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- 01677

John Hancock Capital Series

(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

A message to shareholders

Dear shareholder,

U.S. stocks posted gains for the 12 months ended October 31, 2023, although losses were experienced during the final three months of the period. Even though the U.S. Federal Reserve continued to raise interest rates, falling inflation gave investors confidence that the tightening cycle would likely recede at some point within the next year. Economic growth, while slowing, remained in positive territory even as interest rates rose. Together, these factors helped stocks overcome potential headwinds such as ongoing geopolitical instability, 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.

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term growth of capital.

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)

The Russell 1000 Value Index tracks the performance of publicly traded large-cap companies in the United States with lower price-to-book ratios and lower forecasted growth values.

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

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

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

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

The U.S. stock market had a positive performance

Investors reacted positively to tentative signs of easing inflationary pressures, an improving energy outlook in Europe, and China’s exit from its zero-COVID regime.

The fund outperformed its benchmark, the Russell 1000 Value Index

The fund posted a positive return and outperformed its benchmark, thanks to holdings in the industrials and consumer discretionary sectors.

Communication services headed the poor-performing sectors

An underweight in communication services sector was the largest detractor from relative performance.

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.

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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Management’s discussion of fund performance

How did the stock market perform during the 12 months ended October 31, 2023?

Markets began a powerful recovery in the fourth quarter of 2022, as investors reacted positively to tentative signs of easing inflationary pressures, an improving energy outlook in Europe, and China’s exit from its zero-COVID regime. This rally continued in the first quarter of 2023 on strong economic data. After the U.S. regional banking turmoil in March, investors began to anticipate a more benign interest-rate environment, and rushed out of financials and into growth stocks, which also surged amid artificial intelligence enthusiasm. Equities gave up some ground towards the end of the period due to expectations for higher-for-longer interest rates, while an uncertain economic outlook persisted.

How did the fund perform in this environment?

The fund posted a gain and outperformed its benchmark. Stock selection among the industrials, healthcare, and consumer discretionary sectors drove the relative outperformance. The top individual contributor, industrial conglomerate General Electric Company, saw surging demand in its lucrative jet engine aftermarket business amid the rebound in air travel. Online travel agency Booking Holdings, Inc. continues to benefit from the post-COVID travel recovery and recently posted a

TOP 10 HOLDINGS AS OF 10/31/2023 (% of net assets)
Dow, Inc.	4.9
Wells Fargo & Company	4.6
Citigroup, Inc.	4.2
MetLife, Inc.	4.1
Capital One Financial Corp.	3.8
Lear Corp.	3.7
Cognizant Technology Solutions Corp., Class A	3.5
Wabtec Corp.	3.4
Equitable Holdings, Inc.	3.3
Gildan Activewear, Inc.	3.2
TOTAL	38.7
Cash and cash equivalents are not included.

COUNTRY COMPOSITION AS OF 10/31/2023 (% of net assets)
United States	83.8
Canada	6.4
United Kingdom	3.0
Germany	2.7
Ireland	2.2
Switzerland	1.9
TOTAL	100.0

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

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strong set of results. Footwear manufacturer Skechers USA, Inc. saw its margins improved as it increased pricing to offset cost inflation.

What were some of the detractors?

An underweight in communication services detracted from relative performance. Consumer products company Newell Brands, Inc. was the largest individual detractor, with share prices falling on weaker results, which led to reduced guidance and a dividend cut. Texas utility NRG Energy, Inc. fell after announcing the acquisition of Vivint Smart Home, a home security and smart home products company, in December. We exited the fund’s position in NRG Energy, Inc. prior to period end. An overweight to U.S. biopharma company Bristol-Myers Squibb Company detracted as shares were weak due to a hiatus in new drug launches.

What changes did you make to the fund over the period?

The fund’s allocation to the healthcare and communication services sectors rose during the period. In healthcare we added medical device manufacturer Medtronic PLC and medical products company Baxter International, Inc. We added a number of holdings to the communications services sector, including cable communications provider Charter Communications, Inc. and mass media giant The Walt Disney Company.

MANAGED BY

Richard S. Pzena

Benjamin S. Silver, CFA

John J. Flynn

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

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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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	-4.22	4.23	5.92	23.04	77.76
Class C	-0.80	4.52	5.67	24.72	73.54
Class I¹	1.06	5.57	6.74	31.13	91.90
Class R2¹	0.69	5.17	6.34	28.67	84.95
Class R5¹	1.09	5.63	6.80	31.53	93.13
Class R6¹	1.18	5.68	6.85	31.82	94.04
Index^†	0.13	6.60	7.60	37.62	107.99

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, 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 July 31, 2025 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R5	Class R6
Gross (%)	1.14	1.89	0.89	1.29	0.84	0.79
Net (%)	1.13	1.88	0.88	1.28	0.83	0.78

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.

^† Index is the Russell 1000 Value Index.

See the following page for footnotes.

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Classic Value Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Russell 1000 Value Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C²	10-31-13	17,354	17,354	20,799
Class I¹	10-31-13	19,190	19,190	20,799
Class R2¹	10-31-13	18,495	18,495	20,799
Class R5¹	10-31-13	19,313	19,313	20,799
Class R6¹	10-31-13	19,404	19,404	20,799

The Russell 1000 Value Index tracks the performance of publicly traded large-cap companies in the United States with lower price-to-book ratios and lower forecasted growth values.

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

Footnotes related to performance pages

¹	For certain types of investors, as described in the fund’s prospectus.
²	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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Your expenses

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

Understanding fund expenses

As a shareholder of the fund, you incur two types of costs:

■Transaction costs, which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■Ongoing operating expenses, including management fees, distribution and service fees (if applicable), and other fund expenses.

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

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.

