cost $843,647,219)
Australia 1.6%					53,661,016
Commonwealth of Australia	0.500	09-21-26	AUD	8,025,000	4,719,428
Commonwealth of Australia	1.000	12-21-30	AUD	8,280,000	4,378,553
New South Wales Treasury Corp.	1.250	03-20-25	AUD	9,705,000	6,019,250
New South Wales Treasury Corp.	1.500	02-20-32	AUD	24,960,000	12,707,186
New South Wales Treasury Corp.	3.000	05-20-27	AUD	13,240,000	8,274,214
Queensland Treasury Corp. (A)	2.750	08-20-27	AUD	8,865,000	5,478,788
Treasury Corp. of Victoria	2.250	11-20-34	AUD	7,320,000	3,673,197

SEE NOTES TO FINANCIAL STATEMENTS

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	Rate (%)	Maturity date		Par value^	Value
Australia (continued)
Western Australian Treasury Corp.	1.500	10-22-30	AUD	15,635,000	$8,410,400
Austria 0.2%					6,747,659
Republic of Austria (A)	0.500	02-20-29	EUR	7,075,000	6,747,659
Brazil 0.9%					29,718,290
Federative Republic of Brazil	10.000	01-01-25	BRL	130,720,000	26,613,315
Federative Republic of Brazil	10.000	01-01-27	BRL	15,285,000	3,104,975
Canada 3.0%					100,789,996
CPPIB Capital, Inc. (A)	2.250	12-01-31	CAD	6,685,000	4,252,881
Government of Canada	0.500	12-01-30	CAD	14,200,000	8,414,068
Government of Canada	1.250	03-01-25	CAD	36,210,000	25,451,219
Government of Canada	1.500	09-01-24	CAD	2,863,000	2,047,092
Government of Canada	2.750	06-01-33	CAD	13,490,000	9,317,205
Province of Alberta	0.625	04-18-25	EUR	3,045,000	3,148,892
Province of British Columbia	4.200	07-06-33		6,870,000	6,694,068
Province of Ontario	1.350	12-02-30	CAD	25,645,000	15,574,707
Province of Ontario	3.450	06-02-45	CAD	10,495,000	6,691,728
Province of Quebec	0.200	04-07-25	EUR	3,150,000	3,235,389
Province of Quebec	1.500	12-15-23	GBP	3,535,000	4,426,869
Province of Quebec	3.000	09-01-23	CAD	5,650,000	4,181,301
Province of Quebec	4.500	09-08-33		7,382,000	7,354,577
China 0.1%					4,934,461
People’s Republic of China	2.690	08-12-26	CNY	35,520,000	4,934,461
Colombia 0.2%					7,513,552
Republic of Colombia	3.250	04-22-32		4,655,000	3,482,990
Republic of Colombia	4.500	03-15-29		2,450,000	2,177,540
Republic of Colombia	5.625	02-26-44		2,450,000	1,853,022
Finland 0.1%					4,013,815
Kuntarahoitus OYJ (3 month NIBOR + 1.250%) (B)	5.640	01-10-25	NOK	42,000,000	4,013,815
Germany 1.1%					36,604,166
Federal Republic of Germany	3.250	07-04-42	EUR	4,600,000	5,436,870
Federal Republic of Germany, Zero Coupon	0.000	11-15-27	EUR	5,700,000	5,572,385
Federal Republic of Germany, Zero Coupon	0.000	02-15-31	EUR	6,070,000	5,526,688
Federal Republic of Germany, Zero Coupon	0.000	02-15-32	EUR	18,910,000	16,800,787
Federal Republic of Germany, Zero Coupon	0.000	05-15-35	EUR	4,035,000	3,267,436

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	Rate (%)	Maturity date		Par value^	Value
Greece 0.1%					$4,646,608
Republic of Greece (A)	2.000	04-22-27	EUR	4,495,000	4,646,608
India 1.0%					32,797,849
Export-Import Bank of India (A)	3.875	02-01-28		6,380,000	5,964,917
Republic of India	5.220	06-15-25	INR	696,560,000	8,149,368
Republic of India	6.100	07-12-31	INR	358,560,000	4,050,229
Republic of India	6.450	10-07-29	INR	373,000,000	4,342,175
Republic of India	7.060	04-10-28	INR	421,080,000	5,087,237
Republic of India	7.260	02-06-33	INR	272,460,000	3,312,023
Republic of India	7.270	04-08-26	INR	156,200,000	1,891,900
Indonesia 3.4%					114,343,811
Perusahaan Penerbit SBSN Indonesia III (A)	4.150	03-29-27		8,310,000	8,037,129
Republic of Indonesia	1.100	03-12-33	EUR	2,709,000	2,137,035
Republic of Indonesia (A)	2.150	07-18-24	EUR	6,000,000	6,375,981
Republic of Indonesia	3.050	03-12-51		5,655,000	3,995,973
Republic of Indonesia	3.850	10-15-30		4,480,000	4,139,053
Republic of Indonesia	5.125	04-15-27	IDR	61,400,000,000	3,887,646
Republic of Indonesia	6.375	08-15-28	IDR	258,309,000,000	17,027,030
Republic of Indonesia	6.375	04-15-32	IDR	190,055,000,000	12,448,191
Republic of Indonesia	6.500	06-15-25	IDR	342,192,000,000	22,544,902
Republic of Indonesia	6.625	05-15-33	IDR	84,156,000,000	5,619,401
Republic of Indonesia	7.500	06-15-35	IDR	61,272,000,000	4,327,984
Republic of Indonesia	7.500	05-15-38	IDR	62,856,000,000	4,439,300
Republic of Indonesia	8.125	05-15-24	IDR	30,464,000,000	2,022,946
Republic of Indonesia	8.375	09-15-26	IDR	81,815,000,000	5,676,023
Republic of Indonesia	8.750	05-15-31	IDR	111,458,000,000	8,308,310
Republic of Indonesia	9.000	03-15-29	IDR	45,615,000,000	3,356,907
Ireland 0.1%					2,726,753
Republic of Ireland	1.100	05-15-29	EUR	2,760,000	2,726,753
Italy 0.2%					6,830,354
Republic of Italy	1.250	02-17-26		7,595,000	6,830,354
Japan 0.7%					21,971,368
Government of Japan	0.005	03-20-27	JPY	742,050,000	5,081,327
Government of Japan	0.400	09-20-25	JPY	2,438,650,000	16,890,041
Malaysia 1.5%					48,993,502
Government of Malaysia	3.733	06-15-28	MYR	24,975,000	5,391,243
Government of Malaysia	3.828	07-05-34	MYR	22,120,000	4,696,448
Government of Malaysia	3.844	04-15-33	MYR	43,936,000	9,426,087
Government of Malaysia	3.882	03-14-25	MYR	30,035,000	6,527,911
Government of Malaysia	3.899	11-16-27	MYR	35,552,000	7,744,691
Government of Malaysia	3.900	11-30-26	MYR	18,960,000	4,131,447

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	Rate (%)	Maturity date		Par value^	Value
Malaysia (continued)
Government of Malaysia	3.906	07-15-26	MYR	20,310,000	$4,427,232
Government of Malaysia	4.498	04-15-30	MYR	29,585,000	6,648,443
Mexico 1.9%					64,127,968
Government of Mexico	5.000	03-06-25	MXN	448,570,000	24,344,930
Government of Mexico	7.500	05-26-33	MXN	399,470,000	20,792,448
Government of Mexico	7.750	05-29-31	MXN	354,390,000	18,990,590
New Zealand 1.7%					57,376,560
Government of New Zealand	0.500	05-15-24	NZD	21,830,000	12,563,450
Government of New Zealand	0.500	05-15-26	NZD	10,910,000	5,759,759
Government of New Zealand	2.750	04-15-25	NZD	7,320,000	4,184,776
Government of New Zealand	3.500	04-14-33	NZD	31,320,000	16,710,457
New Zealand Local Government Funding Agency	1.500	04-15-26	NZD	5,765,000	3,114,930
New Zealand Local Government Funding Agency	3.000	05-15-35	NZD	10,470,000	4,879,742
New Zealand Local Government Funding Agency	3.500	04-14-33	NZD	8,350,000	4,255,861
New Zealand Local Government Funding Agency	4.500	04-15-27	NZD	10,170,000	5,907,585
Norway 1.2%					40,207,778
Kingdom of Norway (A)	1.250	09-17-31	NOK	110,420,000	8,562,984
Kingdom of Norway (A)	1.750	03-13-25	NOK	127,825,000	11,579,009
Kingdom of Norway (A)	1.750	02-17-27	NOK	12,930,000	1,127,102
Kingdom of Norway (A)	2.125	05-18-32	NOK	110,590,000	9,105,209
Kommunalbanken AS	4.250	07-16-25	AUD	10,774,000	6,957,676
Kommunalbanken AS	5.250	07-15-24	AUD	4,410,000	2,875,798
Philippines 1.7%					55,688,129
Republic of the Philippines	0.875	05-17-27	EUR	14,460,000	13,896,142
Republic of the Philippines	2.625	08-12-25	PHP	828,425,000	13,678,928
Republic of the Philippines	3.625	09-09-25	PHP	302,480,000	5,090,841
Republic of the Philippines	6.125	08-22-28	PHP	438,705,000	7,733,853
Republic of the Philippines	6.250	01-14-36	PHP	235,000,000	4,010,810
Republic of the Philippines	6.750	09-15-32	PHP	445,280,000	8,072,233
Republic of the Philippines	8.000	09-30-35	PHP	160,300,000	3,205,322
Qatar 0.2%					5,734,048
State of Qatar (A)	4.817	03-14-49		6,160,000	5,734,048
Singapore 0.3%					9,106,199
Republic of Singapore	3.375	09-01-33	SGD	12,070,000	9,106,199
South Korea 1.8%					58,843,866
Republic of Korea	1.375	12-10-29	KRW	5,133,700,000	3,370,196
Republic of Korea	2.125	06-10-27	KRW	13,298,800,000	9,492,865

