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- 03999

John Hancock Investment Trust II

(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 capital appreciation.

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

The S&P 500 Financials Index tracks the performance of publicly traded large-cap financial 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.

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 FINANCIAL INDUSTRIES FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

A volatile period for U.S. regional banks

While the broad U.S. stock market rose, the period was volatile for financials sector stocks and especially for U.S. regional banks, as rapidly rising interest rates contributed to multiple bank failures, creating an overhang that weighed on shares of other institutions.

The fund underperformed its benchmark

The fund trailed the negative result of its benchmark, the S&P 500 Financials Index, owing primarily to weak relative performance from holdings in the banks segment.

Fund performance varied across the capital markets segment

Although stock selection in the capital markets segment aided relative performance, the positive impact was offset by the fund’s underweight in that area.

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

Notes about risk

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

ANNUAL REPORT | JOHN HANCOCK FINANCIAL INDUSTRIES FUND

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Management’s discussion of fund performance

How would you describe economic and market conditions during the 12 months ended October 31, 2023?

U.S. equities rose as U.S. inflation moderated throughout most of the period covered by this report and concerns about the potential for an economic recession eased amid a resilient labor market. While inflation remained well above the U.S. Federal Reserve’s target rate of around 2%, the overall decline during the past year helped to fuel expectations that the central bank might be near the end of its aggressive course of interest-rate increases hikes initiated in March 2022 in response to spiking consumer prices.

While the broad U.S. equity market posted a positive result, rising rates created opportunities but also challenges for financials sector stocks and especially for banks, some of which were particularly vulnerable in part as a result of certain rate-sensitive exposures in their investment portfolios. These pressures triggered liquidity issues for a relatively small number of institutions, eventually leading to the mid-March failures of SVB Financial Group and Signature Bank, neither of which the fund owned shares in.

Deposit flows were comparatively stable at most other regional banks, but the failures created an overhang that pressured shares of other institutions. These pressures eased late in the period, and many of the factors that fueled positive

TOP 10 HOLDINGS AS OF 10/31/2023 (% of net assets)
Markel Group, Inc.	3.6
Sumitomo Mitsui Financial Group, Inc.	3.3
Visa, Inc., Class A	3.1
Wells Fargo & Company	3.0
Arch Capital Group, Ltd.	2.8
Unum Group	2.7
Ameriprise Financial, Inc.	2.7
M&T Bank Corp.	2.7
Ares Management Corp., Class A	2.7
Marsh & McLennan Companies, Inc.	2.6
TOTAL	29.2
Cash and cash equivalents are not included.

COUNTRY COMPOSITION AS OF 10/31/2023 (% of net assets)
United States	79.8
Bermuda	4.7
Japan	4.3
Netherlands	3.6
France	2.2
Puerto Rico	1.6
Denmark	1.5
Canada	1.1
Other countries	1.2
TOTAL	100.0

JOHN HANCOCK FINANCIAL INDUSTRIES FUND | ANNUAL REPORT

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sentiment for banks in recent years remained intact. In this volatile environment, financials sector stocks underperformed the broader market.

How did the fund perform?

The fund trailed the negative return of its benchmark. This outcome was in part due to weak relative performance from the fund’s holdings in the banks segment; within banks, the fund’s structural overweight in regional institutions had a negative impact, as small and midsize banks generally underperformed their larger, diversified peers. In the diversified financial services segment, an underweight in Berkshire Hathaway, Inc., which carries a significant weighting in the benchmark, hindered relative performance, as the conglomerate holding company outperformed. This weakness was partially offset by stock selection in the capital markets segment, as well as an overweight in the strong-performing insurance industry.

At the individual security level, an underweight in JPMorgan Chase & Co., was a detractor, as shares of the large, diversified bank outperformed. Other positions that had a negative impact on relative performance were out-of-benchmark positions in Kentucky-based Stock Yards Bancorp, Inc., and TriCo Bancshares, the California-based parent of Tri Counties Bank. We sold the fund’s position in Stock Yards during the period.

On the positive side, the fund’s underweights in The Charles Schwab Corp., a capital markets company, and Bank of America Corp. significantly aided relative performance, as both stocks underperformed the benchmark. Charles Schwab Corp. was purchased in the fund after it suffered steep losses during the market volatility in March. Positions in two specialty insurance companies, Markel Group, Inc. and Arch Capital Group, Ltd., were among the other meaningful contributors.

MANAGED BY

Susan A. Curry

Ryan P. Lentell, CFA

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

ANNUAL REPORT | JOHN HANCOCK FINANCIAL INDUSTRIES 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	-17.51	2.42	4.87	12.69	60.90
Class C	-14.67	2.70	4.64	14.22	57.32
Class I^1,2	-13.00	3.74	5.60	20.13	72.48
Class R6^1,2	-12.90	3.85	5.65	20.78	73.21
Class NAV¹	-12.88	3.87	5.83	20.89	76.21
Index 1^†	-2.69	6.54	9.06	37.30	138.07
Index 2^†	10.14	11.01	11.18	68.59	188.47

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

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

	Class A	Class C	Class I	Class R6	Class NAV
Gross (%)	1.25	1.95	0.95	0.85	0.84
Net (%)	1.24	1.94	0.94	0.84	0.83

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

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the fund’s website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

^† Index 1 is the S&P 500 Financials Index; Index 2 is the S&P 500 Index.

See the following page for footnotes.

JOHN HANCOCK FINANCIAL INDUSTRIES FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Financial Industries 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 C³	10-31-13	15,732	15,732	23,807	28,847
Class I^1,2	10-31-13	17,248	17,248	23,807	28,847
Class R6^1,2	10-31-13	17,321	17,321	23,807	28,847
Class NAV¹	10-31-13	17,621	17,621	23,807	28,847

The S&P 500 Financials Index tracks the performance of publicly traded large-cap financial companies in the United States.