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

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Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the 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	$938.40	$5.52	1.13%
	Hypothetical example	1,000.00	1,019.50	5.75	1.13%
Class C	Actual expenses/actual returns	1,000.00	934.60	9.17	1.88%
	Hypothetical example	1,000.00	1,015.70	9.55	1.88%
Class I	Actual expenses/actual returns	1,000.00	939.50	4.30	0.88%
	Hypothetical example	1,000.00	1,020.80	4.48	0.88%
Class R2	Actual expenses/actual returns	1,000.00	937.70	6.11	1.25%
	Hypothetical example	1,000.00	1,018.90	6.36	1.25%
Class R5	Actual expenses/actual returns	1,000.00	939.50	3.86	0.79%
	Hypothetical example	1,000.00	1,021.20	4.02	0.79%
Class R6	Actual expenses/actual returns	1,000.00	940.10	3.77	0.77%
	Hypothetical example	1,000.00	1,021.30	3.92	0.77%

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 CLASSIC VALUE FUND

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Fund’s investments

AS OF 10-31-23

	Shares	Value
Common stocks 99.5%		$1,385,018,687
(Cost $1,143,913,717)
Communication services 3.4%		47,341,700
Entertainment 0.3%
The Walt Disney Company (A)	55,113	4,496,670
Media 3.1%
Charter Communications, Inc., Class A (A)	106,368	42,845,030
Consumer discretionary 17.6%		245,172,486
Automobile components 6.9%
Lear Corp.	395,933	51,376,266
Magna International, Inc. (B)	912,513	43,882,750
Hotels, restaurants and leisure 2.8%
Booking Holdings, Inc. (A)	14,124	39,399,745
Household durables 1.8%
Newell Brands, Inc.	3,816,773	25,648,715
Textiles, apparel and luxury goods 6.1%
Gildan Activewear, Inc. (B)	1,581,548	44,931,779
PVH Corp.	345,624	25,697,144
Skechers USA, Inc., Class A (A)	295,232	14,236,087
Consumer staples 0.8%		10,489,932
Food products 0.8%
Tyson Foods, Inc., Class A	226,320	10,489,932
Energy 6.9%		96,036,778
Energy equipment and services 3.9%
Halliburton Company	654,600	25,751,964
NOV, Inc.	1,420,515	28,353,479
Oil, gas and consumable fuels 3.0%
Shell PLC, ADR	643,711	41,931,335
Financials 35.3%		491,235,518
Banks 14.6%
Bank of America Corp.	1,566,675	41,266,220
Citigroup, Inc.	1,471,375	58,104,599
JPMorgan Chase & Co.	276,539	38,455,513
Wells Fargo & Company	1,630,328	64,838,144
Capital markets 3.7%
The Goldman Sachs Group, Inc.	83,097	25,229,080
UBS Group AG (B)	1,134,366	26,612,226
Consumer finance 3.8%
Capital One Financial Corp.	526,758	53,355,318

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Shares	Value
Financials (continued)
Financial services 7.3%
Equitable Holdings, Inc.	1,717,736	$45,640,246
Global Payments, Inc.	252,526	26,823,312
Voya Financial, Inc.	424,831	28,365,966
Insurance 5.9%
American International Group, Inc.	405,390	24,854,461
MetLife, Inc.	961,347	57,690,433
Health care 11.4%		159,068,749
Health care equipment and supplies 4.3%
Baxter International, Inc.	916,871	29,734,127
Medtronic PLC	432,739	30,534,064
Health care providers and services 4.1%
Cardinal Health, Inc.	210,727	19,176,157
Fresenius Medical Care AG & Company KGaA, ADR	2,263,674	37,644,899
Pharmaceuticals 3.0%
Bristol-Myers Squibb Company	620,324	31,965,296
Pfizer, Inc.	327,690	10,014,206
Industrials 8.7%		121,206,629
Industrial conglomerates 2.3%
General Electric Company	293,979	31,934,939
Machinery 3.4%
Wabtec Corp.	452,651	47,990,059
Professional services 3.0%
SS&C Technologies Holdings, Inc.	821,525	41,281,631
Information technology 7.5%		104,854,022
Electronic equipment, instruments and components 2.0%
TE Connectivity, Ltd. (B)	243,134	28,653,342
IT services 5.5%
Amdocs, Ltd.	339,598	27,222,176
Cognizant Technology Solutions Corp., Class A	759,710	48,978,504
Materials 4.9%		68,025,497
Chemicals 4.9%
Dow, Inc.	1,407,230	68,025,497
Utilities 3.0%		41,587,376
Electric utilities 3.0%
Edison International	659,489	41,587,376

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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	Yield (%)	Shares	Value
Short-term investments 4.0%			$55,573,140
(Cost $55,570,841)
Short-term funds 4.0%			55,573,140
John Hancock Collateral Trust (C)	5.5153(D)	4,803,869	48,022,361
State Street Institutional Treasury Money Market Fund, Premier Class	5.2942(D)	7,550,779	7,550,779


Total investments (Cost $1,199,484,558) 103.5%					$1,440,591,827
Other assets and liabilities, net (3.5%)					(48,421,028)
Total net assets 100.0%					$1,392,170,799

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)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(D)	The rate shown is the annualized seven-day yield as of 10-31-23.

At 10-31-23, the aggregate cost of investments for federal income tax purposes was $1,230,662,970. Net unrealized appreciation aggregated to $209,928,857, of which $309,060,456 related to gross unrealized appreciation and $99,131,599 related to gross unrealized depreciation.