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	Rate (%)	Maturity date		Par value^	Value
South Korea (continued)
Republic of Korea	2.375	03-10-27	KRW	37,882,990,000	$27,381,685
Republic of Korea	3.125	09-10-27	KRW	6,167,200,000	4,557,860
Republic of Korea	3.250	06-10-33	KRW	10,498,000,000	7,567,893
Republic of Korea	4.250	12-10-32	KRW	8,219,530,000	6,473,367
United Arab Emirates 0.1%					3,464,410
Government of Abu Dhabi (A)	3.875	04-16-50		4,315,000	3,464,410
United Kingdom 0.4%					13,549,603
Government of United Kingdom	0.250	01-31-25	GBP	3,650,000	4,332,230

Government of United Kingdom	4.250	12-07-27	GBP	7,360,000	9,217,373
Corporate bonds 46.5%					$1,554,417,665
(Cost $1,749,755,298)
Communication services 4.6%					153,151,570
Diversified telecommunication services 0.2%
Cellnex Telecom SA	1.875	06-26-29	EUR	5,400,000	5,004,408
IHS Holding, Ltd. (A)	6.250	11-29-28		3,600,000	2,897,640
Entertainment 0.4%
WMG Acquisition Corp. (A)(C)	3.000	02-15-31		15,595,000	12,716,319
Interactive media and services 0.1%
Match Group Holdings II LLC (A)(C)	4.125	08-01-30		3,640,000	3,121,737
Media 2.7%
CCO Holdings LLC (A)	4.250	02-01-31		15,105,000	12,390,390
CCO Holdings LLC (A)	4.500	06-01-33		5,745,000	4,534,932
Charter Communications Operating LLC	2.800	04-01-31		2,350,000	1,893,638
Charter Communications Operating LLC	5.125	07-01-49		14,590,000	11,226,612
Charter Communications Operating LLC	5.750	04-01-48		5,420,000	4,566,261
Globo Comunicacao e Participacoes SA (A)	5.500	01-14-32		5,840,000	4,917,983
LCPR Senior Secured Financing DAC (A)	5.125	07-15-29		8,000,000	6,744,000
News Corp. (A)	3.875	05-15-29		14,435,000	12,676,673
Sirius XM Radio, Inc. (A)	4.125	07-01-30		12,225,000	9,966,187
Virgin Media Finance PLC (A)	5.000	07-15-30		7,640,000	6,178,927
Virgin Media Secured Finance PLC (A)	4.500	08-15-30		5,145,000	4,344,258
Virgin Media Secured Finance PLC (A)	5.500	05-15-29		11,030,000	10,082,516
Wireless telecommunication services 1.2%
Sprint LLC	7.625	02-15-25		3,670,000	3,742,226
T-Mobile USA, Inc.	2.625	02-15-29		4,405,000	3,814,384

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Wireless telecommunication services (continued)
T-Mobile USA, Inc.	2.875	02-15-31		4,070,000	$3,421,962
T-Mobile USA, Inc.	3.375	04-15-29		4,865,000	4,360,800
T-Mobile USA, Inc.	3.500	04-15-31		7,575,000	6,613,789
Vmed O2 UK Financing I PLC (A)	3.250	01-31-31	EUR	7,750,000	6,979,841
Vmed O2 UK Financing I PLC (A)	4.250	01-31-31		13,395,000	10,956,087
Consumer discretionary 6.0%					201,443,684
Automobiles 1.2%
BMW Finance NV	1.000	11-14-24	EUR	4,785,000	5,022,897
Ford Motor Company	3.250	02-12-32		4,125,000	3,220,010
Ford Motor Credit Company LLC	2.748	06-14-24	GBP	3,354,000	4,088,766
Ford Motor Credit Company LLC	2.900	02-16-28		3,620,000	3,089,289
Ford Motor Credit Company LLC	3.625	06-17-31		10,800,000	8,750,607
Ford Motor Credit Company LLC	4.000	11-13-30		2,575,000	2,178,834
Ford Motor Credit Company LLC	4.125	08-17-27		1,665,000	1,510,769
Ford Motor Credit Company LLC	4.542	08-01-26		2,695,000	2,540,169
Ford Motor Credit Company LLC	4.950	05-28-27		11,500,000	10,791,045
Broadline retail 0.2%
MercadoLibre, Inc. (C)	2.375	01-14-26		5,950,000	5,441,116
MercadoLibre, Inc.	3.125	01-14-31		3,340,000	2,673,006
Diversified consumer services 0.4%
Duke University	3.299	10-01-46		7,549,000	5,649,846
Massachusetts Institute of Technology	2.989	07-01-50		4,505,000	3,233,526
President and Fellows of Harvard College	2.517	10-15-50		6,515,000	4,214,209
Hotels, restaurants and leisure 4.2%
Carnival Corp. (A)	5.750	03-01-27		10,390,000	9,778,163
Hilton Domestic Operating Company, Inc. (A)	3.625	02-15-32		4,920,000	4,114,574
Hilton Domestic Operating Company, Inc.	4.875	01-15-30		7,450,000	6,950,188
Hyatt Hotels Corp.	5.750	04-23-30		9,696,000	9,709,265
MGM Resorts International	4.750	10-15-28		1,060,000	961,970
New Red Finance, Inc. (A)	3.500	02-15-29		15,357,000	13,445,253
New Red Finance, Inc. (A)	3.875	01-15-28		8,793,000	7,997,620
New Red Finance, Inc. (A)	4.000	10-15-30		20,370,000	17,256,470
Premier Entertainment Sub LLC (A)	5.625	09-01-29		2,115,000	1,688,193
Premier Entertainment Sub LLC (A)	5.875	09-01-31		4,430,000	3,425,276
Royal Caribbean Cruises, Ltd. (A)	5.500	04-01-28		11,045,000	10,353,582
Royal Caribbean Cruises, Ltd. (A)	11.625	08-15-27		1,716,000	1,869,798
Travel + Leisure Company (A)	4.500	12-01-29		7,482,000	6,439,458

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Travel + Leisure Company (A)	6.625	07-31-26		3,226,000	$3,201,676
Wyndham Hotels & Resorts, Inc. (A)(C)	4.375	08-15-28		6,920,000	6,311,032
Yum! Brands, Inc.	3.625	03-15-31		18,845,000	15,981,016
Yum! Brands, Inc.	4.625	01-31-32		7,170,000	6,415,282
Yum! Brands, Inc. (A)	4.750	01-15-30		14,270,000	13,140,779
Consumer staples 2.8%					93,558,358
Beverages 0.2%
Becle SAB de CV (A)	2.500	10-14-31		8,250,000	6,470,087
Food products 2.3%
Darling Ingredients, Inc. (A)	6.000	06-15-30		13,370,000	13,066,974
JBS USA LUX SA	3.625	01-15-32		9,845,000	8,079,613
JBS USA LUX SA	5.750	04-01-33		5,895,000	5,610,474
Kraft Heinz Foods Company	4.375	06-01-46		14,825,000	12,267,673
Kraft Heinz Foods Company	6.875	01-26-39		6,560,000	7,179,537
Kraft Heinz Foods Company (A)	7.125	08-01-39		1,675,000	1,837,334
MARB BondCo PLC (A)	3.950	01-29-31		10,761,000	8,374,499
NBM US Holdings, Inc. (A)	7.000	05-14-26		2,229,000	2,198,156
Post Holdings, Inc. (A)	4.500	09-15-31		3,240,000	2,791,217
Post Holdings, Inc. (A)	5.500	12-15-29		3,230,000	2,987,925
Post Holdings, Inc. (A)	5.625	01-15-28		12,510,000	11,995,623
Personal care products 0.3%
Natura & Company Luxembourg Holdings Sarl (A)(C)	6.000	04-19-29		4,015,000	3,694,016
Natura Cosmeticos SA (A)	4.125	05-03-28		8,030,000	7,005,230
Energy 7.2%					239,883,883
Oil, gas and consumable fuels 7.2%
Aker BP ASA (A)	3.750	01-15-30		8,430,000	7,459,941
Cenovus Energy, Inc.	3.500	02-07-28	CAD	5,175,000	3,567,847
Cenovus Energy, Inc.	5.250	06-15-37		2,074,000	1,891,044
Cenovus Energy, Inc.	5.400	06-15-47		8,203,000	7,373,683
Cenovus Energy, Inc.	6.750	11-15-39		18,593,000	19,278,067
Cheniere Energy Partners LP	4.000	03-01-31		17,070,000	15,070,326
Civitas Resources, Inc. (A)	8.750	07-01-31		9,190,000	9,511,650
Columbia Pipelines Operating Company LLC (A)	6.036	11-15-33		2,170,000	2,192,243
Continental Resources, Inc. (A)	2.875	04-01-32		16,454,000	12,615,194
Continental Resources, Inc. (A)	5.750	01-15-31		13,466,000	12,870,837
Ecopetrol SA	4.625	11-02-31		4,570,000	3,610,533
Ecopetrol SA	5.375	06-26-26		2,445,000	2,368,331
Ecopetrol SA	5.875	05-28-45		2,485,000	1,751,765
Ecopetrol SA	6.875	04-29-30		4,970,000	4,628,554

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Enbridge, Inc.	3.125	11-15-29		10,080,000	$8,898,560
EQT Corp. (A)(C)	3.625	05-15-31		15,945,000	13,779,031
EQT Corp.	3.900	10-01-27		3,283,000	3,065,527
Kinder Morgan, Inc.	5.300	12-01-34		2,405,000	2,287,426
MC Brazil Downstream Trading SARL (A)	7.250	06-30-31		8,580,917	5,749,214
Medco Oak Tree Pte, Ltd. (A)	7.375	05-14-26		12,545,000	12,248,049
Occidental Petroleum Corp.	3.200	08-15-26		1,560,000	1,425,450
Occidental Petroleum Corp.	3.400	04-15-26		2,417,000	2,265,729
Occidental Petroleum Corp.	6.125	01-01-31		7,895,000	7,955,002
Occidental Petroleum Corp.	6.625	09-01-30		11,815,000	12,196,787
Occidental Petroleum Corp.	7.500	05-01-31		3,470,000	3,759,750
Ovintiv, Inc.	6.500	08-15-34		8,760,000	8,882,632
Ovintiv, Inc.	6.500	02-01-38		5,700,000	5,599,152
Pertamina Persero PT (A)	3.100	01-21-30		2,700,000	2,332,364
Pertamina Persero PT (A)	3.650	07-30-29		3,440,000	3,131,076
Petrorio Luxembourg Trading Sarl (A)	6.125	06-09-26		5,350,000	5,140,102
QatarEnergy (A)	2.250	07-12-31		7,975,000	6,555,035
QatarEnergy (A)	3.300	07-12-51		3,105,000	2,174,233
Southwestern Energy Company	5.700	01-23-25		166,000	164,383
The Williams Companies, Inc.	3.500	11-15-30		865,000	766,159
TransCanada PipeLines, Ltd.	4.100	04-15-30		13,295,000	12,178,655
Transcontinental Gas Pipe Line Company LLC	3.250	05-15-30		875,000	771,219
Var Energi ASA (A)	7.500	01-15-28		5,380,000	5,586,538
Western Midstream Operating LP	4.050	02-01-30		9,845,000	8,781,795
Financials 7.7%					255,875,502
Banks 4.7%
Asian Development Bank	3.000	10-14-26	AUD	5,880,000	3,672,163
Bank of Montreal (7.325% to 11-26-27, then 5 Year Canada Government Bond Yield + 4.098%)	7.325	11-26-82	CAD	11,950,000	8,628,020
European Investment Bank	0.250	01-20-32	EUR	10,275,000	8,878,116
Inter-American Development Bank	2.700	01-29-26	AUD	5,932,000	3,705,066
Inter-American Development Bank	2.750	10-30-25	AUD	5,140,000	3,225,748
International Bank for Reconstruction & Development	1.200	08-08-34	EUR	17,620,000	15,669,782
International Bank for Reconstruction & Development	1.250	03-16-26	NOK	35,210,000	3,051,090