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 prospectuses.
²	Class I and Class R6 shares were first offered on 9-9-16 and 8-30-17, respectively. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
³	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL INDUSTRIES 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 FINANCIAL INDUSTRIES 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 prospectuses for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 5-1-2023	Ending value on 10-31-2023	Expenses paid during period ended 10-31-2023¹	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$982.30	$6.15	1.23%
	Hypothetical example	1,000.00	1,019.00	6.26	1.23%
Class C	Actual expenses/actual returns	1,000.00	978.40	9.92	1.99%
	Hypothetical example	1,000.00	1,015.20	10.11	1.99%
Class I	Actual expenses/actual returns	1,000.00	983.80	4.95	0.99%
	Hypothetical example	1,000.00	1,020.20	5.04	0.99%
Class R6	Actual expenses/actual returns	1,000.00	983.80	4.40	0.88%
	Hypothetical example	1,000.00	1,020.80	4.48	0.88%
Class NAV	Actual expenses/actual returns	1,000.00	984.50	4.35	0.87%
	Hypothetical example	1,000.00	1,020.80	4.43	0.87%

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 FINANCIAL INDUSTRIES FUND

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Fund’s investments

AS OF 10-31-23

	Shares	Value
Common stocks 96.4%		$393,777,879
(Cost $363,894,550)
Financials 93.1%		380,314,734
Banks 41.3%
American Business Bank (A)	105,723	3,129,401
Atlantic Union Bankshares Corp.	149,166	4,297,472
Bank of America Corp.	210,880	5,554,579
Bank of Marin Bancorp	111,129	1,866,967
BNP Paribas SA	116,717	6,711,695
California BanCorp (A)	94,914	1,942,890
Cambridge Bancorp	78,556	4,219,243
Citigroup, Inc.	233,095	9,204,922
Citizens Financial Group, Inc.	141,987	3,326,755
Coastal Financial Corp. (A)	98,042	3,644,221
Danske Bank A/S	259,142	6,079,139
East West Bancorp, Inc.	188,653	10,115,574
Enterprise Bancorp, Inc.	53,580	1,409,690
Evans Bancorp, Inc.	68,741	1,699,278
Fifth Third Bancorp	297,286	7,048,651
First Horizon Corp.	300,452	3,229,859
First Merchants Corp.	149,897	4,093,687
German American Bancorp, Inc.	62,759	1,715,203
HBT Financial, Inc.	109,733	1,975,194
Independent Bank Corp. (Massachusetts)	79,675	3,888,140
ING Groep NV	726,702	9,316,701
JPMorgan Chase & Co.	62,557	8,699,176
M&T Bank Corp.	97,697	11,015,337
New York Community Bancorp, Inc.	294,922	2,795,861
Popular, Inc.	99,065	6,443,188
Sumitomo Mitsui Financial Group, Inc.	277,800	13,392,175
Sumitomo Mitsui Trust Holdings, Inc.	109,600	4,109,648
The First Bancshares, Inc.	52,393	1,268,958
TriCo Bancshares	131,843	4,265,121
U.S. Bancorp	131,988	4,207,777
Wells Fargo & Company	307,207	12,217,622
Western Alliance Bancorp	141,629	5,820,952
Capital markets 18.8%
Ameriprise Financial, Inc.	35,461	11,154,967
Ares Management Corp., Class A	111,340	10,977,011
Intercontinental Exchange, Inc.	73,974	7,947,767
KKR & Company, Inc.	125,425	6,948,545
Morgan Stanley	105,613	7,479,513
Onex Corp.	80,776	4,527,067

JOHN HANCOCK FINANCIAL INDUSTRIES FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Shares	Value
Financials (continued)
Capital markets (continued)
S&P Global, Inc.	24,155	$8,437,583
The Carlyle Group, Inc.	101,094	2,784,129
The Charles Schwab Corp.	160,717	8,363,713
Tradeweb Markets, Inc., Class A	89,398	8,046,714
Consumer finance 1.0%
American Express Company	27,105	3,958,143
Financial services 5.8%
Berkshire Hathaway, Inc., Class B (A)	19,178	6,546,027
FleetCor Technologies, Inc. (A)	19,145	4,310,880
Visa, Inc., Class A	54,796	12,882,540
Insurance 26.2%
Arch Capital Group, Ltd. (A)	133,892	11,605,759
Arthur J. Gallagher & Company	32,443	7,640,002
Chubb, Ltd.	17,138	3,678,158
Cincinnati Financial Corp.	82,385	8,211,313
Everest Group, Ltd.	10,049	3,975,585
Kinsale Capital Group, Inc.	20,365	6,800,077
Markel Group, Inc. (A)	9,970	14,661,082
Marsh & McLennan Companies, Inc.	55,339	10,495,041
MetLife, Inc.	17,065	1,024,071
NN Group NV	163,488	5,243,450
Palomar Holdings, Inc. (A)	42,552	2,131,004
Reinsurance Group of America, Inc.	59,157	8,842,197
RenaissanceRe Holdings, Ltd.	17,462	3,834,481
Skyward Specialty Insurance Group, Inc. (A)	282,227	7,944,690
Unum Group	228,183	11,158,149
Real estate 3.3%		13,463,145
Industrial REITs 1.9%
Prologis Property Mexico SA de CV (B)	333,100	1,195,938
Prologis, Inc.	33,216	3,346,512
Rexford Industrial Realty, Inc.	71,449	3,089,455
Specialized REITs 1.4%
Digital Realty Trust, Inc.	46,890	5,831,240

	Rate (%)	Maturity date	Par value^	Value
Convertible bonds 0.7%				$2,635,748
(Cost $2,776,804)
Financials 0.7%				2,635,748
Mortgage real estate investment trusts 0.7%

Redwood Trust, Inc.	7.750	06-15-27	3,076,000	2,635,748

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK FINANCIAL INDUSTRIES FUND

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	Rate (%)	Maturity date	Par value^	Value

Corporate bonds 0.6%				$2,475,459
(Cost $2,484,063)
Financials 0.6%				2,475,459
Banks 0.6%
BNP Paribas SA (7.750% to 8-16-29, then 5 Year CMT + 4.899%) (C)(D)	7.750	08-16-29	2,102,000	1,948,918
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (C)(D)	9.250	11-17-27	518,000	526,541

	Yield (%)	Shares	Value
Short-term investments 2.1%			$8,637,662
(Cost $8,637,728)
Short-term funds 2.1%			8,637,662
John Hancock Collateral Trust (E)	5.5153(F)	864,060	8,637,662


Total investments (Cost $377,793,145) 99.8%					$407,526,748
Other assets and liabilities, net 0.2%					976,386
Total net assets 100.0%					$408,503,134

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CMT	Constant Maturity Treasury
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 10-31-23.
(C)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(D)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. A portion of this security represents the investment of cash collateral received for securities lending. Market value of this investment amounted to $1,052,600.
(F)	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 $379,832,667. Net unrealized appreciation aggregated to $27,694,081, of which $51,185,235 related to gross unrealized appreciation and $23,491,154 related to gross unrealized depreciation.

