John Hancock Funds II N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21779

JOHN HANCOCK FUNDS II
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(Exact name of registrant as specified in charter)

200 BERKLEY STREET, BOSTON, MA 02116
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(Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE, 200 Berkeley Street, BOSTON, MA 02116
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(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 663-4497
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Date of fiscal year end: August 31
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Date of reporting period: August 31, 2020
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ITEM 1. REPORTS TO STOCKHOLDERS.

The Registrant prepared seven annual reports to shareholders for the period ended August 31, 2020. The first report applies to the Alternative Asset Allocation Fund, the second report applies to the Floating Rate Income Fund, the third report applies to the Multi-Asset High Income Fund (formerly Income Allocation Fund), the fourth report applies to the New Opportunities Fund, the fifth report applies to the Strategic Income Opportunities Fund, the sixth report applies to the 16 of the Registrant’s Funds, and the seventh applies to 5 of the Registrant’s Funds.

John Hancock

Alternative Asset Allocation Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

Despite the heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020. In response to the first-quarter sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

Of course, it would be a mistake to consider the market's turnaround a trustworthy signal of assured or swift economic recovery. While there has been economic growth in much of the developed world, the pace has slowed in many areas as spending remains far below prepandemic levels.

From an investment perspective, we continue to think that maintaining a focus on long-term objectives while pursuing a risk-aware strategy is a prudent way forward. Above all, we believe the counsel of a trusted financial professional continues to matter now more than ever. Periods of heightened uncertainty are precisely the time to review your financial goals and follow a plan that helps you make the most of what continues to be a challenging situation. 

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,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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.

John Hancock
Alternative Asset Allocation Fund

Table of contents

2	Your fund at a glance
4	Manager's discussion of fund performance
6	A look at performance
8	Your expenses
10	Fund's investments
12	Financial statements
16	Financial highlights
22	Notes to financial statements
31	Report of independent registered public accounting firm
32	Tax information
33	Continuation of investment advisory and subadvisory agreements
40	Statement regarding liquidity risk management
43	Trustees and Officers
47	More information

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term growth of capital.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

The HFRX Global Hedge Fund Index is composed of all eligible hedge fund strategies including four principal strategies: equity hedge, event driven, macro/managed futures, and relative value arbitrage.

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

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

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

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Financial assets experienced elevated volatility

Higher-risk asset categories—after performing well through mid-February—sold off sharply in response to the economic slowdown caused by the coronavirus pandemic, but they regained the lost ground from April onward.

The fund delivered a positive return, but it underperformed its benchmark, the HFRX Global Hedge Fund Index

Absolute return strategies, while experiencing more limited downside than the broader financial markets in the February-March sell-off, detracted for the full period.

The Alternative Investment Approaches portfolio contributed

This segment of the portfolio, where the underlying managers use opportunistic techniques, was a positive driver of performance.

ASSET ALLOCATION AS OF 8/31/2020 (%)

Affiliated investment companies		74.8
	Absolute return strategies	35.3
	Alternative investment approaches	32.4
	Alternative markets	7.1
Unaffiliated investment companies		25.1
	Absolute return strategies	11.8
	Alternative investment approaches	9.4
	Alternative markets	3.9
Short-term investments and other		0.1

As a percentage of net assets.

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       3

Manager's discussion of fund performance

What elements of the fund's positioning helped and hurt absolute performance during the period ended August 31, 2020?

The Alternative Investment Approaches portfolio, where the underlying managers use opportunistic techniques, accounted for the majority of the fund's positive return. Both Seaport Long/Short Fund (Wellington) and Hedged Equity Fund (JPMorgan) delivered robust gains due to their net long positions in equities. In addition, Short Duration Credit Opportunities Fund (Stone Harbor) and Strategic Income Opportunities Fund (MIM US)—both of which use a flexible approach to fixed-income investing—benefited from the strength in the credit-sensitive segments of the bond market. The Alternative Investment Approaches portfolio had a weighting of approximately 42% of total fund assets as of the end of August.

The Alternative Markets portfolio, which includes asset classes where the drivers of performance are often unrelated to those of traditional investments, was an additional contributor. This segment of the fund was invested in global infrastructure stocks, gold, real estate securities, and commodity futures. The majority of the portfolio's positive absolute return came from DB Gold Fund (Invesco), which benefited from the combination of a weaker U.S. dollar, investors' search for safe havens, and negative real interest rates in much of the developed world. The Alternative Markets portfolio was weighted at 11% as of period end.

Absolute Return strategies (those designed to generate positive performance across a variety of scenarios) detracted from results. These strategies typically have a low correlation to equities and other riskier segments of the financial markets, which was a headwind given the gains for stocks and the bond market's credit sectors over the full period. An allocation to Absolute Return Currency Fund (First Quadrant) added value, as did positions in merger arbitrage portfolios. However, holdings in Alternative Risk Premia Fund (Unigestion) and Diversified Macro Fund (Graham) detracted. At the close of the period, the Absolute Return portfolio's weighting stood at approximately 47%.

What changes did you make to the portfolio?

We continued to rotate the fund's holdings in an effort to optimize the investment mix and capitalize on what we see as the most compelling risk/return opportunities on a longer-term basis. We added Alternative Risk Premia Fund to the Absolute

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       4

Return portfolio, and we funded the purchase by eliminating Disciplined Alternative Yield Fund (Boston Partners) and closing out smaller positions in both commodity-related ETFs and non-U.S. REITs. We also continued to reduce the fund's position in strategies where we saw lower upside potential and/or diversification benefits. These shifts illustrate the fund's evolution, as we continue to seek a performance profile with low correlation to traditional equities and fixed income.

How was the fund positioned at period end?

While most segments of the financial markets performed well during the past 12 months, uncertainty remained prevalent and the major asset categories appear to be on track for muted returns in the coming years. Global equities have surged close to all-time highs even as earnings have fallen, indicating a sharp increase in valuations. At the same time, the near-zero level of global interest rates means that core bonds may offer little in terms of either yield or potential price appreciation. With this as background, we have sought to position the fund to act as a third lever for investors seeking a source of total return with a lower correlation to traditional equity and fixed-income investments.

MANAGED BY

Nathan W. Thooft, CFA, Manulife IM (US)

Christopher Walsh, CFA, Manulife IM (US)

The views expressed in this report are exclusively those of Nathan W. Thooft, CFA, Manulife Investment Management, 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 ALTERNATIVE ASSET ALLOCATION FUND       5

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2020 

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year1		5-year	10-year1
Class A	-2.39	1.62	2.77		8.37	31.42
Class C2	1.04	1.96	2.64		10.18	29.73
Class I2,3	3.04	2.96	3.62		15.73	42.69
Class R22,3	2.65	2.56	3.18		13.46	36.77
Class R42,3	2.91	2.83	3.40		14.96	39.69
Class R62,3	3.15	3.09	3.66		16.42	43.23
Index †	4.88	1.75	1.27		9.07	13.48

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, 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 prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the affiliated underlying funds in which the fund invests. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R4	Class R6
Gross (%)	1.78	2.48	1.48	1.87	1.72	1.37
Net (%)	1.70	2.40	1.40	1.79	1.54	1.29

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

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

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

† Index is the HFRX Global Hedge Fund Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       6

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Alternative Asset Allocation Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the HFRX Global Hedge Fund Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C2,.4	8-31-10	12,973	12,973	11,348
Class I2,3	8-31-10	14,269	14,269	11,348
Class R22,3	8-31-10	13,677	13,677	11,348
Class R42,3	8-31-10	13,969	13,969	11,348
Class R62,3	8-31-10	14,323	14,323	11,348

The HFRX Global Hedge Fund Index is composed of all eligible hedge fund strategies, including four principal strategies: equity hedge, event driven, macro/managed futures, and relative value arbitrage.

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	Performance information prior to 12-20-10 reflects an allocation to a different mix of underlying funds, and would have been different if the fund's investments had been allocated to its current mix of underlying funds.
2	Class C shares were first offered on 6-14-11; Class I shares were first offered on 12-31-10; Class R2 shares were first offered on 3-1-12; Class R4 shares were first offered on 6-27-13; Class R6 shares were first offered on 9-1-11. 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	For certain types of investors, as described in the fund's prospectus.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       7

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

8 JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND  | ANNUAL REPORT

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio2
Class A	Actual expenses/actual returns	$1,000.00	$1,034.80	$3.43	0.67%
	Hypothetical example	1,000.00	1,021.80	3.41	0.67%
Class C	Actual expenses/actual returns	1,000.00	1,031.10	6.99	1.37%
	Hypothetical example	1,000.00	1,018.20	6.95	1.37%
Class I	Actual expenses/actual returns	1,000.00	1,035.50	1.89	0.37%
	Hypothetical example	1,000.00	1,023.30	1.88	0.37%
Class R2	Actual expenses/actual returns	1,000.00	1,034.10	3.83	0.75%
	Hypothetical example	1,000.00	1,021.40	3.81	0.75%
Class R4	Actual expenses/actual returns	1,000.00	1,035.50	2.51	0.49%
	Hypothetical example	1,000.00	1,022.70	2.49	0.49%
Class R6	Actual expenses/actual returns	1,000.00	1,036.20	1.28	0.25%
	Hypothetical example	1,000.00	1,023.90	1.27	0.25%

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
2	Ratios do not include fees and expenses indirectly incurred by the underlying funds and can vary based on mixed of underlying funds held by the fund.

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 9

Fund’s investments

AS OF 8-31-20

	Shares	Value
Affiliated investment companies (A) 74.8%		$346,180,079
(Cost $337,236,242)
Absolute return strategies 35.3%		163,177,706
Absolute Return Currency, Class NAV, JHF II (First Quadrant)	2,171,854	23,151,965
Alternative Risk Premia, Class NAV, JHIT (Unigestion)	3,199,338	26,554,507
Credit Suisse Managed Futures Strategy Fund (B)	2,427,291	23,059,268
Diversified Macro, Class NAV, JHIT (Graham)	3,910,520	37,189,046
Multi-Asset Absolute Return, Class NAV, JHF II (NIMNAI) (C)	5,772,551	53,222,920
Alternative investment approaches 32.4%		149,922,776
Seaport Long/Short, Class NAV, JHIT (Wellington)	4,927,628	60,117,066
Short Duration Credit Opportunities, Class NAV, JHF II (Stone Harbor)	3,688,812	35,265,044
Strategic Income Opportunities, Class NAV, JHF II (MIM US) (D)	4,962,754	54,540,666
Alternative markets 7.1%		33,079,597
Infrastructure, Class NAV, JHIT (Wellington)	1,805,414	22,603,789
Invesco DB Gold Fund (B)	181,211	10,475,808
Unaffiliated investment companies 25.1%		$116,311,050
(Cost $108,908,551)
Absolute return strategies 11.8%		54,474,802
IQ Merger Arbitrage ETF (C)	550,783	17,801,307
The Arbitrage Fund, Class I	2,688,673	36,673,495
Alternative investment approaches 9.4%		43,783,062
JPMorgan Hedged Equity Fund	1,900,307	43,783,062
Alternative markets 3.9%		18,053,186
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (E)	865,699	12,301,583
Vanguard Real Estate ETF (E)	70,356	5,751,603

	Yield (%)	Shares	Value
Short-term investments 1.2%			$5,286,668
(Cost $5,280,309)
Short-term funds 1.2%			5,286,668
John Hancock Collateral Trust (F)	0.2611(G)	495,545	4,960,751
State Street Institutional U.S. Government Money Market Fund, Premier Class	0.0399(G)	325,917	325,917

Total investments (Cost $451,425,102) 101.1%	$467,777,797
Other assets and liabilities, net (1.1%)	(5,002,992)
Total net assets 100.0%	$462,774,805

10 JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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
JHF II	John Hancock Funds II
JHIT	John Hancock Investment Trust
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to financial statements.
(C)	Non-income producing.
(D)	The subadvisor is an affiliate of the advisor.
(E)	All or a portion of this security is on loan as of 8-31-20.
(F)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(G)	The rate shown is the annualized seven-day yield as of 8-31-20.

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $463,567,942. Net unrealized appreciation aggregated to $4,209,855, of which $14,051,698 related to gross unrealized appreciation and $9,841,843 related to gross unrealized depreciation.

Subadvisors of Affiliated Underlying Funds
First Quadrant, L.P.	(First Quadrant)
Graham Capital Management, L.P.	(Graham)
Manulife Investment Management (US) LLC	(MIM US)
Nordea Investment Management North America, Inc.	(NIMNAI)
Stone Harbor Investment Partners LP	(Stone Harbor)
Unigestion (UK) Limited	(Unigestion)
Wellington Management Company LLP	(Wellington)

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 11

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-20

Assets
Unaffiliated investments, at value (Cost $109,234,468) including $4,820,712 of securities loaned	$116,636,967
Affiliated investments, at value (Cost $342,190,634)	351,140,830
Total investments, at value (Cost $451,425,102)	467,777,797
Dividends and interest receivable	172,405
Receivable for fund shares sold	533,321
Receivable for investments sold	143,513
Receivable for securities lending income	1,929
Other assets	44,706
Total assets	468,673,671
Liabilities
Due to custodian	30,414
Payable for investments purchased	455,806
Payable for fund shares repurchased	298,169
Payable upon return of securities loaned	4,951,650
Payable to affiliates
Accounting and legal services fees	28,348
Transfer agent fees	47,674
Distribution and service fees	198
Trustees' fees	256
Other liabilities and accrued expenses	86,351
Total liabilities	5,898,866
Net assets	$462,774,805
Net assets consist of
Paid-in capital	$503,845,499
Total distributable earnings (loss)	(41,070,694)
Net assets	$462,774,805

12 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES(continued)

Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($61,844,200 ÷ 4,244,887 shares)1	$14.57
Class C ($30,827,081 ÷ 2,114,847 shares)1	$14.58
Class I ($347,266,274 ÷ 23,796,707 shares)	$14.59
Class R2 ($907,486 ÷ 62,384 shares)	$14.55
Class R4 ($58,260 ÷ 3,990 shares)	$14.60
Class R6 ($21,871,504 ÷ 1,497,740 shares)	$14.60
Maximum offering price per share
Class A (net asset value per share ÷ 95%)2	$15.34

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 13

STATEMENT OF OPERATIONS For the year ended 8-31-20

Investment income
Income distributions received from affiliated investments	$5,587,111
Dividends	1,071,832
Interest	56,033
Securities lending	25,924
Total investment income	6,740,900
Expenses
Investment management fees	1,922,959
Distribution and service fees	574,003
Accounting and legal services fees	95,333
Transfer agent fees	626,389
Trustees' fees	8,999
Custodian fees	47,936
State registration fees	101,294
Printing and postage	62,510
Professional fees	57,345
Other	38,382
Total expenses	3,535,150
Less expense reductions	(1,115,295)
Net expenses	2,419,855
Net investment income	4,321,045
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	175,952
Affiliated investments	(4,595,944)
Capital gain distributions received from unaffiliated investments	780,190
Capital gain distributions received from affiliated investments	9,639,956
	6,000,154
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	3,740,693
Affiliated investments	(2,939,131)
	801,562
Net realized and unrealized gain	6,801,716
Increase in net assets from operations	$11,122,761

14 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 8-31-20	Year ended 8-31-19
Increase (decrease) in net assets
From operations
Net investment income	$4,321,045	$11,584,852
Net realized gain (loss)	6,000,154	(8,139,442)
Change in net unrealized appreciation (depreciation)	801,562	13,005,662
Increase in net assets resulting from operations	11,122,761	16,451,072
Distributions to shareholders
From earnings
Class A	(2,347,118)	(1,639,841)
Class C	(1,030,673)	(598,120)
Class I	(15,281,356)	(9,760,461)
Class R2	(44,843)	(43,758)
Class R4	(1,208)	(4,113)
Class R6	(800,607)	(649,346)
Total distributions	(19,505,805)	(12,695,639)
From fund share transactions	(96,498,367)	(119,232,261)
Total decrease	(104,881,411)	(115,476,828)
Net assets
Beginning of year	567,656,216	683,133,044
End of year	$462,774,805	$567,656,216

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 15

Financial highlights

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.66	$14.51	$14.55	$13.96	$14.12
Net investment income1,2	0.09	0.25	0.13	0.10	0.22
Net realized and unrealized gain (loss) on investments	0.31	0.17	0.01	0.60	— 3
Total from investment operations	0.40	0.42	0.14	0.70	0.22
Less distributions
From net investment income	(0.27)	(0.17)	(0.11)	(0.08)	(0.21)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.49)	(0.27)	(0.18)	(0.11)	(0.38)
Net asset value, end of period	$14.57	$14.66	$14.51	$14.55	$13.96
Total return (%)4,5	2.74	3.05	0.95	5.03	1.60
Ratios and supplemental data
Net assets, end of period (in millions)	$62	$73	$95	$136	$278
Ratios (as a percentage of average net assets):
Expenses before reductions6	0.88	0.77	0.72	0.72	0.73
Expenses including reductions6	0.66	0.64	0.59	0.59	0.59
Net investment income2	0.63	1.73	0.86	0.71	1.56
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

16 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.67	$14.51	$14.56	$13.97	$14.12
Net investment income (loss)1,2	(0.01)	0.15	0.02	— 3	0.12
Net realized and unrealized gain (loss) on investments	0.31	0.18	0.01	0.60	0.01
Total from investment operations	0.30	0.33	0.03	0.60	0.13
Less distributions
From net investment income	(0.17)	(0.07)	(0.01)	—	(0.11)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.01)	(0.17)
Total distributions	(0.39)	(0.17)	(0.08)	(0.01)	(0.28)
Net asset value, end of period	$14.58	$14.67	$14.51	$14.56	$13.97
Total return (%)4,5	2.04	2.37	0.19	4.30	0.94
Ratios and supplemental data
Net assets, end of period (in millions)	$31	$42	$57	$72	$99
Ratios (as a percentage of average net assets):
Expenses before reductions6	1.58	1.47	1.42	1.42	1.43
Expenses including reductions6	1.36	1.34	1.29	1.29	1.29
Net investment income (loss)2	(0.06)	1.02	0.17	— 7	0.85
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.
7	Less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 17

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.68	$14.53	$14.58	$13.99	$14.15
Net investment income1,2	0.14	0.29	0.17	0.14	0.26
Net realized and unrealized gain (loss) on investments	0.30	0.18	— 3	0.60	— 3
Total from investment operations	0.44	0.47	0.17	0.74	0.26
Less distributions
From net investment income	(0.31)	(0.22)	(0.15)	(0.12)	(0.25)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.53)	(0.32)	(0.22)	(0.15)	(0.42)
Net asset value, end of period	$14.59	$14.68	$14.53	$14.58	$13.99
Total return (%)4	3.04	3.39	1.18	5.34	1.93
Ratios and supplemental data
Net assets, end of period (in millions)	$347	$423	$510	$495	$433
Ratios (as a percentage of average net assets):
Expenses before reductions5	0.58	0.49	0.42	0.40	0.42
Expenses including reductions5	0.36	0.35	0.30	0.28	0.28
Net investment income2	0.95	2.04	1.16	1.01	1.88
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

18 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R2 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.64	$14.49	$14.53	$13.95	$14.11
Net investment income1,2	0.08	0.24	0.11	0.08	0.20
Net realized and unrealized gain (loss) on investments	0.31	0.17	0.01	0.60	0.01
Total from investment operations	0.39	0.41	0.12	0.68	0.21
Less distributions
From net investment income	(0.26)	(0.16)	(0.09)	(0.07)	(0.20)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.48)	(0.26)	(0.16)	(0.10)	(0.37)
Net asset value, end of period	$14.55	$14.64	$14.49	$14.53	$13.95
Total return (%)3	2.65	2.95	0.85	4.87	1.51
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$2	$3	$4	$7
Ratios (as a percentage of average net assets):
Expenses before reductions4	0.96	0.87	0.83	0.82	0.81
Expenses including reductions4	0.75	0.74	0.70	0.69	0.67
Net investment income2	0.54	1.67	0.78	0.60	1.43
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 19

CLASS R4 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.69	$14.54	$14.58	$13.99	$14.15
Net investment income1,2	0.07	0.27	0.15	0.12	0.14
Net realized and unrealized gain (loss) on investments	0.35	0.18	0.01	0.60	0.10
Total from investment operations	0.42	0.45	0.16	0.72	0.24
Less distributions
From net investment income	(0.29)	(0.20)	(0.13)	(0.10)	(0.23)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.51)	(0.30)	(0.20)	(0.13)	(0.40)
Net asset value, end of period	$14.60	$14.69	$14.54	$14.58	$13.99
Total return (%)3	2.91	3.22	1.10	5.18	1.79
Ratios and supplemental data
Net assets, end of period (in millions)	$— 4	$— 4	$1	$5	$4
Ratios (as a percentage of average net assets):
Expenses before reductions5	0.81	0.73	0.67	0.66	0.67
Expenses including reductions5	0.50	0.50	0.44	0.44	0.43
Net investment income2	0.45	1.76	1.05	0.85	1.00
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Less than $500,000.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

20 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.69	$14.54	$14.58	$13.99	$14.15
Net investment income1,2	0.14	0.32	0.18	0.16	0.21
Net realized and unrealized gain (loss) on investments	0.32	0.16	0.02	0.60	0.07
Total from investment operations	0.46	0.48	0.20	0.76	0.28
Less distributions
From net investment income	(0.33)	(0.23)	(0.17)	(0.14)	(0.27)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.55)	(0.33)	(0.24)	(0.17)	(0.44)
Net asset value, end of period	$14.60	$14.69	$14.54	$14.58	$13.99
Total return (%)3	3.15	3.49	1.34	5.45	2.05
Ratios and supplemental data
Net assets, end of period (in millions)	$22	$26	$18	$15	$16
Ratios (as a percentage of average net assets):
Expenses before reductions4	0.46	0.37	0.32	0.31	0.32
Expenses including reductions4	0.25	0.24	0.20	0.18	0.17
Net investment income2	1.01	2.23	1.26	1.11	1.52
Portfolio turnover (%)	37	39	18	10	17

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 21

Notes to financial statements

Note 1—Organization

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

The fund operates as a “fund of funds", investing in affiliated underlying funds of the Trust, other series of the Trust, other funds in John Hancock group of funds complex, non-John Hancock funds and certain other permitted investments.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 and Class R4 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares ten 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.

The accounting policies of the John Hancock underlying funds in which the fund invests are outlined in the underlying funds’ shareholder reports, which include the underlying funds’ financial statements, available without charge by calling 800-344-1029 or visiting jhinvestments.com, on the Securities and Exchange Commission (SEC) website at sec.gov or at the SEC’s public reference room in Washington, D.C. The underlying funds are not covered by this report.

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 fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Investments by the fund in underlying affiliated funds and other open end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. ETFs held by the fund are 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.

In certain instances, the Pricing Committee 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.

22 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

As of August 31, 2020, all investments are categorized as Level 1 under the hierarchy described above.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. 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. Income and capital gain distributions from underlying funds are recorded on ex-date. Dividend income is recorded on the 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. Return of capital distributions from underlying funds, if any, are treated as a reduction of cost.

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 will invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the SEC as an investment company. JHCT 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. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 23

compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations.

Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of August 31, 2020, the fund loaned securities valued at $4,820,712 and received $4,951,650 of cash collateral.

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

Line of credit. Effective June 25, 2020, 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 $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2020 were $4,072.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $12,159,629 and a long-term capital loss carryforward of $33,120,920 available to offset future net realized capital gains. These carryforwards do not expire.

As of August 31, 2020, 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.

24 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

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

The tax character of distributions for the years ended August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	$19,505,805	$12,695,639

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, there were no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. Short-term gains from underlying funds are treated as ordinary income for tax purposes.

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 partnerships and wash sale loss deferrals.

Note 3—Guarantees and indemnifications

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

Note 4—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

Management fee. The fund pays the Advisor a management fee for its services to the fund. Manulife Investment Management (US) LLC, a division of Manulife Asset Management (US) LLC, acts as the fund’s sole subadvisor. The fund is not responsible for payment of the subadvisory fees.

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

Management fees are determined in accordance with the following schedule:

	First $5.0 billion of net assets	Excess over $5.0 billion of net assets
Assets in a fund of the Trust or JHF III	0.100%	0.075%
Other assets	0.550%	0.525%

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 25

The Advisor has contractually agreed to reduce its management fee and/or make payment to the fund in an amount equal to the amount by which “Other expenses” of the fund exceed 0.04% of the average net assets of the fund. “Other expenses” means all of the expenses of the fund, excluding: advisory fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee by 0.05% of the fund’s average daily net assets up to $5 billion, and by 0.025% of the fund’s average daily net assets over $5 billion. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has voluntarily agreed to waive its management fee for the fund so that the aggregate advisory fee retained by the Advisor with respect to both the fund and its underlying investments (after payment of subadvisory fees) does not exceed 0.55% of the fund’s first $5 billion of average daily net assets and 0.525% of the fund’s average daily net assets in excess of $5 billion. The Advisor may terminate this voluntary waiver at any time upon notice to the Trust.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$144,362
Class C	78,670
Class I	841,626
Class R2	2,997

Class	Expense reduction
Class R4	$216
Class R6	47,315
Total	$1,115,186

 

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of 0.16% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

Class	Rule 12b-1 Fee	Service fee
Class A	0.30%	—
Class C	1.00%	—
Class R2	0.25%	0.25%
Class R4	0.25%	0.10%

26 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

The fund's Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $109 for Class R4 shares for the year ended August 31, 2020.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $54,949 for the year ended August 31, 2020. Of this amount, $8,961 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $45,988 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 that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $1,609 and $257 for Class A and Class C shares, respectively.

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

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$200,756	$84,456
Class C	365,796	46,164
Class I	—	492,631
Class R2	7,070	190
Class R4	381	14
Class R6	—	2,934
Total	$574,003	$626,389

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.

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 27

Note 5—Fund share transactions

Transactions in fund shares for the years ended August 31, 2020 and 2019 were as follows:

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class A shares
Sold	532,714	$7,649,230	795,055	$11,305,156
Distributions reinvested	154,878	2,244,177	115,120	1,574,839
Repurchased	(1,445,757)	(20,620,988)	(2,428,928)	(34,635,963)
Net decrease	(758,165)	$(10,727,581)	(1,518,753)	$(21,755,968)
Class C shares
Sold	42,781	$618,193	96,697	$1,388,854
Distributions reinvested	68,875	1,002,820	42,160	579,700
Repurchased	(888,201)	(12,690,671)	(1,146,343)	(16,394,140)
Net decrease	(776,545)	$(11,069,658)	(1,007,486)	$(14,425,586)
Class I shares
Sold	6,847,511	$97,633,578	9,148,547	$130,782,292
Distributions reinvested	942,827	13,652,128	620,211	8,484,484
Repurchased	(12,832,637)	(180,420,235)	(16,047,812)	(228,661,790)
Net decrease	(5,042,299)	$(69,134,529)	(6,279,054)	$(89,395,014)
Class R2 shares
Sold	18,549	$264,201	31,389	$448,503
Distributions reinvested	2,864	41,474	2,947	40,280
Repurchased	(118,578)	(1,709,278)	(54,897)	(777,693)
Net decrease	(97,165)	$(1,403,603)	(20,561)	$(288,910)
Class R4 shares
Sold	6,520	$94,845	6,916	$98,951
Distributions reinvested	83	1,208	300	4,113
Repurchased	(20,027)	(289,651)	(86,274)	(1,248,855)
Net decrease	(13,424)	$(193,598)	(79,058)	$(1,145,791)
Class R6 shares
Sold	521,425	$7,378,383	1,309,202	$18,559,247
Distributions reinvested	55,291	800,607	47,502	649,346
Repurchased	(842,680)	(12,148,388)	(801,314)	(11,429,585)
Net increase (decrease)	(265,964)	$(3,969,398)	555,390	$7,779,008
Total net decrease	(6,953,562)	$(96,498,367)	(8,349,522)	$(119,232,261)

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $190,209,024 and $285,595,633, respectively, for the year ended August 31, 2020.