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Banks (continued)
International Bank for Reconstruction & Development	1.800	01-19-27	CAD	6,585,000	$4,464,418
International Bank for Reconstruction & Development	1.900	01-16-25	CAD	8,110,000	5,747,944
International Bank for Reconstruction & Development	5.000	06-22-26	NZD	17,525,000	10,355,337
International Development Association	1.750	02-17-27	NOK	27,410,000	2,351,073
International Finance Corp.	0.375	09-10-25	NZD	12,980,000	6,986,881
International Finance Corp.	2.550	09-18-23	CNY	32,140,000	4,407,027
International Finance Corp.	3.600	02-24-26	AUD	14,185,000	9,044,433
KfW	2.875	02-17-27	NOK	20,980,000	1,868,501
Nordea Eiendomskreditt AS (3 month NIBOR + 0.340%) (B)	4.500	06-19-24	NOK	33,000,000	3,109,171
Nordic Investment Bank	1.875	04-10-24	NOK	46,090,000	4,258,711
Nordic Investment Bank	3.000	08-23-27	NOK	48,680,000	4,329,376
Nordic Investment Bank	4.000	11-04-26	NOK	25,000,000	2,307,519
Popular, Inc.	7.250	03-13-28		7,230,000	7,275,188
Royal Bank of Canada (4.200% to 2-24-27, then 5 Year Canada Government Bond Yield + 2.710%) (D)	4.200	02-24-27	CAD	6,420,000	3,565,780
The Asian Infrastructure Investment Bank	0.200	12-15-25	GBP	6,140,000	6,897,660
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%)	8.625	10-27-82		8,635,000	8,802,303
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%)	8.125	10-31-82		9,915,000	9,964,793
U.S. Bancorp	0.850	06-07-24	EUR	6,850,000	7,195,950
U.S. Bancorp (3.700% to 1-15-27, then 5 Year CMT + 2.541%) (D)	3.700	01-15-27		6,821,000	5,138,055
Capital markets 1.2%
MSCI, Inc. (A)	3.250	08-15-33		4,130,000	3,322,740
MSCI, Inc. (A)	3.625	09-01-30		15,070,000	13,032,072
MSCI, Inc. (A)	3.625	11-01-31		8,740,000	7,411,336
MSCI, Inc. (A)	3.875	02-15-31		6,775,000	5,911,095
The Goldman Sachs Group, Inc.	0.250	01-26-28	EUR	845,000	776,487
The Goldman Sachs Group, Inc.	1.375	05-15-24	EUR	6,403,000	6,813,205
The Goldman Sachs Group, Inc.	2.000	11-01-28	EUR	3,788,000	3,720,278

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Financial services 1.1%
Berkshire Hathaway Finance Corp.	2.375	06-19-39	GBP	7,150,000	$6,156,384
Berkshire Hathaway, Inc., Zero Coupon	0.000	03-12-25	EUR	9,235,000	9,444,983
European Financial Stability Facility, Zero Coupon	0.000	10-15-25	EUR	4,440,000	4,499,021
Fidelity National Information Services, Inc.	1.000	12-03-28	EUR	4,800,000	4,479,628
Fidelity National Information Services, Inc.	1.500	05-21-27	EUR	8,945,000	8,895,636
Fiserv, Inc.	1.125	07-01-27	EUR	3,495,000	3,433,293
Insurance 0.7%
American International Group, Inc. (8.175% to 5-15-38, then 3 month LIBOR + 4.195%)	8.175	05-15-58		15,170,000	16,895,342
Chubb INA Holdings, Inc.	0.300	12-15-24	EUR	5,990,000	6,183,897
Health care 4.0%					133,594,091
Health care equipment and supplies 0.6%
Becton Dickinson Euro Finance Sarl	1.208	06-04-26	EUR	8,910,000	9,018,567
DH Europe Finance II Sarl	0.450	03-18-28	EUR	13,445,000	12,643,702
Health care providers and services 2.7%
Centene Corp.	2.500	03-01-31		9,265,000	7,378,076
Centene Corp.	3.000	10-15-30		15,295,000	12,722,145
Centene Corp.	3.375	02-15-30		15,395,000	13,174,989
Centene Corp.	4.625	12-15-29		2,625,000	2,413,688
HCA, Inc.	3.500	09-01-30		30,421,000	26,570,481
HCA, Inc.	4.125	06-15-29		13,845,000	12,788,720
HCA, Inc.	5.500	06-01-33		6,565,000	6,449,465
Rede D’or Finance Sarl (A)	4.500	01-22-30		4,134,000	3,552,609
Rede D’or Finance Sarl (A)	4.950	01-17-28		4,356,000	4,006,232
Life sciences tools and services 0.4%
Thermo Fisher Scientific, Inc.	0.500	03-01-28	EUR	6,585,000	6,218,629
Thermo Fisher Scientific, Inc.	0.750	09-12-24	EUR	2,288,000	2,400,233
Thermo Fisher Scientific, Inc.	1.400	01-23-26	EUR	3,297,000	3,381,231
Pharmaceuticals 0.3%
Allergan Funding SCS	1.250	06-01-24	EUR	6,760,000	7,114,570
Allergan Funding SCS	2.625	11-15-28	EUR	3,795,000	3,760,754
Industrials 4.3%					144,315,768
Aerospace and defense 1.1%
Airbus SE	1.625	06-09-30	EUR	2,740,000	2,608,000
DAE Funding LLC (A)	3.375	03-20-28		6,635,000	5,901,355

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Aerospace and defense (continued)
The Boeing Company	5.150	05-01-30		22,885,000	$22,515,052
The Boeing Company	5.805	05-01-50		5,860,000	5,701,111
Building products 0.1%
Johnson Controls International PLC	0.375	09-15-27	EUR	2,590,000	2,442,936
Construction and engineering 0.3%
AECOM	5.125	03-15-27		12,077,000	11,587,107
Ground transportation 0.4%
Indian Railway Finance Corp., Ltd. (A)	3.249	02-13-30		7,580,000	6,549,294
Uber Technologies, Inc. (A)	8.000	11-01-26		5,305,000	5,401,535
Passenger airlines 1.7%
American Airlines, Inc. (A)	5.500	04-20-26		7,819,167	7,672,820
American Airlines, Inc. (A)	5.750	04-20-29		7,395,000	7,072,436
Delta Air Lines 2020-1 Class A Pass Through Trust	2.500	06-10-28		4,402,697	3,859,785
Delta Air Lines, Inc.	2.900	10-28-24		4,575,000	4,430,771
Delta Air Lines, Inc. (A)	4.750	10-20-28		29,063,000	27,907,943
Delta Air Lines, Inc.	7.375	01-15-26		1,655,000	1,702,743
Singapore Airlines, Ltd.	3.375	01-19-29		4,250,000	3,919,860
Trading companies and distributors 0.7%
United Rentals North America, Inc.	3.875	02-15-31		10,170,000	8,699,050
United Rentals North America, Inc.	4.000	07-15-30		6,515,000	5,709,215
United Rentals North America, Inc.	4.875	01-15-28		4,190,000	3,986,580
United Rentals North America, Inc. (A)	6.000	12-15-29		6,690,000	6,648,175
Information technology 0.4%					12,596,596
IT services 0.1%
Gartner, Inc. (A)	3.750	10-01-30		5,220,000	4,507,762
Technology hardware, storage and peripherals 0.3%
CDW LLC	4.250	04-01-28		1,655,000	1,529,733
Dell International LLC	8.350	07-15-46		5,348,000	6,559,101
Materials 4.0%					135,388,640
Chemicals 0.5%
Braskem Netherlands Finance BV (A)	4.500	01-31-30		3,409,000	2,846,487
Braskem Netherlands Finance BV (A)	5.875	01-31-50		6,055,000	4,657,290
Ecolab, Inc.	1.000	01-15-24	EUR	4,270,000	4,572,883