JOHN HANCOCK FINANCIAL INDUSTRIES 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 $369,155,417) including $994,631 of securities loaned	$398,889,086
Affiliated investments, at value (Cost $8,637,728)	8,637,662
Total investments, at value (Cost $377,793,145)	407,526,748
Cash	5,055
Foreign currency, at value (Cost $516)	516
Dividends and interest receivable	853,345
Receivable for fund shares sold	25,101
Receivable for investments sold	4,668,585
Receivable for securities lending income	65,893
Other assets	75,950
Total assets	413,221,193
Liabilities
Payable for investments purchased	3,196,797
Payable for fund shares repurchased	267,912
Payable upon return of securities loaned	1,052,600
Payable to affiliates
Accounting and legal services fees	30,329
Transfer agent fees	23,542
Distribution and service fees	45,738
Trustees’ fees	652
Other liabilities and accrued expenses	100,489
Total liabilities	4,718,059
Net assets	$408,503,134
Net assets consist of
Paid-in capital	$372,611,089
Total distributable earnings (loss)	35,892,045
Net assets	$408,503,134

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK Financial Industries Fund

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

Investment income
Dividends	$14,511,541
Interest	526,405
Dividends from affiliated investments	321,141
Securities lending	176,398
Less foreign taxes withheld	(351,527)
Total investment income	15,183,958
Expenses
Investment management fees	3,946,948
Distribution and service fees	601,444
Accounting and legal services fees	106,098
Transfer agent fees	305,715
Trustees’ fees	13,260
Custodian fees	73,738
State registration fees	75,959
Printing and postage	38,439
Professional fees	78,825
Other	43,777
Total expenses	5,284,203
Less expense reductions	(39,075)
Net expenses	5,245,128
Net investment income	9,938,830
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	2,564,047
Affiliated investments	8,524
	2,572,571
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	(85,110,469)
Affiliated investments	(296)
	(85,110,765)
Net realized and unrealized loss	(82,538,194)
Decrease in net assets from operations	$(72,599,364)

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK Financial Industries 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	$17.14	$24.22	$16.15	$19.34	$18.97
Net investment income¹	0.26	0.18	0.15	0.15	0.22
Net realized and unrealized gain (loss) on investments	(2.38)	(2.80)	8.92	(1.89)	1.37
Total from investment operations	(2.12)	(2.62)	9.07	(1.74)	1.59
Less distributions
From net investment income	(0.13)	(0.43)	(0.23)	(0.24)	(0.14)
From net realized gain	(1.54)	(4.03)	(0.77)	(1.21)	(1.08)
Total distributions	(1.67)	(4.46)	(1.00)	(1.45)	(1.22)
Net asset value, end of period	$13.35	$17.14	$24.22	$16.15	$19.34
Total return (%)^2,3	(13.17)	(12.33)	58.18	(10.06)	9.55
Ratios and supplemental data
Net assets, end of period (in millions)	$194	$256	$318	$211	$261
Ratios (as a percentage of average net assets):
Expenses before reductions	1.22	1.21	1.21	1.23	1.21
Expenses including reductions	1.21	1.20	1.20	1.22	1.21
Net investment income	1.79	1.01	0.70	0.90	1.20
Portfolio turnover (%)	72	45	64	40	28

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

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS C SHARES Period ended	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	$14.77	$21.45	$14.39	$17.39	$17.17
Net investment income (loss)¹	0.13	0.04	(0.01)	0.02	0.08
Net realized and unrealized gain (loss) on investments	(2.05)	(2.44)	7.95	(1.70)	1.22
Total from investment operations	(1.92)	(2.40)	7.94	(1.68)	1.30
Less distributions
From net investment income	—²	(0.25)	(0.11)	(0.11)	—
From net realized gain	(1.54)	(4.03)	(0.77)	(1.21)	(1.08)
Total distributions	(1.54)	(4.28)	(0.88)	(1.32)	(1.08)
Net asset value, end of period	$11.31	$14.77	$21.45	$14.39	$17.39
Total return (%)^3,4	(13.90)	(12.88)	57.01	(10.82)	8.75
Ratios and supplemental data
Net assets, end of period (in millions)	$6	$10	$15	$14	$23
Ratios (as a percentage of average net assets):
Expenses before reductions	1.98	1.95	1.95	1.98	1.96
Expenses including reductions	1.97	1.94	1.94	1.97	1.95
Net investment income (loss)	1.03	0.26	(0.04)	0.16	0.47
Portfolio turnover (%)	72	45	64	40	28

¹	Based on average daily shares outstanding.
²	Less than $0.005 per share.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Does not reflect the effect of sales charges, if any.

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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	$17.15	$24.21	$16.13	$19.33	$18.98
Net investment income¹	0.29	0.23	0.21	0.20	0.27
Net realized and unrealized gain (loss) on investments	(2.38)	(2.79)	8.91	(1.90)	1.34
Total from investment operations	(2.09)	(2.56)	9.12	(1.70)	1.61
Less distributions
From net investment income	(0.18)	(0.47)	(0.27)	(0.29)	(0.18)
From net realized gain	(1.54)	(4.03)	(0.77)	(1.21)	(1.08)
Total distributions	(1.72)	(4.50)	(1.04)	(1.50)	(1.26)
Net asset value, end of period	$13.34	$17.15	$24.21	$16.13	$19.33
Total return (%)²	(13.00)	(12.05)	58.63	(9.92)	9.87
Ratios and supplemental data
Net assets, end of period (in millions)	$23	$36	$47	$21	$44
Ratios (as a percentage of average net assets):
Expenses before reductions	0.98	0.95	0.95	0.98	0.96
Expenses including reductions	0.97	0.94	0.94	0.97	0.96
Net investment income	1.98	1.27	0.97	1.18	1.46
Portfolio turnover (%)	72	45	64	40	28

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	$17.16	$24.24	$16.15	$19.34	$18.99
Net investment income¹	0.31	0.25	0.23	0.20	0.28
Net realized and unrealized gain (loss) on investments	(2.38)	(2.80)	8.92	(1.87)	1.35
Total from investment operations	(2.07)	(2.55)	9.15	(1.67)	1.63
Less distributions
From net investment income	(0.20)	(0.50)	(0.29)	(0.31)	(0.20)
From net realized gain	(1.54)	(4.03)	(0.77)	(1.21)	(1.08)
Total distributions	(1.74)	(4.53)	(1.06)	(1.52)	(1.28)
Net asset value, end of period	$13.35	$17.16	$24.24	$16.15	$19.34
Total return (%)²	(12.90)	(11.97)	58.71	(9.77)	9.99
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$2	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	0.87	0.84	0.84	0.86	0.85
Expenses including reductions	0.86	0.84	0.84	0.85	0.85
Net investment income	2.13	1.39	1.09	1.26	1.54
Portfolio turnover (%)	72	45	64	40	28

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

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CLASS NAV SHARES Period ended	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	$17.16	$24.23	$16.14	$19.34	$18.98
Net investment income¹	0.31	0.25	0.23	0.21	0.29
Net realized and unrealized gain (loss) on investments	(2.38)	(2.79)	8.92	(1.89)	1.36
Total from investment operations	(2.07)	(2.54)	9.15	(1.68)	1.65
Less distributions
From net investment income	(0.20)	(0.50)	(0.29)	(0.31)	(0.21)
From net realized gain	(1.54)	(4.03)	(0.77)	(1.21)	(1.08)
Total distributions	(1.74)	(4.53)	(1.06)	(1.52)	(1.29)
Net asset value, end of period	$13.35	$17.16	$24.23	$16.14	$19.34
Total return (%)²	(12.88)	(11.95)	58.83	(9.81)	10.02
Ratios and supplemental data
Net assets, end of period (in millions)	$184	$288	$414	$330	$422
Ratios (as a percentage of average net assets):
Expenses before reductions	0.86	0.84	0.83	0.85	0.84
Expenses including reductions	0.86	0.83	0.83	0.84	0.83
Net investment income	2.15	1.38	1.08	1.27	1.59
Portfolio turnover (%)	72	45	64	40	28

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

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Notes to financial statements

Note 1—Organization

John Hancock Financial Industries Fund (the fund) is a series of John Hancock Investment Trust II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek capital appreciation.