28 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

Note 7—Investment in affiliated underlying funds

The fund invests primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The fund does not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the fund's investment may represent a significant portion of each underlying funds’ net assets. At August 31, 2020, the fund held 5% or more of the net assets of the underlying funds shown below:

Portfolio	Underlying fund's net assets
JHF Alternative Risk Premia Fund	21.4%
JHF Diversified Macro Fund	15.2%
JHF II Multi-Asset Absolute Return Fund	11.4%
JHF Seaport Long/Short Fund	8.3%
JHF II Absolute Return Currency Fund	6.7%
JHF II Short Duration Credit Opportunities Fund	5.2%
JHF Infrastructure Fund	5.2%

Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Absolute Return Currency	2,171,854	$40,391,711	$7,039,037	$(27,879,140)	$32,401	$3,567,956	$714,019	—	$23,151,965
Alternative Risk Premia	3,199,338	—	35,838,829	(3,587,184)	(495,944)	(5,201,194)	12,260	—	26,554,507
Disciplined Alternative Yield	—	66,558,006	7,831,656	(69,333,617)	(2,983,177)	(2,072,868)	604,346	$7,227,310	—
Diversified Macro	3,910,520	45,326,846	5,401,892	(9,592,077)	(748,960)	(3,198,655)	—	1,592,220	37,189,046
Infrastructure	1,805,414	26,629,522	7,304,301	(10,693,410)	755,443	(1,392,067)	475,090	820,426	22,603,789
John Hancock Collateral Trust*	495,545	885,879	121,267,839	(117,201,618)	2,265	6,386	25,924	—	4,960,751
Multi-Asset Absolute Return	5,772,551	28,253,887	38,317,095	(13,258,189)	(2,189,640)	2,099,767	—	—	53,222,920
Seaport Long/Short	4,927,628	50,138,430	28,085,715	(21,062,263)	1,898,875	1,056,309	697,955	—	60,117,066
Short Duration Credit Opportunities	3,688,812	62,204,274	1,959,535	(29,223,111)	(1,534,348)	1,858,694	1,051,675	—	35,265,044
Strategic Income Opportunities	4,962,754	74,789,294	4,915,625	(26,492,842)	(593,576)	1,922,165	1,407,455	—	54,540,666
					$(5,856,661)	$(1,353,507)	$4,988,724	$9,639,956	$317,605,754

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

Note 8—Transactions in securities of affiliated issuers

Affiliated issuers, as defined by the 1940 Act, are those in which the fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund's transactions in the securities of these issuers during the year ended August 31, 2020, is set forth below:

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 29

							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
Credit Suisse Managed Futures Strategy Fund	2,427,291	$24,056,171	$9,172,788	$(7,610,079)	$(186,296)	$(2,373,316)	$428,413	—	$23,059,268
Invesco DB Gold Fund	181,211	10,651,123	4,253,006	(6,663,026)	1,447,013	787,692	195,898	—	10,475,808
					$1,260,717	$(1,585,624)	$624,311	—	$33,535,076

Note 9—Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

30 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Alternative Asset Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Alternative Asset Allocation Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND 31

Tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2020.

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 of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

32 JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Alternative Asset Allocation Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020.

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), 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 notes 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

____________________
¹On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held telephonically in reliance on the Order.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       33

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.

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 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).

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       34

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

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index and peer group median for the one-, three-, five-, and ten-year periods ended December 31, 2019. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the peer group median and benchmark index for the one-, three-, five-, and ten-year periods. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       35

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

The Board took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fees, in each case in light of the services rendered for those amounts and the risk undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board also noted that the fund's distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

In addition, the Trustees reviewed the advisory fee to be paid to the Advisor for the fund, and concluded that such fee is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds of the fund, and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of the fund and those of its underlying funds.

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       36

(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 fees for the fund are paid by the Advisor;
(k)	with respect to the fund, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the affiliated underlying funds in which the funds may invest;
(l)	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
(m)	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:

(a)	considered that with respect to the John Hancock underlying funds in which the fund invests, the Advisor has contractually agreed to waive a portion of its management fee such funds and for each of the other John Hancock funds in the complex (except as discussed below) with respect to the John Hancock underlying funds in which the fund invests (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 funds that are not participating portfolios are each of the funds of funds of the Trust and John Hancock Variable Insurance Trust. The funds of funds also benefit from such overall management fee waiver through their investment in underlying funds that include certain of the participating portfolios, which are subject to reimbursement;
(b)	reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains 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.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       37

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 fees for the fund 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 respective 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.

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 each 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

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       38

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

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

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the fund's performance has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index;
(3)	the subadvisory fees are 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.

In addition, the Trustees reviewed the subadvisory fees to be paid to the Subadvisor for the fund and concluded that the subadvisory fees to be paid to the Subadvisor are based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the subadvisory agreements for the underlying funds of the fund, and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of the fund and those of its underlying funds.

* * *

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

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       39

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee's assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

• Operation of the Fund's Redemption-In-Kind Procedures;

• Highly Liquid Investment Minimum (HLIM) determination;

• Compliance with the 15% limit on illiquid investments;

• Reasonably Anticipated Trade Size (RATS) determination;

• Security-level liquidity classifications; and

• Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       40

As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund's HLIM. This process incorporates the Fund's investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines "illiquid investment" to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund's RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       41

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund's RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund's liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       42

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, Born: 1945	2005	195
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.

Charles L. Bardelis,2 Born: 1941	2005	195
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959	2015	195
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942	2005	195
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944	2012	195
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; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946	2008	195
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).

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       43

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); 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 American Student Assistance Corporation (1996-2009); 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).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
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,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       44

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
Gregory A. Russo, Born: 1949	2012	195
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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

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	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       45

Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973

2018

Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979

2020

Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); 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).

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 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.
3	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
*	Appointed as Independent Trustee effective as of September 15, 2020.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       46

More information

Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
Deborah C. Jackson
James M. Oates*
Frances G. Rathke*^,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg²
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Nathan W. Thooft, CFA
Christopher Walsh, CFA
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
John Hancock Signature Services, Inc.
Legal counsel
K&L Gates LLP
Independent registered public accounting firm
PricewaterhouseCoopers LLP

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       47

John Hancock family of funds

DOMESTIC 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
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Quality Growth
GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency
Alternative Asset Allocation
Alternative Risk Premia
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
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.

ASSET ALLOCATION

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG All Cap Core
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

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

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

MF1324469 345A 8/20
10/2020

John Hancock

Floating Rate Income Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A, Class B and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

Despite heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020.

During the first-quarter sell-off, many investors reacted by exiting higher-risk assets and moving into cash, leading to a liquidity crunch in the fixed-income markets. In response to the sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

The continued spread of COVID-19, trade disputes, rising unemployment, and other geopolitical tensions may continue to create uncertainty among businesses and investors. Your financial professional can help position your portfolio so that it's sufficiently diversified to seek to 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,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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.

John Hancock
Floating Rate Income Fund

Table of contents

2	Your fund at a glance
5	Manager's discussion of fund performance
7	A look at performance
9	Your expenses
11	Fund's investments
37	Financial statements
40	Financial highlights
47	Notes to financial statements
58	Report of independent registered public accounting firm
59	Tax information
60	Continuation of investment advisory and subadvisory agreements
67	Statement regarding liquidity risk management
70	Trustees and Officers
74	More information

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks a high level of current income.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

The S&P/LSTA Leveraged Loan Index tracks returns in the leveraged loan market and captures a broad cross-section of the U.S. leveraged loan market, including dollar-denominated, U.S.-syndicated loans to overseas issuers.

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.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Bank loans positive despite significant drawdown in 2020

The U.S. bank loan market declined over 13% in the first quarter of 2020 amid the COVID-19 pandemic, but loans still eked out a positive return over the full period.

High-yield corporate bonds outperformed loans

High-yield bonds outperformed bank loans in the period as favorable technicals and a lower rate environment benefited the high-yield asset class.

The fund underperformed the S&P/LSTA Leveraged Loan Index

The fund's underweight to outperforming BB-rated debt was a detractor, but it benefited from an underweight to CCC credits.

PORTFOLIO COMPOSITION AS OF 8/31/2020 (%)

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       3

SECTOR COMPOSITION AS OF 8/31/2020 (%)

QUALITY COMPOSITION AS OF 8/31/2020 (%)

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       4

Manager's discussion of fund performance

Can you discuss the performance of the bank loan market during the 12 months ended August 31, 2020?

The fund's benchmark, the S&P/LSTA Leveraged Loan Index, delivered a positive return of for the reporting period, despite the significant drawdown that occurred in the first quarter of 2020. The drawdown in loans, which at its lowest eclipsed a 20% year-to-date loss, was offset by the pre-COVID-19 rally in credit and the substantial recovery in pricing since the first quarter. U.S. Federal Reserve stimulus and improved market sentiment has led to an increase in liquidity, which benefited loans and other high-yield credit sectors following the COVID-19 selloff. However, many industries—such as transportation, retail, and energy—that are directly or indirectly exposed to COVID-19 continue to lag the broader market.

What contributed to the fund's underperformance of the benchmark?

From a quality standpoint, the underweight to BB-rated debt was the top detractor from performance as BBs outperformed all other quality segments in the period. At the industry level, metals and mining, technology, and gaming/leisure were the largest detractors from relative returns.

What positioning decisions aided fund performance?

The fund's performance was aided by its underweight to CCC credits, which underperformed higher-quality debt. The fund's off-benchmark exposure to high-yield bonds was also beneficial, as high yield performed well during the period. From an industry perspective, the fund's underweight to the energy sector was the top contributor to returns.

COUNTRY COMPOSITION AS OF 8/31/2020 (%)

United States	82.1
Luxembourg	4.8
France	2.5
Canada	2.0
Netherlands	1.7
United Kingdom	1.5
Ireland	1.0
Germany	1.0
Other countries	3.4
TOTAL	100.0
As a percentage of net assets.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       5

Based on your outlook for the bank loan market, how was the fund positioned at the end of the period?

We have seen a significant recovery in assets since the drawdown in March 2020, though we believe there remains a large swath of good companies in strong competitive positions that are still priced at what we view as attractive discounts. As we look forward, we anticipate that volatility will remain elevated in the coming months, which should present even more attractive entry points and trading opportunities. For these reasons we remain underweight many of the most COVID-19-sensitive industries, such as retail, airlines, and energy. In instances where we invest in industries most impacted by COVID-19, we are focusing on senior positions in companies with strong balance sheets.

From a quality perspective, the fund continues to be underweight BB-rated loans, which generally offer lower coupons and have limited potential price upside. Instead, we favor B-rated credits and select CCC opportunities, which we view as mispriced and, in some cases, misrated. The downgrade wave, which peaked in April, created such opportunities. Collateralized loan obligations (CLOs), which are major buyers of leveraged loans, operate within ratings constraints and are often incentivized to sell CCC names irrespective of their fundamental views. Given the fund is less ratings sensitive, we were able to take advantage of this negative technical and selectively invest in credits we believe were mispriced and can provide attractive upside potential for portfolio. Overall, we believe today is a great time to be investing in leveraged loans and that the fund is well positioned to deliver attractive returns in the current environment.

MANAGED BY

Kim Harris, BCSF Advisors, LP (Bain Capital Credit)

Nate Whittier, BCSF Advisors, LP (Bain Capital Credit)

Andrew Carlino, BCSF Advisors, LP (Bain Capital Credit)

The views expressed in this report are exclusively those of the portfolio management team BCSF Advisors, LP (Bain Capital Credit), 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 FLOATING RATE INCOME FUND       6

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2020 

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized1
	1-year	5-year	10-year		5-year	10-year	as of 8-31-20	as of 8-31-20
Class A	-2.36	2.27	3.22		11.88	37.29	3.64	3.45
Class B	-5.51	1.70	2.73		8.78	30.91	2.97	2.78
Class C	-1.69	2.04	2.75		10.63	31.11	2.98	2.79
Class I2	0.34	3.08	3.81		16.36	45.40	3.95	3.78
Class R62,3	0.33	3.16	3.76		16.85	44.67	4.03	3.85
Class 12	0.29	3.12	3.88		16.60	46.36	4.07	3.90
Class NAV2	0.34	3.17	3.93		16.88	47.08	4.07	3.89
Index†	0.91	3.74	4.34		20.17	52.89	—	—

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 2.5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 3.0% to 2.5%, effective 2-3-14. The Class B shares' CDSC declines annually between years 1 to 6 according to the following schedule: 5%, 4%, 3%, 3%, 2%, and 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R6, Class 1, 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 expense limitations in effect until December 31, 2020 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 B	Class C	Class I	Class R6	Class 1	Class NAV
Gross (%)	1.16	1.91	1.91	0.91	0.80	0.84	0.79
Net (%)	1.01	1.76	1.76	0.78	0.67	0.71	0.67

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

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

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

† Index is the S&P/LSTA Leveraged Loan Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       7

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Floating Rate Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the S&P/LSTA Leveraged Loan Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class B4	8-31-10	13,091	13,091	15,289
Class C4	8-31-10	13,111	13,111	15,289
Class I2	8-31-10	14,540	14,540	15,289
Class R62,3	8-31-10	14,467	14,467	15,289
Class 12	8-31-10	14,636	14,636	15,289
Class NAV2	8-31-10	14,708	14,708	15,289

The values shown in the chart for "Class A shares with maximum sales charge" have been adjusted to reflect the reduction in the Class A maximum sales charge from 3.0% to 2.5%, which became effective on 2-3-14.

S&P/LSTA Leveraged Loan Index tracks returns in the leveraged loan market and captures a broad cross-section of the U.S. leveraged loan market, including dollar-denominated, U.S.-syndicated loans to overseas issuers.

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	Unsubsidized yields reflect what the yields would have been without the effect of reimbursements and waivers.
2	For certain types of investors, as described in the fund's prospectuses.
3	Class R6 shares were first offered on 9-1-11. Returns prior to this date are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       8

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 9

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectuses for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$ 991.60	$5.01	1.00%
	Hypothetical example	1,000.00	1,020.10	5.08	1.00%
Class B	Actual expenses/actual returns	1,000.00	987.80	8.74	1.75%
	Hypothetical example	1,000.00	1,016.30	8.87	1.75%
Class C	Actual expenses/actual returns	1,000.00	986.70	8.74	1.75%
	Hypothetical example	1,000.00	1,016.30	8.87	1.75%
Class I	Actual expenses/actual returns	1,000.00	992.70	3.86	0.77%
	Hypothetical example	1,000.00	1,021.30	3.91	0.77%
Class R6	Actual expenses/actual returns	1,000.00	993.30	3.31	0.66%
	Hypothetical example	1,000.00	1,021.80	3.35	0.66%
Class 1	Actual expenses/actual returns	1,000.00	993.00	3.51	0.70%
	Hypothetical example	1,000.00	1,021.60	3.56	0.70%
Class NAV	Actual expenses/actual returns	1,000.00	993.30	3.31	0.66%
	Hypothetical example	1,000.00	1,021.80	3.35	0.66%

¹ Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

10 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT

Fund’s investments

AS OF 8-31-20

	Rate (%)	Maturity date		Par value^	Value
Term loans (A) 90.1%					$702,372,687
(Cost $728,356,318)
Communication services 14.4%					112,584,495
Diversified telecommunication services 5.2%
CenturyLink, Inc., 2020 Term Loan B (1 month LIBOR + 2.250%)	2.406	03-15-27		4,582,301	4,420,958
Cincinnati Bell, Inc., 2017 Term Loan (1 month LIBOR + 3.250%)	4.250	10-02-24		2,833,371	2,830,424
Crown Subsea Communications Holding, Inc., Term Loan B (1 month LIBOR + 6.000%)	6.156	11-02-25		953,823	945,477
Cyxtera DC Holdings, Inc., Term Loan B (1 month LIBOR + 3.000%)	4.000	05-01-24		2,429,210	2,113,413
Eircom Finco Sarl, 2019 EUR Term Loan B (1 month EURIBOR + 3.250%)	3.250	05-15-26	EUR	1,800,000	2,118,044
Frontier Communications Corp., 2017 Term Loan B1 (B)	0.000	06-15-24		7,525,255	7,583,576
Intelsat Jackson Holdings SA, 2017 Term Loan B5 (B)	0.000	01-02-24		3,627,551	3,662,702
Intelsat Jackson Holdings SA, 2020 DIP Term Loan (3 month LIBOR + 5.500%)	6.500	07-13-22		136,944	139,227
Iridium Satellite LLC, Term Loan (1 month LIBOR + 3.750%)	4.750	11-04-26		1,843,632	1,847,098
Level 3 Financing, Inc., 2019 Term Loan B (1 month LIBOR + 1.750%)	1.906	03-01-27		4,498,066	4,352,824
Masmovil Holdphone SA, 2019 EUR Term Loan B (6 month EURIBOR + 2.625%)	2.625	05-07-26	EUR	2,400,488	2,843,739
Radiate Holdco LLC, 1st Lien Term Loan (1 month LIBOR + 3.000%)	3.750	02-01-24		4,876,492	4,794,518
Telesat LLC, Term Loan B5 (1 month LIBOR + 2.750%)	2.910	12-07-26		1,489,461	1,438,566
Zayo Group Holdings, Inc., USD Term Loan (1 month LIBOR + 3.000%)	3.156	03-09-27		1,574,160	1,526,636
Entertainment 0.7%
Technicolor SA, 2017 USD Term Loan B (B)	0.000	12-06-23		3,645,309	1,736,078
Technicolor SA, 2020 EUR Delayed Draw Term Loan B2 (C)	TBD	06-30-24	EUR	330,379	406,085
Technicolor SA, 2020 EUR Super Senior Term Loan (6 month EURIBOR + 6.000% or 6.000% PIK)	6.000	06-03-24	EUR	281,804	345,818
Technicolor SA, 2020 PIK USD New Money Term Loan (6 month LIBOR + 6.000% or 6.000% PIK)	6.340	06-03-24		84,942	87,596

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 11

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Entertainment (continued)
Technicolor SA, EUR Term Loan B (B)	0.000	12-06-23	EUR	530,772	$303,239
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan (1 month LIBOR + 2.750%)	2.910	05-18-25		2,733,482	2,207,287
Interactive media and services 2.1%
Ancestry.com Operations, Inc., 2019 Extended Term Loan B (1 month LIBOR + 4.250%)	4.410	08-27-26		4,418,278	4,409,441
MH Sub I LLC, 2017 1st Lien Term Loan (3 month LIBOR + 3.500%)	4.572	09-13-24		5,713,831	5,559,900
MH Sub I LLC, 2020 Incremental Term Loan (1 month LIBOR + 3.750%)	4.750	09-13-24		668,670	660,733
National CineMedia LLC, 2018 Term Loan B (1 month LIBOR + 3.000%)	4.000	06-20-25		386,254	307,416
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan (2 and 3 month LIBOR + 3.000%)	4.000	11-03-23		3,530,637	3,488,729
The Knot Worldwide, Inc., 1st Lien Term Loan (1 month LIBOR + 4.500%)	4.808	12-19-25		2,373,517	2,266,709
Media 5.3%
Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	07-23-21		1,683,229	1,599,068
Alchemy Copyrights LLC, Term Loan B (Prime rate + 2.250%)	5.500	08-16-27		475,956	473,576
Altice Financing SA, 2017 USD Term Loan B (1 month LIBOR + 2.750%)	2.912	07-15-25		4,167,730	3,966,804
Altice France SA, USD Term Loan B12 (1 month LIBOR + 3.688%)	4.438	01-31-26		2,506,188	2,456,064
AppLovin Corp., 2018 Term Loan B (1 month LIBOR + 3.500%)	3.656	08-15-25		1,732,148	1,715,364
AppLovin Corp., 2020 Incremental Term Loan B (1 month LIBOR + 4.000%)	4.156	08-15-25		305,592	301,772
CSC Holdings LLC, 2017 Term Loan B1 (1 month LIBOR + 2.250%)	2.408	07-17-25		2,199,313	2,119,588
CSC Holdings LLC, 2018 Incremental Term Loan (1 month LIBOR + 2.250%)	2.408	01-15-26		1,549,465	1,493,297
CSC Holdings LLC, 2019 Term Loan B5 (1 month LIBOR + 2.500%)	2.658	04-15-27		4,559,081	4,406,033
iHeartCommunications, Inc., 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	05-01-26		388,733	368,184

12 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Media (continued)
Lorca Finco PLC, EUR Term Loan B (C)	TBD	07-01-27	EUR	375,177	$438,553
Mediaocean LLC, Term Loan B (1 month LIBOR + 3.750%)	3.906	08-18-25		1,371,443	1,356,014
Newco Financing Partnership, 2020 USD Term Loan B1 (C)	TBD	01-31-29		585,644	579,934
Recorded Books, Inc., 2018 Term Loan B (1 month LIBOR + 4.250%)	4.408	08-29-25		896,433	881,866
Research Now Group LLC, 2017 1st Lien Term Loan (6 month LIBOR + 5.500%)	6.500	12-20-24		3,270,843	3,090,685
Sinclair Television Group, Inc., Term Loan B2B (1 month LIBOR + 2.500%)	2.660	09-30-26		1,016,035	987,586
Tele Columbus AG, 2018 EUR Term Loan A2 (6 month EURIBOR + 3.000%)	3.000	10-15-24	EUR	1,657,943	1,898,892
Telenet Financing USD LLC, 2020 USD Term Loan AR (1 month LIBOR + 2.000%)	2.162	04-30-28		3,364,642	3,234,262
Terrier Media Buyer, Inc., Term Loan B (1 month LIBOR + 4.250%)	4.406	12-17-26		704,307	689,559
Townsquare Media, Inc., Term Loan B (C)	TBD	04-01-22		165,662	156,620
UPC Broadband Holding BV, 2020 EUR Term Loan B (6 month EURIBOR + 2.500%)	2.500	04-30-29	EUR	663,626	773,003
UPC Financing Partnership, 2020 USD Term Loan B (1 month LIBOR + 2.250%)	2.412	04-30-28		1,153,790	1,121,772
UPC Financing Partnership, 2020 USD Term Loan B2 (C)	TBD	01-31-29		585,644	579,934
WideOpenWest Finance LLC, 2017 Term Loan B (1 month LIBOR + 3.250%)	4.250	08-18-23		3,423,790	3,365,482
Ziggo Financing Partnership, USD Term Loan I (1 month LIBOR + 2.500%)	2.662	04-30-28		3,753,885	3,624,864
Wireless telecommunication services 1.1%
Matterhorn Telecom SA, 2020 EUR Term Loan B (3 month EURIBOR + 2.875%)	2.875	09-15-26	EUR	1,392,778	1,605,977
SBA Senior Finance II LLC, 2018 Term Loan B (1 month LIBOR + 1.750%)	1.910	04-11-25		5,536,156	5,401,240
T-Mobile USA, Inc., 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	04-01-27		1,499,076	1,502,269

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 13

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary 12.8%					$99,444,401
Auto components 0.5%
IXS Holdings, Inc., 2020 Term Loan B (3 month LIBOR + 5.000%)	6.000	03-05-27		1,535,679	1,493,448
Truck Hero, Inc., 1st Lien Term Loan (1 month LIBOR + 3.750%)	3.906	04-22-24		2,763,621	2,661,892
Automobiles 1.5%
BBD Bidco, Ltd., GBP Term Loan B1 (6 month GBP LIBOR + 4.750%)	5.451	11-13-26	GBP	2,103,138	2,677,830
Drive Chassis Holdco LLC, 2019 2nd Lien Term Loan (3 month LIBOR + 8.250%)	8.518	04-10-26		3,303,662	3,055,887
OEConnection LLC, 2019 Term Loan B (3 month LIBOR + 4.000%)	5.072	09-25-26		1,545,272	1,483,461
Thor Industries, Inc., EUR Term Loan B (1 month EURIBOR + 4.000%)	4.000	02-01-26	EUR	822,564	966,275
Thor Industries, Inc., USD Term Loan B (1 month LIBOR + 3.750%)	3.938	02-01-26		530,090	523,463
Wheel Pros, Inc., 1st Lien Term Loan (1 month LIBOR + 4.750%)	5.452	04-04-25		2,816,030	2,679,931
Distributors 0.8%
Northwest Fiber LLC, Term Loan B (1 month LIBOR + 5.500%)	5.656	05-21-27		3,736,009	3,726,669
Polyconcept North America Holdings, Inc., USD 2016 Term Loan B (3 month LIBOR + 4.500%)	5.500	08-16-23		2,974,389	2,342,331
Diversified consumer services 2.4%
Cambium Learning Group, Inc., Term Loan B (3 month LIBOR + 4.500%)	4.808	12-18-25		3,001,619	2,979,107
Midas Intermediate Holdco II LLC, Incremental Term Loan B (3 month LIBOR + 2.750%)	3.750	08-18-21		2,902,615	2,584,953
PCI Gaming Authority, Term Loan (1 month LIBOR + 2.500%)	2.656	05-29-26		1,891,892	1,829,876
Safe Fleet Holdings LLC, 2018 1st Lien Term Loan (6 month LIBOR + 3.000%)	4.000	02-03-25		1,778,277	1,666,388
SRS Distribution, Inc., 2018 1st Lien Term Loan (3 month LIBOR + 3.000%)	4.072	05-23-25		6,079,139	5,900,595
Verisure Holding AB, 2020 EUR Term Loan B (3 month EURIBOR + 4.000%)	4.000	07-20-26	EUR	706,977	840,406
Verisure Holding AB, EUR Term Loan B1E (6 month EURIBOR + 3.000%)	3.000	10-20-22	EUR	2,785,890	3,293,192