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Materials (continued)
Chemicals (continued)
FS Luxembourg Sarl (A)	10.000	12-15-25		3,410,000	$3,503,559
Construction materials 0.3%
Cemex SAB de CV (A)	3.875	07-11-31		12,495,000	10,691,619
Containers and packaging 1.3%
Ardagh Metal Packaging Finance USA LLC (A)	3.250	09-01-28		8,925,000	7,589,960
Ball Corp.	2.875	08-15-30		19,830,000	16,221,188
Ball Corp.	6.875	03-15-28		11,095,000	11,261,307
Berry Global, Inc. (A)	5.625	07-15-27		5,135,000	5,033,577
Sealed Air Corp. (A)	5.000	04-15-29		4,410,000	4,092,039
Metals and mining 1.9%
Cleveland-Cliffs, Inc. (A)	4.625	03-01-29		14,925,000	13,232,702
Cleveland-Cliffs, Inc. (A)(C)	4.875	03-01-31		8,180,000	7,137,118
CSN Islands XI Corp. (A)	6.750	01-28-28		8,315,000	7,829,718
Freeport-McMoRan, Inc.	4.125	03-01-28		1,430,000	1,326,385
Freeport-McMoRan, Inc.	4.625	08-01-30		4,485,000	4,147,917
Freeport-McMoRan, Inc.	5.400	11-14-34		4,545,000	4,307,003
Freeport-McMoRan, Inc.	5.450	03-15-43		17,505,000	15,711,509
Indonesia Asahan Aluminium Persero PT (A)	4.750	05-15-25		11,455,000	11,226,379
Real estate 2.4%					81,218,764
Hotel and resort REITs 0.2%
Host Hotels & Resorts LP	3.375	12-15-29		7,065,000	6,008,996
Host Hotels & Resorts LP	3.500	09-15-30		2,575,000	2,196,748
Office REITs 0.0%
Boston Properties LP	2.750	10-01-26		1,266,000	1,141,561
Specialized REITs 2.2%
American Tower Corp.	0.500	01-15-28	EUR	2,845,000	2,623,489
American Tower Corp.	1.950	05-22-26	EUR	3,650,000	3,724,398
American Tower Trust I (A)	5.490	03-15-28		7,025,000	7,002,301
Crown Castle, Inc.	2.250	01-15-31		2,550,000	2,047,330
SBA Communications Corp.	3.125	02-01-29		9,770,000	8,364,969
SBA Communications Corp.	3.875	02-15-27		20,055,000	18,542,263
SBA Tower Trust (A)	6.599	01-15-28		9,420,000	9,565,741
VICI Properties LP (A)	4.125	08-15-30		9,945,000	8,707,699
VICI Properties LP (A)	4.625	12-01-29		4,345,000	3,925,056
VICI Properties LP	5.125	05-15-32		7,950,000	7,368,213
Utilities 3.1%					103,390,809
Electric utilities 2.0%
Brazos Securitization LLC (A)	5.014	09-01-31		7,140,000	6,962,440
Brazos Securitization LLC (A)	5.413	09-01-52		7,835,000	7,755,997

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Table of Contents

	Rate (%)	Maturity date		Par value^	Value
Utilities (continued)
Electric utilities (continued)
EDP Finance BV	0.375	09-16-26	EUR	1,315,000	$1,290,652
Emera, Inc. (6.750% to 6-15-26, then 3 month LIBOR + 5.440%)	6.750	06-15-76		11,555,000	11,092,800
FirstEnergy Corp.	4.150	07-15-27		9,045,000	8,531,760
FirstEnergy Corp.	7.375	11-15-31		13,018,000	14,481,887
Israel Electric Corp., Ltd. (A)	3.750	02-22-32		5,380,000	4,552,556
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (A)	4.125	05-15-27		11,660,000	11,052,290
United Electric Securitization LLC (A)	5.109	06-01-31		1,655,000	1,627,554
Independent power and renewable electricity producers 0.9%
DPL, Inc.	4.125	07-01-25		11,025,000	10,488,027
Greenko Dutch BV (A)(C)	3.850	03-29-26		5,710,500	5,147,787
Greenko Solar Mauritius, Ltd. (A)	5.550	01-29-25		5,260,000	5,062,750
Greenko Wind Projects Mauritius, Ltd. (A)	5.500	04-06-25		7,965,000	7,644,679
The AES Corp. (A)	3.950	07-15-30		1,650,000	1,466,606
Multi-utilities 0.2%
E.ON SE	0.375	09-29-27	EUR	3,200,000	3,067,090

Engie SA	0.375	06-21-27	EUR	3,300,000	3,165,934
Convertible bonds 3.1%					$104,833,093
(Cost $109,375,402)
Communication services 0.7%					23,473,426
Media 0.7%
Liberty Broadband Corp. (A)	3.125	03-31-53		17,840,000	18,687,400
Liberty Media Corp. (A)	0.500	12-01-50		4,460,000	4,786,026
Consumer discretionary 0.7%					24,968,343
Hotels, restaurants and leisure 0.5%
Carnival Corp. (A)	5.750	12-01-27		7,920,000	11,653,641
Marriott Vacations Worldwide Corp. (A)	3.250	12-15-27		7,460,000	6,699,080
Specialty retail 0.2%
Burlington Stores, Inc. (C)	2.250	04-15-25		6,365,000	6,615,622
Industrials 1.1%					37,247,948
Ground transportation 0.2%
Uber Technologies, Inc. (E)	2.883	12-15-25		8,320,000	7,787,891
Passenger airlines 0.9%
Air Canada	4.000	07-01-25		5,160,000	6,522,507
American Airlines Group, Inc.	6.500	07-01-25		11,425,000	13,024,500
Southwest Airlines Company	1.250	05-01-25		9,450,000	9,913,050

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Utilities 0.6%				$19,143,376
Multi-utilities 0.3%
CenterPoint Energy, Inc. (A)	4.250	08-15-26	10,110,000	9,998,790
Water utilities 0.3%

American Water Capital Corp. (A)	3.625	06-15-26	9,185,000	9,144,586
Municipal bonds 2.2%				$74,658,474
(Cost $76,645,141)
Board of Regents of the University of Texas System	2.439	08-15-49	11,605,000	7,479,076
City of Norfolk (Virginia)	1.804	10-01-31	4,035,000	3,256,827
City of San Antonio (Texas)	5.718	02-01-41	2,360,000	2,462,898
Commonwealth of Massachusetts	2.900	09-01-49	5,840,000	4,029,908
Louisiana Local Government Environmental Facilities & Community Development Authority	5.198	12-01-39	6,875,000	6,863,686
Massachusetts Educational Financing Authority	5.950	07-01-44	8,015,000	7,676,089
Massachusetts School Building Authority	2.950	05-15-43	2,900,000	2,114,520
Massachusetts Water Resources Authority	3.124	08-01-39	7,145,000	5,670,681
South Carolina Public Service Authority	5.740	01-01-30	2,420,000	2,460,171
State Board of Administration Finance Corp. (Florida)	2.154	07-01-30	1,648,000	1,357,130
State of Texas	5.235	10-01-43	8,440,000	8,457,435
University of Nebraska Facilities Corp.	3.037	10-01-49	3,025,000	2,188,407
University of Virginia	2.256	09-01-50	17,760,000	10,894,108
University of Washington	2.618	04-01-42	7,375,000	5,112,877

Utah Transit Authority	3.443	12-15-42	6,035,000	4,634,661
Term loans (F) 0.8%				$25,255,951
(Cost $25,295,710)
Industrials 0.8%				25,255,951
Passenger airlines 0.8%
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month SOFR + 4.750%)	10.338	04-20-28	6,013,500	6,239,968
Mileage Plus Holdings LLC, 2020 Term Loan B (3 month LIBOR + 5.250%)	10.764	06-21-27	7,068,000	7,362,736

United Airlines, Inc., 2021 Term Loan B (3 month LIBOR + 3.750%)	9.292	04-21-28	11,638,699	11,653,247

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value

Collateralized mortgage obligations 6.1%				$204,296,414
(Cost $205,226,342)
Commercial and residential 3.6%				120,925,461
Arroyo Mortgage Trust
Series 2019-1, Class A1 (A)(G)	3.805	01-25-49	3,068,323	2,855,815
BOCA Commercial Mortgage Trust
Series 2022-BOCA, Class B (1 month CME Term SOFR + 2.319%) (A)(B)	7.630	05-15-39	3,145,000	3,100,643
BX Commercial Mortgage Trust
Series 2019-XL, Class A (1 month CME Term SOFR + 1.034%) (A)(B)	6.345	10-15-36	8,484,476	8,463,006
Series 2021-CIP, Class A (1 month CME Term SOFR + 1.035%) (A)(B)	6.345	12-15-38	4,955,000	4,852,425
Series 2021-VOLT, Class A (1 month CME Term SOFR + 0.814%) (A)(B)	6.125	09-15-36	5,650,000	5,497,543
BX Trust
Series 2022-CLS, Class A (A)	5.760	10-13-27	5,980,000	5,499,019
Series 2022-GPA, Class A (1 month CME Term SOFR + 2.165%) (A)(B)	7.475	08-15-39	8,080,000	8,079,990
Series 2022-GPA, Class B (1 month CME Term SOFR + 2.664%) (A)(B)	7.974	08-15-41	4,845,000	4,841,956
Series 2022-GPA, Class D (1 month CME Term SOFR + 4.061%) (A)(B)	9.371	08-15-43	3,335,000	3,320,362
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class A (1 month CME Term SOFR + 1.184%) (A)(B)	6.495	12-15-37	3,840,900	3,821,470
Citigroup Commercial Mortgage Trust
Series 2023-SMRT, Class A (A)(G)	6.015	06-10-28	4,380,000	4,345,861
COLT Mortgage Loan Trust
Series 2022-5, Class A1 (A)(G)	4.550	04-25-67	3,521,464	3,401,363
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class A (1 month CME Term SOFR + 1.027%) (A)(B)	6.338	05-15-36	6,808,062	6,800,263
Series 2019-NQM1, Class A1 (2.656% to 11-1-23, then 3.656% thereafter) (A)	2.656	10-25-59	804,914	768,845
GCAT Trust
Series 2022-NQM4, Class A1 (5.269% to 8-1-26, then 6.269% thereafter) (A)	5.269	08-25-67	3,850,952	3,768,418
HarborView Mortgage Loan Trust
Series 2007-3, Class ES IO (A)	0.350	05-19-47	3,179,141	33,173