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

Note 2—Significant accounting policies

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

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

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

In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily

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close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund’s investments as of October 31, 2023, by major security category or type:

	Total value at 10-31-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Common stocks
Financials
Banks	$168,705,076	$129,095,718	$39,609,358	—
Capital markets	76,667,009	76,667,009	—	—
Consumer finance	3,958,143	3,958,143	—	—
Financial services	23,739,447	23,739,447	—	—
Insurance	107,245,059	102,001,609	5,243,450	—
Real estate
Industrial REITs	7,631,905	7,631,905	—	—
Specialized REITs	5,831,240	5,831,240	—	—
Convertible bonds	2,635,748	—	2,635,748	—
Corporate bonds	2,475,459	—	2,475,459	—
Short-term investments	8,637,662	8,637,662	—	—
Total investments in securities	$407,526,748	$357,562,733	$49,964,015	—

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.

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

Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT is a prime money market fund and invests in short-term money market investments. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.

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 $994,631 and received $1,052,600 of cash collateral.

Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

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

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

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

Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the year ended October 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2023 were $5,441.

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	$5,687,882	$30,846,246
Long-term capital gains	53,276,359	117,333,258
Total	$58,964,241	$148,179,504

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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 $7,626,077 of undistributed ordinary income and $579,518 of undistributed long-term capital gains.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to investments in passive foreign investment companies, wash sale loss deferrals, partnerships, and treating a portion of the proceeds from redemptions as distributions for tax purposes.

Note 3—Guarantees and indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.800% of the ﬁrst $250 million of the fund’s aggregate average daily net assets, (b) 0.775% of the next $250 million of the fund’s aggregate average daily net assets, (c) 0.750% of the next $500 million of the fund’s aggregate average daily net assets; and (d) 0.725% of the fund’s aggregate average daily net assets in excess of $1 billion. Aggregate net assets include the net assets of the fund and Financial Industries Trust, a series of John Hancock Variable Insurance Trust. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

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

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

Class	Expense reduction
Class A	$17,122
Class C	610
Class I	2,402

Class	Expense reduction
Class R6	$154
Class NAV	18,787
Total	$39,075

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 0.77% of the fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended October 31, 2023, amounted to an annual rate of 0.02% of the fund’s average daily net assets.

Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund’s shares:

Class	Rule 12b-1 Fee
Class A	0.30%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $76,933 for the year ended October 31, 2023. Of this amount, $13,078 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $63,855 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 $457 for Class C shares. There were no CDSCs received by the Distributor for Class A shares.

Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6

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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	$522,477	$260,060
Class C	78,967	9,249
Class I	—	36,268
Class R6	—	138
Total	$601,444	$305,715

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

Note 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	465,715	$6,751,269	971,753	$18,124,322
Distributions reinvested	1,492,404	21,714,474	2,760,934	51,546,629
Repurchased	(2,361,174)	(34,188,892)	(1,950,068)	(35,201,865)
Net increase (decrease)	(403,055)	$(5,723,149)	1,782,619	$34,469,086
Class C shares
Sold	44,891	$556,941	107,119	$1,773,612
Distributions reinvested	72,242	896,521	170,601	2,760,320
Repurchased	(241,678)	(3,001,964)	(334,424)	(5,313,119)
Net decrease	(124,545)	$(1,548,502)	(56,704)	$(779,187)
Class I shares
Sold	1,066,538	$16,877,824	712,987	$13,644,239
Distributions reinvested	213,549	3,098,601	446,118	8,311,174
Repurchased	(1,689,263)	(25,000,655)	(981,012)	(17,355,587)
Net increase (decrease)	(409,176)	$(5,024,230)	178,093	$4,599,826
Class R6 shares
Sold	68,033	$1,000,254	61,250	$1,140,112
Distributions reinvested	13,855	201,037	18,712	348,610
Repurchased	(37,202)	(572,723)	(40,558)	(812,789)
Net increase	44,686	$628,568	39,404	$675,933

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	Year Ended 10-31-23		Year Ended 10-31-22
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	925,789	$13,402,740	554,703	$10,730,578
Distributions reinvested	2,008,126	29,117,821	4,159,172	77,443,777
Repurchased	(5,946,731)	(82,434,166)	(5,040,874)	(90,319,373)
Net decrease	(3,012,816)	$(39,913,605)	(326,999)	$(2,145,018)
Total net increase (decrease)	(3,904,906)	$(51,580,918)	1,616,413	$36,820,640

Affiliates of the fund owned 80% and 100% of shares of Class R6 and Class NAV, respectively, on October 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $360,197,169 and $459,686,476, 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 by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At October 31, 2023, funds within the John Hancock group of funds complex held 45.0% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:

Fund	Affiliated Concentration
JHF II Multimanager Lifestyle Growth Portfolio	15.2%
JHF II Multimanager Lifestyle Balanced Portfolio	12.1%
JHF II Multimanager Lifestyle Aggressive Portfolio	6.2%

Note 9—Investment in affiliated underlying funds

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust II and Shareholders of John Hancock Financial Industries Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 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 $55,347,967 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 Investment Trust II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Financial Industries Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

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

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

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

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Approval of Advisory Agreement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Approval of Subadvisory Agreement

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

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

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

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

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

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

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

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

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

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

* * *

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

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Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	2012	179
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959	2015	175
Trustee
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,³ Born: 1944	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).

JOHN HANCOCK FINANCIAL INDUSTRIES FUND | ANNUAL REPORT

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Non-Independent Trustees⁴
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	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 FINANCIAL INDUSTRIES 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 FINANCIAL INDUSTRIES 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

Manulife Investment Management (US) LLC

Portfolio Managers

Susan A. Curry
Ryan P. Lentell, CFA

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

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

^† Non-Independent Trustee

^* Member of the Audit Committee

^# 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 FINANCIAL INDUSTRIES 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 Financial Industries Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF3208604

70A 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 OBJECTIVES

The fund seeks long-term capital appreciation. Moderate income is a secondary objective.