14 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 4.2%
Aimbridge Acquisition Company, Inc., 2019 Term Loan B (1 month LIBOR + 3.750%)	3.906	02-02-26		2,859,025	$2,465,909
Aristocrat International Pty, Ltd., 2018 1st Lien Term Loan (3 month LIBOR + 1.750%)	2.021	10-19-24		2,380,635	2,322,453
Aristocrat International Pty, Ltd., 2020 Incremental Term Loan B (3 month LIBOR + 3.750%)	4.750	10-19-24		305,849	306,614
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B (1 month LIBOR + 2.750%)	2.906	12-23-24		2,079,523	1,950,863
Caesars Resort Collection LLC, 2020 Term Loan B1 (3 month LIBOR + 4.500%)	4.726	07-21-25		652,814	632,009
Carrols Restaurant Group, Inc., Term Loan B (1 and 3 month LIBOR + 3.250%)	3.482	04-30-26		1,819,940	1,693,199
CityCenter Holdings LLC, 2017 Term Loan B (1 month LIBOR + 2.250%)	3.000	04-18-24		2,033,851	1,925,264
Connect Finco SARL, Term Loan B (1 month LIBOR + 4.500%)	5.500	12-11-26		2,682,155	2,606,733
HNVR Holdco, Ltd., EUR Term Loan B (6 month EURIBOR + 4.250%)	4.250	09-12-23	EUR	1,605,335	1,369,744
HNVR Holdco, Ltd., Term Loan C (6 month EURIBOR + 4.500%)	4.500	09-12-25	EUR	2,352,406	2,007,180
Hurtigruten Group AS, EUR Term Loan B (6 month EURIBOR + 3.750%)	3.750	02-24-25	EUR	1,777,599	1,608,389
IRB Holding Corp., 2020 Term Loan B (3 month LIBOR + 2.750%)	3.750	02-05-25		1,900,354	1,827,665
Lakeland Tours LLC, 2017 1st Lien Term Loan B (3 month LIBOR + 4.250%)	5.250	12-15-24		1,215,673	608,845
Lakeland Tours LLC, 2020 DIP Lender New Money Term Loan (3 month LIBOR + 12.000%)	13.250	01-20-21		193,645	186,867
Motion Finco LLC, Delayed Draw Term Loan B2 (6 month LIBOR + 3.250%)	4.322	11-12-26		102,546	94,770
Motion Finco LLC, USD Term Loan B1 (6 month LIBOR + 3.250%)	4.322	11-12-26		780,242	721,076
Motion Finco Sarl, EUR Term Loan B (6 month EURIBOR + 3.000%)	3.000	11-12-26	EUR	686,801	744,920
New Red Finance, Term Loan B4 (1 month LIBOR + 1.750%)	1.906	11-19-26		3,851,582	3,702,333
Scientific Games International, Inc., 2018 Term Loan B5 (1, 3 and 6 month LIBOR + 2.750%)	3.472	08-14-24		2,565,526	2,393,739

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 15

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Station Casinos LLC, 2020 Term Loan B (1 month LIBOR + 2.250%)	2.500	02-08-27		423,743	$400,788
Travel Leaders Group LLC, 2018 Term Loan B (1 month LIBOR + 4.000%)	4.156	01-25-24		2,498,453	1,773,902
Wyndham Hotels & Resorts, Inc., Term Loan B (1 month LIBOR + 1.750%)	1.906	05-30-25		1,833,801	1,760,834
Household durables 0.6%
Acproducts, Inc., 2020 Term Loan B (3 month LIBOR + 6.500%)	7.500	08-18-25		2,841,870	2,843,660
LSFX Flavum Bidco SA, 2020 EUR Term Loan (C)	TBD	02-12-27	EUR	1,410,972	1,536,453
Leisure products 0.8%
Abe Investment Holdings, Inc., 2019 EUR Term Loan B (1 month EURIBOR + 5.000%)	5.000	02-19-26	EUR	841,432	934,256
Abe Investment Holdings, Inc., 2019 USD Term Loan B (1 month LIBOR + 4.500%)	4.688	02-19-26		2,478,968	2,343,145
Hayward Industries, Inc., 1st Lien Term Loan (1 month LIBOR + 3.500%)	3.656	08-05-24		2,891,292	2,840,694
Specialty retail 1.8%
Ascena Retail Group, Inc., 2015 Term Loan B (B)	0.000	08-21-22		3,325,984	1,183,950
CWGS Group LLC, 2016 Term Loan (1 month LIBOR + 2.750%)	3.500	11-08-23		1,677,934	1,623,670
Douglas GmbH, 2017 EUR Term Loan B1 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	196,061	199,557
Douglas GmbH, 2017 EUR Term Loan B2 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	45,753	46,569
Douglas GmbH, 2017 EUR Term Loan B3 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	181,496	184,733
Douglas GmbH, 2017 EUR Term Loan B4 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	105,409	107,289
Douglas GmbH, 2017 EUR Term Loan B5 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	15,566	15,844
Douglas GmbH, 2017 EUR Term Loan B6 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	68,895	70,124
Douglas GmbH, 2017 EUR Term Loan B7 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	54,760	55,736
Douglas GmbH, 2017 EUR Term Loan B8 (6 month EURIBOR + 3.250%)	3.250	08-12-22	EUR	846,330	847,868
Eyemart Express LLC, 2017 Term Loan B (1 month LIBOR + 3.000%)	3.156	08-04-24		1,270,989	1,223,327

16 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Specialty retail (continued)
Harbor Freight Tools USA, Inc., 2018 Term Loan B (1 month LIBOR + 2.500%)	3.250	08-18-23		3,306,299	$3,251,381
Mavis Tire Express Services Corp., 2018 1st Lien Term Loan (3 month LIBOR + 3.250%)	3.558	03-20-25		5,078,304	4,867,554
Textiles, apparel and luxury goods 0.2%
Calceus Acquisition, Inc., Term Loan B (1 month LIBOR + 5.500%)	5.756	02-12-25		1,496,196	1,458,791
Consumer staples 3.1%					24,139,387
Beverages 0.2%
Refresco Holding BV, EUR Term Loan B1 (3 month EURIBOR + 3.250%)	3.250	03-28-25	EUR	1,425,082	1,670,334
Food and staples retailing 0.9%
Casino Guichard Perrachon SA, EUR Term Loan B (3 month EURIBOR + 5.500%)	5.500	01-31-24	EUR	2,874,451	3,242,353
H-Food Holdings LLC, 2018 Term Loan B (1 month LIBOR + 3.688%)	3.844	05-23-25		3,772,522	3,664,062
Food products 1.0%
Cookie Acquisition SASU, EUR Term Loan (3 month EURIBOR + 4.000%)	4.000	02-15-27	EUR	1,563,396	1,785,921
Froneri Lux FinCo SARL, 2020 EUR Term Loan (3 month EURIBOR + 2.625%)	2.625	01-31-27	EUR	1,752,602	2,028,473
Froneri US, Inc., 2020 USD Term Loan (1 month LIBOR + 2.250%)	2.406	01-31-27		621,457	597,817
Upfield BV, 2018 EUR Term Loan B1 (1 and 6 month EURIBOR + 3.500%)	3.500	07-02-25	EUR	3,100,258	3,579,010
Household products 0.5%
KIK Custom Products, Inc., 2015 Term Loan B (3 month LIBOR + 4.000%)	5.000	05-15-23		1,954,742	1,935,195
Reynolds Consumer Products LLC, Term Loan (1 month LIBOR + 1.750%)	1.906	02-04-27		890,587	875,189
Reynolds Group Holdings, Inc., USD 2017 Term Loan (1 month LIBOR + 2.750%)	2.906	02-05-23		1,130,743	1,113,375
Personal products 0.5%
Coty, Inc., 2018 USD Term Loan B (1 month LIBOR + 2.250%)	2.405	04-07-25		2,058,183	1,803,483

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 17

	Rate (%)	Maturity date	Par value^	Value
Consumer staples (continued)
Personal products (continued)
Sunshine Luxembourg VII Sarl, USD Term Loan B1 (6 month LIBOR + 4.250%)	5.322	10-01-26	1,850,727	$1,844,175
Energy 1.4%				10,961,598
Energy equipment and services 0.2%
Keane Group Holdings LLC, 2018 1st Lien Term Loan (1 month LIBOR + 3.500%)	4.500	05-25-25	1,372,000	1,188,495
Traverse Midstream Partners LLC, 2017 Term Loan (1 month LIBOR + 4.000%)	5.000	09-27-24	619,012	564,465
Oil, gas and consumable fuels 1.2%
Delek US Holdings, Inc., 2018 Term Loan B (1 month LIBOR + 2.250%)	2.406	03-31-25	2,333,118	2,196,888
Granite Acquisition, Inc., Term Loan B (3 month LIBOR + 3.500%)	4.500	12-19-21	1,013,655	1,005,627
Lower Cadence Holdings LLC, Term Loan B (1 month LIBOR + 4.000%)	4.000	05-22-26	1,201,428	1,102,310
Lucid Energy Group II Borrower LLC, 2018 1st Lien Term Loan (1 month LIBOR + 3.000%)	4.000	02-17-25	598,290	505,256
Murray Energy Corp., 2018 Term Loan B2 (B)	0.000	10-17-22	7,312,904	95,068
Northriver Midstream Finance LP, 2018 Term Loan B (3 month LIBOR + 3.250%)	3.552	10-01-25	1,901,218	1,840,455
Quicksilver Resources, Inc., New 2nd Lien Term Loan (B)(D)	0.000	06-21-21	20,001,303	20,001
Ultra Resources, Inc., 1st Lien Term Loan (B)	0.000	04-12-24	3,320,364	2,394,813
Ultra Resources, Inc., 2020 DIP Term Loan (C)	TBD	11-19-20	48,220	48,220
Financials 6.0%				47,096,628
Capital markets 2.0%
AqGen Ascensus, Inc., 2017 Repriced Term Loan (3 month LIBOR + 4.000%)	5.072	12-03-22	4,386,774	4,384,054
AqGen Ascensus, Inc., 2020 Term Loan (C)	TBD	12-13-26	381,003	378,146
Emerald TopCo, Inc., Term Loan (1 and 3 month LIBOR + 3.500%)	3.760	07-24-26	1,196,325	1,161,931
ION Trading Finance, Ltd., USD Incremental Term Loan B (3 month LIBOR + 4.000%)	5.072	11-21-24	4,763,224	4,648,382

18 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Capital markets (continued)
Jane Street Group LLC, 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	01-31-25		3,838,256	$3,780,682
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan (3 month LIBOR + 6.750%)	7.750	11-28-23		1,654,015	1,565,111
Consumer finance 0.1%
Fiserv Investment Solutions, Inc., 2020 Term Loan B (3 month LIBOR + 4.750%)	5.020	02-18-27		640,636	636,363
Diversified financial services 1.6%
Advisor Group Holdings, Inc., 2019 Term Loan B (1 month LIBOR + 5.000%)	5.156	07-31-26		2,950,357	2,850,783
Citadel Securities LP, 2020 Term Loan B (1 month LIBOR + 2.750%)	2.906	02-27-26		3,985,303	3,950,432
Crown Finance US, Inc., 2018 USD Term Loan (3 month LIBOR + 2.250%)	3.322	02-28-25		2,493,567	1,948,099
GT Polaris, Inc., Term Loan B (C)	TBD	08-04-27		653,022	647,308
Marnix SAS, 2019 EUR Term Loan B (6 month EURIBOR + 3.500%)	3.500	11-19-26	EUR	1,576,303	1,822,297
Nexus Buyer LLC, Term Loan B (1 month LIBOR + 3.750%)	3.912	11-09-26		1,052,739	1,045,896
Insurance 1.5%
Alliant Holdings Intermediate LLC, 2018 Term Loan B (1 month LIBOR + 2.750%)	2.906	05-09-25		1,646,167	1,590,379
Alliant Holdings Intermediate LLC, Term Loan B (1 month LIBOR + 3.250%)	3.433	05-09-25		1,024,502	997,978
Amerilife Holdings LLC, 2020 Delayed Draw Term Loan (3 month LIBOR + 4.000%)	4.158	03-18-27		66,073	64,917
Amerilife Holdings LLC, 2020 Term Loan (1 month LIBOR + 4.000%)	4.156	03-18-27		1,955,837	1,921,610
Asurion LLC, 2017 Term Loan B4 (1 month LIBOR + 3.000%)	3.156	08-04-22		3,484,425	3,443,762
Asurion LLC, 2018 Term Loan B6 (1 month LIBOR + 3.000%)	3.156	11-03-23		513,499	504,087
Cross Financial Corp., Term Loan (C)	TBD	08-20-27		644,160	640,939
HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%)	3.263	04-25-25		3,144,768	3,059,985
Mortgage real estate investment trusts 0.8%
Apollo Commercial Real Estate Finance, Inc., Term Loan B (1 month LIBOR + 2.750%)	2.912	05-15-26		818,023	775,077

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 19

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Mortgage real estate investment trusts (continued)
Blackstone Mortgage Trust, Inc., 2020 Term Loan B (1 month LIBOR + 4.750%)	5.750	04-23-26		1,753,286	$1,740,136
Claros Mortgage Trust, Inc., Term Loan B (1 month LIBOR + 3.250%)	3.405	08-09-26		2,316,062	2,188,678
KREF Holdings X LLC, Term Loan B (C)	TBD	08-05-27		1,363,229	1,349,596
Health care 13.7%					106,423,467
Biotechnology 0.2%
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B (1 week LIBOR + 2.000%)	2.113	11-15-27		1,232,009	1,206,001
Health care equipment and supplies 1.2%
Auris Luxembourg III Sarl, 2019 USD Term Loan B2 (1 month LIBOR + 3.750%)	3.906	02-27-26		2,467,887	2,255,032
Ortho-Clinical Diagnostics SA, 2018 Term Loan B (1 month LIBOR + 3.250%)	3.406	06-30-25		1,613,135	1,553,143
Ortho-Clinical Diagnostics SA, EUR Term Loan B (3 month EURIBOR + 3.500%)	3.500	06-30-25	EUR	1,378,841	1,574,144
Solenis International LLC, 2018 1st Lien Term Loan (1 and 3 month LIBOR + 4.000%)	4.256	06-26-25		2,434,623	2,388,585
Solenis International LLC, 2018 2nd Lien Term Loan (3 month LIBOR + 8.500%)	8.756	06-26-26		2,100,000	1,883,028
Health care providers and services 6.3%
21st Century Oncology Holdings, Inc., 2020 EUR Term Loan B4 (3 month EURIBOR + 4.750%)	4.750	05-14-27	EUR	1,782,202	2,082,490
21st Century Oncology Holdings, Inc., 2020 USD Term Loan B5 (C)	TBD	05-14-27		526,385	498,750
Bio Lam LCD SELAS, 2020 EUR Add On Term Loan B (C)	TBD	04-25-26	EUR	1,226,561	1,416,146
Da Vinci Purchaser Corp., 2019 Term Loan (3 month LIBOR + 4.000%)	5.238	01-08-27		1,129,439	1,121,443
DaVita, Inc., 2020 Term Loan B (1 month LIBOR + 1.750%)	1.906	08-12-26		1,698,188	1,661,524
Dentalcorp Health Services ULC, 1st Lien Term Loan (1 month LIBOR + 3.750%)	4.750	06-06-25		4,735,962	4,428,124
Ensemble RCM LLC, Term Loan (3 month LIBOR + 3.750%)	4.011	08-03-26		1,674,031	1,657,709

20 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Health care (continued)
Health care providers and services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan (1 month LIBOR + 4.500%)	5.500	02-04-27	3,239,807	$3,229,019
HCA, Inc., Term Loan B12 (1 month LIBOR + 1.750%)	1.906	03-13-25	1,774,717	1,759,472
Jaguar Holding Company II, 2018 Term Loan (1 month LIBOR + 2.500%)	3.500	08-18-22	3,879,542	3,869,843
MED ParentCo LP, 1st Lien Delayed Draw Term Loan (1 month LIBOR + 4.250%)	4.406	08-31-26	208,419	195,047
MED ParentCo LP, 1st Lien Term Loan (1 month LIBOR + 4.250%)	4.406	08-31-26	1,187,874	1,111,648
MPH Acquisition Holdings LLC, 2016 Term Loan B (3 month LIBOR + 2.750%)	3.750	06-07-23	2,042,057	2,019,084
National Mentor Holdings, Inc., 2019 Term Loan B (1 month LIBOR + 4.250%)	4.410	03-09-26	3,130,138	3,097,272
National Mentor Holdings, Inc., 2019 Term Loan C (1 month LIBOR + 4.250%)	4.410	03-09-26	142,519	141,022
Option Care Health, Inc., Term Loan B (1 month LIBOR + 4.500%)	4.656	08-06-26	2,455,040	2,444,803
Pathway Vet Alliance LLC, 2020 Term Loan (1 month LIBOR + 4.000%)	4.156	03-31-27	1,777,743	1,742,740
PetVet Care Centers LLC, 2018 1st Lien Term Loan (1 month LIBOR + 2.750%)	2.906	02-14-25	4,698,711	4,526,926
Select Medical Corp., 2017 Term Loan B (1 month LIBOR + 2.500%)	2.680	03-06-25	2,311,885	2,244,447
Team Health Holdings, Inc., 1st Lien Term Loan (1 month LIBOR + 2.750%)	3.750	02-06-24	1,204,466	1,000,213
U.S. Anesthesia Partners, Inc., 2017 Term Loan (3 month LIBOR + 3.000%)	4.000	06-23-24	1,670,396	1,608,591
Upstream Newco, Inc., 2019 Term Loan (1 month LIBOR + 4.500%)	4.656	11-20-26	1,770,790	1,666,756
Versant Health Holdco, Inc., 1st Lien Term Loan B (1 month LIBOR + 3.000%)	4.000	12-02-24	3,749,739	3,661,845
VetCor Professional Practices LLC, 2018 1st Lien Term Loan (3 month LIBOR + 3.000%)	4.072	07-02-25	2,050,769	1,968,738
Health care technology 2.3%
Bioclinica-Synowledge Holdings Corp., 1st Lien Term Loan (1 month LIBOR + 4.250%)	5.250	10-20-23	3,975,681	3,810,014

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 21

	Rate (%)	Maturity date		Par value^	Value
Health care (continued)
Health care technology (continued)
Change Healthcare Holdings LLC, 2017 Term Loan B (1 and 3 month LIBOR + 2.500%)	3.500	03-01-24		2,305,507	$2,260,042
GHX Ultimate Parent Corp., 2017 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	06-28-24		2,938,676	2,879,902
Netsmart Technologies, Inc., Term Loan D1 (3 month LIBOR + 3.750%)	4.750	04-19-23		4,087,028	4,005,288
VVC Holding Corp., 2019 Term Loan B (3 month LIBOR + 4.500%)	4.818	02-11-26		4,803,035	4,758,030
Life sciences tools and services 0.8%
Packaging Coordinators Midco, Inc., 1st Lien Term Loan (3 month LIBOR + 4.000%)	5.080	06-30-23		3,289,680	3,281,456
PAREXEL International Corp., Term Loan B (1 month LIBOR + 2.750%)	2.906	09-27-24		1,346,350	1,299,564
Syneos Health, Inc., 2018 Term Loan B (1 month LIBOR + 1.750%)	1.906	08-01-24		1,536,492	1,496,159
Pharmaceuticals 2.9%
AI Sirona Luxembourg Acquisition Sarl, EUR 1st Lien Term Loan B (1 month EURIBOR + 4.000%)	4.000	09-29-25	EUR	1,440,813	1,666,626
Amneal Pharmaceuticals LLC, 2018 Term Loan B (1 month LIBOR + 3.500%)	3.688	05-04-25		4,872,605	4,565,046
Bausch Health Americas, Inc., 2018 Term Loan B (1 month LIBOR + 3.000%)	3.183	06-02-25		6,422,730	6,313,030
Curium Bidco Sarl, USD Term Loan B (6 month LIBOR + 3.750%)	4.822	07-09-26		1,524,971	1,509,721
Elanco Animal Health, Inc., Term Loan B (1 month LIBOR + 1.750%)	1.906	08-01-27		1,213,300	1,188,524
Endo International PLC, 2017 Term Loan B (3 month LIBOR + 4.250%)	5.000	04-29-24		2,805,334	2,699,544
McAfee LLC, 2018 USD Term Loan B (1 month LIBOR + 3.750%)	3.906	09-30-24		2,316,260	2,292,240
RPI 2019 Intermediate Finance Trust, 2020 Term Loan B1 (1 week LIBOR + 1.750%)	1.906	02-11-27		1,541,144	1,534,887
RPI Intermediate Finance Trust, 2020 Term Loan B1 (1 month LIBOR + 1.750%)	1.906	02-11-27		854,079	849,809

22 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Industrials 12.8%					$99,462,738
Aerospace and defense 1.7%
Bleriot US Bidco, Inc., Delayed Draw Term Loan (3 month LIBOR + 4.750%)	5.058	10-31-26		155,932	153,658
Bleriot US Bidco, Inc., Term Loan B (3 month LIBOR + 4.750%)	5.058	10-31-26		997,963	983,413
Maxar Technologies, Ltd., Term Loan B (1 month LIBOR + 2.750%)	2.906	10-04-24		1,178,668	1,136,436
Standard Aero, Ltd., 2020 CAD Term Loan B2 (3 month LIBOR + 3.500%)	3.808	04-06-26		1,147,664	1,013,766
The NORDAM Group, Inc., Term Loan B (1 month LIBOR + 4.500% and 5.500%)	5.688	04-09-26		2,048,487	1,700,244
TransDigm, Inc., 2020 Term Loan E (1 month LIBOR + 2.250%)	2.406	05-30-25		950,347	900,321
TransDigm, Inc., 2020 Term Loan F (1 month LIBOR + 2.250%)	2.406	12-09-25		3,864,407	3,658,512
TransDigm, Inc., 2020 Term Loan G (1 month LIBOR + 2.250%)	2.406	08-22-24		1,091,648	1,035,090
WP CPP Holdings LLC, 2018 Term Loan (1 and 3 month LIBOR + 3.500%)	4.500	04-30-25		3,307,390	2,827,818
Air freight and logistics 0.3%
XPO Logistics, Inc., 2018 Term Loan B (1 month LIBOR + 2.000%)	2.156	02-24-25		2,051,577	2,009,622
Airlines 0.3%
Allegiant Travel Company, 2020 Term Loan (3 month LIBOR + 3.000%)	3.254	02-05-24		733,445	679,353
WestJet Airlines, Ltd., Term Loan B (6 month LIBOR + 3.000%)	4.000	12-11-26		1,682,423	1,393,265
Building products 2.0%
Cornerstone Building Brands, Inc., 2018 Term Loan (1 month LIBOR + 3.750%)	3.918	04-12-25		2,280,439	2,234,830
LSF10 XL Bidco SCA, EUR Term Loan B3 (C)	TBD	10-12-26	EUR	1,228,877	1,370,543
Resideo Funding, Inc., Term Loan B (3 month LIBOR + 2.250%)	2.560	10-24-25		891,142	863,294
Specialty Building Products Holdings LLC, 2018 Term Loan B (1 month LIBOR + 5.750%)	5.906	10-01-25		2,159,118	2,142,924
The AZEK Company LLC, 2017 Term Loan (3 month LIBOR + 3.750%)	4.750	05-05-24		3,204,221	3,193,198
Wilsonart LLC, 2017 Term Loan B (3 month LIBOR + 3.250%)	4.250	12-19-23		5,893,628	5,817,482

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 23

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Commercial services and supplies 3.1%
American Builders & Contractors Supply Company, Inc., 2019 Term Loan (1 month LIBOR + 2.000%)	2.156	01-15-27	2,627,979	$2,556,525
AVSC Holding Corp., 2018 1st Lien Term Loan (1, 3 and 6 month LIBOR + 3.250%)	4.250	03-03-25	2,240,913	1,611,217
AVSC Holding Corp., Incremental Term Loan B (3 and 6 month LIBOR + 4.500%)	5.500	10-15-26	162,449	116,963
Camelot Finance SA, Term Loan B (1 month LIBOR + 3.000%)	3.156	10-30-26	1,423,441	1,396,751
Comet Bidco, Ltd., 2018 USD Term Loan B (6 month LIBOR + 5.000%)	6.000	09-30-24	3,661,600	2,810,278
IAA, Inc., Term Loan B (1 month LIBOR + 2.250%)	2.438	06-28-26	1,205,409	1,187,327
Illuminate Buyer LLC, Term Loan (3 month LIBOR + 4.000%)	4.308	06-16-27	587,618	584,092
Intrado Corp., 2017 Term Loan (3 month LIBOR + 4.000%)	5.000	10-10-24	1,543,857	1,377,738
MHI Holdings LLC, Term Loan B (1 month LIBOR + 5.000%)	5.156	09-21-26	2,030,323	2,002,406
Nielsen Finance LLC, 2020 USD Term Loan B5 (1 month LIBOR + 3.750%)	4.750	06-04-25	515,340	516,628
Nielsen Finance LLC, USD Term Loan B4 (1 month LIBOR + 2.000%)	2.155	10-04-23	1,870,432	1,825,074
Sterling Midco Holdings, Inc., 1st Lien Term Loan (3 month LIBOR + 3.500%)	4.500	06-19-24	3,414,894	2,976,285
Tempo Acquisition LLC, Non-Extended Term Loan (1 month LIBOR + 2.750%)	2.906	05-01-24	5,587,515	5,461,796
Construction and engineering 0.5%
Amentum Government Services Holdings LLC, Term Loan B (1 month LIBOR + 4.000%)	4.156	02-01-27	1,072,660	1,068,637
Sabre Industries, Inc., 2019 Term Loan B (6 month LIBOR + 3.250%)	4.244	04-15-26	1,108,356	1,101,428
USIC Holdings, Inc., 2017 Term Loan B (1 month LIBOR + 3.250%)	4.250	12-08-23	1,832,395	1,778,944
Electrical equipment 0.3%
1a Smart Start LLC, 2020 Term Loan (Prime rate + 3.750%)	7.000	08-18-27	711,023	711,023
Brookfield WEC Holdings, Inc., 2020 Term Loan (1 month LIBOR + 3.000%)	3.750	08-01-25	1,900,949	1,866,998

