N-CSR 1 f37084d1.htm N-CSR 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- 00560

John Hancock Investment Trust

(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:

October 31

Date of reporting period:

October 31, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

The Registrant prepared the following annual reports to shareholders for the period ended October 31, 2023:

John Hancock Balanced Fund

John Hancock Disciplined Value International Fund

John Hancock Diversified Macro Fund

John Hancock Emerging Markets Equity Fund

John Hancock Infrastructure Fund

John Hancock Seaport Long/Short Fund


Annual report
John Hancock
Balanced Fund  
Asset allocation
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations during the first half of the period. The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
Bond yields rose sharply, putting downward pressure on bond prices, as recent economic and inflation data led to expectations that the central banks would not be lowering short-term interest rates anytime soon.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks current income, long-term growth of capital and income and preservation of capital.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
The Blended Index is 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index.
The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States.
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.
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.
2 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
The fund outpaced its blended benchmark
The fund outperformed a 60%/40% blend of the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index, benefiting from its average overweight in stocks, as well as from outperformance in both the equity and fixed-income portfolios.
Equity portfolio outperformed
Among the fund’s equity holdings, stock picking in the healthcare, consumer discretionary, and information technology sectors contributed, partly offset by unfavorable picks in energy.
Fixed income also contributed
An  out-of-benchmark exposure to high-yield corporate bonds and a significant underweight in U.S. Treasuries helped the fund’s performance.
PORTFOLIO COMPOSITION AS OF 10/31/2023 (% of net assets)
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 3
SECTOR COMPOSITION AS OF 10/31/2023 (% of net assets)
Notes about risk
The fund is subject to various risks as described in the fund’s prospectus. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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 prospectus. 
4 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
Management’s discussion of fund performance
How did the markets and the fund perform during the 12 months ended October 31, 2023?
Large-cap U.S. equities gained ground, primarily on the strength of a narrow group of growth stocks. The U.S. bond market produced a roughly flat return, hampered by higher interest rates.
The fund outperformed its blended benchmark, a 60%/40% split of the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index, respectively. The fund’s average overweight in stocks and outperformance from its equity portfolio added value.
What factors influenced results in the equity portfolio?
Stock selection in the healthcare, consumer discretionary, and information technology sectors contributed to relative performance. The fund’s top relative contributor was Broadcom, Inc., a maker of semiconductors that benefited from demand for its products related to artificial intelligence. Another contributor was Alphabet, Inc., parent company of Google, whose shares bounced back this period after struggling earlier. Also adding value was Eli Lilly & Company, a drug maker benefiting from optimism about additional market opportunities for its diabetes treatment tirzepatide.
In contrast, stock selection in energy detracted from performance, especially a position in Devon Energy Corp., which struggled amid investors’ concerns about capital allocation at the firm. Another detractor was discount retailer Dollar General Corp., which faced significant business challenges. We sold the fund’s position this
TOP 5 EQUITY HOLDINGS
AS OF 10/31/2023 (% of net assets)
Microsoft Corp. 5.1
Alphabet, Inc., Class A 4.5
Amazon.com, Inc. 4.3
Walmart, Inc. 2.9
Eli Lilly & Company 2.6
TOTAL 19.4
Cash and cash equivalents are not included.
TOP 5 BOND ISSUERS
AS OF 10/31/2023 (% of net assets)
U.S. Treasury 7.1
Federal National Mortgage Association 6.5
Federal Home Loan Mortgage Corp. 4.8
Government National Mortgage Association 0.4
American Airlines 0.3
TOTAL 19.1
Cash and cash equivalents are not included.
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 5
period. Also weighing on results was underweighting Meta Platforms, Inc., parent of Instagram and Facebook. The fund held this benchmark component only briefly this period, and this stance hampered relative performance, given Meta’s strong share-price appreciation during the period.
What factors influenced the performance of the fund’s fixed-income portfolio?
The fund benefited from its out-of-benchmark exposure to high-yield corporate bonds, as the asset class outperformed this period on tighter yield spreads and lower relative interest-rate sensitivity. The fund’s significant underweight in U.S. Treasuries, which lagged as yields rose, also contributed.
What changes did you make to the fund’s asset allocation?
At period end, the fund’s equity allocation stood at roughly 64%, up from 60% a year earlier, as market gains lifted the fund’s stock exposure. The fund continued to hold a smaller-than-normal number of stocks, and we maintained relatively larger investments in the handful of names we had the most conviction in. In the fund’s fixed-income portfolio, we continued to shift in a defensive direction. We further reduced exposure to high-yield bonds and securitized assets.
MANAGED BY
Michael J. Scanlon, Jr., CFA
Jeffrey N. Given, CFA
Susan A. Curry
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.
6 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 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
10-31-23 		as of
10-31-23
Class A   2.90 5.52 5.80 30.81 75.74 1.80 1.79
Class C   6.02 5.75 5.55 32.26 71.66 1.16 1.15
Class I1   8.04 6.81 6.61 39.04 89.75 2.19 2.19
Class R21   7.66 6.41 6.22 36.44 82.78 1.81 1.80
Class R41   7.93 6.67 6.46 38.08 87.01 2.06 1.95
Class R51   8.11 6.87 6.67 39.42 90.69 2.26 2.26
Class R61   8.19 6.93 6.73 39.77 91.80 2.32 2.31
Index 1††   10.14 11.01 11.18 68.59 188.47 — —
Index 2††   0.36 -0.06 0.88 -0.28 9.21 — —
Index 3††   6.26 6.83 7.21 39.14 100.53 — —
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 reduction in the maximum sales charge from 5% to 4.5%, effective 8-1-19. 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 R4, Class R5, and Class R6 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 prospectus 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 February 28, 2024 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 R5 Class R6
Gross (%) 1.04 1.74 0.74 1.13 0.98 0.68 0.63
Net (%) 1.03 1.73 0.73 1.12 0.87 0.67 0.62
Please refer to the most recent prospectus 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 S&P 500 Index; Index 2 is the Bloomberg U.S. Aggregate Bond Index; Index 3 is 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index.
See the following page for footnotes.
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 7
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Balanced Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in a blended index and two separate indexes.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index 1 ($) Index 2 ($) Index 3 ($)
Class C2 10-31-13 17,166 17,166 28,847 10,921 20,053
Class I1 10-31-13 18,975 18,975 28,847 10,921 20,053
Class R21 10-31-13 18,278 18,278 28,847 10,921 20,053
Class R41 10-31-13 18,701 18,701 28,847 10,921 20,053
Class R51 10-31-13 19,069 19,069 28,847 10,921 20,053
Class R61 10-31-13 19,180 19,180 28,847 10,921 20,053
The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States.
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 Blended Index is 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond 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 fund’s prospectus.
2 The contingent deferred sales charge is not applicable.
8 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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 BALANCED FUND 9
Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.
SHAREHOLDER EXPENSE EXAMPLE CHART
    Account
value on
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $998.10 $5.29 1.05%
  Hypothetical example 1,000.00 1,019.90 5.35 1.05%
Class C Actual expenses/actual returns 1,000.00 995.00 8.75 1.74%
  Hypothetical example 1,000.00 1,016.40 8.84 1.74%
Class I Actual expenses/actual returns 1,000.00 999.60 3.78 0.75%
  Hypothetical example 1,000.00 1,021.40 3.82 0.75%
Class R2 Actual expenses/actual returns 1,000.00 998.10 5.59 1.11%
  Hypothetical example 1,000.00 1,019.60 5.65 1.11%
Class R4 Actual expenses/actual returns 1,000.00 999.30 4.43 0.88%
  Hypothetical example 1,000.00 1,020.80 4.48 0.88%
Class R5 Actual expenses/actual returns 1,000.00 999.90 3.43 0.68%
  Hypothetical example 1,000.00 1,021.80 3.47 0.68%
Class R6 Actual expenses/actual returns 1,000.00 1,000.20 3.18 0.63%
  Hypothetical example 1,000.00 1,022.00 3.21 0.63%
    
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).
10 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT  
Fund’s investments
AS OF 10-31-23
        Shares Value
Common stocks 63.8%         $2,690,542,867
(Cost $1,677,570,658)          
Communication services 4.8%     204,123,002
Interactive media and services 4.5%      
Alphabet, Inc., Class A (A)     1,534,722 190,428,306
Media 0.3%      
Comcast Corp., Class A     331,671 13,694,696
Consumer discretionary 8.1%     340,682,501
Broadline retail 4.3%      
Amazon.com, Inc. (A)     1,348,944 179,530,957
Specialty retail 3.1%      
Dick’s Sporting Goods, Inc. (B)     274,217 29,327,508
Lowe’s Companies, Inc.     288,140 54,910,840
Ulta Beauty, Inc. (A)     41,936 15,990,616
Valvoline, Inc. (B)     1,082,835 32,127,714
Textiles, apparel and luxury goods 0.7%      
Lululemon Athletica, Inc. (A)     73,180 28,794,866
Consumer staples 5.5%     233,336,133
Beverages 0.9%      
Anheuser-Busch InBev SA/NV     689,563 39,234,793
Consumer staples distribution and retail 3.5%      
Sysco Corp.     381,156 25,343,062
Walmart, Inc.     755,131 123,395,957
Household products 1.1%      
The Procter & Gamble Company     302,355 45,362,321
Energy 4.9%     205,372,937
Oil, gas and consumable fuels 4.9%      
ConocoPhillips     420,296 49,931,165
Devon Energy Corp.     700,907 32,641,239
Pioneer Natural Resources Company     154,803 36,997,917
Suncor Energy, Inc. (B)     987,014 31,979,254
Valero Energy Corp.     423,806 53,823,362
Financials 6.1%     259,005,277
Banks 2.4%      
Citizens Financial Group, Inc.     634,936 14,876,550
JPMorgan Chase & Co.     611,924 85,094,151
Capital markets 1.1%      
The Charles Schwab Corp.     564,603 29,381,940
The Goldman Sachs Group, Inc.     59,231 17,983,124
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 11
        Shares Value
Financials (continued)      
Consumer finance 0.4%      
Discover Financial Services     239,459 $19,654,795
Financial services 2.2%      
Berkshire Hathaway, Inc., Class B (A)     269,577 92,014,717
Health care 10.6%     445,812,773
Biotechnology 2.4%      
Genmab A/S (A)     30,901 8,735,185
Gilead Sciences, Inc.     562,513 44,179,771
Regeneron Pharmaceuticals, Inc. (A)     24,652 19,225,848
Vertex Pharmaceuticals, Inc. (A)     78,942 28,585,688
Health care equipment and supplies 1.1%      
Abbott Laboratories     257,150 24,313,533
Stryker Corp.     81,740 22,087,783
Health care providers and services 2.6%      
McKesson Corp.     61,387 27,953,184
UnitedHealth Group, Inc.     153,782 82,359,488
Life sciences tools and services 1.1%      
Revvity, Inc.     98,257 8,140,592
Thermo Fisher Scientific, Inc.     80,952 36,005,021
Pharmaceuticals 3.4%      
AstraZeneca PLC     264,661 33,136,572
Eli Lilly & Company     200,549 111,090,108
Industrials 5.3%     221,276,963
Construction and engineering 1.2%      
Vinci SA     446,412 49,361,752
Industrial conglomerates 1.2%      
Honeywell International, Inc.     262,097 48,031,896
Machinery 2.9%      
Deere & Company     203,798 74,459,637
Ingersoll Rand, Inc.     814,497 49,423,678
Information technology 15.0%     634,015,404
Communications equipment 0.9%      
Cisco Systems, Inc.     755,220 39,369,619
Electronic equipment, instruments and components 0.8%      
TE Connectivity, Ltd.     274,689 32,372,099
Semiconductors and semiconductor equipment 4.1%      
ASML Holding NV, NYRS     72,871 43,635,884
Broadcom, Inc.     123,042 103,523,848
Micron Technology, Inc.     413,671 27,662,180
12 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Information technology (continued)      
Software 7.2%      
Microsoft Corp.     640,677 $216,619,277
Salesforce, Inc. (A)     217,881 43,757,041
SAP SE, ADR (B)     311,133 41,691,822
Technology hardware, storage and peripherals 2.0%      
Apple, Inc.     499,992 85,383,634
Materials 2.5%     105,332,330
Chemicals 0.9%      
Linde PLC     96,328 36,812,708
Metals and mining 1.6%      
Freeport-McMoRan, Inc.     2,028,408 68,519,622
Real estate 1.0%     40,833,274
Specialized REITs 1.0%      
American Tower Corp.     92,163 16,422,525
Digital Realty Trust, Inc.     196,291 24,410,749
Utilities 0.0%     752,273
Multi-utilities 0.0%      
Algonquin Power & Utilities Corp.     40,250 752,273
Preferred securities 0.0%         $648,145
(Cost $1,024,438)          
Communication services 0.0%     489,700
Wireless telecommunication services 0.0%      
Telephone & Data Systems, Inc., 6.625%   33,200 489,700
Financials 0.0%     158,445
Banks 0.0%      
Wells Fargo & Company, 7.500%   150 158,445
    