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
Series 2007-4, Class ES IO	0.350	07-19-47	3,283,494	$43,078
Series 2007-6, Class ES IO (A)	0.343	08-19-37	3,374,880	41,894
InTown Mortgage Trust
Series 2022-STAY, Class B (1 month CME Term SOFR + 3.286%) (A)(B)	8.596	08-15-39	6,535,000	6,530,893
Life Mortgage Trust
Series 2022-BMR2, Class A1 (1 month CME Term SOFR + 1.295%) (A)(B)	6.606	05-15-39	10,024,000	9,848,455
Series 2022-BMR2, Class B (1 month CME Term SOFR + 1.794%) (A)(B)	7.104	05-15-39	11,605,000	11,354,030
Series 2022-BMR2, Class D (1 month CME Term SOFR + 2.542%) (A)(B)	7.852	05-15-39	8,305,000	7,922,315
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A (G)	5.311	11-25-34	759,460	753,763
SCOTT Trust
Series 2023-SFS, Class AS (A)	6.204	03-15-40	2,925,000	2,840,110
Verus Securitization Trust
Series 2022-4, Class A2 (A)(G)	4.740	04-25-67	4,760,559	4,454,112
Series 2022-8, Class A3 (6.127% to 10-1-26, then 7.127% thereafter) (A)	6.127	09-25-67	2,848,071	2,803,743
Series 2022-INV1, Class A1 (5.041% to 8-1-26, then 6.041% thereafter) (A)	5.041	08-25-67	5,001,182	4,882,916
U.S. Government Agency 2.5%				83,370,953
Federal Home Loan Mortgage Corp.
Series 2022-DNA3, Class M1A (1 month SOFR + 2.000%) (A)(B)	7.288	04-25-42	5,014,687	5,050,668
Series 2022-DNA4, Class M1A (1 month SOFR + 2.200%) (A)(B)	7.488	05-25-42	6,453,953	6,526,560
Series 2022-DNA4, Class M1B (1 month SOFR + 3.350%) (A)(B)	8.638	05-25-42	7,760,000	7,992,800
Series 2022-DNA6, Class M1A (1 month SOFR + 2.150%) (A)(B)	7.438	09-25-42	6,860,188	6,920,656
Series 2022-DNA7, Class M1A (1 month SOFR + 2.500%) (A)(B)	7.788	03-25-52	5,264,772	5,330,582
Series 2022-HQA1, Class M1B (1 month SOFR + 3.500%) (A)(B)	8.788	03-25-42	3,825,000	3,939,750
Series 2022-HQA3, Class M1B (1 month SOFR + 3.550%) (A)(B)	8.838	08-25-42	5,665,000	5,792,146

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
U.S. Government Agency (continued)
Federal National Mortgage Association
Series 2020-SBT1, Class 1B1 (1 month SOFR + 6.864%) (A)(B)	12.152	02-25-40	3,381,000	$3,416,446
Series 2021-R02, Class 2B2 (1 month SOFR + 6.200%) (A)(B)	11.488	11-25-41	2,610,000	2,617,080
Series 2022-R01, Class 1M1 (1 month SOFR + 1.000%) (A)(B)	6.288	12-25-41	1,637,776	1,627,032
Series 2022-R03, Class 1M1 (1 month SOFR + 2.100%) (A)(B)	7.388	03-25-42	902,651	911,547
Series 2022-R04, Class 1M1 (1 month SOFR + 2.000%) (A)(B)	7.288	03-25-42	1,849,501	1,863,063
Series 2022-R05, Class 2M2 (1 month SOFR + 3.000%) (A)(B)	8.288	04-25-42	11,386,000	11,457,163
Series 2022-R06, Class 1M1 (1 month SOFR + 2.750%) (A)(B)	8.038	05-25-42	3,453,323	3,532,166
Series 2022-R09, Class 2M1 (1 month SOFR + 2.500%) (A)(B)	7.796	09-25-42	5,836,581	5,924,726
Series 2023-R01, Class 1M1 (1 month SOFR + 2.400%) (A)(B)	7.696	12-25-42	3,270,752	3,319,738
Series 2023-R03, Class 2M2 (1 month SOFR + 3.900%) (A)(B)	9.188	04-25-43	2,960,000	3,071,000

Series 2023-R06, Class 1M2 (1 month SOFR + 2.700%) (A)(B)	7.988	07-25-43	4,055,000	4,077,830
Asset backed securities 1.7%				$55,981,104
(Cost $57,960,096)
Asset backed securities 1.7%				55,981,104
DataBank Issuer
Series 2023-1A, Class A2 (A)	5.116	02-25-53	5,065,000	4,650,685
DB Master Finance LLC
Series 2019-1A, Class A2II (A)	4.021	05-20-49	4,564,800	4,284,941
Domino’s Pizza Master Issuer LLC
Series 2015-1A, Class A2II (A)	4.474	10-25-45	5,660,275	5,421,994
FirstKey Homes Trust
Series 2020-SFR2, Class A (A)	1.266	10-19-37	3,626,496	3,295,141
Home Partners of America Trust
Series 2019-1, Class B (A)	3.157	09-17-39	3,973,126	3,572,874
MVW Owner Trust
Series 2018-1A, Class A (A)	3.450	01-21-36	1,353,979	1,321,342
OCCU Auto Receivables Trust

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Asset backed securities (continued)
Series 2022-1A, Class A3 (A)	5.500	10-15-27	6,050,000	$6,009,284
Taco Bell Funding LLC
Series 2016-1A, Class A23 (A)	4.970	05-25-46	12,023,438	11,592,540
Texas Natural Gas Securitization Finance Corp.
Series 2023-1, Class A2	5.169	04-01-41	8,745,000	8,713,787
T-Mobile US Trust
Series 2022-1A, Class A (A)	4.910	05-22-28	7,190,000	7,118,516

	Shares	Value
Preferred securities 1.0%		$34,524,065
(Cost $41,070,721)
Financials 0.2%		5,692,430
Banks 0.2%
Wells Fargo & Company, 5.850% (5.850% to 9-15-23, then 3 month LIBOR + 3.090%)	228,245	5,692,430
Utilities 0.8%		28,831,635
Electric utilities 0.5%
NextEra Energy, Inc., 6.926% (C)	448,850	18,986,355
Independent power and renewable electricity producers 0.3%
The AES Corp., 6.875%	137,600	9,845,280

	Yield (%)	Shares	Value
Short-term investments 1.5%			$51,027,776
(Cost $51,031,927)
Short-term funds 1.5%			51,027,776
John Hancock Collateral Trust (H)	5.4789(I)	5,104,513	51,027,776


Total investments (Cost $3,648,527,541) 99.8%					$3,337,401,623
Other assets and liabilities, net 0.2%					5,306,509
Total net assets 100.0%					$3,342,708,132

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah

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INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar
Security Abbreviations and Legend
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	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. Rule 144A securities amounted to $1,029,320,378 or 30.8% of the fund’s net assets as of 8-31-23.
(B)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(C)	All or a portion of this security is on loan as of 8-31-23.
(D)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E)	Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.
(F)	Term loans are variable rate obligations. The rate shown represents the rate at period end.
(G)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(H)	Investment is an affiliate of the fund, the advisor and/or subadvisor. A portion of this security represents the investment of cash collateral received for securities lending. Market value of this investment amounted to $34,620,092.
(I)	The rate shown is the annualized seven-day yield as of 8-31-23.

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DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
10-Year U.S. Treasury Note Futures	912	Short	Dec 2023	$(100,254,444)	$(101,260,329)	$(1,005,885)
U.S. Treasury Long Bond Futures	189	Short	Dec 2023	(22,670,869)	(22,998,938)	(328,069)
						$(1,333,954)

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
AUD	5,670,000	NZD	6,238,531	ANZ	9/20/2023	—	$(44,251)
AUD	52,536,291	USD	34,955,613	ANZ	9/20/2023	—	(895,938)
AUD	1,090,820	USD	727,971	BMO	9/20/2023	—	(20,784)
AUD	17,677,349	USD	11,435,675	CITI	9/20/2023	$24,684	—
AUD	17,569,264	USD	11,952,107	GSI	9/20/2023	—	(561,820)
AUD	52,560,933	USD	34,628,331	JPM	9/20/2023	—	(552,680)
AUD	115,513,007	USD	77,326,790	MSCS	9/20/2023	—	(2,438,834)
AUD	2,815,000	USD	1,815,617	SCB	9/20/2023	9,369	—
AUD	17,503,083	USD	11,679,877	UBS	9/20/2023	—	(332,496)
BRL	4,995,362	USD	1,030,992	CITI	9/20/2023	—	(24,496)
BRL	38,098,149	USD	7,768,793	GSI	9/20/2023	—	(92,549)
CAD	4,140,772	EUR	2,825,000	SSB	9/20/2023	—	(124)
CAD	4,806,432	GBP	2,815,000	CITI	9/20/2023	—	(8,170)
CAD	2,418,532	GBP	1,407,500	HUS	9/20/2023	7,254	—
CAD	23,214,380	USD	17,467,802	BARC	9/20/2023	—	(282,553)
CAD	35,572,042	USD	26,284,714	CIBC	9/20/2023	48,723	—
CAD	5,729,838	USD	4,334,383	CITI	9/20/2023	—	(92,672)
CAD	11,955,334	USD	8,777,244	GSI	9/20/2023	73,107	—
CAD	20,807,091	USD	15,674,326	HUS	9/20/2023	—	(271,157)
CAD	16,821,561	USD	12,631,171	JPM	9/20/2023	—	(178,428)
CAD	26,278,296	USD	19,826,757	MSCS	9/20/2023	—	(373,340)
CAD	60,854,174	USD	45,758,602	RBC	9/20/2023	—	(709,192)
CAD	11,933,734	USD	8,777,244	SSB	9/20/2023	57,116	—
CAD	11,939,158	USD	8,777,244	UBS	9/20/2023	61,132	—
EUR	2,835,000	CAD	4,123,371	HUS	9/20/2023	23,857	—
EUR	28,145,000	GBP	24,104,462	SCB	9/20/2023	3,086	—
EUR	14,075,625	JPY	2,135,751,306	BARC	9/20/2023	559,577	—
EUR	70,371,875	JPY	10,858,187,458	CITI	9/20/2023	1,554,918	—
EUR	53,520,669	NOK	613,090,975	BARC	9/20/2023	381,233	—
EUR	17,112,161	NOK	191,474,129	CIBC	9/20/2023	550,017	—
EUR	9,603,767	NOK	110,868,453	CITI	9/20/2023	—	(12,071)
EUR	67,414,041	NOK	778,132,154	GSI	9/20/2023	—	(74,046)