24 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Machinery 2.1%
AI Alpine US Bidco, Inc., 2018 USD Term Loan B (3 and 6 month LIBOR + 3.000%)	4.209	10-31-25		882,213	$793,991
Crosby US Acquisition Corp., Term Loan B (1 month LIBOR + 4.750%)	4.933	06-26-26		1,573,392	1,463,255
Gardner Denver, Inc., 2020 USD Term Loan B2 (1 month LIBOR + 1.750%)	1.906	03-01-27		822,121	796,044
Granite US Holdings Corp., Term Loan B (3 month LIBOR + 5.250%)	6.322	09-30-26		2,248,178	2,169,492
Ingersoll-Rand Services Company, 2020 USD Spinco Term Loan (1 month LIBOR + 1.750%)	1.906	03-01-27		2,078,611	2,012,677
Pro Mach Group, Inc., 2018 Term Loan B (1 month LIBOR + 2.750%)	2.920	03-07-25		2,968,471	2,832,099
Shape Technologies Group, Inc., Term Loan (1 month LIBOR + 3.000%)	3.183	04-21-25		2,236,683	1,628,305
Star US Bidco LLC, Term Loan B (1 month LIBOR + 4.250%)	5.250	03-17-27		1,712,214	1,613,762
Titan Acquisitionco New Zealand, Ltd., 2020 Term Loan (3 month LIBOR + 4.000%)	4.308	05-01-26		2,745,694	2,622,138
Professional services 0.7%
Cast & Crew Payroll LLC, 2019 1st Lien Term Loan (1 month LIBOR + 3.750%)	3.906	02-09-26		2,013,743	1,892,919
STG-Fairway Holdings LLC, Term Loan B (3 month LIBOR + 3.250%)	4.322	01-31-27		1,539,293	1,481,569
Stiphout Finance LLC, USD 1st Lien Term Loan (1 month LIBOR + 3.000%)	4.000	10-26-22		2,454,167	2,368,271
Road and rail 0.7%
Genesee & Wyoming, Inc., Term Loan (3 month LIBOR + 2.000%)	2.308	12-30-26		1,286,405	1,264,613
Uber Technologies, Inc., 2018 Term Loan (1 month LIBOR + 4.000%)	5.000	04-04-25		3,932,000	3,884,973
Trading companies and distributors 0.9%
ASP Unifrax Holdings, Inc., EUR Term Loan B (3 month EURIBOR + 3.750%)	3.750	12-12-25	EUR	3,166,937	3,153,343
ASP Unifrax Holdings, Inc., Term Loan B (6 month LIBOR + 3.750%)	4.822	12-12-25		1,054,039	901,530
GYP Holdings III Corp., 2018 Term Loan B (1 month LIBOR + 2.750%)	2.906	06-01-25		2,681,194	2,634,273

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 25

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Transportation infrastructure 0.2%
Dynasty Acquisition Company, Inc., 2020 Term Loan B1 (3 month LIBOR + 3.500%)	3.808	04-06-26		2,134,655	$1,885,605
Information technology 19.2%					149,732,903
Communications equipment 1.1%
CommScope, Inc., 2019 Term Loan B (1 month LIBOR + 3.250%)	3.406	04-06-26		2,565,325	2,506,681
Datto, Inc., 2019 Term Loan B (1 month LIBOR + 4.250%)	4.406	04-02-26		2,088,202	2,082,334
MLN US Holdco LLC, 2018 1st Lien Term Loan (1 month LIBOR + 4.500%)	4.655	11-30-25		785,797	664,493
Plantronics, Inc., 2018 Term Loan B (1 and 3 month LIBOR + 2.500%)	2.776	07-02-25		3,717,294	3,465,336
Electronic equipment, instruments and components 1.8%
C&D Technologies, Inc., Term Loan B (1 month LIBOR + 5.750%)	5.906	12-20-25		2,574,919	2,175,807
Celestica, Inc., 2018 1st Lien Term Loan B (1 month LIBOR + 2.125%)	2.295	06-27-25		1,042,626	1,003,527
Everest Bidco SASU, 2018 EUR Term Loan (3 month EURIBOR + 3.250%)	3.250	07-04-25	EUR	3,174,985	3,555,210
Excelitas Technologies Corp., 2018 Add On Term Loan B (3 month LIBOR + 3.500%)	4.500	12-02-24		838,980	823,249
Excelitas Technologies Corp., USD 2017 1st Lien Term Loan (3 month LIBOR + 3.500%)	4.500	12-02-24		2,881,956	2,827,919
Mirion Technologies, Inc., 2019 Term Loan B (3 month LIBOR + 4.000%)	5.072	03-06-26		1,533,448	1,518,588
Robertshaw US Holding Corp., 2018 1st Lien Term Loan (1 month LIBOR + 3.500% and 3 month LIBOR + 3.250%)	4.250	02-28-25		2,206,932	1,842,789
IT services 4.4%
Cardtronics USA, Inc., Term Loan B (1 month LIBOR + 4.000%)	5.000	06-29-27		731,612	729,330
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan (1 month LIBOR + 3.750%)	3.906	07-12-25		1,954,758	1,789,581
Go Daddy Operating Company LLC, 2017 Repriced Term Loan (1 month LIBOR + 1.750%)	1.906	02-15-24		4,121,485	4,048,329
GTT Communications, Inc., 2018 USD Term Loan B (1 month LIBOR + 2.750%)	2.910	05-31-25		4,511,580	3,549,576

26 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Information technology (continued)
IT services (continued)
KBR, Inc., 2020 Term Loan B (1 month LIBOR + 2.750%)	2.906	02-05-27	2,753,564	$2,736,354
Masergy Holdings, Inc., 2017 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	12-15-23	1,067,750	1,035,717
Milano Acquisition Corp., Term Loan (C)	TBD	08-13-27	3,461,137	3,430,852
Park Place Technologies LLC, 1st Lien Term Loan (1 month LIBOR + 4.000%)	5.000	03-28-25	1,210,734	1,183,493
Presidio Holdings, Inc., 2020 Term Loan B (3 month LIBOR + 3.500%)	3.770	01-22-27	836,182	821,549
Sabre GLBL, Inc., 2018 Term Loan B (1 month LIBOR + 2.000%)	2.156	02-22-24	745,146	691,257
TGG TS Acquisition Company, 2018 Term Loan B (1 month LIBOR + 6.500%)	6.670	12-15-25	1,422,864	1,369,507
TNS, Inc., 2013 Term Loan B (1 month LIBOR + 4.000%)	4.160	08-14-22	3,323,446	3,281,903
Travelport Finance Luxembourg Sarl, 2019 Term Loan (3 month LIBOR + 5.000%)	6.072	05-29-26	3,304,088	2,200,820
Verscend Holding Corp., 2018 Term Loan B (1 month LIBOR + 4.500%)	4.656	08-27-25	3,313,115	3,285,517
WEX, Inc., Term Loan B3 (1 month LIBOR + 2.250%)	2.406	05-15-26	4,179,815	4,037,241
Semiconductors and semiconductor equipment 0.6%
Cohu, Inc., 2018 Term Loan B (1 month LIBOR + 3.000%)	3.156	10-01-25	734,132	699,870
Microchip Technology, Inc., 2018 Term Loan B (1 month LIBOR + 2.000%)	2.170	05-29-25	3,308,574	3,244,487
ON Semiconductor Corp., 2019 Term Loan B (1 month LIBOR + 2.000%)	2.156	09-19-26	940,004	925,321
Software 10.2%
Avaya, Inc., 2018 Term Loan B (1 month LIBOR + 4.250%)	4.412	12-15-24	3,640,393	3,532,710
Barracuda Networks, Inc., 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	02-12-25	3,642,307	3,596,778
Boxer Parent Company, Inc., 2018 USD Term Loan B (1 month LIBOR + 4.250%)	4.406	10-02-25	4,254,213	4,170,916
BY Crown Parent LLC, Term Loan B1 (1 month LIBOR + 3.000%)	4.000	01-31-26	3,396,255	3,368,677

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 27

	Rate (%)	Maturity date		Par value^	Value
Information technology (continued)
Software (continued)
Castle US Holding Corp., USD Term Loan B (3 month LIBOR + 3.750%)	4.058	01-29-27		2,018,044	$1,939,845
Cornerstone OnDemand, Inc., Term Loan B (1 month LIBOR + 4.250%)	4.433	04-22-27		2,172,022	2,166,049
Dcert Buyer, Inc., 2019 Term Loan B (1 month LIBOR + 4.000%)	4.156	10-16-26		2,133,465	2,105,474
Dedalus Finance GmbH, EUR Term Loan B (C)	TBD	07-16-27	EUR	2,617,085	3,045,021
DiscoverOrg LLC, 2019 1st Lien Term Loan (1 month LIBOR + 3.750%)	3.906	02-02-26		2,610,522	2,584,417
Epicor Software Corp., 2020 2nd Lien Term Loan (1 month LIBOR + 7.750%)	8.750	07-30-28		763,420	785,048
Epicor Software Corp., 2020 Term Loan (1 month LIBOR + 4.250%)	5.250	07-30-27		2,275,067	2,274,794
Greeneden US Holdings II LLC, 2018 USD Term Loan B (1 month LIBOR + 3.250%)	3.406	12-01-23		3,691,824	3,627,993
MA FinanceCo LLC, 2020 USD Term Loan B (3 month LIBOR + 4.250%)	5.250	06-05-25		1,760,342	1,753,741
MA FinanceCo LLC, USD Term Loan B3 (1 month LIBOR + 2.500%)	2.656	06-21-24		495,297	471,770
Mavenir Systems, Inc., 2018 Term Loan B (3 month LIBOR + 6.000%)	7.000	05-08-25		1,843,621	1,839,012
Mitchell International, Inc., 2020 Add-On Term Loan (1 month LIBOR + 4.250%)	4.750	11-29-24		2,179,283	2,124,801
Monotype Imaging Holdings, Inc., Term Loan (3 month LIBOR + 5.500%)	6.500	10-09-26		1,669,122	1,533,506
nThrive, Inc., 2016 1st Lien Term Loan (1 month LIBOR + 4.500%)	5.500	10-20-22		2,287,783	2,059,005
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B (3 month LIBOR + 3.500%)	4.500	04-26-24		2,998,983	2,976,491
Project Boost Purchaser LLC, 2019 Term Loan B (1 month LIBOR + 3.500%)	3.656	06-01-26		2,572,142	2,475,687
Quest Software US Holdings, Inc., 2018 1st Lien Term Loan (3 month LIBOR + 4.250%)	4.511	05-16-25		2,392,988	2,339,648
Salient CRGT, Inc., 2017 Term Loan (3 month LIBOR + 6.500%)	7.568	02-28-22		2,952,772	2,687,022
Seattle SpinCo, Inc., USD Term Loan B3 (1 month LIBOR + 2.500%)	2.656	06-21-24		3,344,863	3,185,982

28 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Information technology (continued)
Software (continued)
SolarWinds Holdings, Inc., 2018 Term Loan B (1 month LIBOR + 2.750%)	2.906	02-05-24	4,449,178	$4,386,622
Sophia LP, 2017 Term Loan B (3 month LIBOR + 3.250%)	4.250	09-30-22	1,556,040	1,549,815
SS&C Technologies, Inc., 2018 Term Loan B3 (1 month LIBOR + 1.750%)	1.906	04-16-25	1,143,838	1,109,134
SS&C Technologies, Inc., 2018 Term Loan B4 (1 month LIBOR + 1.750%)	1.906	04-16-25	803,626	779,244
SS&C Technologies, Inc., 2018 Term Loan B5 (1 month LIBOR + 1.750%)	1.906	04-16-25	3,200,970	3,106,766
Surf Holdings LLC, USD Term Loan (3 month LIBOR + 3.500%)	3.827	03-05-27	1,974,067	1,925,268
The Ultimate Software Group, Inc., 2020 Incremental Term Loan B (3 month LIBOR + 4.000%)	4.750	05-04-26	2,033,110	2,029,308
The Ultimate Software Group, Inc., Term Loan B (1 month LIBOR + 3.750%)	3.906	05-04-26	1,676,334	1,662,622
Upland Software, Inc., 2019 Term Loan (1 month LIBOR + 3.750%)	3.906	08-06-26	2,213,289	2,174,557
VS Buyer LLC, Term Loan B (1 month LIBOR + 3.250%)	3.406	02-28-27	1,803,447	1,774,141
Weld North Education LLC, Term Loan B (3 month LIBOR + 4.250%)	4.560	02-15-25	2,697,221	2,656,763
Technology hardware, storage and peripherals 1.1%
Dell International LLC, 2019 Term Loan B (1 month LIBOR + 2.000%)	2.750	09-19-25	3,556,152	3,529,480
Electronics For Imaging, Inc., Term Loan (1 month LIBOR + 5.000%)	5.161	07-23-26	3,136,519	2,477,850
HCP Acquisition LLC, 2017 Term Loan B (1 month LIBOR + 3.000%)	4.000	05-16-24	2,420,984	2,400,309
Materials 6.0%				46,965,757
Chemicals 2.2%
Ascend Performance Materials Operations LLC, 2019 Term Loan B (3 month LIBOR + 5.250%)	6.250	08-27-26	3,659,838	3,629,351
Innophos Holdings, Inc., 2020 Term Loan B (1 month LIBOR + 3.750%)	3.906	02-04-27	999,986	987,486
Nouryon USA LLC, 2018 USD Term Loan B (1 month LIBOR + 3.000%)	3.164	10-01-25	5,049,504	4,895,645

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 29

	Rate (%)	Maturity date		Par value^	Value
Materials (continued)
Chemicals (continued)
Plaskolite PPC Intermediate II LLC, 1st Lien Term Loan (2 month LIBOR + 4.250%)	5.250	12-15-25		2,145,981	$2,103,963
Rohm Holding GmbH, USD Term Loan B (6 month LIBOR + 5.000%)	5.316	07-31-26		1,408,608	1,223,728
Root Bidco Sarl, EUR Term Loan B (C)	TBD	08-11-27	EUR	2,248,062	2,629,070
SCIH Salt Holdings, Inc., Term Loan B (3 month LIBOR + 4.500%)	5.500	03-16-27		887,279	883,951
Univar Solutions USA, Inc., 2019 USD Term Loan B5 (1 month LIBOR + 2.000%)	2.156	07-01-26		829,424	804,541
Construction materials 0.2%
Quikrete Holdings, Inc., 2016 1st Lien Term Loan (1 month LIBOR + 2.500%)	2.656	02-01-27		2,054,760	1,999,713
Containers and packaging 3.2%
Ball Metalpack Finco LLC, 2018 1st Lien Term Loan B (3 month LIBOR + 4.500%)	4.756	07-31-25		706,149	671,548
Berry Global, Inc., 2019 Term Loan Y (1 month LIBOR + 2.000%)	2.155	07-01-26		2,269,641	2,198,443
Graham Packaging Company, Inc., Term Loan (1 month LIBOR + 3.750%)	4.500	08-04-27		2,360,465	2,355,744
LABL, Inc., 2019 EUR Term Loan (1 month EURIBOR + 5.000%)	5.000	07-01-26	EUR	1,723,600	2,006,733
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan (1 month LIBOR + 3.500%)	3.667	09-06-25		4,546,361	4,216,022
LTI Holdings, Inc., 2019 Term Loan (1 month LIBOR + 4.750%)	4.917	07-24-26		494,679	461,288
Mauser Packaging Solutions Holding Company, 2017 Term Loan B (3 month LIBOR + 3.250%)	3.523	04-03-24		4,555,009	4,320,426
NPC International, Inc., 1st Lien Term Loan (B)	0.000	04-19-24		1,731,271	1,214,054
NPC International, Inc., 2020 Incremental Priority Term Loan (1 month LIBOR + 1.500%)	3.000	01-21-21		144,340	143,618
Plaze, Inc., 2019 Term Loan B (3 month LIBOR + 3.500%)	4.572	08-03-26		3,646,476	3,518,850
Proampac PG Borrower LLC, 2016 1st Lien Term Loan (1, 2 and 3 month LIBOR + 3.500%)	4.500	11-20-23		1,686,855	1,660,287
Trident TPI Holdings, Inc., 2017 USD Term Loan B1 (3 month LIBOR + 3.000%)	4.072	10-17-24		2,274,250	2,235,588

30 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Materials (continued)
Metals and mining 0.2%
WireCo WorldGroup, Inc., 1st Lien Term Loan (2 month LIBOR + 5.000%)	6.072	09-30-23		1,747,130	$1,490,371
Paper and forest products 0.2%
Asplundh Tree Expert LLC, Term Loan (C)	TBD	08-18-27		1,314,929	1,315,337
Real estate 0.7%					5,561,313
Equity real estate investment trusts 0.7%
Iron Mountain, Inc., 2018 Term Loan B (1 month LIBOR + 1.750%)	1.906	01-02-26		1,622,551	1,567,790
VICI Properties 1 LLC, Replacement Term Loan B (1 month LIBOR + 1.750%)	1.933	12-20-24		4,154,511	3,993,523
Corporate bonds 9.0%					$70,447,066
(Cost $76,264,247)
Communication services 2.0%					15,675,759
Diversified telecommunication services 0.2%
Zayo Group Holdings, Inc. (E)	4.000	03-01-27		920,000	909,650
Zayo Group Holdings, Inc. (E)	6.125	03-01-28		836,000	863,170
Entertainment 0.2%
Cinemark USA, Inc. (E)	8.750	05-01-25		961,000	1,030,673
Interactive media and services 0.2%
National CineMedia LLC (E)	5.875	04-15-28		1,934,000	1,566,540
Media 1.4%
CCO Holdings LLC (E)	5.000	02-01-28		1,000,000	1,057,500
iHeartCommunications, Inc.	6.375	05-01-26		772,000	802,880
MDC Partners, Inc. (E)	6.500	05-01-24		1,112,000	1,061,960
Sinclair Television Group, Inc. (E)	5.125	02-15-27		745,000	724,513
United Group BV (E)	3.625	02-15-28	EUR	1,680,000	1,931,910
United Group BV (Greater of 3 month EURIBOR + 3.250% or 3.250%) (E)(F)	3.250	02-15-26	EUR	734,000	850,455
WMG Acquisition Corp. (E)	3.000	02-15-31		2,095,000	2,084,525
Ziggo Bond Company BV (E)	5.125	02-28-30		1,154,000	1,223,240
Ziggo Bond Company BV (E)	6.000	01-15-27		1,300,000	1,368,250
Wireless telecommunication services 0.0%
Sprint Communications, Inc.	11.500	11-15-21		180,000	200,493
Consumer discretionary 2.4%					18,509,164
Diversified consumer services 0.3%
Midas Intermediate Holdco II LLC (E)	7.875	10-01-22		1,250,000	1,013,088
Verisure Holding AB (E)	3.875	07-15-26	EUR	756,000	908,898

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 31

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 1.2%
Colt Merger Sub, Inc. (E)	6.250	07-01-25		1,164,000	$1,232,036
Connect Finco SARL (E)	6.750	10-01-26		1,184,000	1,222,480
International Game Technology PLC (E)	5.250	01-15-29		1,470,000	1,506,750
IRB Holding Corp. (E)	7.000	06-15-25		373,000	398,178
MGM Resorts International	6.750	05-01-25		1,238,000	1,324,660
Scientific Games International, Inc. (E)	5.000	10-15-25		913,000	903,304
Stonegate Pub Company Financing PLC (E)	8.250	07-31-25	GBP	1,985,000	2,536,812
Specialty retail 0.6%
Burlington Coat Factory Warehouse Corp. (E)	6.250	04-15-25		946,000	1,006,308
F-Brasile SpA (E)	7.375	08-15-26		2,812,000	2,242,561
Maxeda DIY Holding BV	6.125	07-15-22	EUR	1,215,000	1,391,924
Party City Holdings, Inc. (Greater of 6 month LIBOR + 5.000% or 5.750%) (E)(F)	5.750	07-15-25		364,563	227,852
Textiles, apparel and luxury goods 0.3%
The William Carter Company (E)	5.500	05-15-25		744,000	793,283
Wolverine Escrow LLC (E)	9.000	11-15-26		2,339,000	1,801,030
Consumer staples 0.3%					2,417,930
Food and staples retailing 0.2%
US Foods, Inc. (E)	6.250	04-15-25		1,214,000	1,286,840
Personal products 0.1%
Sally Holdings LLC (E)	8.750	04-30-25		1,019,000	1,131,090
Energy 0.0%					13
Oil, gas and consumable fuels 0.0%
Murray Energy Corp. (9.000% Cash and 3.000% PIK) (B)(E)	12.000	04-15-24		1,279,956	13
Financials 0.7%					5,096,896
Capital markets 0.3%
AG Issuer LLC (E)	6.250	03-01-28		1,938,000	1,967,070
Diversified financial services 0.3%
Advisor Group Holdings, Inc. (E)	10.750	08-01-27		550,000	561,000
Garfunkelux Holdco 3 SA	7.500	08-01-22	EUR	683,000	777,670
Garfunkelux Holdco 3 SA	8.500	11-01-22	GBP	649,000	826,863
Thrifts and mortgage finance 0.1%
Ladder Capital Finance Holdings LLLP (E)	4.250	02-01-27		1,051,000	964,293

32 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Health care 0.7%					$5,770,432
Health care providers and services 0.4%
Jaguar Holding Company II (E)	5.000	06-15-28		506,000	536,360
MEDNAX, Inc. (E)	6.250	01-15-27		778,000	824,680
MPH Acquisition Holdings LLC (E)	7.125	06-01-24		707,000	717,817
Select Medical Corp. (E)	6.250	08-15-26		1,285,000	1,380,437
Pharmaceuticals 0.3%
Par Pharmaceutical, Inc. (E)	7.500	04-01-27		2,165,000	2,311,138
Industrials 1.3%					10,502,170
Aerospace and defense 0.4%
Spirit AeroSystems, Inc. (E)	7.500	04-15-25		1,002,000	1,011,389
SSL Robotics LLC (E)	9.750	12-31-23		1,176,000	1,328,880
TransDigm, Inc. (E)	6.250	03-15-26		202,000	213,152
TransDigm, Inc. (E)	8.000	12-15-25		262,000	284,925
Building products 0.2%
Builders FirstSource, Inc. (E)	6.750	06-01-27		381,000	415,290
Resideo Funding, Inc. (E)	6.125	11-01-26		1,170,000	1,178,775
Commercial services and supplies 0.1%
Anagram International, Inc. (5.000% Cash and 5.000% PIK) (E)	10.000	08-15-26		197,063	165,533
VistaJet Malta Finance PLC (E)	10.500	06-01-24		938,000	844,200
Construction and engineering 0.1%
Novafives SAS (Greater of 3 month EURIBOR + 4.500% or 4.500%) (F)	4.500	06-15-25	EUR	1,332,000	1,144,471
Marine 0.1%
Naviera Armas SA (Greater of 3 month EURIBOR + 4.250% or 4.250%) (F)	4.250	11-15-24	EUR	1,811,000	1,073,015
Professional services 0.2%
La Financiere Atalian SASU	4.000	05-15-24	EUR	1,114,000	1,130,116
La Financiere Atalian SASU	5.125	05-15-25	EUR	100,000	101,440
La Financiere Atalian SASU	6.625	05-15-25	GBP	117,000	132,934
Trading companies and distributors 0.2%
Beacon Roofing Supply, Inc. (E)	4.500	11-15-26		1,435,000	1,478,050
Information technology 0.4%					2,932,599
IT services 0.3%
Presidio Holdings, Inc. (E)	4.875	02-01-27		1,510,000	1,547,750
Sabre GLBL, Inc. (E)	5.250	11-15-23		911,000	904,168
Sabre GLBL, Inc. (E)	9.250	04-15-25		64,000	71,200
Software 0.1%
BY Crown Parent LLC (E)	4.250	01-31-26		401,000	409,481

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 33

	Rate (%)	Maturity date	Par value^	Value
Materials 0.9%				$7,153,424
Chemicals 0.3%
Venator Finance Sarl (E)	9.500	07-01-25	2,341,000	2,458,050
Containers and packaging 0.6%
Ardagh Packaging Finance PLC (E)	5.250	04-30-25	553,000	586,819
Intelligent Packaging, Ltd., Finco, Inc. (E)	6.000	09-15-28	1,245,000	1,269,900
LABL Escrow Issuer LLC (E)	6.750	07-15-26	1,591,000	1,706,348
LABL Escrow Issuer LLC (E)	10.500	07-15-27	1,025,000	1,124,938
Metals and mining 0.0%
Midwest Vanadium Pty, Ltd. (B)(E)	11.500	02-15-18	5,668,325	7,369
Real estate 0.3%				2,388,679
Equity real estate investment trusts 0.3%
VICI Properties LP (E)	3.750	02-15-27	312,000	311,220
VICI Properties LP (E)	4.125	08-15-30	104,000	104,229
VICI Properties LP (E)	4.250	12-01-26	1,092,000	1,116,570
VICI Properties LP (E)	4.625	12-01-29	429,000	446,160
XHR LP (E)	6.375	08-15-25	400,000	410,500

	Shares	Value
Common stocks 0.0%		$238,262
(Cost $11,933,215)
Consumer discretionary 0.0%		101,649
Specialty retail 0.0%
Party City Holdco, Inc. (G)	37,098	101,649
Energy 0.0%		136,613
Energy equipment and services 0.0%
Hercules Offshore, Inc. (D)(G)	196,736	136,613

	Yield (%)	Shares	Value
Short-term investments 3.6%			$27,947,298
(Cost $27,947,298)
Short-term funds 3.6%			27,947,298
State Street Institutional U.S. Government Money Market Fund, Premier Class	0.0399(H)	27,947,298	27,947,298
Total investments (Cost $844,501,078) 102.7%			$801,005,313
Other assets and liabilities, net (2.7%)			(21,216,696)
Total net assets 100.0%			$779,788,617

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.

34 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Currency Abbreviations
EUR	Euro
GBP	Pound Sterling
Security Abbreviations and Legend
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
PIK	Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
(A)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(B)	Non-income producing - Issuer is in default.
(C)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).
(D)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E)	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.
(F)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(G)	Non-income producing security.
(H)	The rate shown is the annualized seven-day yield as of 8-31-20.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 35

DERIVATIVES

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
USD	61,081,114	EUR	54,550,000	CITI	9/18/2020	—	$(4,039,068)
USD	4,616,958	GBP	3,530,000	CITI	10/30/2020	—	(103,340)
						—	$(4,142,408)

Derivatives Currency Abbreviations
EUR	Euro
GBP	Pound Sterling
USD	U.S. Dollar

Derivatives Abbreviations
CITI	Citibank, N.A.
OTC	Over-the-counter

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $840,968,620. Net unrealized depreciation aggregated to $44,105,715, of which $9,021,038 related to gross unrealized appreciation and $53,126,753 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

36 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-20

Assets
Unaffiliated investments, at value (Cost $844,501,078)	$801,005,313
Foreign currency, at value (Cost $2,070,101)	2,089,924
Collateral segregated at custodian for OTC derivative contracts	3,828,440
Interest receivable	3,879,538
Receivable for fund shares sold	369,047
Receivable for investments sold	9,263,074
Receivable from affiliates	11,279
Other assets	53,604
Total assets	820,500,219
Liabilities
Unrealized depreciation on forward foreign currency contracts	4,142,408
Distributions payable	32,535
Payable for investments purchased	36,003,320
Payable for fund shares repurchased	452,388
Payable to affiliates
Accounting and legal services fees	45,289
Transfer agent fees	19,251
Trustees' fees	423
Other liabilities and accrued expenses	15,988
Total liabilities	40,711,602
Net assets	$779,788,617
Net assets consist of
Paid-in capital	$1,177,954,777
Total distributable earnings (loss)	(398,166,160)
Net assets	$779,788,617
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 ($88,561,335 ÷ 11,222,416 shares)1	$7.89
Class B ($1,884,357 ÷ 238,690 shares)1	$7.89
Class C ($39,354,342 ÷ 4,965,978 shares)1	$7.92
Class I ($48,817,326 ÷ 6,190,929 shares)	$7.89
Class R6 ($1,541,795 ÷ 195,354 shares)	$7.89
Class 1 ($16,318,413 ÷ 2,070,227 shares)	$7.88
Class NAV ($583,311,049 ÷ 73,902,170 shares)	$7.89
Maximum offering price per share
Class A (net asset value per share ÷ 97.5%)2	$8.09

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 $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 37

STATEMENT OF OPERATIONS For the year ended 8-31-20

Investment income
Interest	$41,793,161
Securities lending	14,018
Total investment income	41,807,179
Expenses
Investment management fees	5,203,481
Distribution and service fees	815,529
Line of credit fees	408,883
Accounting and legal services fees	129,455
Transfer agent fees	261,259
Trustees' fees	13,097
Custodian fees	127,728
State registration fees	94,108
Printing and postage	49,236
Professional fees	8,058 1
Other	76,199
Total expenses	7,187,033
Less expense reductions	(1,191,694)
Net expenses	5,995,339
Net investment income	35,811,840
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(29,804,071)
Affiliated investments	436
Forward foreign currency contracts	2,869,233
	(26,934,402)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	3,253,067
Affiliated investments	(783)
Forward foreign currency contracts	(6,728,507)
	(3,476,223)
Net realized and unrealized loss	(30,410,625)
Increase in net assets from operations	$5,401,215

¹ During the year ended August 31, 2020, Floating Rate Income Fund received a reimbursement of legal fees. See Note 10 to the Financial statements. Professional fees incurred by the fund for the year ended August 31, 2020 prior to these reimbursements were $115,487.