  Rate (%) Maturity date   Par value^ Value
U.S. Government and Agency obligations 18.4%       $778,725,892
(Cost $863,743,582)          
U.S. Government 7.1%       302,043,467
U.S. Treasury          
Bond 2.250 02-15-52   5,142,000 2,959,663
Bond 3.000 08-15-52   18,482,000 12,677,497
Bond 3.375 08-15-42   41,523,000 32,126,799
Bond 3.375 11-15-48   8,387,000 6,207,363
Bond 3.625 05-15-53   39,441,000 30,745,492
Bond 4.000 11-15-42   38,713,000 32,818,341
Bond 4.125 08-15-53   1,317,000 1,126,652
Bond 4.375 08-15-43   40,550,000 36,165,531
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 13
  Rate (%) Maturity date   Par value^ Value
U.S. Government (continued)        
Note 3.875 08-15-33   64,287,000 $59,174,175
Note 4.875 10-31-28   24,862,000 24,914,443
Note 4.875 10-31-30   63,256,000 63,127,511
U.S. Government Agency 11.3%       476,682,425
Federal Home Loan Mortgage Corp.          
15 Yr Pass Thru 2.000 06-01-36   4,282,879 3,647,107
15 Yr Pass Thru 2.500 11-01-34   1,401,050 1,241,864
15 Yr Pass Thru 4.500 12-01-37   962,930 913,348
15 Yr Pass Thru 4.500 02-01-38   6,420,381 6,085,776
30 Yr Pass Thru 2.500 08-01-51   4,891,148 3,802,786
30 Yr Pass Thru 2.500 11-01-51   3,616,885 2,808,676
30 Yr Pass Thru 2.500 12-01-51   1,242,857 958,921
30 Yr Pass Thru 3.000 03-01-43   413,792 351,497
30 Yr Pass Thru 3.000 12-01-45   1,829,838 1,516,011
30 Yr Pass Thru 3.000 10-01-46   6,310,660 5,194,822
30 Yr Pass Thru 3.000 10-01-46   2,007,080 1,653,447
30 Yr Pass Thru 3.000 12-01-46   1,529,683 1,258,252
30 Yr Pass Thru 3.000 12-01-46   1,394,618 1,149,332
30 Yr Pass Thru 3.000 04-01-47   2,448,276 2,010,695
30 Yr Pass Thru 3.000 10-01-49   3,291,274 2,677,825
30 Yr Pass Thru 3.000 10-01-49   2,575,752 2,090,837
30 Yr Pass Thru 3.000 12-01-49   737,392 599,491
30 Yr Pass Thru 3.000 12-01-49   3,500,427 2,833,773
30 Yr Pass Thru 3.000 01-01-50   4,693,083 3,815,421
30 Yr Pass Thru 3.500 10-01-46   2,226,832 1,893,920
30 Yr Pass Thru 3.500 12-01-46   957,790 819,089
30 Yr Pass Thru 3.500 11-01-48   753,772 643,674
30 Yr Pass Thru 3.500 03-01-52   2,012,541 1,687,944
30 Yr Pass Thru 3.500 03-01-52   3,036,997 2,532,933
30 Yr Pass Thru 3.500 04-01-52   7,201,902 6,038,078
30 Yr Pass Thru 4.000 11-01-47   363,143 320,440
30 Yr Pass Thru 4.000 08-01-48   431,618 381,807
30 Yr Pass Thru 4.000 04-01-52   6,540,866 5,674,416
30 Yr Pass Thru 4.000 05-01-52   195,701 171,306
30 Yr Pass Thru 4.500 03-01-41   676,754 629,676
30 Yr Pass Thru 4.500 07-01-52   1,665,428 1,497,363
30 Yr Pass Thru 4.500 07-01-52   6,120,666 5,503,007
30 Yr Pass Thru 4.500 08-01-52   1,045,027 940,876
30 Yr Pass Thru 4.500 08-01-52   4,994,010 4,493,167
30 Yr Pass Thru 4.500 08-01-52   4,150,680 3,734,414
30 Yr Pass Thru 4.500 09-01-52   2,570,968 2,310,719
30 Yr Pass Thru 4.500 09-01-52   2,867,583 2,581,789
30 Yr Pass Thru 4.500 09-01-52   17,697,614 15,928,275
30 Yr Pass Thru 4.500 12-01-52   1,447,273 1,299,414
14 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency (continued)        
30 Yr Pass Thru 4.500 12-01-52   6,605,958 $5,964,100
30 Yr Pass Thru 4.500 04-01-53   1,365,073 1,228,171
30 Yr Pass Thru 4.500 04-01-53   6,145,443 5,513,869
30 Yr Pass Thru (C) 4.500 05-01-53   1,314,306 1,188,243
30 Yr Pass Thru 4.500 08-01-53   4,907,563 4,410,728
30 Yr Pass Thru 5.000 09-01-52   9,382,870 8,660,564
30 Yr Pass Thru 5.000 10-01-52   3,485,765 3,217,426
30 Yr Pass Thru 5.000 11-01-52   6,642,619 6,129,185
30 Yr Pass Thru 5.000 12-01-52   1,757,422 1,627,076
30 Yr Pass Thru 5.000 12-01-52   3,504,416 3,248,878
30 Yr Pass Thru 5.000 12-01-52   5,911,168 5,456,118
30 Yr Pass Thru 5.000 02-01-53   5,603,093 5,168,257
30 Yr Pass Thru 5.000 07-01-53   9,266,469 8,575,036
30 Yr Pass Thru 5.000 07-01-53   4,170,802 3,856,245
30 Yr Pass Thru 5.000 08-01-53   4,124,946 3,818,072
30 Yr Pass Thru 5.500 11-01-39   444,687 439,878
30 Yr Pass Thru 5.500 09-01-52   7,120,231 6,789,731
30 Yr Pass Thru 5.500 03-01-53   3,464,899 3,297,464
30 Yr Pass Thru 5.500 06-01-53   2,841,190 2,703,204
30 Yr Pass Thru 5.500 07-01-53   3,140,744 2,990,699
30 Yr Pass Thru 5.500 09-01-53   789,144 750,221
30 Yr Pass Thru 6.000 08-01-53   2,383,831 2,325,082
30 Yr Pass Thru 6.000 09-01-53   5,427,633 5,296,796
30 Yr Pass Thru 6.000 10-01-53   1,509,319 1,473,598
30 Yr Pass Thru 6.000 10-01-53   6,066,642 5,925,615
Federal National Mortgage Association          
15 Yr Pass Thru 2.000 04-01-37   4,374,182 3,731,691
15 Yr Pass Thru 2.500 01-01-36   4,802,034 4,256,431
15 Yr Pass Thru 4.500 11-01-37   5,029,892 4,770,898
15 Yr Pass Thru 4.500 12-01-37   1,613,410 1,530,334
30 Yr Pass Thru 2.500 09-01-50   9,445,320 7,370,143
30 Yr Pass Thru 2.500 08-01-51   6,623,001 5,143,063
30 Yr Pass Thru 2.500 08-01-51   3,495,353 2,714,301
30 Yr Pass Thru 2.500 10-01-51   1,719,273 1,334,557
30 Yr Pass Thru 2.500 11-01-51   3,719,923 2,899,152
30 Yr Pass Thru 2.500 01-01-52   3,972,447 3,078,580
30 Yr Pass Thru 2.500 03-01-52   35,768,592 27,708,880
30 Yr Pass Thru 3.000 02-01-43   262,968 221,393
30 Yr Pass Thru 3.000 03-01-43   99,499 84,478
30 Yr Pass Thru 3.000 05-01-43   161,095 135,761
30 Yr Pass Thru 3.000 12-01-45   1,894,697 1,567,307
30 Yr Pass Thru 3.000 02-01-47   1,539,350 1,266,627
30 Yr Pass Thru 3.000 10-01-47   3,233,369 2,655,468
30 Yr Pass Thru 3.000 12-01-47   862,006 707,940
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 15
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency (continued)        
30 Yr Pass Thru 3.000 10-01-49   3,723,340 $3,030,523
30 Yr Pass Thru 3.000 11-01-49   663,404 538,511
30 Yr Pass Thru 3.000 02-01-52   2,238,329 1,802,598
30 Yr Pass Thru 3.500 06-01-42   1,587,721 1,380,451
30 Yr Pass Thru 3.500 06-01-43   2,998,587 2,595,617
30 Yr Pass Thru 3.500 12-01-44   549,533 471,633
30 Yr Pass Thru 3.500 04-01-45   497,780 426,906
30 Yr Pass Thru 3.500 04-01-45   193,452 165,908
30 Yr Pass Thru 3.500 07-01-47   4,508,021 3,860,531
30 Yr Pass Thru 3.500 12-01-47   717,470 609,935
30 Yr Pass Thru 3.500 06-01-49   3,903,171 3,315,721
30 Yr Pass Thru 3.500 09-01-49   401,988 339,791
30 Yr Pass Thru 3.500 01-01-50   1,417,122 1,196,973
30 Yr Pass Thru 3.500 03-01-50   2,483,094 2,097,347
30 Yr Pass Thru 3.500 02-01-52   1,822,789 1,543,607
30 Yr Pass Thru 3.500 04-01-52   2,454,584 2,056,391
30 Yr Pass Thru 4.000 01-01-41   891,235 805,495
30 Yr Pass Thru 4.000 09-01-41   408,757 368,164
30 Yr Pass Thru 4.000 10-01-41   2,774,671 2,505,189
30 Yr Pass Thru 4.000 01-01-47   3,097,917 2,751,681
30 Yr Pass Thru 4.000 04-01-48   455,381 403,205
30 Yr Pass Thru 4.000 10-01-48   421,725 372,351
30 Yr Pass Thru 4.000 01-01-49   366,802 322,024
30 Yr Pass Thru 4.000 07-01-49   505,876 445,069
30 Yr Pass Thru 4.000 07-01-49   1,110,363 978,283
30 Yr Pass Thru 4.000 08-01-49   2,226,306 1,960,788
30 Yr Pass Thru 4.000 02-01-50   1,798,238 1,579,277
30 Yr Pass Thru 4.000 03-01-51   7,205,656 6,337,273
30 Yr Pass Thru 4.000 08-01-51   3,886,308 3,424,026
30 Yr Pass Thru 4.000 04-01-52   760,732 660,911
30 Yr Pass Thru 4.000 05-01-52   9,358,749 8,119,022
30 Yr Pass Thru 4.000 06-01-52   214,913 187,720
30 Yr Pass Thru (C) 4.000 06-01-52   2,215,134 1,939,886
30 Yr Pass Thru 4.000 07-01-52   12,337,126 10,745,270
30 Yr Pass Thru 4.500 11-01-39   770,508 717,787
30 Yr Pass Thru 4.500 09-01-40   419,847 390,013
30 Yr Pass Thru 4.500 05-01-41   255,112 237,134
30 Yr Pass Thru 4.500 07-01-41   981,022 911,452
30 Yr Pass Thru 4.500 01-01-43   304,613 282,672
30 Yr Pass Thru 4.500 04-01-48   1,638,245 1,492,122
30 Yr Pass Thru 4.500 07-01-48   663,456 602,828
30 Yr Pass Thru 4.500 06-01-52   3,102,038 2,791,908
30 Yr Pass Thru 4.500 06-01-52   7,192,011 6,466,239
30 Yr Pass Thru 4.500 07-01-52   5,901,716 5,306,152
16 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency (continued)        
30 Yr Pass Thru 4.500 08-01-52   3,492,532 $3,123,717
30 Yr Pass Thru 4.500 08-01-52   806,409 726,040
30 Yr Pass Thru 4.500 08-01-52   5,853,495 5,235,359
30 Yr Pass Thru 4.500 09-01-52   4,897,431 4,421,579
30 Yr Pass Thru 4.500 09-01-52   1,523,238 1,370,475
30 Yr Pass Thru 4.500 10-01-52   4,325,904 3,905,583
30 Yr Pass Thru 4.500 10-01-52   1,974,995 1,775,074
30 Yr Pass Thru 4.500 11-01-52   2,020,526 1,816,628
30 Yr Pass Thru 4.500 04-01-53   5,745,944 5,160,264
30 Yr Pass Thru 4.500 05-01-53   1,215,217 1,092,490
30 Yr Pass Thru 5.000 08-01-52   11,364,461 10,546,432
30 Yr Pass Thru 5.000 09-01-52   7,286,253 6,725,347
30 Yr Pass Thru 5.000 10-01-52   3,314,801 3,068,946
30 Yr Pass Thru 5.000 12-01-52   3,494,495 3,235,312
30 Yr Pass Thru 5.000 01-01-53   7,862,000 7,291,169
30 Yr Pass Thru 5.000 04-01-53   9,014,783 8,337,715
30 Yr Pass Thru 5.000 05-01-53   10,123,797 9,369,762
30 Yr Pass Thru 5.000 05-01-53   4,058,026 3,758,314
30 Yr Pass Thru 5.000 07-01-53   3,175,472 2,940,495
30 Yr Pass Thru 5.500 10-01-52   6,531,098 6,223,862
30 Yr Pass Thru 5.500 12-01-52   5,631,883 5,370,468
30 Yr Pass Thru 5.500 12-01-52   2,099,290 2,001,847
30 Yr Pass Thru 5.500 12-01-52   3,727,832 3,552,467
30 Yr Pass Thru 5.500 12-01-52   2,161,113 2,065,528
30 Yr Pass Thru 5.500 12-01-52   2,001,850 1,907,679
30 Yr Pass Thru 5.500 12-01-52   1,820,823 1,730,616
30 Yr Pass Thru 5.500 04-01-53   2,695,667 2,563,803
30 Yr Pass Thru 5.500 05-01-53   4,105,001 3,903,503
30 Yr Pass Thru 7.000 06-01-32   487 499
30 Yr Pass Thru 7.500 04-01-31   897 927
30 Yr Pass Thru 8.000 01-01-31   667 693
Corporate bonds 13.1%     $552,871,872
(Cost $634,204,200)          
Communication services 1.0%     44,373,782
Diversified telecommunication services 0.2%      
C&W Senior Financing DAC (D) 6.875 09-15-27   1,185,000 1,018,863
Connect Finco SARL (D) 6.750 10-01-26   1,637,000 1,526,562
GCI LLC (D) 4.750 10-15-28   1,396,038 1,197,940
Telesat Canada (D) 5.625 12-06-26   652,000 416,165
Total Play Telecomunicaciones SA de CV (D) 6.375 09-20-28   1,376,000 658,882
Total Play Telecomunicaciones SA de CV (D) 7.500 11-12-25   2,286,000 1,650,232
Zayo Group Holdings, Inc. (D) 4.000 03-01-27   1,055,000 794,038
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 17
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)      
Diversified telecommunication services (continued)      
Zayo Group Holdings, Inc. (D) 6.125 03-01-28   978,000 $647,875
Entertainment 0.2%      
Netflix, Inc. 4.875 04-15-28   2,344,000 2,258,295
Netflix, Inc. (D) 5.375 11-15-29   435,000 421,764
Netflix, Inc. 5.875 11-15-28   2,340,000 2,340,874
WarnerMedia Holdings, Inc. 4.279 03-15-32   1,456,000 1,207,192
WarnerMedia Holdings, Inc. 5.050 03-15-42   820,000 607,397
WarnerMedia Holdings, Inc. 5.141 03-15-52   4,705,000 3,329,336
WMG Acquisition Corp. (D) 3.875 07-15-30   1,066,000 886,015
Interactive media and services 0.0%      
Match Group Holdings II LLC (D) 3.625 10-01-31   470,000 360,725
Match Group Holdings II LLC (D) 4.125 08-01-30   1,051,000 853,969
Meta Platforms, Inc. 4.800 05-15-30   807,000 778,142
Media 0.3%      
Charter Communications Operating LLC 4.200 03-15-28   2,897,000 2,636,526
Charter Communications Operating LLC 5.750 04-01-48   3,088,000 2,342,947
Charter Communications Operating LLC 6.384 10-23-35   2,313,000 2,090,512
Globo Comunicacao e Participacoes SA (D) 4.875 01-22-30   1,192,000 945,910
LCPR Senior Secured Financing DAC (D) 5.125 07-15-29   625,000 486,766
News Corp. (D) 3.875 05-15-29   1,198,000 1,025,464
Sirius XM Radio, Inc. (D) 4.000 07-15-28   1,220,000 1,037,527
Sirius XM Radio, Inc. (D) 5.000 08-01-27   1,935,000 1,774,202
Wireless telecommunication services 0.3%      
Millicom International Cellular SA (D) 6.250 03-25-29   1,066,500 926,960
T-Mobile USA, Inc. 2.875 02-15-31   245,000 195,093
T-Mobile USA, Inc. 3.375 04-15-29   2,210,000 1,924,153
T-Mobile USA, Inc. 3.875 04-15-30   5,386,000 4,689,608
T-Mobile USA, Inc. 5.650 01-15-53   1,500,000 1,296,520
Vodafone Group PLC 5.625 02-10-53   996,000 837,709
Vodafone Group PLC (7.000% to 4-4-29, then 5 Year U.S. Swap Rate + 4.873% to 4-4-49, then 5 Year U.S. Swap Rate + 5.623%) 7.000 04-04-79   1,251,000 1,209,619
Consumer discretionary 1.2%     52,453,617
Automobile components 0.0%      
Dealer Tire LLC (D) 8.000 02-01-28   642,000 602,174
Automobiles 0.6%      
Ford Motor Company 3.250 02-12-32   980,000 739,654
Ford Motor Credit Company LLC 2.900 02-16-28   330,000 280,719
Ford Motor Credit Company LLC 4.000 11-13-30   1,045,000 860,753
Ford Motor Credit Company LLC 4.125 08-17-27   1,975,000 1,793,118
Ford Motor Credit Company LLC 5.113 05-03-29   2,689,000 2,447,411
18 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)      
Automobiles (continued)      
Ford Motor Credit Company LLC 6.800 05-12-28   4,677,000 $4,663,635
General Motors Company 5.400 10-15-29   2,000,000 1,877,981
General Motors Company 5.400 04-01-48   905,000 678,462
General Motors Financial Company, Inc. 2.400 10-15-28   3,917,000 3,229,387
General Motors Financial Company, Inc. 3.600 06-21-30   4,847,000 3,999,555
Hyundai Capital America (D) 2.375 10-15-27   726,000 625,316
Nissan Motor Acceptance Company LLC (D) 1.850 09-16-26   2,048,000 1,772,840
Nissan Motor Acceptance Company LLC (D) 2.000 03-09-26   1,011,000 902,231
Broadline retail 0.0%      
Macy’s Retail Holdings LLC (D) 5.875 04-01-29   617,000 543,947
Macy’s Retail Holdings LLC (D) 5.875 03-15-30   529,000 447,527
Macy’s Retail Holdings LLC (D) 6.125 03-15-32   972,000 802,736
Distributors 0.0%      
LKQ Corp. (D) 5.750 06-15-28   565,000 547,540
Diversified consumer services 0.0%      
GEMS MENASA Cayman, Ltd. (D) 7.125 07-31-26   576,000 554,400
Sotheby’s (D) 7.375 10-15-27   707,000 631,411
Hotels, restaurants and leisure 0.3%      
Affinity Interactive (D) 6.875 12-15-27   579,000 471,935
Booking Holdings, Inc. 4.625 04-13-30   1,822,000 1,697,520
Caesars Entertainment, Inc. (D) 7.000 02-15-30   524,000 505,709
CCM Merger, Inc. (D) 6.375 05-01-26   503,000 476,128
Choice Hotels International, Inc. 3.700 12-01-29   744,000 609,326
Choice Hotels International, Inc. 3.700 01-15-31   959,000 754,276
Full House Resorts, Inc. (D) 8.250 02-15-28   730,000 614,682
Hilton Grand Vacations Borrower Escrow LLC (D) 5.000 06-01-29   1,285,000 1,076,185
Jacobs Entertainment, Inc. (D) 6.750 02-15-29   568,000 482,800
MGM Resorts International 4.750 10-15-28   1,967,000 1,716,372
Midwest Gaming Borrower LLC (D) 4.875 05-01-29   1,433,000 1,192,973
Mohegan Tribal Gaming Authority (D) 8.000 02-01-26   1,197,000 1,099,744
Resorts World Las Vegas LLC (D) 4.625 04-16-29   1,290,000 990,785
Resorts World Las Vegas LLC (D) 4.625 04-06-31   600,000 423,000
Resorts World Las Vegas LLC (D) 8.450 07-27-30   1,000,000 919,733
Travel + Leisure Company (D) 4.625 03-01-30   628,000 514,109
Yum! Brands, Inc. (D) 4.750 01-15-30   908,000 808,311
Household durables 0.1%      
Brookfield Residential Properties, Inc. (D) 5.000 06-15-29   773,000 603,318
Century Communities, Inc. (D) 3.875 08-15-29   1,092,000 881,200
KB Home 4.000 06-15-31   1,246,000 972,885
MDC Holdings, Inc. 2.500 01-15-31   632,000 462,665
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 19
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)      
Specialty retail 0.2%      
Asbury Automotive Group, Inc. (D) 4.625 11-15-29   274,000 $231,774
Asbury Automotive Group, Inc. 4.750 03-01-30   884,000 750,162
AutoNation, Inc. 4.750 06-01-30   1,698,000 1,487,236
Group 1 Automotive, Inc. (D) 4.000 08-15-28   616,000 530,220
Lithia Motors, Inc. (D) 3.875 06-01-29   577,000 477,237
Lithia Motors, Inc. (D) 4.375 01-15-31   577,000 467,165
Lithia Motors, Inc. (D) 4.625 12-15-27   288,000 259,821
The Michaels Companies, Inc. (D) 5.250 05-01-28   1,383,000 1,002,066
The Michaels Companies, Inc. (D) 7.875 05-01-29   1,615,000 900,363
Valvoline, Inc. (D) 3.625 06-15-31   1,412,000 1,073,120
Consumer staples 0.3%     14,118,282
Beverages 0.0%      
Anheuser-Busch Companies LLC 4.700 02-01-36   1,968,000 1,731,917
Food products 0.3%      
Coruripe Netherlands BV (D) 10.000 02-10-27   731,000 516,547
JBS USA LUX SA 3.625 01-15-32   1,400,000 1,076,178
JBS USA LUX SA 3.750 12-01-31   434,000 337,245
JBS USA LUX SA 5.125 02-01-28   909,000 853,639
JBS USA LUX SA 5.750 04-01-33   2,277,000 2,011,089
Kraft Heinz Foods Company 4.375 06-01-46   3,248,000 2,376,418
Kraft Heinz Foods Company 5.000 06-04-42   960,000 791,226
MARB BondCo PLC (D) 3.950 01-29-31   1,895,000 1,391,095
NBM US Holdings, Inc. (D) 6.625 08-06-29   1,623,000 1,459,605
Pilgrim’s Pride Corp. 6.250 07-01-33   1,712,000 1,573,323
Energy 1.8%     77,050,006
Oil, gas and consumable fuels 1.8%      
Aker BP ASA (D) 3.100 07-15-31   840,000 659,729
Aker BP ASA (D) 3.750 01-15-30   534,000 455,689
Aker BP ASA (D) 4.000 01-15-31   2,536,000 2,140,289
Antero Midstream Partners LP (D) 5.375 06-15-29   1,269,000 1,152,313
Antero Resources Corp. (D) 5.375 03-01-30   230,000 209,880
Ascent Resources Utica Holdings LLC (D) 5.875 06-30-29   1,338,000 1,181,997
Ascent Resources Utica Holdings LLC (D) 8.250 12-31-28   274,000 272,073
Cheniere Energy Partners LP 4.000 03-01-31   2,216,000 1,855,603
Cheniere Energy Partners LP 4.500 10-01-29   2,031,000 1,818,452
Civitas Resources, Inc. (D) 8.625 11-01-30   757,000 770,494
Columbia Pipelines Operating Company LLC (D) 5.927 08-15-30   606,000 585,138
Columbia Pipelines Operating Company LLC (D) 6.036 11-15-33   940,000 892,667
Continental Resources, Inc. 4.900 06-01-44   1,129,000 797,186
20 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Energy (continued)      
Oil, gas and consumable fuels (continued)      
Enbridge, Inc. (5.500% to 7-15-27, then 3 month CME Term SOFR + 3.680% to 7-15-47, then 3 month CME Term SOFR + 4.430%) 5.500 07-15-77   1,750,000 $1,488,901
Enbridge, Inc. (5.750% to 7-15-30, then 5 Year CMT + 5.314% to 7-15-50, then 5 Year CMT + 6.064%) 5.750 07-15-80   2,143,000 1,786,307
Enbridge, Inc. (6.250% to 3-1-28, then 3 month CME Term SOFR + 3.903% to 3-1-48, then 3 month CME Term SOFR + 4.653%) 6.250 03-01-78   1,355,000 1,186,770
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) 8.500 01-15-84   991,000 949,346
Energean Israel Finance, Ltd. (D) 5.375 03-30-28   439,000 359,071
Energean Israel Finance, Ltd. (D) 5.875 03-30-31   772,000 615,593
Energy Transfer LP 4.200 04-15-27   1,199,000 1,122,870
Energy Transfer LP 5.150 03-15-45   1,708,000 1,322,679
Energy Transfer LP 5.250 04-15-29   1,790,000 1,698,837
Energy Transfer LP 5.400 10-01-47   1,683,000 1,321,757
Energy Transfer LP 5.500 06-01-27   1,681,000 1,639,527
Energy Transfer LP (6.500% to 11-15-26, then 5 Year CMT + 5.694%) (E) 6.500 11-15-26   3,084,000 2,793,117
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (E) 7.125 05-15-30   2,595,000 2,154,960
Enterprise Products Operating LLC (5.250% to 8-16-27, then 3 month CME Term SOFR + 3.295%) 5.250 08-16-77   3,087,000 2,649,331
EQM Midstream Partners LP (D) 7.500 06-01-27   226,000 223,826
EQM Midstream Partners LP (D) 7.500 06-01-30   128,000 125,585
Hess Midstream Operations LP (D) 4.250 02-15-30   399,000 341,415
Hess Midstream Operations LP (D) 5.500 10-15-30   178,000 161,589
Kinder Morgan Energy Partners LP 7.750 03-15-32   981,000 1,026,434
Leviathan Bond, Ltd. (D) 6.500 06-30-27   2,080,000 1,824,514
Leviathan Bond, Ltd. (D) 6.750 06-30-30   256,000 216,477
MC Brazil Downstream Trading SARL (D) 7.250 06-30-31   1,334,393 949,421
MPLX LP 4.125 03-01-27   310,000 291,131
MPLX LP 4.250 12-01-27   1,156,000 1,075,327
MPLX LP 4.950 09-01-32   1,038,000 921,491
MPLX LP 5.000 03-01-33   1,064,000 942,206
Occidental Petroleum Corp. 6.450 09-15-36   1,593,000 1,547,249
Occidental Petroleum Corp. 6.600 03-15-46   874,000 841,579
Occidental Petroleum Corp. 6.625 09-01-30   2,093,000 2,099,397
ONEOK, Inc. 5.650 11-01-28   754,000 735,754
ONEOK, Inc. 6.050 09-01-33   2,826,000 2,708,318
ONEOK, Inc. 6.625 09-01-53   1,805,000 1,686,863
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 21
  Rate (%) Maturity date   Par value^ Value
Energy (continued)      
Oil, gas and consumable fuels (continued)      
Ovintiv, Inc. 5.650 05-15-28   584,000 $567,002
Ovintiv, Inc. 6.250 07-15-33   586,000 557,038
Ovintiv, Inc. 7.200 11-01-31   318,000 320,664
Parkland Corp. (D) 4.500 10-01-29   823,000 707,862
Parkland Corp. (D) 4.625 05-01-30   949,000 809,023
Petroleos Mexicanos 7.690 01-23-50   3,137,000 1,937,345
Petroleos Mexicanos 8.750 06-02-29   855,000 756,123
Sabine Pass Liquefaction LLC 4.200 03-15-28   1,070,000 984,531
Sabine Pass Liquefaction LLC 4.500 05-15-30   2,863,000 2,568,047
Sabine Pass Liquefaction LLC 5.000 03-15-27   890,000 857,125
Southwestern Energy Company 4.750 02-01-32   727,000 625,211
Sunoco LP 4.500 05-15-29   363,000 314,442
Sunoco LP 4.500 04-30-30   1,361,000 1,162,463
Targa Resources Corp. 4.950 04-15-52   1,820,000 1,327,997
Targa Resources Partners LP 4.000 01-15-32   1,616,000 1,330,016
The Williams Companies, Inc. 3.750 06-15-27   1,569,000 1,449,506
The Williams Companies, Inc. 4.650 08-15-32   1,169,000 1,030,034
Var Energi ASA (D) 7.500 01-15-28   380,000 388,806
Var Energi ASA (D) 8.000 11-15-32   3,215,000 3,316,369
Venture Global Calcasieu Pass LLC (D) 3.875 08-15-29   476,000 396,117
Venture Global Calcasieu Pass LLC (D) 4.125 08-15-31   834,000 670,542
Venture Global LNG, Inc. (D) 9.500 02-01-29   1,557,000 1,581,818
Western Midstream Operating LP 4.050 02-01-30   1,625,000 1,408,787
Western Midstream Operating LP 6.150 04-01-33   406,000 383,986
Financials 3.6%     150,737,998
Banks 2.4%      
Banco Santander SA 4.379 04-12-28   1,603,000 1,457,773
Bank of America Corp. (2.087% to 6-14-28, then Overnight SOFR + 1.060%) 2.087 06-14-29   2,617,000 2,160,715
Bank of America Corp. (2.592% to 4-29-30, then Overnight SOFR + 2.150%) 2.592 04-29-31   2,889,000 2,277,586
Bank of America Corp. (2.687% to 4-22-31, then Overnight SOFR + 1.320%) 2.687 04-22-32   4,958,000 3,801,541
Bank of America Corp. (3.846% to 3-8-32, then 5 Year CMT + 2.000%) 3.846 03-08-37   2,364,000 1,864,931
Bank of America Corp. (3.970% to 3-5-28, then 3 month CME Term SOFR + 1.332%) 3.970 03-05-29   2,086,000 1,887,489
Bank of America Corp. (6.300% to 3-10-26, then 3 month CME Term SOFR + 4.815%) (E) 6.300 03-10-26   2,765,000 2,690,386
22 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)      
Banks (continued)      
Barclays PLC (4.375% to 9-15-28, then 5 Year CMT + 3.410%) (B)(E) 4.375 03-15-28   1,977,000 $1,351,218
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (B)(E) 8.000 03-15-29   959,000 848,236
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (D)(E) 9.250 11-17-27   781,000 793,878
BPCE SA (D) 4.500 03-15-25   1,695,000 1,635,118
Citigroup, Inc. 4.600 03-09-26   2,922,000 2,800,560
Citigroup, Inc. (4.700% to 1-30-25, then Overnight SOFR + 3.234%) (E) 4.700 01-30-25   2,303,000 2,059,227
Citigroup, Inc. (6.174% to 5-25-33, then Overnight SOFR + 2.661%) 6.174 05-25-34   1,994,000 1,853,492
Citigroup, Inc. (6.250% to 8-15-26, then 3 month CME Term SOFR + 4.779%) (E) 6.250 08-15-26   1,970,000 1,849,359
Citizens Financial Group, Inc. 3.250 04-30-30   2,588,000 1,996,119
Credit Agricole SA (D) 3.250 01-14-30   3,030,000 2,462,328
Credit Agricole SA (6.316% to 10-3-28, then Overnight SOFR + 1.860%) (D) 6.316 10-03-29   1,910,000 1,876,651
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (D)(E) 7.875 01-23-24   1,142,000 1,136,290
Fifth Third Bancorp (3 month CME Term SOFR + 3.295%) (E)(F) 8.689 12-01-23   1,193,000 1,075,937
HSBC Holdings PLC (6.375% to 3-30-25, then 5 Year ICE Swap Rate + 4.368%) (E) 6.375 03-30-25   342,000 322,399
Huntington Bancshares, Inc. (6.208% to 8-21-28, then Overnight SOFR + 2.020%) 6.208 08-21-29   1,127,000 1,083,375
ING Groep NV (6.114% to 9-11-33, then Overnight SOFR + 2.090%) 6.114 09-11-34   809,000 758,068
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (E) 6.500 04-16-25   375,000 350,869
JPMorgan Chase & Co. (2.522% to 4-22-30, then Overnight SOFR + 2.040%) 2.522 04-22-31   2,981,000 2,370,896
JPMorgan Chase & Co. (2.956% to 5-13-30, then 3 month CME Term SOFR + 2.515%) 2.956 05-13-31   2,703,000 2,179,651
JPMorgan Chase & Co. (4.600% to 2-1-25, then 3 month CME Term SOFR + 3.125%) (E) 4.600 02-01-25   2,088,000 1,945,313
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (E) 7.500 06-27-24   1,600,000 1,559,314
M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (E) 5.125 11-01-26   755,000 569,363
NatWest Group PLC (3.754% to 11-1-24, then 5 Year CMT + 2.100%) 3.754 11-01-29   918,000 876,051
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 23
  Rate (%) Maturity date   Par value^ Value
Financials (continued)      
Banks (continued)      
NatWest Group PLC (6.000% to 6-29-26, then 5 Year CMT + 5.625%) (B)(E) 6.000 12-29-25   2,020,000 $1,850,539
NatWest Markets PLC (D) 1.600 09-29-26   2,562,000 2,246,839
Popular, Inc. 7.250 03-13-28   1,510,000 1,497,029
Santander Holdings USA, Inc. (2.490% to 1-6-27, then Overnight SOFR + 1.249%) 2.490 01-06-28   1,711,000 1,473,037
Santander Holdings USA, Inc. 3.244 10-05-26   3,634,000 3,263,692
Santander Holdings USA, Inc. 3.450 06-02-25   3,299,000 3,121,145
Santander Holdings USA, Inc. 4.400 07-13-27   870,000 800,428
Societe Generale SA (5.375% to 11-18-30, then 5 Year CMT + 4.514%) (D)(E) 5.375 11-18-30   1,688,000 1,210,644
Societe Generale SA (6.221% to 6-15-32, then 1 Year CMT + 3.200%) (D) 6.221 06-15-33   1,152,000 1,014,726
Societe Generale SA (6.446% to 1-10-28, then 1 Year CMT + 2.550%) (D) 6.446 01-10-29   2,945,000 2,877,385
Synovus Bank 5.625 02-15-28   301,000 267,329
The PNC Financial Services Group, Inc. 3.150 05-19-27   97,000 87,693
The PNC Financial Services Group, Inc. (3.400% to 9-15-26, then 5 Year CMT + 2.595%) (E) 3.400 09-15-26   2,601,000 1,871,527
The PNC Financial Services Group, Inc. (5.582% to 6-12-28, then Overnight SOFR + 1.841%) 5.582 06-12-29   2,923,000 2,798,651
The PNC Financial Services Group, Inc. (5.939% to 8-18-33, then Overnight SOFR + 1.946%) 5.939 08-18-34   1,688,000 1,573,440
The PNC Financial Services Group, Inc. (6.250% to 3-15-30, then 7 Year CMT + 2.808%) (E) 6.250 03-15-30   1,507,000 1,240,262
The PNC Financial Services Group, Inc. (3 month CME Term SOFR + 3.302%) (E)(F) 8.711 12-01-23   1,001,000 987,152
The PNC Financial Services Group, Inc. (3 month CME Term SOFR + 3.940%) (E)(F) 9.312 11-01-23   1,861,000 1,861,000
Truist Financial Corp. (5.867% to 6-8-33, then Overnight SOFR + 2.361%) 5.867 06-08-34   1,739,000 1,581,969
Truist Financial Corp. (7.161% to 10-30-28, then Overnight SOFR + 2.446%) 7.161 10-30-29   1,115,000 1,121,575
U.S. Bancorp (5.836% to 6-10-33, then Overnight SOFR + 2.260%) 5.836 06-12-34   1,949,000 1,795,161
U.S. Bancorp (6.787% to 10-26-26, then Overnight SOFR + 1.880%) 6.787 10-26-27   1,851,000 1,864,846
Wells Fargo & Company (2.393% to 6-2-27, then Overnight SOFR + 2.100%) 2.393 06-02-28   4,667,000 4,068,072
24 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)      
Banks (continued)      
Wells Fargo & Company (2.879% to 10-30-29, then 3 month CME Term SOFR + 1.432%) 2.879 10-30-30   3,702,000 $3,027,304
Wells Fargo & Company (3.350% to 3-2-32, then Overnight SOFR + 1.500%) 3.350 03-02-33   4,371,000 3,441,579
Wells Fargo & Company (5.875% to 6-15-25, then 9.865% thereafter) (E) 5.875 06-15-25   4,624,000 4,492,468
Capital markets 0.8%      
Ares Capital Corp. 2.150 07-15-26   1,902,000 1,670,513
Ares Capital Corp. 2.875 06-15-28   1,511,000 1,250,596
Ares Capital Corp. 3.250 07-15-25   967,000 906,804
Ares Capital Corp. 3.875 01-15-26   1,447,000 1,353,236
Blackstone Private Credit Fund 2.350 11-22-24   1,627,000 1,547,987
Blackstone Private Credit Fund 2.700 01-15-25   1,287,000 1,221,360
Blackstone Private Credit Fund 3.250 03-15-27   450,000 388,168
Blackstone Private Credit Fund 4.000 01-15-29   1,945,000 1,627,209
Deutsche Bank AG (2.311% to 11-16-26, then Overnight SOFR + 1.219%) 2.311 11-16-27   1,632,000 1,411,564
Deutsche Bank AG (3.742% to 1-7-32, then Overnight SOFR + 2.257%) (B) 3.742 01-07-33   2,055,000 1,437,186
Jefferies Financial Group, Inc. 5.875 07-21-28   1,410,000 1,361,081
Lazard Group LLC 4.375 03-11-29   1,466,000 1,330,842
Macquarie Bank, Ltd. (D) 3.624 06-03-30   1,265,000 1,008,891
Morgan Stanley (2.239% to 7-21-31, then Overnight SOFR + 1.178%) 2.239 07-21-32   1,170,000 862,927
Morgan Stanley (2.484% to 9-16-31, then Overnight SOFR + 1.360%) 2.484 09-16-36   2,911,000 2,059,284
Morgan Stanley (4.431% to 1-23-29, then 3 month CME Term SOFR + 1.890%) 4.431 01-23-30   393,000 357,836
Morgan Stanley (5.123% to 2-1-28, then Overnight SOFR + 1.730%) 5.123 02-01-29   755,000 718,829
Morgan Stanley (5.164% to 4-20-28, then Overnight SOFR + 1.590%) 5.164 04-20-29   2,360,000 2,245,370
Morgan Stanley (5.449% to 7-20-28, then Overnight SOFR + 1.630%) 5.449 07-20-29   1,169,000 1,124,274
MSCI, Inc. (D) 3.625 11-01-31   2,061,000 1,636,260
The Charles Schwab Corp. (5.643% to 5-19-28, then Overnight SOFR + 2.210%) 5.643 05-19-29   1,965,000 1,891,603
The Goldman Sachs Group, Inc. (2.615% to 4-22-31, then Overnight SOFR + 1.281%) 2.615 04-22-32   5,327,000 4,058,637
The Goldman Sachs Group, Inc. (2.650% to 10-21-31, then Overnight SOFR + 1.264%) 2.650 10-21-32   1,979,000 1,487,918
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 25
  Rate (%) Maturity date   Par value^ Value
Financials (continued)      
Capital markets (continued)      
UBS Group AG (6.301% to 9-22-33, then 1 Year CMT + 2.000%) (D) 6.301 09-22-34   1,145,000 $1,084,575
Consumer finance 0.1%      
Ally Financial, Inc. (6.992% to 6-13-28, then Overnight SOFR + 3.260%) 6.992 06-13-29   1,542,000 1,473,913
Ally Financial, Inc. 7.100 11-15-27   1,157,000 1,133,587
Discover Financial Services 4.100 02-09-27   621,000 557,425
OneMain Finance Corp. 9.000 01-15-29   656,000 638,395
Financial services 0.1%      
Block, Inc. 3.500 06-01-31   643,000 496,238
Corebridge Financial, Inc. (6.875% to 12-15-27, then 5 Year CMT + 3.846%) 6.875 12-15-52   767,000 708,603
Nationstar Mortgage Holdings, Inc. (D) 5.125 12-15-30   491,000 397,310
Nationstar Mortgage Holdings, Inc. (D) 5.500 08-15-28   887,000 783,842
Nationstar Mortgage Holdings, Inc. (D) 6.000 01-15-27   254,000 236,098
Insurance 0.2%      
Athene Holding, Ltd. 3.500 01-15-31   865,000 690,807
CNA Financial Corp. 2.050 08-15-30   627,000 478,766
CNO Financial Group, Inc. 5.250 05-30-29   2,053,000 1,894,413
Liberty Mutual Group, Inc. (4.125% to 12-15-26, then 5 Year CMT + 3.315%) (D) 4.125 12-15-51   1,338,000 1,062,252
MetLife, Inc. (6.400% to 12-15-36, then 3 month LIBOR + 2.205%) 6.400 12-15-36   1,635,000 1,532,774
Nippon Life Insurance Company (2.750% to 1-21-31, then 5 Year CMT + 2.653%) (D) 2.750 01-21-51   710,000 545,152
SBL Holdings, Inc. (D) 5.000 02-18-31   1,703,000 1,287,395
Teachers Insurance & Annuity Association of America (D) 4.270 05-15-47   1,996,000 1,448,453
Health care 0.6%     24,065,390
Biotechnology 0.2%      
AbbVie, Inc. 3.200 11-21-29   4,987,000 4,346,013
Amgen, Inc. 5.250 03-02-30   631,000 605,757
Star Parent, Inc. (D) 9.000 10-01-30   768,000 762,151
Health care equipment and supplies 0.0%      
Varex Imaging Corp. (D) 7.875 10-15-27   701,000 687,078
Health care providers and services 0.3%      
AdaptHealth LLC (D) 5.125 03-01-30   915,000 693,113
Cencora, Inc. 2.800 05-15-30   1,569,000 1,289,853
Centene Corp. 2.450 07-15-28   507,000 426,483
Centene Corp. 3.000 10-15-30   1,327,000 1,050,152
Centene Corp. 3.375 02-15-30   935,000 773,104
26 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Health care (continued)      
Health care providers and services (continued)      
CVS Health Corp. 3.750 04-01-30   1,436,000 $1,249,337
CVS Health Corp. 5.050 03-25-48   1,492,000 1,172,838
CVS Health Corp. 5.250 01-30-31   377,000 354,818
DaVita, Inc. (D) 3.750 02-15-31   1,091,000 784,217
DaVita, Inc. (D) 4.625 06-01-30   1,677,000 1,314,282
Fresenius Medical Care US Finance III, Inc. (D) 2.375 02-16-31   2,609,000 1,776,686
Universal Health Services, Inc. 1.650 09-01-26   1,349,000 1,189,823
Universal Health Services, Inc. 2.650 10-15-30   1,611,000 1,231,553
Life sciences tools and services 0.0%      
Thermo Fisher Scientific, Inc. 4.977 08-10-30   959,000 914,776
Pharmaceuticals 0.1%      
Royalty Pharma PLC 1.750 09-02-27   909,000 773,996
Viatris, Inc. 2.700 06-22-30   2,122,000 1,629,742
Viatris, Inc. 4.000 06-22-50   1,807,000 1,039,618
Industrials 2.0%     82,400,226
Aerospace and defense 0.2%      
Huntington Ingalls Industries, Inc. 4.200 05-01-30   989,000 875,677
The Boeing Company 3.200 03-01-29   857,000 740,514
The Boeing Company 5.040 05-01-27   3,058,000 2,961,050
The Boeing Company 5.150 05-01-30   4,079,000 3,821,819
TransDigm, Inc. 5.500 11-15-27   1,094,000 1,018,464
Building products 0.1%      
Builders FirstSource, Inc. (D) 4.250 02-01-32   1,355,000 1,078,386
Builders FirstSource, Inc. (D) 6.375 06-15-32   964,000 882,321
Owens Corning 3.875 06-01-30   257,000 221,710
Owens Corning 3.950 08-15-29   1,662,000 1,473,680
Commercial services and supplies 0.1%      
Albion Financing 1 SARL (D) 6.125 10-15-26   959,000 887,075
Allied Universal Holdco LLC (D) 6.000 06-01-29   489,000 353,303
APX Group, Inc. (D) 5.750 07-15-29   1,358,000 1,128,992
Prime Security Services Borrower LLC (D) 3.375 08-31-27   192,000 168,809
Prime Security Services Borrower LLC (D) 6.250 01-15-28   792,000 734,424
Construction and engineering 0.0%      
Global Infrastructure Solutions, Inc. (D) 5.625 06-01-29   1,265,000 1,012,000
MasTec, Inc. (D) 4.500 08-15-28   887,000 777,922
Electrical equipment 0.1%      
Emerald Debt Merger Sub LLC (D) 6.625 12-15-30   985,000 936,981
Regal Rexnord Corp. (D) 6.050 02-15-26   1,253,000 1,232,457
Regal Rexnord Corp. (D) 6.400 04-15-33   1,074,000 985,282
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 27
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)      
Ground transportation 0.0%      
Uber Technologies, Inc. (D) 4.500 08-15-29   1,938,000 $1,709,189
Machinery 0.0%      
Flowserve Corp. 3.500 10-01-30   1,019,000 819,648
Ingersoll Rand, Inc. 5.400 08-14-28   352,000 342,985
Passenger airlines 0.9%      
Air Canada 2013-1 Class A Pass Through Trust (D) 4.125 05-15-25   593,391 563,852
Air Canada 2017-1 Class B Pass Through Trust (D) 3.700 01-15-26   564,704 527,248
Air Canada 2020-1 Class C Pass Through Trust (D) 10.500 07-15-26   930,000 1,000,244
Alaska Airlines 2020-1 Class B Pass Through Trust (D) 8.000 08-15-25   667,972 667,006
American Airlines 2015-1 Class A Pass Through Trust 3.375 05-01-27   4,302,549 3,798,204
American Airlines 2016-1 Class A Pass Through Trust 4.100 01-15-28   1,625,787 1,443,875
American Airlines 2016-1 Class AA Pass Through Trust 3.575 01-15-28   464,824 423,574
American Airlines 2016-3 Class A Pass Through Trust 3.250 10-15-28   225,403 191,241
American Airlines 2017-1 Class A Pass Through Trust 4.000 02-15-29   825,559 713,924
American Airlines 2017-1 Class AA Pass Through Trust 3.650 02-15-29   1,391,029 1,244,418
American Airlines 2017-2 Class A Pass Through Trust 3.600 10-15-29   783,093 665,565
American Airlines 2019-1 Class A Pass Through Trust 3.500 02-15-32   1,651,069 1,317,414
American Airlines 2019-1 Class AA Pass Through Trust 3.150 02-15-32   1,680,234 1,400,245
American Airlines 2019-1 Class B Pass Through Trust 3.850 02-15-28   572,632 497,932
American Airlines 2021-1 Class A Pass Through Trust 2.875 07-11-34   1,264,359 1,018,132
American Airlines 2021-1 Class B Pass Through Trust 3.950 07-11-30   1,721,720 1,477,526
American Airlines, Inc. (D) 7.250 02-15-28   1,146,000 1,065,577
British Airways 2018-1 Class A Pass Through Trust (D) 4.125 09-20-31   468,963 412,768
British Airways 2020-1 Class A Pass Through Trust (D) 4.250 11-15-32   600,655 537,107
British Airways 2020-1 Class B Pass Through Trust (D) 8.375 11-15-28   302,474 306,272
Delta Air Lines, Inc. 4.375 04-19-28   1,731,000 1,589,958
Delta Air Lines, Inc. (D) 4.750 10-20-28   2,263,559 2,127,704
28 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)      
Passenger airlines (continued)      
JetBlue 2019-1 Class AA Pass Through Trust 2.750 05-15-32   1,304,314 $1,092,052
United Airlines 2014-2 Class A Pass Through Trust 3.750 09-03-26   1,987,578 1,853,814
United Airlines 2016-1 Class A Pass Through Trust 3.450 07-07-28   1,661,363 1,454,502
United Airlines 2016-1 Class B Pass Through Trust 3.650 01-07-26   1,400,620 1,311,182
United Airlines 2018-1 Class B Pass Through Trust 4.600 03-01-26   691,107 647,947
United Airlines 2019-1 Class A Pass Through Trust 4.550 08-25-31   1,482,147 1,275,681
United Airlines 2020-1 Class A Pass Through Trust 5.875 10-15-27   2,876,488 2,832,019
United Airlines 2020-1 Class B Pass Through Trust 4.875 01-15-26   954,560 914,627
United Airlines 2023-1 Class A Pass Through Trust 5.800 01-15-36   1,871,000 1,753,331
United Airlines, Inc. (D) 4.375 04-15-26   140,000 129,866
United Airlines, Inc. (D) 4.625 04-15-29   288,000 243,275
US Airways 2012-2 Class A Pass Through Trust 4.625 06-03-25   765,925 728,897
Professional services 0.1%      
Concentrix Corp. 6.600 08-02-28   1,832,000 1,758,812
TriNet Group, Inc. (D) 3.500 03-01-29   608,000 502,053
Trading companies and distributors 0.5%      
AerCap Ireland Capital DAC 1.750 01-30-26   1,878,000 1,688,745
AerCap Ireland Capital DAC 2.450 10-29-26   5,952,000 5,294,477
AerCap Ireland Capital DAC 3.000 10-29-28   2,792,000 2,351,547
Air Lease Corp. 2.100 09-01-28   1,159,000 951,127
Air Lease Corp. 2.875 01-15-26   923,000 856,685
Air Lease Corp. 3.625 12-01-27   1,180,000 1,057,224
Ashtead Capital, Inc. (D) 2.450 08-12-31   1,113,000 820,852
Ashtead Capital, Inc. (D) 4.250 11-01-29   601,000 523,873
Ashtead Capital, Inc. (D) 4.375 08-15-27   1,075,000 995,345
Ashtead Capital, Inc. (D) 5.550 05-30-33   709,000 635,354
Ashtead Capital, Inc. (D) 5.950 10-15-33   784,000 715,293
Beacon Roofing Supply, Inc. (D) 4.125 05-15-29   699,000 586,807
BlueLinx Holdings, Inc. (D) 6.000 11-15-29   1,187,000 998,938
SMBC Aviation Capital Finance DAC (D) 2.300 06-15-28   666,000 552,885
United Rentals North America, Inc. 3.875 11-15-27   785,000 720,542
Information technology 0.8%     33,121,141
Communications equipment 0.1%      
Motorola Solutions, Inc. 2.300 11-15-30   2,428,000 1,855,796
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 29
  Rate (%) Maturity date   Par value^ Value
Information technology (continued)      
Communications equipment (continued)      
Motorola Solutions, Inc. 2.750 05-24-31   2,034,000 $1,576,785
IT services 0.1%      
Gartner, Inc. (D) 4.500 07-01-28   1,677,000 1,508,828
VeriSign, Inc. 2.700 06-15-31   1,093,000 844,081
Semiconductors and semiconductor equipment 0.5%      
Broadcom, Inc. (D) 3.419 04-15-33   2,537,000 1,972,579
Broadcom, Inc. 4.750 04-15-29   5,911,000 5,496,690
Foundry JV Holdco LLC (D) 5.875 01-25-34   1,627,000 1,509,323
Marvell Technology, Inc. 2.450 04-15-28   2,255,000 1,929,347
Micron Technology, Inc. 2.703 04-15-32   1,289,000 957,007
Micron Technology, Inc. 4.185 02-15-27   3,214,000 3,008,689
Micron Technology, Inc. 5.327 02-06-29   3,605,000 3,425,212
Micron Technology, Inc. 6.750 11-01-29   948,000 952,608
NXP BV 3.875 06-18-26   2,319,000 2,193,321
Qorvo, Inc. (D) 3.375 04-01-31   1,276,000 989,404
Software 0.1%      
Autodesk, Inc. 2.850 01-15-30   773,000 644,971
Consensus Cloud Solutions, Inc. (D) 6.500 10-15-28   827,000 685,376
Oracle Corp. 2.950 04-01-30   2,040,000 1,690,761
Technology hardware, storage and peripherals 0.0%      
CDW LLC 3.250 02-15-29   460,000 388,360
Dell International LLC 5.300 10-01-29   1,564,000 1,492,003
Materials 0.6%     23,518,916
Chemicals 0.1%      
Braskem Idesa SAPI (D) 6.990 02-20-32   1,072,000 632,724
Braskem Netherlands Finance BV (D) 4.500 01-31-30   1,932,000 1,487,390
Braskem Netherlands Finance BV (D) 5.875 01-31-50   540,000 348,638
OCI NV (D) 6.700 03-16-33   1,058,000 976,167
Sasol Financing USA LLC 5.500 03-18-31   1,103,000 844,477
Construction materials 0.1%      
Cemex SAB de CV (D) 3.875 07-11-31   1,360,000 1,103,989
Cemex SAB de CV (D) 5.200 09-17-30   1,176,000 1,065,835
Standard Industries, Inc. (D) 3.375 01-15-31   706,000 534,242
Standard Industries, Inc. (D) 4.375 07-15-30   873,000 713,261
Standard Industries, Inc. (D) 5.000 02-15-27   196,000 181,158
Containers and packaging 0.1%      
Graphic Packaging International LLC (D) 3.500 03-01-29   1,120,000 930,407
Mauser Packaging Solutions Holding Company (D) 7.875 08-15-26   805,000 753,978
Owens-Brockway Glass Container, Inc. (D) 6.625 05-13-27   689,000 654,550
Owens-Brockway Glass Container, Inc. (D) 7.250 05-15-31   521,000 476,715
30 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Materials (continued)      
Containers and packaging (continued)      
Pactiv Evergreen Group Issuer, Inc. (D) 4.000 10-15-27   1,715,000 $1,496,207
Metals and mining 0.3%      
Anglo American Capital PLC (D) 4.750 04-10-27   1,170,000 1,118,968
Arsenal AIC Parent LLC (D) 8.000 10-01-30   639,000 631,013
First Quantum Minerals, Ltd. (D) 6.875 10-15-27   1,946,000 1,657,458
First Quantum Minerals, Ltd. (D) 8.625 06-01-31   838,000 707,357
Freeport-McMoRan, Inc. 4.250 03-01-30   1,852,000 1,605,123
Freeport-McMoRan, Inc. 5.400 11-14-34   1,358,000 1,201,427
Freeport-McMoRan, Inc. 5.450 03-15-43   2,134,000 1,755,194
Hudbay Minerals, Inc. (D) 4.500 04-01-26   288,000 268,046
Newmont Corp. 2.800 10-01-29   819,000 686,976
Novelis Corp. (D) 4.750 01-30-30   1,989,000 1,687,616
Real estate 0.4%     18,540,311
Hotel and resort REITs 0.0%      
Host Hotels & Resorts LP 3.375 12-15-29   1,433,000 1,180,816
Real estate management and development 0.0%      
CoStar Group, Inc. (D) 2.800 07-15-30   2,114,000 1,641,575
Cushman & Wakefield US Borrower LLC (D) 8.875 09-01-31   116,000 109,978
Residential REITs 0.0%      
American Homes 4 Rent LP 4.250 02-15-28   1,050,000 966,102
Specialized REITs 0.4%      
American Tower Corp. 3.550 07-15-27   1,347,000 1,225,020
American Tower Corp. 3.800 08-15-29   2,862,000 2,505,818
American Tower Trust I (D) 5.490 03-15-28   2,114,000 2,075,763
Crown Castle, Inc. 3.800 02-15-28   1,024,000 923,512
GLP Capital LP 3.250 01-15-32   878,000 664,080
GLP Capital LP 4.000 01-15-30   858,000 716,040
GLP Capital LP 5.375 04-15-26   1,454,000 1,393,516
Iron Mountain Information Management Services, Inc. (D) 5.000 07-15-32   382,000 312,574
Iron Mountain, Inc. (D) 5.250 07-15-30   931,000 808,176
SBA Tower Trust (D) 6.599 01-15-28   659,000 657,577
VICI Properties LP (D) 3.875 02-15-29   798,000 677,447
VICI Properties LP (D) 4.125 08-15-30   854,000 704,507
VICI Properties LP (D) 4.625 12-01-29   1,845,000 1,595,852
VICI Properties LP 5.125 05-15-32   442,000 381,958
Utilities 0.8%     32,492,203
Electric utilities 0.6%      
American Electric Power Company, Inc. 5.625 03-01-33   654,000 613,860
Atlantica Transmision Sur SA (D) 6.875 04-30-43   796,376 775,472
Constellation Energy Generation LLC 6.125 01-15-34   549,000 530,674
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 31
  Rate (%) Maturity date   Par value^ Value
Utilities (continued)      
Electric utilities (continued)      
Constellation Energy Generation LLC 6.500 10-01-53   937,000 $880,070
Duke Energy Corp. 2.450 06-01-30   594,000 473,362
Duke Energy Corp. 5.750 09-15-33   1,922,000 1,825,644
Electricite de France SA (9.125% to 6-15-33, then 5 Year CMT + 5.411%) (D)(E) 9.125 03-15-33   1,251,000 1,283,988
Emera US Finance LP 3.550 06-15-26   1,414,000 1,325,187
FirstEnergy Corp. 2.650 03-01-30   1,064,000 858,205
FirstEnergy Corp. 3.400 03-01-50   475,000 287,260
Georgia Power Company 4.950 05-17-33   989,000 902,720
NextEra Energy Capital Holdings, Inc. 2.250 06-01-30   800,000 623,387
NRG Energy, Inc. (D) 2.450 12-02-27   1,613,000 1,358,173
NRG Energy, Inc. (D) 3.375 02-15-29   420,000 341,837
NRG Energy, Inc. (D) 3.625 02-15-31   1,054,000 795,387
NRG Energy, Inc. (D) 3.875 02-15-32   1,747,000 1,298,309
NRG Energy, Inc. (D) 4.450 06-15-29   1,165,000 1,007,015
NRG Energy, Inc. (D) 7.000 03-15-33   1,663,000 1,571,844
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (D)(E) 10.250 03-15-28   1,308,000 1,262,707
The Southern Company 5.700 03-15-34   961,000 914,200
Vistra Operations Company LLC (D) 3.700 01-30-27   3,050,000 2,773,108
Vistra Operations Company LLC (D) 4.300 07-15-29   2,537,000 2,207,568
Vistra Operations Company LLC (D) 6.950 10-15-33   1,107,000 1,054,403
Independent power and renewable electricity producers 0.1%      
AES Panama Generation Holdings SRL (D) 4.375 05-31-30   1,190,248 971,004
DPL, Inc. 4.125 07-01-25   945,000 889,290
LLPL Capital Pte, Ltd. (D) 6.875 02-04-39   120,690 105,079
NextEra Energy Operating Partners LP (D) 3.875 10-15-26   1,340,000 1,218,354
NextEra Energy Operating Partners LP (D) 4.500 09-15-27   255,000 228,326
Multi-utilities 0.1%      
Dominion Energy, Inc. 3.375 04-01-30   1,191,000 1,001,585
NiSource, Inc. 1.700 02-15-31   594,000 435,050
NiSource, Inc. 3.600 05-01-30   1,041,000 891,045
NiSource, Inc. 5.250 03-30-28   380,000 368,936
Sempra 5.500 08-01-33   1,526,000 1,419,154
Municipal bonds 0.0%         $1,659,896
(Cost $2,230,000)          
Golden State Tobacco Securitization Corp. (California) 4.214 06-01-50   1,307,000 857,185
State Board of Administration Finance Corp. (Florida) 1.705 07-01-27   923,000 802,711
32 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Collateralized mortgage obligations 1.4%       $59,564,714
(Cost $71,572,012)          
Commercial and residential 1.0%     43,258,928
Angel Oak Mortgage Trust LLC    
Series 2020-R1, Class A1 (D)(G) 0.990 04-25-53   563,082 505,350
Series 2021-2, Class A1 (D)(G) 0.985 04-25-66   518,585 414,072
Series 2021-4, Class A1 (D)(G) 1.035 01-20-65   1,397,165 1,071,228
Series 2021-5, Class A1 (D)(G) 0.951 07-25-66   1,632,516 1,320,492
Arroyo Mortgage Trust    
Series 2021-1R, Class A1 (D)(G) 1.175 10-25-48   903,082 697,328
BAMLL Commercial Mortgage Securities Trust    
Series 2019-BPR, Class ENM (D)(G) 3.719 11-05-32   575,000 186,509
Barclays Commercial Mortgage Trust    
Series 2019-C5, Class A2 3.043 11-15-52   665,000 641,571
BBCMS Mortgage Trust    
Series 2020-C6, Class A2 2.690 02-15-53   822,000 736,250
BBCMS Trust    
Series 2015-SRCH, Class D (D)(G) 4.957 08-10-35   840,000 582,463
Benchmark Mortgage Trust    
Series 2019-B12, Class A2 3.001 08-15-52   902,970 802,747
Series 2019-B13, Class A2 2.889 08-15-57   780,000 679,845
BRAVO Residential Funding Trust    
Series 2021-NQM1, Class A1 (D)(G) 0.941 02-25-49   668,703 580,118
BX Trust    
Series 2022-CLS, Class A (D) 5.760 10-13-27   1,528,000 1,469,036
Citigroup Commercial Mortgage Trust    
Series 2023-SMRT, Class A (D)(G) 5.820 10-12-40   1,109,000 1,068,226
COLT Mortgage Loan Trust    
Series 2021-2, Class A1 (D)(G) 0.924 08-25-66   1,052,264 802,599
Series 2021-3, Class A1 (D)(G) 0.956 09-27-66   1,534,643 1,160,027
Series 2021-HX1, Class A1 (D)(G) 1.110 10-25-66   1,192,842 949,940
COLT Trust    
Series 2020-RPL1, Class A1 (D)(G) 1.390 01-25-65   2,478,831 1,982,347
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG)    
Series 2012-CR3, Class XA IO 0.879 10-15-45   79,105 1
Commercial Mortgage Trust (Citigroup/Deutsche Bank AG)    
Series 2018-COR3, Class XA IO 0.432 05-10-51   9,542,301 152,447
Commercial Mortgage Trust (Deutsche Bank AG)    
Series 2013-300P, Class D (D)(G) 4.394 08-10-30   880,000 677,277
Series 2017-PANW, Class A (D) 3.244 10-10-29   305,000 278,740
Series 2020-CBM, Class A2 (D) 2.896 02-10-37   987,000 931,273
Credit Suisse Mortgage Capital Certificates    
Series 2020-NET, Class A (D) 2.257 08-15-37   671,716 607,807
Series 2021-NQM2, Class A1 (D)(G) 1.179 02-25-66   969,590 794,474
Series 2021-NQM3, Class A1 (D)(G) 1.015 04-25-66   828,161 662,514
Series 2021-NQM5, Class A1 (D)(G) 0.938 05-25-66   579,648 438,741
Series 2021-NQM6, Class A1 (D)(G) 1.174 07-25-66   1,719,135 1,310,537
Ellington Financial Mortgage Trust    
Series 2021-1, Class A1 (D)(G) 0.797 02-25-66   585,910 470,873
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 33
  Rate (%) Maturity date   Par value^ Value
Commercial and residential (continued)      
Series 2021-2, Class A1 (D)(G) 0.931 06-25-66   971,578 $734,026
Flagstar Mortgage Trust    
Series 2021-1, Class A2 (D)(G) 2.500 02-01-51   1,880,819 1,371,602
GCAT Trust    
Series 2021-NQM1, Class A1 (D)(G) 0.874 01-25-66   608,852 474,079
Series 2021-NQM2, Class A1 (D)(G) 1.036 05-25-66   733,056 572,610
Series 2021-NQM3, Class A1 (D)(G) 1.091 05-25-66   1,094,356 861,098
GS Mortgage Securities Trust    
Series 2015-590M, Class C (D)(G) 3.805 10-10-35   320,000 276,962
Series 2017-485L, Class C (D)(G) 3.982 02-10-37   250,000 201,262
Series 2020-UPTN, Class A (D) 2.751 02-10-37   650,000 605,558
GS Mortgage-Backed Securities Trust    
Series 2020-NQM1, Class A1 (D)(G) 1.382 09-27-60   154,521 137,570
Series 2021-NQM1, Class A1 (D)(G) 1.017 07-25-61   454,799 371,182
Imperial Fund Mortgage Trust    
Series 2021-NQM1, Class A1 (D)(G) 1.071 06-25-56   695,960 553,355
JPMorgan Chase Commercial Mortgage Securities Trust    
Series 2020-NNN, Class AFX (D) 2.812 01-16-37   1,161,000 1,033,290
MFA Trust    
Series 2021-NQM1, Class A1 (D)(G) 1.153 04-25-65   459,220 398,553
Natixis Commercial Mortgage Securities Trust    
Series 2018-285M, Class D (D)(G) 3.790 11-15-32   464,000 284,200
Series 2018-ALXA, Class C (D)(G) 4.316 01-15-43   380,000 295,904
NYMT Loan Trust    
Series 2022-CP1, Class A1 (D) 2.042 07-25-61   803,553 708,017
OBX Trust    
Series 2020-EXP2, Class A3 (D)(G) 2.500 05-25-60   402,752 307,718
Series 2021-NQM2, Class A1 (D)(G) 1.101 05-25-61   1,046,323 760,326
Series 2021-NQM3, Class A1 (D)(G) 1.054 07-25-61   1,672,761 1,201,317
Provident Funding Mortgage Trust    
Series 2020-F1, Class A2 (D)(G) 2.000 01-25-36   1,472,923 1,206,037
SLG Office Trust    
Series 2021-OVA, Class D (D) 2.851 07-15-41   1,738,000 1,220,333
Starwood Mortgage Residential Trust    
Series 2022-1, Class A1 (D)(G) 2.447 12-25-66   1,758,946 1,432,439
Towd Point Mortgage Trust    
Series 2018-4, Class A1 (D)(G) 3.000 06-25-58   715,104 641,723
Series 2019-1, Class A1 (D)(G) 3.750 03-25-58   784,950 725,143
Series 2019-4, Class A1 (D)(G) 2.900 10-25-59   809,788 738,295
Series 2020-4, Class A1 (D) 1.750 10-25-60   1,225,280 1,047,084
Verus Securitization Trust    
Series 2020-5, Class A1 (1.218% to 10-1-24, then 2.218% thereafter) (D) 1.218 05-25-65   282,273 255,155
Series 2021-3, Class A1 (D)(G) 1.046 06-25-66   1,253,628 998,809
Series 2021-4, Class A1 (D)(G) 0.938 07-25-66   707,119 535,492
Series 2021-5, Class A1 (D)(G) 1.013 09-25-66   1,151,729 890,785
Series 2021-R1, Class A1 (D)(G) 0.820 10-25-63   500,782 444,172
34 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency 0.4%     $16,305,786
Government National Mortgage Association    
Series 2012-114, Class IO 0.621 01-16-53   774,254 11,975
Series 2016-174, Class IO 0.891 11-16-56   1,518,974 60,065
Series 2017-109, Class IO 0.230 04-16-57   1,810,178 28,899
Series 2017-124, Class IO 0.628 01-16-59   1,480,291 46,581
Series 2017-135, Class IO 0.718 10-16-58   2,765,891 102,542
Series 2017-140, Class IO 0.486 02-16-59   1,295,162 39,033
Series 2017-159, Class IO 0.433 06-16-59   1,972,365 54,711
Series 2017-169, Class IO 0.582 01-16-60   23,263,105 708,773
Series 2017-20, Class IO 0.528 12-16-58   2,289,505 53,796
Series 2017-22, Class IO 0.755 12-16-57   821,134 28,963
Series 2017-41, Class IO 0.591 07-16-58   1,437,181 40,508
Series 2017-46, Class IO 0.644 11-16-57   2,282,224 78,642
Series 2017-61, Class IO 0.745 05-16-59   1,114,925 40,232
Series 2018-158, Class IO 0.776 05-16-61   2,988,756 147,467
Series 2018-35, Class IO 0.531 03-16-60   3,809,346 129,696
Series 2018-43, Class IO 0.437 05-16-60   4,788,216 149,664
Series 2018-68, Class IO 0.427 01-16-60   5,942,761 181,047
Series 2018-69, Class IO 0.612 04-16-60   3,296,170 141,641
Series 2018-81, Class IO 0.483 01-16-60   4,748,841 179,475
Series 2018-9, Class IO 0.443 01-16-60   6,132,489 182,833
Series 2019-131, Class IO 0.802 07-16-61   3,039,877 158,014
Series 2020-100, Class IO 0.783 05-16-62   4,133,887 231,336
Series 2020-108, Class IO 0.847 06-16-62   23,847,030 1,344,119
Series 2020-114, Class IO 0.800 09-16-62   11,130,888 627,188
Series 2020-118, Class IO 0.882 06-16-62   9,251,476 553,001
Series 2020-119, Class IO 0.602 08-16-62   4,589,282 213,728
Series 2020-120, Class IO 0.761 05-16-62   2,774,675 153,656
Series 2020-137, Class IO 0.795 09-16-62   19,157,675 1,040,831
Series 2020-150, Class IO 0.962 12-16-62   8,701,261 565,566
Series 2020-170, Class IO 0.834 11-16-62   11,198,679 678,497
Series 2020-92, Class IO 0.878 02-16-62   9,701,401 583,786
Series 2021-110, Class IO 0.873 11-16-63   7,359,941 466,603
Series 2021-163, Class IO 0.801 03-16-64   9,242,719 532,557
Series 2021-183, Class IO 0.871 01-16-63   7,183,904 427,293
Series 2021-3, Class IO 0.868 09-16-62   20,589,231 1,246,149
Series 2021-40, Class IO 0.824 02-16-63   4,135,332 247,945
Series 2021-47, Class IO 0.992 03-16-61   26,696,868 1,824,189
Series 2022-17, Class IO 0.802 06-16-64   11,397,000 705,758
Series 2022-181, Class IO 0.716 07-16-64   5,381,848 351,464
Series 2022-21, Class IO 0.783 10-16-63   4,802,450 291,402
Series 2022-53, Class IO 0.712 06-16-64   17,762,280 879,181
Series 2022-57, Class IO 0.755 09-16-63   13,392,574 776,980
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 35
  Rate (%) Maturity date   Par value^ Value
Asset backed securities 2.1%         $86,245,245
(Cost $97,511,328)          
Asset backed securities 2.1%     86,245,245
ABPCI Direct Lending Fund I, Ltd.          
Series 2020-1A, Class A (D) 3.199 12-20-30   648,781 613,654
Aligned Data Centers Issuer LLC          
Series 2021-1A, Class A2 (D) 1.937 08-15-46   3,455,000 3,010,144
AMSR Trust          
Series 2020-SFR4, Class A (D) 1.355 11-17-37   301,000 273,501
Series 2021-SFR4, Class A (D) 2.117 12-17-38   439,000 387,882
Applebee’s Funding LLC          
Series 2023-1A, Class A2 (D) 7.824 03-05-53   1,003,000 982,363
Aqua Finance Trust          
Series 2021-A, Class A (D) 1.540 07-17-46   655,852 575,277
Arby’s Funding LLC          
Series 2020-1A, Class A2 (D) 3.237 07-30-50   2,298,780 2,023,074
BRE Grand Islander Timeshare Issuer LLC          
Series 2019-A, Class A (D) 3.280 09-26-33   439,232 412,980
CARS-DB4 LP          
Series 2020-1A, Class B1 (D) 4.170 02-15-50   1,485,000 1,405,588
CF Hippolyta Issuer LLC          
Series 2020-1, Class A1 (D) 1.690 07-15-60   2,545,449 2,308,636
Series 2021-1A, Class A1 (D) 1.530 03-15-61   2,197,788 1,924,158
CLI Funding VI LLC          
Series 2020-1A, Class A (D) 2.080 09-18-45   2,511,414 2,164,091
CLI Funding VIII LLC          
Series 2021-1A, Class A (D) 1.640 02-18-46   1,753,848 1,492,087
Series 2022-1A, Class A (D) 2.720 01-18-47   1,503,690 1,259,281
CyrusOne Data Centers Issuer I LLC          
Series 2023-1A, Class A2 (D) 4.300 04-20-48   2,001,000 1,752,824
DataBank Issuer          
Series 2021-1A, Class A2 (D) 2.060 02-27-51   1,281,000 1,128,244
DB Master Finance LLC          
Series 2017-1A, Class A2II (D) 4.030 11-20-47   921,375 835,241
Series 2021-1A, Class A2I (D) 2.045 11-20-51   3,703,043 3,242,091
Diamond Infrastructure Funding LLC          
Series 2021-1A, Class C (D) 3.475 04-15-49   514,000 446,374
Domino’s Pizza Master Issuer LLC          
Series 2017-1A, Class A23 (D) 4.118 07-25-47   2,470,293 2,275,819
Series 2021-1A, Class A2I (D) 2.662 04-25-51   1,889,550 1,577,823
Driven Brands Funding LLC          
Series 2020-2A, Class A2 (D) 3.237 01-20-51   1,745,638 1,484,701
Series 2021-1A, Class A2 (D) 2.791 10-20-51   2,348,080 1,920,103
FirstKey Homes Trust          
Series 2020-SFR1, Class A (D) 1.339 08-17-37   2,708,140 2,476,635
Series 2020-SFR2, Class A (D) 1.266 10-19-37   1,380,255 1,251,118
Series 2021-SFR1, Class A (D) 1.538 08-17-38   1,477,866 1,296,814
Series 2021-SFR1, Class D (D) 2.189 08-17-38   1,729,000 1,496,431
Ford Credit Auto Owner Trust          
Series 2023-2, Class A (D) 5.280 02-15-36   1,998,000 1,949,544
36 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Asset backed securities (continued)      
Golub Capital Partners Funding, Ltd.          
Series 2020-1A, Class A2 (D) 3.208 01-22-29   825,464 $760,213
Series 2021-1A, Class A2 (D) 2.773 04-20-29   1,714,930 1,607,928
HI-FI Music IP Issuer LP          
Series 2022-1A, Class A2 (D) 3.939 02-01-62   1,696,000 1,535,691
Hilton Grand Vacations Trust          
Series 2022-1D, Class B (D) 4.100 06-20-34   148,935 140,575
Home Partners of America Trust          
Series 2021-2, Class A (D) 1.901 12-17-26   819,188 715,443
Jack in the Box Funding LLC          
Series 2019-1A, Class A23 (D) 4.970 08-25-49   787,800 696,163
Series 2022-1A, Class A2I (D) 3.445 02-26-52   2,135,940 1,897,402
MetroNet Infrastructure Issuer LLC          
Series 2023-1A, Class A2 (D) 6.560 04-20-53   1,176,000 1,127,752
Navient Private Education Refi Loan Trust          
Series 2019-FA, Class A2 (D) 2.600 08-15-68   757,906 695,042
Navient Student Loan Trust          
Series 2020-2A, Class A1A (D) 1.320 08-26-69   1,097,503 906,149
Neighborly Issuer LLC          
Series 2021-1A, Class A2 (D) 3.584 04-30-51   2,849,925 2,350,242
Series 2022-1A, Class A2 (D) 3.695 01-30-52   1,442,310 1,161,442
New Economy Assets Phase 1 Sponsor LLC          
Series 2021-1, Class A1 (D) 1.910 10-20-61   2,951,000 2,523,524
Series 2021-1, Class B1 (D) 2.410 10-20-61   1,005,000 837,409
NRZ Excess Spread-Collateralized Notes          
Series 2021-FHT1, Class A (D) 3.104 07-25-26   346,404 311,707
Progress Residential Trust          
Series 2020-SFR1, Class A (D) 1.732 04-17-37   1,126,955 1,055,130
Series 2021-SFR8, Class B (D) 1.681 10-17-38   1,093,000 950,504
Renaissance Home Equity Loan Trust          
Series 2005-2, Class AF4 5.434 08-25-35   113,741 111,911
Retained Vantage Data Centers Issuer LLC          
Series 2023-1A, Class A2A (D) 5.000 09-15-48   1,897,000 1,709,792
Sesac Finance LLC          
Series 2019-1, Class A2 (D) 5.216 07-25-49   2,109,373 1,991,045
SMB Private Education Loan Trust          
Series 2019-B, Class A2A (D) 2.840 06-15-37   1,112,410 1,035,216
Series 2020-PTA, Class A2A (D) 1.600 09-15-54   1,006,850 886,314
Series 2021-A, Class APT2 (D) 1.070 01-15-53   807,688 687,051
Sonic Capital LLC          
Series 2020-1A, Class A2I (D) 3.845 01-20-50   2,051,898 1,856,689
Series 2021-1A, Class A2I (D) 2.190 08-20-51   1,515,750 1,214,423
Sunbird Engine Finance LLC          
Series 2020-1A, Class A (D) 3.671 02-15-45   370,714 312,478
Taco Bell Funding LLC          
Series 2021-1A, Class A2I (D) 1.946 08-25-51   3,096,840 2,668,934
TIF Funding II LLC          
Series 2021-1A, Class A (D) 1.650 02-20-46   1,202,097 987,592
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 37
  Rate (%) Maturity date   Par value^ Value
Asset backed securities (continued)      
Triton Container Finance VIII LLC          
Series 2020-1A, Class A (D) 2.110 09-20-45   2,508,917 $2,141,612
Series 2021-1A, Class A (D) 1.860 03-20-46   1,555,371 1,295,094
Vantage Data Centers LLC          
Series 2020-1A, Class A2 (D) 1.645 09-15-45   1,835,000 1,662,127
Series 2020-2A, Class A2 (D) 1.992 09-15-45   1,650,000 1,376,896
VR Funding LLC          
Series 2020-1A, Class A (D) 2.790 11-15-50   2,107,216 1,845,978
Wendy’s Funding LLC          
Series 2021-1A, Class A2I (D) 2.370 06-15-51   1,993,123 1,614,296
Willis Engine Structured Trust V          
Series 2020-A, Class A (D) 3.228 03-15-45   351,847 292,505
Zaxby’s Funding LLC          
Series 2021-1A, Class A2 (D) 3.238 07-30-51   1,611,898 1,316,498
    