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

The S&P Composite 1500 Banks Index tracks the performance of publicly traded large- and mid-cap banking 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.

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

A volatile period for U.S. regional banks

While the broad U.S. stock market rose, the period was volatile for U.S. regional banks, as rapidly rising interest rates contributed to multiple bank failures and created an overhang for other institutions, the majority of which nevertheless managed to avoid liquidity issues.

Larger banks generally outperformed smaller banks

Large, diversified banks generally outperformed small and midsize institutions, and the industry, as represented by the S&P Composite 1500 Banks Index, underperformed the broader stock market.

The fund underperformed its benchmark

The fund trailed the negative result of its benchmark, as an overall positive impact from stock selection wasn’t enough to offset the headwind from the fund’s structural overweight in small and midsize institutions.

INDUSTRY 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 REGIONAL BANK FUND

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Management’s discussion of fund performance

How would you describe economic and market conditions during the 12 months ended October 31, 2023?

While the broad U.S. equity market posted a positive result, rising rates created opportunities but also challenges for banks, some of which were particularly vulnerable in part as a result of certain rate-sensitive exposures in their investment portfolios. These pressures triggered liquidity issues for a relatively small number of institutions, eventually leading to the mid-March failures of SVB Financial Group and Signature Bank.

Deposit flows were comparatively stable at most other regional banks, and the reallocation by customers of some deposits into higher-yielding money market accounts was a natural and expected outcome as clients looked to optimize cash balances in the higher-rate environment. These pressures eased late in the period, and many of the factors that fueled positive sentiment for banks in recent years

TOP 10 HOLDINGS AS OF 10/31/2023 (% of net assets)
M&T Bank Corp.	3.0
JPMorgan Chase & Co.	2.8
Huntington Bancshares, Inc.	2.7
Pinnacle Financial Partners, Inc.	2.5
Regions Financial Corp.	2.5
U.S. Bancorp	2.4
Bank of America Corp.	2.3
Citizens Financial Group, Inc.	2.3
Fifth Third Bancorp	2.2
WSFS Financial Corp.	2.2
TOTAL	24.9
Cash and cash equivalents are not included.

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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remained intact. In this volatile environment, U.S. bank stocks underperformed the broader market and, within banking, larger diversified banks generally outperformed their smaller peers.

How did the fund perform?

The fund trailed the negative return of its benchmark. Stock selection had a positive overall impact on relative performance within the small and midcap areas of the regional bank equity market that the fund primarily targets. However, it wasn’t enough to offset a headwind from the fund’s structural overweight in small and midsize institutions, which generally underperformed their larger, diversified peers. Among those larger banks, the fund’s structural underweight and our security selection had a negative impact.

At the individual security level, the largest detractor from relative performance was the fund’s structural underweight in JPMorgan Chase & Co., as shares of the large, diversified bank modestly outperformed. Among the other key detractors were positions in Montana-based First Interstate BancSystem, Inc.; Arizona-based Western Alliance Bancorp; and TriCo Bancshares, the California-based parent of Tri Counties Bank.

On the positive side, not owning shares of failed banks SVB Financial Group and Signature Bank was a key contributor. Also contributing was an underweight in Bank of America Corp., as the large, diversified bank underperformed. Among regional banks, notable contributors included such names as in Tennessee-based First Horizon Corp., Puerto Rico-based Popular, Inc., and Wisconsin-based Nicolet Bankshares, Inc.

MANAGED BY

Susan A. Curry

Ryan P. Lentell, CFA

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK 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		SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized^†
	1-year	5-year	10-year	5-year	10-year	as of 10-31-23	as of 10-31-23
Class A	-32.35	-2.66	4.70	-12.63	58.35	2.82	2.81
Class C	-29.97	-2.36	4.51	-11.24	55.40	2.26	2.25
Class I^1,2	-28.61	-1.38	5.46	-6.72	70.21	3.27	3.26
Class R6^1,2	-28.53	-1.28	5.50	-6.23	70.84	3.39	3.39
Index 1^††	-17.22	0.11	5.94	0.53	78.04	—	—
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 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 R6
Gross (%)	1.24	1.94	0.94	0.83
Net (%)	1.23	1.93	0.93	0.82

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 S&P Composite 1500 Banks Index; Index 2 is the S&P 500 Index.

See the following page for footnotes.

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Regional Bank 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 C³	10-31-13	15,540	15,540	17,804	28,847
Class I^1,2	10-31-13	17,021	17,021	17,804	28,847
Class R6^1,2	10-31-13	17,084	17,084	17,804	28,847

The S&P Composite 1500 Banks Index tracks the performance of publicly traded large- and mid-cap banking companies in the United States.

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	Class I and Class R6 shares were first offered on 9-9-16 and 8-30-17, respectively. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
²	For certain types of investors, as described in the fund’s prospectus.
³	The contingent deferred sales charge is not applicable.

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK 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 REGIONAL BANK 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	$972.40	$6.31	1.27%
	Hypothetical example	1,000.00	1,018.80	6.46	1.27%
Class C	Actual expenses/actual returns	1,000.00	969.00	9.78	1.97%
	Hypothetical example	1,000.00	1,015.30	10.01	1.97%
Class I	Actual expenses/actual returns	1,000.00	973.90	4.83	0.97%
	Hypothetical example	1,000.00	1,020.30	4.94	0.97%
Class R6	Actual expenses/actual returns	1,000.00	974.40	4.33	0.87%
	Hypothetical example	1,000.00	1,020.80	4.43	0.87%