38 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 8-31-20	Year ended 8-31-19
Increase (decrease) in net assets
From operations
Net investment income	$35,811,840	$53,726,042
Net realized loss	(26,934,402)	(27,885,003)
Change in net unrealized appreciation (depreciation)	(3,476,223)	3,560,607
Increase in net assets resulting from operations	5,401,215	29,401,646
Distributions to shareholders
From earnings
Class A	(4,729,634)	(5,343,492)
Class B	(136,316)	(263,936)
Class C	(2,280,483)	(3,399,225)
Class I	(2,862,988)	(6,031,201)
Class R6	(110,598)	(267,170)
Class 1	(1,084,098)	(1,480,774)
Class NAV	(28,237,238)	(36,075,340)
Total distributions	(39,441,355)	(52,861,138)
From fund share transactions	(113,248,087)	(330,154,576)
Total decrease	(147,288,227)	(353,614,068)
Net assets
Beginning of year	927,076,844	1,280,690,912
End of year	$779,788,617	$927,076,844

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 39

Financial highlights

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.28	$8.43	$8.45	$8.48	$8.71
Net investment income1	0.36	0.40	0.34	0.37	0.43
Net realized and unrealized gain (loss) on investments	(0.36)	(0.16)	— 2	—	(0.24)
Total from investment operations	—	0.24	0.34	0.37	0.19
Less distributions
From net investment income	(0.39)	(0.39)	(0.36)	(0.40)	(0.42)
From net realized gain	—	—	—	—	—
Total distributions	(0.39)	(0.39)	(0.36)	(0.40)	(0.42)
Net asset value, end of period	$7.89	$8.28	$8.43	$8.45	$8.48
Total return (%)3,4	0.11	2.96	4.05	4.46	2.38
Ratios and supplemental data
Net assets, end of period (in millions)	$89	$109	$117	$138	$165
Ratios (as a percentage of average net assets):
Expenses before reductions	1.17 5	1.16	1.13	1.17	1.16
Expenses including reductions	0.99 5	1.06	1.13	1.16	1.14
Net investment income	4.49	4.77	4.03	4.31	5.12
Portfolio turnover (%)	81	120	71	66	35

1	Based on average daily shares outstanding.
2	Less than $0.005 per share.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

40 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS B SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.29	$8.44	$8.45	$8.49	$8.71
Net investment income1	0.30	0.33	0.28	0.31	0.37
Net realized and unrealized gain (loss) on investments	(0.37)	(0.15)	— 2	(0.01)	(0.23)
Total from investment operations	(0.07)	0.18	0.28	0.30	0.14
Less distributions
From net investment income	(0.33)	(0.33)	(0.29)	(0.34)	(0.36)
From net realized gain	—	—	—	—	—
Total distributions	(0.33)	(0.33)	(0.29)	(0.34)	(0.36)
Net asset value, end of period	$7.89	$8.29	$8.44	$8.45	$8.49
Total return (%)3,4	(0.76)	2.19	3.40	3.60	1.79
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$5	$9	$15	$18
Ratios (as a percentage of average net assets):
Expenses before reductions	1.92 5	1.91	1.88	1.88	1.86
Expenses including reductions	1.74 5	1.81	1.88	1.87	1.84
Net investment income	3.79	3.96	3.27	3.61	4.45
Portfolio turnover (%)	81	120	71	66	35

1	Based on average daily shares outstanding.
2	Less than $0.005 per share.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 41

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.32	$8.47	$8.49	$8.52	$8.74
Net investment income1	0.30	0.33	0.28	0.31	0.37
Net realized and unrealized gain (loss) on investments	(0.37)	(0.15)	(0.01)	0.01	(0.23)
Total from investment operations	(0.07)	0.18	0.27	0.32	0.14
Less distributions
From net investment income	(0.33)	(0.33)	(0.29)	(0.35)	(0.36)
From net realized gain	—	—	—	—	—
Total distributions	(0.33)	(0.33)	(0.29)	(0.35)	(0.36)
Net asset value, end of period	$7.92	$8.32	$8.47	$8.49	$8.52
Total return (%)2,3	(0.74)	2.20	3.28	3.73	1.80
Ratios and supplemental data
Net assets, end of period (in millions)	$39	$71	$102	$128	$141
Ratios (as a percentage of average net assets):
Expenses before reductions	1.92 4	1.91	1.88	1.88	1.86
Expenses including reductions	1.74 4	1.81	1.88	1.87	1.84
Net investment income	3.77	3.99	3.29	3.60	4.45
Portfolio turnover (%)	81	120	71	66	35

1	Based on average daily shares outstanding.
2	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3	Does not reflect the effect of sales charges, if any.
4	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

42 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.28	$8.43	$8.45	$8.48	$8.70
Net investment income1	0.38	0.41	0.36	0.39	0.45
Net realized and unrealized gain (loss) on investments	(0.36)	(0.15)	— 2	0.01	(0.23)
Total from investment operations	0.02	0.26	0.36	0.40	0.22
Less distributions
From net investment income	(0.41)	(0.41)	(0.38)	(0.43)	(0.44)
From net realized gain	—	—	—	—	—
Total distributions	(0.41)	(0.41)	(0.38)	(0.43)	(0.44)
Net asset value, end of period	$7.89	$8.28	$8.43	$8.45	$8.48
Total return (%)3	0.34	3.19	4.31	4.78	2.82
Ratios and supplemental data
Net assets, end of period (in millions)	$49	$66	$152	$166	$158
Ratios (as a percentage of average net assets):
Expenses before reductions	0.92 4	0.92	0.89	0.87	0.84
Expenses including reductions	0.76 4	0.83	0.88	0.85	0.83
Net investment income	4.72	4.94	4.29	4.57	5.45
Portfolio turnover (%)	81	120	71	66	35

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	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 43

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.29	$8.43	$8.45	$8.48	$8.71
Net investment income1	0.39	0.42	0.37	0.40	0.45
Net realized and unrealized gain (loss) on investments	(0.37)	(0.14)	— 2	0.01	(0.23)
Total from investment operations	0.02	0.28	0.37	0.41	0.22
Less distributions
From net investment income	(0.42)	(0.42)	(0.39)	(0.44)	(0.45)
From net realized gain	—	—	—	—	—
Total distributions	(0.42)	(0.42)	(0.39)	(0.44)	(0.45)
Net asset value, end of period	$7.89	$8.29	$8.43	$8.45	$8.48
Total return (%)3	0.33	3.44	4.41	4.88	2.82
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$3	$6	$— 4	$— 4
Ratios (as a percentage of average net assets):
Expenses before reductions	0.81 5	0.81	0.79	0.77	0.75
Expenses including reductions	0.65 5	0.71	0.78	0.76	0.72
Net investment income	4.88	5.06	4.45	4.66	5.38
Portfolio turnover (%)	81	120	71	66	35

1	Based on average daily shares outstanding.
2	Less than $0.005 per share.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Less than $500,000.
5	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

44 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS 1 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.28	$8.42	$8.44	$8.47	$8.70
Net investment income1	0.38	0.42	0.37	0.40	0.46
Net realized and unrealized gain (loss) on investments	(0.36)	(0.14)	(0.01)	—	(0.24)
Total from investment operations	0.02	0.28	0.36	0.40	0.22
Less distributions
From net investment income	(0.42)	(0.42)	(0.38)	(0.43)	(0.45)
From net realized gain	—	—	—	—	—
Total distributions	(0.42)	(0.42)	(0.38)	(0.43)	(0.45)
Net asset value, end of period	$7.88	$8.28	$8.42	$8.44	$8.47
Total return (%)2	0.29	3.39	4.37	4.84	2.76
Ratios and supplemental data
Net assets, end of period (in millions)	$16	$27	$30	$30	$23
Ratios (as a percentage of average net assets):
Expenses before reductions	0.85 3	0.84	0.83	0.81	0.78
Expenses including reductions	0.69 3	0.75	0.82	0.80	0.77
Net investment income	4.82	5.07	4.36	4.63	5.54
Portfolio turnover (%)	81	120	71	66	35

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	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 45

CLASS NAV SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$8.29	$8.44	$8.45	$8.48	$8.71
Net investment income1	0.38	0.42	0.37	0.40	0.46
Net realized and unrealized gain (loss) on investments	(0.36)	(0.15)	0.01	0.01	(0.24)
Total from investment operations	0.02	0.27	0.38	0.41	0.22
Less distributions
From net investment income	(0.42)	(0.42)	(0.39)	(0.44)	(0.45)
From net realized gain	—	—	—	—	—
Total distributions	(0.42)	(0.42)	(0.39)	(0.44)	(0.45)
Net asset value, end of period	$7.89	$8.29	$8.44	$8.45	$8.48
Total return (%)2	0.34	3.32	4.55	4.89	2.82
Ratios and supplemental data
Net assets, end of period (in millions)	$583	$648	$865	$1,202	$1,518
Ratios (as a percentage of average net assets):
Expenses before reductions	0.80 3	0.79	0.78	0.76	0.73
Expenses including reductions	0.65 3	0.71	0.77	0.75	0.72
Net investment income	4.80	5.08	4.41	4.71	5.55
Portfolio turnover (%)	81	120	71	66	35

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	Includes reimbursement of legal fees of 0.01%. See Note 10 to the Financial statements.

46 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

Note 1—Organization

John Hancock Floating Rate Income Fund (the fund) is a series of John Hancock Funds II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek a high level of current income.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class B shares are closed to new investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class 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 B shares convert to Class A shares eight years after purchase. Class C shares convert to Class A shares ten 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 fund's Valuation Policies and Procedures.

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

In certain instances, the Pricing Committee 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.

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 47

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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

The following is a summary of the values by input classification of the fund's investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Term loans	$702,372,687	—	$702,352,686	$20,001
Corporate bonds	70,447,066	—	70,447,066	—
Common stocks	238,262	$101,649	—	136,613
Short-term investments	27,947,298	27,947,298	—	—
Total investments in securities	$801,005,313	$28,048,947	$772,799,752	$156,614
Derivatives:
Liabilities
Forward foreign currency contracts	$(4,142,408)	—	$(4,142,408)	—

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

The fund's ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund's failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund's income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund's exposure to such investments is substantial, it could impair the fund's ability to meet redemptions. Because term loans may not be

48 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT

rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.

At August 31, 2020, the fund had $724,146 in unfunded loan commitments outstanding.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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 will invest its cash collateral in John Hancock Collateral Trust (JHCT), an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT 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. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations. As of August 31, 2020, there were no securities on loan.

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

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

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

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 49

Line of credit. Effective June 25, 2020, 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. Subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $300 million ($150 million is dedicated to the fund), subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. 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 Line of credit fees on the Statement of operations. For the year ended August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees, including upfront fees of $28,210, for the year ended August 31, 2020, were $408,883.

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.

Change in accounting principle. Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities, shortens the premium amortization period for purchased non contingently callable debt securities and is effective for public companies with fiscal years beginning after December 15, 2018. Adoption of the ASU did not have a material impact to the fund.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $40,133,048 and a long-term capital loss carryforward of $312,075,341 available to offset future net realized capital gains. These carryforwards do not expire.

Qualified late year ordinary losses of $1,574,130 are treated as occurring on September 1, 2020, the first day of the fund’s next taxable year.

As of August 31, 2020, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

The tax character of distributions for the years ended August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	$39,441,355	$52,861,138

50 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, there were no distributable earnings on a tax basis.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, derivative transactions and wash sale loss deferrals.

Note 3—Derivative instruments

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

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

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

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 51

rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended August 31, 2020, the fund used forward foreign currency contracts to manage against anticipated currency exchange rate changes and to gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging from $65.7 million to $81.9 million, as measured at each quarter end.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2020 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	—	$(4,142,408)

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Net realized gain (loss) on:
Risk	Forward foreign currency contracts
Currency	$2,869,233

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Forward foreign currency contracts
Currency	$(6,728,507)

Note 4—Guarantees and indemnifications

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

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

52 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT

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) 0.680% of the first $1.10 billion of the fund’s average daily net assets; (b) 0.630% of the next $1.90 billion of the fund’s average daily net assets; (c) 0.605% of the next $1.50 billion of the fund’s average daily net assets; (d) 0.590% of the next $1.50 billion of the fund’s average daily net assets and (e) 0.570% of the fund’s average daily net assets in excess of $6.00 billion. The Advisor has a subadvisory agreement with BCSF Advisors, LP (Bain Capital Credit). 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 August 31, 2020, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2022, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.66% of average net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding 12b-1 fees, service fee, transfer agent fee, interest expense, acquired fund fees, short dividend expense, litigation and indemnification expenses, taxes and other extraordinary expenses not incurred in the ordinary course of business, and all other Class Level Expenses. This agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of Class A, Class B, Class C, Class I, Class R6, Class 1 and Class NAV shares exceed 1.00%, 1.75%, 1.75%, 0.77%, 0.66%, 0.70% and 0.66%, respectively, of average net assets attributable to the applicable class. For purposes of this agreement, “expenses of Class A, Class B, Class C, Class I, Class R6, Class 1 and Class NAV shares” means all expenses of the fund plus class specific expenses, excluding interest expense, acquired fund fees, short dividend expense, litigation and indemnification expenses, taxes and other extraordinary expenses not incurred in the ordinary course of business. This agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon determination that this is appropriate under the circumstances at that time.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$174,147
Class B	5,729
Class C	97,571
Class I	88,994

Class	Expense reduction
Class R6	$3,287
Class 1	31,862
Class NAV	790,104
Total	$1,191,694

 

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of 0.52% 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

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 53

reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

Class	Rule 12b-1 Fee
Class A	0.25%
Class B	1.00%
Class C	1.00%
Class 1	0.05%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $34,040 for the year ended August 31, 2020. Of this amount, $7,249 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $26,791 was paid as sales commissions to broker-dealers.

Class A, Class B and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $250,000 or more and are redeemed within one year of purchase are subject to a 0.50% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $7,505, $45 and $1,006 for Class A, Class B and Class C shares, respectively.

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

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$238,068	$120,163
Class B	31,678	3,998
Class C	535,582	67,581
Class I	—	69,240
Class R6	—	277

54 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT

Class	Distribution and service fees	Transfer agent fees
Class 1	$10,201	—
Total	$815,529	$261,259

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

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2020 and 2019 were as follows:

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class A shares
Sold	3,491,651	$27,784,410	8,433,786	$70,069,747
Distributions reinvested	559,074	4,433,509	612,616	5,082,431
Repurchased	(5,933,098)	(46,722,649)	(9,768,727)	(81,121,847)
Net decrease	(1,882,373)	$(14,504,730)	(722,325)	$(5,969,669)
Class B shares
Sold	978	$7,761	2,664	$22,682
Distributions reinvested	15,354	122,476	27,731	230,040
Repurchased	(329,442)	(2,611,589)	(539,292)	(4,482,071)
Net decrease	(313,110)	$(2,481,352)	(508,897)	$(4,229,349)
Class C shares
Sold	169,972	$1,384,517	645,446	$5,383,788
Distributions reinvested	263,617	2,104,192	374,998	3,122,400
Repurchased	(3,977,415)	(31,493,230)	(4,600,289)	(38,325,555)
Net decrease	(3,543,826)	$(28,004,521)	(3,579,845)	$(29,819,367)
Class I shares
Sold	3,104,591	$24,247,908	9,105,406	$75,891,988
Distributions reinvested	345,976	2,746,502	716,889	5,942,963
Repurchased	(5,174,641)	(40,552,509)	(19,883,942)	(164,853,257)
Net decrease	(1,724,074)	$(13,558,099)	(10,061,647)	$(83,018,306)
Class R6 shares
Sold	45,202	$359,918	291,528	$2,429,462
Distributions reinvested	13,895	110,598	32,220	267,134
Repurchased	(234,624)	(1,865,442)	(632,841)	(5,231,587)
Net decrease	(175,527)	$(1,394,926)	(309,093)	$(2,534,991)

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 55

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	515,103	$3,991,150	811,739	$6,758,759
Distributions reinvested	136,543	1,084,098	178,724	1,480,774
Repurchased	(1,784,909)	(13,847,295)	(1,386,874)	(11,512,445)
Net decrease	(1,133,263)	$(8,772,047)	(396,411)	$(3,272,912)
Class NAV shares
Sold	12,819,970	$97,112,499	2,032,562	$16,864,516
Distributions reinvested	3,562,889	28,237,238	4,348,380	36,075,340
Repurchased	(20,688,357)	(169,882,149)	(30,732,931)	(254,249,838)
Net decrease	(4,305,498)	$(44,532,412)	(24,351,989)	$(201,309,982)
Total net decrease	(13,077,671)	$(113,248,087)	(39,930,207)	$(330,154,576)

Affiliates of the fund owned 100% of shares of Class 1 and Class NAV on August 31, 2020. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $614,479,561 and $696,336,495, respectively, for the year ended August 31, 2020.

Note 8—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund's net assets. At August 31, 2020, funds within the John Hancock group of funds complex held 74.8% of the fund's net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund's net assets:

Fund	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	28.1%
John Hancock Funds II Multimanager Lifestyle Growth Portfolio	15.5%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio	13.7%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	12.6%

Note 9—Investment in affiliated underlying funds

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

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust*	—	$2,576,293	$7,039,220	$(9,615,166)	$436	$(783)	$14,018	—	—

56 JOHN HANCOCK Floating Rate Income Fund | ANNUAL REPORT

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

Note 10—Other matters

In or around May 2015, certain John Hancock Funds, including Floating Rate Income Fund, were served with a complaint brought by the Motors Liquidation Avoidance Action Trust (the “Motors Trust”). The complaint sought disgorgement of certain amounts paid to the Term Loan Lenders as holders of indebtedness issued by General Motors pursuant to a $1.5 billion term loan, dated as of November 29, 2006 (as amended, the “Term Loan”). The litigation has now been settled resulting in no payments by the fund. As part of the settlement, the fund received payment of $107,429 representing reimbursement of approximately 73% of the legal fees incurred.

Note 11—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR after 2021. This event will likely cause LIBOR to cease to be published. Before then, it is expected that market participants will transition to the use of different reference or benchmark rates. However, although regulators have suggested alternative rates, there is currently no definitive information regarding the future utilization of LIBOR or of any replacement rate.

It is uncertain what impact the discontinuation of LIBOR will have on the use of LIBOR as a reference rate for securities in which the fund invests. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. In addition, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, which could occur prior to the end of 2021. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

Note 12—Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

ANNUAL REPORT | JOHN HANCOCK Floating Rate Income Fund 57

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Floating Rate Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Floating Rate Income Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

58 JOHN HANCOCK FLOATING RATE INCOME FUND | ANNUAL REPORT

Tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2020.

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 of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND 59

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Bain Capital Credit (the Subadvisor), for John Hancock Floating Rate Income Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), 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 notes that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the

____________________
¹On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held telephonically in reliance on the Order.

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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.

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 and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

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

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

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and

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

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index and peer group median for the one-year period ended December 31, 2019. The Board also noted that the fund underperformed its benchmark index and peer group median for the three-, five- and ten-year periods ended December 31, 2019.The Board took into account management's discussion of the fund's performance, including favorable performance relative to the benchmark index and peer group median for the one-year period. The Board also took into account management's discussion of the factors that contributed to the fund's performance for the benchmark index and peer group median for the three, five-, and ten-year periods including the impact of past and current market conditions on the fund's strategy and management's outlook for the fund. The Board also noted that the fund's longer term performance in part reflects that of the previous subadvisor. The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.

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

The Board took into account management's discussion of the fund's expenses. The Board also noted recent actions taken to reduce the fund's fees and expenses and that the fund's lower fees and expenses were not fully reflected in the comparative information provided by the independent third-party. The Board also took into account management's discussion with respect to the overall management fee, the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee, and that such fees are negotiated at arm's length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund's operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax

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	benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm's length;
(j)	considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

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

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

(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;

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(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data; and
(4)	information relating to the nature and scope of any material relationships and their significance to the Trust's Advisor and Subadvisor.

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

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

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.

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

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

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

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

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

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

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund is being monitored and reasonably addressed, where appropriate;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

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

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee's assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

• Operation of the Fund's Redemption-In-Kind Procedures;

• Highly Liquid Investment Minimum (HLIM) determination;

• Compliance with the 15% limit on illiquid investments;

• Reasonably Anticipated Trade Size (RATS) determination;

• Security-level liquidity classifications; and

• Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       67

As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund's HLIM. This process incorporates the Fund's investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and Primarily Highly Liquid Fund (PHLF) determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines "illiquid investment" to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund's RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       68

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund's RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund's liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       69

Trustees and Officers

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

Independent Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945	2005	195
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.

Charles L. Bardelis,2 Born: 1941	2005	195
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959	2015	195
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942	2005	195
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944	2012	195
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; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946	2008	195
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).

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       70

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); 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 American Student Assistance Corporation (1996-2009); 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).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
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,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       71

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
Gregory A. Russo, Born: 1949	2012	195
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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

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	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

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Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973

2018

Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979

2020

Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); 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).

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 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.
3	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
*	Appointed as Independent Trustee effective as of September 15, 2020.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       73

More information

Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
Deborah C. Jackson
James M. Oates*
Frances G. Rathke*^,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg²
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
BCSF Advisors, LP ("Bain Capital Credit")
Portfolio Managers
Andrew Carlino
Kim Harris
Nate Whittier
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 LLC

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       74

John Hancock family of funds

DOMESTIC 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
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Quality Growth
GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency
Alternative Asset Allocation
Alternative Risk Premia
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
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.

ASSET ALLOCATION

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG All Cap Core
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

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

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

MF1324489 328A 8/20
10/20

John Hancock

Multi-Asset High Income Fund

(formerly Income Allocation Fund)

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

Despite the heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020. In response to the first-quarter sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

Of course, it would be a mistake to consider the market's turnaround a trustworthy signal of assured or swift economic recovery. While there has been economic growth in much of the developed world, the pace has slowed in many areas as spending remains far below prepandemic levels.

From an investment perspective, we continue to think that maintaining a focus on long-term objectives while pursuing a risk-aware strategy is a prudent way forward. Above all, we believe the counsel of a trusted financial professional continues to matter now more than ever. Periods of heightened uncertainty are precisely the time to review your financial goals and follow a plan that helps you make the most of what continues to be a challenging situation. 

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,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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.

John Hancock
Multi-Asset High Income Fund

Table of contents

2	Your fund at a glance
5	Manager's discussion of fund performance
7	A look at performance
9	Your expenses
11	Fund's investments
33	Financial statements
36	Financial highlights
41	Notes to financial statements
54	Report of independent registered public accounting firm
55	Tax information
56	Continuation of investment advisory and subadvisory agreements
63	Statement regarding liquidity risk management
66	Trustees and Officers
70	More information

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       1

Your fund at a glance

INVESTMENT OBJECTIVE

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

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

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

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

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

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

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Financial assets experienced elevated volatility

After performing well through mid-February, higher-risk asset categories sold off sharply in response to the economic slowdown caused by the coronavirus before regaining the lost ground from April onward.

The fund's strategy changed

The fund's name changed from John Hancock Income Allocation Fund to John Hancock Multi-Asset High Income Fund on April 17, 2020, and it adopted a new investment approach in early June.

The fund underperformed its primary blended benchmark

The bulk of the shortfall occurred prior to the strategy shift, primarily as a result of a value tilt in equities and positions in credit-sensitive investments within the fixed-income portfolio.

COUNTRY COMPOSITION AS OF 8/31/2020 (%)

United States	64.1
Luxembourg	2.9
Japan	2.8
United Kingdom	2.3
Mexico	2.3
Netherlands	2.2
China	1.6
Ireland	1.6
Canada	1.6
Hong Kong	1.4
Other countries	17.2
TOTAL	100.0
As a percentage of net assets.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       3

PORTFOLIO COMPOSITION AS OF 8/31/2020 (%)

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       4

Manager's discussion of fund performance

On April 17, 2020, John Hancock Income Allocation Fund was renamed John Hancock Multi-Asset High Income Fund.

Can you describe investment conditions during the 12 months ended August 31, 2020?

The markets generally performed well from the beginning of the period through mid-February. During this time, stocks and the credit-sensitive segments of the bond market—investment-grade corporates, high-yield bonds, and emerging-markets debt—benefited from the combination of positive economic growth, accommodative central bank policies, and signs that the United States and China would resolve their trade dispute. This favorable environment changed abruptly mid-way through the first quarter of 2020, when the spread of COVID-19 prompted governments to shut down large portions of their economies in an effort to contain the virus. The sudden shift toward an outlook characterized by slower growth and weaker corporate earnings led to a rapid downturn in stocks and higher-risk segments of the bond market, together with an impressive rally in U.S. Treasuries. The backdrop shifted yet again in late March, when world governments and central banks responded to the crisis with an unprecedented level of fiscal and monetary stimulus. These actions, in conjunction with the gradual re-opening of the various world economies through the summer, led to a rebound in stocks and credit-sensitive fixed-income investments.

How would you describe the change to the fund's approach?