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-23

Assets
Unaffiliated investments, at value (Cost $1,151,464,496) including $47,036,537 of securities loaned	$1,392,569,466
Affiliated investments, at value (Cost $48,020,062)	48,022,361
Total investments, at value (Cost $1,199,484,558)	1,440,591,827
Dividends and interest receivable	945,829
Receivable for fund shares sold	1,592,100
Receivable for securities lending income	6,941
Other assets	249,292
Total assets	1,443,385,989
Liabilities
Payable for investments purchased	33,501
Payable for fund shares repurchased	1,824,588
Payable upon return of securities loaned	48,015,512
Payable to affiliates
Investment management fees	859,885
Accounting and legal services fees	104,715
Transfer agent fees	104,191
Distribution and service fees	69,006
Trustees’ fees	2,206
Other liabilities and accrued expenses	201,586
Total liabilities	51,215,190
Net assets	$1,392,170,799
Net assets consist of
Paid-in capital	$1,089,422,720
Total distributable earnings (loss)	302,748,079
Net assets	$1,392,170,799

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 ($296,603,121 ÷ 9,498,183 shares)¹	$31.23
Class C ($4,386,814 ÷ 144,197 shares)¹	$30.42
Class I ($667,742,071 ÷ 21,301,907 shares)	$31.35
Class R2 ($2,234,372 ÷ 71,710 shares)	$31.16
Class R5 ($104,200 ÷ 3,319 shares)	$31.39
Class R6 ($421,100,221 ÷ 13,408,153 shares)	$31.41
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$32.87

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 Classic Value Fund

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STATEMENT OF OPERATIONS For the year ended 10-31-23

Investment income
Dividends	$39,811,443
Securities lending	29,092
Less foreign taxes withheld	(589,352)
Total investment income	39,251,183
Expenses
Investment management fees	11,404,266
Distribution and service fees	892,111
Accounting and legal services fees	339,728
Transfer agent fees	1,709,335
Trustees’ fees	41,882
Custodian fees	158,951
State registration fees	146,249
Printing and postage	124,198
Professional fees	130,006
Other	134,043
Total expenses	15,080,769
Less expense reductions	(115,977)
Net expenses	14,964,792
Net investment income	24,286,391
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	91,833,688
Affiliated investments	4,892
	91,838,580
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(73,479,997)
Affiliated investments	2,299
	(73,477,698)
Net realized and unrealized gain	18,360,882
Increase in net assets from operations	$42,647,273

JOHN HANCOCK Classic Value Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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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	$37.10	$40.19	$23.99	$31.31	$31.52
Net investment income¹	0.44	0.41	0.25	0.35	0.61
Net realized and unrealized gain (loss) on investments	(0.32)²	(3.27)	16.35	(6.18)	(0.15)
Total from investment operations	0.12	(2.86)	16.60	(5.83)	0.46
Less distributions
From net investment income	(0.60)	(0.23)	(0.40)	(0.78)	(0.39)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(5.99)	(0.23)	(0.40)	(1.49)	(0.67)
Net asset value, end of period	$31.23	$37.10	$40.19	$23.99	$31.31
Total return (%)^3,4	0.81	(7.13)	69.72	(19.83)	1.67
Ratios and supplemental data
Net assets, end of period (in millions)	$297	$346	$416	$249	$334
Ratios (as a percentage of average net assets):
Expenses before reductions	1.14	1.13	1.15	1.19	1.18
Expenses including reductions	1.14	1.13	1.14	1.18	1.17
Net investment income	1.31	1.07	0.68	1.36	2.00
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
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.

JOHN HANCOCK Classic Value Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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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	$36.24	$39.32	$23.50	$30.72	$30.89
Net investment income (loss)¹	0.19	0.12	(0.02)	0.18	0.39
Net realized and unrealized gain (loss) on investments	(0.31)²	(3.20)	16.06	(6.14)	(0.14)
Total from investment operations	(0.12)	(3.08)	16.04	(5.96)	0.25
Less distributions
From net investment income	(0.31)	—	(0.22)	(0.55)	(0.14)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(5.70)	—	(0.22)	(1.26)	(0.42)
Net asset value, end of period	$30.42	$36.24	$39.32	$23.50	$30.72
Total return (%)^3,4	0.04	(7.83)	68.52	(20.47)	0.92
Ratios and supplemental data
Net assets, end of period (in millions)	$4	$7	$8	$9	$20
Ratios (as a percentage of average net assets):
Expenses before reductions	1.89	1.88	1.90	1.94	1.93
Expenses including reductions	1.89	1.88	1.89	1.93	1.92
Net investment income (loss)	0.58	0.32	(0.05)	0.67	1.31
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
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

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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	$37.24	$40.34	$24.06	$31.40	$31.62
Net investment income¹	0.55	0.51	0.34	0.43	0.69
Net realized and unrealized gain (loss) on investments	(0.35)²	(3.28)	16.41	(6.20)	(0.16)
Total from investment operations	0.20	(2.77)	16.75	(5.77)	0.53
Less distributions
From net investment income	(0.70)	(0.33)	(0.47)	(0.86)	(0.47)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(6.09)	(0.33)	(0.47)	(1.57)	(0.75)
Net asset value, end of period	$31.35	$37.24	$40.34	$24.06	$31.40
Total return (%)³	1.06	(6.90)	70.19	(19.65)	1.93
Ratios and supplemental data
Net assets, end of period (in millions)	$668	$1,335	$2,545	$886	$1,429
Ratios (as a percentage of average net assets):
Expenses before reductions	0.89	0.88	0.90	0.94	0.94
Expenses including reductions	0.89	0.88	0.89	0.93	0.93
Net investment income	1.60	1.31	0.92	1.66	2.24
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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CLASS R2 SHARES Period ended	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	$37.01	$40.10	$23.93	$31.23	$31.44
Net investment income¹	0.40	0.36	0.20	0.35	0.47
Net realized and unrealized gain (loss) on investments	(0.32)²	(3.27)	16.34	(6.20)	(0.06)
Total from investment operations	0.08	(2.91)	16.54	(5.85)	0.41
Less distributions
From net investment income	(0.54)	(0.18)	(0.37)	(0.74)	(0.34)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(5.93)	(0.18)	(0.37)	(1.45)	(0.62)
Net asset value, end of period	$31.16	$37.01	$40.10	$23.93	$31.23
Total return (%)³	0.69	(7.27)	69.57	(19.93)	1.50
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$3	$2	$—⁴
Ratios (as a percentage of average net assets):
Expenses before reductions	1.27	1.26	1.28	1.32	1.30
Expenses including reductions	1.26	1.25	1.27	1.31	1.29
Net investment income	1.17	0.94	0.56	1.39	1.50
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Less than $500,000.