        Par value^ Value
Escrow certificates 0.0%         $17,263
(Cost $30,400)          
LSC Communications, Inc. (A)(D)(H)       1,058,000 2,063
Teekay Offshore Partners LP (A)       1,216,000 15,200
    
  Yield* (%) Maturity date   Par value^ Value
Short-term investments 1.6%         $67,490,416
(Cost $67,483,207)          
U.S. Government Agency 0.8%         35,000,000
Federal Agricultural Mortgage Corp. Discount Note 5.200 11-01-23   35,000,000 35,000,000
    
    Yield (%)   Shares Value
Short-term funds 0.8%         32,490,416
John Hancock Collateral Trust (I) 5.5153(J)   3,250,147 32,490,416
    
Total investments (Cost $3,415,369,825) 100.4%     $4,237,766,310
Other assets and liabilities, net (0.4%)       (17,996,072)
Total net assets 100.0%         $4,219,770,238
    
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.
Security Abbreviations and Legend
ADR American Depositary Receipt
CME Chicago Mercantile Exchange
CMT Constant Maturity Treasury
ICE Intercontinental Exchange
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
38 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
NYRS New York Registry Shares
SOFR Secured Overnight Financing Rate
(A) Non-income producing security.
(B) All or a portion of this security is on loan as of 10-31-23.
(C) Security purchased or sold on a when-issued or delayed delivery basis.
(D) 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.
(E) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F) Variable rate obligation. The coupon 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) 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.
(I) Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(J) The rate shown is the annualized seven-day yield as of 10-31-23.
* 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.
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $3,427,464,167. Net unrealized appreciation aggregated to $810,302,143, of which $1,061,261,204 related to gross unrealized appreciation and $250,959,061 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 39
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $3,382,886,618) including $49,992,769 of securities loaned $4,205,275,894
Affiliated investments, at value (Cost $32,483,207) 32,490,416
Total investments, at value (Cost $3,415,369,825) 4,237,766,310
Cash 3,121,943
Foreign currency, at value (Cost $535) 527
Dividends and interest receivable 14,346,267
Receivable for fund shares sold 7,551,968
Receivable for investments sold 240,423
Receivable for delayed delivery securities sold 1,941,925
Receivable for securities lending income 14,827
Other assets 448,622
Total assets 4,265,432,812
Liabilities  
Payable for delayed delivery securities purchased 5,077,381
Payable for fund shares repurchased 6,951,130
Payable upon return of securities loaned 32,528,618
Payable to affiliates  
Accounting and legal services fees 308,818
Transfer agent fees 364,441
Distribution and service fees 145,986
Trustees’ fees 6,259
Other liabilities and accrued expenses 279,941
Total liabilities 45,662,574
Net assets $4,219,770,238
Net assets consist of  
Paid-in capital $3,528,750,290
Total distributable earnings (loss) 691,019,948
Net assets $4,219,770,238
 
40 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES 10-31-23  (continued)
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 ($2,624,905,205 ÷ 111,262,011 shares)1 $23.59
Class C ($162,646,627 ÷ 6,908,784 shares)1 $23.54
Class I ($691,680,099 ÷ 29,354,163 shares) $23.56
Class R2 ($10,311,504 ÷ 437,590 shares) $23.56
Class R4 ($24,189,629 ÷ 1,020,066 shares) $23.71
Class R5 ($2,379,576 ÷ 100,529 shares) $23.67
Class R6 ($703,657,598 ÷ 29,811,809 shares) $23.60
Maximum offering price per share  
Class A (net asset value per share ÷ 95.5%)2 $24.70
    
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.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Balanced Fund 41
STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Interest $66,455,690
Dividends 41,802,978
Securities lending 260,996
Less foreign taxes withheld (345,711)
Total investment income 108,173,953
Expenses  
Investment management fees 24,147,015
Distribution and service fees 9,802,495
Accounting and legal services fees 890,530
Transfer agent fees 4,145,363
Trustees’ fees 106,111
Custodian fees 593,701
State registration fees 234,105
Printing and postage 181,285
Professional fees 216,692
Other 209,623
Total expenses 40,526,920
Less expense reductions (328,255)
Net expenses 40,198,665
Net investment income 67,975,288
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions (80,786,358)
Affiliated investments 8,960
Futures contracts (1,281,827)
  (82,059,225)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 320,107,346
Affiliated investments 12,360
  320,119,706
Net realized and unrealized gain 238,060,481
Increase in net assets from operations $306,035,769
42 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income $67,975,288 $53,969,998
Net realized loss (82,059,225) (32,532,671)
Change in net unrealized appreciation (depreciation) 320,119,706 (741,307,013)
Increase (decrease) in net assets resulting from operations 306,035,769 (719,869,686)
Distributions to shareholders    
From earnings    
Class A (41,551,163) (79,419,058)
Class C (1,741,633) (6,660,725)
Class I (13,425,000) (27,729,529)
Class R2 (154,598) (321,884)
Class R4 (427,201) (859,121)
Class R5 (46,275) (88,375)
Class R6 (13,684,054) (22,432,649)
Total distributions (71,029,924) (137,511,341)
From fund share transactions 50,525,786 323,608,726
Total increase (decrease) 285,531,631 (533,772,301)
Net assets    
Beginning of year 3,934,238,607 4,468,010,908
End of year $4,219,770,238 $3,934,238,607
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Balanced Fund 43
Financial highlights
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.25 $27.14 $22.51 $20.90 $20.18
Net investment income1 0.36 0.30 0.25 0.27 0.32
Net realized and unrealized gain (loss) on investments 1.36 (4.40) 4.75 1.79 1.84
Total from investment operations 1.72 (4.10) 5.00 2.06 2.16
Less distributions          
From net investment income (0.38) (0.34) (0.30) (0.30) (0.33)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.38) (0.79) (0.37) (0.45) (1.44)
Net asset value, end of period $23.59 $22.25 $27.14 $22.51 $20.90
Total return (%)2,3 7.76 (15.46) 22.38 10.06 11.63
Ratios and supplemental data          
Net assets, end of period (in millions) $2,625 $2,396 $2,592 $1,618 $1,063
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.05 1.04 1.04 1.08 1.08
Expenses including reductions 1.04 1.03 1.03 1.07 1.07
Net investment income 1.53 1.22 0.96 1.25 1.60
Portfolio turnover (%) 62 61 65 89 76
    
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.
44 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.22 $27.09 $22.48 $20.86 $20.15
Net investment income1 0.20 0.09 0.07 0.13 0.18
Net realized and unrealized gain (loss) on investments 1.34 (4.35) 4.74 1.79 1.83
Total from investment operations 1.54 (4.26) 4.81 1.92 2.01
Less distributions          
From net investment income (0.22) (0.16) (0.13) (0.15) (0.19)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.22) (0.61) (0.20) (0.30) (1.30)
Net asset value, end of period $23.54 $22.22 $27.09 $22.48 $20.86
Total return (%)2,3 7.02 (16.03) 21.48 9.34 10.81
Ratios and supplemental data          
Net assets, end of period (in millions) $163 $200 $314 $314 $351
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.75 1.74 1.74 1.78 1.78
Expenses including reductions 1.74 1.73 1.73 1.77 1.77
Net investment income 0.83 0.28 0.26 0.60 0.91
Portfolio turnover (%) 62 61 65 89 76
    
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 ANNUAL REPORT | JOHN HANCOCK Balanced Fund 45
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.23 $27.11 $22.49 $20.88 $20.16
Net investment income1 0.43 0.36 0.32 0.33 0.38
Net realized and unrealized gain (loss) on investments 1.35 (4.38) 4.75 1.80 1.84
Total from investment operations 1.78 (4.02) 5.07 2.13 2.22
Less distributions          
From net investment income (0.45) (0.41) (0.38) (0.37) (0.39)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.45) (0.86) (0.45) (0.52) (1.50)
Net asset value, end of period $23.56 $22.23 $27.11 $22.49 $20.88
Total return (%)2 8.04 (15.18) 22.71 10.41 11.98
Ratios and supplemental data          
Net assets, end of period (in millions) $692 $681 $874 $626 $469
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.75 0.74 0.74 0.78 0.79
Expenses including reductions 0.74 0.73 0.73 0.77 0.78
Net investment income 1.83 1.47 1.26 1.55 1.90
Portfolio turnover (%) 62 61 65 89 76
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
46 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS R2 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.22 $27.10 $22.47 $20.86 $20.15
Net investment income1 0.35 0.27 0.22 0.25 0.30
Net realized and unrealized gain (loss) on investments 1.35 (4.39) 4.76 1.79 1.83
Total from investment operations 1.70 (4.12) 4.98 2.04 2.13
Less distributions          
From net investment income (0.36) (0.31) (0.28) (0.28) (0.31)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.36) (0.76) (0.35) (0.43) (1.42)
Net asset value, end of period $23.56 $22.22 $27.10 $22.47 $20.86
Total return (%)2 7.66 (15.49) 22.26 10.03 11.48
Ratios and supplemental data          
Net assets, end of period (in millions) $10 $9 $11 $11 $4
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.12 1.11 1.12 1.16 1.17
Expenses including reductions 1.11 1.10 1.11 1.15 1.17
Net investment income 1.46 1.11 0.88 1.18 1.51
Portfolio turnover (%) 62 61 65 89 76
    
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 Balanced Fund 47
CLASS R4 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.37 $27.27 $22.62 $21.00 $20.27
Net investment income1 0.40 0.32 0.29 0.28 0.35
Net realized and unrealized gain (loss) on investments 1.36 (4.40) 4.77 1.83 1.85
Total from investment operations 1.76 (4.08) 5.06 2.11 2.20
Less distributions          
From net investment income (0.42) (0.37) (0.34) (0.34) (0.36)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.42) (0.82) (0.41) (0.49) (1.47)
Net asset value, end of period $23.71 $22.37 $27.27 $22.62 $21.00
Total return (%)2 7.93 (15.29) 22.55 10.24 11.79
Ratios and supplemental data          
Net assets, end of period (in millions) $24 $23 $29 $23 $13
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.99 0.98 0.98 1.01 1.03
Expenses including reductions 0.88 0.87 0.88 0.90 0.92
Net investment income 1.69 1.29 1.12 1.33 1.77
Portfolio turnover (%) 62 61 65 89 76
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
48 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS R5 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.33 $27.23 $22.58 $20.96 $20.24
Net investment income1 0.45 0.36 0.34 0.36 0.39
Net realized and unrealized gain (loss) on investments 1.35 (4.39) 4.77 1.79 1.84
Total from investment operations 1.80 (4.03) 5.11 2.15 2.23
Less distributions          
From net investment income (0.46) (0.42) (0.39) (0.38) (0.40)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.46) (0.87) (0.46) (0.53) (1.51)
Net asset value, end of period $23.67 $22.33 $27.23 $22.58 $20.96
Total return (%)2 8.11 (15.14) 22.83 10.48 11.98
Ratios and supplemental data          
Net assets, end of period (in millions) $2 $2 $3 $2 $2
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.69 0.68 0.68 0.71 0.73
Expenses including reductions 0.68 0.67 0.67 0.70 0.72
Net investment income 1.89 1.48 1.32 1.65 1.95
Portfolio turnover (%) 62 61 65 89 76
    
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 Balanced Fund 49
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $22.26 $27.15 $22.52 $20.91 $20.19
Net investment income1 0.46 0.40 0.35 0.35 0.40
Net realized and unrealized gain (loss) on investments 1.36 (4.40) 4.76 1.80 1.84
Total from investment operations 1.82 (4.00) 5.11 2.15 2.24
Less distributions          
From net investment income (0.48) (0.44) (0.41) (0.39) (0.41)
From net realized gain — (0.45) (0.07) (0.15) (1.11)
Total distributions (0.48) (0.89) (0.48) (0.54) (1.52)
Net asset value, end of period $23.60 $22.26 $27.15 $22.52 $20.91
Total return (%)2 8.19 (15.10) 22.86 10.52 12.07
Ratios and supplemental data          
Net assets, end of period (in millions) $704 $623 $645 $366 $226
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.64 0.63 0.64 0.66 0.68
Expenses including reductions 0.63 0.62 0.63 0.65 0.67
Net investment income 1.94 1.66 1.37 1.67 2.00
Portfolio turnover (%) 62 61 65 89 76
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
50 JOHN HANCOCK Balanced Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Notes to financial statements
Note 1—Organization
John Hancock Balanced Fund (the fund) is a series of John Hancock Investment Trust (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 current income, long-term growth of capital and income and preservation of capital.
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, Class R4 and Class R5 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 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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. 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. 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.
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
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 51
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 October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks $2,690,542,867 $2,560,074,565 $130,468,302 —
Preferred securities 648,145 648,145 — —
U.S. Government and Agency obligations 778,725,892 — 778,725,892 —
Corporate bonds 552,871,872 — 552,871,872 —
Municipal bonds 1,659,896 — 1,659,896 —
Collateralized mortgage obligations 59,564,714 — 59,564,714 —
Asset backed securities 86,245,245 — 86,245,245 —
Escrow certificates 17,263 — 15,200 $2,063
Short-term investments 67,490,416 32,490,416 35,000,000 —
Total investments in securities $4,237,766,310 $2,593,213,126 $1,644,551,121 $2,063
When-issued/delayed-delivery securities. The fund may purchase or sell 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 on debt securities until settlement takes place. At the time that the fund enters
52 JOHN HANCOCK Balanced Fund | ANNUAL REPORT  
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.
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.
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 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.
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 53
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 October 31, 2023, the fund loaned securities valued at $49,992,769 and received $32,528,618 of cash collateral.
In addition, non-cash collateral of approximately $18,109,575 in the form of U.S. Treasuries was pledged to the fund. This non-cash collateral is not reflected in the fund’s net assets, however could be sold by the securities lending agent in the event of default by the borrower.
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. 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.
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
54 JOHN HANCOCK Balanced Fund | ANNUAL REPORT  
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 October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $18,569.
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 October 31, 2023, the fund has a short-term capital loss carryforward of $91,910,503 and a long-term capital loss carryforward of $37,401,868 available to offset future net realized capital gains. These carryforwards do not expire.
As of October 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 and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $71,029,924 $61,759,116
Long-term capital gains — 75,752,225
Total $71,029,924 $137,511,341
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $10,036,122 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from 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 amortization and accretion on debt securities and wash sale loss deferrals.
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 55
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.
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. 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 October 31, 2023, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging up to $13.3 million, as measured at each quarter end. There were no open futures contracts as of October 31, 2023.
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 October 31, 2023:
  Statement of operations location - Net realized gain (loss) on:
Risk Futures contracts
Interest rate $(1,281,827)
56 JOHN HANCOCK Balanced Fund | ANNUAL REPORT  
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.
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) 0.600% of the first $2 billion of the fund’s average daily net assets and (b) 0.550% of the fund’s average daily net assets in excess of $2 billion. 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 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 October 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 October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $187,223
Class C 13,604
Class I 50,967
Class R2 745
Class Expense reduction
Class R4 $1,765
Class R5 171
Class R6 49,332
Total $303,807
 
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 October 31, 2023, were equivalent to a net annual effective rate of 0.57% 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 October 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
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 57
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%
Class R4 0.25% 0.10%
Class R5 — 0.05%
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 February 28, 2024, 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 $24,448 for Class R4 shares for the year ended October 31, 2023.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,480,886 for the year ended October 31, 2023. Of this amount, $155,909 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $1,324,977 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 October 31, 2023, CDSCs received by the Distributor amounted to $205,487 and $10,365 for Class A and Class C shares, respectively.
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $7,780,233 $3,045,603
Class C 1,886,610 221,263
Class I — 828,988
Class R2 49,565 709
Class R4 84,916 1,690
Class R5 1,171 164
58 JOHN HANCOCK Balanced Fund | ANNUAL REPORT  
Class Distribution and service fees Transfer agent fees
Class R6 — $46,946
Total $9,802,495 $4,145,363
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 $15,816,667 6 5.769% $15,207
Note 6—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 30,177,694 $714,950,415 35,357,748 $878,826,121
Distributions reinvested 1,737,496 40,633,344 3,052,807 77,352,792
Repurchased (28,318,545) (669,909,088) (26,261,750) (640,080,496)
Net increase 3,596,645 $85,674,671 12,148,805 $316,098,417
Class C shares        
Sold 910,132 $21,479,594 972,211 $24,236,100
Distributions reinvested 72,234 1,678,133 246,033 6,377,311
Repurchased (3,074,525) (72,738,595) (3,791,488) (93,202,943)
Net decrease (2,092,159) $(49,580,868) (2,573,244) $(62,589,532)
Class I shares        
Sold 6,217,266 $147,344,897 7,079,367 $174,892,081
Distributions reinvested 521,714 12,182,829 993,477 25,125,613
Repurchased (8,027,583) (189,452,477) (9,653,868) (234,311,660)
Net decrease (1,288,603) $(29,924,751) (1,581,024) $(34,293,966)
Class R2 shares        
Sold 84,881 $2,009,393 58,364 $1,454,208
Distributions reinvested 5,973 139,628 11,203 285,072
Repurchased (69,377) (1,657,375) (76,647) (1,933,370)
Net increase (decrease) 21,477 $491,646 (7,080) $(194,090)
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 59
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class R4 shares        
Sold 89,514 $2,126,268 87,499 $2,176,913
Distributions reinvested 18,171 427,201 33,704 859,121
Repurchased (116,305) (2,765,934) (158,044) (3,987,045)
Net decrease (8,620) $(212,465) (36,841) $(951,011)
Class R5 shares        
Sold 4,660 $109,978 4,476 $109,367
Distributions reinvested 1,972 46,275 3,484 88,375
Repurchased (6,366) (147,317) (9,481) (250,048)
Net increase (decrease) 266 $8,936 (1,521) $(52,306)
Class R6 shares        
Sold 7,594,355 $180,339,534 8,676,856 $213,273,765
Distributions reinvested 580,882 13,599,934 890,577 22,395,203
Repurchased (6,328,762) (149,870,851) (5,363,657) (130,077,754)
Net increase 1,846,475 $44,068,617 4,203,776 $105,591,214
Total net increase 2,075,481 $50,525,786 12,152,871 $323,608,726
Affiliates of the fund owned 1% of shares of Class R6 on October 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 $1,349,086,225 and $1,338,686,991, respectively, for the year ended October 31, 2023. Purchases and sales of U.S. Treasury obligations aggregated $1,316,489,828 and $1,216,896,872, respectively, for the year ended October 31, 2023.
Note 8—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* 3,250,147 $39,113,494 $216,411,099 $(223,055,497) $8,960 $12,360 $260,996 — $32,490,416
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
60 JOHN HANCOCK Balanced Fund | ANNUAL REPORT  
Note 9—LIBOR discontinuation risk
Certain debt securities, derivatives and other financial instruments have traditionally utilized LIBOR as the reference or benchmark rate for interest rate calculations. However, following allegations of manipulation and concerns regarding liquidity, the U.K. Financial Conduct Authority (UK FCA) announced that LIBOR would be discontinued as of June 30, 2023. The UK FCA elected to require the ICE Benchmark Administration Limited, the administrator of LIBOR, to continue publishing a subset of British pound sterling and U.S. dollar LIBOR settings on a “synthetic” basis. The synthetic publication of the three-month sterling LIBOR will continue until March 31, 2024, and the publication of the one-, three and six-month U.S. dollar LIBOR will continue until September 30, 2024.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the discontinuation dates, the impact on certain debt securities, derivatives and other financial instruments remains uncertain. Market participants have adopted alternative rates such as Secured Overnight Financing Rate (SOFR) or otherwise amended financial instruments referencing LIBOR to include fallback provisions and other measures that contemplated the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight U.S. Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences.
The utilization of an alternative reference rate, or the transition process to an alternative reference rate, may adversely affect the fund’s performance.
Note 10—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 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.
  ANNUAL REPORT | JOHN HANCOCK Balanced Fund 61
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Balanced Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Balanced Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2023 and the financial highlights for each of the five years in the period ended October 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 October 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
December 15, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
62 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT  
Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 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.
  ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 63
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 Investment Trust (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 Balanced 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 meetings 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.
64 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
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;
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 65
(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 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-year period ended December 31, 2022 and underperformed for the three-, five-, and ten-year periods. The Board also noted that the fund outperformed the peer group median for the three-, five-, and ten-year periods ended December 31, 2022 and underperformed for the one-year period. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group for the 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. 
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 are higher than the peer group median and net total expenses for the fund are equal to 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 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 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 reduce management fees as
66 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
assets increase. The Board also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. 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 (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 (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 67
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:
(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
68 JOHN HANCOCK BALANCED FUND  | ANNUAL REPORT  
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.
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;
(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.
  ANNUAL REPORT  | JOHN HANCOCK BALANCED FUND 69
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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
70 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT  
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 2008 177
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 1994 175
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 175
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 2009 175
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 BALANCED FUND 71
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 177
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 175
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 2010
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).
72 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT  
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 2005
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.
   
   
  ANNUAL REPORT | JOHN HANCOCK BALANCED FUND 73
More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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
Susan A. Curry
Jeffrey N. Given, CFA
Michael J. Scanlon, Jr., 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
# Effective June 29, 2023.
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 7th Street
Suite 219909
Kansas City, MO 64105-1407
74 JOHN HANCOCK BALANCED FUND | ANNUAL REPORT  
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Balanced Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208575 36A 10/23
12/2023

Annual report
John Hancock
Disciplined Value International Fund  
International equity
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations. Mega-cap U.S. technology-related stocks were a key driver of returns for the broad global indexes, as were the European markets.
The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks long-term capital growth.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions.
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.
1The fund is the successor to Robeco Boston Partners International Equity Fund (predecessor fund) and Class A shares were first offered on 9-29-14. Returns prior to this date are those of the predecessor fund’s institutional class shares, that have not been adjusted for class-specific expenses; otherwise, returns would vary.
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.
2 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
International equities gained ground during the period
Although central banks continued to tighten monetary policy, investors appeared to grow increasingly confident that the long series of interest-rate increases was nearing its conclusion.
The fund posted a positive return and outpaced its benchmark
Selection in the information technology and consumer staples sectors played the largest role in the fund’s positive showing versus its benchmark, the MSCI EAFE Index.
Stock selection in the energy sector detracted from performance
Holdings in the energy sector as well as out-of-benchmark holdings in materials and consumer discretionary were detractors.
SECTOR COMPOSITION AS OF 10/31/2023 (% of net assets)
Notes about risk
The fund is subject to various risks as described in the fund’s prospectuses. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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. 
  ANNUAL REPORT  | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 3
Management’s discussion of fund performance
Can you describe the market environment during the 12 months ended October 31, 2023?
International equities posted a gain during the period. Although central banks continued to tighten monetary policy, investors appeared to grow increasingly confident that the long series of interest-rate increases was nearing its conclusion. In addition, global economic growth—while slowing—exceeded the depressed expectations that existed in late 2022. This was particularly true in Europe, where the conflict in Ukraine and the resulting disruptions to energy supplies did not depress growth to the extent that investors had initially feared. With this as the backdrop, the European markets strongly outpaced Asia during the period.
What aspects of the fund’s positioning helped and hurt relative performance?
Both sector allocation and individual stock selection contributed to the fund’s results. The largest benefit came from a zero weighting in real estate. The sector lagged considerably due in part to its above-average interest-rate sensitivity. An underweight in consumer staples, which lagged the broader market on concerns that companies would be unable to continue passing on rising input costs, was a further plus. Overweights in energy, materials, and financials also helped performance, as did an underweight in healthcare. On the other hand, an overweight in communication services was a very small detractor.
TOP 10 HOLDINGS
AS OF 10/31/2023 (% of net assets)
Cenovus Energy, Inc. 3.2
Novartis AG 3.2
Asahi Group Holdings, Ltd. 2.4
CRH PLC 2.3
Shell PLC 2.3
Samsung Electronics Company, Ltd. 2.2
Sony Group Corp. 2.1
BP PLC 2.1
Everest Group, Ltd. 1.9
Kinross Gold Corp. 1.9
TOTAL 23.6
Cash and cash equivalents are not included.
TOP 10 COUNTRIES
AS OF 10/31/2023 (% of net assets)
United Kingdom 21.5
Japan 17.9
France 8.4
Canada 7.9
Switzerland 7.1
Netherlands 5.1
Germany 4.9
Ireland 3.9
South Korea 3.0
Bermuda 2.5
TOTAL 82.2
Cash and cash equivalents are not included.
4 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
Stock selection made the largest contributions in the information technology, consumer staples, and industrials sectors. Within information technology, positions in Renesas Electronics Corp., ST Microelectronics NV, Applied Materials, Inc., and Samsung Electronics Company, Ltd. accounted for nearly all of the outperformance. The largest contribution in consumer staples came from the lack of a position in industry giant Nestle SA, which lagged due to rising input costs and concerns about the outlook for personal spending. Coca-Cola Europacific Partners PLC rebounded following its weak showing in 2022 and was another top contributor in the sector. Our performance in industrials was led by the aerospace and defense companies BAE Systems PLC, which reported impressive results, and Rheinmetall AG, which exceeded earnings estimates and offered positive forward guidance. We sold the fund’s holdings in Applied Materials and Rheinmetall prior to period end.
On the other hand, stock selection in the energy sector detracted from performance. The fund was hurt by a position in TotalEnergies SE, which logged a gain but trailed the broader sector, as well as by the negative returns for holdings in Cenovus Energy, Inc., Suncor Energy, Inc. and Ovintiv, Inc. Not owning Danish pharmaceutical company Novo Nordisk A/S, which rallied on optimism about the sales potential for its weight loss drug, was an additional detractor. The fund also lost some ground from a position in the British bank NatWest Group PLC, which reported lower net interest margins and was pressured by adverse headlines regarding its business practices. We sold the fund’s positions in TotalEnergies and Ovintiv prior to period end.
MANAGED BY
Christopher K. Hart, CFA
Joseph F. Feeney, Jr., CFA
Joshua M. Jones, CFA
The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc. (Boston Partners) 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. Boston Partners is an indirect, wholly owned subsidiary of Orix Corporation of Japan.
  ANNUAL REPORT  | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 5
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 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 1 10.74 3.72 2.61 20.05 29.42
Class C1 14.64 4.00 2.47 21.65 27.57
Class I1,2 16.85 5.06 3.41 28.00 39.78
Class R21,2 16.40 4.68 3.06 25.72 35.21
Class R41,2 16.70 4.89 3.28 26.97 38.11
Class R61,2 16.95 5.17 3.51 28.65 41.16
Class NAV1,2 17.06 5.18 3.51 28.71 41.23
Index† 14.40 4.10 3.05 22.24 35.11
Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 5.00% 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 R2, Class R4, 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 February 28, 2024 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 NAV
Gross (%) 1.14 1.89 0.89 1.29 1.14 0.79 0.78
Net (%) 1.13 1.88 0.88 1.28 1.03 0.78 0.77
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.
  † Index is the MSCI EAFE Index.
See the following page for footnotes.
6 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Disciplined Value International Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI EAFE Index.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index ($)
Class C1,3 10-31-13 12,757 12,757 13,511
Class I1,2 10-31-13 13,978 13,978 13,511
Class R21,2 10-31-13 13,521 13,521 13,511
Class R41,2 10-31-13 13,811 13,811 13,511
Class R61,2 10-31-13 14,116 14,116 13,511
Class NAV1,2 10-31-13 14,123 14,123 13,511
The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions.
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 The fund is the successor to Robeco Boston Partners International Equity Fund (predecessor fund) and Class A, Class C, Class I, Class R2, Class R4, and Class R6 shares were first offered on 9-29-14. Class NAV shares were first offered on 4-13-15. Returns prior to this date are those of the predecessor fund’s institutional class 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 DISCIPLINED VALUE INTERNATIONAL FUND 7
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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.
8 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT  
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
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $955.00 $5.62 1.14%
  Hypothetical example 1,000.00 1,019.50 5.80 1.14%
Class C Actual expenses/actual returns 1,000.00 950.80 9.24 1.88%
  Hypothetical example 1,000.00 1,015.70 9.55 1.88%
Class I Actual expenses/actual returns 1,000.00 955.80 4.39 0.89%
  Hypothetical example 1,000.00 1,020.70 4.53 0.89%
Class R2 Actual expenses/actual returns 1,000.00 953.80 6.25 1.27%
  Hypothetical example 1,000.00 1,018.80 6.46 1.27%
Class R4 Actual expenses/actual returns 1,000.00 955.10 5.03 1.02%
  Hypothetical example 1,000.00 1,020.10 5.19 1.02%
Class R6 Actual expenses/actual returns 1,000.00 956.50 3.80 0.77%
  Hypothetical example 1,000.00 1,021.30 3.92 0.77%
Class NAV Actual expenses/actual returns 1,000.00 957.20 3.75 0.76%
  Hypothetical example 1,000.00 1,021.40 3.87 0.76%
    
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 DISCIPLINED VALUE INTERNATIONAL FUND 9
Fund’s investments
AS OF 10-31-23
        Shares Value
Common stocks 96.1%         $2,414,821,389
(Cost $2,409,178,946)          
Austria 0.9%         21,795,294
ANDRITZ AG   473,511 21,795,294
Belgium 0.5%         11,878,442
Azelis Group NV   696,463 11,878,442
Bermuda 2.5%         62,928,300
Everest Group, Ltd.   118,870 47,027,349
RenaissanceRe Holdings, Ltd.   72,412 15,900,951
Brazil 1.0%         25,768,126
Banco do Brasil SA   2,687,000 25,768,126
Canada 7.9%         199,380,563
Allied Gold Corp. (A)   2,092,231 6,638,411
Cenovus Energy, Inc.   4,250,558 80,980,529
Kinross Gold Corp.   8,913,030 46,533,504
Suncor Energy, Inc.   733,726 23,761,770
Teck Resources, Ltd., Class B   1,173,540 41,466,349
China 1.0%         24,275,796
Alibaba Group Holding, Ltd. (A)   2,358,000 24,275,796
Finland 1.9%         47,891,284
Fortum OYJ   2,036,952 24,185,613
Metso OYJ   960,417 8,461,686
Nordea Bank ABP   1,447,367 15,243,985
France 8.4%         211,637,149
Airbus SE   157,191 21,075,580
AXA SA   1,269,579 37,618,176
Capgemini SE   73,975 13,073,516
Cie de Saint-Gobain SA   234,871 12,785,006
Imerys SA   358,540 9,506,805
Kering SA   19,194 7,806,234
Rexel SA   1,081,602 22,089,328
Sanofi SA   486,080 44,139,100
SPIE SA   680,976 17,907,983
STMicroelectronics NV   403,186 15,369,498
Technip Energies NV   468,555 10,265,923
Germany 4.9%         122,998,081
Allianz SE   104,603 24,502,480
Commerzbank AG   3,524,835 38,017,306
Daimler Truck Holding AG   650,751 20,446,748
10 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Germany (continued)          
Infineon Technologies AG   327,529 $9,567,197
Siemens AG   229,575 30,464,350
Greece 0.6%         14,971,948
Hellenic Telecommunications Organization SA   1,068,174 14,971,948
India 1.3%         31,581,874
HDFC Bank, Ltd., ADR   558,477 31,581,874
Ireland 3.9%         98,494,447
CRH PLC   1,085,251 58,242,076
Ryanair Holdings PLC, ADR (A)   458,978 40,252,371
Italy 0.5%         11,919,695
Iveco Group NV (A)   1,414,334 11,919,695
Japan 17.9%         450,134,721
Asahi Group Holdings, Ltd.   1,685,400 60,961,616
Chugai Pharmaceutical Company, Ltd.   603,200 17,888,840
Kansai Paint Company, Ltd.   1,577,500 23,086,255
KDDI Corp.   1,470,600 43,992,620
Komatsu, Ltd.   824,100 18,934,850
Mitsubishi Electric Corp.   1,007,900 11,557,097
Mitsubishi Heavy Industries, Ltd.   688,000 35,435,222
Panasonic Holdings Corp.   2,991,900 26,249,410
Renesas Electronics Corp. (A)   2,694,200 35,389,988
Resona Holdings, Inc.   4,590,100 24,526,384
Ryohin Keikaku Company, Ltd.   1,760,500 24,821,775
Sony Group Corp.   649,900 54,031,962
Sumitomo Mitsui Financial Group, Inc.   770,900 37,163,531
Suzuki Motor Corp.   930,000 36,095,171
Jordan 0.4%         9,729,547
Hikma Pharmaceuticals PLC   419,928 9,729,547
Luxembourg 1.0%         24,297,805
Tenaris SA   1,523,042 24,297,805
Netherlands 5.1%         128,706,167
Aalberts NV   487,889 15,233,001
ING Groep NV   2,739,217 35,118,221
Koninklijke Ahold Delhaize NV   1,180,605 34,959,835
Stellantis NV   2,321,318 43,395,110
Singapore 2.2%         56,269,333
Genting Singapore, Ltd.   22,543,400 14,163,015
United Overseas Bank, Ltd.   2,134,700 42,106,318
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 11
        Shares Value
South Korea 3.0%         $76,324,640
Hana Financial Group, Inc.   712,294 20,711,219
Samsung Electronics Company, Ltd.   1,117,299 55,613,421
Spain 2.1%         53,454,227
Banco Bilbao Vizcaya Argentaria SA (B)   4,106,118 32,303,802
Bankinter SA   3,344,754 21,150,425
Sweden 0.5%         11,264,815
Svenska Handelsbanken AB, A Shares   1,321,278 11,264,815
Switzerland 7.1%         178,337,386
Glencore PLC   5,204,798 27,568,953
Novartis AG   857,908 80,316,976
Swiss Re AG   296,590 32,406,263
The Swatch Group AG, Bearer Shares   73,197 18,736,686
UBS Group AG   821,763 19,308,508
United Kingdom 21.5%         540,781,749
AstraZeneca PLC   227,981 28,544,096
BAE Systems PLC   3,191,975 42,920,544
Beazley PLC   4,949,873 31,007,841
BP PLC   8,594,775 52,479,900
Coca-Cola Europacific Partners PLC   363,831 21,287,752
CVS Group PLC   462,559 8,258,601
Endeavour Mining PLC   728,394 14,901,415
Ferroglobe PLC (A)   2,550,900 11,606,595
Future PLC   1,528,751 16,506,713
IMI PLC   1,458,270 26,043,338
Inchcape PLC   1,878,517 15,230,056
Informa PLC   2,038,636 17,663,736
JD Sports Fashion PLC   14,819,813 23,042,401
NatWest Group PLC   11,881,249 25,851,443
Nomad Foods, Ltd. (A)   1,044,005 14,428,149
Reckitt Benckiser Group PLC   579,260 38,756,552
Shell PLC   1,783,712 57,483,463
SSE PLC   2,038,080 40,503,951
Tesco PLC   9,183,120 30,135,002
WH Smith PLC   1,708,415 24,130,201
    
    Yield (%)   Shares Value
Short-term investments 3.7%       $92,132,263
(Cost $92,132,398)          
Short-term funds 3.7%         92,132,263
Fidelity Government Portfolio, Institutional Class 5.2729(C)   76,127,718 76,127,718
John Hancock Collateral Trust (D) 5.5153(C)   1,600,999 16,004,545
    
12 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total investments (Cost $2,501,311,344) 99.8%     $2,506,953,652
Other assets and liabilities, net 0.2%     6,000,769
Total net assets 100.0%         $2,512,954,421
    
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 10-31-23.
(C) The rate shown is the annualized seven-day yield as of 10-31-23.
(D) Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $2,509,556,549. Net unrealized depreciation aggregated to $2,602,897, of which $161,201,301 related to gross unrealized appreciation and $163,804,198 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 13
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $2,485,306,664) including $15,179,371 of securities loaned $2,490,949,107
Affiliated investments, at value (Cost $16,004,680) 16,004,545
Total investments, at value (Cost $2,501,311,344) 2,506,953,652
Cash 29,297
Foreign currency, at value (Cost $3,858,830) 3,835,847
Dividends and interest receivable 9,247,031
Receivable for fund shares sold 5,275,440
Receivable for investments sold 14,975,912
Receivable for securities lending income 4,753
Other assets 341,960
Total assets 2,540,663,892
Liabilities  
Payable for investments purchased 9,560,344
Payable for fund shares repurchased 1,571,685
Payable upon return of securities loaned 16,000,597
Payable to affiliates  
Accounting and legal services fees 185,648
Transfer agent fees 71,684
Distribution and service fees 1,132
Trustees’ fees 3,331
Other liabilities and accrued expenses 315,050
Total liabilities 27,709,471
Net assets $2,512,954,421
Net assets consist of  
Paid-in capital $2,569,641,582
Total distributable earnings (loss) (56,687,161)
Net assets $2,512,954,421
 
14 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES 10-31-23  (continued)
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 ($146,362,266 ÷ 10,601,524 shares)1 $13.81
Class C ($5,334,830 ÷ 388,709 shares)1 $13.72
Class I ($512,096,606 ÷ 36,992,039 shares) $13.84
Class R2 ($5,264,907 ÷ 380,849 shares) $13.82
Class R4 ($169,698 ÷ 12,277 shares) $13.82
Class R6 ($522,759,584 ÷ 37,743,089 shares) $13.85
Class NAV ($1,320,966,530 ÷ 95,404,765 shares) $13.85
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $14.54
    