The Income Allocation Fund was a fund of funds that held equity and fixed-income

TOP 5 EQUITY HOLDINGS AS OF 8/31/20 (%)		TOP 5 BOND ISSUERS AS OF 8/31/20 (%)
NiSource, Inc.	0.6	Petroleos Mexicanos	0.9
United Parcel Service, Inc., Class B	0.6	DaVita, Inc.	0.7
QUALCOMM, Inc.	0.5	CCO Holdings LLC	0.7
CH Robinson Worldwide, Inc.	0.4	Huntington Bancshares, Inc.	0.7
The Progressive Corp.	0.4	Rede D'or Finance Sarl	0.7
TOTAL	2.5	TOTAL	3.7
As a percentage of net assets.		As a percentage of net assets.
Cash and cash equivalents are not included.		Cash and cash equivalents are not included.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       5

funds with target weightings of 30% and 70%, respectively. In response to the low-yield environment, the fund changed to an approach designed to provide higher income. We initiated the new strategy on June 4, 2020. As of period end, the fund had three segments. First, it had an allocation to equities through a passively managed, quantitative approach designed to identify higher-quality, higher-yielding stocks globally. Second, it used options with the intention of increasing income and limiting the volatility of the fund's yield. Third, the fund had a multisector fixed-income segment that was invested in the global credit sectors and had significant allocations to emerging-market debt and high-yield bonds.

What factors drove performance in the period?

Prior to the strategy change, the fund underperformed its blended benchmark. Most of the shortfall occurred in the first calendar quarter, when the fund lagged in the broader sell-off in the financial markets. Overall, a value tilt and small positions in master limited partnerships and real estate investment trusts detracted from results on the equity side. Within fixed income, positions in term loans and emerging-market debt weighed on returns. Following the change, the fund outperformed its blended benchmark. During this time, its positioning in equities, options, and fixed income all contributed positively.

MANAGED BY

John F. Addeo, CFA, Manulife IM (US)

Geoffrey Kelley, CFA, Manulife IM (US)

Caryn E. Rothman, CFA, Manulife IM (US)

Nathan W. Thooft, CFA, Manulife IM (US)

Christopher Walsh, CFA, Manulife IM (US)

The views expressed in this report are exclusively those of Nathan W. Thooft, CFA, Manulife Investment Management, 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 MULTI-ASSET HIGH INCOME FUND       6

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2020 

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized1
	1-year	5-year	Since inception2		5-year	Since inception2	as of 8-31-20	as of 8-31-20
Class A	-2.67	3.16	2.36		16.83	14.50	3.24	2.80
Class C	0.24	3.40	2.44		18.18	14.98	2.63	2.18
Class I3	2.28	4.44	3.50		24.27	22.08	3.63	3.17
Class R63	2.46	4.56	3.62		24.98	22.88	3.73	3.27
Class NAV3,4	1.45	3.44	2.47		18.43	15.22	3.75	3.29
Index 1†	6.47	4.33	3.95		23.60	25.20	—	—
Index 2†	16.79	10.42	8.42		64.15	59.79	—	—
Index 3†	4.46	6.83	5.40		39.12	35.63	—	—
Index 4†	10.03	6.37	5.51		36.18	36.48	—	—

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 4.50% and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the increase in the maximum sales charge from 4% to 4.5%, effective 6-4-20. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I 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 expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include the expenses of the underlying funds in which the fund invests. The expense ratios are as follows:

	Class A	Class C	Class I	Class R6	Class NAV
Gross (%)	4.65	5.40	4.40	4.29	4.28
Net (%)	0.89	1.64	0.64	0.53	0.52

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

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

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

† Index 1 is the Bloomberg Barclays U.S. Aggregate Bond Index; Index 2 is the MSCI World Index; Index 3 is 20% MSCI USA High Dividend Yield Index, 10% MSCI World ex-USA High Dividend Yield Index, 25% Bloomberg Barclays US Aggregate Credit - Corporate Investment Grade Index and 45% Bloomberg Barclays Global High Yield (USD Hedged) Index; Index 4 is 70% Bloomberg Barclays U.S. Aggregate Bond Index and 30% MSCI World Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       7

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

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)	Index 3 ($)	Index 4 ($)
Class C5	11-14-14	11,498	11,498	12,520	15,979	13,563	13,648
Class I3	11-14-14	12,208	12,208	12,520	15,979	13,563	13,648
Class R63	11-14-14	12,288	12,288	12,520	15,979	13,563	13,648
Class NAV3,4	11-14-14	11,522	11,522	12,520	15,979	13,563	13,648

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and non-convertible investment-grade debt issue.

The MSCI World Index (gross of foreign withholding tax on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

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

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

Prior to June 4, 2020, the fund's custom blended benchmark was the Secondary Blended Index. Effective June 4, 2020, the fund's custom blended benchmark was the Primary Blended Index. The Primary Blended Index better reflects the universe of investment opportunities based on the fund's current investment strategy.

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

Footnotes related to performance pages

1	Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.
2	From 11-14-14.
3	For certain types of investors, as described in the fund's prospectus.
4	Class NAV shares were first offered on 6-4-20. Returns prior to this date are those of Class A shares (first offered on 11-14-14) that have not been adjusted for class-specific expenses; otherwise, returns would vary.
5	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       8

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 9

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio2
Class A	Actual expenses/actual returns	$1,000.00	$1,014.10	$4.15	0.82%
	Hypothetical example	1,000.00	1,021.00	4.17	0.82%
Class C	Actual expenses/actual returns	1,000.00	1,010.00	7.78	1.54%
	Hypothetical example	1,000.00	1,017.40	7.81	1.54%
Class I	Actual expenses/actual returns	1,000.00	1,015.70	2.79	0.55%
	Hypothetical example	1,000.00	1,022.40	2.80	0.55%
Class R6	Actual expenses/actual returns	1,000.00	1,017.10	2.18	0.43%
	Hypothetical example	1,000.00	1,023.00	2.19	0.43%
Class NAV	Actual expenses/actual returns3	1,000.00	1,012.20	1.20	0.49%
	Hypothetical example	1,000.00	1,022.70	2.49	0.49%

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
2	Ratios do not include expense indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.
3	The inception date for Class NAV shares is 6-4-2020. Actual Expenses are equal to the class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 88/366 (to reflect the period).

10 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

Fund’s investments

AS OF 8-31-20

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 0.5%					$760,900
(Cost $761,985)
U.S. Government Agency 0.5%					760,900
Federal National Mortgage Association	2.500	04-13-21		750,000	760,900
Foreign government obligations 1.4%					$2,033,263
(Cost $1,920,995)
Chile 0.3%					363,975
Republic of Chile Bond	2.450	01-31-31		345,000	363,975
Costa Rica 0.4%					648,200
Republic of Costa Rica Bond (A)	6.125	02-19-31		700,000	648,200
Egypt 0.3%					416,008
Arab Republic of Egypt Bond (A)	8.875	05-29-50		400,000	416,008
Israel 0.2%					275,325
State of Israel Bond	3.375	01-15-50		250,000	275,325
Saudi Arabia 0.2%					329,755
Kingdom of Saudi Arabia Bond (A)	4.500	04-22-60		265,000	329,755
Corporate bonds 60.9%					$90,306,783
(Cost $87,719,472)
Communication services 10.1%					14,963,247
Diversified telecommunication services 3.0%
C&W Senior Financing DAC (A)	6.875	09-15-27		440,000	460,790
Cable Onda SA (A)	4.500	01-30-30		900,000	964,800
Cellnex Telecom SA	1.875	06-26-29	EUR	400,000	483,945
Kenbourne Invest SA (A)	6.875	11-26-24		450,000	468,000
Liquid Telecommunications Financing PLC (A)	8.500	07-13-22		285,000	290,101
Network i2i, Ltd. (5.650% to 1-15-25, then 5 Year CMT + 4.274%) (B)	5.650	01-15-25		200,000	201,100
PPF Telecom Group BV	3.125	03-27-26	EUR	325,000	390,094
Sable International Finance, Ltd. (A)	5.750	09-07-27		425,000	447,780
Telecom Italia Capital SA	6.000	09-30-34		400,000	486,000
Zayo Group Holdings, Inc. (A)	4.000	03-01-27		220,000	217,525
Entertainment 1.0%
Lions Gate Capital Holdings LLC (A)	6.375	02-01-24		515,000	526,588

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 11

	Rate (%)	Maturity date	Par value^	Value
Communication services (continued)
Entertainment (continued)
Netflix, Inc. (A)	4.875	06-15-30	800,000	$927,000
Interactive media and services 0.4%
ANGI Group LLC (A)	3.875	08-15-28	110,000	111,428
Match Group Holdings II LLC (A)	4.125	08-01-30	270,000	282,825
TripAdvisor, Inc. (A)	7.000	07-15-25	120,000	126,600
Media 3.7%
Altice France Holding SA (A)	6.000	02-15-28	550,000	550,000
CCO Holdings LLC (A)	4.500	08-15-30	300,000	318,375
CCO Holdings LLC (A)	4.500	05-01-32	650,000	688,929
Comcast Corp.	3.999	11-01-49	600,000	724,551
CSC Holdings LLC (A)	4.625	12-01-30	670,000	685,216
Globo Comunicacao e Participacoes SA (A)	4.875	01-22-30	500,000	492,505
iHeartCommunications, Inc. (A)	4.750	01-15-28	220,000	210,672
iHeartCommunications, Inc.	8.375	05-01-27	250,000	251,250
LCPR Senior Secured Financing DAC (A)	6.750	10-15-27	420,000	450,450
MDC Partners, Inc. (A)	6.500	05-01-24	325,000	310,375
Virgin Media Finance PLC (A)	5.000	07-15-30	400,000	411,880
VTR Comunicaciones SpA (A)	5.125	01-15-28	230,000	240,350
WMG Acquisition Corp. (A)	3.000	02-15-31	225,000	223,875
Wireless telecommunication services 2.0%
Millicom International Cellular SA (A)	6.250	03-25-29	415,000	459,766
Oztel Holdings SPC, Ltd. (A)	5.625	10-24-23	320,000	323,498
SoftBank Group Corp.	5.125	09-19-27	265,000	278,115
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year ICE Swap Rate + 4.854%) (B)	6.875	07-19-27	500,000	494,316
Telefonica Celular del Paraguay SA (A)	5.875	04-15-27	500,000	528,750
T-Mobile USA, Inc. (A)	4.375	04-15-40	400,000	481,064
Turkcell Iletisim Hizmetleri AS (A)	5.750	10-15-25	450,000	454,734
Consumer discretionary 8.4%				12,421,469
Automobiles 0.7%
Ford Motor Credit Company LLC	4.063	11-01-24	465,000	471,612
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)	6.500	09-30-28	500,000	505,751
Diversified consumer services 0.8%
GEMS MENASA Cayman, Ltd. (A)	7.125	07-31-26	325,000	313,625
Sotheby's (A)	7.375	10-15-27	500,000	510,000
Stena International SA (A)	6.125	02-01-25	400,000	380,000

12 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 4.6%
Colt Merger Sub, Inc. (A)	5.750	07-01-25		110,000	$115,225
Connect Finco SARL (A)	6.750	10-01-26		700,000	722,750
ESH Hospitality, Inc. (A)	5.250	05-01-25		485,000	492,275
Hilton Domestic Operating Company, Inc. (A)	5.750	05-01-28		425,000	449,438
International Game Technology PLC (A)	5.250	01-15-29		110,000	112,750
International Game Technology PLC (A)	6.500	02-15-25		400,000	435,000
Marriott International, Inc.	5.750	05-01-25		425,000	477,129
MGM Resorts International	6.750	05-01-25		425,000	454,750
New Red Finance, Inc. (A)	4.375	01-15-28		450,000	462,375
Resorts World Las Vegas LLC (A)	4.625	04-16-29		500,000	472,220
Sazka Group AS (A)	3.875	02-15-27	EUR	450,000	469,446
Studio City Finance, Ltd. (A)	6.500	01-15-28		200,000	209,100
Twin River Worldwide Holdings, Inc. (A)	6.750	06-01-27		470,000	465,300
Wyndham Destinations, Inc.	6.350	10-01-25		550,000	577,500
Wyndham Destinations, Inc. (A)	6.625	07-31-26		280,000	296,100
Wyndham Hotels & Resorts, Inc. (A)	4.375	08-15-28		75,000	75,578
Yum! Brands, Inc. (A)	4.750	01-15-30		420,000	463,050
Household durables 0.3%
Turkiye Sise ve Cam Fabrikalari AS (A)	6.950	03-14-26		435,000	445,353
Internet and direct marketing retail 0.9%
Expedia Group, Inc. (A)	6.250	05-01-25		400,000	439,396
Prosus NV (A)	2.031	08-03-32	EUR	170,000	204,192
Prosus NV (A)	3.680	01-21-30		620,000	673,865
Multiline retail 0.3%
Nordstrom, Inc. (A)	8.750	05-15-25		450,000	496,600
Specialty retail 0.4%
Abercrombie & Fitch Management Company (A)	8.750	07-15-25		100,000	102,500
AutoNation, Inc.	4.750	06-01-30		425,000	497,889
Textiles, apparel and luxury goods 0.4%
Hanesbrands, Inc. (A)	5.375	05-15-25		430,000	458,595
SD International Sukuk, Ltd.	6.300	05-09-22		200,000	172,105
Consumer staples 2.7%					4,010,860
Food and staples retailing 0.4%
Walmart, Inc.	3.700	06-26-28		520,000	616,339
Food products 1.9%
JBS Investments II GmbH (A)	5.750	01-15-28		500,000	528,755
Kraft Heinz Foods Company (A)	4.250	03-01-31		330,000	364,612

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 13

	Rate (%)	Maturity date		Par value^	Value
Consumer staples (continued)
Food products (continued)
Kraft Heinz Foods Company	4.625	01-30-29		300,000	$339,624
NBM US Holdings, Inc. (A)	7.000	05-14-26		700,000	745,843
Post Holdings, Inc. (A)	5.750	03-01-27		300,000	316,875
Simmons Foods, Inc. (A)	5.750	11-01-24		300,000	307,410
TBLA International Pte, Ltd.	7.000	01-24-23		200,000	187,118
Household products 0.2%
Edgewell Personal Care Company (A)	5.500	06-01-28		300,000	320,253
Personal products 0.2%
Walnut Bidco PLC (A)	9.125	08-01-24		275,000	284,031
Energy 5.7%					8,475,807
Energy equipment and services 0.6%
Honghua Group, Ltd.	6.375	08-01-22		200,000	198,525
Inkia Energy, Ltd. (A)	5.875	11-09-27		500,000	529,125
USA Compression Partners LP	6.875	09-01-27		225,000	232,875
Oil, gas and consumable fuels 5.1%
Aker BP ASA (A)	3.750	01-15-30		380,000	377,929
Bayan Resources Tbk PT	6.125	01-24-23		200,000	194,773
Cheniere Energy Partners LP	4.500	10-01-29		445,000	462,609
Energy Transfer Operating LP	4.200	04-15-27		300,000	313,394
Energy Transfer Operating LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (B)	7.125	05-15-30		630,000	549,927
Greenko Solar Mauritius, Ltd.	5.950	07-29-26		200,000	207,968
HPCL-Mittal Energy, Ltd.	5.450	10-22-26		200,000	202,335
Indika Energy Capital III Pte, Ltd.	5.875	11-09-24		200,000	188,556
Leviathan Bond, Ltd. (A)	6.750	06-30-30		410,000	426,482
Medco Bell Pte, Ltd.	6.375	01-30-27		200,000	188,000
MEG Energy Corp. (A)	7.125	02-01-27		255,000	243,976
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (B)	6.875	02-15-23		525,000	467,250
Occidental Petroleum Corp.	6.375	09-01-28		135,000	136,536
Occidental Petroleum Corp.	6.625	09-01-30		135,000	138,713
Parkland Corp. (A)	5.875	07-15-27		350,000	373,625
Petrobras Global Finance BV (A)	5.093	01-15-30		450,000	468,450
Petrobras Global Finance BV	6.750	06-03-50		430,000	479,386
Petroleos Mexicanos	6.625	06-15-35		1,035,000	913,367
Petroleos Mexicanos	7.470	11-12-26	MXN	12,562,500	449,589
The Oil and Gas Holding Company BSCC (A)	7.500	10-25-27		450,000	494,952
Transportadora de Gas del Sur SA (A)	6.750	05-02-25		275,000	237,465

14 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Financials 8.8%				$13,106,824
Banks 5.5%
Banco BTG Pactual SA (A)	5.750	09-28-22	215,000	223,600
Banco do Brasil SA (A)	4.875	04-19-23	340,000	364,228
Bank of America Corp. (6.100% to 3-17-25, then 3 month LIBOR + 3.898%) (B)	6.100	03-17-25	850,000	953,743
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (B)	5.650	10-06-25	800,000	858,000
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (A)(B)	8.125	12-23-25	385,000	456,322
Freedom Mortgage Corp. (A)	8.250	04-15-25	325,000	333,938
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (B)	5.625	07-15-30	900,000	1,005,750
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (B)	6.500	04-16-25	440,000	468,160
Itau Unibanco Holding SA (A)	3.250	01-24-25	450,000	461,138
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)	6.750	02-01-24	820,000	916,350
Kasikornbank PCL (3.343% to 10-2-26, then 5 Year CMT + 1.700%)	3.343	10-02-31	200,000	199,923
Nanyang Commercial Bank, Ltd. (5.000% to 6-2-22, then 5 Year CMT + 3.205%) (B)	5.000	06-02-22	200,000	200,508
Natwest Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) (B)	8.625	08-15-21	400,000	420,468
Regions Financial Corp. (5.750% to 6-15-25, then 5 Year CMT + 5.430%) (B)	5.750	06-15-25	885,000	960,225
Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (A)(B)	7.375	09-13-21	350,000	362,548
Capital markets 1.0%
Credit Suisse Group AG (7.500% to 7-17-23, then 5 Year U.S. Swap Rate + 4.600%) (A)(B)	7.500	07-17-23	500,000	539,300
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (B)	5.375	06-01-25	845,000	927,388
Consumer finance 0.2%
OneMain Finance Corp.	8.875	06-01-25	200,000	225,500
Diversified financial services 0.9%
Allied Universal Holdco LLC (A)	6.625	07-15-26	330,000	353,925

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 15

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Diversified financial services (continued)
GE Capital International Funding Company	4.418	11-15-35	300,000	$309,744
Gogo Intermediate Holdings LLC (A)	9.875	05-01-24	285,000	296,400
Operadora de Servicios Mega SA de CV (A)	8.250	02-11-25	500,000	440,000
Insurance 1.2%
Athene Holding, Ltd.	6.150	04-03-30	320,000	386,770
Brighthouse Financial, Inc.	5.625	05-15-30	420,000	488,371
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (B)	6.000	06-01-25	890,000	954,525
Health care 5.6%				8,216,068
Health care providers and services 4.1%
AmerisourceBergen Corp.	2.800	05-15-30	870,000	938,855
Centene Corp.	3.375	02-15-30	515,000	535,600
CVS Health Corp.	3.250	08-15-29	400,000	443,684
DaVita, Inc. (A)	3.750	02-15-31	440,000	434,289
DaVita, Inc. (A)	4.625	06-01-30	600,000	630,750
Encompass Health Corp.	4.750	02-01-30	440,000	459,056
HCA, Inc.	3.500	09-01-30	400,000	419,491
MEDNAX, Inc. (A)	6.250	01-15-27	500,000	530,000
Rede D'or Finance Sarl (A)	4.500	01-22-30	1,000,000	980,000
Select Medical Corp. (A)	6.250	08-15-26	330,000	354,509
US Renal Care, Inc. (A)	10.625	07-15-27	250,000	270,000
Health care technology 0.2%
Change Healthcare Holdings LLC (A)	5.750	03-01-25	260,000	265,200
Pharmaceuticals 1.3%
Bausch Health Americas, Inc. (A)	9.250	04-01-26	500,000	554,365
Bausch Health Companies, Inc. (A)	5.750	08-15-27	325,000	349,063
Takeda Pharmaceutical Company, Ltd.	3.375	07-09-60	575,000	593,887
Upjohn, Inc. (A)	4.000	06-22-50	420,000	457,319
Industrials 6.6%				9,843,120
Aerospace and defense 0.8%
The Boeing Company	5.705	05-01-40	675,000	782,616
TransDigm, Inc. (A)	6.250	03-15-26	325,000	342,943
Air freight and logistics 0.6%
Rumo Luxembourg Sarl (A)	5.250	01-10-28	250,000	263,490
United Parcel Service, Inc.	4.450	04-01-30	250,000	314,303
XPO Logistics, Inc. (A)	6.250	05-01-25	270,000	288,225
Building products 0.4%
Builders FirstSource, Inc. (A)	5.000	03-01-30	500,000	533,750

16 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Commercial services and supplies 1.3%
APX Group, Inc.	7.625	09-01-23		500,000	$511,250
Cimpress PLC (A)	7.000	06-15-26		500,000	497,500
Garda World Security Corp. (A)	9.500	11-01-27		250,000	271,250
Prime Security Services Borrower LLC (A)	3.375	08-31-27		215,000	214,228
The Brink's Company (A)	5.500	07-15-25		100,000	105,500
Vertical Holdco GmbH (A)	6.625	07-15-28	EUR	130,000	161,931
Williams Scotsman International, Inc. (A)	4.625	08-15-28		105,000	106,116
Construction and engineering 0.9%
Ellaktor Value PLC (A)	6.375	12-15-24	EUR	550,000	501,288
IHS Netherlands Holdco BV (A)	8.000	09-18-27		400,000	420,000
MasTec, Inc. (A)	4.500	08-15-28		180,000	183,600
Picasso Finance Sub, Inc. (A)	6.125	06-15-25		260,000	278,200
Machinery 0.1%
HTA Group, Ltd. (A)	7.000	12-18-25		205,000	218,489
Professional services 0.4%
CoStar Group, Inc. (A)	2.800	07-15-30		295,000	310,136
IHS Markit, Ltd. (A)	4.000	03-01-26		250,000	281,940
Road and rail 0.6%
Uber Technologies, Inc. (A)	8.000	11-01-26		850,000	900,652
Trading companies and distributors 1.4%
AerCap Ireland Capital DAC	4.875	01-16-24		350,000	360,818
Air Lease Corp.	2.875	01-15-26		410,000	407,370
Ashtead Capital, Inc. (A)	4.250	11-01-29		450,000	474,210
Ashtead Capital, Inc. (A)	4.375	08-15-27		435,000	452,400
GATX Corp.	4.000	06-30-30		400,000	456,660
Transportation infrastructure 0.1%
Adani Ports & Special Economic Zone, Ltd.	4.375	07-03-29		200,000	204,255
Information technology 2.9%					4,333,907
Communications equipment 0.0%
Motorola Solutions, Inc.	2.300	11-15-30		80,000	79,750
IT services 0.8%
21Vianet Group, Inc.	7.875	10-15-21		200,000	204,005
Gartner, Inc. (A)	4.500	07-01-28		115,000	120,175
HT Global IT Solutions Holdings, Ltd.	7.000	07-14-21		200,000	202,500
Sixsigma Networks Mexico SA de CV (A)	7.500	05-02-25		700,000	649,250
Semiconductors and semiconductor equipment 0.5%
Broadcom, Inc.	4.750	04-15-29		400,000	467,905
Micron Technology, Inc.	5.327	02-06-29		225,000	268,644

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 17

	Rate (%)	Maturity date		Par value^	Value
Information technology (continued)
Software 0.6%
BY Crown Parent LLC (A)	4.250	01-31-26		120,000	$122,538
Microsoft Corp.	3.300	02-06-27		700,000	800,809
Technology hardware, storage and peripherals 1.0%
Apple, Inc.	3.000	11-13-27		700,000	793,580
CDW LLC	3.250	02-15-29		135,000	137,886
Seagate HDD Cayman (A)	4.125	01-15-31		450,000	486,865
Materials 4.0%					5,943,950
Chemicals 1.3%
Chandra Asri Petrochemical Tbk PT	4.950	11-08-24		200,000	193,259
Cydsa SAB de CV (A)	6.250	10-04-27		450,000	468,567
ICL Group, Ltd. (A)	6.375	05-31-38		400,000	498,516
The Scotts Miracle-Gro Company	4.500	10-15-29		450,000	481,473
UPL Corp, Ltd. (5.250% to 2-27-25, then 5 Year CMT + 3.865%) (B)	5.250	02-27-25		200,000	193,100
Construction materials 0.7%
Cemex SAB de CV (A)	7.375	06-05-27		435,000	471,431
Standard Industries, Inc. (A)	5.000	02-15-27		210,000	219,280
Wienerberger AG	2.750	06-04-25	EUR	300,000	367,545
Containers and packaging 0.3%
Ardagh Packaging Finance PLC (A)	5.250	08-15-27		340,000	353,729
Graham Packaging Company, Inc. (A)	7.125	08-15-28		120,000	126,050
Metals and mining 1.7%
Anglo American Capital PLC (A)	4.000	09-11-27		430,000	473,607
China Hongqiao Group, Ltd.	7.125	07-22-22		200,000	192,500
First Quantum Minerals, Ltd. (A)	7.500	04-01-25		450,000	459,014
Freeport-McMoRan, Inc.	4.250	03-01-30		220,000	231,136
Gold Fields Orogen Holdings BVI, Ltd. (A)	6.125	05-15-29		475,000	567,863
JSW Steel, Ltd.	5.950	04-18-24		200,000	206,021
Novelis Corp. (A)	4.750	01-30-30		435,000	440,859
Real estate 2.8%					4,074,793
Equity real estate investment trusts 1.3%
GLP Capital LP	4.000	01-15-30		500,000	518,800
GLP Capital LP	5.250	06-01-25		270,000	292,054
SBA Communications Corp. (A)	3.875	02-15-27		250,000	259,488
VICI Properties LP (A)	4.125	08-15-30		265,000	265,583
VICI Properties LP (A)	4.625	12-01-29		465,000	483,600
Real estate management and development 1.5%
Central China Real Estate, Ltd.	7.250	07-16-24		200,000	198,758
China SCE Group Holdings, Ltd.	7.375	04-09-24		200,000	204,521
Greenland Global Investment, Ltd.	6.750	03-03-24		400,000	403,096

18 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Real estate (continued)
Real estate management and development (continued)
Hopson Development Holdings, Ltd.	7.500	06-27-22	200,000	$203,002
KWG Group Holdings, Ltd.	7.875	09-01-23	200,000	210,254
Redsun Properties Group, Ltd.	9.700	04-16-23	200,000	205,039
Sunac China Holdings, Ltd.	7.500	02-01-24	200,000	205,764
Yanlord Land HK Company, Ltd.	6.750	04-23-23	200,000	207,041
Yuzhou Group Holdings Company, Ltd.	8.375	10-30-24	200,000	210,008
Zhenro Properties Group, Ltd.	8.650	01-21-23	200,000	207,785
Utilities 3.3%				4,916,738
Electric utilities 1.4%
Engie Energia Chile SA (A)	3.400	01-28-30	440,000	477,400
Israel Electric Corp., Ltd. (A)	4.250	08-14-28	325,000	368,120
Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (B)	6.250	02-01-22	450,000	446,835
Vistra Operations Company LLC (A)	4.300	07-15-29	425,000	461,784
Vistra Operations Company LLC (A)	5.625	02-15-27	330,000	348,975
Gas utilities 0.5%
AmeriGas Partners LP	5.750	05-20-27	400,000	450,560
Promigas SA ESP (A)	3.750	10-16-29	350,000	344,754
Independent power and renewable electricity producers 0.8%
Calpine Corp. (A)	4.625	02-01-29	280,000	286,278
Colbun SA (A)	3.150	03-06-30	450,000	487,688
Concord New Energy Group, Ltd.	7.900	01-23-21	200,000	197,449
ReNew Power Pvt, Ltd.	6.450	09-27-22	200,000	204,960
Multi-utilities 0.6%
Cheniere Corpus Christi Holdings LLC	7.000	06-30-24	310,000	361,189
Sempra Energy (4.875% to 10-15-25, then 5 Year CMT + 4.550%) (B)	4.875	10-15-25	460,000	480,746
Capital preferred securities 0.6%				$914,778
(Cost $913,413)
Financials 0.6%				914,778
Banks 0.6%
Wachovia Capital Trust III (Greater of 3 month LIBOR + 0.930% or 5.570%) (B)(C)	5.570	10-02-20	910,000	914,778