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FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
EUR	8,545,293	NOK	95,352,609	HUS	9/20/2023	$299,482	—
EUR	76,283,057	NOK	875,642,135	JPM	9/20/2023	373,696	—
EUR	22,684,127	NOK	260,937,423	MSCS	9/20/2023	59,403	—
EUR	28,083,743	NOK	314,704,332	UBS	9/20/2023	858,885	—
EUR	20,237,029	USD	22,379,179	BARC	9/20/2023	—	$(419,503)
EUR	90,686,018	USD	99,222,814	CITI	9/20/2023	—	(817,281)
EUR	19,966,514	USD	21,667,210	JPM	9/20/2023	—	(1,075)
EUR	100,764,948	USD	110,492,765	MSCS	9/20/2023	—	(1,150,348)
EUR	56,735,000	USD	62,529,488	SCB	9/20/2023	—	(965,004)
EUR	5,936,057	USD	6,531,930	SSB	9/20/2023	—	(90,574)
EUR	1,850,231	USD	2,012,301	TD	9/20/2023	—	(4,572)
EUR	2,786,268	USD	3,055,570	UBS	9/20/2023	—	(32,124)
GBP	4,222,500	CAD	7,282,038	SSB	9/20/2023	—	(41,336)
GBP	24,230,450	EUR	28,145,000	CITI	9/20/2023	156,528	—
GBP	5,670,000	JPY	991,930,779	MSCS	9/20/2023	349,383	—
GBP	794,017	USD	1,002,885	HUS	9/20/2023	3,048	—
GBP	792,059	USD	1,006,069	SSB	9/20/2023	—	(2,617)
JPY	2,166,759,712	EUR	14,072,500	ANZ	9/20/2023	—	(342,555)
JPY	4,329,094,321	EUR	28,143,750	JPM	9/20/2023	—	(714,239)
JPY	4,370,456,922	EUR	28,145,000	MSCS	9/20/2023	—	(430,629)
JPY	4,283,899,789	EUR	28,145,000	SCB	9/20/2023	—	(1,026,963)
JPY	4,303,201,630	EUR	28,145,000	SSB	9/20/2023	—	(893,983)
JPY	986,576,995	GBP	5,670,000	MSCS	9/20/2023	—	(386,267)
JPY	3,938,256,485	USD	28,353,750	BARC	9/20/2023	—	(1,221,213)
JPY	7,845,044,559	USD	56,707,500	CITI	9/20/2023	—	(2,659,225)
JPY	7,890,056,748	USD	56,700,000	HUS	9/20/2023	—	(2,341,616)
JPY	6,410,295,993	USD	45,975,862	JPM	9/20/2023	—	(1,812,259)
MXN	156,691,455	USD	8,994,514	BARC	9/20/2023	171,398	—
MXN	8,708,216	USD	517,579	JPM	9/20/2023	—	(8,178)
MXN	97,477,587	USD	5,650,000	SSB	9/20/2023	52,103	—
MXN	5,800,000	USD	337,608	TD	9/20/2023	1,672	—
NOK	165,764,032	EUR	14,190,000	BARC	9/20/2023	201,425	—
NOK	96,423,657	EUR	8,566,868	CIBC	9/20/2023	—	(222,102)
NOK	99,279,709	EUR	8,543,806	CITI	9/20/2023	71,694	—
NOK	795,466,513	EUR	68,655,767	GSI	9/20/2023	357,880	—
NOK	165,886,470	EUR	14,135,625	HUS	9/20/2023	271,950	—
NOK	1,327,540,084	EUR	115,112,165	JPM	9/20/2023	18,061	—
NOK	331,739,286	EUR	29,130,238	MSCS	9/20/2023	—	(391,376)
NOK	100,096,656	EUR	8,591,331	RBC	9/20/2023	97,002	—
NOK	96,683,961	EUR	8,566,868	SSB	9/20/2023	—	(197,606)
NOK	369,259,137	EUR	32,138,586	UBS	9/20/2023	—	(124,976)
NOK	29,588,943	USD	2,810,000	JPM	9/20/2023	—	(25,514)

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FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
NOK	28,338,149	USD	2,815,000	SSB	9/20/2023	—	$(148,221)
NZD	6,136,160	AUD	5,670,000	ANZ	9/20/2023	—	(16,794)
NZD	17,494,170	USD	10,830,884	BARC	9/20/2023	—	(398,773)
NZD	17,634,849	USD	10,970,375	CIBC	9/20/2023	—	(454,375)
NZD	104,184,925	USD	64,286,135	CITI	9/20/2023	—	(2,158,657)
NZD	70,597,171	USD	43,225,496	MSCS	9/20/2023	—	(1,127,042)
NZD	35,266,715	USD	21,292,081	SSB	9/20/2023	—	(261,859)
NZD	1,144,823	USD	707,592	TD	9/20/2023	—	(24,912)
SGD	24,812,793	USD	18,432,139	ANZ	9/20/2023	—	(60,585)
SGD	50,408,314	USD	37,440,956	BARC	9/20/2023	—	(118,310)
SGD	219,597,419	USD	163,141,127	CIBC	9/20/2023	—	(549,760)
SGD	24,669,145	USD	18,568,054	CITI	9/20/2023	—	(302,857)
SGD	24,636,094	USD	18,568,054	HUS	9/20/2023	—	(327,329)
SGD	25,358,913	USD	18,696,438	JPM	9/20/2023	$79,468	—
SGD	173,836,213	USD	130,009,396	MSCS	9/20/2023	—	(1,299,929)
SGD	1,172,556	USD	867,225	SCB	9/20/2023	943	—
SGD	49,943,376	USD	37,144,615	SSB	9/20/2023	—	(166,214)
USD	1,794,084	AUD	2,815,000	ANZ	9/20/2023	—	(30,902)
USD	12,052,018	AUD	17,490,318	BARC	9/20/2023	712,913	—
USD	51,473,729	AUD	78,601,267	CITI	9/20/2023	515,931	—
USD	11,770,912	AUD	17,530,273	GSI	9/20/2023	405,903	—
USD	3,848,442	AUD	5,646,575	HUS	9/20/2023	187,724	—
USD	47,521,513	AUD	70,058,175	JPM	9/20/2023	2,102,268	—
USD	28,634,576	AUD	41,997,410	MSCS	9/20/2023	1,407,338	—
USD	72,403,805	AUD	107,673,694	SSB	9/20/2023	2,598,133	—
USD	11,902,507	AUD	17,521,363	UBS	9/20/2023	543,275	—
USD	16,153,280	BRL	79,856,968	CITI	9/20/2023	63,218	—
USD	4,343,918	CAD	5,721,809	BARC	9/20/2023	108,151	—
USD	81,747,802	CAD	108,847,541	CITI	9/20/2023	1,169,638	—
USD	34,845,344	CAD	45,876,308	HUS	9/20/2023	883,817	—
USD	7,819,053	CAD	10,286,463	JPM	9/20/2023	204,142	—
USD	24,591,294	CAD	33,339,174	MSCS	9/20/2023	—	(89,185)
USD	17,469,671	CAD	23,088,703	RBC	9/20/2023	377,459	—
USD	3,475,135	CAD	4,570,017	UBS	9/20/2023	92,021	—
USD	142,714,983	EUR	131,146,329	BARC	9/20/2023	405,015	—
USD	22,285,669	EUR	20,155,896	CITI	9/20/2023	414,032	—
USD	22,085,463	EUR	20,055,177	GSI	9/20/2023	323,118	—
USD	18,571,822	EUR	17,035,151	JPM	9/20/2023	86,579	—
USD	53,181,717	EUR	48,396,373	MSCS	9/20/2023	665,674	—
USD	61,601,720	EUR	56,720,000	RBC	9/20/2023	53,513	—
USD	20,627,808	EUR	18,927,946	SSB	9/20/2023	88,648	—
USD	120,456,767	EUR	110,969,436	UBS	9/20/2023	41,221	—

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FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
USD	37,020,302	GBP	29,288,461	JPM	9/20/2023	—	$(84,975)
USD	84,494,648	JPY	11,773,700,594	CITI	9/20/2023	$3,379,979	—
USD	28,350,000	JPY	4,044,376,980	GSI	9/20/2023	486,348	—
USD	28,353,750	JPY	3,893,344,428	HUS	9/20/2023	1,530,633	—
USD	39,667,346	JPY	5,603,427,088	JPM	9/20/2023	1,062,649	—
USD	28,350,000	JPY	4,052,504,925	SSB	9/20/2023	430,350	—
USD	23,637,220	JPY	3,374,279,310	UBS	9/20/2023	390,192	—
USD	47,505,083	MXN	828,603,215	GSI	9/20/2023	—	(965,357)
USD	29,308,754	NOK	310,586,092	CITI	9/20/2023	80,857	—
USD	2,815,000	NOK	28,089,184	JPM	9/20/2023	171,650	—
USD	30,039,600	NZD	49,130,671	ANZ	9/20/2023	742,035	—
USD	21,635,940	NZD	35,315,835	BARC	9/20/2023	576,428	—
USD	23,566,406	NZD	38,617,878	CITI	9/20/2023	537,822	—
USD	10,883,411	NZD	17,649,251	HUS	9/20/2023	358,822	—
USD	30,249,603	NZD	49,166,664	JPM	9/20/2023	930,575	—
USD	69,202,474	NZD	110,933,826	MSCS	9/20/2023	3,050,497	—
USD	19,065,538	NZD	31,501,663	SSB	9/20/2023	280,490	—
USD	55,729,322	SGD	73,705,816	BARC	9/20/2023	1,157,054	—
USD	129,985,363	SGD	173,931,812	CIBC	9/20/2023	1,205,112	—
USD	55,211,775	SGD	73,886,956	CITI	9/20/2023	505,390	—
USD	74,174,976	SGD	99,816,252	GSI	9/20/2023	270,370	—
USD	55,859,097	SGD	74,622,016	HUS	9/20/2023	608,468	—
USD	70,066,846	SGD	93,400,570	JPM	9/20/2023	912,453	—
USD	85,308,264	SGD	114,407,227	MSCS	9/20/2023	600,404	—
USD	18,528,173	SGD	24,721,215	UBS	9/20/2023	224,424	—
						$39,720,827	$(31,874,772)

Derivatives Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
USD	U.S. Dollar

Derivatives Abbreviations
ANZ	Australia and New Zealand Banking Group Limited
BARC	Barclays Bank PLC