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.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 15
STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Dividends $82,429,962
Interest 54,194
Securities lending 417,513
Less foreign taxes withheld (7,690,023)
Total investment income 75,211,646
Expenses  
Investment management fees 17,628,676
Distribution and service fees 424,239
Accounting and legal services fees 512,801
Transfer agent fees 666,709
Trustees’ fees 58,368
Custodian fees 631,336
State registration fees 181,424
Printing and postage 81,353
Professional fees 171,699
Other 101,854
Total expenses 20,458,459
Less expense reductions (175,518)
Net expenses 20,282,941
Net investment income 54,928,705
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions 166,452,631
Affiliated investments (16,865)
  166,435,766
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 94,686,923
Affiliated investments (135)
  94,686,788
Net realized and unrealized gain 261,122,554
Increase in net assets from operations $316,051,259
16 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income $54,928,705 $46,870,104
Net realized gain 166,435,766 18,241,874
Change in net unrealized appreciation (depreciation) 94,686,788 (352,820,875)
Increase (decrease) in net assets resulting from operations 316,051,259 (287,708,897)
Distributions to shareholders    
From earnings    
Class A (2,524,753) (3,567,029)
Class C (80,076) (147,560)
Class I (6,358,018) (2,232,886)
Class R2 (120,448) (21,948)
Class R4 (3,871) (5,774)
Class R6 (10,877,291) (12,677,795)
Class NAV (33,875,441) (55,772,157)
Total distributions (53,839,898) (74,425,149)
From fund share transactions 355,013,543 26,525,490
Total increase (decrease) 617,224,904 (335,608,556)
Net assets    
Beginning of year 1,895,729,517 2,231,338,073
End of year $2,512,954,421 $1,895,729,517
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 17
Financial highlights
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.11 $14.54 $10.57 $12.21 $12.42
Net investment income1 0.27 0.26 0.33 0.16 0.25
Net realized and unrealized gain (loss) on investments 1.72 (2.25) 3.80 (1.53) —2
Total from investment operations 1.99 (1.99) 4.13 (1.37) 0.25
Less distributions          
From net investment income (0.23) (0.44) (0.16) (0.27) (0.14)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.29) (0.44) (0.16) (0.27) (0.46)
Net asset value, end of period $13.81 $12.11 $14.54 $10.57 $12.21
Total return (%)3,4 16.60 (14.05) 39.23 (11.53) 2.34
Ratios and supplemental data          
Net assets, end of period (in millions) $146 $105 $118 $91 $114
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.17 1.20 1.20 1.23 1.28
Expenses including reductions 1.16 1.19 1.19 1.23 1.27
Net investment income 1.93 1.95 2.35 1.42 2.13
Portfolio turnover (%) 71 70 76 995 96
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
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 Excludes merger activity.
18 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.04 $14.45 $10.51 $12.16 $12.35
Net investment income1 0.16 0.16 0.22 0.07 0.17
Net realized and unrealized gain (loss) on investments 1.71 (2.24) 3.79 (1.54) —2
Total from investment operations 1.87 (2.08) 4.01 (1.47) 0.17
Less distributions          
From net investment income (0.13) (0.33) (0.07) (0.18) (0.04)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.19) (0.33) (0.07) (0.18) (0.36)
Net asset value, end of period $13.72 $12.04 $14.45 $10.51 $12.16
Total return (%)3,4 15.64 (14.67) 38.27 (12.30) 1.67
Ratios and supplemental data          
Net assets, end of period (in millions) $5 $5 $6 $6 $11
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.92 1.95 1.95 1.98 2.00
Expenses including reductions 1.91 1.94 1.94 1.98 1.99
Net investment income 1.17 1.22 1.58 0.63 1.44
Portfolio turnover (%) 71 70 76 995 96
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
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 Excludes merger activity.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 19
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.14 $14.58 $10.59 $12.24 $12.45
Net investment income1 0.33 0.28 0.36 0.19 0.27
Net realized and unrealized gain (loss) on investments 1.69 (2.25) 3.81 (1.54) 0.02
Total from investment operations 2.02 (1.97) 4.17 (1.35) 0.29
Less distributions          
From net investment income (0.26) (0.47) (0.18) (0.30) (0.18)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.32) (0.47) (0.18) (0.30) (0.50)
Net asset value, end of period $13.84 $12.14 $14.58 $10.59 $12.24
Total return (%)2 16.85 (13.79) 39.55 (11.36) 2.73
Ratios and supplemental data          
Net assets, end of period (in millions) $512 $112 $69 $42 $88
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.92 0.95 0.95 0.98 1.01
Expenses including reductions 0.91 0.94 0.94 0.98 0.98
Net investment income 2.29 2.13 2.57 1.62 2.22
Portfolio turnover (%) 71 70 76 993 96
    
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 Excludes merger activity.
20 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS R2 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.12 $14.55 $10.58 $12.22 $12.42
Net investment income1 0.25 0.09 0.31 0.15 0.24
Net realized and unrealized gain (loss) on investments 1.72 (2.10) 3.80 (1.53) 0.01
Total from investment operations 1.97 (2.01) 4.11 (1.38) 0.25
Less distributions          
From net investment income (0.21) (0.42) (0.14) (0.26) (0.13)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.27) (0.42) (0.14) (0.26) (0.45)
Net asset value, end of period $13.82 $12.12 $14.55 $10.58 $12.22
Total return (%)2 16.40 (14.12) 39.06 (11.61) 2.32
Ratios and supplemental data          
Net assets, end of period (in millions) $5 $5 $1 $1 $1
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.30 1.33 1.29 1.32 1.35
Expenses including reductions 1.29 1.32 1.28 1.32 1.34
Net investment income 1.76 0.71 2.26 1.30 1.98
Portfolio turnover (%) 71 70 76 993 96
    
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 Excludes merger activity.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 21
CLASS R4 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.12 $14.55 $10.58 $12.22 $12.44
Net investment income1 0.29 0.27 0.34 0.18 0.22
Net realized and unrealized gain (loss) on investments 1.71 (2.25) 3.80 (1.54) 0.04
Total from investment operations 2.00 (1.98) 4.14 (1.36) 0.26
Less distributions          
From net investment income (0.24) (0.45) (0.17) (0.28) (0.16)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.30) (0.45) (0.17) (0.28) (0.48)
Net asset value, end of period $13.82 $12.12 $14.55 $10.58 $12.22
Total return (%)2 16.70 (13.94) 39.33 (11.44) 2.45
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 1.15 1.20 1.20 1.21 1.25
Expenses including reductions 1.05 1.09 1.09 1.11 1.14
Net investment income 2.04 2.03 2.45 1.68 1.84
Portfolio turnover (%) 71 70 76 994 96
    
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 Excludes merger activity.
22 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.15 $14.58 $10.59 $12.24 $12.46
Net investment income1 0.33 0.30 0.38 0.20 0.31
Net realized and unrealized gain (loss) on investments 1.71 (2.24) 3.81 (1.54) (0.01)
Total from investment operations 2.04 (1.94) 4.19 (1.34) 0.30
Less distributions          
From net investment income (0.28) (0.49) (0.20) (0.31) (0.20)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.34) (0.49) (0.20) (0.31) (0.52)
Net asset value, end of period $13.85 $12.15 $14.58 $10.59 $12.24
Total return (%)2 16.95 (13.68) 39.77 (11.28) 2.77
Ratios and supplemental data          
Net assets, end of period (in millions) $523 $391 $382 $287 $186
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.80 0.85 0.85 0.87 0.89
Expenses including reductions 0.80 0.84 0.84 0.86 0.88
Net investment income 2.31 2.27 2.74 1.86 2.57
Portfolio turnover (%) 71 70 76 993 96
    
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 Excludes merger activity.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 23
CLASS NAV SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.14 $14.58 $10.59 $12.24 $12.46
Net investment income1 0.32 0.31 0.38 0.20 0.32
Net realized and unrealized gain (loss) on investments 1.73 (2.26) 3.81 (1.54) (0.02)
Total from investment operations 2.05 (1.95) 4.19 (1.34) 0.30
Less distributions          
From net investment income (0.28) (0.49) (0.20) (0.31) (0.20)
From net realized gain (0.06) — — — (0.32)
Total distributions (0.34) (0.49) (0.20) (0.31) (0.52)
Net asset value, end of period $13.85 $12.14 $14.58 $10.59 $12.24
Total return (%)2 17.06 (13.75) 39.80 (11.28) 2.77
Ratios and supplemental data          
Net assets, end of period (in millions) $1,321 $1,277 $1,655 $1,254 $1,305
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.80 0.84 0.84 0.86 0.88
Expenses including reductions 0.79 0.83 0.83 0.85 0.87
Net investment income 2.28 2.34 2.73 1.82 2.73
Portfolio turnover (%) 71 70 76 993 96
    
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 Excludes merger activity.
24 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Notes to financial statements
Note 1—Organization
John Hancock Disciplined Value International Fund (the fund) is a series of John Hancock Investment Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term capital growth.
The fund may offer multiple classes of shares. The shares currently 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 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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. 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.
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,
  ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 25
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 October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Austria $21,795,294 — $21,795,294 —
Belgium 11,878,442 — 11,878,442 —
Bermuda 62,928,300 $62,928,300 — —
Brazil 25,768,126 25,768,126 — —
Canada 199,380,563 199,380,563 — —
China 24,275,796 — 24,275,796 —
Finland 47,891,284 — 47,891,284 —
France 211,637,149 — 211,637,149 —
Germany 122,998,081 — 122,998,081 —
Greece 14,971,948 — 14,971,948 —
India 31,581,874 31,581,874 — —
Ireland 98,494,447 40,252,371 58,242,076 —
Italy 11,919,695 — 11,919,695 —
Japan 450,134,721 — 450,134,721 —
Jordan 9,729,547 — 9,729,547 —
Luxembourg 24,297,805 — 24,297,805 —
Netherlands 128,706,167 — 128,706,167 —
Singapore 56,269,333 — 56,269,333 —
South Korea 76,324,640 — 76,324,640 —
Spain 53,454,227 — 53,454,227 —
Sweden 11,264,815 — 11,264,815 —
Switzerland 178,337,386 — 178,337,386 —
26 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT  
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
United Kingdom $540,781,749 $62,223,911 $478,557,838 —
Short-term investments 92,132,263 92,132,263 — —
Total investments in securities $2,506,953,652 $514,267,408 $1,992,686,244 —
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. 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.
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 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 October 31, 2023, the fund loaned securities valued at $15,179,371 and received $16,000,597 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.
  ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 27
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.
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 October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $12,309.
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 October 31, 2023, the fund has a short-term capital loss carryforward of $132,784,073 and a long-term capital loss carryforward of $110,483,539 available to offset future net realized capital gains. These carryforwards do not expire.
Due to merger activity in year 2020, the total capital loss carryforward as of October 31, 2023, is limited to $2,610,689 each fiscal year due to IRC Section 382 limitation. Any unused portion of this limitation will carryforward to the following fiscal years.
28 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT  
As of October 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $44,712,494 $74,425,149
Long-term capital gains 9,127,404 —
Total $53,839,898 $74,425,149
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $85,657,837 of undistributed ordinary income and $103,648,765 of undistributed long-term capital gains.
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 treating a portion of the proceeds from redemptions as distributions for tax purposes and wash sale loss deferrals.
Note 3—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 4—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.
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) 0.750% of the first $500 million of aggregate average daily net assets, (b) 0.720% of the next $500 million of aggregate average daily net assets, (c) 0.690% of the next $1 billion of aggregate average daily net assets, (d) 0.670% of the next $1 billion of aggregate average daily net assets, (e) 0.660% of the next $2 billion of aggregate average daily net assets, and (f) 0.650% of aggregate average daily net assets in excess of $5 billion. Prior to April 1, 2023, the fund had an investment management agreement with the Advisor under which the fund paid a daily management fee to the Advisor equivalent on an annual basis based on the following: If aggregate average daily net assets were less than $300 million, then the management fee rate was 0.825% of all aggregate average daily net assets. If aggregate
  ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 29
average daily net assets equaled or exceeded $300 million but was less than $2.5 billion, then the management fee rate was 0.775% of all aggregate average daily net assets. If aggregate average daily net assets exceeded $2.5 billion, then the following fee schedule applied: a) 0.775% of the first $2.5 billion of aggregate average daily net assets; b) 0.750% of the next $500 million of aggregate average daily net assets; and c) 0.725% of the aggregate average daily net assets in excess of $3 billion. Aggregate net assets include the net assets of the fund, Disciplined Value International Trust (a series of John Hancock Variable Insurance Trust), Manulife Boston Partners International Equity Fund (Canada), the portion of the net assets of Manulife Balanced Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada), the portion of the net assets of MLI Pension Plus Growth Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada), the portion of the net assets of Manulife MIM Diversified Fund (Canada) invested in Boston Partners International Equity Fund (Canada), and the portion of the net assets of Manulife Diversified Tri-Plan Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada). Prior to May 31, 2023, aggregate net assets included the net assets of the fund, Disciplined Value International Trust (a series of John Hancock Variable Insurance Trust) Manulife Boston Partners International Equity Fund (Canada), the portion of the net assets of Manulife Balanced Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada), and the portion of the net assets of MLI Pension Plus Growth Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada). The Advisor has a subadvisory agreement Boston Partners Global Investors, Inc. The fund is not responsible for payment of the subadvisory fees.
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 October 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 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 expenses of the fund exceed 0.88% of average daily net assets 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. This expense limitation expires on February 28, 2024, 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.
Additionally, the Advisor has contractually agreed to waive and/or reimburse expenses for Class I and Class R6 shares of the fund to the extent they exceed 0.98% and 0.88% of the respective class’s average daily net assets. This expense limitation excludes taxes, brokerage commissions, interest expense, acquired fund fees and expenses paid indirectly, short dividend expense, borrowing costs, prime brokerage fees, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business. This waiver expires on February 28, 2024, 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 October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $9,814
Class C 404
Class I 28,732
Class R2 409
Class Expense reduction
Class R4 $13
Class R6 35,099
Class NAV 100,865
Total $175,336
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
30 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT  
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2023, were equivalent to a net annual effective rate of 0.72% 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 October 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 0.25% —
Class C 1.00% —
Class R2 0.25% 0.25%
Class R4 0.25% 0.10%
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 February 28, 2024, 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 $182 for Class R4 shares for the year ended October 31, 2023.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $96,658 for the year ended October 31, 2023. Of this amount, $16,561 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $80,097 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 October 31, 2023, CDSCs received by the Distributor amounted to $1,313 and $70 for Class A and Class C shares, respectively.
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
  ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 31
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $339,653 $159,673
Class C 56,042 6,574
Class I — 466,873
Class R2 27,909 396
Class R4 635 13
Class R6 — 33,180
Total $424,239 $666,709
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 $10,966,667 6 5.242% $9,581  
Note 5—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 3,081,171 $43,845,643 1,435,044 $19,123,562
Distributions reinvested 193,743 2,501,228 259,411 3,530,587
Repurchased (1,329,421) (18,743,534) (1,183,221) (15,763,785)
Net increase 1,945,493 $27,603,337 511,234 $6,890,364
Class C shares        
Sold 117,055 $1,621,132 89,728 $1,155,183
Distributions reinvested 6,203 80,076 10,834 147,560
Repurchased (142,035) (2,013,249) (140,764) (1,863,139)
Net decrease (18,777) $(312,041) (40,202) $(560,396)
32 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT  
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class I shares        
Sold 33,879,247 $475,105,619 6,924,472 $91,790,627
Distributions reinvested 492,244 6,354,871 163,444 2,226,107
Repurchased (6,631,965) (94,855,379) (2,553,761) (33,421,298)
Net increase 27,739,526 $386,605,111 4,534,155 $60,595,436
Class R2 shares        
Sold 24,604 $351,389 413,495 $5,595,831
Distributions reinvested 9,308 120,448 1,608 21,929
Repurchased (103,649) (1,415,092) (15,877) (207,287)
Net increase (decrease) (69,737) $(943,255) 399,226 $5,410,473
Class R4 shares        
Sold 913 $12,963 1,358 $17,995
Distributions reinvested 300 3,871 424 5,774
Repurchased (2,168) (30,922) (967) (13,480)
Net increase (decrease) (955) $(14,088) 815 $10,289
Class R6 shares        
Sold 12,738,220 $182,087,051 8,526,378 $111,245,299
Distributions reinvested 842,541 10,877,205 931,488 12,677,552
Repurchased (8,018,801) (114,440,497) (3,473,541) (46,184,352)
Net increase 5,561,960 $78,523,759 5,984,325 $77,738,499
Class NAV shares        
Sold 6,173,093 $88,180,881 5,206,733 $68,253,384
Distributions reinvested 2,626,003 33,875,441 4,097,881 55,772,157
Repurchased (18,567,568) (258,505,602) (17,630,666) (247,584,716)
Net decrease (9,768,472) $(136,449,280) (8,326,052) $(123,559,175)
Total net increase 25,389,038 $355,013,543 3,063,501 $26,525,490
Affiliates of the fund owned 83% of shares of Class NAV on October 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 $2,004,855,718 and $1,653,034,644, respectively, for the year ended October 31, 2023.
Note 7—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 October 31, 2023, funds within the John Hancock group of funds complex held 42.6% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
  ANNUAL REPORT | JOHN HANCOCK Disciplined Value International Fund 33
Fund Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Growth Portfolio 13.9%
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio 10.5%
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio 6.4%
Note 8—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* 1,600,999 — $593,417,121 $(577,395,576) $(16,865) $(135) $417,513 — $16,004,545
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
34 JOHN HANCOCK Disciplined Value International Fund | ANNUAL REPORT  
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Disciplined Value International Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Disciplined Value International Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2023 and the financial highlights for each of the five years in the period ended October 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 October 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
December 15, 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 October 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 $78,033,608. The fund intends to pass through foreign tax credits of $6,076,723.
The fund paid $19,344,354 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.
36 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT  
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 Investment Trust (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 Boston Partners Global Investors, Inc. (the Subadvisor), for John Hancock Disciplined Value International 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 a meeting 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 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.
  ANNUAL REPORT  | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 37
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 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 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;
38 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
(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 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 ten-year periods ended December 31, 2022 and underperformed its benchmark index for the five-year period. The Board also noted that the fund outperformed the peer group median for the one-, three-, five- and ten-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 one-, three- and ten-year periods and 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 benchmark index and the historical performance of comparable funds.
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 for the fund 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 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 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, 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
  ANNUAL REPORT  | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 39
its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. 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 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.
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:
40 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
(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.
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
  ANNUAL REPORT  | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 41
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.
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 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.
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 benchmark index and the historical performance of comparable funds;
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
42 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND  | ANNUAL REPORT  
(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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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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
44 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT  
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 2008 177
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 1994 175
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 175
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 2009 175
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 177
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 175
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 2010
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).
46 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT  
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.
   
   
  ANNUAL REPORT | JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND 47
More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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
Boston Partners Global Investors, Inc.
Portfolio Managers
Joseph F. Feeney, Jr., CFA1
Christopher K. Hart, CFA
Joshua M. Jones, 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
# Effective June 29, 2023.
1 Effective December 31, 2023, Joseph F. Feeney, Jr. will no longer serve as a portfolio manager for 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 7th Street
Suite 219909
Kansas City, MO 64105-1407
48 JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND | ANNUAL REPORT  
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Disciplined Value International Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208587 455A 10/23
12/2023

Annual report
John Hancock
Diversified Macro Fund  
Alternative
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations. Mega-cap U.S. technology-related stocks were a key driver of returns for the broad global indexes, as were the European markets.
The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks long-term capital appreciation.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
The Intercontinental Exchange (ICE) Bank of America (BofA) 0-3 Month U.S. Treasury Bill Index tracks the performance of Treasury bills maturing in zero to three months.
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. Since-inception returns for the Morningstar fund category average are not available.
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.
2 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
Global interest rates continued to rise during the period
Global central banks, led by the U.S. Federal Reserve (Fed), kept restrictive monetary policy in place to combat persistent inflation, resulting in higher yields across most developed markets.
The fund underperformed its benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index
Positions in bonds from the United Kingdom and Australia and long exposure to the U.S. dollar versus several major currencies were detractors.
U.S. fixed income was a contributor to performance
Despite significant losses in the sector during March following the sharp reversals caused by the collapse of several regional banks, the fund’s positions in domestic fixed income contributed to performance.
FUTURES CONTRACTS EXPOSURE AS OF 10/31/2023 (Notional basis as a % of net assets)
Energy 10.7
Equity 6.6
Currency 1.7
Ags/Softs (2.0)
Base Metals (4.7)
Precious Metals (7.9)
Long Term/Intermediate Rates (71.6)
Short Term Rates (134.4)
TOTAL (201.6)
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED MACRO FUND 3
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATION AS OF 10/31/2023 (% of net assets)
The fund’s assets are exposed to both short (unfavored) and long (favored) currency positions.
Notes about risk
The fund is subject to various risks as described in the fund’s prospectuses. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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. 
4 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
Management’s discussion of fund performance
How would you describe the investment backdrop during the 12 months ended October 31, 2023?
Market activity during the period was driven primarily by uncertainty surrounding global central bank policy in response to persistent inflation and economic growth concerns in several regions, as well as certain geopolitical factors. After consistent dollar strength for most of 2022, the U.S. dollar weakened significantly from November 2022 through January 2023 on the back of lower-than-expected U.S. inflation data and the end of COVID lockdown in China. March saw increased short-term volatility following the collapse of Silicon Valley Bank.
Central bank activity continued to drive markets throughout the remainder of the period as investors grappled with inflation, economic data, and concerns for a global recession. In the U.S., optimism around a soft landing and a strong economy boosted risk sentiment over the summer months. This environment led to choppy but generally positive results overall for equity markets, rising global yields, and a strengthening U.S. dollar. Commodity markets weakened significantly during the second quarter of 2023 and then fluctuated through the end of October.
In addition to inflation and its impact on central bank policy, several other themes drove uncertainty and influenced markets during the period, including ongoing geopolitical concerns, such as tension between China and the United States and the conflicts in Ukraine and the Gaza Strip.
How did the fund perform in this environment?
The fund’s Class A shares posted a loss and underperformed its benchmark. Performance and positioning across sectors were within expectations for the fund, which continued to seek diversification across its market universe through its four underlying trading styles. Exposure is implemented by investing in derivative instruments, including futures and forward foreign currency contracts. Portfolio construction and risk management processes are important elements of the strategy which, among other things, help to target consistent volatility and avoid overconcentration in any one asset class or market by assessing short- and long-term market correlations to generate a balanced portfolio.
Performance was virtually flat in equities as gains from long positions in European and Japanese benchmark indexes during the first half of 2023 were offset by losses from positions in the Hang Seng, as well as U.S. and U.K. benchmark indexes.
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED MACRO FUND 5
The fund experienced losses in currencies from long exposure to the U.S. dollar versus several major currencies, including the Swiss franc, Japanese yen, Australian dollar, British pound sterling, and New Zealand dollar. In commodities, losses resulted from evolving positions in precious metals and various energy markets.
Profits in fixed income resulted from evolving positions across the yield curve in the United States, and, to a lesser extent, Europe and Canada. Gains were partially offset by losses from positions in United Kingdom and Australian bonds.
MANAGED BY
Kenneth G. Tropin
Pablo E. Calderini
The views expressed in this report are exclusively those of the portfolio management team at Graham Capital Management, L.P., 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.
6 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2023
Average annual total returns (%)
with maximum sales charge 		Cumulative total returns (%)
with maximum sales charge
  1-year Since
inception
(7-29-19) 		Since
inception
(7-29-19)
Class A -5.08 2.37 10.47
Class C -1.84 2.82 12.59
Class I1 0.17 3.90 17.70
Class R61 0.20 3.99 18.16
Class NAV1 0.30 4.01 18.21
Index† 4.86 1.65 7.23
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.
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 Consolidated financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until February 28, 2024 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 (%) 1.65 2.40 1.40 1.29 1.28
Net (%) 1.64 2.39 1.39 1.28 1.27
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.
  † Index is the ICE BofA 0-3 Month U.S. Treasury Bill Index.
See the following page for footnotes.
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED MACRO FUND 7
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Diversified Macro Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the ICE BofA 0-3 Month U.S. Treasury Bill Index.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index ($)
Class C2 7-29-19 11,259 11,259 10,723
Class I1 7-29-19 11,770 11,770 10,723
Class R61 7-29-19 11,816 11,816 10,723
Class NAV1 7-29-19 11,821 11,821 10,723
The Intercontinental Exchange (ICE) Bank of America (BofA) 0-3 Month U.S. Treasury Bill Index tracks the performance of Treasury bills maturing in zero to three months.
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.
8 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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 DIVERSIFIED MACRO FUND 9
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
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $1,060.60 $8.57 1.65%
  Hypothetical example 1,000.00 1,016.90 8.39 1.65%
Class C Actual expenses/actual returns 1,000.00 1,055.40 12.38 2.39%
  Hypothetical example 1,000.00 1,013.20 12.13 2.39%
Class I Actual expenses/actual returns 1,000.00 1,061.50 7.22 1.39%
  Hypothetical example 1,000.00 1,018.20 7.07 1.39%
Class R6 Actual expenses/actual returns 1,000.00 1,061.50 6.60 1.27%
  Hypothetical example 1,000.00 1,018.80 6.46 1.27%
Class NAV Actual expenses/actual returns 1,000.00 1,062.60 6.60 1.27%
  Hypothetical example 1,000.00 1,018.80 6.46 1.27%
    
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).
10 JOHN HANCOCK DIVERSIFIED MACRO FUND | ANNUAL REPORT  
Consolidated Fund’s investments
AS OF 10-31-23
  Yield* (%) Maturity date   Par value^ Value
Short-term investments 69.7%         $957,496,447
(Cost $957,497,160)          
U.S. Government 69.7%         957,496,447
U.S. Treasury Bill 5.247 12-14-23   130,000,000 129,178,192
U.S. Treasury Bill 5.281 11-14-23   150,000,000 149,713,526
U.S. Treasury Bill 5.287 11-07-23   97,000,000 96,914,640
U.S. Treasury Bill 5.295 12-21-23   132,000,000 131,027,875
U.S. Treasury Bill 5.298 11-21-23   152,000,000 151,552,973
U.S. Treasury Bill 5.300 12-07-23   132,500,000 131,800,400
U.S. Treasury Bill 5.327 11-30-23   84,000,000 83,642,111
U.S. Treasury Bill 5.335 11-28-23   84,000,000 83,666,730
    
Total investments (Cost $957,497,160) 69.7%     $957,496,447
Other assets and liabilities, net 30.3%       416,741,364
Total net assets 100.0%         $1,374,237,811
    
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.
Security Abbreviations and Legend
* 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.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED MACRO FUND 11
DERIVATIVES
FUTURES
Open contracts Number of
contracts 		Position Expiration
date 		Notional
basis^ 		Notional
value^ 		Unrealized
appreciation
(depreciation)
3-Month SONIA Index Futures 455 Long Mar 2025 $131,601,651 $131,752,513 $150,862
Australian 10-Year Bond Futures 474 Long Dec 2023 33,572,987 32,424,087 (1,148,900)
Brent Crude Futures 455 Long Dec 2023 40,809,008 38,811,500 (1,997,508)
CAC40 Index Futures 683 Long Nov 2023 50,639,472 49,955,427 (684,045)
Canadian 10-Year Bond Futures 73 Long Dec 2023 6,046,126 6,046,879 753
Cocoa Futures 84 Long Dec 2023 2,736,399 3,460,097 723,698
Cocoa Futures 171 Long Mar 2024 6,892,751 6,964,789 72,038
Cotton No. 2 Futures 228 Long Dec 2023 9,440,897 9,260,220 (180,677)
DAX Index Futures 173 Long Dec 2023 71,170,880 68,269,001 (2,901,879)
Euro STOXX 50 Index Futures 2,741 Long Dec 2023 121,663,392 118,446,328 (3,217,064)
Euro-BOBL Futures 1,539 Long Dec 2023 188,452,673 189,156,842 704,169
FTSE 100 Index Futures 1,193 Long Dec 2023 109,856,789 106,490,411 (3,366,378)
Gasoline RBOB Futures 246 Long Dec 2023 23,762,151 22,953,571 (808,580)
Long Gilt Futures 501 Long Dec 2023 56,566,395 56,686,305 119,910
Low Sulphur Gasoil Futures 474 Long Dec 2023 41,477,923 40,076,700 (1,401,223)
Nikkei 225 Index Futures 264 Long Dec 2023 56,474,379 54,602,672 (1,871,707)
NY Harbor ULSD Futures 237 Long Dec 2023 29,667,890 29,105,496 (562,394)
Soybean Meal Futures 364 Long Dec 2023 13,848,534 15,706,600 1,858,066
Soybean Oil Futures 264 Long Dec 2023 8,788,979 8,162,352 (626,627)
Sugar No. 11 (World) Futures 756 Long Mar 2024 22,561,828 22,954,579 392,751
TOPIX Index Futures 173 Long Dec 2023 26,578,174 26,348,045 (230,129)
U.S. Dollar Index Futures 228 Long Dec 2023 23,816,252 24,284,280 468,028
WTI Crude Futures 519 Long Nov 2023 43,082,456 42,158,370 (924,086)
10-Year U.S. Treasury Note Futures 774 Short Dec 2023 (84,356,106) (82,080,281) 2,275,825
2-Year U.S. Treasury Note Futures 3,552 Short Jan 2024 (721,154,473) (719,113,500) 2,040,973
3-Month EURIBOR Futures 712 Short Jun 2024 (182,587,906) (181,514,459) 1,073,447
3-Month EURIBOR Futures 1,938 Short Dec 2024 (495,883,709) (496,475,495) (591,786)
3-Month SOFR Index Futures 5,437 Short Mar 2025 (1,300,613,847) (1,296,248,763) 4,365,084
5-Year U.S. Treasury Note Futures 492 Short Jan 2024 (52,399,362) (51,390,938) 1,008,424
Coffee ’C’ Futures 182 Short Dec 2023 (10,461,988) (11,373,863) (911,875)
Corn Futures 1,485 Short Dec 2023 (36,405,196) (35,565,750) 839,446
Dow Jones Industrial Average E-Mini Index Futures 556 Short Dec 2023 (96,335,978) (92,115,300) 4,220,678
Electrolytic Copper Futures 200 Short Dec 2023 (41,800,843) (40,417,500) 1,383,343
Euro-Bund Futures 219 Short Dec 2023 (30,356,553) (29,811,288) 545,265
Euro-Schatz Futures 3,261 Short Dec 2023 (363,829,542) (362,799,146) 1,030,396
Gold 100 Oz Futures 474 Short Dec 2023 (90,906,357) (94,496,640) (3,590,283)
Hang Seng Index Futures 410 Short Nov 2023 (44,587,698) (44,953,074) (365,376)
Hard Red Winter Wheat Futures 455 Short Dec 2023 (16,444,882) (14,332,500) 2,112,382
Nasdaq 100 E-Mini Index Futures 209 Short Dec 2023 (62,573,265) (60,569,245) 2,004,020
Natural Gas Futures 911 Short Nov 2023 (31,240,420) (32,832,440) (1,592,020)
12 JOHN HANCOCK DIVERSIFIED MACRO FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FUTURES (continued)
Open contracts Number of
contracts 		Position Expiration
date 		Notional
basis^ 		Notional
value^ 		Unrealized
appreciation
(depreciation)
Primary Aluminum Futures 237 Short Dec 2023 $(13,183,341) $(13,314,364) $(131,023)
Russell 2000 E-Mini Index Futures 1,047 Short Dec 2023 (93,898,150) (87,340,740) 6,557,410
S&P 500 E-Mini Index Futures 228 Short Dec 2023 (47,678,653) (48,019,650) (340,997)
Silver Futures 164 Short Dec 2023 (18,236,465) (18,847,700) (611,235)
Soybean Futures 100 Short Mar 2024 (6,580,544) (6,628,750) (48,206)
U.S. Treasury Long Bond Futures 146 Short Dec 2023 (16,371,436) (15,904,875) 466,561
Wheat Futures 638 Short Dec 2023 (21,361,016) (17,800,200) 3,560,816
Zinc Futures 146 Short Dec 2023 (9,074,362) (8,868,588) 205,774
            $10,076,121
^ 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 54,168,000 USD 34,637,032 BOA 12/22/2023 — $(216,159)
CAD 32,536,000 USD 24,143,118 BOA 12/22/2023 — (659,754)
CHF 4,960,000 USD 5,502,490 BOA 12/22/2023 — (17,569)
EUR 40,466,000 USD 42,606,151 BOA 12/22/2023 $314,963 —
GBP 126,117,000 USD 157,092,979 BOA 12/22/2023 — (3,739,970)
JPY 776,251,000 USD 5,266,716 BOA 12/22/2023 — (100,460)
MXN 1,179,867,000 USD 67,428,125 BOA 12/22/2023 — (2,533,180)
NZD 74,904,000 USD 44,518,847 BOA 12/22/2023 — (872,058)
USD 72,856,363 AUD 113,346,000 BOA 12/22/2023 831,029 —
USD 182,120,351 CAD 249,810,000 BOA 12/22/2023 1,816,104 —
USD 165,583,569 CHF 147,041,000 BOA 12/22/2023 2,981,097 —
USD 240,212,909 EUR 225,140,000 BOA 12/22/2023 1,413,431 —
USD 277,717,230 GBP 226,777,000 BOA 12/22/2023 1,965,862 —
USD 152,104,689 JPY 22,122,522,000 BOA 12/22/2023 4,870,590 —
USD 2,259,861 MXN 41,399,000 BOA 12/22/2023 — (17,163)
USD 103,531,938 NZD 176,553,000 BOA 12/22/2023 653,967 —
            $14,847,043 $(8,156,313)
    
Derivatives Currency Abbreviations
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
EUR Euro
GBP Pound Sterling
JPY Japanese Yen
MXN Mexican Peso
NZD New Zealand Dollar
USD U.S. Dollar
    
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED MACRO FUND 13
Derivatives Abbreviations
BOA Bank of America, N.A.
EURIBOR Euro Interbank Offered Rate
OTC Over-the-counter
RBOB Reformulated Blendstock for Oxygenate Blending
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Interbank Average Rate
WTI West Texas Intermediate
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $977,270,438. Net unrealized depreciation aggregated to $3,007,140, of which $16,774,998 related to gross unrealized appreciation and $19,782,138 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
14 JOHN HANCOCK DIVERSIFIED MACRO FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $957,497,160) $957,496,447
Unrealized appreciation on forward foreign currency contracts 14,847,043
Receivable for futures variation margin 4,389,784
Cash 277,021,847
Collateral held at broker for futures contracts 105,568,981
Cash segregated at custodian for OTC derivative 14,240,000
Interest receivable 619,917
Receivable for fund shares sold 9,425,301
Other assets 124,206
Total assets 1,383,733,526
Liabilities  
Unrealized depreciation on forward foreign currency contracts 8,156,313
Payable for fund shares repurchased 976,611
Payable to affiliates  
Accounting and legal services fees 93,843
Transfer agent fees 91,974
Trustees’ fees 1,355
Other liabilities and accrued expenses 175,619
Total liabilities 9,495,715
Net assets $1,374,237,811
Net assets consist of  
Paid-in capital $1,334,064,154
Total distributable earnings (loss) 40,173,657
Net assets $1,374,237,811
 
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 ($173,596,517 ÷ 18,049,984 shares)1 $9.62
Class C ($798,448 ÷ 83,839 shares)1 $9.52
Class I ($748,935,063 ÷ 77,556,095 shares) $9.66
Class R6 ($255,489,897 ÷ 26,414,170 shares) $9.67
Class NAV ($195,417,886 ÷ 20,220,806 shares) $9.66
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $10.13
    
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.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 15
CONSOLIDATED STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Interest $38,627,502
Expenses  
Investment management fees 12,535,567
Distribution and service fees 174,916
Accounting and legal services fees 224,475
Transfer agent fees 737,100
Trustees’ fees 22,943
Custodian fees 201,899
State registration fees 157,704
Printing and postage 99,377
Professional fees 122,146
Other 58,008
Total expenses 14,334,135
Less expense reductions (75,769)
Net expenses 14,258,366
Net investment income 24,369,136
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions (397,480)
Futures contracts 12,702,365
Forward foreign currency contracts 1,019,987
  13,324,872
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 123,181
Futures contracts (5,700,873)
Forward foreign currency contracts (8,136,788)
  (13,714,480)
Net realized and unrealized loss (389,608)
Increase in net assets from operations $23,979,528
16 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income (loss) $24,369,136 $(4,204,424)
Net realized gain 13,324,872 69,278,519
Change in net unrealized appreciation (depreciation) (13,714,480) 29,834,207
Increase in net assets resulting from operations 23,979,528 94,908,302
Distributions to shareholders    
From earnings    
Class A (1,356,789) (7,402)
Class C (117,413) (2,387)
Class I (31,572,455) (1,259,681)
Class R6 (22,395,863) (6,077,007)
Class NAV (19,675,494) (10,343,589)
Total distributions (75,118,014) (17,690,066)
From fund share transactions 665,628,995 171,230,977
Total increase 614,490,509 248,449,213
Net assets    
Beginning of year 759,747,302 511,298,089
End of year $1,374,237,811 $759,747,302
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 17
CONSOLIDATED FINANCIAL HIGHLIGHTS
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-191
Per share operating performance          
Net asset value, beginning of period $10.68 $9.36 $9.31 $10.22 $10.00
Net investment income (loss)2 0.24 (0.06) (0.16) (0.12) 0.01
Net realized and unrealized gain (loss) on investments (0.32) 1.66 0.38 (0.42) 0.21
Total from investment operations (0.08) 1.60 0.22 (0.54) 0.22
Less distributions          
From net investment income (0.98) (0.28) (0.17) — —
From net realized gain — — — (0.37) —
Total distributions (0.98) (0.28) (0.17) (0.37) —
Net asset value, end of period $9.62 $10.68 $9.36 $9.31 $10.22
Total return (%)3,4 (0.11) 17.74 2.41 (5.49) 2.205
Ratios and supplemental data          
Net assets, end of period (in millions) $174 $13 $—6 $—6 $—6
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.65 1.65 1.67 1.84 1.847
Expenses including reductions 1.64 1.64 1.66 1.71 1.707
Net investment income (loss) 2.60 (0.60) (1.66) (1.29) 0.237
Portfolio turnover (%) 08 08 08 08 08
    
1 Period from 7-29-19 (commencement of operations) to 10-31-19.
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 The calculation of portfolio turnover excludes amounts from securities whose maturities or expiration dates at the time of acquisition were one year or less, which represents a significant amount of the investments held by the fund. As a result, the portfolio turnover is 0%.
18 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-191
Per share operating performance          
Net asset value, beginning of period $10.58 $9.27 $9.22 $10.20 $10.00
Net investment income (loss)2 0.08 (0.13) (0.22) (0.18) (0.01)
Net realized and unrealized gain (loss) on investments (0.23) 1.65 0.37 (0.43) 0.21
Total from investment operations (0.15) 1.52 0.15 (0.61) 0.20
Less distributions          
From net investment income (0.91) (0.21) (0.10) — —
From net realized gain — — — (0.37) —
Total distributions (0.91) (0.21) (0.10) (0.37) —
Net asset value, end of period $9.52 $10.58 $9.27 $9.22 $10.20
Total return (%)3,4 (0.94) 16.87 1.67 (6.22) 2.005
Ratios and supplemental data          
Net assets, end of period (in millions) $1 $3 $—6 $—6 $—6
Ratios (as a percentage of average net assets):          
Expenses before reductions 2.40 2.40 2.42 2.59 2.597
Expenses including reductions 2.39 2.39 2.41 2.46 2.457
Net investment income (loss) 0.81 (1.24) (2.41) (1.93) (0.52)7
Portfolio turnover (%) 08 08 08 08 08
    
1 Period from 7-29-19 (commencement of operations) to 10-31-19.
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 The calculation of portfolio turnover excludes amounts from securities whose maturities or expiration dates at the time of acquisition were one year or less, which represents a significant amount of the investments held by the fund. As a result, the portfolio turnover is 0%.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 19
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-191
Per share operating performance          
Net asset value, beginning of period $10.72 $9.39 $9.35 $10.23 $10.00
Net investment income (loss)2 0.22 (0.04) (0.13) (0.10) 0.01
Net realized and unrealized gain (loss) on investments (0.27) 1.68 0.37 (0.41) 0.22
Total from investment operations (0.05) 1.64 0.24 (0.51) 0.23
Less distributions          
From net investment income (1.01) (0.31) (0.20) — —
From net realized gain — — — (0.37) —
Total distributions (1.01) (0.31) (0.20) (0.37) —
Net asset value, end of period $9.66 $10.72 $9.39 $9.35 $10.23
Total return (%)3 0.17 18.08 2.59 (5.18) 2.304
Ratios and supplemental data          
Net assets, end of period (in millions) $749 $343 $37 $23 $2
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.40 1.40 1.42 1.59 1.595
Expenses including reductions 1.39 1.39 1.41 1.46 1.455
Net investment income (loss) 2.33 (0.42) (1.41) (1.09) 0.305
Portfolio turnover (%) 06 06 06 06 06
    
1 Period from 7-29-19 (commencement of operations) to 10-31-19.
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 calculation of portfolio turnover excludes amounts from securities whose maturities or expiration dates at the time of acquisition were one year or less, which represents a significant amount of the investments held by the fund. As a result, the portfolio turnover is 0%.
20 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-191
Per share operating performance          
Net asset value, beginning of period $10.74 $9.41 $9.36 $10.23 $10.00
Net investment income (loss)2 0.21 (0.07) (0.12) (0.10) 0.02
Net realized and unrealized gain (loss) on investments (0.26) 1.72 0.37 (0.40) 0.21
Total from investment operations (0.05) 1.65 0.25 (0.50) 0.23
Less distributions          
From net investment income (1.02) (0.32) (0.20) — —
From net realized gain — — — (0.37) —
Total distributions (1.02) (0.32) (0.20) (0.37) —
Net asset value, end of period $9.67 $10.74 $9.41 $9.36 $10.23
Total return (%)3 0.20 18.18 2.77 (5.09) 2.304
Ratios and supplemental data          
Net assets, end of period (in millions) $255 $207 $169 $29 $—5
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.29 1.29 1.31 1.48 1.486
Expenses including reductions 1.28 1.28 1.30 1.34 1.346
Net investment income (loss) 2.28 (0.72) (1.30) (1.09) 0.596
Portfolio turnover (%) 07 07 07 07 07
    
1 Period from 7-29-19 (commencement of operations) to 10-31-19.
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 The calculation of portfolio turnover excludes amounts from securities whose maturities or expiration dates at the time of acquisition were one year or less, which represents a significant amount of the investments held by the fund. As a result, the portfolio turnover is 0%.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 21
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS NAV SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-191
Per share operating performance          
Net asset value, beginning of period $10.73 $9.40 $9.36 $10.23 $10.00
Net investment income (loss)2 0.21 (0.08) (0.12) (0.07) 0.02
Net realized and unrealized gain (loss) on investments (0.26) 1.73 0.37 (0.43) 0.21
Total from investment operations (0.05) 1.65 0.25 (0.50) 0.23
Less distributions          
From net investment income (1.02) (0.32) (0.21) — —
From net realized gain — — — (0.37) —
Total distributions (1.02) (0.32) (0.21) (0.37) —
Net asset value, end of period $9.66 $10.73 $9.40 $9.36 $10.23
Total return (%)3 0.30 18.21 2.69 (5.09) 2.304
Ratios and supplemental data          
Net assets, end of period (in millions) $195 $193 $305 $195 $213
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.28 1.28 1.30 1.46 1.475
Expenses including reductions 1.27 1.27 1.29 1.33 1.335
Net investment income (loss) 2.26 (0.81) (1.29) (0.76) 0.605
Portfolio turnover (%) 06 06 06 06 06
    