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 19

	Rate (%)	Maturity date	Par value^	Value
Term loans (D) 0.9%				$1,337,122
(Cost $1,332,208)
Communication services 0.3%				448,011
Interactive media and services 0.3%
Ancestry.com Operations, Inc., Non-Extended Term Loan B (1 month LIBOR + 3.750%)	4.750	10-19-23	448,850	448,011
Financials 0.3%				494,101
Diversified financial services 0.3%
Refinitiv US Holdings, Inc., 2018 USD Term Loan (1 month LIBOR + 3.250%)	3.411	10-01-25	498,734	494,101
Health care 0.3%				395,010
Health care providers and services 0.3%
Gentiva Health Services, Inc. 2020 Term Loan (1 month LIBOR + 3.250%)	3.438	07-02-25	399,000	395,010
Collateralized mortgage obligations 0.3%				$466,946
(Cost $455,784)
Commercial and residential 0.3%				466,946
BX Commercial Mortgage Trust Series 2019-XL, CLass F (1 month LIBOR + 2.000%) (A)(C)	2.162	10-15-36	474,649	466,946
Asset backed securities 0.7%				$1,066,564
(Cost $1,055,522)
Asset backed securities 0.7%				1,066,564
Arbys Funding LLC Series 2020-1A, Class A2 (A)	3.237	07-30-50	70,000	71,821
Driven Brands Funding LLC Series 2019-1A, Class A2 (A)	4.641	04-20-49	536,825	574,698
Five Guys Funding LLC Series 2017-1A, Class A2 (A)	4.600	07-25-47	74,438	74,921
Jack in the Box Funding LLC Series 2019-1A, Class A23 (A)	4.970	08-25-49	124,063	131,480
Sonic Capital LLC Series 2020-1A, Class A2II (A)	4.336	01-20-50	200,990	213,644

	Shares	Value
Common stocks 26.1%		$38,653,964
(Cost $37,667,960)
Communication services 1.5%		2,276,913
Diversified telecommunication services 1.1%
BCE, Inc.	5,311	228,263
HKT Trust & HKT, Ltd.	144,000	205,766

20 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Shares	Value
Communication services (continued)
Diversified telecommunication services (continued)
Koninklijke KPN NV	82,114	$215,483
Singapore Telecommunications, Ltd.	116,600	196,821
Telenor ASA	14,341	233,396
Verizon Communications, Inc.	9,198	545,165
Media 0.4%
Eutelsat Communications SA	22,765	228,249
Shaw Communications, Inc., Class B	13,257	247,892
Singapore Press Holdings, Ltd.	219,700	175,878
Consumer discretionary 0.5%		707,471
Automobiles 0.3%
Nissan Motor Company, Ltd.	59,100	238,184
Subaru Corp.	10,300	214,040
Multiline retail 0.2%
Wesfarmers, Ltd.	7,305	255,247
Consumer staples 4.2%		6,209,079
Beverages 0.7%
PepsiCo, Inc.	3,801	532,368
The Coca-Cola Company	11,230	556,222
Food and staples retailing 0.5%
Walgreens Boots Alliance, Inc.	11,975	455,290
Wm Morrison Supermarkets PLC	91,200	233,376
Food products 1.8%
Campbell Soup Company	10,226	537,990
Conagra Brands, Inc.	15,007	575,669
General Mills, Inc.	8,338	533,215
Ingredion, Inc.	6,140	493,902
Kellogg Company	7,762	550,403
Household products 0.8%
The Clorox Company	2,457	549,140
The Procter & Gamble Company	4,260	589,286
Tobacco 0.4%
British American Tobacco PLC	5,618	189,355
Imperial Brands PLC	11,522	192,240
Japan Tobacco, Inc.	11,800	220,623
Energy 0.1%		104,329
Oil, gas and consumable fuels 0.1%
Enbridge, Inc.	3,261	104,329

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 21

	Shares	Value
Financials 2.9%		$4,321,354
Banks 1.5%
BOC Hong Kong Holdings, Ltd.	70,500	199,982
Commonwealth Bank of Australia	4,567	229,548
DBS Group Holdings, Ltd.	13,700	209,952
Hang Seng Bank, Ltd.	13,500	212,186
Oversea-Chinese Banking Corp., Ltd.	32,400	206,222
Resona Holdings, Inc.	61,700	226,797
Sumitomo Mitsui Financial Group, Inc.	7,300	214,658
The PNC Financial Services Group, Inc.	4,981	553,887
United Overseas Bank, Ltd.	13,900	199,309
Capital markets 0.4%
BlackRock, Inc.	918	545,466
Insurance 1.0%
Admiral Group PLC	7,360	256,802
Assicurazioni Generali SpA	13,573	210,840
The Progressive Corp.	6,435	611,582
Tokio Marine Holdings, Inc.	4,800	221,535
Zurich Insurance Group AG	602	222,588
Health care 2.0%		2,973,053
Biotechnology 0.3%
Gilead Sciences, Inc.	6,661	444,622
Health care providers and services 0.6%
Cardinal Health, Inc.	10,011	508,158
CVS Health Corp.	5,960	370,235
Pharmaceuticals 1.1%
Bristol-Myers Squibb Company	8,589	534,236
Johnson & Johnson	3,550	544,606
Pfizer, Inc.	15,115	571,196
Industrials 3.4%		4,987,512
Air freight and logistics 1.0%
CH Robinson Worldwide, Inc.	6,461	635,116
United Parcel Service, Inc., Class B	4,877	797,958
Electrical equipment 0.5%
Eaton Corp. PLC	5,760	588,096
Emerson Electric Company	3,004	208,688
Industrial conglomerates 0.4%
3M Company	3,207	522,805
Machinery 1.0%
Caterpillar, Inc.	3,966	564,401
Cummins, Inc.	2,872	595,222
Komatsu, Ltd.	5,200	113,217

22 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Shares	Value
Industrials (continued)
Machinery (continued)
Mitsubishi Heavy Industries, Ltd.	9,000	$223,438
Trading companies and distributors 0.5%
Mitsubishi Corp.	10,100	239,064
Mitsui & Company, Ltd.	14,700	265,122
Sumitomo Corp.	18,000	234,385
Information technology 1.9%		2,862,666
IT services 0.7%
IBM Corp.	4,264	525,794
Paychex, Inc.	6,769	517,625
Semiconductors and semiconductor equipment 1.2%
Broadcom, Inc.	1,616	560,994
Maxim Integrated Products, Inc.	8,255	564,972
QUALCOMM, Inc.	5,821	693,281
Materials 1.9%		2,753,837
Chemicals 1.0%
BASF SE	3,667	223,931
Covestro AG (A)	5,513	262,827
ICL Group, Ltd.	67,198	249,642
Mitsui Chemicals, Inc.	10,300	241,587
RPM International, Inc.	6,658	564,399
Containers and packaging 0.5%
International Paper Company	5,439	197,273
Packaging Corp. of America	5,003	506,504
Metals and mining 0.4%
Fortescue Metals Group, Ltd.	21,162	270,480
Rio Tinto PLC	3,814	237,194
Real estate 1.7%		2,509,091
Equity real estate investment trusts 1.6%
CapitaLand Mall Trust	144,100	207,261
Crown Castle International Corp.	3,012	491,709
Equity Residential	8,535	481,801
Extra Space Storage, Inc.	5,376	572,813
Public Storage	2,639	560,524
Real estate management and development 0.1%
Daito Trust Construction Company, Ltd.	2,200	194,983
Utilities 6.0%		8,948,659
Electric utilities 3.4%
Alliant Energy Corp.	10,398	563,052
American Electric Power Company, Inc.	6,185	487,564

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 23

	Shares	Value
Utilities (continued)
Electric utilities (continued)
AusNet Services	185,305	$248,546
Duke Energy Corp.	6,081	488,548
Enel SpA	25,234	228,499
Entergy Corp.	5,173	512,851
FirstEnergy Corp.	12,659	361,921
Fortum OYJ	10,685	226,160
Pinnacle West Capital Corp.	6,877	504,428
Power Assets Holdings, Ltd.	38,500	220,351
Red Electrica Corp. SA	11,322	216,682
The Southern Company	9,277	484,074
Xcel Energy, Inc.	7,957	552,813
Gas utilities 0.3%
Naturgy Energy Group SA	11,094	214,168
Snam SpA	42,131	215,763
Multi-utilities 2.2%
AGL Energy, Ltd.	17,567	191,509
Consolidated Edison, Inc.	7,037	502,020
Dominion Energy, Inc.	4,500	451,980
DTE Energy Company	2,240	265,821
National Grid PLC	19,078	213,675
Public Service Enterprise Group, Inc.	10,169	531,229
Sempra Energy	4,165	515,002
WEC Energy Group, Inc.	5,731	539,172
Water utilities 0.1%
United Utilities Group PLC	19,370	212,831
Preferred securities 3.0%		$4,418,098
(Cost $4,225,865)
Health care 0.4%		569,018
Health care equipment and supplies 0.4%
Becton, Dickinson and Company, 6.000%	5,160	275,699
Boston Scientific Corp., 5.500%	2,510	293,319
Information technology 0.3%		430,570
Semiconductors and semiconductor equipment 0.3%
Broadcom, Inc., 8.000%	350	430,570
Real estate 0.3%		464,394
Equity real estate investment trusts 0.3%
American Homes 4 Rent, Series G, 5.875%	17,465	464,394

24 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Shares	Value
Utilities 2.0%		$2,954,116
Electric utilities 0.8%
American Electric Power Company, Inc., 6.125%	3,841	186,250
NextEra Energy, Inc., 5.279%	10,000	476,100
SCE Trust II, 5.100%	20,000	493,600
Multi-utilities 1.2%
CenterPoint Energy, Inc., 7.000%	13,000	488,150
DTE Energy Company, 6.250%	10,300	475,860
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%)	30,600	834,156

	Yield* (%)	Maturity date	Par value^	Value
Short-term investments 4.7%				$7,007,186
(Cost $7,006,461)
Commercial paper 1.7%				2,599,584
Australia & New Zealand Banking Group, Ltd.	0.100	10-01-20	750,000	749,929
BASF SE	0.400	09-15-20	600,000	599,955
Salt River Project Agricultural Improvement and Power District	0.140	09-17-20	500,000	499,965
Swedbank AB	0.210	11-20-20	750,000	749,735
U.S. Government 1.6%				2,398,907
U.S. Treasury Bill (E)	0.179	02-25-21	1,400,000	1,399,191
U.S. Treasury Bill (E)	0.182	12-03-20	1,000,000	999,716

	Yield (%)	Shares	Value
Short-term funds 1.4%			2,008,695
State Street Institutional U.S. Government Money Market Fund, Premier Class	0.0399(F)	2,008,695	2,008,695

Total investments (Cost $143,059,665) 99.1%	$146,965,604
Other assets and liabilities, net 0.9%	1,311,825
Total net assets 100.0%	$148,277,429

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

Security Abbreviations and Legend
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $54,832,848 or 37.0% of the fund's net assets as of 8-31-20.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 25

(B)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(E)	All or a portion of this security is segregated at the custodian as collateral for certain derivatives.
(F)	The rate shown is the annualized seven-day yield as of 8-31-20.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

26 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

DERIVATIVES

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
EUR	20,000	USD	22,428	RBC	9/16/2020	$1,446	—
USD	174,101	EUR	148,000	GSI	9/16/2020	—	$(2,569)
USD	525,353	EUR	463,855	JPM	9/16/2020	—	(28,357)
USD	607,308	EUR	517,400	RBC	9/16/2020	—	(10,320)
USD	448,183	MXN	9,810,000	JPM	9/17/2020	697	—
USD	16,585	MXN	370,000	SSB	9/17/2020	—	(293)
						$2,143	$(41,539)

WRITTEN OPTIONS

Options on securities
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls
Exchange-traded	Communication Services Select Sector SPDR Fund	USD	60.50	Sep 2020	26	2,600	$1,390	$(7,995)
Exchange-traded	Consumer Staples Select Sector SPDR Fund	USD	64.00	Sep 2020	73	7,300	3,318	(12,732)
Exchange-traded	Consumer Staples Select Sector SPDR Fund	USD	65.50	Sep 2020	60	6,000	2,188	(5,970)
Exchange-traded	Energy Select Sector SPDR Fund	USD	39.00	Sep 2020	3	300	160	(6)
Exchange-traded	Energy Select Sector SPDR Fund	USD	38.00	Sep 2020	2	200	121	(72)
Exchange-traded	Financial Select Sector SPDR Fund	USD	25.50	Sep 2020	50	5,000	1,073	(575)
Exchange-traded	Financial Select Sector SPDR Fund	USD	25.50	Sep 2020	55	5,500	1,291	(2,283)
Exchange-traded	Health Care Select Sector SPDR Fund	USD	110.00	Sep 2020	24	2,400	1,787	(468)
Exchange-traded	Health Care Select Sector SPDR Fund	USD	110.00	Sep 2020	19	1,900	959	(1,834)
Exchange-traded	Industrial Select Sector SPDR Fund	USD	75.00	Sep 2020	42	4,200	3,085	(12,075)
Exchange-traded	Industrial Select Sector SPDR Fund	USD	79.00	Sep 2020	39	3,900	3,801	(4,388)
Exchange-traded	iShares MSCI Australia ETF	USD	21.00	Sep 2020	8	800	228	(280)
Exchange-traded	iShares MSCI Australia ETF	USD	22.00	Sep 2020	78	7,800	270	(390)
Exchange-traded	iShares MSCI Japan ETF	USD	59.50	Sep 2020	5	500	182	(140)

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 27

Options on securities (continued)
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls (continued)
Exchange-traded	iShares U.S. Real Estate ETF	USD	84.50	Sep 2020	2	200	$179	$(18)
Exchange-traded	iShares U.S. Real Estate ETF	USD	83.00	Sep 2020	37	3,700	2,940	(4,366)
Exchange-traded	Materials Select Sector SPDR Fund	USD	63.00	Sep 2020	16	1,600	1,063	(1,208)
Exchange-traded	Materials Select Sector SPDR Fund	USD	64.50	Sep 2020	16	1,600	871	(1,096)
Exchange-traded	Technology Select Sector SPDR Fund	USD	120.00	Sep 2020	20	2,000	1,409	(8,100)
Exchange-traded	Technology Select Sector SPDR Fund	USD	125.00	Sep 2020	18	1,800	1,574	(4,374)
Exchange-traded	Utilities Select Sector SPDR Fund	USD	63.00	Sep 2020	89	8,900	3,334	(134)
Exchange-traded	Utilities Select Sector SPDR Fund	USD	61.00	Sep 2020	76	7,600	3,683	(3,002)
							$34,906	$(71,506)
Puts
Exchange-traded	Communication Services Select Sector SPDR Fund	USD	55.50	Sep 2020	26	2,600	$2,040	$(4,290)
Exchange-traded	Communication Services Select Sector SPDR Fund	USD	59.00	Sep 2020	25	2,500	1,587	(1,188)
Exchange-traded	Consumer Discretionary Select Sector SPDR Fund	USD	131.50	Sep 2020	11	1,100	1,963	(39)
Exchange-traded	Consumer Discretionary Select Sector SPDR Fund	USD	142.00	Sep 2020	11	1,100	1,611	(1,254)
Exchange-traded	Consumer Staples Select Sector SPDR Fund	USD	61.00	Sep 2020	19	1,900	1,111	(67)
Exchange-traded	Consumer Staples Select Sector SPDR Fund	USD	63.00	Sep 2020	19	1,900	883	(418)
Exchange-traded	Energy Select Sector SPDR Fund	USD	34.00	Sep 2020	18	1,800	1,610	(171)
Exchange-traded	Energy Select Sector SPDR Fund	USD	34.00	Sep 2020	18	1,800	890	(999)
Exchange-traded	Financial Select Sector SPDR Fund	USD	23.00	Sep 2020	76	7,600	2,695	(114)
Exchange-traded	Financial Select Sector SPDR Fund	USD	23.50	Sep 2020	75	7,500	2,210	(1,275)
Exchange-traded	Health Care Select Sector SPDR Fund	USD	102.00	Sep 2020	19	1,900	1,985	(48)

28 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Options on securities (continued)
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Puts (continued)
Exchange-traded	Health Care Select Sector SPDR Fund	USD	103.00	Sep 2020	19	1,900	$1,510	$(1,007)
Exchange-traded	Industrial Select Sector SPDR Fund	USD	68.50	Sep 2020	19	1,900	1,871	(48)
Exchange-traded	Industrial Select Sector SPDR Fund	USD	74.00	Sep 2020	18	1,800	1,520	(882)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	42.00	Sep 2020	134	13,400	7,566	(402)
Exchange-traded	iShares MSCI Emerging Markets ETF	USD	43.50	Sep 2020	131	13,100	5,694	(6,681)
Exchange-traded	iShares MSCI Japan ETF	USD	56.50	Sep 2020	50	5,000	2,323	(2,025)
Exchange-traded	iShares U.S. Real Estate ETF	USD	78.00	Sep 2020	6	600	891	(30)
Exchange-traded	iShares U.S. Real Estate ETF	USD	78.00	Sep 2020	6	600	483	(267)
Exchange-traded	Materials Select Sector SPDR Fund	USD	57.50	Sep 2020	6	600	537	(15)
Exchange-traded	Materials Select Sector SPDR Fund	USD	60.00	Sep 2020	6	600	351	(297)
Exchange-traded	Technology Select Sector SPDR Fund	USD	106.00	Sep 2020	28	2,800	3,933	(42)
Exchange-traded	Technology Select Sector SPDR Fund	USD	113.00	Sep 2020	27	2,700	3,819	(1,728)
Exchange-traded	Utilities Select Sector SPDR Fund	USD	58.00	Sep 2020	8	800	492	(132)
Exchange-traded	Utilities Select Sector SPDR Fund	USD	57.00	Sep 2020	8	800	372	(336)
							$49,947	$(23,755)
							$84,853	$(95,261)

Options on index
Counterparty (OTC)/ Exchange- traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls
GSI	EURO STOXX Banks Index	EUR	63.00	Sep 2020	106	106	$151	$(64)
GSI	EURO STOXX Chemicals Index	EUR	1,196.00	Sep 2020	20	20	230	(118)
GSI	EURO STOXX Technology Index	EUR	696.00	Sep 2020	29	29	293	(83)

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 29

Options on index (continued)
Counterparty (OTC)/ Exchange- traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
GSI	EURO STOXX Utilities Index	EUR	365.00	Sep 2020	34	34	$144	$(2)
GSI	FTSE 100 Index	GBP	6,132.00	Sep 2020	11	11	762	(86)
UBS	Nikkei 225 Index	JPY	22,750.00	Sep 2020	1,807	1,807	3,633	(7,897)
							$5,213	$(8,250)
Exchange-traded	EURO STOXX Banks Index	EUR	65.00	Sep 2020	18	900	872	(1,128)
Exchange-traded	EURO STOXX Chemicals Index	EUR	1,220.00	Sep 2020	1	50	517	(304)
Exchange-traded	EURO STOXX Technology Index	EUR	705.00	Sep 2020	2	100	728	(585)
Exchange-traded	EURO STOXX Utilities Index	EUR	370.00	Sep 2020	8	400	1,071	(239)
Exchange-traded	FTSE 100 Index	GBP	6,275.00	Sep 2020	2	20	1,173	(314)
							$4,361	$(2,570)
Puts
GSI	EURO STOXX Automobiles & Parts Index	EUR	353.00	Sep 2020	103	103	$637	$(1)
GSI	EURO STOXX Banks Index	EUR	56.00	Sep 2020	1,060	1,060	1,775	(27)
GSI	EURO STOXX Chemicals Index	EUR	1,123.00	Sep 2020	38	38	674	(46)
GSI	EURO STOXX Health Care Index	EUR	827.00	Sep 2020	37	37	415	(586)
GSI	EURO STOXX Industrial Goods & Services Index	EUR	782.00	Sep 2020	59	59	433	(3)
GSI	EURO STOXX Oil & Gas Index	EUR	206.00	Sep 2020	96	96	351	(18)
GSI	EURO STOXX Personal & Household Goods Index	EUR	981.00	Sep 2020	50	50	750	(37)
GSI	EURO STOXX Technology Index	EUR	642.00	Sep 2020	49	49	540	(35)
GSI	EURO STOXX Telecommunications Index	EUR	240.00	Sep 2020	54	54	167	(35)
GSI	EURO STOXX Utilities Index	EUR	344.00	Sep 2020	68	68	299	(86)
GSI	FTSE 100 Index	GBP	5,750.00	Sep 2020	19	19	2,062	(221)
							$8,103	$(1,095)

30 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Options on index (continued)
Counterparty (OTC)/ Exchange- traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Exchange-traded	EURO STOXX Automobiles & Parts Index	EUR	380.00	Sep 2020	2	100	$763	$(597)
Exchange-traded	EURO STOXX Banks Index	EUR	58.00	Sep 2020	21	1,050	1,141	(1,034)
Exchange-traded	EURO STOXX Chemicals Index	EUR	1,130.00	Sep 2020	1	50	370	(603)
Exchange-traded	EURO STOXX Health Care Index	EUR	815.00	Sep 2020	1	50	317	(916)
Exchange-traded	EURO STOXX Industrial Goods & Services Index	EUR	830.00	Sep 2020	1	50	482	(698)
Exchange-traded	EURO STOXX Oil & Gas Index	EUR	215.00	Sep 2020	2	100	209	(286)
Exchange-traded	EURO STOXX Personal & Household Goods Index	EUR	1,000.00	Sep 2020	1	50	499	(603)
Exchange-traded	EURO STOXX Technology Index	EUR	650.00	Sep 2020	1	50	311	(430)
Exchange-traded	EURO STOXX Telecommunications Index	EUR	245.00	Sep 2020	1	50	104	(233)
Exchange-traded	EURO STOXX Utilities Index	EUR	340.00	Sep 2020	1	50	128	(203)
Exchange-traded	FTSE 100 Index	GBP	5,900.00	Sep 2020	2	20	1,578	(2,486)
							$5,902	$(8,089)
							$23,579	$(20,004)

Derivatives Currency Abbreviations
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
USD	U.S. Dollar

Derivatives Abbreviations
GSI	Goldman Sachs International
JPM	JPMorgan Chase Bank, N.A.
OTC	Over-the-counter
RBC	Royal Bank of Canada
SSB	State Street Bank and Trust Company
UBS	UBS AG

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 31

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $143,052,866. Net unrealized appreciation aggregated to $3,758,077, of which $5,251,019 related to gross unrealized appreciation and $1,492,942 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

32 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-20

Assets
Unaffiliated investments, at value (Cost $143,059,665)	$146,965,604
Unrealized appreciation on forward foreign currency contracts	2,143
Foreign currency, at value (Cost $34,175)	34,470
Dividends and interest receivable	1,469,110
Receivable for fund shares sold	13
Receivable from affiliates	17,635
Other assets	17,299
Total assets	148,506,274
Liabilities
Unrealized depreciation on forward foreign currency contracts	41,539
Written options, at value (Premiums received $108,432)	115,265
Payable for investments purchased	2,378
Payable for fund shares repurchased	1,900
Payable to affiliates
Accounting and legal services fees	6,245
Transfer agent fees	646
Trustees' fees	80
Other liabilities and accrued expenses	60,792
Total liabilities	228,845
Net assets	$148,277,429
Net assets consist of
Paid-in capital	$147,955,085
Total distributable earnings (loss)	322,344
Net assets	$148,277,429
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 ($4,791,460 ÷ 485,831 shares)1	$9.86
Class C ($696,844 ÷ 71,032 shares)1	$9.81
Class I ($469,319 ÷ 47,512 shares)	$9.88
Class R6 ($248,343 ÷ 25,122 shares)	$9.89
Class NAV ($142,071,463 ÷ 13,762,173 shares)	$10.32
Maximum offering price per share
Class A (net asset value per share ÷ 95.5%)2	$10.32

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 33

STATEMENT OF OPERATIONS For the year ended  8-31-20

Investment income
Interest	$1,057,966
Dividends	457,804
Income distributions received from affiliated investments	139,738
Securities lending	2,045
Less foreign taxes withheld	(11,849)
Total investment income	1,645,704
Expenses
Investment management fees	161,747
Distribution and service fees	20,906
Accounting and legal services fees	6,446
Transfer agent fees	7,374
Trustees' fees	332
Custodian fees	48,238
State registration fees	62,173
Printing and postage	23,608
Professional fees	141,798
Other	10,604
Total expenses	483,226
Less expense reductions	(264,834)
Net expenses	218,392
Net investment income	1,427,312
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(12,716)
Affiliated investments	(32,594)
Capital gain distributions received from affiliated investments	19,641
Futures contracts	2,027
Written options	126,283
	102,641
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	3,869,492
Affiliated investments	(90,090)
Futures contracts	283
Forward foreign currency contracts	(39,396)
Written options	(6,833)
	3,733,456
Net realized and unrealized gain	3,836,097
Increase in net assets from operations	$5,263,409

34 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 8-31-20	Year ended 8-31-19
Increase (decrease) in net assets
From operations
Net investment income	$1,427,312	$186,616
Net realized gain (loss)	102,641	(47,176)
Change in net unrealized appreciation (depreciation)	3,733,456	183,504
Increase in net assets resulting from operations	5,263,409	322,944
Distributions to shareholders
From earnings
Class A	(104,227)	(149,223)
Class C	(12,352)	(20,264)
Class I	(8,018)	(11,271)
Class R6	(5,497)	(5,900)
Class NAV	(631,175)	—
Total distributions	(761,269)	(186,658)
From fund share transactions	137,699,737	(234,379)
Total increase (decrease)	142,201,877	(98,093)
Net assets
Beginning of year	6,075,552	6,173,645
End of year	$148,277,429	$6,075,552