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 REGIONAL BANK FUND

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Fund’s investments

AS OF 10-31-23

	Shares	Value
Common stocks 97.9%		$674,131,002
(Cost $476,173,287)
Financials 97.9%		674,131,002
Banks 97.9%
1st Source Corp.	145,261	6,626,807
American Business Bank (A)	143,052	4,234,339
Ameris Bancorp	275,623	10,280,738
Atlantic Union Bankshares Corp.	290,787	8,377,573
Bank of America Corp.	609,296	16,048,857
Bank of Marin Bancorp	248,972	4,182,730
Bank7 Corp.	157,410	3,296,165
Banner Corp.	85,384	3,604,059
Bar Harbor Bankshares	193,127	4,832,038
BayCom Corp.	225,464	4,464,187
Business First Bancshares, Inc.	254,550	4,973,907
C&F Financial Corp.	56,826	2,992,457
Cadence Bank	314,645	6,664,181
California BanCorp (A)	177,208	3,627,448
Camden National Corp.	113,061	3,296,859
CB Financial Services, Inc.	83,544	1,764,449
Central Pacific Financial Corp.	196,757	3,104,825
Central Valley Community Bancorp	176,923	2,790,076
Citizens Community Bancorp, Inc.	296,186	2,612,361
Citizens Financial Group, Inc.	680,454	15,943,037
Civista Bancshares, Inc.	233,144	3,399,240
Coastal Financial Corp. (A)	238,142	8,851,738
Codorus Valley Bancorp, Inc.	148,324	2,910,117
Colony Bankcorp, Inc.	134,990	1,343,151
Columbia Banking System, Inc.	451,790	8,886,709
Comerica, Inc.	161,488	6,362,627
Community West Bancshares	12,754	160,828
ConnectOne Bancorp, Inc.	189,895	3,093,390
Cullen/Frost Bankers, Inc.	120,195	10,936,543
CVB Financial Corp.	254,124	3,969,417
Eagle Bancorp Montana, Inc.	187,426	2,191,010
East West Bancorp, Inc.	224,053	12,013,722
Eastern Bankshares, Inc.	541,322	5,959,955
Enterprise Bancorp, Inc.	105,259	2,769,364
Equity Bancshares, Inc., Class A	184,763	4,471,265
ESSA Bancorp, Inc.	143,378	2,387,244
Evans Bancorp, Inc.	115,022	2,843,344
Farmers & Merchants Bancorp, Inc.	161,459	2,812,616
Farmers National Banc Corp.	194,894	2,200,353

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Shares	Value
Financials (continued)
Banks (continued)
Fifth Third Bancorp	641,384	$15,207,215
First Business Financial Services, Inc.	164,940	5,063,658
First Community Corp.	199,374	3,528,920
First Financial Bancorp	424,239	7,848,422
First Horizon Corp.	484,031	5,203,333
First Interstate BancSystem, Inc., Class A	64,045	1,477,518
First Merchants Corp.	319,385	8,722,404
First Mid Bancshares, Inc.	119,960	3,277,307
First Northwest Bancorp	96,196	1,249,586
Flushing Financial Corp.	92,475	1,141,142
German American Bancorp, Inc.	172,109	4,703,739
Great Southern Bancorp, Inc.	74,700	3,714,084
Hancock Whitney Corp.	371,629	12,795,186
HBT Financial, Inc.	305,317	5,495,706
Heritage Commerce Corp.	839,388	6,866,194
Heritage Financial Corp.	203,099	3,304,421
Horizon Bancorp, Inc.	536,706	5,093,340
Huntington Bancshares, Inc.	1,894,189	18,278,924
Independent Bank Corp. (Massachusetts)	132,688	6,475,174
Independent Bank Corp. (Michigan)	227,797	4,544,550
JPMorgan Chase & Co.	138,964	19,324,334
KeyCorp	1,380,281	14,106,468
Landmark Bancorp, Inc.	94,146	1,571,297
Live Oak Bancshares, Inc.	176,020	5,078,177
M&T Bank Corp.	184,721	20,827,292
Metrocity Bankshares, Inc.	118,368	2,372,095
Mid Penn Bancorp, Inc.	105,131	2,003,797
MidWestOne Financial Group, Inc.	189,969	3,784,182
NBT Bancorp, Inc.	141,361	4,731,353
New York Community Bancorp, Inc.	547,471	5,190,025
Nicolet Bankshares, Inc.	149,111	10,858,263
Northrim BanCorp, Inc.	120,942	5,044,491
Ohio Valley Banc Corp.	103,713	2,478,741
Old National Bancorp	499,550	6,843,835
Old Second Bancorp, Inc.	531,162	7,202,557
OP Bancorp	369,601	3,123,128
Orange County Bancorp, Inc.	65,425	2,885,243
Pinnacle Financial Partners, Inc.	277,410	17,299,288
Plumas Bancorp	82,503	2,817,477
Popular, Inc.	195,112	12,690,084
Premier Financial Corp.	430,555	7,470,129
Provident Financial Holdings, Inc.	165,682	1,979,900
QCR Holdings, Inc.	165,748	7,864,743

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK FUND

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	Shares	Value
Financials (continued)
Banks (continued)
Red River Bancshares, Inc.	81,021	$3,765,856
Regions Financial Corp.	1,190,294	17,294,972
Renasant Corp.	233,501	5,695,089
Riverview Bancorp, Inc.	541,802	2,898,641
SB Financial Group, Inc.	194,301	2,714,385
Shore Bancshares, Inc.	550,555	5,648,694
Sierra Bancorp	213,454	3,756,790
Southern Missouri Bancorp, Inc.	160,130	6,477,259
SouthState Corp.	119,423	7,893,860
Stock Yards Bancorp, Inc.	134,592	5,263,893
Synovus Financial Corp.	371,499	9,684,979
The First Bancorp, Inc.	132,306	3,099,930
The First Bancshares, Inc.	164,982	3,995,864
The PNC Financial Services Group, Inc.	124,723	14,277,042
Timberland Bancorp, Inc.	177,653	5,008,038
TriCo Bancshares	283,868	9,183,130
Truist Financial Corp.	446,577	12,664,924
U.S. Bancorp	524,108	16,708,563
Virginia National Bankshares Corp.	113,168	3,477,653
Westamerica BanCorp	141,615	6,689,893
Western Alliance Bancorp	170,562	7,010,098
WSFS Financial Corp.	421,470	14,920,038
Zions Bancorp NA	427,357	13,183,963

	Yield (%)	Shares	Value
Short-term investments 2.0%			$13,832,452
(Cost $13,831,845)
Short-term funds 2.0%			13,832,452
John Hancock Collateral Trust (B)	5.5153(C)	1,383,716	13,832,452


Total investments (Cost $490,005,132) 99.9%					$687,963,454
Other assets and liabilities, net 0.1%					555,874
Total net assets 100.0%					$688,519,328

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)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(C)	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 $494,465,629. Net unrealized appreciation aggregated to $193,497,825, of which $232,947,115 related to gross unrealized appreciation and $39,449,290 related to gross unrealized depreciation.