SEE NOTES TO FINANCIAL STATEMENTS

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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	$37.29	$40.39	$24.09	$31.42	$31.65
Net investment income¹	0.58	0.52	0.36	0.49	0.66
Net realized and unrealized gain (loss) on investments	(0.38)²	(3.27)	16.42	(6.24)	(0.12)
Total from investment operations	0.20	(2.75)	16.78	(5.75)	0.54
Less distributions
From net investment income	(0.71)	(0.35)	(0.48)	(0.87)	(0.49)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(6.10)	(0.35)	(0.48)	(1.58)	(0.77)
Net asset value, end of period	$31.39	$37.29	$40.39	$24.09	$31.42
Total return (%)³	1.09	(6.85)	70.30	(19.56)	1.97
Ratios and supplemental data
Net assets, end of period (in millions)	$—⁴	$—⁴	$—⁴	$—⁴	$—⁴
Ratios (as a percentage of average net assets):
Expenses before reductions	0.83	0.83	0.85	0.87	0.88
Expenses including reductions	0.82	0.82	0.84	0.86	0.87
Net investment income	1.69	1.34	0.97	1.81	2.17
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Less than $500,000.

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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	$37.30	$40.41	$24.09	$31.43	$31.67
Net investment income¹	0.44	0.55	0.38	0.46	0.72
Net realized and unrealized gain (loss) on investments	(0.21)²	(3.29)	16.43	(6.20)	(0.17)
Total from investment operations	0.23	(2.74)	16.81	(5.74)	0.55
Less distributions
From net investment income	(0.73)	(0.37)	(0.49)	(0.89)	(0.51)
From net realized gain	(5.39)	—	—	(0.71)	(0.28)
Total distributions	(6.12)	(0.37)	(0.49)	(1.60)	(0.79)
Net asset value, end of period	$31.41	$37.30	$40.41	$24.09	$31.43
Total return (%)³	1.18	(6.83)	70.41	(19.55)	1.99
Ratios and supplemental data
Net assets, end of period (in millions)	$421	$126	$163	$253	$360
Ratios (as a percentage of average net assets):
Expenses before reductions	0.78	0.78	0.80	0.83	0.83
Expenses including reductions	0.78	0.77	0.79	0.82	0.82
Net investment income	1.33	1.42	1.08	1.76	2.36
Portfolio turnover (%)	24	18	25	35	35

¹	Based on average daily shares outstanding.
²	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

Note 1—Organization

John Hancock Classic Value Fund (the fund) is a series of John Hancock Capital Series (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term growth of capital.

The fund may offer multiple classes of shares. The shares currently 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 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.

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.

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,

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prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

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

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. 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 $47,036,537 and received $48,015,512 of cash collateral.

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.

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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 $9,260.

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.

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	$81,899,382	$24,868,052
Long-term capital gains	207,347,591	—
Total	$289,246,973	$24,868,052

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 $17,557,628 of undistributed ordinary income and $75,261,593 of undistributed long-term capital gains.

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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 monthly management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.710% of the first $2.5 billion of the fund’s average daily net assets; (b) 0.700% of the next $2.5 billion of the fund’s average daily net assets and (c) 0.690% of the fund’s average daily net assets in excess of $5 billion. The Advisor has a subadvisory agreement with Pzena Investment Management, LLC. 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	$23,871
Class C	399
Class I	80,533
Class R2	167

Class	Expense reduction
Class R5	$11
Class R6	10,996
Total	$115,977

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 0.70% of the fund’s average daily net assets.

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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 R5	—	0.05%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $57,340 for the year ended October 31, 2023. Of this amount, $9,879 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $47,461 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 $6 and $371 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	$825,615	$387,395
Class C	55,229	6,468

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Class	Distribution and service fees	Transfer agent fees
Class I	—	$1,305,367
Class R2	$11,201	161
Class R5	66	12
Class R6	—	9,932
Total	$892,111	$1,709,335

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	$57,840,000	10	4.095%	($65,800)

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	897,830	$29,811,758	2,118,340	$82,117,373
Distributions reinvested	1,678,901	50,870,710	59,621	2,304,966
Repurchased	(2,406,995)	(80,024,499)	(3,197,654)	(122,911,844)
Net increase (decrease)	169,736	$657,969	(1,019,693)	$(38,489,505)
Class C shares
Sold	25,860	$841,764	44,521	$1,732,946
Distributions reinvested	28,421	844,401	—	—
Repurchased	(90,382)	(3,029,446)	(67,383)	(2,582,490)
Net decrease	(36,101)	$(1,343,281)	(22,862)	$(849,544)
Class I shares
Sold	6,564,314	$222,837,616	11,409,844	$452,041,877
Distributions reinvested	6,811,886	206,740,734	528,953	20,481,044
Repurchased	(27,921,075)	(950,836,667)	(39,169,247)	(1,519,699,928)
Net decrease	(14,544,875)	$(521,258,317)	(27,230,450)	$(1,047,177,007)

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	Year Ended 10-31-23		Year Ended 10-31-22
	Shares	Amount	Shares	Amount
Class R2 shares
Sold	5,024	$165,184	6,863	$258,070
Distributions reinvested	11,435	346,032	303	11,694
Repurchased	(5,940)	(202,461)	(13,276)	(505,727)
Net increase (decrease)	10,519	$308,755	(6,110)	$(235,963)
Class R5 shares
Sold	485	$16,556	3,622	$142,326
Distributions reinvested	1,018	30,934	42	1,644
Repurchased	(3,182)	(103,971)	(133)	(5,431)
Net increase (decrease)	(1,679)	$(56,481)	3,531	$138,539
Class R6 shares
Sold	10,922,731	$375,493,342	416,114	$16,580,094
Distributions reinvested	663,391	20,153,804	37,698	1,460,808
Repurchased	(1,560,248)	(51,355,672)	(1,100,750)	(42,798,740)
Net increase (decrease)	10,025,874	$344,291,474	(646,938)	$(24,757,838)
Total net decrease	(4,376,526)	$(177,399,881)	(28,922,522)	$(1,111,371,318)

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $380,597,838 and $825,026,867, 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 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. Financial services companies can be hurt by economic declines, changes in interest rates, and regulatory and market impacts.