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-23

Assets
Unaffiliated investments, at value (Cost $3,597,495,614) including $33,931,499 of securities loaned	$3,286,373,847
Affiliated investments, at value (Cost $51,031,927)	51,027,776
Total investments, at value (Cost $3,648,527,541)	3,337,401,623
Unrealized appreciation on forward foreign currency contracts	39,720,827
Cash	392,871
Foreign currency, at value (Cost $166,657)	172,998
Collateral held at broker for futures contracts	2,713,000
Collateral segregated at custodian for OTC derivative contracts	6,080,000
Dividends and interest receivable	30,960,087
Receivable for fund shares sold	3,041,035
Receivable for investments sold	7,397,433
Receivable for securities lending income	6,048
Other assets	169,196
Total assets	3,428,055,118
Liabilities
Unrealized depreciation on forward foreign currency contracts	31,874,772
Payable for futures variation margin	253,252
Distributions payable	134,306
Payable for investments purchased	4,162,038
Payable for delayed delivery securities purchased	7,353,801
Payable for fund shares repurchased	6,208,864
Payable upon return of securities loaned	34,697,940
Payable to affiliates
Accounting and legal services fees	172,904
Transfer agent fees	175,344
Distribution and service fees	714
Trustees’ fees	232
Other liabilities and accrued expenses	312,819
Total liabilities	85,346,986
Net assets	$3,342,708,132
Net assets consist of
Paid-in capital	$3,977,951,504
Total distributable earnings (loss)	(635,243,372)
Net assets	$3,342,708,132

SEE NOTES TO FINANCIAL STATEMENTS

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STATEMENT OF OPERATIONS For the year ended 8-31-23

Investment income
Interest	$146,792,279
Dividends	5,581,008
Dividends from affiliated investments	1,657,763
Securities lending	746,288
Less foreign taxes withheld	(1,038,182)
Total investment income	153,739,156
Expenses
Investment management fees	23,268,484
Distribution and service fees	1,284,930
Accounting and legal services fees	740,569
Transfer agent fees	2,177,155
Trustees’ fees	91,059
Custodian fees	671,526
State registration fees	110,571
Printing and postage	139,999
Professional fees	268,801
Other	166,058
Total expenses	28,919,152
Less expense reductions	(1,703,895)
Net expenses	27,215,257
Net investment income	126,523,899
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(234,051,833)
Affiliated investments	(69,644)
Futures contracts	21,353,925
Forward foreign currency contracts	11,221,177
Written options	564,234
	(200,982,141)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	199,314,288
Affiliated investments	91,779
Futures contracts	(2,434,814)
Forward foreign currency contracts	(37,095,713)
Written options	895,090
	160,770,630
Net realized and unrealized loss	(40,211,511)
Increase in net assets from operations	$86,312,388

SEE NOTES TO FINANCIAL STATEMENTS

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Financial highlights

CLASS A SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.84	$11.37	$10.99	$10.67	$10.36
Net investment income¹	0.31	0.26	0.24	0.25	0.32
Net realized and unrealized gain (loss) on investments	(0.09)	(1.45)	0.40	0.28	0.30
Total from investment operations	0.22	(1.19)	0.64	0.53	0.62
Less distributions
From net investment income	(0.34)	(0.34)	(0.26)	(0.21)	(0.31)
Net asset value, end of period	$9.72	$9.84	$11.37	$10.99	$10.67
Total return (%)^2,3	2.33	(10.66)	5.88	5.01	6.10
Ratios and supplemental data
Net assets, end of period (in millions)	$298	$326	$396	$332	$331
Ratios (as a percentage of average net assets):
Expenses before reductions	1.13	1.11	1.10	1.12	1.11
Expenses including reductions	1.08	1.06	1.07	1.09	1.08
Net investment income	3.22	2.43	2.16	2.40	3.09
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS C SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.85	$11.37	$10.99	$10.67	$10.36
Net investment income¹	0.24	0.18	0.16	0.18	0.25
Net realized and unrealized gain (loss) on investments	(0.09)	(1.44)	0.40	0.27	0.29
Total from investment operations	0.15	(1.26)	0.56	0.45	0.54
Less distributions
From net investment income	(0.28)	(0.26)	(0.18)	(0.13)	(0.23)
Net asset value, end of period	$9.72	$9.85	$11.37	$10.99	$10.67
Total return (%)^2,3	1.52	(11.19)	5.04	4.38	5.36
Ratios and supplemental data
Net assets, end of period (in millions)	$28	$43	$78	$147	$202
Ratios (as a percentage of average net assets):
Expenses before reductions	1.83	1.81	1.80	1.82	1.81
Expenses including reductions	1.78	1.76	1.77	1.79	1.78
Net investment income	2.50	1.69	1.42	1.71	2.40
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
³	Does not reflect the effect of sales charges, if any.

JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

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CLASS I SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.84	$11.37	$10.99	$10.67	$10.36
Net investment income¹	0.34	0.29	0.28	0.29	0.35
Net realized and unrealized gain (loss) on investments	(0.09)	(1.45)	0.40	0.27	0.30
Total from investment operations	0.25	(1.16)	0.68	0.56	0.65
Less distributions
From net investment income	(0.37)	(0.37)	(0.30)	(0.24)	(0.34)
Net asset value, end of period	$9.72	$9.84	$11.37	$10.99	$10.67
Total return (%)²	2.54	(10.30)	6.10	5.42	6.41
Ratios and supplemental data
Net assets, end of period (in millions)	$1,410	$1,746	$2,009	$1,961	$2,315
Ratios (as a percentage of average net assets):
Expenses before reductions	0.83	0.81	0.80	0.82	0.82
Expenses including reductions	0.78	0.76	0.77	0.79	0.79
Net investment income	3.51	2.73	2.45	2.70	3.38
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS R2 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.85	$11.38	$11.00	$10.68	$10.37
Net investment income¹	0.30	0.25	0.23	0.25	0.31
Net realized and unrealized gain (loss) on investments	(0.10)	(1.45)	0.40	0.27	0.30
Total from investment operations	0.20	(1.20)	0.63	0.52	0.61
Less distributions
From net investment income	(0.33)	(0.33)	(0.25)	(0.20)	(0.30)
Net asset value, end of period	$9.72	$9.85	$11.38	$11.00	$10.68
Total return (%)²	2.14	(10.71)	5.79	4.92	6.01
Ratios and supplemental data
Net assets, end of period (in millions)	$3	$5	$6	$6	$12
Ratios (as a percentage of average net assets):
Expenses before reductions	1.22	1.18	1.19	1.19	1.19
Expenses including reductions	1.17	1.13	1.16	1.17	1.17
Net investment income	3.12	2.36	2.07	2.34	3.01
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS R6 SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.85	$11.38	$11.00	$10.67	$10.37
Net investment income¹	0.35	0.30	0.29	0.30	0.37
Net realized and unrealized gain (loss) on investments	(0.10)	(1.45)	0.40	0.28	0.28
Total from investment operations	0.25	(1.15)	0.69	0.58	0.65
Less distributions
From net investment income	(0.38)	(0.38)	(0.31)	(0.25)	(0.35)
Net asset value, end of period	$9.72	$9.85	$11.38	$11.00	$10.67
Total return (%)²	2.65	(10.28)	6.30	5.54	6.42
Ratios and supplemental data
Net assets, end of period (in millions)	$159	$173	$226	$232	$543
Ratios (as a percentage of average net assets):
Expenses before reductions	0.72	0.70	0.70	0.70	0.70
Expenses including reductions	0.67	0.65	0.67	0.68	0.68
Net investment income	3.63	2.83	2.55	2.82	3.55
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS NAV SHARES Period ended	8-31-23	8-31-22	8-31-21	8-31-20	8-31-19
Per share operating performance
Net asset value, beginning of period	$9.84	$11.37	$10.99	$10.66	$10.36
Net investment income¹	0.35	0.30	0.29	0.30	0.36
Net realized and unrealized gain (loss) on investments	(0.10)	(1.45)	0.40	0.28	0.29
Total from investment operations	0.25	(1.15)	0.69	0.58	0.65
Less distributions
From net investment income	(0.38)	(0.38)	(0.31)	(0.25)	(0.35)
Net asset value, end of period	$9.71	$9.84	$11.37	$10.99	$10.66
Total return (%)²	2.65	(10.28)	6.31	5.56	6.54
Ratios and supplemental data
Net assets, end of period (in millions)	$1,444	$1,638	$2,159	$1,982	$2,067
Ratios (as a percentage of average net assets):
Expenses before reductions	0.71	0.69	0.69	0.69	0.69
Expenses including reductions	0.66	0.65	0.66	0.66	0.66
Net investment income	3.64	2.84	2.57	2.83	3.45
Portfolio turnover (%)	47	36	71	73	84

¹	Based on average daily shares outstanding.
²	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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Notes to financial statements

Note 1—Organization

John Hancock Strategic Income Opportunities Fund (the fund) is a series of John Hancock Funds II (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 to maximize total return consisting of current income and capital appreciation.

Note 2—Significant accounting policies

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. 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. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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The following is a summary of the values by input classification of the fund’s investments as of August 31, 2023, by major security category or type:

	Total value at 8-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$448,015,320	—	$448,015,320	—
Foreign government obligations	784,391,761	—	784,391,761	—
Corporate bonds	1,554,417,665	—	1,554,417,665	—
Convertible bonds	104,833,093	—	104,833,093	—
Municipal bonds	74,658,474	—	74,658,474	—
Term loans	25,255,951	—	25,255,951	—
Collateralized mortgage obligations	204,296,414	—	204,296,414	—
Asset backed securities	55,981,104	—	55,981,104	—
Preferred securities	34,524,065	$34,524,065	—	—
Short-term investments	51,027,776	51,027,776	—	—
Total investments in securities	$3,337,401,623	$85,551,841	$3,251,849,782	—
Derivatives:
Assets
Forward foreign currency contracts	$39,720,827	—	$39,720,827	—
Liabilities
Futures	(1,333,954)	$(1,333,954)	—	—
Forward foreign currency contracts	(31,874,772)	—	(31,874,772)	—

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When-issued/delayed-delivery securities. The fund may purchase or sell debt securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

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after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of August 31, 2023, the fund loaned securities valued at $33,931,499 and received $34,697,940 of cash collateral.

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For federal income tax purposes, as of August 31, 2023, the fund has a short-term capital loss carryforward of $118,440,395 and a long-term capital loss carryforward of $155,224,497 available to offset future net realized capital gains. These carryforwards do not expire.

Qualified late year ordinary losses of $23,965,457 are treated as occurring on September 1, 2023, the first day of the fund’s next taxable year.