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-23

Assets
Unaffiliated investments, at value (Cost $476,173,287)	$674,131,002
Affiliated investments, at value (Cost $13,831,845)	13,832,452
Total investments, at value (Cost $490,005,132)	687,963,454
Dividends and interest receivable	844,136
Receivable for fund shares sold	190,863
Receivable for investments sold	2,321,091
Other assets	126,136
Total assets	691,445,680
Liabilities
Payable for investments purchased	1,679,643
Payable for fund shares repurchased	830,580
Payable to affiliates
Accounting and legal services fees	51,836
Transfer agent fees	71,950
Distribution and service fees	164,133
Trustees’ fees	1,211
Other liabilities and accrued expenses	126,999
Total liabilities	2,926,352
Net assets	$688,519,328
Net assets consist of
Paid-in capital	$490,063,654
Total distributable earnings (loss)	198,455,674
Net assets	$688,519,328

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 ($448,810,897 ÷ 22,662,593 shares)¹	$19.80
Class C ($54,387,061 ÷ 2,913,301 shares)¹	$18.67
Class I ($178,404,575 ÷ 9,018,585 shares)	$19.78
Class R6 ($6,916,795 ÷ 349,640 shares)	$19.78
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$20.84

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

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

Investment income
Dividends	$32,486,233
Dividends from affiliated investments	308,288
Less foreign taxes withheld	(48,081)
Total investment income	32,746,440
Expenses
Investment management fees	7,074,332
Distribution and service fees	2,221,075
Accounting and legal services fees	189,645
Transfer agent fees	1,059,624
Trustees’ fees	25,025
Custodian fees	115,439
State registration fees	101,074
Printing and postage	73,617
Professional fees	89,640
Other	40,389
Total expenses	10,989,860
Less expense reductions	(68,521)
Net expenses	10,921,339
Net investment income	21,825,101
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	4,666,063
Affiliated investments	12,829
	4,678,892
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(351,446,555)
Affiliated investments	83
	(351,446,472)
Net realized and unrealized loss	(346,767,580)
Decrease in net assets from operations	$(324,942,479)

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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	$29.71	$34.06	$19.47	$26.12	$26.12
Net investment income¹	0.57	0.42	0.42	0.49	0.40
Net realized and unrealized gain (loss) on investments	(8.82)	(3.02)	14.66	(6.58)	0.18
Total from investment operations	(8.25)	(2.60)	15.08	(6.09)	0.58
Less distributions
From net investment income	(0.54)	(0.44)	(0.41)	(0.49)	(0.39)
From net realized gain	(1.12)	(1.31)	(0.08)	(0.07)	(0.19)
Total distributions	(1.66)	(1.75)	(0.49)	(0.56)	(0.58)
Net asset value, end of period	$19.80	$29.71	$34.06	$19.47	$26.12
Total return (%)^2,3	(28.79)	(7.79)	78.08	(23.24)	2.47
Ratios and supplemental data
Net assets, end of period (in millions)	$449	$724	$839	$515	$845
Ratios (as a percentage of average net assets):
Expenses before reductions	1.22	1.23	1.22	1.24	1.24
Expenses including reductions	1.21	1.22	1.21	1.23	1.23
Net investment income	2.39	1.36	1.41	2.30	1.58
Portfolio turnover (%)	7	11	10	1	4

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	$28.09	$32.28	$18.46	$24.79	$24.79
Net investment income¹	0.37	0.19	0.20	0.32	0.21
Net realized and unrealized gain (loss) on investments	(8.31)	(2.86)	13.91	(6.24)	0.19
Total from investment operations	(7.94)	(2.67)	14.11	(5.92)	0.40
Less distributions
From net investment income	(0.36)	(0.21)	(0.21)	(0.34)	(0.21)
From net realized gain	(1.12)	(1.31)	(0.08)	(0.07)	(0.19)
Total distributions	(1.48)	(1.52)	(0.29)	(0.41)	(0.40)
Net asset value, end of period	$18.67	$28.09	$32.28	$18.46	$24.79
Total return (%)^2,3	(29.30)	(8.46)	76.91	(23.85)	1.81
Ratios and supplemental data
Net assets, end of period (in millions)	$54	$108	$123	$84	$191
Ratios (as a percentage of average net assets):
Expenses before reductions	1.96	1.94	1.93	1.96	1.94
Expenses including reductions	1.96	1.93	1.92	1.95	1.93
Net investment income	1.64	0.66	0.70	1.54	0.88
Portfolio turnover (%)	7	11	10	1	4

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

SEE NOTES TO FINANCIAL STATEMENTS

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CLASS 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	$29.70	$34.05	$19.45	$26.12	$26.12
Net investment income¹	0.63	0.51	0.50	0.55	0.48
Net realized and unrealized gain (loss) on investments	(8.82)	(3.02)	14.67	(6.59)	0.17
Total from investment operations	(8.19)	(2.51)	15.17	(6.04)	0.65
Less distributions
From net investment income	(0.61)	(0.53)	(0.49)	(0.56)	(0.46)
From net realized gain	(1.12)	(1.31)	(0.08)	(0.07)	(0.19)
Total distributions	(1.73)	(1.84)	(0.57)	(0.63)	(0.65)
Net asset value, end of period	$19.78	$29.70	$34.05	$19.45	$26.12
Total return (%)²	(28.61)	(7.52)	78.68	(23.06)	2.78
Ratios and supplemental data
Net assets, end of period (in millions)	$178	$360	$345	$196	$591
Ratios (as a percentage of average net assets):
Expenses before reductions	0.96	0.94	0.93	0.96	0.95
Expenses including reductions	0.96	0.93	0.92	0.95	0.94
Net investment income	2.63	1.66	1.68	2.49	1.88
Portfolio turnover (%)	7	11	10	1	4

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	$29.70	$34.05	$19.45	$26.13	$26.13
Net investment income¹	0.64	0.57	0.51	0.57	0.50
Net realized and unrealized gain (loss) on investments	(8.81)	(3.05)	14.69	(6.60)	0.18
Total from investment operations	(8.17)	(2.48)	15.20	(6.03)	0.68
Less distributions
From net investment income	(0.63)	(0.56)	(0.52)	(0.58)	(0.49)
From net realized gain	(1.12)	(1.31)	(0.08)	(0.07)	(0.19)
Total distributions	(1.75)	(1.87)	(0.60)	(0.65)	(0.68)
Net asset value, end of period	$19.78	$29.70	$34.05	$19.45	$26.13
Total return (%)²	(28.53)	(7.43)	78.86	(22.99)	2.89
Ratios and supplemental data
Net assets, end of period (in millions)	$7	$7	$20	$4	$4
Ratios (as a percentage of average net assets):
Expenses before reductions	0.85	0.83	0.83	0.85	0.83
Expenses including reductions	0.85	0.82	0.82	0.84	0.82
Net investment income	2.74	1.85	1.69	2.75	2.00
Portfolio turnover (%)	7	11	10	1	4

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 Regional Bank Fund (the fund) is a series of John Hancock Investment Trust II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term capital appreciation. Moderate income is a secondary objective.

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

Note 2—Significant accounting policies

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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.

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Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.

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

	October 31, 2023	October 31, 2022
Ordinary income	$20,680,019	$19,477,539
Long-term capital gains	44,474,693	50,257,608
Total	$65,154,712	$69,735,147

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2023, the components of distributable earnings on a tax basis consisted of $1,862,704 of undistributed ordinary income and $3,095,144 of undistributed long-term capital gains.