1 Period from 7-29-19 (commencement of operations) to 10-31-19.
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 calculation of portfolio turnover excludes amounts from securities whose maturities or expiration dates at the time of acquisition were one year or less, which represents a significant amount of the investments held by the fund. As a result, the portfolio turnover is 0%.
22 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Notes to consolidated financial statements
Note 1—Organization
John Hancock Diversified Macro Fund (the fund) is a series of John Hancock Investment Trust (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 Consolidated 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.
Basis of consolidation. The accompanying consolidated financial statements include the accounts of John Hancock Diversified Macro Offshore Subsidiary Fund, Ltd. (the subsidiary), a Cayman Islands exempted company which was incorporated on January 4, 2019, a wholly-owned subsidiary of the fund. The fund and its subsidiary are advised by Graham Capital Management, L.P. (the subadvisor), under the supervision of John Hancock Investment Management LLC (the Advisor). The fund may gain exposure to the commodities markets by investing up to 25% of its total assets in the subsidiary. The subsidiary acts as an investment vehicle for the fund to enable the fund to obtain its commodity exposure by investing in commodity-linked derivative instruments. As of October 31, 2023, the net assets of the subsidiary were $83,508,151 representing 6.1% of the fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Consolidated Fund’s investments include positions of the fund and the subsidiary.
The subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include but are not limited to total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. Neither the fund nor the subsidiary intends to invest directly in physical commodities. The subsidiary may also invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for its swap positions, and foreign currency transactions (including forward contracts).
Note 2—Significant accounting policies
The consolidated 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 consolidated 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 consolidated financial statements were issued have been evaluated in the preparation of the consolidated 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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
  ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 23
supplied prices. 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 equity index futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the electronic trading market as of 4:00 P.M. ET, or may be fair valued based on fair value adjustment factors provided by an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE. 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.
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.
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 Consolidated Fund’s investments as of October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Short-term investments $957,496,447 — $957,496,447 —
Total investments in securities $957,496,447 — $957,496,447 —
Derivatives:        
Assets        
Futures $38,180,119 $38,180,119 — —
Forward foreign currency contracts 14,847,043 — $14,847,043 —
Liabilities        
Futures (28,103,998) (27,738,622) (365,376) —
Forward foreign currency contracts (8,156,313) — (8,156,313) —
24 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT  
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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
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. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
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.
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 Consolidated statement of operations. For the year ended October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $7,486.
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.
As of October 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.
  ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 25
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 October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $75,118,014 $17,690,066
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $35,160,546 of undistributed ordinary income and $7,993,282 of undistributed long-term capital gains.
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 consolidated financial statements as a return of capital. 
Capital accounts within the consolidated 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 controlled foreign corporation, foreign currency transactions, and derivative transactions.
The subsidiary is classified as a controlled foreign corporation under the Internal Revenue Code. Therefore, the fund is required to increase its taxable income by its share of the subsidiary’s net taxable income. Net income and realized gains from investments held by the subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the subsidiary in any taxable year, the loss will generally not be available to offset the fund’s ordinary income and/or capital gains for that year.
Note 3—Derivative instruments
The fund or its subsidiary 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. Due to the fund’s use of derivative instruments, a significant portion of the fund’s assets may be invested directly or indirectly in money market instruments and cash and cash equivalents for use as margin or collateral for these derivative instruments. 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.
26 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT  
As defined by the ISDA, the fund or its subsidiary 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 Consolidated Fund’s investments, or if cash is posted, on the Consolidated 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 commodity, 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 Consolidated 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 or the subsidiary 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 or the subsidiary, if any, is detailed in the Consolidated statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Consolidated 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 Consolidated 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 October 31, 2023, the fund or the subsidiary used futures contracts to implement its investment strategy. The fund and its subsidiary held futures contracts with USD notional values ranging from $1.5 billion to $5.0 billion, 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 Consolidated 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.
  ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 27
During the year ended October 31, 2023, the fund used forward foreign currency contracts to implement its investment strategy. The fund held forward foreign currency contracts with USD notional values ranging from $916.6 million to $1.6 billion, 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 and its subsidiary at October 31, 2023 by risk category:
Risk Consolidated 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 $13,781,669 $(1,740,686)
Currency Receivable/payable for futures variation margin1 Futures 468,028 —
Commodity Receivable/payable for futures variation margin1 Futures 11,148,314 (13,385,737)
Equity Receivable/payable for futures variation margin1 Futures 12,782,108 (12,977,575)
Currency Unrealized appreciation (depreciation) on forward foreign currency contracts Forward foreign currency contracts 14,847,043 (8,156,313)
      $53,027,162 $(36,260,311)
    
1 Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Consolidated Fund’s investments. Only the year end variation margin receivable/payable is separately reported on the Consolidated statement of assets and liabilities.
For financial reporting purposes, the fund and its subsidiary do not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Consolidated 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. 
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 $14,847,043 $(8,156,313)
Totals $14,847,043 $(8,156,313)
    
Counterparty Assets Liabilities Total Market
Value of
OTC Derivatives 		Collateral
Posted by
Counterparty1 		Collateral Posted
by Fund1 		Net
Exposure
Bank of America, N.A. $14,847,043 ($8,156,313) $6,690,730 — — $6,690,730
1 Reflects collateral posted by the counterparty or posted by the fund, excluding any excess collateral amounts.
28 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT  
Effect of derivative instruments on the Consolidated 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 October 31, 2023:
  Consolidated statement of operations location - Net realized gain (loss) on:
Risk Futures contracts Forward foreign
currency contracts 		Total
Interest rate $30,380,369 — $30,380,369
Currency (145,891) $1,019,987 874,096
Commodity (19,556,206) — (19,556,206)
Equity 2,024,093 — 2,024,093
Total $12,702,365 $1,019,987 $13,722,352
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 October 31, 2023:
  Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Futures contracts Forward foreign
currency contracts 		Total
Interest rate $6,769,996 — $6,769,996
Currency 233,601 $(8,136,788) (7,903,187)
Commodity (9,352,821) — (9,352,821)
Equity (3,351,649) — (3,351,649)
Total $(5,700,873) $(8,136,788) $(13,837,661)
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
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.
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) 1.200% of the first $1 billion of the fund’s average daily net assets and (b) 1.150% of the fund’s average daily net assets in excess of $1 billion. The Advisor has a subadvisory agreement with the subadvisor. The fund is not responsible for payment of the subadvisory fees.
The Advisor provides investment management and other services to the subsidiary. The Advisor does not receive separate compensation from the subsidiary for providing investment management or administrative services. However, the fund pays the Advisor based on the fund’s net assets, which include the assets of the subsidiary.
  ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 29
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 October 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 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 expenses of the fund and its subsidiary exceed 1.33% of average daily net assets of the fund. 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; borrowing costs; prime brokerage fees; acquired fund fees and expenses paid indirectly; and short dividend expense. This agreement expires on February 28, 2024, 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 October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $4,793
Class C 73
Class I 39,212
Class Expense reduction
Class R6 $17,109
Class NAV 14,582
Total $75,769
 
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 October 31, 2023, were equivalent to a net annual effective rate of 1.19% 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 October 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. 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%
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $24,076 for the year ended October 31, 2023. Of this amount, $4,482 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $19,594 was paid as sales commissions to broker-dealers.
30 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT  
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 October 31, 2023, CDSCs received by the Distributor amounted to $183 and $9,120 for Class A and Class C shares, respectively.
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $164,731 $78,096
Class C 10,185 1,192
Class I — 641,430
Class R6 — 16,382
Total $174,916 $737,100
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.
Note 6—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 17,917,678 $166,608,538 1,755,356 $18,182,825
Distributions reinvested 126,688 1,141,460 671 5,984
Repurchased (1,240,913) (11,627,343) (533,398) (5,546,335)
Net increase 16,803,453 $156,122,655 1,222,629 $12,642,474
  ANNUAL REPORT | JOHN HANCOCK Diversified Macro Fund 31
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class C shares        
Sold 61,549 $599,479 294,960 $3,087,392
Distributions reinvested 11,111 99,775 149 1,322
Repurchased (275,012) (2,733,667) (20,125) (208,671)
Net increase (decrease) (202,352) $(2,034,413) 274,984 $2,880,043
Class I shares        
Sold 68,227,134 $636,040,940 32,535,331 $338,928,518
Distributions reinvested 2,019,612 18,237,099 141,220 1,259,681
Repurchased (24,720,553) (233,237,951) (4,589,158) (46,916,199)
Net increase 45,526,193 $421,040,088 28,087,393 $293,272,000
Class R6 shares        
Sold 14,363,669 $138,499,975 8,880,850 $87,908,517
Distributions reinvested 2,478,979 22,385,178 680,455 6,076,463
Repurchased (9,737,091) (90,537,151) (8,170,014) (80,258,345)
Net increase 7,105,557 $70,348,002 1,391,291 $13,726,635
Class NAV shares        
Sold 3,945,450 $37,546,843 1,901,303 $19,186,083
Distributions reinvested 2,178,903 19,675,494 1,158,297 10,343,589
Repurchased (3,873,700) (37,069,674) (17,575,144) (180,819,847)
Net increase (decrease) 2,250,653 $20,152,663 (14,515,544) $(151,290,175)
Total net increase 71,483,504 $665,628,995 16,460,753 $171,230,977
Affiliates of the fund owned 100% of shares of Class NAV on October 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
There were no purchases and sales of securities, other than short-term investments, for the year ended October 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 October 31, 2023, funds within the John Hancock group of funds complex held 14.2% of the fund’s net assets. There were no individual affiliated funds with an ownership of 5% or more of the fund’s net assets.
32 JOHN HANCOCK Diversified Macro Fund | ANNUAL REPORT  
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Diversified Macro Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated fund’s investments, of John Hancock Diversified Macro Fund and its subsidiary (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the four years in the period ended October 31, 2023 and for the period July 29, 2019 (commencement of operations) through October 31, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 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 October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 and for the period July 29, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinion
These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED MACRO FUND 33
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 October 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.
34 JOHN HANCOCK DIVERSIFIED MACRO FUND | ANNUAL REPORT  
EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section1 describes the evaluation by the Board of Trustees (the Board) of John Hancock Investment Trust (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 Graham Capital Management, L.P. (the Subadvisor), for John Hancock Diversified Macro 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 a meeting 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 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
1The fund invests in a wholly owned subsidiary of the fund organized as a company under the laws of the Cayman Islands, Diversified Macro Offshore Subsidiary Fund, Ltd. (the “Cayman Subsidiary”). The Cayman Subsidiary has separate, equivalent agreements with the Advisor and Subadvisor. Neither the Advisor or the Subadvisor is entitled to additional compensation under its separate agreements with the Cayman Subsidiary.
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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.
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 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 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;
36 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
(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;
(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 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 and the peer group median for the one- and three-year periods ended December 31, 2022 and for the period from July 31, 2019 through December 31, 2022. The Board took into account management’s discussion of the fund’s performance relative to the benchmark and peer group median for the one- and three- year periods and for the period from July 31, 2019 through December 31, 2022. The Board concluded 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 net management fees for the fund are higher than the peer group median and net total expenses for the fund are lower than the peer group median.
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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 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 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, 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 reduce 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 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
38 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
(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.
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:
(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.
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
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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.
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 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.
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;
40 JOHN HANCOCK DIVERSIFIED MACRO FUND  | ANNUAL REPORT  
(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.
* * *
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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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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). 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 2008 177
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 1994 175
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 175
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 2009 175
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 177
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 175
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 2010
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.
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.
   
   
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More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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
Graham Capital Management, L.P.
Portfolio Managers
Pablo E. Calderini
Kenneth G. Tropin
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
# Effective June 29, 2023.
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 7th Street
Suite 219909
Kansas City, MO 64105-1407
46 JOHN HANCOCK DIVERSIFIED MACRO FUND | ANNUAL REPORT  
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Diversified Macro Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208591 473A 10/23
12/2023

Annual report
John Hancock
Emerging Markets Equity Fund  
International equity
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations. Mega-cap U.S. technology-related stocks were a key driver of returns for the broad global indexes, as were the European markets.
The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks long-term capital growth.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
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.
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. Since-inception returns for the Morningstar fund category average are not available.
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.
2 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
Moderating inflation and expectations of monetary policy easing helped to lift stocks
The fund’s benchmark, the MSCI Emerging Markets Index, posted a positive return as inflationary pressures eased, fueling expectations that aggressive interest-rate hikes by many of the world’s central banks could be nearing an end.
The fund trailed its benchmark index due to stock selection in selected sectors
Security selection in the consumer discretionary and financials sectors weighed on relative performance.
Positioning in the consumer staples and information technology sectors aided relative performance
In consumer staples, security selection contributed to relative performance; in information technology, selection also had a positive impact, as did the fund’s overweight exposure to the sector, which outperformed the broader market.
PORTFOLIO COMPOSITION AS OF 10/31/2023 (% of net assets)
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 3
SECTOR COMPOSITION AS OF 10/31/2023 (% of net assets)
Notes about risk
The fund is subject to various risks as described in the fund’s prospectuses. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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. 
4 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
Management’s discussion of fund performance
What were the main drivers of emerging-market equity performance during the 12 months ended October 31, 2023?
Emerging-market (EM) stocks posted positive returns, as measured by the fund’s benchmark. An easing of inflationary pressures and the prospect of less restrictive monetary policies in selected EM countries provided positive catalysts through much of the period. Optimism surrounding mainland China’s long-anticipated removal of strict COVID-19 rules in late 2022 fueled a rally for Chinese equities early in the period covered by this report; however, this positive momentum subsequently faded somewhat as the extent of economic gains failed to meet expectations. Equities were further pressured by concerns about China’s property sector and recurrent geopolitical tensions. The direction of monetary policy began to diverge in the period’s latter months, with most EM central banks keeping rates on hold while China and other countries cut rates.
How did the fund perform?
While the fund generated a positive absolute return, it underperformed the benchmark, as security selection in the consumer discretionary and financials sectors weighed on relative performance. From a geographic perspective, stock selection in China had a negative relative impact. On the positive side, security selection in consumer staples contributed to relative performance; in information
TOP 10 HOLDINGS
AS OF 10/31/2023 (% of net assets)
Samsung Electronics Company, Ltd. 5.3
Taiwan Semiconductor Manufacturing Company, Ltd. 5.2
Tencent Holdings, Ltd. 3.6
Alibaba Group Holding, Ltd. 3.6
HDFC Bank, Ltd. 3.0
AIA Group, Ltd. 2.9
Anglo American PLC 2.8
SK Hynix, Inc. 2.8
MediaTek, Inc. 2.6
Lenovo Group, Ltd. 2.6
TOTAL 34.4
Cash and cash equivalents are not included.
TOP 10 COUNTRIES
AS OF 10/31/2023 (% of net assets)
China 25.2
India 18.7
Taiwan 12.5
South Korea 10.0
Brazil 7.0
Hong Kong 6.3
Mexico 4.9
Indonesia 3.9
United Kingdom 2.8
Uruguay 2.4
TOTAL 93.7
Cash and cash equivalents are not included.
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 5
technology, selection also had a positive impact, as did the fund’s overweight exposure in the sector, which outperformed the broader market. Selection in Taiwanese equities also had a positive impact.
What were the key drivers of relative performance?
The position that detracted the most was Hapvida Participacoes e Investimentos, a Brazilian hospital and medical diagnostics company. The company’s shares fell after its integration with a merger partner weighed on profitability at a time of worsening medical loss ratios. Other notable detractors included Anglo American PLC, a multinational mining company, and Glodon Company, Ltd., a Chinese software company. We sold the fund’s positions in Hapvida and Glodon during the period.
The position that had the most positive impact on relative performance was eMemory Technology, Inc., a Taiwanese semiconductor company with a strong royalty stream arising from its unique encryption technology. Shares of eMemory rose as the company provided guidance for higher licensing revenue growth in 2023 driven by a cyclical rebound in semiconductor demand. Other notable contributors included Lenovo Group, Ltd., a Chinese multinational technology company, and MediaTek, Inc., a Taiwanese semiconductor maker.
Can you tell us about changes to the portfolio management team?
Effective March 1, 2023, David Dugdale, Ph.D., CFA; Bhupinder Sachdev, CFA; and Bryony Deuchars, CFA, FCA, were added to the management team.
MANAGED BY
Kathryn Langridge
Philip Ehrmann
Talib Saifee
David Dugdale, Ph.D., CFA
Bhupinder Sachdev, CFA
Bryony Deuchars, CFA, FCA
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.
6 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2023
Average annual total returns (%)
with maximum sales charge 		Cumulative total returns (%)
with maximum sales charge
  1-year 5-year Since
inception
(6-16-15) 		5-year Since
inception
(6-16-15)
Class A 1.01 -0.36 0.20 -1.79 1.67
Class C 4.44 -0.04 0.11 -0.19 0.92
Class I1 6.49 0.96 1.10 4.89 9.57
Class R21 6.39 0.75 0.90 3.79 7.75
Class R41 6.41 0.90 1.04 4.61 9.04
Class R61 6.60 1.09 1.21 5.59 10.62
Class NAV1 6.75 1.11 1.22 5.66 10.67
Index† 10.80 1.59 1.76 8.23 15.78
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 R2, Class R4, 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 February 28, 2024 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 NAV
Gross (%) 1.44 2.14 1.14 1.53 1.38 1.03 1.02
Net (%) 1.28 1.98 0.98 1.37 1.12 0.87 0.86
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.
  † Index is the MSCI Emerging Markets Index.
See the following page for footnotes.
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 7
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Emerging Markets Equity Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI Emerging Markets Index.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index ($)
Class C2 6-16-15 10,092 10,092 11,578
Class I1 6-16-15 10,957 10,957 11,578
Class R21 6-16-15 10,775 10,775 11,578
Class R41 6-16-15 10,904 10,904 11,578
Class R61 6-16-15 11,062 11,062 11,578
Class NAV1 6-16-15 11,067 11,067 11,578
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 For certain types of investors, as described in the fund’s prospectuses.
2 The contingent deferred sales charge is not applicable.
8 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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 EQUITY FUND 9
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
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $923.80 $6.45 1.33%
  Hypothetical example 1,000.00 1,018.50 6.77 1.33%
Class C Actual expenses/actual returns 1,000.00 920.00 9.78 2.02%
  Hypothetical example 1,000.00 1,015.00 10.26 2.02%
Class I Actual expenses/actual returns 1,000.00 925.10 4.95 1.02%
  Hypothetical example 1,000.00 1,020.10 5.19 1.02%
Class R2 Actual expenses/actual returns 1,000.00 924.90 5.14 1.06%
  Hypothetical example 1,000.00 1,019.90 5.40 1.06%
Class R4 Actual expenses/actual returns 1,000.00 925.00 5.24 1.08%
  Hypothetical example 1,000.00 1,019.80 5.50 1.08%
Class R6 Actual expenses/actual returns 1,000.00 925.10 4.42 0.91%
  Hypothetical example 1,000.00 1,020.60 4.63 0.91%
Class NAV Actual expenses/actual returns 1,000.00 926.20 4.42 0.91%
  Hypothetical example 1,000.00 1,020.60 4.63 0.91%
    
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).
10 JOHN HANCOCK EMERGING MARKETS EQUITY FUND | ANNUAL REPORT  
Fund’s investments
AS OF 10-31-23
        Shares Value
Common stocks 92.5%         $1,350,457,184
(Cost $1,313,508,075)          
Brazil 5.3%         77,886,787
Banco BTG Pactual SA   2,367,300 13,898,365
Localiza Rent a Car SA   1,160,600 11,710,165
Suzano SA   2,106,400 21,545,505
WEG SA   1,984,200 12,991,212
XP, Inc., Class A   887,077 17,741,540
China 25.2%         367,285,151
Alibaba Group Holding, Ltd. (A)   5,121,620 52,727,484
Baidu, Inc., Class A (A)   1,624,400 21,326,437
Centre Testing International Group Company, Ltd., Class A   4,247,808 8,788,918
JD.com, Inc., Class A   725,312 9,221,009
Kingdee International Software Group Company, Ltd. (A)   15,373,000 20,397,949
Kweichow Moutai Company, Ltd., Class A   70,476 16,230,895
Lenovo Group, Ltd.   31,966,000 37,199,861
Li Ning Company, Ltd.   3,476,500 10,653,400
Meituan, Class B (A)(B)   1,839,090 26,069,127
NARI Technology Company, Ltd., Class A   7,721,180 23,839,340
Ping An Insurance Group Company of China, Ltd., Class A   4,070,819 25,293,265
Sungrow Power Supply Company, Ltd., Class A   1,158,946 13,355,300
Tencent Holdings, Ltd.   1,425,900 52,770,785
Trip.com Group, Ltd. (A)   534,200 18,206,404
Trip.com Group, Ltd., ADR (A)   256,244 8,712,296
WuXi Biologics Cayman, Inc. (A)(B)   3,617,500 22,492,681
Hong Kong 6.3%         91,415,459
AIA Group, Ltd.   4,841,400 42,041,788
China Resources Beer Holdings Company, Ltd.   3,932,000 20,806,836
Hong Kong Exchanges & Clearing, Ltd.   816,600 28,566,835
India 18.7%         272,458,652
Apollo Hospitals Enterprise, Ltd.   276,427 16,079,372
Britannia Industries, Ltd.   53,154 2,828,535
Godrej Consumer Products, Ltd. (A)   820,028 9,781,011
HDFC Bank, Ltd.   2,469,881 43,782,375
Hindustan Unilever, Ltd.   778,545 23,234,420
ICICI Bank, Ltd.   2,465,653 27,154,781
Kotak Mahindra Bank, Ltd.   903,720 18,855,183
KPIT Technologies, Ltd.   625,385 9,205,054
Mahindra & Mahindra, Ltd.   980,922 17,254,579
MakeMyTrip, Ltd. (A)   385,292 14,922,359
PB Fintech, Ltd. (A)   1,780,570 14,967,779
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 11
        Shares Value
India (continued)          
Reliance Industries, Ltd.   1,136,345 $31,261,998
Tata Consumer Products, Ltd.   1,889,574 20,435,223
UltraTech Cement, Ltd.   223,788 22,695,983
Indonesia 3.9%         57,597,922
Bank Mandiri Persero Tbk PT   60,794,000 21,718,786
Bank Negara Indonesia Persero Tbk PT   68,990,600 20,820,438
Sumber Alfaria Trijaya Tbk PT   82,741,600 15,058,698
Mexico 4.9%         71,458,550
Fomento Economico Mexicano SAB de CV   1,534,500 17,349,408
Grupo Financiero Banorte SAB de CV, Series O   3,683,700 29,841,055
Wal-Mart de Mexico SAB de CV   6,772,900 24,268,087
Netherlands 1.2%         17,865,557
Prosus NV (A)   637,285 17,865,557
Peru 1.5%         22,123,793
Credicorp, Ltd.   177,047 22,123,793
Philippines 0.2%         2,557,195
Universal Robina Corp.   1,326,460 2,557,195
Poland 0.8%         11,743,500
Dino Polska SA (A)(B)   123,935 11,743,500
Russia 0.0%         195,439
Sberbank of Russia PJSC, ADR (A)(C)   558,398 195,439
Saudi Arabia 1.1%         16,241,576
Saudi Tadawul Group Holding Company   366,154 16,241,576
South Korea 4.7%         69,058,378
Koh Young Technology, Inc.   652,500 5,347,188
LG Chem, Ltd.   69,483 22,772,510
SK Hynix, Inc.   471,415 40,938,680
Taiwan 12.5%         181,708,819
ASE Technology Holding Company, Ltd.   6,935,000 24,279,304
eMemory Technology, Inc.   521,000 32,641,404
MediaTek, Inc.   1,431,000 37,348,188
Taiwan Semiconductor Manufacturing Company, Ltd.   4,640,000 75,782,889
Yageo Corp.   715,000 11,657,034
United Arab Emirates 1.0%         14,675,068
Americana Restaurants International PLC   14,524,802 14,675,068
United Kingdom 2.8%         41,545,399
Anglo American PLC   1,630,534 41,545,399
12 JOHN HANCOCK EMERGING MARKETS EQUITY FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Uruguay 2.4%         $34,639,939
Globant SA (A)   87,664 14,928,303
MercadoLibre, Inc. (A)   15,887 19,711,636
Preferred securities 7.0%         $101,622,231
(Cost $80,165,631)          
Brazil 1.7%         24,485,502
Itau Unibanco Holding SA     4,602,900 24,485,502
South Korea 5.3%         77,136,729
Samsung Electronics Company, Ltd.     1,932,054 77,136,729
Rights 0.0%         $11,811
(Cost $0)          
Localiza Rent a Car SA (Expiration Date: 11-13-23; Strike Price: BRL 47.13) (A)   8,507 11,811
    
    Yield (%)   Shares Value
Short-term investments 1.5%       $21,540,007
(Cost $21,540,007)          
Short-term funds 1.5%         21,540,007
JPMorgan U.S. Treasury Plus Money Market Fund, Institutional Class 5.1814(D)   21,540,007 21,540,007
    
Total investments (Cost $1,415,213,713) 101.0%     $1,473,631,233
Other assets and liabilities, net (1.0%)     (14,047,656)
Total net assets 100.0%         $1,459,583,577
    
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Currency Abbreviations
BRL Brazilian Real
    
Security Abbreviations and Legend
ADR American 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) 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.
(D) The rate shown is the annualized seven-day yield as of 10-31-23.
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $1,430,169,274. Net unrealized appreciation aggregated to $43,461,959, of which $178,746,312 related to gross unrealized appreciation and $135,284,353 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 13
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $1,415,213,713) $1,473,631,233
Cash 110
Foreign currency, at value (Cost $336,481) 336,478
Dividends and interest receivable 1,048,284
Receivable for fund shares sold 385,865
Receivable for investments sold 7,228,937
Other assets 205,253
Total assets 1,482,836,160
Liabilities  
Foreign capital gains tax payable 2,208,289
Payable for investments purchased 20,279,392
Payable for fund shares repurchased 229,724
Payable to affiliates  
Accounting and legal services fees 106,394
Transfer agent fees 13,731
Distribution and service fees 2
Trustees’ fees 2,663
Other liabilities and accrued expenses 412,388
Total liabilities 23,252,583
Net assets $1,459,583,577
Net assets consist of  
Paid-in capital $1,824,085,474
Total distributable earnings (loss) (364,501,897)
Net assets $1,459,583,577
 
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 ($23,129,925 ÷ 2,808,849 shares)1 $8.23
Class C ($382,177 ÷ 48,122 shares)1 $7.94
Class I ($104,894,358 ÷ 12,684,760 shares) $8.27
Class R2 ($38,043 ÷ 4,613 shares) $8.25
Class R4 ($48,608 ÷ 5,886 shares) $8.26
Class R6 ($47,761,936 ÷ 5,769,898 shares) $8.28
Class NAV ($1,283,328,530 ÷ 155,086,752 shares) $8.27
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $8.66
    
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.
14 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Dividends $40,129,671
Interest 7,018
Less foreign taxes withheld (4,776,980)
Total investment income 35,359,709
Expenses  
Investment management fees 16,414,046
Distribution and service fees 78,634
Accounting and legal services fees 359,589
Transfer agent fees 294,688
Trustees’ fees 45,452
Custodian fees 886,578
State registration fees 126,462
Printing and postage 110,762
Professional fees 135,544
Other 151,894
Total expenses 18,603,649
Less expense reductions (2,716,463)
Net expenses 15,887,186
Net investment income 19,472,523
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions (226,271,376)1
  (226,271,376)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 342,606,7162
  342,606,716
Net realized and unrealized gain 116,335,340
Increase in net assets from operations $135,807,863
    

 
1 Net of foreign capital gains taxes of $(2,493,050).
2 Net of $1,647,544 decrease in deferred foreign capital gains taxes.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 15
STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income $19,472,523 $23,135,755
Net realized loss (226,271,376) (208,028,670)
Change in net unrealized appreciation (depreciation) 342,606,716 (844,490,412)
Increase (decrease) in net assets resulting from operations 135,807,863 (1,029,383,327)
Distributions to shareholders    
From earnings    
Class A (201,547) (2,213,269)
Class C (780) (227,187)
Class I (3,585,044) (36,979,763)
Class R2 (337) (30,547)
Class R4 (609) (9,380)
Class R6 (590,189) (4,477,713)
Class NAV (19,320,958) (198,324,133)
Total distributions (23,699,464) (242,261,992)
From fund share transactions (320,084,551) 822,733,904
Total decrease (207,976,152) (448,911,415)
Net assets    
Beginning of year 1,667,559,729 2,116,471,144
End of year $1,459,583,577 $1,667,559,729
16 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Financial highlights
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.82 $14.45 $12.99 $10.95 $10.19
Net investment income1 0.07 0.08 0.06 —2 0.19
Net realized and unrealized gain (loss) on investments 0.42 (5.35) 1.96 2.27 1.27
Total from investment operations 0.49 (5.27) 2.02 2.27 1.46
Less distributions          
From net investment income (0.08) — (0.07) (0.23) (0.04)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.08) (1.36) (0.56) (0.23) (0.70)
Net asset value, end of period $8.23 $7.82 $14.45 $12.99 $10.95
Total return (%)3,4 6.31 (39.72) 15.37 21.04 15.56
Ratios and supplemental data          
Net assets, end of period (in millions) $23 $20 $22 $4 $3
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.47 1.43 1.40 1.44 1.42
Expenses including reductions 1.32 1.27 1.24 1.43 1.42
Net investment income 0.78 0.78 0.41 0.02 1.80
Portfolio turnover (%) 37 27 46 54 38
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
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.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 17
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.54 $14.07 $12.69 $10.71 $10.00
Net investment income (loss)1 —2 —2 (0.05) (0.08) 0.11
Net realized and unrealized gain (loss) on investments 0.41 (5.17) 1.92 2.22 1.26
Total from investment operations 0.41 (5.17) 1.87 2.14 1.37
Less distributions          
From net investment income (0.01) — — (0.16) —
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.01) (1.36) (0.49) (0.16) (0.66)
Net asset value, end of period $7.94 $7.54 $14.07 $12.69 $10.71
Total return (%)3,4 5.44 (40.12) 14.56 20.26 14.74
Ratios and supplemental data          
Net assets, end of period (in millions) $—5 $1 $2 $1 $—5
Ratios (as a percentage of average net assets):          
Expenses before reductions 2.17 2.13 2.10 2.14 2.12
Expenses including reductions 2.02 1.97 1.94 2.13 2.12
Net investment income (loss) (0.02) (0.04) (0.36) (0.70) 1.08
Portfolio turnover (%) 37 27 46 54 38
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
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 Less than $500,000.
18 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.86 $14.50 $13.03 $10.98 $10.22
Net investment income1 0.08 0.11 0.08 0.01 0.26
Net realized and unrealized gain (loss) on investments 0.44 (5.36) 1.98 2.30 1.24
Total from investment operations 0.52 (5.25) 2.06 2.31 1.50
Less distributions          
From net investment income (0.11) (0.03) (0.10) (0.26) (0.08)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.11) (1.39) (0.59) (0.26) (0.74)
Net asset value, end of period $8.27 $7.86 $14.50 $13.03 $10.98
Total return (%)2 6.49 (39.50) 15.69 21.51 15.81
Ratios and supplemental data          
Net assets, end of period (in millions) $105 $268 $67 $6 $—3
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.17 1.13 1.10 1.14 1.13
Expenses including reductions 1.01 0.97 0.94 1.12 1.12
Net investment income 0.85 1.08 0.51 0.07 2.53
Portfolio turnover (%) 37 27 46 54 38
    
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 Emerging Markets Equity Fund 19
CLASS R2 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.82 $14.45 $12.98 $10.95 $10.19
Net investment income1 0.08 0.08 0.06 0.01 0.21
Net realized and unrealized gain (loss) on investments 0.42 (5.35) 1.97 2.26 1.27
Total from investment operations 0.50 (5.27) 2.03 2.27 1.48
Less distributions          
From net investment income (0.07) — (0.07) (0.24) (0.06)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.07) (1.36) (0.56) (0.24) (0.72)
Net asset value, end of period $8.25 $7.82 $14.45 $12.98 $10.95
Total return (%)2 6.39 (39.76) 15.57 21.15 15.67
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 1.32 1.47 1.29 1.42 1.34
Expenses including reductions 1.16 1.31 1.13 1.40 1.33
Net investment income 0.92 0.73 0.42 0.05 2.02
Portfolio turnover (%) 37 27 46 54 38
    
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.
20 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS R4 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.85 $14.48 $13.02 $10.97 $10.21
Net investment income1 0.09 0.09 0.07 0.03 0.20
Net realized and unrealized gain (loss) on investments 0.42 (5.34) 1.98 2.27 1.29
Total from investment operations 0.51 (5.25) 2.05 2.30 1.49
Less distributions          
From net investment income (0.10) (0.02) (0.10) (0.25) (0.07)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.10) (1.38) (0.59) (0.25) (0.73)
Net asset value, end of period $8.26 $7.85 $14.48 $13.02 $10.97
Total return (%)2 6.41 (39.56) 15.66 21.47 15.77
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 1.34 1.31 1.27 1.29 1.28
Expenses including reductions 1.08 1.05 1.02 1.17 1.17
Net investment income 0.98 0.88 0.45 0.26 1.93
Portfolio turnover (%) 37 27 46 54 38
    
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 Emerging Markets Equity Fund 21
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.87 $14.52 $13.04 $10.99 $10.22
Net investment income1 0.11 0.12 0.15 0.05 0.26
Net realized and unrealized gain (loss) on investments 0.42 (5.37) 1.94 2.27 1.26
Total from investment operations 0.53 (5.25) 2.09 2.32 1.52
Less distributions          
From net investment income (0.12) (0.04) (0.12) (0.27) (0.09)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.12) (1.40) (0.61) (0.27) (0.75)
Net asset value, end of period $8.28 $7.87 $14.52 $13.04 $10.99
Total return (%)2 6.60 (39.44) 15.86 21.61 16.08
Ratios and supplemental data          
Net assets, end of period (in millions) $48 $40 $43 $2 $1
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.06 1.02 0.99 1.03 1.02
Expenses including reductions 0.90 0.87 0.84 1.02 1.01
Net investment income 1.19 1.19 0.97 0.48 2.48
Portfolio turnover (%) 37 27 46 54 38
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
22 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS NAV SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $7.86 $14.51 $13.04 $10.99 $10.22
Net investment income1 0.11 0.12 0.10 0.05 0.24
Net realized and unrealized gain (loss) on investments 0.42 (5.36) 1.98 2.27 1.28
Total from investment operations 0.53 (5.24) 2.08 2.32 1.52
Less distributions          
From net investment income (0.12) (0.05) (0.12) (0.27) (0.09)
From net realized gain — (1.36) (0.49) — (0.66)
Total distributions (0.12) (1.41) (0.61) (0.27) (0.75)
Net asset value, end of period $8.27 $7.86 $14.51 $13.04 $10.99
Total return (%)2 6.75 (39.46) 15.79 21.62 16.10
Ratios and supplemental data          
Net assets, end of period (in millions) $1,283 $1,339 $1,982 $1,830 $2,010
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.06 1.01 0.98 1.02 1.01
Expenses including reductions 0.90 0.86 0.83 1.00 1.00
Net investment income 1.17 1.16 0.65 0.46 2.29
Portfolio turnover (%) 37 27 46 54 38
    
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 Emerging Markets Equity Fund 23
Notes to financial statements
Note 1—Organization
John Hancock Emerging Markets Equity Fund (the fund) is a series of John Hancock Investment Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term capital growth.
The fund may offer multiple classes of shares. The shares currently 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 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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 are valued at their respective NAVs each business day. 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.
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,
24 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT  
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 October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Brazil $77,886,787 $77,886,787 — —
China 367,285,151 8,712,296 $358,572,855 —
Hong Kong 91,415,459 — 91,415,459 —
India 272,458,652 14,922,359 257,536,293 —
Indonesia 57,597,922 — 57,597,922 —
Mexico 71,458,550 71,458,550 — —
Netherlands 17,865,557 — 17,865,557 —
Peru 22,123,793 22,123,793 — —
Philippines 2,557,195 — 2,557,195 —
Poland 11,743,500 — 11,743,500 —
Russia 195,439 — — $195,439
Saudi Arabia 16,241,576 — 16,241,576 —
South Korea 69,058,378 — 69,058,378 —
Taiwan 181,708,819 — 181,708,819 —
United Arab Emirates 14,675,068 — 14,675,068 —
United Kingdom 41,545,399 — 41,545,399 —
Uruguay 34,639,939 34,639,939 — —
Preferred securities        
Brazil 24,485,502 24,485,502 — —
South Korea 77,136,729 — 77,136,729 —
  ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 25
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Rights $11,811 $11,811 — —
Short-term investments 21,540,007 21,540,007 — —
Total investments in securities $1,473,631,233 $275,781,044 $1,197,654,750 $195,439
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. 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.
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.
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.
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.
26 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT  
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 October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $9,707.
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 October 31, 2023, the fund has a short-term capital loss carryforward of $183,315,606 and a long-term capital loss carryforward of $245,888,836 available to offset future net realized capital gains. These carryforwards do not expire.
As of October 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $23,699,464 $24,979,182
Long-term capital gains — 217,282,810
Total $23,699,464 $242,261,992
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $23,459,964 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from 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. 
  ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 27
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, wash sale loss deferrals, foreign capital gain tax and corporate actions.
Note 3—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 4—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.
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) 1.050% of the first $500 million of the fund’s average daily net assets; (b) 1.000% of the next $500 million of the fund’s average daily net assets; (c) 0.950% of the fund’s average daily net assets, if aggregate net assets exceed $1 billion, but are less than or equal to $2 billion, the rate applies retroactively to all assets; and (d) 0.900% of the fund’s average daily net assets, if the aggregate net assets exceed $2 billion, the rate applies retroactively to all assets. 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 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 October 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 has contractually agreed to reduce its management fee by an annual rate of 0.15% of the fund’s average daily net assets. This agreement expires on February 28, 2024, 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 October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $38,343
Class C 831
Class I 352,190
Class R2 65
Class Expense reduction
Class R4 $85
Class R6 77,434
Class NAV 2,247,461
Total $2,716,409
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
28 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT  
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2023, were equivalent to a net annual effective rate of 0.79% 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 October 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%
Class R4 0.25% 0.10%
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 February 28, 2024, 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 $54 for Class R4 shares for the year ended October 31, 2023.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $43,336 for the year ended October 31, 2023. Of this amount, $7,312 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $36,024 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 October 31, 2023, CDSCs received by the Distributor amounted to $683 and $60 for Class A and Class C shares, respectively.
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
  ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 29
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $73,081 $28,594
Class C 5,297 621
Class I — 262,074
Class R2 105 3
Class R4 151 4
Class R6 — 3,392
Total $78,634 $294,688
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. Interest expense is included in Other expenses on the Statement of operations. 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)
Borrower $6,800,000 1 3.31% $(624)
Note 5—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 873,733 $7,865,242 1,494,907 $15,379,542
Distributions reinvested 23,043 201,391 184,593 2,213,269
Repurchased (632,019) (5,618,504) (673,250) (6,750,046)
Net increase 264,757 $2,448,129 1,006,250 $10,842,765
Class C shares        
Sold 5,693 $49,214 16,366 $178,052
Distributions reinvested 92 780 19,535 227,187
Repurchased (49,115) (424,091) (117,195) (1,166,601)
Net decrease (43,330) $(374,097) (81,294) $(761,362)
30 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT  
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class I shares        
Sold 4,348,106 $39,034,256 36,098,613 $459,726,290
Distributions reinvested 409,719 3,585,044 3,076,935 36,953,995
Repurchased (26,163,445) (231,975,356) (9,674,840) (97,285,184)
Net increase (decrease) (21,405,620) $(189,356,056) 29,500,708 $399,395,101
Class R2 shares        
Sold 123 $1,092 12,297 $171,145
Distributions reinvested 3 26 2,073 24,850
Repurchased (244) (2,158) (20,703) (171,749)
Net increase (decrease) (118) $(1,040) (6,333) $24,246
Class R4 shares        
Sold 639 $5,704 193 $1,943
Distributions reinvested 22 195 300 3,601
Repurchased (902) (8,151) (2,220) (26,306)
Net decrease (241) $(2,252) (1,727) $(20,762)
Class R6 shares        
Sold 2,178,412 $19,600,112 3,282,718 $34,081,880
Distributions reinvested 67,450 590,189 372,829 4,477,675
Repurchased (1,526,609) (13,620,057) (1,599,129) (16,131,851)
Net increase 719,253 $6,570,244 2,056,418 $22,427,704
Class NAV shares        
Sold 4,728,780 $42,838,533 19,172,412 $211,321,715
Distributions reinvested 2,208,110 19,320,958 16,513,250 198,324,133
Repurchased (22,170,288) (201,528,970) (1,903,733) (18,819,636)
Net increase (decrease) (15,233,398) $(139,369,479) 33,781,929 $390,826,212
Total net increase (decrease) (35,698,697) $(320,084,551) 66,255,951 $822,733,904
Affiliates of the fund owned 91%, 71%, 4% and 100% of shares of Class R2, Class R4, Class R6 and Class NAV, respectively, on October 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 $608,711,069 and $873,508,419, respectively, for the year ended October 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
  ANNUAL REPORT | JOHN HANCOCK Emerging Markets Equity Fund 31
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.
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.
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 October 31, 2023, funds within the John Hancock group of funds complex held 88.0% 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 Growth Portfolio 20.6%
John Hancock Variable Insurance Trust Managed Volatility Growth Portfolio 14.4%
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio 12.1%
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio 11.1%
John Hancock Variable Insurance Trust Managed Volatility Balanced Portfolio 7.0%
32 JOHN HANCOCK Emerging Markets Equity Fund | ANNUAL REPORT  
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Emerging Markets Equity 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 Equity Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2023 and the financial highlights for each of the five years in the period ended October 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 October 31, 2023 by correspondence with the custodian and transfer agent; 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
December 15, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
  ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 33
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 October 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 $50,335,170. The fund intends to pass through foreign tax credits of $6,434,119.
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.
34 JOHN HANCOCK EMERGING MARKETS EQUITY FUND | ANNUAL REPORT  
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 Investment Trust (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 Equity 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 a meeting 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.
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 35
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;
36 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
(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 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 and peer group median for the  five-year period and underperformed for the one- and three-year periods ended December 31, 2022. The Board took into account management’s discussion of the factors that contributed to the fund’s underperformance relative to the benchmark index and peer group median for the one- and three-year periods, including the impact of past and current market conditions on the fund’s strategy and management’s plans for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate.
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 for the fund are lower than the peer group median. 
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 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 reduce management fees as assets increase. The Board also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 37
the fund. 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 (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 (including the Subadvisor) 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:
38 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
(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.
  ANNUAL REPORT  | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 39
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 is being monitored and reasonably addressed, where appropriate;
(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.
40 JOHN HANCOCK EMERGING MARKETS EQUITY FUND  | ANNUAL REPORT  
Trustees and Officers
This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.
Independent Trustees    
Name, year of birth
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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
  ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 41
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 2008 177
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 1994 175
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 175
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 2009 175
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).
    