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:

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Capital Series and Shareholders of John Hancock Classic Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Classic Value Fund (one of the funds constituting John Hancock Capital Series, 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 7, 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.

The fund paid $207,347,591 in long term capital gain dividends.

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

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

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

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Capital Series (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 Pzena Investment Management, LLC (the Subadvisor), for John Hancock Classic Value 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.

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Approval of Advisory Agreement

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

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

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

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and 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 ended December 31, 2022. The Board also noted that the fund underperformed 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 factors that contributed to the fund’s underperformance relative to the benchmark index for the three-, five- and ten-year periods and peer group median for the one-, three-, five- and ten-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 higher than the peer group median.

The Board took into account management’s discussion of the fund’s expenses. The Board noted actions taken to reduce the fund’s fees and expenses during the prior year. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory 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

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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 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.

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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 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.

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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;
(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

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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	2005	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	2005	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).

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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

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

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

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

JOHN HANCOCK CLASSIC VALUE FUND | ANNUAL REPORT

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More information

Trustees

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

Pzena Investment Management, LLC

Portfolio Managers

John J. Flynn
Richard S. Pzena
Benjamin S. Silver, CFA, CPA

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 7^th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT | JOHN HANCOCK CLASSIC VALUE FUND

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock 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.

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A trusted brand

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

A better way to invest

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

Results for investors

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

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

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

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

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

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

MF3208583

38A 10/23

12/2023

A message to shareholders

Dear shareholder,

Sincerely,

Kristie M. Feinberg

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

President and CEO,
John Hancock Investment Management

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term growth of capital.

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)

The Russell 1000 Growth Index tracks the performance of publicly traded large-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values.

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

JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Economic resilience boosted U.S. stocks

Surprisingly robust U.S. economic growth and expectations for moderating inflationary pressures led to a rally in the U.S. equity market, overcoming the headwind of rising interest rates.

Market leadership was narrow

A handful of mega-cap technology stocks were responsible for most of the stock market’s advance, driven by investor enthusiasm about artificial intelligence.

The fund trailed its benchmark

The fund posted a positive return but underperformed its benchmark, the Russell 1000 Growth Index, in large part due to the concentrated market leadership during the period.

SECTOR COMPOSITION AS OF 10/31/2023 (% of net assets)

Notes about risk

ANNUAL REPORT | JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND

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Management’s discussion of fund performance

How did the U.S. stock market perform during the 12 months ended October 31, 2023?

The broad U.S. equity indexes posted strong gains for the period. An unexpectedly resilient U.S. economy in the face of an extended series of short-term interest rate increases by the U.S. Federal Reserve provided a favorable backdrop for equity prices. Moderating inflationary pressures and better-than-expected corporate earnings were also positive factors. Despite the healthy overall returns, a concentrated group of stocks led the market’s advance—companies deemed to be primary beneficiaries of the increased usage of artificial intelligence. As a result, the information technology and communication services sectors were the best performers, while interest-rate-sensitive sectors such as utilities and consumer staples lagged.

How did the fund perform?

The fund posted a gain but underperformed its benchmark. The weightings of the eight largest stocks in the benchmark comprise nearly half of the index, and that magnitude of concentration makes it difficult to keep pace when those stocks are also the top performers. In addition, business quality parameters important to our investment approach were not rewarded in a selective economic environment.

TOP 10 HOLDINGS AS OF 10/31/2023 (% of net assets)
Microsoft Corp.	6.5
Amazon.com, Inc.	6.4
Visa, Inc., Class A	5.2
UnitedHealth Group, Inc.	5.1
Workday, Inc., Class A	4.1
Aon PLC, Class A	4.0
S&P Global, Inc.	3.9
Danaher Corp.	3.7
Equinix, Inc.	3.7
Yum! Brands, Inc.	3.6
TOTAL	46.2
Cash and cash equivalents are not included.

JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND | ANNUAL REPORT

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Among portfolio holdings, the most notable individual detractors included discount retailer Dollar General Corp. and scientific instrument maker Danaher Corp. Dollar General Corp. reported disappointing results in consecutive quarters due to some competitive and operational challenges, which led us to eliminate the stock from the portfolio. A slower-than-expected inventory drawdown and declining demand for COVID-related materials weighed on Danaher Corp.’s earnings and stock price.

The fund’s top performance contributors included human resources software developer Workday, Inc. and online streaming media company Netflix, Inc. Rising profit margins and stronger-than-expected earnings lifted Workday, while Netflix benefited from the successful introduction of a new advertising-supported membership tier.

What changes did you make to the portfolio during the reporting period?

In addition to Dollar General Corp., we eliminated medical device manufacturer Abbott Laboratories, online dating company Match Group, Inc., robotic surgical systems maker Intuitive Surgical, Inc. and design and document software company Adobe, Inc. New holdings included insurance broker Aon PLC, workflow management software company ServiceNow, Inc., semiconductor manufacturer NVIDIA Corp., and railroad operator Canadian Pacific Kansas City, Ltd.