The tax character of distributions for the years ended August 31, 2023 and 2022 was as follows:

	August 31, 2023	August 31, 2022
Ordinary income	$138,401,340	$153,973,058

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Capital accounts within the 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 straddle loss deferrals, amortization and accretion on debt securities, derivative transactions and foreign currency transactions.

Note 3—Derivative instruments

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instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.

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 set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Payable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss 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.

During the year ended August 31, 2023, the fund used futures contracts to manage duration of the fund and to gain exposure to foreign currencies. The fund held futures contracts with USD notional values ranging up to $135.8 million as measured at each quarter end.

During the year ended August 31, 2023, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates and to gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging from $2.3 billion to $4.5 billion as measured at each quarter end.

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options are included as liabilities in the Statement of assets and liabilities and are “marked-to-market” to reflect the current market value. If the written option expires, the fund realizes a gain equal to the premium received. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying asset transaction to determine the realized gain (loss).

During the year ended August 31, 2023, the fund used purchased options contracts to manage against changes in foreign currency exchange rates. The fund held purchased options contracts with market values ranging up to $431,000 as measured at each quarter end. There were no open purchased options contracts as of August 31, 2023.

During the year ended August 31, 2023, the fund wrote option contracts to manage against changes in foreign currency exchange rates. The fund held written option contracts with market values ranging up to $2.2 million as measured at each quarter end. There were no open written option contracts as of August 31, 2023.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2023 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Interest rate	Receivable/payable for futures variation margin¹	Futures	—	$(1,333,954)
Currency	Unrealized appreciation (depreciation) on forward foreign currency contracts	Forward foreign currency contracts	$39,720,827	(31,874,772)
			$39,720,827	$(33,208,726)

¹	Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the year end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.

The tables below reflect the fund’s exposure to OTC derivative transactions and exposure to counterparties subject to an ISDA:

OTC Financial Instruments	Asset	Liability
Forward foreign currency contracts	$39,720,827	$(31,874,772)
Totals	$39,720,827	$(31,874,772)

Counterparty	Assets	Liabilities	Total Market Value of OTC Derivatives	Collateral Posted by Counterparty¹	Collateral Posted by Fund¹	Net Exposure
Australia and New Zealand Banking Group Limited	$742,035	$(1,391,025)	$(648,990)	—	$648,990	—
Bank of Montreal	—	(20,784)	(20,784)	—	—	$(20,784)
Barclays Bank PLC	4,273,194	(2,440,352)	1,832,842	$1,107,491	—	725,351

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Counterparty	Assets	Liabilities	Total Market Value of OTC Derivatives	Collateral Posted by Counterparty¹	Collateral Posted by Fund¹	Net Exposure
Canadian Imperial Bank of Commerce	1,803,852	(1,226,237)	$577,615	$577,615	—	—
Citibank, N.A.	8,474,691	(6,075,429)	2,399,262	2,399,262	—	—
Goldman Sachs International	1,916,726	(1,693,772)	222,954	—	—	$222,954
HSBC Bank USA, N.A.	4,175,055	(2,940,102)	1,234,953	1,234,953	—	—
JPMorgan Chase Bank, N.A.	5,941,541	(3,377,348)	2,564,193	1,883,386	—	680,807
Morgan Stanley & Co. International PLC	6,132,699	(7,686,950)	(1,554,251)	—	1,554,251	—
Royal Bank of Canada	527,974	(709,192)	(181,218)	—	181,218	—
Standard Chartered Bank	13,398	(1,991,967)	(1,978,569)	—	1,760,000	(218,569)
State Street Bank and Trust Company	3,506,840	(1,802,534)	1,704,306	1,411,000	—	293,306
The Toronto-Dominion Bank	1,672	(29,484)	(27,812)	—	—	(27,812)
UBS AG	2,211,150	(489,596)	1,721,554	980,251	—	741,303
Totals	$39,720,827	$(31,874,772)	$7,846,055	$9,593,958	$4,144,459	$2,396,556
¹ Reflects cash and/or non-cash collateral posted by the counterparty or posted by the fund, excluding any excess collateral amounts.

Effect of derivative instruments on the Statement of operations

	Statement of operations location - Net realized gain (loss) on:
Risk	Unaffiliated investments and foreign currency transactions¹	Futures contracts	Forward foreign currency contracts	Written options	Total
Interest rate	—	$21,353,925	—	—	$21,353,925
Currency	$1,707,207	—	$11,221,177	$564,234	13,492,618
Total	$1,707,207	$21,353,925	$11,221,177	$564,234	$34,846,543

¹	Realized gain (loss) associated with purchased options is included in this caption on the Statement of operations.

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	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Unaffiliated investments and translation of assets and liabilities in foreign currencies¹	Futures contracts	Forward foreign currency contracts	Written options	Total
Interest rate	—	$(2,434,814)	—	—	$(2,434,814)
Currency	$1,265,121	—	$(37,095,713)	$895,090	(34,935,502)
Total	$1,265,121	$(2,434,814)	$(37,095,713)	$895,090	$(37,370,316)

¹	Change in unrealized appreciation (depreciation) associated with purchased options is included in this caption on the Statement of operations.

Note 4—Guarantees and indemnifications

Note 5—Fees and transactions with affiliates

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.700% of the first $500 million of the fund’s aggregate daily net assets; (b) 0.650% of the next $3 billion of the fund’s aggregate daily net assets; (c) 0.600% of the next $4 billion of the fund’s aggregate daily net assets; (d) 0.590% of the next $4.5 billion of the fund’s aggregate daily net assets; and (e) 0.575% of the fund’s aggregate daily net assets in excess of $12 billion. Aggregate net assets include the net assets of 1) the fund, 2) Strategic Income Opportunities Trust, a series of John Hancock Variable Insurance Trust and 3) Strategic Income Opportunities Fund, a sub-fund of Manulife Investment Management I PLC. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor contractually agrees to reduce its management fee (after giving effect to asset breakpoints) by an annual rate of 0.04% of the fund’s average daily net assets. This agreement expires on December 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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For the year ended August 31, 2023, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$146,146
Class C	16,304
Class I	733,310
Class R2	2,090

Class	Expense reduction
Class R6	$77,097
Class NAV	728,948
Total	$1,703,895

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

Class	Rule 12b-1 Fee	Service fee
Class A	0.30%	—
Class C	1.00%	—
Class R2	0.25%	0.25%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $116,327 for the year ended August 31, 2023. Of this amount, $17,544 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $98,783 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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 August 31, 2023, CDSCs received by the Distributor amounted to $1,531 and $1,335 for Class A and Class C shares, respectively.

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recordkeeping services. It also includes out-of-pocket expenses, including 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 fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond 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.

Class level expenses. Class level expenses for the year ended August 31, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$920,412	$353,204
Class C	342,672	39,353
Class I	—	1,771,952
Class R2	21,846	340
Class R6	—	12,306
Total	$1,284,930	$2,177,155

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2023 and 2022 were as follows:

	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	4,371,866	$42,522,430	5,455,974	$58,249,102
Distributions reinvested	1,083,347	10,505,749	1,056,296	11,140,808
Repurchased	(7,909,974)	(76,764,914)	(8,190,724)	(86,578,150)
Net decrease	(2,454,761)	$(23,736,735)	(1,678,454)	$(17,188,240)
Class C shares
Sold	365,783	$3,556,267	209,073	$2,243,713
Distributions reinvested	99,280	961,670	131,541	1,394,405
Repurchased	(1,918,605)	(18,636,147)	(2,855,634)	(30,346,366)
Net decrease	(1,453,542)	$(14,118,210)	(2,515,020)	$(26,708,248)
Class I shares
Sold	36,864,395	$358,764,772	61,066,568	$642,932,832
Distributions reinvested	5,962,906	57,804,902	5,927,420	62,449,060
Repurchased	(75,052,558)	(728,231,856)	(66,348,708)	(700,227,515)
Net increase (decrease)	(32,225,257)	$(311,662,182)	645,280	$5,154,377

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	Year Ended 8-31-23		Year Ended 8-31-22
	Shares	Amount	Shares	Amount
Class R2 shares
Sold	53,803	$523,266	98,009	$1,056,712
Distributions reinvested	15,069	146,216	15,496	163,356
Repurchased	(216,751)	(2,122,295)	(99,333)	(1,035,004)
Net increase (decrease)	(147,879)	$(1,452,813)	14,172	$185,064
Class R6 shares
Sold	3,505,678	$34,190,358	4,743,666	$50,603,752
Distributions reinvested	653,584	6,344,542	668,556	7,064,924
Repurchased	(5,337,601)	(51,858,649)	(7,716,693)	(82,389,216)
Net decrease	(1,178,339)	$(11,323,749)	(2,304,471)	$(24,720,540)
Class NAV shares
Sold	8,487,263	$82,709,353	4,356,965	$46,472,779
Distributions reinvested	6,248,171	60,592,946	6,552,363	69,165,745
Repurchased	(32,462,865)	(316,479,039)	(34,425,871)	(354,212,867)
Net decrease	(17,727,431)	$(173,176,740)	(23,516,543)	$(238,574,343)
Total net decrease	(55,187,209)	$(535,470,429)	(29,355,036)	$(301,851,930)

Affiliates of the fund owned 6% and 88% of shares of Class R6 and Class NAV, respectively, on August 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $1,397,988,563 and $1,937,406,063, respectively, for the year ended August 31, 2023. Purchases and sales of U.S. Treasury obligations aggregated $265,027,736 and $166,662,816, respectively, for the year ended August 31, 2023.

Note 8—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At August 31, 2023, funds within the John Hancock group of funds complex held 37.9% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:

Fund	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	14.9%
John Hancock Funds II Multimanager Lifestyle Growth Portfolio	7.1%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	5.2%

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Note 9—Investment in affiliated underlying funds

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	5,104,513	$135,402,725	$1,189,956,000	$(1,274,353,084)	$(69,644)	$91,779	$2,404,051	—	$51,027,776

*	Refer to the Securities lending note within Note 2 for details regarding this investment.

Note 10—LIBOR discontinuation risk

The impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will adopt alternative rates such as SOFR or otherwise amend such financial instruments to include fallback provisions and other measures that contemplate the discontinuation of LIBOR. Uncertainty and risk remain regarding the willingness and ability of issuers and lenders to include alternative rates and revised provisions in new and existing contracts or instruments. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

Note 11—New accounting pronouncement

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Strategic Income Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Strategic Income Opportunities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.