42 JOHN HANCOCK EMERGING MARKETS EQUITY FUND | ANNUAL REPORT  
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 177
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 175
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 2010
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 EQUITY FUND 43
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.
   
   
44 JOHN HANCOCK EMERGING MARKETS EQUITY FUND | ANNUAL REPORT  
More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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
Bryony Deuchars, CFA
David Dugdale, PhD, CFA
Philip Ehrmann
Kathryn Langridge
Bhupinder Sachdev, CFA
Talib Saifee
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
# Effective June 29, 2023.
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 7th Street
Suite 219909
Kansas City, MO 64105-1407
  ANNUAL REPORT | JOHN HANCOCK EMERGING MARKETS EQUITY FUND 45
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Equity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208593 456A 10/23
12/2023

Annual report
John Hancock
Infrastructure Fund  
Alternative
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations. Mega-cap U.S. technology-related stocks were a key driver of returns for the broad global indexes, as were the European markets.
The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks total return from capital appreciation and income, with an emphasis on absolute returns over a full market cycle.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
The MSCI All Country World Index (ACWI) tracks the performance of publicly traded large- and mid-cap stocks of companies in both developed and emerging 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.
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. Since-inception returns for the Morningstar fund category average are not available.
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.
2 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
Infrastructure stocks struggled during the period
Although the broader equity market performed well, the infrastructure sector was hurt by the above-average interest-rate sensitivity of many companies in the category.
The fund underperformed the MSCI ACWI 
As would be expected at a time of relative weakness for the broader infrastructure sector, the fund lagged the benchmark.
The fund’s large position in the utilities sector was a headwind for results
Utilities were the second-worst performing sector of the market, behind only real estate, due in part to the rising-rate environment.
SECTOR COMPOSITION AS OF 10/31/2023 (% of net assets)
Notes about risk
The fund is subject to various risks as described in the fund’s prospectuses. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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. 
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 3
Management’s discussion of fund performance
Can you describe the market environment during the 12 months ended October 31, 2023?
Global equities, as represented by the MSCI ACWI, delivered a healthy, double-digit gain. Investor sentiment was generally robust for much of the period, thanks in part to optimism that world central banks were nearing the end of their long series of interest-rate increases. In addition, both economic growth and corporate earnings came in ahead of the depressed expectations that were in place in late 2022. Although sentiment began to deteriorate late in the period due to geopolitical developments and mounting expectations that interest rates would need to stay higher for longer, the major indexes nonetheless finished with strong total returns.
The more interest-rate sensitive segments of the market lagged over the full 12 months due to the combination of continued central bank tightening and rising bond yields. These factors were a headwind for the infrastructure category due to its large weightings in sectors and industries that tend to be hurt by rising rates, such as utilities and communication tower stocks.
TOP 10 HOLDINGS
AS OF 10/31/2023 (% of net assets)
Vinci SA 4.4
Engie SA 4.3
Nippon Telegraph & Telephone Corp. 3.9
Targa Resources Corp. 3.8
KDDI Corp. 3.6
Sempra 3.5
SK Telecom Company, Ltd. 3.4
The Williams Companies, Inc. 3.4
Exelon Corp. 3.4
Aena SME SA 3.3
TOTAL 37.0
Cash and cash equivalents are not included.
TOP 10 COUNTRIES
AS OF 10/31/2023 (% of net assets)
United States 47.0
France 8.7
Japan 7.5
Spain 6.9
Canada 6.5
China 4.4
South Korea 3.4
United Kingdom 3.4
Italy 3.2
Brazil 2.8
TOTAL 93.8
Cash and cash equivalents are not included.
4 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
What aspects of the fund’s positioning helped and hurt relative performance?
The U.S. utility The AES Corp. was the largest detractor. In addition to facing headwinds from broader industry pressures, AES missed on earnings and revenues in the latter half of the period. We sold the fund’s holdings in the company prior to period end. Shanghai International Airport Company, Ltd. was another detractor of note. The company, while exceeding revenue expectations, reported disappointing earnings as the Chinese economy continued to experience an uneven recovery from its protracted COVID-19 lockdowns. A position in China Longyuan Power Group Corp., Ltd. also detracted from performance due to lower-than-expected earnings and the weak relative returns for Chinese stocks more generally.
The French utility Engie SA—which gained ground after management boosted its guidance for 2023 at mid-year—was the leading contributor. Enel SpA, an electricity and natural gas distributor based in Italy, also made a sizable contribution to results as declining European power prices helped alleviate some of the political pressure the company had been facing. Two midstream energy companies—The Williams Companies and Targa Resources Corp.—also outperformed as rising oil and natural gas prices augmented their earnings results. The French concessions and construction company Vinci SA was another top contributor to performance. The company implemented a share buyback program, announced an acquisition that was well received by the markets, and reported sales and profit growth that were above consensus estimates.
Can you tell us about an addition to the portfolio management team?
Effective March 1, 2023, Timothy J. Casaletto, CFA, was added to the management team.
MANAGED BY
G. Thomas Levering
Timothy J. Casaletto, CFA
The views expressed in this report are exclusively those of G. Thomas Levering and Timothy J, Casaletto, CFA, Wellington Management Company LLP, 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 INFRASTRUCTURE FUND 5
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 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
(12-20-13) 		5-year Since
inception
(12-20-13) 		as of
10-31-23 		as of
10-31-23
Class A   -4.13 3.34 4.10 17.84 48.70 2.08 2.07
Class C1   -0.76 3.68 3.94 19.81 46.47 1.50 1.50
Class I2   1.17 4.72 4.96 25.94 61.16 2.49 2.48
Class R62   1.28 4.82 5.07 26.51 62.87 2.61 2.60
Class NAV2   1.29 4.83 5.08 26.58 63.10 2.61 2.61
Index††   10.50 7.47 6.84 43.39 92.02 — —
Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 5.00% 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.
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 February 28, 2024 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 (%) 1.25 1.95 0.95 0.85 0.84
Net (%) 1.24 1.94 0.94 0.84 0.83
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 is the MSCI ACWI.
See the following page for footnotes.
6 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Infrastructure Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI ACWI.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index ($)
Class C1,3 12-20-13 14,647 14,647 19,202
Class I2 12-20-13 16,116 16,116 19,202
Class R62 12-20-13 16,287 16,287 19,202
Class NAV2 12-20-13 16,310 16,310 19,202
The MSCI All Country World Index (ACWI) tracks the performance of publicly traded large- and mid-cap stocks of companies in both developed and emerging 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 Class C shares were first offered on 5-16-14. Returns prior to this date 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.
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 7
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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.
8 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT  
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
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $917.80 $6.19 1.28%
  Hypothetical example 1,000.00 1,018.80 6.51 1.28%
Class C Actual expenses/actual returns 1,000.00 914.80 9.56 1.98%
  Hypothetical example 1,000.00 1,015.20 10.06 1.98%
Class I Actual expenses/actual returns 1,000.00 919.30 4.74 0.98%
  Hypothetical example 1,000.00 1,020.30 4.99 0.98%
Class R6 Actual expenses/actual returns 1,000.00 919.20 4.16 0.86%
  Hypothetical example 1,000.00 1,020.90 4.38 0.86%
Class NAV Actual expenses/actual returns 1,000.00 919.90 4.16 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 INFRASTRUCTURE FUND 9
Fund’s investments
AS OF 10-31-23
        Shares Value
Common stocks 98.0%         $595,263,161
(Cost $558,100,589)          
Brazil 2.8%         17,047,617
Cia de Saneamento Basico do Estado de Sao Paulo   1,472,500 17,047,617
Canada 6.5%         39,384,838
Alimentation Couche-Tard, Inc.   118,321 6,440,997
Canadian National Railway Company   185,414 19,618,386
Pembina Pipeline Corp.   432,968 13,325,455
China 4.4%         26,892,295
China Longyuan Power Group Corp., Ltd., H Shares   16,874,068 14,284,366
Shanghai International Airport Company, Ltd., Class A (A)   2,478,400 12,607,929
France 8.7%         53,010,977
Engie SA   1,630,656 25,935,395
Vinci SA   244,863 27,075,582
Germany 2.8%         16,717,964
RWE AG   436,895 16,717,964
Hong Kong 1.4%         8,441,125
CK Hutchison Holdings, Ltd.   1,667,454 8,441,125
Italy 3.2%         19,246,347
Enel SpA   3,032,076 19,246,347
Japan 7.5%         45,710,999
KDDI Corp.   726,300 21,727,065
Nippon Telegraph & Telephone Corp.   20,381,075 23,983,934
South Korea 3.4%         20,841,580
SK Telecom Company, Ltd.   571,520 20,841,580
Spain 6.9%         42,001,274
Aena SME SA (B)   140,575 20,397,524
Cellnex Telecom SA (A)(B)   122,330 3,596,024
Iberdrola SA   1,619,106 18,007,726
United Kingdom 3.4%         20,341,228
National Grid PLC   1,706,054 20,341,228
United States 47.0%         285,626,917
American Electric Power Company, Inc.   250,192 18,899,504
American Tower Corp.   104,689 18,654,533
Atmos Energy Corp.   185,079 19,925,605
Berkshire Hathaway, Inc., Class B (A)   52,252 17,835,175
Constellation Energy Corp.   113,579 12,825,341
10 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
United States (continued)          
Dominion Energy, Inc.   371,771 $14,989,807
Duke Energy Corp.   197,369 17,544,130
Edison International   310,680 19,591,481
Exelon Corp.   522,398 20,342,178
FirstEnergy Corp.   380,638 13,550,713
ONEOK, Inc.   108,114 7,049,033
Public Service Enterprise Group, Inc.   187,806 11,578,240
Sempra   304,433 21,319,443
Sun Communities, Inc.   136,560 15,190,934
Targa Resources Corp.   278,779 23,308,712
The Williams Companies, Inc.   598,260 20,580,144
Vistra Corp.   380,255 12,441,944
    
        Par value^ Value
Short-term investments 1.3%       $7,900,000
(Cost $7,900,000)          
Repurchase agreement 1.3%         7,900,000
Royal Bank of Scotland Tri-Party Repurchase Agreement dated 10-31-23 at 5.280% to be repurchased at $7,901,159 on 11-1-23, collateralized by $8,408,700 U.S Treasury Notes, 4.000% due 2-28-30 (valued at $8,058,026)     7,900,000 7,900,000
    
Total investments (Cost $566,000,589) 99.3%     $603,163,161
Other assets and liabilities, net 0.7%     4,054,037
Total net assets 100.0%         $607,217,198
    
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.
Security Abbreviations and Legend
(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.
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $578,232,547. Net unrealized appreciation aggregated to $24,930,614, of which $53,541,794 related to gross unrealized appreciation and $28,611,180 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK INFRASTRUCTURE FUND 11
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $566,000,589) $603,163,161
Cash 64,986
Foreign currency, at value (Cost $50,935) 51,119
Dividends and interest receivable 1,239,394
Receivable for fund shares sold 561,760
Receivable for investments sold 3,331,895
Other assets 82,849
Total assets 608,495,164
Liabilities  
Payable for fund shares repurchased 1,059,770
Payable to affiliates  
Accounting and legal services fees 44,987
Transfer agent fees 46,793
Trustees’ fees 889
Other liabilities and accrued expenses 125,527
Total liabilities 1,277,966
Net assets $607,217,198
Net assets consist of  
Paid-in capital $654,561,782
Total distributable earnings (loss) (47,344,584)
Net assets $607,217,198
 
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 ($55,479,406 ÷ 4,644,065 shares)1 $11.95
Class C ($8,878,578 ÷ 753,894 shares)1 $11.78
Class I ($385,530,945 ÷ 32,242,556 shares) $11.96
Class R6 ($82,261,682 ÷ 6,864,148 shares) $11.98
Class NAV ($75,066,587 ÷ 6,265,452 shares) $11.98
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $12.58
    
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.
12 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Dividends $23,097,459
Interest 614,991
Non-cash dividends 1,449,792
Securities lending 185,353
Other income 50,450
Less foreign taxes withheld (1,974,836)
Total investment income 23,423,209
Expenses  
Investment management fees 5,438,957
Distribution and service fees 301,232
Accounting and legal services fees 148,031
Transfer agent fees 621,069
Trustees’ fees 18,796
Custodian fees 185,137
State registration fees 101,123
Printing and postage 53,689
Professional fees 79,164
Other 53,115
Total expenses 7,000,313
Less expense reductions (51,304)
Net expenses 6,949,009
Net investment income 16,474,200
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions (32,144,685)
Affiliated investments 1,526
  (32,143,159)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 28,845,749
  28,845,749
Net realized and unrealized loss (3,297,410)
Increase in net assets from operations $13,176,790
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 13
STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income $16,474,200 $13,980,013
Net realized loss (32,143,159) (39,505,523)
Change in net unrealized appreciation (depreciation) 28,845,749 (86,530,271)
Increase (decrease) in net assets resulting from operations 13,176,790 (112,055,781)
Distributions to shareholders    
From earnings    
Class A (1,239,689) (4,213,098)
Class C (133,659) (702,758)
Class I (9,849,595) (30,962,148)
Class R6 (2,519,926) (7,153,988)
Class NAV (1,822,434) (5,360,320)
Total distributions (15,565,303) (48,392,312)
From fund share transactions (98,732,333) 172,112,111
Total increase (decrease) (101,120,846) 11,664,018
Net assets    
Beginning of year 708,338,044 696,674,026
End of year $607,217,198 $708,338,044
14 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Financial highlights
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.07 $15.03 $11.99 $13.39 $11.60
Net investment income1 0.26 0.22 0.19 0.19 0.21
Net realized and unrealized gain (loss) on investments (0.14) (2.27) 3.11 (1.00) 2.02
Total from investment operations 0.12 (2.05) 3.30 (0.81) 2.23
Less distributions          
From net investment income (0.24) (0.42) (0.20) (0.19) (0.20)
From net realized gain — (0.49) (0.06) (0.40) (0.24)
Total distributions (0.24) (0.91) (0.26) (0.59) (0.44)
Net asset value, end of period $11.95 $12.07 $15.03 $11.99 $13.39
Total return (%)2,3 0.95 (14.26) 27.67 (6.23) 19.69
Ratios and supplemental data          
Net assets, end of period (in millions) $55 $64 $63 $33 $24
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.27 1.25 1.29 1.32 1.35
Expenses including reductions 1.27 1.25 1.28 1.31 1.31
Net investment income 2.04 1.63 1.35 1.55 1.66
Portfolio turnover (%) 20 33 27 34 26
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
3 Does not reflect the effect of sales charges, if any.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 15
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $11.91 $14.85 $11.86 $13.26 $11.50
Net investment income1 0.17 0.13 0.09 0.11 0.12
Net realized and unrealized gain (loss) on investments (0.14) (2.24) 3.07 (1.00) 2.01
Total from investment operations 0.03 (2.11) 3.16 (0.89) 2.13
Less distributions          
From net investment income (0.16) (0.34) (0.11) (0.11) (0.13)
From net realized gain — (0.49) (0.06) (0.40) (0.24)
Total distributions (0.16) (0.83) (0.17) (0.51) (0.37)
Net asset value, end of period $11.78 $11.91 $14.85 $11.86 $13.26
Total return (%)2,3 0.23 (14.85) 26.81 (6.92) 18.93
Ratios and supplemental data          
Net assets, end of period (in millions) $9 $11 $12 $6 $6
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.97 1.95 1.99 2.02 2.05
Expenses including reductions 1.97 1.95 1.98 2.01 2.01
Net investment income 1.32 0.99 0.66 0.89 0.94
Portfolio turnover (%) 20 33 27 34 26
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
3 Does not reflect the effect of sales charges, if any.
16 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.09 $15.05 $12.00 $13.41 $11.61
Net investment income1 0.30 0.26 0.24 0.23 0.26
Net realized and unrealized gain (loss) on investments (0.15) (2.27) 3.11 (1.01) 2.02
Total from investment operations 0.15 (2.01) 3.35 (0.78) 2.28
Less distributions          
From net investment income (0.28) (0.46) (0.24) (0.23) (0.24)
From net realized gain — (0.49) (0.06) (0.40) (0.24)
Total distributions (0.28) (0.95) (0.30) (0.63) (0.48)
Net asset value, end of period $11.96 $12.09 $15.05 $12.00 $13.41
Total return (%)2 1.17 (13.96) 28.12 (5.99) 20.13
Ratios and supplemental data          
Net assets, end of period (in millions) $386 $445 $463 $246 $213
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.97 0.95 0.99 1.02 1.05
Expenses including reductions 0.97 0.95 0.98 1.00 1.00
Net investment income 2.33 1.93 1.67 1.85 2.08
Portfolio turnover (%) 20 33 27 34 26
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 17
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.11 $15.08 $12.02 $13.43 $11.63
Net investment income1 0.32 0.23 0.25 0.25 0.27
Net realized and unrealized gain (loss) on investments (0.16) (2.23) 3.12 (1.02) 2.02
Total from investment operations 0.16 (2.00) 3.37 (0.77) 2.29
Less distributions          
From net investment income (0.29) (0.48) (0.25) (0.24) (0.25)
From net realized gain — (0.49) (0.06) (0.40) (0.24)
Total distributions (0.29) (0.97) (0.31) (0.64) (0.49)
Net asset value, end of period $11.98 $12.11 $15.08 $12.02 $13.43
Total return (%)2 1.28 (13.91) 28.28 (5.88) 20.18
Ratios and supplemental data          
Net assets, end of period (in millions) $82 $112 $77 $53 $50
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.86 0.85 0.88 0.91 0.94
Expenses including reductions 0.86 0.84 0.87 0.90 0.92
Net investment income 2.47 1.68 1.75 1.97 2.11
Portfolio turnover (%) 20 33 27 34 26
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
18 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS NAV SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $12.11 $15.08 $12.02 $13.43 $11.63
Net investment income1 0.31 0.29 0.25 0.24 0.26
Net realized and unrealized gain (loss) on investments (0.14) (2.29) 3.12 (1.01) 2.03
Total from investment operations 0.17 (2.00) 3.37 (0.77) 2.29
Less distributions          
From net investment income (0.30) (0.48) (0.25) (0.24) (0.25)
From net realized gain — (0.49) (0.06) (0.40) (0.24)
Total distributions (0.30) (0.97) (0.31) (0.64) (0.49)
Net asset value, end of period $11.98 $12.11 $15.08 $12.02 $13.43
Total return (%)2 1.29 (13.90) 28.29 (5.87) 20.19
Ratios and supplemental data          
Net assets, end of period (in millions) $75 $76 $82 $76 $84
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.86 0.84 0.87 0.90 0.93
Expenses including reductions 0.85 0.83 0.86 0.89 0.92
Net investment income 2.43 2.15 1.76 1.95 2.06
Portfolio turnover (%) 20 33 27 34 26
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 19
Notes to financial statements
Note 1—Organization
John Hancock Infrastructure Fund (the fund) is a series of John Hancock Investment Trust (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 from capital appreciation and income, with an emphasis on absolute returns over a full market cycle.
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
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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. 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. 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.
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
20 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT  
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 October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Brazil $17,047,617 $17,047,617 — —
Canada 39,384,838 39,384,838 — —
China 26,892,295 — $26,892,295 —
France 53,010,977 — 53,010,977 —
Germany 16,717,964 — 16,717,964 —
Hong Kong 8,441,125 — 8,441,125 —
Italy 19,246,347 — 19,246,347 —
Japan 45,710,999 — 45,710,999 —
South Korea 20,841,580 — 20,841,580 —
Spain 42,001,274 — 42,001,274 —
United Kingdom 20,341,228 — 20,341,228 —
United States 285,626,917 285,626,917 — —
Short-term investments 7,900,000 — 7,900,000 —
Total investments in securities $603,163,161 $342,059,372 $261,103,789 —
Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund’s custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund’s investments as part of the caption related to the repurchase agreement.
  ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 21
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.
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. 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.
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 John Hancock Collateral Trust (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 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. As of October 31, 2023, there were no securities on loan.
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.
22 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT  
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.
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.
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.
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 October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $6,228.
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.
  ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 23
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 October 31, 2023, the fund has a short-term capital loss carryforward of $26,211,186 and a long-term capital loss carryforward of $47,280,098 available to offset future net realized capital gains. These carryforwards do not expire.
As of October 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 and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $15,565,303 $24,152,217
Long-term capital gains — 24,240,095
Total $15,565,303 $48,392,312
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $1,232,909 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from 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 wash sale loss deferrals.
Note 3—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 4—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.
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) 0.800% of the first $250 million of the fund’s aggregate average daily net assets and (b) 0.750% of fund’s aggregate average daily net assets in excess of $250 million. Aggregate net assets include the net assets of the fund and the portion of the
24 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT  
net assets of John Hancock Diversified Real Assets Fund, a series of John Hancock Investment Trust, subadvised by Wellington Management Company LLP in the Infrastructure approach. The Advisor has a subadvisory agreement with Wellington Management Company LLP. The fund is not responsible for payment of the subadvisory fees.
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 October 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 agreed to reduce its management fee or, if necessary make payment to Class A, Class C, Class I, Class R6 and Class NAV shares, in an amount equal to the amount by which the expenses of Class A, Class C, Class I, Class R6 and Class NAV shares, as applicable, exceed 1.31%, 2.01%, 1.00%, 0.92% and 0.92%, respectively, of the average daily net assets attributable to the class. For purposes of this agreement, “expenses of Class A, Class C, Class I, Class R6 and Class NAV shares” means all expenses of the applicable class 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, acquired fund fees paid indirectly, borrowing costs, prime brokerage fees, and short dividend expenses. This agreement expires on February 28, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon determination that this is appropriate under the circumstances at that time.
For the year ended October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $4,741
Class C 752
Class I 32,264
Class Expense reduction
Class R6 $7,918
Class NAV 5,629
Total $51,304
 
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 October 31, 2023, were equivalent to a net annual effective rate of 0.76% 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 October 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. 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%
  ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 25
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $77,477 for the year ended October 31, 2023. Of this amount, $13,021 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $64,456 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 October 31, 2023, CDSCs received by the Distributor amounted to $783 and $630 for Class A and Class C shares, respectively.
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $197,031 $77,000
Class C 104,201 12,217
Class I — 524,067
Class R6 — 7,785
Total $301,232 $621,069
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 $10,771,429 7 3.699% $7,747
26 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT  
Note 5—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 882,556 $11,348,425 2,025,592 $27,709,972
Distributions reinvested 98,885 1,234,997 307,611 4,185,603
Repurchased (1,652,397) (21,014,737) (1,224,810) (16,304,441)
Net increase (decrease) (670,956) $(8,431,315) 1,108,393 $15,591,134
Class C shares        
Sold 78,571 $999,427 210,028 $2,892,655
Distributions reinvested 10,831 133,626 52,135 702,758
Repurchased (241,984) (3,035,502) (160,827) (2,156,310)
Net increase (decrease) (152,582) $(1,902,449) 101,336 $1,439,103
Class I shares        
Sold 7,777,688 $99,351,791 16,696,562 $228,918,364
Distributions reinvested 650,416 8,124,835 1,853,883 25,181,513
Repurchased (13,046,852) (165,693,307) (12,442,522) (166,094,417)
Net increase (decrease) (4,618,748) $(58,216,681) 6,107,923 $88,005,460
Class R6 shares        
Sold 2,110,229 $27,155,864 5,287,259 $72,480,165
Distributions reinvested 201,109 2,517,062 524,756 7,141,103
Repurchased (4,678,407) (59,244,590) (1,668,381) (22,490,341)
Net increase (decrease) (2,367,069) $(29,571,664) 4,143,634 $57,130,927
Class NAV shares        
Sold 1,107,362 $13,924,977 1,550,600 $19,788,219
Distributions reinvested 145,686 1,822,434 393,299 5,360,320
Repurchased (1,270,318) (16,357,635) (1,102,653) (15,203,052)
Net increase (decrease) (17,270) $(610,224) 841,246 $9,945,487
Total net increase (decrease) (7,826,625) $(98,732,333) 12,302,532 $172,112,111
Affiliates of the fund owned 100% of shares of Class NAV on October 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 $138,861,549 and $234,887,327, respectively, for the year ended October 31, 2023.
  ANNUAL REPORT | JOHN HANCOCK Infrastructure Fund 27
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. Utilities companies’ performance may be volatile due to variable fuel, service, and financing costs, conservation efforts, government regulation, and other factors.
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 October 31, 2023, funds within the John Hancock group of funds complex held 12.4% 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 Alternative Asset Allocation 5.8%
Note 9—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* — — $244,385,529 $(244,387,055) $1,526 — $185,353 — —
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
28 JOHN HANCOCK Infrastructure Fund | ANNUAL REPORT  
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Infrastructure Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2023 and the financial highlights for each of the five years in the period ended October 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 October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
  ANNUAL REPORT | JOHN HANCOCK INFRASTRUCTURE FUND 29
Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 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 $14,857,389. The fund intends to pass through foreign tax credits of $1,323,680.
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.
30 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT  
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 Investment Trust (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 Infrastructure 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 a meeting 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 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.
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 31
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 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 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;
32 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
(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 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 five-year periods ended December 31, 2022 and underperformed for the three-year period. The Board also noted that the fund outperformed the peer group median for the three- and five-year periods ended December 31, 2022 and underperformed for the one-year period. 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 five-year periods and relative to the peer group for the three- and five-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed its benchmark index and the historical performance of comparable funds.
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 for the fund are higher than the peer group median and net total expenses for the fund are lower than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board 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 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, 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
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 33
its contractual management fee schedule that reduce management fees as assets increase. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement which reduces certain expenses of the fund. 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 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.
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:
34 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
(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.
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
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 35
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.
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 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.
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 subadvisory fees for the fund are above the peer 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.
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 its benchmark index and the historical performance of comparable funds;
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
36 JOHN HANCOCK INFRASTRUCTURE FUND  | ANNUAL REPORT  
(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.
  ANNUAL REPORT  | JOHN HANCOCK INFRASTRUCTURE FUND 37
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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
38 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT  
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 2008 177
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 1994 175
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 175
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 2009 175
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 INFRASTRUCTURE FUND 39
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 177
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 175
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 2010
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).
40 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT  
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.
   
   
  ANNUAL REPORT | JOHN HANCOCK INFRASTRUCTURE FUND 41
More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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 Managers
Timothy J. Casaletto, CFA
G. Thomas Levering
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
# Effective June 29, 2023.
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 7th Street
Suite 219909
Kansas City, MO 64105-1407
42 JOHN HANCOCK INFRASTRUCTURE FUND | ANNUAL REPORT  
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Infrastructure Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208628 438A 10/23
12/2023

Annual report
John Hancock
Seaport Long/Short Fund  
Alternative
October 31, 2023
A message to shareholders
Dear shareholders,
Stocks performed well for most of the 12 months ended October 31, 2023, on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. Economic growth and corporate earnings came in above expectations. Mega-cap U.S. technology-related stocks were a key driver of returns for the broad global indexes, as were the European markets.
The environment grew less favorable during the last three months of the period, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep interest rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions, including the conflict in the Gaza Strip.
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.
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks capital appreciation.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)
The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed-market companies.
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. Since-inception returns for the Morningstar fund category average are not available.
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.
2 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
Global equities gained ground in the annual period
Stocks moved higher as milder inflation provided greater scope for world central banks to slow the pace of their interest-rate hikes.
The fund underperformed the MSCI World Index
While the fund produced a positive return, it trailed the benchmark in the rising market.
The fund’s long positions were the primary contributors to performance
Given the gain for the broader indexes, the fund’s short positions were the leading detractors.
PORTFOLIO COMPOSITION AS OF 10/31/2023 (% of net assets)
Common stocks 76.0
Financials 19.4
Health care 17.6
Information technology 12.2
Energy 7.6
Consumer discretionary 5.2
Industrials 4.6
Communication services 4.3
Materials 2.1
Utilities 1.6
Consumer staples 1.3
Real estate 0.1
Exchange-traded funds 0.7
Corporate bonds 0.2
Purchased options 0.1
Short-term investments and other 23.0
TOTAL 100.0
Notes about risk
The fund is subject to various risks as described in the fund’s prospectuses. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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. 
  ANNUAL REPORT  | JOHN HANCOCK SEAPORT LONG/SHORT FUND 3
Management’s discussion of fund performance
Can you describe the market environment during the 12 months ended October 31, 2023?
Stocks performed very well through the first nine months of the period on hopes that falling inflation would allow world central banks to wrap up their long series of interest-rate increases. In addition, economic growth and corporate earnings came in above the depressed expectations that were in place in late 2022.
The environment grew less favorable in early August, as investors became concerned that inflation was set to reaccelerate and central banks would be compelled to keep rates higher for longer. The markets were further pressured by the combination of rising oil prices, signs of slowing global growth, and increasing geopolitical tensions. While these factors caused the index to close well off of its previous high, it nonetheless finished firmly in positive territory on the strength of its earlier gains.
What aspects of the fund’s positioning helped and hurt relative performance?
The fund is a diversified long/short equity portfolio that combines five distinct strategies. We use derivatives to gain exposure to a security or market and to minimize the impact of volatility in the areas in which the fund holds long positions. As of period end, the fund’s allocations, including exposure to derivatives,
TOP 10 HOLDINGS
AS OF 10/31/2023 (% of net assets)
Amazon.com, Inc. 1.8
NVIDIA Corp. 1.4
Tradeweb Markets, Inc., Class A 1.3
Ares Management Corp., Class A 1.3
JPMorgan Chase & Co. 1.2
Microsoft Corp. 1.1
Eli Lilly & Company 1.1
Meta Platforms, Inc., Class A 1.1
Cenovus Energy, Inc. 1.1
Shell PLC 1.0
TOTAL 12.4
Cash and cash equivalents are not included.
COUNTRY COMPOSITION
AS OF 10/31/2023 (% of net assets)
United States 72.7
Japan 4.0
United Kingdom 4.0
Canada 3.1
China 3.0
Germany 2.3
Netherlands 1.6
Ireland 1.6
Switzerland 1.0
Other countries 6.7
TOTAL 100.0
4 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
were: healthcare (23% of assets), diversified equity (22%), capital cycles (20%), financials (19%), and technology (16%). The finance portfolio outperformed the index. The technology, capital cycles, and diversified equity portfolios, while generating positive absolute returns, did not keep pace with the index. The healthcare portfolio finished with a narrow loss.
Within the long portfolio, NVIDIA Corp., Meta Platforms, Inc., and UniCredit SpA were among the leading individual contributors. Credit Suisse Group, SVB Financial Group, and Trupanion, Inc. were notable detractors. We sold the fund’s holdings in Credit Suisse Group and SVB Financial Group prior to period end. As would be expected at a time of rising market performance, the fund’s short positions—primarily exchange-traded funds (ETFs) that track both broader indexes and specific sectors, executed with total return swaps—detracted from results. The purpose of these holdings is to minimize the impact of volatility in the areas in which the fund holds long positions.
MANAGED BY
The Seaport Long/Short Fund is
managed by a team of portfolio
managers at Wellington
Management Company LLP.
The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, 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 SEAPORT LONG/SHORT FUND 5
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2023
Average annual total returns (%)
with maximum sales charge 		Cumulative total returns (%)
with maximum sales charge
  1-year 5-year Since
inception
(12-20-13) 		5-year Since
inception
(12-20-13)
Class A -1.80 2.34 2.80 12.24 31.31
Class C1 1.66 2.66 2.64 14.03 29.28
Class I2 3.79 3.72 3.66 20.05 42.62
Class R62 3.86 3.84 3.80 20.74 44.43
Class NAV2 3.87 3.85 3.80 20.76 44.46
Index† 10.48 8.27 7.51 48.75 104.25
Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 5.00% 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.
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 R6 Class NAV
Gross (%) 1.92 2.62 1.62 1.52 1.51
Net (%) 1.91 2.61 1.61 1.51 1.50
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.
  † Index is the MSCI World Index.
See the following page for footnotes.
6 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Seaport Long/Short Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI World Index.
  Start date With maximum
sales charge ($) 		Without
sales charge ($) 		Index ($)
Class C1,3 12-20-13 12,928 12,928 20,425
Class I2 12-20-13 14,262 14,262 20,425
Class R62 12-20-13 14,443 14,443 20,425
Class NAV2 12-20-13 14,446 14,446 20,425
The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed-market companies.
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 5-16-14. Returns prior to this date 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.
  ANNUAL REPORT  | JOHN HANCOCK SEAPORT LONG/SHORT FUND 7
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 May 1, 2023, with the same investment held until October 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 October 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 May 1, 2023, with the same investment held until October 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.
8 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT  
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
5-1-2023 		Ending
value on
10-31-2023 		Expenses
paid during
period ended
10-31-20231 		Annualized
expense
ratio
Class A Actual expenses/actual returns $1,000.00 $1,003.80 $9.95 1.97%
  Hypothetical example 1,000.00 1,015.30 10.01 1.97%
Class C Actual expenses/actual returns 1,000.00 1,000.00 13.41 2.66%
  Hypothetical example 1,000.00 1,011.80 13.49 2.66%
Class I Actual expenses/actual returns 1,000.00 1,005.50 8.34 1.65%
  Hypothetical example 1,000.00 1,016.90 8.39 1.65%
Class R6 Actual expenses/actual returns 1,000.00 1,006.30 7.84 1.55%
  Hypothetical example 1,000.00 1,017.40 7.88 1.55%
Class NAV Actual expenses/actual returns 1,000.00 1,006.30 7.79 1.54%
  Hypothetical example 1,000.00 1,017.40 7.83 1.54%
    