MANAGED BY

Robert L. Rohn

Kishore Rao

Hrishikesh Gupta

The views expressed in this report are exclusively those of the portfolio management team at Sustainable Growth Advisers, LP, 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 U.S. GLOBAL LEADERS GROWTH FUND

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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	5.00	8.78	9.85	52.31	155.84
Class C	8.71	9.08	9.59	54.41	149.85
Class I¹	10.82	10.17	10.69	62.33	176.15
Class R2¹	10.44	9.77	10.27	59.40	165.83
Class R6¹	10.93	10.29	10.81	63.19	179.18
Index 1^†	18.95	14.22	13.82	94.36	265.02
Index 2^†	10.14	11.01	11.18	68.59	188.47

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

	Class A	Class C	Class I	Class R2	Class R6
Gross (%)	1.14	1.89	0.89	1.28	0.78
Net (%)	1.13	1.88	0.88	1.27	0.77

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.

^† Index 1 is the Russell 1000 Growth Index; Index 2 is the S&P 500 Index.

See the following page for footnotes.

JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND | ANNUAL REPORT

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

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)
Class C²	10-31-13	24,985	24,985	36,502	28,847
Class I¹	10-31-13	27,615	27,615	36,502	28,847
Class R2¹	10-31-13	26,583	26,583	36,502	28,847
Class R6¹	10-31-13	27,918	27,918	36,502	28,847

The Russell 1000 Growth Index tracks the performance of publicly traded large-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values.

The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States.

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.

ANNUAL REPORT | JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND

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Your expenses

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

Understanding fund expenses

As a shareholder of the fund, you incur two types of costs:

■Transaction costs, which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■Ongoing operating expenses, including management fees, distribution and service fees (if applicable), and other fund expenses.

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Hypothetical example for comparison purposes

JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND | ANNUAL REPORT

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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	$1,009.80	$5.78	1.14%
	Hypothetical example	1,000.00	1,019.50	5.80	1.14%
Class C	Actual expenses/actual returns	1,000.00	1,005.80	9.56	1.89%
	Hypothetical example	1,000.00	1,015.70	9.60	1.89%
Class I	Actual expenses/actual returns	1,000.00	1,010.90	4.51	0.89%
	Hypothetical example	1,000.00	1,020.70	4.53	0.89%
Class R2	Actual expenses/actual returns	1,000.00	1,009.10	6.28	1.24%
	Hypothetical example	1,000.00	1,019.00	6.31	1.24%
Class R6	Actual expenses/actual returns	1,000.00	1,011.60	3.95	0.78%
	Hypothetical example	1,000.00	1,021.30	3.97	0.78%

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

ANNUAL REPORT | JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND

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Fund’s investments

AS OF 10-31-23

	Shares	Value
Common stocks 98.6%		$2,136,942,116
(Cost $1,448,610,492)
Communication services 6.6%		142,740,331
Entertainment 3.2%
Netflix, Inc. (A)	166,099	68,381,297
Interactive media and services 3.4%
Alphabet, Inc., Class C (A)	593,448	74,359,034
Consumer discretionary 12.9%		280,409,649
Broadline retail 6.4%
Amazon.com, Inc. (A)	1,043,372	138,862,379
Hotels, restaurants and leisure 6.5%
Starbucks Corp.	694,336	64,045,553
Yum! Brands, Inc.	641,252	77,501,717
Financials 21.2%		460,101,556
Capital markets 7.4%
MSCI, Inc.	163,560	77,126,718
S&P Global, Inc.	240,483	84,003,117
Consumer finance 2.3%
American Express Company	346,804	50,643,788
Financial services 7.5%
FleetCor Technologies, Inc. (A)	216,184	48,678,151
Visa, Inc., Class A	480,659	113,002,931
Insurance 4.0%
Aon PLC, Class A	280,048	86,646,851
Health care 17.0%		367,351,713
Biotechnology 2.7%
Regeneron Pharmaceuticals, Inc. (A)	74,830	58,359,169
Health care providers and services 5.1%
UnitedHealth Group, Inc.	204,557	109,552,547
Life sciences tools and services 9.2%
Danaher Corp.	421,527	80,941,615
IQVIA Holdings, Inc. (A)	273,164	49,396,246
Thermo Fisher Scientific, Inc.	155,366	69,102,136
Industrials 2.9%		63,506,298
Ground transportation 2.9%
Canadian Pacific Kansas City, Ltd.	894,833	63,506,298

JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Shares	Value
Information technology 26.2%		$566,561,387
Semiconductors and semiconductor equipment 2.5%
NVIDIA Corp.	133,540	54,457,612
Software 23.7%
Autodesk, Inc. (A)	326,525	64,531,136
Intuit, Inc.	155,319	76,875,139
Microsoft Corp.	417,656	141,213,668
Salesforce, Inc. (A)	319,770	64,219,409
ServiceNow, Inc. (A)	129,585	75,399,032
Workday, Inc., Class A (A)	424,474	89,865,391
Materials 8.1%		175,837,857
Chemicals 5.9%
Ecolab, Inc.	454,186	76,185,160
The Sherwin-Williams Company	220,196	52,452,889
Containers and packaging 2.2%
Ball Corp.	980,266	47,199,808
Real estate 3.7%		80,433,325
Specialized REITs 3.7%
Equinix, Inc.	110,237	80,433,325

	Yield (%)	Shares	Value
Short-term investments 1.5%			$31,776,302
(Cost $31,776,302)
Short-term funds 1.5%			31,776,302
State Street Institutional U.S. Government Money Market Fund, Premier Class	5.2868(B)	31,776,302	31,776,302


Total investments (Cost $1,480,386,794) 100.1%					$2,168,718,418
Other assets and liabilities, net (0.1%)					(2,695,412)
Total net assets 100.0%					$2,166,023,006