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 and treating a portion of the proceeds from redemptions as distributions for tax purposes.

Note 3—Guarantees and indemnifications

Note 4—Fees and transactions with affiliates

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fund’s average daily net assets in excess of $2 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

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

Class	Expense reduction
Class A	$42,378
Class C	5,966
Class I	19,751

Class	Expense reduction
Class R6	$426
Total	$68,521

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

Class	Rule 12b-1 Fee
Class A	0.30%
Class C	1.00%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $421,001 for the year ended October 31, 2023. Of this amount, $68,639 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $352,362 was paid as sales commissions to broker-dealers.

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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 $23,084 and $5,368 for Class A and Class C shares, respectively.

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	$1,428,198	$659,989
Class C	792,877	92,722
Class I	—	306,506
Class R6	—	407
Total	$2,221,075	$1,059,624

Note 5—Fund share transactions

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

	Year Ended 10-31-23		Year Ended 10-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	1,861,888	$41,825,315	1,625,104	$52,174,765
Distributions reinvested	1,463,643	36,026,403	1,273,595	39,415,468
Repurchased	(5,014,967)	(115,392,956)	(3,183,343)	(97,906,066)
Net decrease	(1,689,436)	$(37,541,238)	(284,644)	$(6,315,833)
Class C shares
Sold	372,227	$8,252,387	615,970	$19,170,753
Distributions reinvested	224,266	5,301,203	189,111	5,571,591
Repurchased	(1,532,757)	(33,126,630)	(773,486)	(22,212,980)
Net increase (decrease)	(936,264)	$(19,573,040)	31,595	$2,529,364

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	Year Ended 10-31-23		Year Ended 10-31-22
	Shares	Amount	Shares	Amount
Class I shares
Sold	4,784,455	$112,273,016	5,264,728	$167,184,108
Distributions reinvested	675,981	16,609,009	551,786	17,003,449
Repurchased	(8,560,449)	(194,005,361)	(3,823,690)	(114,859,869)
Net increase (decrease)	(3,100,013)	$(65,123,336)	1,992,824	$69,327,688
Class R6 shares
Sold	204,165	$4,534,308	381,649	$12,663,390
Distributions reinvested	17,028	412,889	36,249	1,119,803
Repurchased	(99,247)	(2,422,612)	(788,719)	(24,448,223)
Net increase (decrease)	121,946	$2,524,585	(370,821)	$(10,665,030)
Total net increase (decrease)	(5,603,767)	$(119,713,029)	1,368,954	$54,876,189

Affiliates of the fund owned of shares of 17% Class R6 on October 31, 2023. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $65,518,817 and $219,302,320, 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	1,383,716	$26,304,320	$139,385,203	$(151,869,983)	$12,829	$83	$308,288	—	$13,832,452

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust II and Shareholders of John Hancock Regional Bank Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Regional Bank Fund (one of the funds constituting John Hancock Investment Trust II, 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

/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 $47,805,688 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 Investment Trust II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Regional Bank Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 26-29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30-June 1, 2023. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

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Approval of Advisory Agreement

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

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

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

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

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

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

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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 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.

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

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK FUND

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

Approval of Subadvisory Agreement

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

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

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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

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

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

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

* * *

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK FUND

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Trustees and Officers

Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan,² Born: 1945	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).

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	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).

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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

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

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

ANNUAL REPORT | JOHN HANCOCK REGIONAL BANK FUND

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More information

Trustees

Officers

Kristie M. Feinberg^#
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

Susan A. Curry
Ryan P. Lentell, CFA

Principal distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

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

^† Non-Independent Trustee

^* Member of the Audit Committee

^# Effective June 29, 2023.

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

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

JOHN HANCOCK REGIONAL BANK FUND | ANNUAL REPORT

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John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock 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.

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A trusted brand

A better way to invest

Results for investors

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

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

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

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

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

Mf3208650

01A 10/23

12/2023

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

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

Fund	October 31, 2023	October 31, 2022
John Hancock Financial Industries Fund	$44,224	$43,359
John Hancock Regional Bank Fund	$44,224	$43,359

(b) Audit-Related Services

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

Fund	October 31, 2023	October 31, 2022
John Hancock Financial Industries Fund	$628	$585
John Hancock Regional Bank Fund	$628	$585

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

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

Fund	October 31, 2023	October 31, 2022
John Hancock Financial Industries Fund	$6,566	$5,360
John Hancock Regional Bank Fund	$6,566	$5,360

(d) All Other Fees

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

Fund	October 31, 2023	October 31, 2022
John Hancock Financial Industries Fund	$0	$163
John Hancock Regional Bank Fund	$0	$163

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

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

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

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

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

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

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

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

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

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

Trust	October 31, 2023	October 31, 2022
John Hancock Investment Trust II	$1,171,193	$1,023,413

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

(i)Not applicable

(j)Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

Frances G. Rathke – Chairperson William H. Cunningham

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

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

SIGNATURES

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

John Hancock Investment Trust II

By:	/s/ Kristie M. Feinberg
	------------------------------
	Kristie M. Feinberg
	President
Date:	December 7, 2023

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

By:	/s/ Kristie M. Feinberg
	-------------------------------
	Kristie M. Feinberg
	President
Date:	December 7, 2023
By:	/s/ Charles A. Rizzo
	--------------------------------
	Charles A. Rizzo
	Chief Financial Officer
Date:	December 7, 2023

	Year ended 10-31-23	Year ended 10-31-22
Increase (decrease) in net assets
From operations
Net investment income	$9,938,830	$8,175,471
Net realized gain	2,572,571	60,867,068
Change in net unrealized appreciation (depreciation)	(85,110,765)	(162,751,482)
Decrease in net assets resulting from operations	(72,599,364)	(93,708,943)
Distributions to shareholders
From earnings
Class A	(24,496,676)	(58,215,171)
Class C	(978,548)	(3,003,682)
Class I	(4,170,159)	(9,168,264)
Class R6	(201,037)	(348,610)
Class NAV	(29,117,821)	(77,443,777)
Total distributions	(58,964,241)	(148,179,504)
From fund share transactions	(51,580,918)	36,820,640
Total decrease	(183,144,523)	(205,067,807)
Net assets
Beginning of year	591,647,657	796,715,464
End of year	$408,503,134	$591,647,657

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 ($193,682,232 ÷ 14,506,477 shares)¹	$13.35
Class C ($6,037,773 ÷ 533,718 shares)¹	$11.31
Class I ($22,934,657 ÷ 1,719,273 shares)	$13.34
Class R6 ($2,142,490 ÷ 160,446 shares)	$13.35
Class NAV ($183,705,982 ÷ 13,764,322 shares)	$13.35
Maximum offering price per share
Class A (net asset value per share ÷ 95%)²	$14.05