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 SEAPORT LONG/SHORT FUND 9
Fund’s investments
AS OF 10-31-23
        Shares Value
Common stocks 76.0%         $447,394,893
(Cost $421,891,677)          
Communication services 4.3%     25,268,074
Diversified telecommunication services 0.2%      
United Internet AG     60,072 1,250,906
Entertainment 1.0%      
Liberty Media Corp.-Liberty Formula One, Series C (A)     24,569 1,589,369
Netflix, Inc. (A)     3,413 1,405,098
Roku, Inc. (A)     24,852 1,480,434
Spotify Technology SA (A)     858 141,364
Take-Two Interactive Software, Inc. (A)     8,872 1,186,630
Interactive media and services 2.0%      
Alphabet, Inc., Class A (A)     27,845 3,455,008
Alphabet, Inc., Class C (A)     1,666 208,750
Meta Platforms, Inc., Class A (A)     21,366 6,436,935
Pinterest, Inc., Class A (A)     12,205 364,685
Tencent Holdings, Ltd.     38,032 1,407,516
Media 0.4%      
Comcast Corp., Class A     38,481 1,588,880
Publicis Groupe SA     10,630 809,403
Wireless telecommunication services 0.7%      
Bharti Airtel, Ltd.     199,707 2,192,464
T-Mobile US, Inc. (A)     12,169 1,750,632
Consumer discretionary 5.2%     30,416,470
Automobiles 0.1%      
Rivian Automotive, Inc., Class A (A)     52,369 849,425
XPeng, Inc., A Shares (A)     1,176 8,546
Broadline retail 2.9%      
Alibaba Group Holding, Ltd. (A)     590,239 6,076,554
Amazon.com, Inc. (A)     80,914 10,768,836
JD.com, Inc., Class A     4,765 60,578
MercadoLibre, Inc. (A)     15 18,611
Diversified consumer services 0.1%      
Hope Education Group Company, Ltd. (A)(B)     128,922 7,594
WW International, Inc. (A)     81,306 635,813
Hotels, restaurants and leisure 0.2%      
Airbnb, Inc., Class A (A)     1,774 209,846
Booking Holdings, Inc. (A)     394 1,099,087
Sands China, Ltd. (A)     3,972 10,693
Wynn Macau, Ltd. (A)     12,247 10,846
10 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Consumer discretionary (continued)      
Household durables 0.8%      
Nikon Corp.     21,712 $206,143
Panasonic Holdings Corp.     66,195 580,761
Skyline Champion Corp. (A)     20,884 1,224,429
Sony Group Corp.     28,806 2,394,898
Specialty retail 0.7%      
Bath & Body Works, Inc.     36,603 1,085,279
RH (A)     3,090 673,496
Ross Stores, Inc.     20,950 2,429,572
Textiles, apparel and luxury goods 0.4%      
ANTA Sports Products, Ltd.     79,849 903,051
Cie Financiere Richemont SA, A Shares     9,853 1,162,412
Consumer staples 1.3%     7,684,185
Food products 0.3%      
Cranswick PLC     41,317 1,756,709
Personal care products 0.8%      
e.l.f. Beauty, Inc. (A)     18,076 1,674,380
Haleon PLC     433,232 1,736,431
Proya Cosmetics Company, Ltd., Class A     56,960 808,756
Shiseido Company, Ltd.     25,000 792,887
Tobacco 0.2%      
British American Tobacco PLC     30,631 915,022
Energy 7.6%     44,565,655
Energy equipment and services 0.8%      
Seadrill, Ltd. (A)     43,724 1,727,972
Tenaris SA, ADR     58,326 1,826,770
Valaris, Ltd. (A)     12,550 828,802
Oil, gas and consumable fuels 6.8%      
Antero Resources Corp. (A)     125,956 3,708,145
ARC Resources, Ltd.     90,832 1,461,303
Cenovus Energy, Inc.     331,704 6,328,912
Cheniere Energy, Inc.     14,215 2,365,660
Chesapeake Energy Corp.     58,753 5,057,458
ConocoPhillips     11,558 1,373,090
Coterra Energy, Inc.     77,638 2,135,045
Diamondback Energy, Inc.     28,322 4,540,583
EQT Corp.     107,140 4,540,593
Phillips 66     4,312 491,870
Shell PLC     192,404 6,200,570
Southwestern Energy Company (A)     277,543 1,978,882
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 11
        Shares Value
Financials 19.4%     $114,091,507
Banks 7.0%      
AIB Group PLC     495,787 2,152,470
Banco Bradesco SA, ADR     422,436 1,178,596
BAWAG Group AG (A)(B)     50,453 2,247,196
Commerzbank AG     156,240 1,685,135
Concordia Financial Group, Ltd.     426,000 1,979,366
Danske Bank A/S     24,642 578,070
FinecoBank SpA     27,717 326,968
FNB Corp.     91,102 973,880
Hokuhoku Financial Group, Inc.     13,800 161,116
Iyogin Holdings, Inc.     38,800 279,295
JPMorgan Chase & Co.     52,781 7,339,726
KBC Group NV     2,540 139,789
Kyushu Financial Group, Inc.     32,700 206,058
Mitsubishi UFJ Financial Group, Inc.     131,600 1,104,012
Nordea Bank ABP     78,065 822,527
OTP Bank NYRT     29,114 1,083,623
Permanent TSB Group Holdings PLC (A)     116,404 231,195
Resona Holdings, Inc.     147,900 790,277
Royal Bank of Canada     20,184 1,612,100
Security Bank Corp.     5,582 7,578
Sumitomo Mitsui Trust Holdings, Inc.     27,000 1,012,413
The Bank of Nagoya, Ltd.     4,700 189,692
The Chiba Bank, Ltd.     363,800 2,709,779
The Shiga Bank, Ltd.     47,300 1,250,864
Unicaja Banco SA (B)     1,206,864 1,257,450
UniCredit SpA     160,745 4,029,815
Wells Fargo & Company     148,448 5,903,777
Capital markets 6.7%      
Ares Management Corp., Class A     74,751 7,369,701
Federated Hermes, Inc.     33,534 1,063,028
Intercontinental Exchange, Inc.     23,100 2,481,864
KKR & Company, Inc.     79,866 4,424,576
M&A Capital Partners Company, Ltd.     51,500 934,854
Morgan Stanley     15,017 1,063,504
Morningstar, Inc.     4,692 1,188,202
Northern Trust Corp.     35,413 2,334,071
S&P Global, Inc.     6,305 2,202,400
StepStone Group, Inc., Class A     25,900 732,970
Tel Aviv Stock Exchange, Ltd. (A)     63,192 281,117
The Bank of New York Mellon Corp.     37,565 1,596,513
The Goldman Sachs Group, Inc.     17,024 5,168,657
Tradeweb Markets, Inc., Class A     85,791 7,722,048
WisdomTree, Inc.     157,815 978,453
12 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Financials (continued)      
Consumer finance 0.3%      
American Express Company     11,878 $1,734,544
Financial services 2.1%      
Block, Inc. (A)     91,198 3,670,720
EXOR NV     48,221 4,138,768
Global Payments, Inc.     1,542 163,791
Mastercard, Inc., Class A     102 38,388
WEX, Inc. (A)     16,836 2,802,857
Wise PLC, Class A (A)     188,798 1,534,501
Insurance 3.3%      
Admiral Group PLC     35,863 1,065,588
AIA Group, Ltd.     328,007 2,848,348
Allianz SE     8,142 1,907,202
ASR Nederland NV     54,886 2,048,261
Beazley PLC     117,719 737,434
Intact Financial Corp.     10,282 1,444,633
Japan Post Insurance Company, Ltd.     51,300 987,837
Lancashire Holdings, Ltd.     190,072 1,312,425
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros     613,421 528,786
Muenchener Rueckversicherungs-Gesellschaft AG     6,698 2,687,961
Ping An Insurance Group Company of China, Ltd., H Shares     7,664 38,875
Talanx AG     43,978 2,771,460
Trupanion, Inc. (A)     40,505 834,403
Health care 17.6%     103,941,237
Biotechnology 7.5%      
Abcam PLC, ADR (A)     12,408 284,391
Akero Therapeutics, Inc. (A)     18,654 222,356
Alkermes PLC (A)     56,532 1,367,509
Alnylam Pharmaceuticals, Inc. (A)     12,634 1,917,841
Amoy Diagnostics Company, Ltd., Class A     77,854 231,225
Apellis Pharmaceuticals, Inc. (A)     25,383 1,235,137
Argenx SE, ADR (A)     5,194 2,438,947
Ascendis Pharma A/S, ADR (A)     15,552 1,388,949
Biogen, Inc. (A)     11,994 2,849,055
Blueprint Medicines Corp. (A)     7,915 465,877
Bridgebio Pharma, Inc. (A)     27,500 716,100
Clementia Pharmaceuticals, Inc. (A)(C)     9,185 0
Crinetics Pharmaceuticals, Inc. (A)     30,387 890,035
Cytokinetics, Inc. (A)     47,802 1,666,378
Denali Therapeutics, Inc. (A)     13,266 249,799
Exact Sciences Corp. (A)     47,175 2,905,508
Genmab A/S (A)     2,801 791,795
Genus PLC     12,033 313,012
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 13
        Shares Value
Health care (continued)      
Biotechnology (continued)      
Geron Corp. (A)     220,381 $418,724
Gilead Sciences, Inc.     14,365 1,128,227
Immatics NV (A)     3,234 24,740
ImmunoGen, Inc. (A)     66,835 993,168
Karuna Therapeutics, Inc. (A)     8,122 1,353,206
Keymed Biosciences, Inc. (A)(B)     48,500 360,331
Kymera Therapeutics, Inc. (A)     17,901 208,905
Legend Biotech Corp., ADR (A)     8,960 591,987
Merus NV (A)     34,242 688,607
Moderna, Inc. (A)     7,994 607,224
MoonLake Immunotherapeutics (A)     6,205 321,481
Nuvalent, Inc., Class A (A)     13,676 712,383
Prothena Corp. PLC (A)     10,053 366,532
RayzeBio, Inc. (A)     11,645 225,913
Regeneron Pharmaceuticals, Inc. (A)     1,491 1,162,816
Remegen Company, Ltd., H Shares (A)(B)     14,988 85,358
REVOLUTION Medicines, Inc. (A)     7,179 142,144
Rocket Pharmaceuticals, Inc. (A)     38,870 703,547
Roivant Sciences, Ltd. (A)     108,503 937,466
Sage Therapeutics, Inc. (A)     334 6,256
Seagen, Inc. (A)     13,215 2,812,284
Sichuan Kelun-Biotech Biopharmaceutical Company, Ltd. (A)     32,300 344,191
United Therapeutics Corp. (A)     10,963 2,443,214
Veracyte, Inc. (A)     6,197 128,402
Vertex Pharmaceuticals, Inc. (A)     16,510 5,978,436
Xenon Pharmaceuticals, Inc. (A)     17,019 527,589
Zai Lab, Ltd., ADR (A)     29,982 755,546
Health care equipment and supplies 2.8%      
Abbott Laboratories     19,668 1,859,609
Alcon, Inc.     14,561 1,042,220
AtriCure, Inc. (A)     18,836 652,479
Becton, Dickinson and Company     4,555 1,151,413
Boston Scientific Corp. (A)     575 29,434
DexCom, Inc. (A)     40,343 3,583,669
DiaSorin SpA     10,205 914,596
Edwards Lifesciences Corp. (A)     10,487 668,232
Hologic, Inc. (A)     16,113 1,066,197
Inspire Medical Systems, Inc. (A)     5,663 833,367
Intuitive Surgical, Inc. (A)     8,341 2,187,177
Lifetech Scientific Corp. (A)     30,082 9,243
QuidelOrtho Corp. (A)     1,184 72,319
Shockwave Medical, Inc. (A)     10,493 2,164,286
Stryker Corp.     1,339 361,825
14 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Health care (continued)      
Health care equipment and supplies (continued)      
Venus MedTech Hangzhou, Inc., H Shares (A)(B)     114,500 $64,951
Health care providers and services 2.1%      
Acadia Healthcare Company, Inc. (A)     15,765 1,158,885
Addus HomeCare Corp. (A)     7,560 596,484
agilon health, Inc. (A)     22,808 410,544
Alignment Healthcare, Inc. (A)     129,477 890,802
Cencora, Inc.     8,282 1,533,412
Centene Corp. (A)     19,455 1,342,006
Hapvida Participacoes e Investimentos SA (A)(B)     704,030 515,272
HCA Healthcare, Inc.     2,325 525,776
Humana, Inc.     3,836 2,008,875
Molina Healthcare, Inc. (A)     301 100,218
Privia Health Group, Inc. (A)     27,399 575,927
Surgery Partners, Inc. (A)     36,431 842,649
UnitedHealth Group, Inc.     3,931 2,105,286
Health care technology 0.3%      
Health Catalyst, Inc. (A)     30,985 232,078
Veeva Systems, Inc., Class A (A)     7,885 1,519,518
Life sciences tools and services 1.1%      
Danaher Corp.     10,034 1,926,729
ICON PLC (A)     6,254 1,525,726
Illumina, Inc. (A)     9,288 1,016,293
Repligen Corp. (A)     3,573 480,783
Tecan Group AG     1,568 451,271
WuXi AppTec Company, Ltd., H Shares (B)     74,700 897,636
Pharmaceuticals 3.8%      
Aclaris Therapeutics, Inc. (A)     51,862 258,273
AstraZeneca PLC     26,120 3,270,318
Bayer AG     6,904 298,312
Chugai Pharmaceutical Company, Ltd.     58,400 1,731,943
Daiichi Sankyo Company, Ltd.     27,167 700,479
Eisai Company, Ltd.     11,687 619,158
Elanco Animal Health, Inc. (A)     54,950 484,110
Eli Lilly & Company     11,850 6,564,071
Merck & Company, Inc.     29,170 2,995,759
Novartis AG     7,334 686,606
Otsuka Holdings Company, Ltd.     45,300 1,524,161
Pfizer, Inc.     701 21,423
Sandoz Group AG (A)     1,466 38,115
Structure Therapeutics, Inc., ADR (A)     12,113 899,996
UCB SA     19,221 1,405,824
Ventyx Biosciences, Inc. (A)     16,583 239,127
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 15
        Shares Value
Health care (continued)      
Pharmaceuticals (continued)      
Verona Pharma PLC, ADR (A)     35,305 $492,505
Zoetis, Inc.     2,747 431,279
Industrials 4.6%     27,126,885
Aerospace and defense 1.1%      
BWX Technologies, Inc. (D)     36,630 2,720,876
Dassault Aviation SA     5,968 1,186,374
Rheinmetall AG     9,122 2,618,866
Building products 0.4%      
Builders FirstSource, Inc. (A)     15,631 1,696,276
The AZEK Company, Inc. (A)     35,455 928,921
Construction and engineering 0.1%      
Fluor Corp. (A)     16,156 537,833
IRB Infrastructure Developers, Ltd.     39,609 15,947
Electrical equipment 0.4%      
Contemporary Amperex Technology Company, Ltd., Class A     98,886 2,510,894
Vicor Corp. (A)     158 6,121
Ground transportation 1.0%      
ALD SA (B)     39,912 268,462
Uber Technologies, Inc. (A)     136,374 5,902,267
Machinery 0.5%      
Ebara Corp.     23,200 1,027,378
IMI PLC     99,179 1,771,242
Zoomlion Heavy Industry Science and Technology Company, Ltd., Class A     12,884 11,306
Marine transportation 0.7%      
Irish Continental Group PLC     870,925 3,973,601
Professional services 0.2%      
Ceridian HCM Holding, Inc. (A)     16,579 1,061,222
Trading companies and distributors 0.2%      
Applied Industrial Technologies, Inc.     5,716 877,463
Transportation infrastructure 0.0%      
Adani Ports & Special Economic Zone, Ltd.     1,255 11,836
Information technology 12.2%     71,842,068
Communications equipment 0.0%      
Accton Technology Corp.     5,869 90,936
Electronic equipment, instruments and components 0.5%      
Flex, Ltd. (A)     77,353 1,989,519
Omron Corp.     386 13,829
Sunny Optical Technology Group Company, Ltd.     107,000 896,438
Unimicron Technology Corp.     57,116 254,732
16 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Information technology (continued)      
IT services 1.4%      
EPAM Systems, Inc. (A)     3,799 $826,548
MongoDB, Inc. (A)     6,451 2,222,950
Okta, Inc. (A)     19,768 1,332,561
Shopify, Inc., Class A (A)     59,852 2,824,416
Squarespace, Inc., Class A (A)     20,948 595,133
VeriSign, Inc. (A)     2,551 509,333
Semiconductors and semiconductor equipment 5.1%      
Advanced Micro Devices, Inc. (A)     14,325 1,411,013
ASML Holding NV, NYRS     600 359,286
Broadcom, Inc.     2,529 2,127,825
Disco Corp.     1,217 214,921
Intel Corp. (D)     37,130 1,355,245
KLA Corp.     5,695 2,674,942
Lam Research Corp.     2,300 1,352,906
Marvell Technology, Inc.     68,241 3,222,340
Micron Technology, Inc.     24,607 1,645,470
Nova, Ltd. (A)     6,742 640,288
NVIDIA Corp.     20,333 8,291,797
ON Semiconductor Corp. (A)     19,194 1,202,312
Rambus, Inc. (A)     12,720 691,078
Renesas Electronics Corp. (A)     3,086 40,537
SCREEN Holdings Company, Ltd.     9,916 461,016
Shibaura Mechatronics Corp.     3,136 135,461
Taiwan Semiconductor Manufacturing Company, Ltd.     115,698 1,889,638
Taiwan Semiconductor Manufacturing Company, Ltd., ADR     7,679 662,774
Tokyo Electron, Ltd.     2,134 281,982
Tokyo Seimitsu Company, Ltd.     6,928 323,852
Ulvac, Inc.     22,352 768,666
Wolfspeed, Inc. (A)     7,740 261,922
Software 4.8%      
Atlassian Corp., Class A (A)     2,132 385,124
BILL Holdings, Inc. (A)     2,851 260,268
Datadog, Inc., Class A (A)     18,436 1,501,981
Dynatrace, Inc. (A)     32,666 1,460,497
Gitlab, Inc., Class A (A)     38,723 1,675,931
HubSpot, Inc. (A)     7,505 3,180,394
Intuit, Inc.     4,719 2,335,669
Microsoft Corp.     19,443 6,573,873
Oracle Corp.     8,628 892,135
Palo Alto Networks, Inc. (A)     3,406 827,726
Salesforce, Inc. (A)     13,195 2,649,952
ServiceNow, Inc. (A)     7,400 4,305,690
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 17
        Shares Value
Information technology (continued)      
Software (continued)      
Workday, Inc., Class A (A)     8,908 $1,885,913
Technology hardware, storage and peripherals 0.4%      
Quanta Computer, Inc.     60,584 357,706
Samsung Electronics Company, Ltd.     30,889 1,537,496
Wiwynn Corp.     9,287 440,047
Materials 2.1%     12,710,201
Chemicals 0.3%      
Hansol Chemical Company, Ltd.     3,767 420,380
Sinoma Science & Technology Company, Ltd., Class A     511,755 1,209,804
SKC Company, Ltd.     1,272 74,389
Yunnan Energy New Material Company, Ltd., Class A     2,915 26,755
Construction materials 0.0%      
Ambuja Cements, Ltd.     3,951 20,135
Anhui Conch Cement Company, Ltd., H Shares     6,614 16,460
China National Building Material Company, Ltd., H Shares     27,629 13,151
Metals and mining 1.8%      
Anglo American PLC     75,916 1,934,308
Barrick Gold Corp.     222,946 3,562,677
Boliden AB     12,207 312,904
Foran Mining Corp. (A)     205,306 641,049
Fresnillo PLC     39,857 268,261
Glencore PLC     446,388 2,364,439
Vale SA, ADR     134,609 1,845,489
Real estate 0.1%     521,720
Real estate management and development 0.1%      
LEG Immobilien SE (A)     7,166 447,958
Specialized REITs 0.0%      
Weyerhaeuser Company     2,571 73,762
Utilities 1.6%     9,226,891
Electric utilities 0.6%      
American Electric Power Company, Inc.     43,981 3,322,325
Gas utilities 0.4%      
Atmos Energy Corp.     15,679 1,688,001
China Resources Gas Group, Ltd.     36,400 107,603
ENN Energy Holdings, Ltd.     66,091 500,649
Kunlun Energy Company, Ltd.     182,000 151,625
Independent power and renewable electricity producers 0.0%      
China Longyuan Power Group Corp., Ltd., H Shares     183,500 155,338
18 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Shares Value
Utilities (continued)      
Multi-utilities 0.6%      
Dominion Energy, Inc.     60,258 $2,429,603
Engie SA     54,810 871,747
Exchange-traded funds 0.7%         $3,813,197
(Cost $4,088,635)          
VanEck Gold Miners ETF       136,137 3,813,197
    
  Rate (%) Maturity date   Par value^ Value
Corporate bonds 0.2%     $752,683
(Cost $739,215)          
Health care 0.2%     752,683
Health care providers and services 0.2%      
AthenaHealth Group, Inc. (B) 6.500 02-15-30   921,000 752,683
    
        Contracts/Notional amount Value
Purchased options 0.1%         $744,054
(Cost $1,290,307)          
Calls 0.1%         403,939
Exchange Traded Option on Cboe Global Markets, Inc. (Expiration Date: 3-15-24; Strike Price: $185.00; Notional Amount: 45,100) (A)       451 83,435
Exchange Traded Option on Intel Corp. (Expiration Date: 6-21-24; Strike Price: $50.00; Notional Amount: 126,000) (A)       1,260 105,210
Exchange Traded Option on JD.com, Inc., Class A (Expiration Date: 12-15-23; Strike Price: $37.50; Notional Amount: 80,200) (A)       802 6,015
Exchange Traded Option on S&P 500 Index (Expiration Date: 1-31-24; Strike Price: $4,450.00; Notional Amount: 3,100) (A)       31 124,156
Exchange Traded Option on Shopify, Inc., Class A (Expiration Date: 2-16-24; Strike Price: $65.00; Notional Amount: 21,500) (A)       215 28,380
Over the Counter Dual Digital Option on S&P 500 Index and Brent Crude Oil Futures (Expiration Date: 1-26-24; Strike Price: S&P 500 Index less than $4,159.11 and Brent Crude Oil Futures greater than $99.81; Counterparty: Goldman Sachs International) (A)(E)       734,132 19,168
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 19
        Contracts/Notional amount Value
Calls (continued)          
Over the Counter Dual Digital Option on S&P 500 Index and Brent Crude Oil Futures (Expiration Date: 2-26-24; Strike Price: S&P 500 Index less than $4,146.25 and Brent Crude Oil Futures greater than $99.19; Counterparty: Citibank, N.A.) (A)(E)       285,278 $8,255
Over the Counter Option on China Vanke Company, Ltd., H Shares (Expiration Date: 12-28-23; Strike Price: CNY 16.11; Counterparty: Goldman Sachs International) (A)(E)       23,400 38
Over the Counter Option on Hong Kong Exchanges & Clearing, Ltd. (Expiration Date: 11-29-23; Strike Price: HKD 320.65; Counterparty: Morgan Stanley & Company International PLC) (A)(E)       1,330 68
Over the Counter Option on JD.com, Inc., Class A (Expiration Date: 12-28-23; Strike Price: HKD 145.86; Counterparty: JPMorgan Chase Bank, N.A.) (A)(E)       2,386 107
Over the Counter Option on JD.com, Inc., Class A (Expiration Date: 12-28-23; Strike Price: HKD 165.88; Counterparty: Morgan Stanley & Company International PLC) (A)(E)       3,650 52
Over the Counter Option on KBC Group NV (Expiration Date: 11-17-23; Strike Price: EUR 54.00; Counterparty: Goldman Sachs International) (A)(E)       41,800 28,819
Over the Counter Option on Kweichow Moutai Company, Ltd., Class A (Expiration Date: 11-29-23; Strike Price: CNY 1,988.82; Counterparty: Morgan Stanley & Company International PLC) (A)(E)       260 0
Over the Counter Option on Li Ning Company, Ltd. (Expiration Date: 12-28-23; Strike Price: HKD 47.01; Counterparty: Goldman Sachs International) (A)(E)       11,441 5
Over the Counter Option on Panasonic Holdings Corp. (Expiration Date: 12-8-23; Strike Price: JPY 1,938.20; Counterparty: JPMorgan Chase Bank, N.A.) (A)(E)       5,914 0
Over the Counter Option on Ping An Insurance Group Company of China, Ltd., H Shares (Expiration Date: 12-28-23; Strike Price: HKD 54.89; Counterparty: Morgan Stanley & Company International PLC) (A)(E)       12,500 69
20 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
        Contracts/Notional amount Value
Calls (continued)          
Over the Counter Option on Shanghai International Airport Company, Ltd., Class A (Expiration Date: 11-30-23; Strike Price: CNY 50.90; Counterparty: Morgan Stanley & Company International PLC) (A)(E)       8,756 $1
Over the Counter Option on Tencent Holdings, Ltd. (Expiration Date: 11-29-23; Strike Price: HKD 332.86; Counterparty:JPMorgan Chase Bank, N.A.) (A)(E)       1,420 161
Puts 0.0%         340,115
Exchange Traded Option on Datadog, Inc., Class A (Expiration Date: 11-17-23; Strike Price: $80.00; Notional Amount: 12,700) (A)       127 56,515
Exchange Traded Option on Gitlab, Inc., Class A (Expiration Date: 11-17-23; Strike Price: $38.00; Notional Amount: 22,400) (A)       224 10,640
Exchange Traded Option on HubSpot, Inc. (Expiration Date: 11-17-23; Strike Price: $400.00; Notional Amount: 4,500) (A)       45 52,200
Exchange Traded Option on Invesco QQQ Trust Series 1 (Expiration Date: 11-17-23; Strike Price: $339.00; Notional Amount: 16,300) (A)       163 44,173
Exchange Traded Option on iShares Expanded Tech-Software Sector ETF (Expiration Date: 11-17-23; Strike Price: $325.00; Notional Amount: 16,200) (A)       162 45,765
Exchange Traded Option on MongoDB, Inc. (Expiration Date: 11-3-23; Strike Price: $300.00; Notional Amount: 6,800) (A)       68 952
Exchange Traded Option on NVIDIA Corp. (Expiration Date: 11-24-23; Strike Price: $390.00; Notional Amount: 3,400) (A)       34 54,060
Exchange Traded Option on NVIDIA Corp. (Expiration Date: 11-24-23; Strike Price: $400.00; Notional Amount: 3,800) (A)       38 75,810
    
  Yield* (%) Maturity date   Par value^ Value
Short-term investments 24.1%         $141,925,262
(Cost $141,924,874)          
U.S. Government 14.4%         84,751,731
U.S. Treasury Bill 5.257 11-02-23   335,000 334,951
U.S. Treasury Bill (D) 5.277 01-18-24   10,000 9,885
U.S. Treasury Bill 5.287 11-07-23   335,000 334,705
U.S. Treasury Bill (D) 5.288 11-24-23   1,400,000 1,395,270
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 21
  Yield* (%) Maturity date   Par value^ Value
U.S. Government (continued)          
U.S. Treasury Bill (D) 5.289 11-21-23   1,785,000 $1,779,750
U.S. Treasury Bill (D) 5.290 11-09-23   4,710,000 4,704,457
U.S. Treasury Bill (D) 5.295 11-16-23   2,095,000 2,090,401
U.S. Treasury Bill (D) 5.310 01-25-24   12,830,000 12,669,245
U.S. Treasury Bill (D) 5.316 12-21-23   1,180,000 1,171,310
U.S. Treasury Bill (D) 5.326 11-30-23   59,470,000 59,216,623
U.S. Treasury Bill (D) 5.330 11-28-23   370,000 368,532
U.S. Treasury Bill (D) 5.355 12-05-23   680,000 676,602
    
    Yield (%)   Shares Value
Short-term funds 9.7%         57,173,531
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.2868(F)   57,173,531 57,173,531
    
Total investments (Cost $569,934,708) 101.1%     $594,630,089
Other assets and liabilities, net (1.1%)       (6,300,840)
Total net assets 100.0%         $588,329,249
    
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
CNY Chinese Yuan Renminbi
EUR Euro
HKD Hong Kong Dollar
JPY Japanese Yen
    
Security Abbreviations and Legend
ADR American Depositary Receipt
NYRS New York Registry Shares
(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) 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.
(D) All or a portion of this security is segregated at the custodian as collateral for certain derivatives.
(E) For this type of option, notional amounts are equivalent to number of contracts.
(F) The rate shown is the annualized seven-day yield as of 10-31-23.
* 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.
22 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
DERIVATIVES
FUTURES
Open contracts Number of
contracts 		Position Expiration
date 		Notional
basis^ 		Notional
value^ 		Unrealized
appreciation
(depreciation)
MSCI Singapore Index Futures 3 Short Nov 2023 $(59,842) $(59,588) $254
TOPIX Index Futures 12 Short Dec 2023 (1,847,287) (1,784,463) 62,824
            $63,078
^ 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 7,640,000 USD 4,828,990 JPM 11/30/2023 $21,845 —
CAD 5,745,000 USD 4,160,974 JPM 11/30/2023 — $(16,575)
CHF 4,805,000 USD 5,361,004 GSI 11/30/2023 — (63,155)
DKK 10,480,000 USD 1,482,673 GSI 11/30/2023 5,131 —
EUR 4,703,000 USD 4,980,926 SCB 11/30/2023 892 —
GBP 3,948,000 USD 4,773,787 JPM 11/30/2023 25,586 —
GBP 2,273,000 USD 2,834,675 BNP 12/20/2023 — (70,915)
GBP 2,256,000 USD 2,812,867 MSI 12/20/2023 — (69,777)
HKD 11,855,000 USD 1,516,751 CITI 11/30/2023 — (857)
JPY 431,500,000 USD 2,883,492 JPM 11/30/2023 — (24,144)
JPY 582,973,000 USD 3,933,037 BNP 12/20/2023 — (56,398)
JPY 1,466,300,000 USD 10,165,554 MSI 12/20/2023 — (414,991)
JPY 16,300,000 USD 109,859 SCB 12/20/2023 — (1,468)
KRW 5,255,910,000 USD 3,900,142 BNP 11/30/2023 — (9,364)
SEK 22,110,000 USD 1,977,979 GSI 11/30/2023 4,948 —
USD 6,618,907 CNY 48,136,000 SSB 12/20/2023 — (55,317)
USD 14,631,538 EUR 13,849,000 DB 11/30/2023 — (38,501)
USD 2,954,083 EUR 2,796,000 MSI 11/30/2023 — (7,678)
USD 4,240,002 EUR 3,942,000 DB 12/20/2023 59,674 —
USD 1,264,400 HUF 464,200,000 MSI 11/30/2023 — (13,946)
USD 1,199,673 JPY 179,600,000 MSI 11/30/2023 9,547 —
USD 1,379,385 JPY 207,500,000 CITI 12/20/2023 — (443)
USD 4,041,631 JPY 582,973,000 MSI 12/20/2023 164,993 —
USD 3,875,242 KRW 5,255,390,000 SSB 11/30/2023 — (15,152)
            $292,616 $(858,681)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 23
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              
GSI China Vanke Company, Ltd., H Shares CNY 19.04 Dec 2023 23,400 23,400 $481 $(10)
MSI Hong Kong Exchanges & Clearing, Ltd. HKD 349.80 Nov 2023 1,330 1,330 411 (11)
JPM JD.com, Inc., Class A HKD 165.75 Dec 2023 2,386 2,386 1,033 (35)
MSI JD.com, Inc., Class A HKD 187.52 Dec 2023 3,650 3,650 3,972 (16)
MSI Kweichow Moutai Company, Ltd., Class A CNY 2,169.62 Nov 2023 260 260 13 —
GSI Li Ning Company, Ltd. HKD 53.73 Dec 2023 11,441 11,441 3,842 (1)
MSI Ping An Insurance Group Company of China, Ltd., H Shares HKD 62.37 Dec 2023 12,500 12,500 1,895 (18)
MSI Shanghai International Airport Company, Ltd., Class A CNY 57.84 Nov 2023 8,756 8,756 250 —
JPM Tencent Holdings, Ltd. HKD 363.12 Nov 2023 1,420 1,420 379 (38)
              $12,276 $(129)
Exchange-traded Cboe Global Markets, Inc. USD 200.00 Mar 2024 451 45,100 18,196 (21,423)
Exchange-traded Datadog, Inc., Class A USD 105.00 Nov 2023 127 12,700 12,525 (4,382)
Exchange-traded Gitlab, Inc., Class A USD 50.00 Nov 2023 224 22,400 6,618 (6,720)
Exchange-traded HubSpot, Inc. USD 530.00 Nov 2023 51 5,100 20,509 (3,953)
Exchange-traded JD.com, Inc., Class A USD 42.50 Dec 2023 802 80,200 65,931 (2,406)
Exchange-traded NVIDIA Corp. USD 500.00 Nov 2023 34 3,400 16,709 (7,412)
Exchange-traded NVIDIA Corp. USD 510.00 Nov 2023 38 3,800 19,395 (6,156)
              $159,883 $(52,452)
Puts
MSI JD.com, Inc., Class A HKD 100.97 Dec 2023 3,650 3,650 $1,795 $(3,395)
JPM JD.com, Inc., Class A HKD 106.08 Dec 2023 2,386 2,386 666 (3,137)
GSI Li Ning Company, Ltd. HKD 38.06 Dec 2023 11,441 11,441 3,103 (20,136)
              $5,564 $(26,668)
Exchange-traded JD.com, Inc., Class A USD 27.50 Dec 2023 802 80,200 45,400 (230,573)
              $223,123 $(309,822)
24 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
SWAPS
Total return swaps
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Pay ARK Innovation ETF 1-Day USD OBFR - 2.85% Monthly USD 1,780,278 May 2033 GSI — $49,164 $49,164
Pay Consumer Discretionary Select Sector SPDR Fund 1-Day USD OBFR - 0.34% Monthly USD 328,399 May 2033 GSI — (966) (966)
Pay GS Custom Basket 1-Day USD OBFR - 0.50% Monthly USD 2,402,351 May 2033 GSI — 32,810 32,810
Pay Invesco QQQ Trust Series 1 1-Day USD OBFR - 0.20% Monthly USD 101,792 May 2033 GSI — 800 800
Pay iShares Russell Mid-Cap Growth ETF 1-Day USD OBFR - 0.55% Monthly USD 9,067,848 May 2033 GSI — 198,478 198,478
Pay iShares Semiconductor ETF 1-Day USD OBFR - 0.74% Monthly USD 1,299,167 May 2033 GSI — 34,984 34,984
Pay SPDR S&P 500 ETF 1-Day USD OBFR - 0.05% Monthly USD 7,165,705 May 2033 GSI — 26,478 26,478
Pay SPDR S&P Pharmaceuticals ETF 1-Day USD OBFR - 1.70% Monthly USD 1,655,999 May 2033 GSI — 42,095 42,095
Pay SPDR S&P Regional Banking ETF 1-Day USD OBFR - 0.70% Monthly USD 9,774,498 May 2033 GSI — (89,296) (89,296)
Pay TOPIX Banks Index 1-Day JPY TONAR Compounded OIS - 0.25% Monthly JPY 174,594,824 May 2033 GSI — (18,129) (18,129)
Pay Vanguard FTSE Developed Markets ETF 1-Day USD OBFR - 0.39% Monthly USD 983,635 May 2033 GSI — (704) (704)
Pay iShares Expanded Tech Sector ETF 1-Day USD OBFR - 0.82% Monthly USD 1,903,089 May 2028 JPM — 57,032 57,032
Pay iShares MSCI Eurozone ETF 1-Day USD OBFR - 0.95% Monthly USD 95,317 May 2028 JPM — 1,138 1,138
Pay iShares Russell Mid-Cap Growth ETF 1-Day USD OBFR - 0.20% Monthly USD 3,479,697 May 2028 JPM — 136,448 136,448
Pay iShares Semiconductor ETF 1-Day USD OBFR - 0.44% Monthly USD 8,244,909 May 2028 JPM — 513,854 513,854
Pay SPDR S&P Biotech ETF 1-Day USD OBFR - 2.07% Monthly USD 11,848,112 May 2028 JPM — 1,010,672 1,010,672
Pay SPDR S&P Regional Banking ETF 1-Day USD OBFR - 1.00% Monthly USD 928,156 May 2028 JPM — 31,372 31,372
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 25
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Pay VanEck Semiconductor ETF 1-Day USD OBFR - 0.44% Monthly USD 21,201 May 2028 JPM — $986 $986
Pay ARK Innovation ETF 1-Day USD OBFR - 3.23% Monthly USD 1,674,003 May 2033 MSI — 141,283 141,283
Pay Consumer Discretionary Select Sector SPDR Fund 1-Day USD OBFR - 0.20% Monthly USD 32,249,996 May 2033 MSI — 1,588,210 1,588,210
Pay Euro STOXX 50 Index 1-Day EUR ESTR Compounded OIS - 0.40% Monthly EUR 1,581,097 May 2033 MSI — 37,979 37,979
Pay Financial Select Sector SPDR Fund 1-Day USD OBFR - 0.20% Monthly USD 21,108,363 May 2033 MSI — 766,542 766,542
Pay Health Care Select Sector SPDR Fund 1-Day USD OBFR - 0.20% Monthly USD 20,946,144 May 2033 MSI — 1,102,060 1,102,060
Pay Industrial Select Sector SPDR Fund 1-Day USD OBFR - 0.20% Monthly USD 4,331,611 May 2033 MSI — 197,256 197,256
Pay Invesco QQQ Trust Series 1 1-Day USD OBFR - 0.20% Monthly USD 7,518,602 May 2033 MSI — 392,900 392,900
Pay iShares Biotechnology ETF 1-Day USD OBFR - 1.38% Monthly USD 5,940,600 May 2033 MSI — 430,998 430,998
Pay iShares Expanded Tech-Software Sector ETF 1-Day USD OBFR - 3.98% Monthly USD 2,938,666 May 2033 MSI — 137,837 137,837
Pay iShares MSCI EAFE Value ETF 1-Day USD OBFR - 0.20% Monthly USD 7,426,994 May 2033 MSI — 258,724 258,724
Pay iShares MSCI Eurozone ETF 1-Day USD OBFR - 0.58% Monthly USD 5,230,351 May 2033 MSI — 108,234 108,234
Pay iShares MSCI Indonesia ETF 1-Day USD OBFR - 2.78% Monthly USD 23,098 May 2033 MSI — 1,540 1,540
Pay iShares Russell 2000 ETF 1-Day USD OBFR - 0.68% Monthly USD 12,970,209 May 2033 MSI — 580,246 580,246
Pay iShares Russell 2000 Value ETF 1-Day USD OBFR - 0.98% Monthly USD 20,903,062 May 2033 MSI — 703,426 703,426
Pay iShares Russell Mid-Cap Growth ETF 1-Day USD OBFR - 0.88% Monthly USD 43,308,747 May 2033 MSI — 2,511,101 2,511,101
Pay iShares Semiconductor ETF 1-Day USD OBFR - 0.88% Monthly USD 7,461,413 May 2033 MSI — 649,003 649,003
Pay SPDR S&P 500 ETF 1-Day USD OBFR - 0.20% Monthly USD 1,742,416 May 2033 MSI — 68,429 68,429
26 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Pay SPDR S&P Biotech ETF 1-Day USD OBFR - 3.08% Monthly USD 3,940,045 May 2033 MSI — $231,501 $231,501
Pay SPDR S&P Homebuilders ETF 1-Day USD OBFR - 1.28% Monthly USD 4,456,773 May 2033 MSI — (45,731) (45,731)
Pay SPDR S&P Oil & Gas Exploration & Production ETF 1-Day USD OBFR - 1.08% Monthly USD 19,718,632 May 2033 MSI $(26,267) 663,125 636,858
Pay SPDR S&P Pharmaceuticals ETF 1-Day USD OBFR - 2.13% Monthly USD 3,184,302 May 2033 MSI — 237,355 237,355
Pay SPDR S&P Regional Banking ETF 1-Day USD OBFR - 1.38% Monthly USD 13,371,513 May 2033 MSI — 639,717 639,717
Pay SPDR S&P Retail ETF 1-Day USD OBFR - 2.43% Monthly USD 4,237,079 May 2033 MSI — 116,417 116,417
Pay VanEck Oil Services ETF 1-Day USD OBFR - 1.48% Monthly USD 3,479,509 May 2033 MSI — 210,593 210,593
Pay Vanguard FTSE Developed Markets ETF 1-Day USD OBFR - 0.53% Monthly USD 71,120,009 May 2033 MSI — 2,381,673 2,381,673
Pay Vanguard FTSE Europe ETF 1-Day USD OBFR - 0.20% Monthly USD 10,345,291 May 2033 MSI — 275,047 275,047
Pay iShares iBoxx $ High Yield Corporate Bond ETF 1-Day USD OBFR - 3.68% Monthly USD 92,222 May 2033 MSI — 402 402
Receive Agilent Technologies, Inc. 1-Day USD OBFR + 0.25% Monthly USD 845,877 May 2033 GSI — (44,318) (44,318)
Receive Alcon, Inc. 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 389,420 May 2033 GSI — 2,575 2,575
Receive Alphabet, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 692,509 May 2033 GSI — (59,651) (59,651)
Receive Amazon.com, Inc. 1-Day USD OBFR + 0.25% Monthly USD 660,647 May 2033 GSI — 41,021 41,021
Receive Amoy Diagnostics Company, Ltd., Class A 1-Day USD OBFR + 0.75% Monthly USD 263,190 May 2033 GSI — (10,530) (10,530)
Receive Ares Management Corp., Class A 1-Day USD OBFR + 0.25% Monthly USD 542,287 May 2033 GSI — — —
Receive AstraZeneca PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 302,470 May 2033 GSI — (4,999) (4,999)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 27
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Bayer AG 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 709,886 May 2033 GSI — $(12,225) $(12,225)
Receive Boliden AB 1-Month SEK STIBOR + 0.20% Monthly SEK 4,683,021 May 2033 GSI — 26,337 26,337
Receive Boston Scientific Corp. 1-Day USD OBFR + 0.25% Monthly USD 2,997,695 May 2033 GSI — 64,735 64,735
Receive China Gas Holdings, Ltd. 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 1,530,865 May 2033 GSI — 233 233
Receive China Longyuan Power Group Corp, Ltd., H Shares 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 3,329,304 May 2033 GSI — 22,871 22,871
Receive China Resources Gas Group, Ltd. 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 2,461,758 May 2033 GSI — 18,507 18,507
Receive Contemporary Amperex Technology Company, Ltd., Class A 1-Day USD OBFR + 0.75% Monthly USD 135,459 May 2033 GSI — 3,528 3,528
Receive Daiichi Sankyo Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 325,769,535 May 2033 GSI — (89,098) (89,098)
Receive Danske Bank A/S 1-Month DKK CIBOR + 0.20% Monthly DKK 2,137,596 May 2033 GSI — 8,948 8,948
Receive Datadog, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 847,285 May 2033 GSI — (46,378) (46,378)
Receive Edwards Lifesciences Corp. 1-Day USD OBFR + 0.25% Monthly USD 121,590 May 2033 GSI — (10,224) (10,224)
Receive Eisai Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 84,116,340 May 2033 GSI — 1,729 1,729
Receive Elanco Animal Health, Inc. 1-Day USD OBFR + 0.25% Monthly USD 3,435 May 2033 GSI — (135) (135)
Receive Encompass Health Corp. 1-Day USD OBFR + 0.25% Monthly USD 722,375 May 2033 GSI — (6,354) (6,354)
Receive EXOR NV 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 261,996 May 2033 GSI — — —
Receive FinecoBank SpA 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 81,227 May 2033 GSI — 1,399 1,399
28 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive FNB Corp. 1-Day USD OBFR + 0.25% Monthly USD 59,116 May 2033 GSI — $(70) $(70)
Receive Genmab A/S 1-Month DKK CIBOR + 0.20% Monthly DKK 2,707,968 May 2033 GSI — (13,429) (13,429)
Receive Global Payments, Inc. 1-Day USD OBFR + 0.25% Monthly USD 852,478 May 2033 GSI — (38,672) (38,672)
Receive GSK PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 1,130,492 May 2033 GSI — 1,981 1,981
Receive Humana, Inc. 1-Day USD OBFR + 0.25% Monthly USD 142,274 May 2033 GSI — 767 767
Receive IMI PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 175,141 May 2033 GSI — 393 393
Receive Immatics NV 1-Day USD OBFR + 0.25% Monthly USD 540,614 May 2033 GSI — (66,976) (66,976)
Receive Inari Medical, Inc. 1-Day USD OBFR + 0.25% Monthly USD 89,242 May 2033 GSI — 8,820 8,820
Receive Intercontinental Exchange, Inc. 1-Day USD OBFR + 0.25% Monthly USD 415,985 May 2033 GSI — (2,725) (2,725)
Receive JPMorgan Chase & Co. 1-Day USD OBFR + 0.25% Monthly USD 810,384 May 2033 GSI — (10,721) (10,721)
Receive KKR & Company, Inc. 1-Day USD OBFR + 0.25% Monthly USD 184,607 May 2033 GSI — 1,429 1,429
Receive Kunlun Energy Company, Ltd. 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 3,898,571 May 2033 GSI — (8,051) (8,051)
Receive Molina Healthcare, Inc. 1-Day USD OBFR + 0.25% Monthly USD 579,855 May 2033 GSI — (27,178) (27,178)
Receive MongoDB, Inc. 1-Day USD OBFR + 0.25% Monthly USD 67,525 May 2033 GSI — (409) (409)
Receive Nikon Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 57,067,000 May 2033 GSI — (6,541) (6,541)
Receive Novartis AG 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 864,536 May 2033 GSI — 4,046 4,046
Receive Panasonic Holdings Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 16,337,213 May 2033 GSI — (6,461) (6,461)
Receive Pfizer, Inc. 1-Day USD OBFR + 0.25% Monthly USD 3,093,014 May 2033 GSI — (12,739) (12,739)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 29
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive PTC Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 525,126 May 2033 GSI — $(101,528) $(101,528)
Receive Remegen Company, Ltd., H Shares 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 2,158,691 May 2033 GSI — 56,013 56,013
Receive Resona Holdings, Inc. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 119,737,420 May 2033 GSI — 17,293 17,293
Receive REVOLUTION Medicines, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,057,769 May 2033 GSI — (310,224) (310,224)
Receive RH 1-Day USD OBFR + 0.25% Monthly USD 180,846 May 2033 GSI — (11,487) (11,487)
Receive Sage Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 125,488 May 2033 GSI — 2,102 2,102
Receive Sandoz Group AG 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 55,675 May 2033 GSI — (8,195) (8,195)
Receive ServiceNow, Inc. 1-Day USD OBFR + 0.25% Monthly USD 551,190 May 2033 GSI — 39,318 39,318
Receive Shandong Weigao Group Medical Polymer Company, Ltd., H Shares 1-Day HKD HONIA Compounded OIS + 0.20% Monthly HKD 1,391,784 May 2033 GSI — 18,650 18,650
Receive Shell PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 703,695 May 2033 GSI — (24,808) (24,808)
Receive Shopify, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 785,459 May 2033 GSI — (61,597) (61,597)
Receive Spotify Technology SA 1-Day USD OBFR + 0.25% Monthly USD 558,152 May 2033 GSI — 54,589 54,589
Receive StepStone Group, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 117,324 May 2033 GSI — 152 152
Receive Sumitomo Mitsui Trust Holdings, Inc. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 182,097,500 May 2033 GSI — 48,918 48,918
Receive Syndax Pharmaceuticals, Inc. 1-Day USD OBFR + 0.25% Monthly USD 375,640 May 2033 GSI — 83,430 83,430
Receive Tecan Group AG 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 5,958 May 2033 GSI — (218) (218)
30 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive The Bank of New York Mellon Corp. 1-Day USD OBFR + 0.25% Monthly USD 5,312,358 May 2033 GSI — $154,391 $154,391
Receive Tokyo Electron, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 66,280,500 May 2033 GSI — 1,562 1,562
Receive Veracyte, Inc. 1-Day USD OBFR + 0.25% Monthly USD 71,664 May 2033 GSI — (804) (804)
Receive Vodafone Group PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 659,071 May 2033 GSI — (508) (508)
Receive Wolfspeed, Inc. 1-Day USD OBFR + 0.25% Monthly USD 500,612 May 2033 GSI — 30,186 30,186
Receive Zoetis, Inc. 1-Day USD OBFR + 0.25% Monthly USD 304,438 May 2033 GSI — (18,061) (18,061)
Receive Admiral Group PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 1,047,885 May 2028 JPM — 81,172 81,172
Receive Agilent Technologies, Inc. 1-Day USD OBFR + 0.25% Monthly USD 480,133 May 2028 JPM — (29,962) (29,962)
Receive Alphabet, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 2,100,339 May 2028 JPM — (177,723) (177,723)
Receive Alphabet, Inc., Class C 1-Day USD OBFR + 0.25% Monthly USD 2,390,160 May 2028 JPM — (195,658) (195,658)
Receive Amazon.com, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,370,697 May 2028 JPM — 73,132 73,132
Receive Antero Resources Corp. 1-Day USD OBFR + 0.25% Monthly USD 771,700 May 2028 JPM — 150,712 150,712
Receive ASML Holding NV, NYRS 1-Day USD OBFR + 0.25% Monthly USD 1,942,263 May 2028 JPM — 50,849 50,849
Receive ASPEED Technology, Inc. 1-Day USD OBFR + 0.50% Monthly USD 1,301,335 May 2028 JPM — (117,382) (117,382)
Receive AstraZeneca PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 1,208,378 May 2028 JPM — (85,675) (85,675)
Receive Atlassian Corp., Class A 1-Day USD OBFR + 0.25% Monthly USD 630,612 May 2028 JPM — (26,254) (26,254)
Receive Becton Dickinson & Company 1-Day USD OBFR + 0.25% Monthly USD 277,235 May 2028 JPM — (9,684) (9,684)
Receive BFF Bank SpA 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 373,060 May 2028 JPM — (15,813) (15,813)
Receive Blueprint Medicines Corp. 1-Day USD OBFR + 0.25% Monthly USD 190,886 May 2028 JPM — 36,164 36,164
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 31
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Chesapeake Energy Corp. 1-Day USD OBFR + 0.25% Monthly USD 110,182 May 2028 JPM — $2,381 $2,381
Receive Daiichi Sankyo Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 29,016,000 May 2028 JPM — (4,976) (4,976)
Receive Disco Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 106,928,455 May 2028 JPM — (24,305) (24,305)
Receive Dynatrace, Inc. 1-Day USD OBFR + 0.25% Monthly USD 233,642 May 2028 JPM — (12,238) (12,238)
Receive Eisai Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 11,546,400 May 2028 JPM — (465) (465)
Receive Elanco Animal Health, Inc. 1-Day USD OBFR + 0.25% Monthly USD 179,194 May 2028 JPM — (18,025) (18,025)
Receive Encompass Health Corp. 1-Day USD OBFR + 0.25% Monthly USD 243,651 May 2028 JPM — (13,043) (13,043)
Receive EPAM Systems, Inc. 1-Day USD OBFR + 0.25% Monthly USD 47,602 May 2028 JPM — (4,243) (4,243)
Receive FinecoBank SpA 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 67,135 May 2028 JPM — 2,186 2,186
Receive HCA Healthcare, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,364,345 May 2028 JPM — (111,669) (111,669)
Receive Health Catalyst, Inc. 1-Day USD OBFR + 0.25% Monthly USD 201,982 May 2028 JPM — (46,996) (46,996)
Receive Hokuhoku Financial Group, Inc. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 26,256,590 May 2028 JPM — 15,246 15,246
Receive Hologic, Inc. 1-Day USD OBFR + 0.25% Monthly USD 36,152 May 2028 JPM — (1,795) (1,795)
Receive Humana, Inc. 1-Day USD OBFR + 0.25% Monthly USD 529,565 May 2028 JPM — 36,828 36,828
Receive Immunocore Holdings PLC, ADR 1-Day USD OBFR + 0.25% Monthly USD 800,378 May 2028 JPM — (45,428) (45,428)
Receive Insulet Corp. 1-Day USD OBFR + 0.25% Monthly USD 68,512 May 2028 JPM — (6,559) (6,559)
Receive KKR & Company, Inc. 1-Day USD OBFR + 0.25% Monthly USD 253,160 May 2028 JPM — (21,857) (21,857)
Receive Laboratory Corp of America Holdings 1-Day USD OBFR + 0.25% Monthly USD 2,111,307 May 2028 JPM — (18,010) (18,010)
Receive Lam Research Corp. 1-Day USD OBFR + 0.25% Monthly USD 521,598 May 2028 JPM — (19,352) (19,352)
32 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Lifetech Scientific Corp. 1-Day HKD HONIA Compounded OIS + 0.30% Monthly HKD 47,677 May 2028 JPM — $98 $98
Receive Micron Technology, Inc. 1-Day USD OBFR + 0.25% Monthly USD 313,763 May 2028 JPM — (10,304) (10,304)
Receive Microsoft Corp. 1-Day USD OBFR + 0.25% Monthly USD 125,508 May 2028 JPM — 6,942 6,942
Receive Muenchener Rueckversicherungs Gesellschaft AG 1-Day EUR ESTR Compounded OIS + 0.20% Monthly EUR 51,730 May 2028 JPM — 1,311 1,311
Receive Nikon Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 111,438,000 May 2028 JPM — (22,341) (22,341)
Receive Novartis AG 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 732,732 May 2028 JPM — (19,106) (19,106)
Receive ON Semiconductor Corp. 1-Day USD OBFR + 0.25% Monthly USD 306,479 May 2028 JPM — (89,739) (89,739)
Receive Onto Innovation, Inc. 1-Day USD OBFR + 0.25% Monthly USD 483,701 May 2028 JPM — — —
Receive Palo Alto Networks, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,640,175 May 2028 JPM — 37,892 37,892
Receive Panasonic Holdings Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 13,222,601 May 2028 JPM — (12,443) (12,443)
Receive Pfizer, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,944,373 May 2028 JPM — (175,372) (175,372)
Receive Quanta Computer, Inc. 1-Day USD OBFR + 0.50% Monthly USD 544,903 May 2028 JPM — (130,286) (130,286)
Receive QuidelOrtho Corp. 1-Day USD OBFR + 0.25% Monthly USD 393,215 May 2028 JPM — (68,875) (68,875)
Receive Renesas Electronics Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 194,059,028 May 2028 JPM — (120,291) (120,291)
Receive Sandoz Group AG 1-Day CHF SARON Compounded OIS + 0.20% Monthly CHF 42,168 May 2028 JPM — (2,678) (2,678)
Receive Shandong Weigao Group Medical Polymer Company, Ltd., H Shares 1-Day HKD HONIA Compounded OIS + 0.30% Monthly HKD 1,444,272 May 2028 JPM — 19,635 19,635
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 33
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Shibaura Mechatronics Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 166,485,420 May 2028 JPM — $(66,605) $(66,605)
Receive Shopify, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 581,605 May 2028 JPM — (57,611) (57,611)
Receive SKC Company, Ltd. 1-Day USD OBFR + 0.50% Monthly USD 591,081 May 2028 JPM — 59,799 59,799
Receive Sony Group Corp. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 152,386,081 May 2028 JPM — 26,257 26,257
Receive Spotify Technology SA 1-Day USD OBFR + 0.25% Monthly USD 487,818 May 2028 JPM — 21,516 21,516
Receive Taiwan Semiconductor Manufacturing Company, Ltd. 1-Day USD OBFR + 0.50% Monthly USD 486,969 May 2028 JPM — 2,665 2,665
Receive Teleflex, Inc. 1-Day USD OBFR + 0.25% Monthly USD 593,143 May 2028 JPM — (36,942) (36,942)
Receive The Bank of New York Mellon Corp. 1-Day USD OBFR + 0.25% Monthly USD 301,912 May 2028 JPM — 18,060 18,060
Receive The Hachijuni Bank, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 43,701,300 May 2028 JPM — 18,167 18,167
Receive Thermo Fisher Scientific, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,904,927 May 2028 JPM — (208,476) (208,476)
Receive Tokyo Electron, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 114,361,695 May 2028 JPM — 15,344 15,344
Receive Tokyo Seimitsu Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.20% Monthly JPY 25,139,091 May 2028 JPM — (3,167) (3,167)
Receive Trupanion, Inc. 1-Day USD OBFR + 0.25% Monthly USD 20,917 May 2028 JPM — (3,784) (3,784)
Receive Unimicron Technology Corp. 1-Day USD OBFR + 0.50% Monthly USD 665,590 May 2028 JPM — (112,352) (112,352)
Receive UnitedHealth Group, Inc. 1-Day USD OBFR + 0.25% Monthly USD 2,977,098 May 2028 JPM — 101,797 101,797
Receive Vaxcyte, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,077,732 May 2028 JPM — (22,218) (22,218)
Receive Vodafone Group PLC 1-Day GBP SONIA Compounded OIS + 0.20% Monthly GBP 758,899 May 2028 JPM — (7,365) (7,365)
34 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Waters Corp. 1-Day USD OBFR + 0.25% Monthly USD 866,861 May 2028 JPM — $(92,310) $(92,310)
Receive Weyerhaeuser Company 1-Day USD OBFR + 0.25% Monthly USD 752,211 May 2028 JPM — (35,771) (35,771)
Receive Wiwynn Corp. 1-Day USD OBFR + 0.50% Monthly USD 557,055 May 2028 JPM — (32,775) (32,775)
Receive Wolfspeed, Inc. 1-Day USD OBFR + 0.25% Monthly USD 854,834 May 2028 JPM — 24,199 24,199
Receive Abcam PLC, ADR 1-Day USD OBFR + 0.25% Monthly USD 211,760 May 2033 MSI — (807) (807)
Receive Accton Technology Corp. 1-Day USD OBFR + 0.55% Monthly USD 836,665 May 2033 MSI — (54,371) (54,371)
Receive Alnylam Pharmaceuticals, Inc. 1-Day USD OBFR + 0.25% Monthly USD 392,703 May 2033 MSI — (37,089) (37,089)
Receive Alphabet, Inc., Class C 1-Day USD OBFR + 0.25% Monthly USD 452,518 May 2033 MSI — (49,863) (49,863)
Receive Amicus Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 606,038 May 2033 MSI — 22,276 22,276
Receive ASML Holding NV, NYRS 1-Day USD OBFR + 0.25% Monthly USD 120,760 May 2033 MSI — (1,248) (1,248)
Receive AstraZeneca PLC 1-Day GBP SONIA Compounded OIS + 0.30% Monthly GBP 530,496 May 2033 MSI — (40,691) (40,691)
Receive Atlassian Corp., Class A 1-Day USD OBFR + 0.25% Monthly USD 786,454 May 2033 MSI — (64,257) (64,257)
Receive Bayer AG 1-Day EUR ESTR Compounded OIS + 0.30% Monthly EUR 548,120 May 2033 MSI — (37,585) (37,585)
Receive BILL Holdings, Inc. 1-Day USD OBFR + 0.25% Monthly USD 552,886 May 2033 MSI — (104,061) (104,061)
Receive Boston Scientific Corp. 1-Day USD OBFR + 0.25% Monthly USD 749,997 May 2033 MSI — 14,766 14,766
Receive British American Tobacco PLC 1-Day GBP SONIA Compounded OIS + 0.30% Monthly GBP 2,930,646 May 2033 MSI — 59,140 59,140
Receive Broadcom, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,456,748 May 2033 MSI — (101,791) (101,791)
Receive Canadian Natural Resources, Ltd. 1-Day USD OBFR + 0.25% Monthly USD 1,798,426 May 2033 MSI — (107,738) (107,738)
Receive Celldex Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 726,729 May 2033 MSI — (89,970) (89,970)
Receive Ceridian HCM Holding, Inc. 1-Day USD OBFR + 0.25% Monthly USD 677,292 May 2033 MSI — (94,730) (94,730)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 35
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Datadog, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 409,241 May 2033 MSI — $(41,762) $(41,762)
Receive Disco Corp. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 106,499,200 May 2033 MSI — (51,106) (51,106)
Receive Dynatrace, Inc. 1-Day USD OBFR + 0.25% Monthly USD 134,841 May 2033 MSI — (10,379) (10,379)
Receive Eisai Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 37,858,380 May 2033 MSI — (5,565) (5,565)
Receive Encompass Health Corp. 1-Day USD OBFR + 0.25% Monthly USD 648,987 May 2033 MSI — (13,657) (13,657)
Receive FinecoBank SpA 1-Day EUR ESTR Compounded OIS + 0.30% Monthly EUR 251,246 May 2033 MSI — 7,046 7,046
Receive Fluor Corp. 1-Day USD OBFR + 0.25% Monthly USD 473,911 May 2033 MSI — (43,486) (43,486)
Receive FNB Corp. 1-Day USD OBFR + 0.25% Monthly USD 1,827,261 May 2033 MSI — (63,311) (63,311)
Receive Genus PLC 1-Day GBP SONIA Compounded OIS + 0.30% Monthly GBP 70,365 May 2033 MSI — (2,113) (2,113)
Receive Humana, Inc. 1-Day USD OBFR + 0.25% Monthly USD 52,421 May 2033 MSI — (72) (72)
Receive Inari Medical, Inc. 1-Day USD OBFR + 0.25% Monthly USD 456,715 May 2033 MSI — 21,220 21,220
Receive Insulet Corp. 1-Day USD OBFR + 0.25% Monthly USD 510,070 May 2033 MSI — (13,590) (13,590)
Receive Intellia Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 412,627 May 2033 MSI — (64,635) (64,635)
Receive Intuitive Surgical, Inc. 1-Day USD OBFR + 0.25% Monthly USD 12,611 May 2033 MSI — (575) (575)
Receive Japan Post Insurance Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 82,134,500 May 2033 MSI — 68,088 68,088
Receive Kymera Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 34,779 May 2033 MSI — (2,817) (2,817)
Receive Lifetech Scientific Corp. 1-Day HKD HONIA Compounded OIS + 0.40% Monthly HKD 3,591,714 May 2033 MSI — 5,834 5,834
Receive MercadoLibre, Inc. 1-Day USD OBFR + 0.25% Monthly USD 841,173 May 2033 MSI — 8,234 8,234
Receive Molina Healthcare, Inc. 1-Day USD OBFR + 0.25% Monthly USD 70,790 May 2033 MSI — (4,680) (4,680)
36 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive MongoDB, Inc. 1-Day USD OBFR + 0.25% Monthly USD 967,524 May 2033 MSI — $(63,944) $(63,944)
Receive Morphic Holding, Inc. 1-Day USD OBFR + 0.25% Monthly USD 351,028 May 2033 MSI — (26,789) (26,789)
Receive Netflix, Inc. 1-Day USD OBFR + 0.25% Monthly USD 74,329 May 2033 MSI — 10,325 10,325
Receive Nova, Ltd. 1-Day USD OBFR + 0.25% Monthly USD 249,120 May 2033 MSI — (22,277) (22,277)
Receive Panasonic Holdings Corp. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 24,734,900 May 2033 MSI — (20,443) (20,443)
Receive Pinterest, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 103,493 May 2033 MSI — 8,702 8,702
Receive QuidelOrtho Corp. 1-Day USD OBFR + 0.25% Monthly USD 47,042 May 2033 MSI — (4,872) (4,872)
Receive Rambus, Inc. 1-Day USD OBFR + 0.25% Monthly USD 482,368 May 2033 MSI — (38,349) (38,349)
Receive Regeneron Pharmaceuticals, Inc. 1-Day USD OBFR + 0.25% Monthly USD 2,110,837 May 2033 MSI — (163,920) (163,920)
Receive Rheinmetall AG 1-Day EUR ESTR Compounded OIS + 0.30% Monthly EUR 393,616 May 2033 MSI — 1,715 1,715
Receive Rivian Automotive, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 417,598 May 2033 MSI — (73,933) (73,933)
Receive Ross Stores, Inc. 1-Day USD OBFR + 0.25% Monthly USD 257,455 May 2033 MSI — (1,462) (1,462)
Receive Rotork PLC 1-Day GBP SONIA Compounded OIS + 0.30% Monthly GBP 946,810 May 2033 MSI — (58,761) (58,761)
Receive Royal Bank of Canada 1-Day CAD CORRA Compounded OIS + 0.25% Monthly CAD 3,998,326 May 2033 MSI — (106,920) (106,920)
Receive Sage Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 294,272 May 2033 MSI — (12,807) (12,807)
Receive Sandoz Group AG 1-Day CHF SARON Compounded OIS + 0.30% Monthly CHF 43,673 May 2033 MSI — (9,350) (9,350)
Receive Sarepta Therapeutics, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,585,985 May 2033 MSI — (681,119) (681,119)
Receive SCREEN Holdings Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 76,437,474 May 2033 MSI — (14,244) (14,244)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 37
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive ServiceNow, Inc. 1-Day USD OBFR + 0.25% Monthly USD 324,358 May 2033 MSI — $17,098 $17,098
Receive Shandong Weigao Group Medical Polymer Company, Ltd., H Shares 1-Day HKD HONIA Compounded OIS + 0.40% Monthly HKD 28,958 May 2033 MSI — 277 277
Receive Shopify, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 1,017,328 May 2033 MSI — (118,387) (118,387)
Receive Stryker Corp. 1-Day USD OBFR + 0.25% Monthly USD 1,264,199 May 2033 MSI — 30,319 30,319
Receive Talanx AG 1-Day EUR ESTR Compounded OIS + 0.30% Monthly EUR 295,547 May 2033 MSI — (428) (428)
Receive The Azek Company, Inc. 1-Day USD OBFR + 0.25% Monthly USD 206,371 May 2033 MSI — (14,175) (14,175)
Receive The Chiba Bank, Ltd. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 14,516,951 May 2033 MSI — 11,654 11,654
Receive Tokyo Kiraboshi Financial Group, Inc. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 46,204,152 May 2033 MSI — 2,858 2,858
Receive Tokyo Seimitsu Company, Ltd. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 47,168,000 May 2033 MSI — (8,426) (8,426)
Receive Trupanion, Inc. 1-Day USD OBFR + 0.25% Monthly USD 343,876 May 2033 MSI — (79,672) (79,672)
Receive Ultragenyx Pharmaceutical, Inc. 1-Day USD OBFR + 0.25% Monthly USD 533,273 May 2033 MSI — (24,439) (24,439)
Receive Ulvac, Inc. 1-Day JPY TONAR Compounded OIS + 0.35% Monthly JPY 85,816,200 May 2033 MSI — (26,254) (26,254)
Receive Unimicron Technology Corp. 1-Day USD OBFR + 0.55% Monthly USD 402,387 May 2033 MSI — (50,943) (50,943)
Receive Veracyte, Inc. 1-Day USD OBFR + 0.25% Monthly USD 255,977 May 2033 MSI — (7,266) (7,266)
Receive Zoetis, Inc. 1-Day USD OBFR + 0.25% Monthly USD 1,074,554 May 2033 MSI — (111,439) (111,439)
Receive Airbnb, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 108,540 May 2033 MSI — (6,207) (6,207)
Receive Alphabet, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 1,427,949 May 2033 MSI — (157,098) (157,098)
Receive Danaher Corp. 1-Day USD OBFR + 0.25% Monthly USD 63,766 May 2033 MSI — (5,634) (5,634)
38 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Total return swaps (continued)
Pay/
receive
total
return* 		Reference
entity 		Floating/
fixed
rate 		Payment
frequency 		Currency Notional
amount 		Maturity
date 		Counterparty
(OTC) 		Unamortized
upfront
payment paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Receive Mastercard, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 1,932,789 May 2033 MSI — $(120,394) $(120,394)
Receive Meta Platforms, Inc., Class A 1-Day USD OBFR + 0.25% Monthly USD 1,128,200 May 2033 MSI — (72,173) (72,173)
Receive Microsoft Corp. 1-Day USD OBFR + 0.25% Monthly USD 789,687 May 2033 MSI — 11,352 11,352
Receive Northern Trust Corp. 1-Day USD OBFR + 0.25% Monthly USD 529,498 May 2033 MSI — — —
Receive Novartis AG 1-Day CHF SARON Compounded OIS + 0.30% Monthly CHF 648,681 May 2033 MSI — (16,674) (16,674)
Receive NVIDIA Corp. 1-Day USD OBFR + 0.25% Monthly USD 11,985 May 2033 MSI — (1,407) (1,407)
Receive Palo Alto Networks, Inc. 1-Day USD OBFR + 0.25% Monthly USD 905,382 May 2033 MSI — (65,920) (65,920)
Receive Spotify Technology SA 1-Day USD OBFR + 0.25% Monthly USD 248,565 May 2033 MSI — 9,924 9,924
                $(26,267) $11,600,874 $11,574,607
* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.
Derivatives Currency Abbreviations
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Yuan Renminbi
DKK Danish Krone
EUR Euro
GBP Pound Sterling
HKD Hong Kong Dollar
HUF Hungarian Forint
JPY Japanese Yen
KRW Korean Won
SEK Swedish Krona
USD U.S. Dollar
    