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
(A)	Non-income producing security.
(B)	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 $1,485,877,004. Net unrealized appreciation aggregated to $682,841,414, of which $726,073,822 related to gross unrealized appreciation and $43,232,408 related to gross unrealized depreciation.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK U.S. GLOBAL LEADERS GROWTH FUND

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-23

Assets
Unaffiliated investments, at value (Cost $1,480,386,794)	$2,168,718,418
Dividends and interest receivable	755,930
Receivable for fund shares sold	2,599,375
Other assets	249,954
Total assets	2,172,323,677
Liabilities
Foreign currency overdraft, at value (cost $104,543)	104,212
Payable for investments purchased	159,457
Payable for fund shares repurchased	3,905,126
Payable to affiliates
Investment management fees	1,350,942
Accounting and legal services fees	160,599
Transfer agent fees	191,962
Distribution and service fees	194,429
Trustees’ fees	2,765
Other liabilities and accrued expenses	231,179
Total liabilities	6,300,671
Net assets	$2,166,023,006
Net assets consist of
Paid-in capital	$1,551,692,233
Total distributable earnings (loss)	614,330,773
Net assets	$2,166,023,006

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 ($782,954,369 ÷ 14,569,189 shares)¹	$53.74
Class C ($28,920,627 ÷ 729,257 shares)¹	$39.66
Class I ($1,007,116,465 ÷ 16,687,093 shares)	$60.35
Class R2 ($1,294,680 ÷ 22,540 shares)	$57.44
Class R6 ($345,736,865 ÷ 5,648,212 shares)	$61.21
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$56.57

¹	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
²	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

JOHN HANCOCK U.S. Global Leaders Growth Fund | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

STATEMENT OF OPERATIONS For the year ended 10-31-23

Investment income
Dividends	$16,717,480
Securities lending	2,328
Less foreign taxes withheld	(18,894)
Total investment income	16,700,914
Expenses
Investment management fees	16,364,826
Distribution and service fees	2,362,925
Accounting and legal services fees	476,203
Transfer agent fees	2,266,941
Trustees’ fees	56,184
Custodian fees	258,562
State registration fees	130,730
Printing and postage	157,443
Professional fees	133,298
Other	71,304
Total expenses	22,278,416
Less expense reductions	(163,667)
Net expenses	22,114,749
Net investment loss	(5,413,835)
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(43,184,240)
Affiliated investments	1,166
	(43,183,074)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	281,121,482
	281,121,482
Net realized and unrealized gain	237,938,408
Increase in net assets from operations	$232,524,573

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK U.S. Global Leaders Growth Fund

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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	$48.62	$76.20	$62.60	$51.76	$49.26
Net investment loss¹	(0.21)	(0.33)	(0.39)	(0.22)	(0.05)
Net realized and unrealized gain (loss) on investments	5.33	(21.23)	21.14	14.56	8.18
Total from investment operations	5.12	(21.56)	20.75	14.34	8.13
Less distributions
From net realized gain	—	(6.02)	(7.15)	(3.50)	(5.63)
Net asset value, end of period	$53.74	$48.62	$76.20	$62.60	$51.76
Total return (%)^2,3	10.53	(30.48)	35.67	29.28	18.96
Ratios and supplemental data
Net assets, end of period (in millions)	$783	$775	$1,217	$921	$707
Ratios (as a percentage of average net assets):
Expenses before reductions	1.15	1.14	1.13	1.16	1.16
Expenses including reductions	1.14	1.13	1.13	1.15	1.15
Net investment loss	(0.40)	(0.59)	(0.57)	(0.40)	(0.11)
Portfolio turnover (%)	24	31	32	50	32

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

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CLASS C SHARES Period ended	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	$36.15	$58.66	$50.00	$42.31	$41.59
Net investment loss¹	(0.45)	(0.59)	(0.70)	(0.51)	(0.34)
Net realized and unrealized gain (loss) on investments	3.96	(15.90)	16.51	11.70	6.69
Total from investment operations	3.51	(16.49)	15.81	11.19	6.35
Less distributions
From net realized gain	—	(6.02)	(7.15)	(3.50)	(5.63)
Net asset value, end of period	$39.66	$36.15	$58.66	$50.00	$42.31
Total return (%)^2,3	9.71	(31.00)	34.66	28.30	18.07
Ratios and supplemental data
Net assets, end of period (in millions)	$29	$34	$79	$82	$69
Ratios (as a percentage of average net assets):
Expenses before reductions	1.90	1.89	1.88	1.91	1.91
Expenses including reductions	1.89	1.88	1.88	1.90	1.90
Net investment loss	(1.15)	(1.34)	(1.32)	(1.15)	(0.85)
Portfolio turnover (%)	24	31	32	50	32

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

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CLASS I SHARES Period ended	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	$54.46	$84.41	$68.49	$56.19	$52.86
Net investment income (loss)¹	(0.09)	(0.20)	(0.25)	(0.09)	0.09
Net realized and unrealized gain (loss) on investments	5.98	(23.73)	23.32	15.89	8.87
Total from investment operations	5.89	(23.93)	23.07	15.80	8.96
Less distributions
From net realized gain	—	(6.02)	(7.15)	(3.50)	(5.63)
Net asset value, end of period	$60.35	$54.46	$84.41	$68.49	$56.19
Total return (%)²	10.82	(30.31)	36.01	29.58	19.26
Ratios and supplemental data
Net assets, end of period (in millions)	$1,007	$1,037	$1,027	$662	$572
Ratios (as a percentage of average net assets):
Expenses before reductions	0.90	0.89	0.88	0.91	0.92
Expenses including reductions	0.89	0.88	0.88	0.90	0.91
Net investment income (loss)	(0.15)	(0.32)	(0.32)	(0.15)	0.17
Portfolio turnover (%)	24	31	32	50	32