Derivatives Abbreviations
ADR American Depositary Receipt
BNP BNP Paribas
CIBOR Copenhagen Interbank Offered Rate
CITI Citibank, N.A.
CORRA Canadian Overnight Repo Rate Average
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 39
DB Deutsche Bank AG
ESTR Euro Short-Term Rate
GSI Goldman Sachs International
HONIA Hong Kong Overnight Index Average Rate
JPM JPMorgan Chase Bank, N.A.
MSI Morgan Stanley & Co. International PLC
NYRS New York Registry Shares
OBFR Overnight Bank Funding Rate
OIS Overnight Index Swap
OTC Over-the-counter
SARON Swiss Average Rate Overnight
SCB Standard Chartered Bank
SONIA Sterling Overnight Interbank Average Rate
SSB State Street Bank and Trust Company
STIBOR Stockholm Interbank Offered Rate
TONAR Tokyo Overnight Average Rate
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $600,623,824. Net unrealized appreciation aggregated to $4,768,063, of which $29,019,042 related to gross unrealized appreciation and $24,250,979 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.
40 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-23
Assets  
Unaffiliated investments, at value (Cost $569,934,708) $594,630,089
Swap contracts, at value (net unamortized upfront payment of $(26,267)) 18,370,745
Unrealized appreciation on forward foreign currency contracts 292,616
Foreign currency, at value (Cost $2,965) 3,714
Collateral held at broker for futures contracts 76,821
Dividends and interest receivable 873,869
Receivable for fund shares sold 181,511
Receivable for investments sold 2,552,437
Receivable for securities lending income 991
Other assets 124,033
Total assets 617,106,826
Liabilities  
Unrealized depreciation on forward foreign currency contracts 858,681
Written options, at value (Premiums received $223,123) 309,822
Swap contracts, at value 6,796,138
Payable for futures variation margin 18,724
Due to custodian 1,037,783
Foreign capital gains tax payable 15,065
Payable for collateral on OTC derivatives 14,723,000
Payable for investments purchased 3,884,051
Payable for fund shares repurchased 818,836
Payable to affiliates  
Accounting and legal services fees 48,803
Transfer agent fees 38,202
Trustees’ fees 1,045
Other liabilities and accrued expenses 227,427
Total liabilities 28,777,577
Net assets $588,329,249
Net assets consist of  
Paid-in capital $619,519,932
Total distributable earnings (loss) (31,190,683)
Net assets $588,329,249
 
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 41
STATEMENT OF ASSETS AND LIABILITIES 10-31-23  (continued)
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 ($13,459,057 ÷ 1,263,093 shares)1 $10.66
Class C ($1,871,778 ÷ 186,349 shares)1 $10.04
Class I ($252,874,137 ÷ 23,036,381 shares) $10.98
Class R6 ($239,206,208 ÷ 21,508,644 shares) $11.12
Class NAV ($80,918,069 ÷ 7,274,593 shares) $11.12
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $11.22
    
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.
42 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS For the year ended 10-31-23
Investment income  
Dividends $11,700,640
Interest 6,945,257
Securities lending 16,778
Less foreign taxes withheld (457,488)
Total investment income 18,205,187
Expenses  
Investment management fees 10,902,803
Distribution and service fees 58,802
Accounting and legal services fees 161,369
Transfer agent fees 641,742
Trustees’ fees 20,674
Custodian fees 284,145
State registration fees 93,931
Printing and postage 43,017
Professional fees 183,498
Other 120,858
Total expenses 12,510,839
Less expense reductions (55,549)
Net expenses 12,455,290
Net investment income 5,749,897
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions 2,269,226
Affiliated investments 1,529
Futures contracts (302,155)
Forward foreign currency contracts (1,937,960)
Written options 1,011,985
Swap contracts (24,253,838)
  (23,211,213)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 29,106,892
Affiliated investments 109
Futures contracts 223,504
Forward foreign currency contracts (641,510)
Written options 598,048
Swap contracts 20,817,667
  50,104,710
Net realized and unrealized gain 26,893,497
Increase in net assets from operations $32,643,394
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 43
STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-23 		Year ended
10-31-22
Increase (decrease) in net assets    
From operations    
Net investment income (loss) $5,749,897 $(1,624,993)
Net realized loss (23,211,213) (21,576,089)
Change in net unrealized appreciation (depreciation) 50,104,710 (93,823,763)
Increase (decrease) in net assets resulting from operations 32,643,394 (117,024,845)
Distributions to shareholders    
From earnings    
Class A (322,770) (958,141)
Class C (67,590) (268,997)
Class I (21,284,340) (61,631,044)
Class R6 (1,219,858) (3,086,648)
Class NAV (2,596,800) (3,588,697)
Total distributions (25,491,358) (69,533,527)
From fund share transactions (237,118,793) (142,510,196)
Total decrease (229,966,757) (329,068,568)
Net assets    
Beginning of year 818,296,006 1,147,364,574
End of year $588,329,249 $818,296,006
44 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Financial highlights
CLASS A SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $10.61 $12.73 $11.60 $11.02 $10.73
Net investment income (loss)1 0.04 (0.05) (0.15) (0.10) (0.03)
Net realized and unrealized gain (loss) on investments 0.32 (1.25) 1.73 0.78 0.67
Total from investment operations 0.36 (1.30) 1.58 0.68 0.64
Less distributions          
From net investment income (0.31) — — (0.10) —
From net realized gain — (0.82) (0.45) — (0.35)
Total distributions (0.31) (0.82) (0.45) (0.10) (0.35)
Net asset value, end of period $10.66 $10.61 $12.73 $11.60 $11.02
Total return (%)2,3 3.38 (10.69) 13.69 6.15 6.09
Ratios and supplemental data          
Net assets, end of period (in millions) $13 $11 $16 $12 $11
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.95 1.93 1.97 2.00 1.98
Expenses including reductions 1.94 1.92 1.96 1.99 1.97
Net investment income (loss) 0.39 (0.47) (1.18) (0.87) (0.25)
Portfolio turnover (%) 178 214 259 221 170
    
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 ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 45
CLASS C SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $10.01 $12.13 $11.16 $10.61 $10.42
Net investment loss1 (0.03) (0.13) (0.23) (0.17) (0.10)
Net realized and unrealized gain (loss) on investments 0.29 (1.17) 1.65 0.74 0.64
Total from investment operations 0.26 (1.30) 1.42 0.57 0.54
Less distributions          
From net investment income (0.23) — — (0.02) —
From net realized gain — (0.82) (0.45) — (0.35)
Total distributions (0.23) (0.82) (0.45) (0.02) (0.35)
Net asset value, end of period $10.04 $10.01 $12.13 $11.16 $10.61
Total return (%)2,3 2.66 (11.33) 12.86 5.33 5.39
Ratios and supplemental data          
Net assets, end of period (in millions) $2 $3 $5 $5 $6
Ratios (as a percentage of average net assets):          
Expenses before reductions 2.65 2.63 2.67 2.70 2.68
Expenses including reductions 2.64 2.62 2.66 2.69 2.67
Net investment loss (0.30) (1.20) (1.89) (1.56) (0.99)
Portfolio turnover (%) 178 214 259 221 170
    
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.
46 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS I SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $10.92 $13.04 $11.84 $11.24 $10.92
Net investment income (loss)1 0.08 (0.02) (0.11) (0.07) —2
Net realized and unrealized gain (loss) on investments 0.33 (1.28) 1.76 0.80 0.67
Total from investment operations 0.41 (1.30) 1.65 0.73 0.67
Less distributions          
From net investment income (0.35) — — (0.13) —
From net realized gain — (0.82) (0.45) — (0.35)
Total distributions (0.35) (0.82) (0.45) (0.13) (0.35)
Net asset value, end of period $10.98 $10.92 $13.04 $11.84 $11.24
Total return (%)3 3.79 (10.49) 14.00 6.57 6.36
Ratios and supplemental data          
Net assets, end of period (in millions) $253 $691 $1,019 $616 $565
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.65 1.63 1.67 1.70 1.69
Expenses including reductions 1.64 1.62 1.66 1.69 1.68
Net investment income (loss) 0.73 (0.16) (0.86) (0.58) —4
Portfolio turnover (%) 178 214 259 221 170
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4 Less than 0.005%.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 47
CLASS R6 SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $11.06 $13.18 $11.95 $11.34 $11.00
Net investment income (loss)1 0.09 (0.01) (0.10) (0.06) 0.01
Net realized and unrealized gain (loss) on investments 0.33 (1.29) 1.78 0.81 0.68
Total from investment operations 0.42 (1.30) 1.68 0.75 0.69
Less distributions          
From net investment income (0.36) — — (0.14) —
From net realized gain — (0.82) (0.45) — (0.35)
Total distributions (0.36) (0.82) (0.45) (0.14) (0.35)
Net asset value, end of period $11.12 $11.06 $13.18 $11.95 $11.34
Total return (%)2 3.86 (10.37) 14.22 6.62 6.50
Ratios and supplemental data          
Net assets, end of period (in millions) $239 $40 $51 $37 $27
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.54 1.53 1.56 1.59 1.58
Expenses including reductions 1.53 1.52 1.55 1.58 1.57
Net investment income (loss) 0.82 (0.07) (0.76) (0.51) 0.12
Portfolio turnover (%) 178 214 259 221 170
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
48 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
CLASS NAV SHARES Period ended 10-31-23 10-31-22 10-31-21 10-31-20 10-31-19
Per share operating performance          
Net asset value, beginning of period $11.06 $13.18 $11.96 $11.35 $11.00
Net investment income (loss)1 0.09 —2 (0.10) (0.04) 0.01
Net realized and unrealized gain (loss) on investments 0.33 (1.30) 1.77 0.79 0.69
Total from investment operations 0.42 (1.30) 1.67 0.75 0.70
Less distributions          
From net investment income (0.36) — — (0.14) —
From net realized gain — (0.82) (0.45) — (0.35)
Total distributions (0.36) (0.82) (0.45) (0.14) (0.35)
Net asset value, end of period $11.12 $11.06 $13.18 $11.96 $11.35
Total return (%)3 3.87 (10.38) 14.12 6.64 6.59
Ratios and supplemental data          
Net assets, end of period (in millions) $81 $74 $57 $59 $134
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.53 1.52 1.55 1.58 1.56
Expenses including reductions 1.53 1.51 1.54 1.57 1.55
Net investment income (loss) 0.82 0.01 (0.78) (0.35) 0.13
Portfolio turnover (%) 178 214 259 221 170
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
3 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 Seaport Long/Short Fund 49
Notes to financial statements
Note 1—Organization
John Hancock Seaport Long/Short Fund (the fund) is a series of John Hancock Investment Trust (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 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
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
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 are valued at their respective NAVs each business day. 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. 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. 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 equity index futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the electronic trading market as of 4:00 P.M. ET, or may be fair valued based on fair value adjustment factors provided by an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which
50 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
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.
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.
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 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 October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Communication services $25,268,074 $19,607,785 $5,660,289 —
Consumer discretionary 30,416,470 18,994,394 11,422,076 —
Consumer staples 7,684,185 1,674,380 6,009,805 —
Energy 44,565,655 38,365,085 6,200,570 —
Financials 114,091,507 66,023,402 48,068,105 —
Health care 103,941,237 88,160,492 15,780,745 —
Industrials 27,126,885 13,730,979 13,395,906 —
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 51
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Information technology $71,842,068 $64,134,811 $7,707,257 —
Materials 12,710,201 6,049,215 6,660,986 —
Real estate 521,720 73,762 447,958 —
Utilities 9,226,891 7,439,929 1,786,962 —
Exchange-traded funds 3,813,197 3,813,197 — —
Corporate bonds 752,683 — 752,683 —
Purchased options 744,054 687,311 56,743 —
Short-term investments 141,925,262 57,173,531 84,751,731 —
Total investments in securities $594,630,089 $385,928,273 $208,701,816 —
Derivatives:        
Assets        
Futures $63,078 $63,078 — —
Forward foreign currency contracts 292,616 — $292,616 —
Swap contracts 18,370,745 — 18,370,745 —
Liabilities        
Forward foreign currency contracts (858,681) — (858,681) —
Written options (309,822) (283,025) (26,797) —
Swap contracts (6,796,138) — (6,796,138) —
Level 3 includes securities valued at $0. Refer to Fund’s investments.
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.
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 John Hancock Collateral Trust (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 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
52 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
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. As of October 31, 2023, there were no securities on loan.
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. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.
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 October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $6,385.
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 53
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 October 31, 2023, the fund has a short-term capital loss carryforward of $52,628,536 available to offset future net realized capital gains. This carryforward does not expire.
As of October 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2023 and 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $25,491,358 $10,424,594
Long-term capital gains — 59,108,933
Total $25,491,358 $69,533,527
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 October 31, 2023, the components of distributable earnings on a tax basis consisted of $16,708,766 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from 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 foreign currency transactions, wash sale loss deferrals, investments in passive foreign investment companies and derivative transactions.
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
54 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
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. 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 October 31, 2023, the fund used futures contracts to manage against changes in interest rates and to manage against changes in certain securities markets. The fund held futures contracts with USD notional values ranging from $490,000 to $5.2 million, as measured at each quarter end.
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 55
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 October 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 $95.9 million to $160.9 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 October 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 from $742,000 to $2.6 million, as measured at each quarter end. 
During the year ended October 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 $310,000 to $2.2 million, as measured at each quarter end.
Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
56 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.
Total Return Swaps. The fund may enter into total return swap contracts to obtain synthetic exposure to a specific reference asset or index without owning, taking physical custody of, or short selling the underlying assets. Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. A fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.
During the year ended October 31, 2023, the fund used total return swaps to gain exposure to a security or market without investing directly in such security or market. The fund held total return swaps with total USD notional amounts ranging from $531.7 million to $761.3 million, 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 October 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 $63,078 —
Currency Unrealized appreciation (depreciation) on forward foreign currency contracts Forward foreign currency contracts 292,616 $(858,681)
Equity Unaffiliated investments, at value2 Purchased options 744,054 —
Equity Written options, at value Written options — (309,822)
Equity Swap contracts, at value Total return swaps 18,370,745 (6,796,138)
      $19,470,493 $(7,964,641)
    
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.
2 Purchased options are included in Fund’s investments.
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
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 57
various transactions between the fund and the applicable counterparty. 
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 $292,616 $(858,681)
Purchased options 56,743 —
Swap contracts 18,370,745 (6,796,138)
Written options — (26,797)
Totals $18,720,104 $(7,681,616)
    
Counterparty Assets Liabilities Total Market
Value of
OTC Derivatives 		Collateral
Posted by
Counterparty1 		Collateral Posted
by Fund1 		Net
Exposure
BNP Paribas — $(136,677) $(136,677) — $136,677 —
Citibank, N.A. $8,255 (1,300) 6,955 — — $6,955
Deutsche Bank AG 59,674 (38,501) 21,173 $21,173 — —
Goldman Sachs International 1,158,841 (1,207,711) (48,870) — 48,870 —
JPMorgan Chase Bank, N.A. 2,601,553 (2,381,852) 219,701 — — 219,701
Morgan Stanley & Co. International PLC 14,890,889 (3,843,638) 11,047,251 11,047,251 — —
Standard Chartered Bank 892 (1,468) (576) — — (576)
State Street Bank and Trust Company — (70,469) (70,469) — — (70,469)
Totals $18,720,104 $(7,681,616) $11,038,488 $11,068,424 $185,547 $155,611
1 Reflects cash and/or non-cash collateral posted by the counterparty or posted by the fund, excluding any excess collateral amounts.
58 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
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 October 31, 2023:
  Statement of operations location - Net realized gain (loss) on:
Risk Unaffiliated
investments and
foreign currency
transactions1 		Futures contracts Forward foreign
currency contracts 		Written options Swap contracts Total
Currency $(99,382) — $(1,937,960) $52,582 — $(1,984,760)
Equity (8,964,890) $(302,155) — 959,403 $(24,253,838) (32,561,480)
Total $(9,064,272) $(302,155) $(1,937,960) $1,011,985 $(24,253,838) $(34,546,240)
    
1 Realized gain (loss) associated with purchased options is included in this caption on the Statement of operations.
The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2023:
  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 Swap contracts Total
Currency — — $(641,510) — — $(641,510)
Equity $3,763,487 $223,504 — $598,048 $20,817,667 25,402,706
Total $3,763,487 $223,504 $(641,510) $598,048 $20,817,667 $24,761,196
    
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
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.
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) 1.450% of the first $250 million of the fund’s average daily net assets; (b) 1.400% of the next $750 million of the fund’s average daily net assets; (c) 1.375% of the next $1 billion of the fund’s average daily net assets; and (d) 1.350% of the fund’s average daily net assets in excess of $2 billion. The Advisor has a subadvisory agreement with Wellington Management Company LLP. The fund is not responsible for payment of the subadvisory fees.
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 59
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 October 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 October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $812
Class C 180
Class I 37,957
Class Expense reduction
Class R6 $10,684
Class NAV 5,916
Total $55,549
 
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 October 31, 2023, were equivalent to a net annual effective rate of 1.41% 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 October 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. 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 $6,016 for the year ended October 31, 2023. Of this amount, $955 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $5,061 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 October 31, 2023, there were no CDSCs received by the Distributor for Class A or Class C shares.
60 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
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 October 31, 2023 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $33,789 $13,231
Class C 25,013 2,931
Class I — 617,735
Class R6 — 7,845
Total $58,802 $641,742
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 $7,044,444 9 3.517% $6,195
Note 6—Fund share transactions
Transactions in fund shares for the years ended October 31, 2023 and 2022 were as follows:
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class A shares        
Sold 933,208 $10,021,606 672,552 $7,686,103
Distributions reinvested 28,137 294,036 75,489 874,923
Repurchased (722,674) (7,788,025) (972,689) (11,071,543)
Net increase (decrease) 238,671 $2,527,617 (224,648) $(2,510,517)
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 61
  Year Ended 10-31-23 Year Ended 10-31-22
  Shares Amount Shares Amount
Class C shares        
Sold 2,268 $22,769 54,787 $593,786
Distributions reinvested 5,498 54,484 19,582 215,399
Repurchased (119,891) (1,220,785) (168,041) (1,871,379)
Net decrease (112,125) $(1,143,532) (93,672) $(1,062,194)
Class I shares        
Sold 14,592,992 $160,910,222 33,722,531 $389,847,452
Distributions reinvested 1,171,689 12,583,936 3,588,613 42,704,495
Repurchased (56,023,787) (616,158,715) (52,171,102) (595,467,568)
Net decrease (40,259,106) $(442,664,557) (14,859,958) $(162,915,621)
Class R6 shares        
Sold 22,085,321 $244,617,324 14,564 $174,804
Distributions reinvested 106,341 1,155,922 244,458 2,940,827
Repurchased (4,257,426) (48,090,873) (533,876) (6,402,803)
Net increase (decrease) 17,934,236 $197,682,373 (274,854) $(3,287,172)
Class NAV shares        
Sold 1,595,931 $17,825,931 2,506,591 $28,883,481
Distributions reinvested 238,896 2,596,800 298,065 3,588,697
Repurchased (1,236,757) (13,943,425) (439,074) (5,206,870)
Net increase 598,070 $6,479,306 2,365,582 $27,265,308
Total net decrease (21,600,254) $(237,118,793) (13,087,550) $(142,510,196)
Affiliates of the fund owned 100% of shares of Class NAV on October 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 $991,358,123 and $1,103,553,189, respectively, for the year ended October 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 October 31, 2023, funds within the John Hancock group of funds complex held 13.7% 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 Alternative Asset Allocation Fund 13.7%
62 JOHN HANCOCK Seaport Long/Short Fund | ANNUAL REPORT  
Note 9—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* — $3,545,902 $24,181,190 $(27,728,730) $1,529 $109 $16,778 — —
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
  ANNUAL REPORT | JOHN HANCOCK Seaport Long/Short Fund 63
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Seaport Long/Short Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Seaport Long/Short Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2023 and the financial highlights for each of the five years in the period ended October 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 October 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
December 15, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
64 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT  
Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 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.
  ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 65
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 Investment Trust (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 Seaport Long/Short 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 a meeting 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 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.
66 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
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 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 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;
  ANNUAL REPORT  | JOHN HANCOCK SEAPORT LONG/SHORT FUND 67
(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 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-year period ended December 31, 2022, and underperformed for the three- and five-year periods. The Board also noted that the fund outperformed the peer group median for the one- and five-year periods ended December 31, 2022 and underperformed for the three-year period. The Board took into account management’s discussion of the factors that contributed to the fund’s underperformance relative to the benchmark index for the three- and five-year periods and peer group median for the three-year period. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds.
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 for the fund are higher than the peer group median.
The Board took into account management’s discussion of the fund’s expenses, including the implementation of a new, reduced fee schedule for the fund in April 2022. 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 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, 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
68 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
contractual management fee schedule that reduces management fees as assets increase. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. 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 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.
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:
  ANNUAL REPORT  | JOHN HANCOCK SEAPORT LONG/SHORT FUND 69
(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.
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
70 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
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.
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 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.
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;
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
  ANNUAL REPORT  | JOHN HANCOCK SEAPORT LONG/SHORT FUND 71
(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.
72 JOHN HANCOCK SEAPORT LONG/SHORT FUND  | ANNUAL REPORT  
Trustees and Officers
This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.
Independent Trustees    
Name, year of birth
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 2012 179
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 175
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 1986 177
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 175
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 (2021–2023). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 179
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 175
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); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
  ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 73
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 2008 177
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 1994 175
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 175
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 2009 175
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).
    
74 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT  
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 177
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 175
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 2010
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 SEAPORT LONG/SHORT FUND 75
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.
   
   
76 JOHN HANCOCK SEAPORT LONG/SHORT FUND | ANNUAL REPORT  
More information
Trustees
Hassell H. McClellan, Chairpersonπ
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
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 Managers
Jennifer N. Berg, CFA
Ann C. Gallo1
Bruce L. Glazer
Wen Shi, Phd, CFA1
Rebecca D. Sykes, CFA
Michael G. Toman
Keith E. White
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
# Effective June 29, 2023.
1 Effective December 31, 2023, Ann C. Gallo and Wen Shi, PhD, CFA, will no longer serve as portfolio managers 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 7th Street
Suite 219909
Kansas City, MO 64105-1407
  ANNUAL REPORT | JOHN HANCOCK SEAPORT LONG/SHORT FUND 77
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.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core 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
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.
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 Seaport Long/Short Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3208654 437A 10/23
12/2023

ITEM 2. CODE OF ETHICS.

As of the end of the period, October 31, 2023, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Frances G. Rathke is the audit committee financial expert and is "independent", pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to the following for the fiscal years ended October 31, 2023 and 2022. These fees were billed to the registrant and were approved by the registrant's audit committee.

Fund

October 31, 2023

October 31, 2022

John Hancock Balanced Fund

$48,939

$49,204

John Hancock Disciplined Value International Fund

$59,068

$58,295

John Hancock Diversified Macro Fund

$72,469

$70,381

John Hancock Emerging Markets Equity Fund

$46,490

$45,527

John Hancock Infrastructure Fund

$44,224

$43,359

John Hancock Seaport Long/Short Fund

$117,124

$116,022

(b) Audit-Related Services

Audit-related service fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided related to regulatory filings and affiliated service provider internal controls reviews.

Fund

October 31, 2023

October 31, 2022

John Hancock Balanced Fund

$628

$585

John Hancock Disciplined Value International Fund

$628

$585

John Hancock Diversified Macro Fund

$628

$585

John Hancock Emerging Markets Equity Fund

$628

$585

John Hancock Infrastructure Fund

$628

$585

John Hancock Seaport Long/Short Fund

$628

$585

In addition, amounts billed to control affiliates for service provider internal controls reviews were $127,986 and $121,890 for the fiscal years ended October 31, 2023 and 2022, respectively.

(c) Tax Fees

 

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to the following for the fiscal years ended October 31, 2023 and 2022. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.

Fund

October 31, 2023

October 31, 2022

John Hancock Balanced Fund

$6,622

$5,360

John Hancock Disciplined Value International Fund

$6,622

$4,716

John Hancock Diversified Macro Fund

$8,566

$4,110

John Hancock Emerging Markets Equity Fund

$5,253

$5,360

John Hancock Infrastructure Fund

$5,253

$5,360

John Hancock Seaport Long/Short Fund

$8,306

$5,442

(d) All Other Fees

Other fees billed for professional services rendered by the principal accountant to the registrant or to the control affiliates for the fiscal years ended October 31, 2023 and 2022 amounted to the following:

Fund

October 31, 2023

October 31, 2022

John Hancock Balanced Fund

$0

$163

John Hancock Disciplined Value International Fund

$0

$163

John Hancock Diversified Macro Fund

$0

$163

John Hancock Emerging Markets Equity Fund

$0

$163

John Hancock Infrastructure Fund

$0

$163

John Hancock Seaport Long/Short Fund

$0

$163

The nature of the services comprising all other fees is advisory services provided to the investment manager.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal

 

resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant's principal accountant, for the fiscal period ended October 31, 2023, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant for non- audit services rendered to the registrant and rendered to the registrant's control affiliates for the fiscal years ended October 31, 2023 and 2022 amounted to the following:

Trust

October 31, 2022

October 31, 2022

John Hancock Investment Trust

$1,244,869

$1,085,917

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

(i) Not applicable

(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Frances G. Rathke – Chairperson William H. Cunningham

Hassell H. McClellan – Member of the Audit Committee as of September 26, 2023

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as

conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics for Covered Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Investment Trust

By:

/s/ Kristie M. Feinberg

 

------------------------------

 

Kristie M. Feinberg

 

President

Date:

December 15, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Kristie M. Feinberg

 

-------------------------------

 

Kristie M. Feinberg

 

President

Date:

December 15, 2023

By:

/s/ Charles A. Rizzo

 

--------------------------------

 

Charles A. Rizzo

 

Chief Financial Officer

Date:

December 15, 2023