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

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CLASS R2 SHARES Period ended	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	$52.01	$81.16	$66.33	$54.71	$51.80
Net investment loss¹	(0.28)	(0.43)	(0.50)	(0.31)	(0.12)
Net realized and unrealized gain (loss) on investments	5.71	(22.70)	22.48	15.43	8.66
Total from investment operations	5.43	(23.13)	21.98	15.12	8.54
Less distributions
From net realized gain	—	(6.02)	(7.15)	(3.50)	(5.63)
Net asset value, end of period	$57.44	$52.01	$81.16	$66.33	$54.71
Total return (%)²	10.44	(30.56)	35.50	29.11	18.81
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$2	$2	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	1.24	1.24	1.25	1.28	1.29
Expenses including reductions	1.24	1.23	1.24	1.27	1.28
Net investment loss	(0.50)	(0.70)	(0.68)	(0.53)	(0.23)
Portfolio turnover (%)	24	31	32	50	32

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

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CLASS 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	$55.18	$85.35	$69.12	$56.61	$53.17
Net investment income (loss)¹	(0.03)	(0.15)	(0.17)	(0.03)	0.13
Net realized and unrealized gain (loss) on investments	6.06	(24.00)	23.55	16.04	8.94
Total from investment operations	6.03	(24.15)	23.38	16.01	9.07
Less distributions
From net realized gain	—	(6.02)	(7.15)	(3.50)	(5.63)
Net asset value, end of period	$61.21	$55.18	$85.35	$69.12	$56.61
Total return (%)²	10.93	(30.23)	36.14	29.74	19.37
Ratios and supplemental data
Net assets, end of period (in millions)	$346	$332	$501	$353	$199
Ratios (as a percentage of average net assets):
Expenses before reductions	0.79	0.78	0.78	0.80	0.81
Expenses including reductions	0.78	0.77	0.77	0.79	0.80
Net investment income (loss)	(0.04)	(0.23)	(0.22)	(0.06)	0.24
Portfolio turnover (%)	24	31	32	50	32

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

SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

Note 1—Organization

John Hancock U.S. Global Leaders Growth Fund (the fund) is a series of John Hancock Capital Series (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term growth of capital.

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

Note 2—Significant accounting policies

In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds 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.

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

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.

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.

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

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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.

For federal income tax purposes, as of October 31, 2023, the fund has a short-term capital loss carryforward of $63,865,228 and a long-term capital loss carryforward of $4,645,746 available to offset future net realized capital gains. These carryforwards do not expire.

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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	—	$97,797,348
Long-term capital gains	—	115,506,485
Total	—	$213,303,833

Note 3—Guarantees and indemnifications

Note 4—Fees and transactions with affiliates

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a monthly management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.750% of the first $500 million of the fund’s average daily net assets; (b) 0.730% of the next $500 million of the fund’s average daily net assets; (c) 0.710% of the next $1 billion of the fund’s average daily net assets; (d) 0.700% of the next $3 billion of the fund’s average daily net assets; and (e) 0.650% of the fund’s average daily net assets in excess of $5 billion. The Advisor has a subadvisory agreement with Sustainable Growth Advisers, LP. The fund is not responsible for payment of the subadvisory fees.

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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	$58,661
Class C	2,353
Class I	76,911

Class	Expense reduction
Class R2	$102
Class R6	25,640
Total	$163,667

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

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

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $252,383 for the year ended October 31, 2023. Of this amount, $42,177 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $210,206 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 $874 and $1,244 for Class A and Class C shares, respectively.

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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	$2,030,464	$953,594
Class C	326,031	38,250
Class I	—	1,250,551
Class R2	6,430	99
Class R6	—	24,447
Total	$2,362,925	$2,266,941

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	1,006,149	$53,188,753	1,362,617	$78,622,809
Distributions reinvested	—	—	1,370,191	92,076,866
Repurchased	(2,381,995)	(126,016,915)	(2,765,251)	(155,995,173)
Net increase (decrease)	(1,375,846)	$(72,828,162)	(32,443)	$14,704,502
Class C shares
Sold	65,177	$2,549,689	99,093	$4,440,724
Distributions reinvested	—	—	146,090	7,348,338
Repurchased	(289,895)	(11,335,130)	(646,311)	(28,564,307)
Net decrease	(224,718)	$(8,785,441)	(401,128)	$(16,775,245)
Class I shares
Sold	3,600,389	$213,734,816	10,791,716	$670,984,487
Distributions reinvested	—	—	959,820	72,101,700
Repurchased	(5,951,492)	(355,790,915)	(4,878,878)	(294,832,431)
Net increase (decrease)	(2,351,103)	$(142,056,099)	6,872,658	$448,253,756

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	Year Ended 10-31-23		Year Ended 10-31-22
	Shares	Amount	Shares	Amount
Class R2 shares
Sold	3,933	$232,902	3,975	$243,971
Distributions reinvested	—	—	2,161	155,504
Repurchased	(8,508)	(503,132)	(7,966)	(491,575)
Net decrease	(4,575)	$(270,230)	(1,830)	$(92,100)
Class R6 shares
Sold	1,075,674	$64,976,113	1,190,877	$77,083,838
Distributions reinvested	—	—	464,157	35,289,864
Repurchased	(1,442,995)	(87,358,449)	(1,512,773)	(96,167,439)
Net increase (decrease)	(367,321)	$(22,382,336)	142,261	$16,206,263
Total net increase (decrease)	(4,323,563)	$(246,322,268)	6,579,518	$462,297,176

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $531,504,368 and $780,933,086, respectively, for the year ended October 31, 2023.

Note 7—Industry or sector risk

Note 8—Investment in affiliated underlying funds

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	—	—	$20,886,105	$(20,887,271)	$1,166	—	$2,328	—	—

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Capital Series and Shareholders of John Hancock U.S. Global Leaders Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock U.S. Global Leaders Growth Fund (one of the funds constituting John Hancock Capital Series, 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.