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 35

Financial highlights

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$9.88	$9.67	$9.93	$9.75	$9.55
Net investment income1,2	0.30	0.31	0.32	0.29	0.31
Net realized and unrealized gain (loss) on investments	(0.11) 3	0.21	(0.24)	0.21	0.34
Total from investment operations	0.19	0.52	0.08	0.50	0.65
Less distributions
From net investment income	(0.21)	(0.31)	(0.34)	(0.32)	(0.43)
From net realized gain	—	—	— 4	— 4	(0.02)
Total distributions	(0.21)	(0.31)	(0.34)	(0.32)	(0.45)
Net asset value, end of period	$9.86	$9.88	$9.67	$9.93	$9.75
Total return (%)5,6	1.96	5.52	0.80	5.30	7.13
Ratios and supplemental data
Net assets, end of period (in millions)	$5	$5	$5	$6	$3
Ratios (as a percentage of average net assets):
Expenses before reductions7	1.59	3.88	2.28	2.77	4.17
Expenses including reductions7	0.90	0.62	0.62	0.63	0.62
Net investment income2	2.98	3.20	3.26	2.96	3.33
Portfolio turnover (%)	42	29	50	17	34

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the portfolio.
4	Less than $0.005 per share.
5	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6	Does not reflect the effect of sales charges, if any.
7	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

36 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$9.85	$9.64	$9.90	$9.72	$9.53
Net investment income1,2	0.23	0.24	0.25	0.22	0.24
Net realized and unrealized gain (loss) on investments	(0.11) 3	0.21	(0.24)	0.22	0.35
Total from investment operations	0.12	0.45	0.01	0.44	0.59
Less distributions
From net investment income	(0.16)	(0.24)	(0.27)	(0.26)	(0.38)
From net realized gain	—	—	— 4	— 4	(0.02)
Total distributions	(0.16)	(0.24)	(0.27)	(0.26)	(0.40)
Net asset value, end of period	$9.81	$9.85	$9.64	$9.90	$9.72
Total return (%)5,6	1.24	4.80	0.09	4.58	6.41
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$1	$1	$2	$1
Ratios (as a percentage of average net assets):
Expenses before reductions7	2.30	4.58	2.98	3.47	4.86
Expenses including reductions7	1.62	1.32	1.32	1.33	1.32
Net investment income2	2.27	2.51	2.54	2.30	2.58
Portfolio turnover (%)	42	29	50	17	34

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the portfolio.
4	Less than $0.005 per share.
5	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6	Does not reflect the effect of sales charges, if any.
7	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 37

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$9.89	$9.67	$9.93	$9.76	$9.55
Net investment income1,2	0.33	0.34	0.36	0.32	0.33
Net realized and unrealized gain (loss) on investments	(0.11) 3	0.22	(0.25)	0.20	0.36
Total from investment operations	0.22	0.56	0.11	0.52	0.69
Less distributions
From net investment income	(0.23)	(0.34)	(0.37)	(0.35)	(0.46)
From net realized gain	—	—	— 4	— 4	(0.02)
Total distributions	(0.23)	(0.34)	(0.37)	(0.35)	(0.48)
Net asset value, end of period	$9.88	$9.89	$9.67	$9.93	$9.76
Total return (%)5	2.28	5.94	1.11	5.51	7.51
Ratios and supplemental data
Net assets, end of period (in millions)	$— 6	$— 6	$— 6	$3	$2
Ratios (as a percentage of average net assets):
Expenses before reductions7	1.30	3.60	1.98	2.46	3.86
Expenses including reductions7	0.62	0.34	0.32	0.31	0.31
Net investment income2	3.29	3.50	3.59	3.32	3.48
Portfolio turnover (%)	42	29	50	17	34

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the portfolio.
4	Less than $0.005 per share.
5	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6	Less than $500,000.
7	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

38 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$9.89	$9.68	$9.94	$9.76	$9.55
Net investment income1,2	0.35	0.34	0.37	0.33	0.34
Net realized and unrealized gain (loss) on investments	(0.11) 3	0.22	(0.25)	0.21	0.35
Total from investment operations	0.24	0.56	0.12	0.54	0.69
Less distributions
From net investment income	(0.24)	(0.35)	(0.38)	(0.36)	(0.46)
From net realized gain	—	—	— 4	— 4	(0.02)
Total distributions	(0.24)	(0.35)	(0.38)	(0.36)	(0.48)
Net asset value, end of period	$9.89	$9.89	$9.68	$9.94	$9.76
Total return (%)5	2.46	5.94	1.20	5.73	7.62
Ratios and supplemental data
Net assets, end of period (in millions)	$— 6	$— 6	$— 6	$1	$1
Ratios (as a percentage of average net assets):
Expenses before reductions7	1.19	3.48	1.88	2.37	3.76
Expenses including reductions7	0.50	0.22	0.22	0.22	0.20
Net investment income2	3.45	3.53	3.69	3.42	3.57
Portfolio turnover (%)	42	29	50	17	34

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the portfolio.
4	Less than $0.005 per share.
5	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6	Less than $500,000.
7	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 39

CLASS NAV SHARES Period ended	8-31-20 1
Per share operating performance
Net asset value, beginning of period	$10.00
Net investment income2	0.09
Net realized and unrealized gain (loss) on investments	0.28
Total from investment operations	0.37
Less distributions
From net investment income	(0.05)
Net asset value, end of period	$10.32
Total return (%)3	3.67 4
Ratios and supplemental data
Net assets, end of period (in millions)	$142
Ratios (as a percentage of average net assets):
Expenses before reductions	1.17 5
Expenses including reductions	0.49 5
Net investment income	3.77 5
Portfolio turnover (%)	42 6

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

40 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

Note 1—Organization

John Hancock Multi-Asset High Income Fund (formerly known as John Hancock Income Allocation Fund) (the fund) is a series of John Hancock Funds II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek to provide a high level of current income with consideration for capital appreciation and preservation.

Effective April 17, 2020, the fund changed its name to John Hancock Multi-Asset High Income Fund in connection with changes to the fund's principal investment strategies.

Prior to June 4, 2020, the fund operated as a "fund of funds", investing in affiliated underlying funds of the Trust, other series of the Trust, other funds in John Hancock group of funds complex, non-John Hancock funds and certain other permitted investments.

Class NAV was offered effective June 4, 2020.

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 ten 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 fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments in affiliated underlying funds and/or other open-end management investment companies, other than exchange-traded funds (ETFs), are valued at their respective NAVs each business day. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices from the exchange where the option trades. Unlisted options are valued using evaluated prices obtained from an independent pricing vendor. Forward

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 41

foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee 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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund's Pricing Committee, following procedures established by the Board of Trustees. The fund 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 fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$760,900	—	$760,900	—
Foreign government obligations	2,033,263	—	2,033,263	—
Corporate bonds	90,306,783	—	90,306,783	—
Capital preferred securities	914,778	—	914,778	—
Term loans	1,337,122	—	1,337,122	—
Collateralized mortgage obligations	466,946	—	466,946	—
Asset backed securities	1,066,564	—	1,066,564	—

42 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Common stocks	38,653,964	$28,093,572	10,560,392	—
Preferred securities	4,418,098	4,418,098	—	—
Short-term investments	7,007,186	2,008,695	4,998,491	—
Total investments in securities	$146,965,604	$34,520,365	$112,445,239	—
Derivatives:
Assets
Forward foreign currency contracts	$2,143	—	$2,143	—
Liabilities
Forward foreign currency contracts	(41,539)	—	(41,539)	—
Written options	(115,265)	$(105,920)	(9,345)	—

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 the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the 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 will invest its cash collateral in John Hancock Collateral Trust (JHCT), an affiliate of the fund, which has a floating NAV and is registered with the SEC as an investment company. JHCT 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. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 43

compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations. As of August 31, 2020, there were no securities on loan.

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

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

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriation taxes 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. Effective June 25, 2020, 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 $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2020 were $2,589.

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.

44 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $4,044,252 and a long-term capital loss carryforward of $187,972 available to offset future net realized capital gains. These carryforwards do not expire.

Due to certain Internal Revenue Code rules, utilization of the capital loss carryforwards may be limited in future years.

As of August 31, 2020, 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 monthly. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	$761,269	$186,658

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, the components of distributable earnings on a tax basis consisted of $794,754 of undistributed ordinary income.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to amortization and accretion on debt securities.

Note 3—Derivative instruments

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

Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 45

counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

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

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

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund's investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the year ended August 31, 2020, the fund used futures contracts to manage against anticipated interest rate changes and gain exposure to certain bond markets. The fund held futures contracts with USD notional values ranging up to $130,000 as measured at each quarter end. There were no open futures contracts as of August 31, 2020.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange

46 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended August 31, 2020, the fund used forward foreign currency contracts to manage against anticipated changes in currency exchange rates. The fund held forward foreign currency contracts with USD notional values ranging up to $1.8 million as measured at each quarter end.

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

When the fund purchases an option, the premium paid is included in the Fund's investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, the fund realizes a loss equal to the cost of the option. If the fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If the fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the fund.

During the year ended August 31, 2020, the fund wrote option contracts to manage against changes in certain securities markets and to gain exposure to certain securities markets.. The fund held written option contracts with market values ranging up to $115,000 as measured at each quarter end.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2020 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	$2,143	$(41,539)
Equity	Written options, at value	Written options	—	(115,265)
			$2,143	$(156,804)

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

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 47

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Net realized gain (loss) on:
Risk	Futures contracts	Written options	Total
Interest rate	$2,027	—	$2,027
Equity	—	$126,283	126,283
Total	$2,027	$126,283	$128,310

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Futures contracts	Forward foreign currency contracts	Written options	Total
Interest rate	$283	—	—	$283
Currency	—	$(39,396)	—	(39,396)
Equity	—	—	$(6,833)	(6,833)
Total	$283	$(39,396)	$(6,833)	$(45,946)

Note 4—Guarantees and indemnifications

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

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

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

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

48 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

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

	First $5.0 billion of net assets	Excess over $5.0 billion of net assets
Assets in a fund of the Trust or JHF III	0.200%	0.175%
	First $1.5 billion of net assets	Excess over $1.5 billion of net assets
Other assets	0.420%	0.410%

Prior to June 4, 2020, the management fees were determined in accordance with the following schedule:

	First $5.0 billion of aggregate net assets	Excess over $5.0 billion of aggregate net assets
Assets in a fund of the Trust or JHF III	0.200%	0.175%
Other assets	0.650%	0.625%

Effective June 4, 2020, the Advisor has contractually agreed to reduce its management fee or make payments to the fund if other expenses of the fund exceed 0.52% of average net assets. Expenses excluded from this waiver include taxes, brokerage commissions, interest expense, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, underlying fund expenses (acquired fund fees) and short dividend expense. The current expense limitation agreement expires on December 31, 2021, 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.

Effective January 1, 2020, the Advisor has contractually agreed to reduce its management fee or make payments to the fund if other expenses of the fund exceed 0.14% of average net assets. Expenses excluded from this waiver include management fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, underlying fund expenses (acquired fund fees) and short dividend expense. The expense limitation agreement expires on December 31, 2020. Prior to January 1, 2020, the Advisor contractually agreed to reduce its management fee, or if necessary make payment to the fund, in an amount equal to the amount by which the expenses of the fund, excluding management fees, exceed 0.04% of the average net assets of the fund.

The Advisor has contractually agreed to waive its management fees so that the aggregate management fee amount retained by the Advisor, with respect to both the fund and its underlying investments, after payment of subadvisory fees for the fund does not exceed 0.45% of the fund’s average net assets. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$141,004
Class C	22,015
Class I	10,427

Class	Expense reduction
Class R6	$6,469
Class NAV	84,919
Total	$264,834

 

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of 0.00% of the fund's average daily net assets.

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 49

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

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

Prior to June 4, 2020, Rule 12b-1 fee payable by the fund’s Class A shares was 0.30%.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $977 for the year ended August 31, 2020. Of this amount, $166 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $811 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 that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $2 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 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$13,624	$5,968
Class C	7,282	919
Class I	—	457
Class R6	—	30

50 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

Class	Distribution and service fees	Transfer agent fees
Total	$20,906	$7,374

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

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2020 and 2019 were as follows:

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class A shares
Sold	139,101	$1,352,247	91,909	$877,445
Distributions reinvested	10,475	104,086	15,609	149,203
Repurchased	(143,455)	(1,405,860)	(132,006)	(1,268,049)
Net increase (decrease)	6,121	$50,473	(24,488)	$(241,401)
Class C shares
Sold	11,927	$118,009	26,389	$253,592
Distributions reinvested	1,156	11,480	1,991	18,933
Repurchased	(24,558)	(234,363)	(38,724)	(366,644)
Net decrease	(11,475)	$(104,874)	(10,344)	$(94,119)
Class I shares
Sold	22,750	$221,017	13,655	$129,770
Distributions reinvested	808	8,018	1,180	11,271
Repurchased	(6,136)	(59,312)	(13,720)	(132,570)
Net increase	17,422	$169,723	1,115	$8,471
Class R6 shares
Sold	7,031	$68,941	9,234	$88,679
Distributions reinvested	419	4,165	414	3,991
Repurchased	(4,943)	(49,824)	—	—
Net increase	2,507	$23,282	9,648	$92,670
Class NAV shares1
Sold	13,756,654	$137,507,164	—	—
Distributions reinvested	62,259	631,175	—	—
Repurchased	(56,740)	(577,206)	—	—
Net increase	13,762,173	$137,561,133	—	—
Total net increase (decrease)	13,776,748	$137,699,737	(24,069)	$(234,379)

¹ The inception date for Class NAV shares is 6-4-20.

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 51

Affiliates of the fund owned 95% and 100% of shares of Class R6 and Class NAV on August 31, 2020. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $144,861,934 and $15,117,160, respectively, for the year ended August 31, 2020.

Note 8—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund's net assets. At August 31, 2020, funds within the John Hancock group of funds complex held 95.8% of the fund's net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund's net assets:

Portfolio	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	33.1%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio	32.8%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	29.9%

Note 9—Investment in affiliated underlying funds

The fund invests primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The fund does not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the fund's investment may represent a significant portion of each underlying funds’ net assets. At August 31, 2020, the fund did not hold 5% or more of the net assets of any underlying funds.

Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Bond	—	$1,398,561	$351,781	$(1,753,336)	$72,233	$(69,239)	$35,268	$8,619	—
Emerging Markets Debt	—	498,669	128,361	(602,367)	(16,295)	(8,368)	19,464	—	—
Floating Rate Income	—	242,857	54,670	(280,689)	(19,133)	2,295	10,164	—	—
Global Equity	—	274,288	70,419	(341,181)	1,438	(4,964)	5,412	1,342	—
Global Shareholder Yield	—	563,815	163,604	(687,452)	(41,807)	1,840	11,563	9,680	—
High Yield	—	334,515	93,390	(410,999)	(16,443)	(463)	14,438	—	—
John Hancock Collateral Trust*	—	50,150	7,295,898	(7,346,316)	268	—	2,045	—	—
Short Duration Credit Opportunities	—	260,431	51,884	(305,158)	(9,008)	1,851	7,022	—	—
Strategic Income Opportunities	—	1,338,627	266,510	(1,596,560)	(108)	(8,469)	24,541	—	—
U.S. High Yield Bond	—	285,320	81,618	(358,626)	(3,739)	(4,573)	11,866	—	—
					$(32,594)	$(90,090)	$141,783	$19,641	—

52 JOHN HANCOCK Multi-Asset High Income Fund | ANNUAL REPORT

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

Note 10—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR after 2021. This event will likely cause LIBOR to cease to be published. Before then, it is expected that market participants will transition to the use of different reference or benchmark rates. However, although regulators have suggested alternative rates, there is currently no definitive information regarding the future utilization of LIBOR or of any replacement rate.

It is uncertain what impact the discontinuation of LIBOR will have on the use of LIBOR as a reference rate for securities in which the fund invests. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. In addition, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, which could occur prior to the end of 2021. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

Note 11—Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

ANNUAL REPORT | JOHN HANCOCK Multi-Asset High Income Fund 53

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Multi-Asset High Income Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31,2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

54 JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND | ANNUAL REPORT

Tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2020.

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 of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

ANNUAL REPORT | JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND 55

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Multi-Asset High Income Fund (the fund, formerly, John Hancock Income Allocation Fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020. Approval of Advisory and Subadvisory Agreements.

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees, 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 notes 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

____________________
¹On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held telephonically in reliance on the Order.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       56

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.

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 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:

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       57

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

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its peer group median for the one-, three-, and five-year periods ended December 31, 2019. The Board also noted that the fund underperformed its benchmark index for the one-, three-, and five-year periods ended December 31, 2019. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the peer group median for the one-, three-, and five-year periods. The Board also noted that it recently approved changes to the Fund's principal investment strategies. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of comparable funds.

ANNUAL REPORT   |   JOHN HANCOCK MULTI-ASSET HIGH INCOME FUND       58

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that the Advisor waived the fund's management fee and that net total expenses for the fund are higher than the peer group median. The Board also noted that it recently approved a new fund level expense cap through December 31, 2021.

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

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;

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(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; and
(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;
(l)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor including entrepreneurial, operational, reputational, litigation and regulatory risk.

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

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

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

Approval of Subadvisory Agreement

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

(1)	information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

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(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.

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 median and the benchmark index and noted that the Board reviews information about the fund's

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performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

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

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

* * *

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

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee's assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

• Operation of the Fund's Redemption-In-Kind Procedures;

• Highly Liquid Investment Minimum (HLIM) determination;

• Compliance with the 15% limit on illiquid investments;

• Reasonably Anticipated Trade Size (RATS) determination;

• Security-level liquidity classifications; and

• Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

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As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund's HLIM. This process incorporates the Fund's investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines "illiquid investment" to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund's RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

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As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund's RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund's liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

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Trustees and Officers

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

Independent Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945	2005	195
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.

Charles L. Bardelis,2 Born: 1941	2005	195
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959	2015	195
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942	2005	195
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944	2012	195
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; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946	2008	195
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).

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Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); 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 American Student Assistance Corporation (1996-2009); 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).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
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,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

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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
Gregory A. Russo, Born: 1949	2012	195
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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

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	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

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Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973

2018

Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979

2020

Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); 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).

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 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.
3	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
*	Appointed as Independent Trustee effective as of September 15, 2020.

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More information

Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
Deborah C. Jackson
James M. Oates*
Frances G. Rathke*^,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg²
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
John F. Addeo, CFA
Geoffrey Kelley, CFA
Caryn E. Rothman, CFA
Nathan W. Thooft, CFA
Christopher Walsh, CFA
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
John Hancock Signature Services, Inc.
Legal counsel
K&L Gates LLP
Independent registered public accounting firm
PricewaterhouseCoopers LLP

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

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John Hancock family of funds

DOMESTIC 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
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Quality Growth
GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency
Alternative Asset Allocation
Alternative Risk Premia
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
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.

ASSET ALLOCATION

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG All Cap Core
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

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

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

MF1324506 448A 8/20
10/20

John Hancock

New Opportunities Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

Despite heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020. In response to the pandemic-led shock, the U.S. Federal Reserve and the government worked quickly to shore up the economy, and by the end of the first quarter, equity markets began to rise. This comeback gathered momentum, particularly for large-cap U.S. growth stocks, during the remainder of the period. 

Of course, it would be a mistake to consider this market turnaround a trustworthy signal of assured or swift economic recovery. While there has been economic growth in most of the United States, the pace has slowed in many areas as interest rates remain low and spending remains far below prepandemic levels.

From an investment perspective, we continue to think that maintaining a focus on long-term objectives while pursuing a risk-aware strategy is a prudent way forward. Above all, we believe the counsel of a trusted financial professional continues to matter now more than ever. Periods of heightened uncertainty are precisely the time to review your financial goals and follow a plan that helps you make the most of what continues to be a challenging situation.  

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,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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.

John Hancock
New Opportunities Fund

Table of contents

2	Your fund at a glance
4	Manager's discussion of fund performance
6	A look at performance
8	Your expenses
10	Fund's investments
14	Financial statements
17	Financial highlights
26	Notes to financial statements
35	Report of independent registered public accounting firm
36	Tax information
37	Continuation of investment advisory and subadvisory agreements
44	Statement regarding liquidity risk management
47	Trustees and Officers
51	More information

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks long-term capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

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

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

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.

1 Class A shares were first offered on 5-27-15. The returns prior to this date are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. Class NAV shares ceased operations on 3-13-19.

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.

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Small-cap stocks performed well in the 12-month period

Despite the dramatic sell-off in February and March of 2020, the Russell 2000 Growth Index closed the period with a robust gain.

The fund performed closely in line with the index

Although our primary focus is on individual stock picking, sector allocations—specifically, zero weightings in utilities and communications services—contributed to relative performance.

Stock selection had a mixed effect

Our investment process added the most value in the real estate, information technology, and healthcare sectors, but the benefit was largely offset by a weaker showing in industrials, financials, and consumer discretionary.

SECTOR COMPOSITION AS OF 8/31/2020 (%)

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       3

Manager's discussion of fund performance

Effective September 6, 2019, John Hancock New Opportunities Fund is managed solely by GW&K Investment Management. Prior to this date, the fund was managed by portfolio management teams at GW&K, Dimensional Fund Advisors L.P., and Brandywine Global Investment Management LLC.

Can you describe investment conditions during the 12 months ended August 31, 2020?

U.S. equities, after performing well in the first five months of the period, sold off sharply through February and most of March in response to the emergence of COVID-19. The major indexes reached a low on March 23, at which point they began to regain ground thanks to the combination of fiscal stimulus, aggressive policy accommodation by the U.S. Federal Reserve, and optimism that the economy would gradually reopen. After a long, steady rally, the Russell 2000 Growth Index recaptured its previous high in late August and finished the full period with a solid gain.

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

Although lower-quality stocks were the key driver of returns in the small-cap growth space, the fund was able to overcome this potential headwind through individual stock selection. The strongest results were in the real estate sector, led by positions in two defensive businesses that were mostly unaffected by the concerns surrounding COVID-19: QTS Realty Trust, Inc. and Easterly Government Properties, Inc. QTS, a data-center real estate investment trust, benefited from growing demand for cloud computing services. Easterly, which proved largely immune to the shifting business environment

TOP 10 HOLDINGS AS OF 8/31/2020 (%)

HubSpot, Inc.	2.4
Fox Factory Holding Corp.	2.4
Catalent, Inc.	2.3
Ritchie Brothers Auctioneers, Inc.	2.2
Emergent BioSolutions, Inc.	2.1
SiteOne Landscape Supply, Inc.	2.1
Grand Canyon Education, Inc.	2.1
Paylocity Holding Corp.	2.0
QTS Realty Trust, Inc., Class A	2.0
Horizon Therapeutics PLC	1.9
TOTAL	21.5
As a percentage of net assets.
Cash and cash equivalents are not included.

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       4

given that it primarily leases its properties to government agencies, also delivered a strong return.

Information technology was another area of strength for the fund. HubSpot, Inc. was the top contributor in the sector as rising demand for its software-as-a-service offerings fueled impressive fundamental results. A pair of holdings from the semiconductor and semiconductor equipment industry, Entegris, Inc. and MACOM Technology Solutions Holdings, Inc., were also notable contributors. HubSpot and Entegris were not in the benchmark.

On the negative side, stock selection in financials detracted from performance. The shortfall was primarily the result of holdings in regional banks that were hurt by the combination of slowing growth and a declining margin between the rates at which they borrow and lend. We maintained the fund's positions in this area, as we remain confident in the fundamentals of the companies held in the portfolio.

Selection in the industrials sector also weighed on results, with two out-of-benchmark companies linked to the aviation industry—AAR Corp. and Woodward Inc.—representing the largest detractors. We maintained the position in Woodward, but we sold AAR from the portfolio. Outside of these two areas, the energy company Matador Resources Company was a key detractor. Matador, like many smaller players in the domestic exploration and production industry, was hurt by falling energy prices. Believing the increasingly difficult business environment would feed through to the company's balance sheet, we sold the position.

What was your overall view on the investment backdrop at the close of the period?

Macroeconomic factors were the key driver of market performance in the past year, and that could well remain the case given the potential for headlines surrounding fiscal policies, a COVID-19 vaccine, and the U.S. elections. However, our virtual meetings with company management teams have revealed a continued sense of cautious optimism in the business community.

MANAGED BY

New Opportunities Fund is managed by a team of portfolio managers at GW&K Investment Management.

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

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       5

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2020 

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year		5-year	10-year
Class A1	11.33	6.94	11.36		39.87	193.16
Class C1	15.33	7.28	11.51		42.08	197.36
Class I1,2	17.49	8.36	12.10		49.42	213.44
Class R11,2	16.73	7.78	11.79		45.43	204.71
Class R21,2	17.23	8.14	11.99		47.92	210.17
Class R31,2	16.98	7.90	11.85		46.25	206.43
Class R41,2	17.45	8.30	12.07		49.01	212.48
Class R61,2	17.62	8.46	12.16		50.08	214.96
Class 12	17.62	8.44	12.12		49.92	213.82
Index 1†	17.28	10.45	14.08		64.40	273.40
Index 2†	6.02	7.65	11.53		44.57	197.75

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R1, Class R2, Class R3, Class R4, Class R6 and Class 1.

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 expense limitations in effect until December 31, 2020 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 R1	Class R2	Class R3	Class R4	Class R6	Class 1
Gross (%)	1.20	1.95	0.95	1.59	1.34	1.49	1.19	0.84	0.88
Net (%)	1.19	1.94	0.94	1.58	1.33	1.48	1.08	0.83	0.87

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

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

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

† Index 1 is the Russell 2000 Growth Index; Index 2 is the Russell 2000 Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       6

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

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)
Class C1,3	8-31-10	29,736	29,736	37,340	29,775
Class I1,2	8-31-10	31,344	31,344	37,340	29,775
Class R11,2	8-31-10	30,471	30,471	37,340	29,775
Class R21,2	8-31-10	31,017	31,017	37,340	29,775
Class R31,2	8-31-10	30,643	30,643	37,340	29,775
Class R41,2	8-31-10	31,248	31,248	37,340	29,775
Class R61,2	8-31-10	31,496	31,496	37,340	29,775
Class 12	8-31-10	31,382	31,382	37,340	29,775

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

The Russell 2000 Index is an unmanaged index composed of 2,000 U.S. small capitalization stocks.

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

Prior to September 6, 2019, the fund's primary benchmark was the Russell 2000 Index. Effective September 6, 2019, the fund's primary benchmark index is the Russell 2000 Growth Index. The Russell 2000 Growth Index better reflects the universe of investment opportunities based on the fund's current investment strategy.

Footnotes related to performance pages

1	Class A, Class C, Class I, Class R1, Class R2, Class R3, Class R4, and Class R6 shares were first offered on 5-27-15. The returns prior to this date are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. Class NAV shares ceased operations on 3-13-19.
2	For certain type of investors as described in the fund's prospectuses.
3	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       7

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

8 JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectuses for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,199.00	$ 6.96	1.26%
	Hypothetical example	1,000.00	1,018.80	6.39	1.26%
Class C	Actual expenses/actual returns	1,000.00	1,194.70	11.09	2.01%
	Hypothetical example	1,000.00	1,015.00	10.18	2.01%
Class I	Actual expenses/actual returns	1,000.00	1,200.30	5.59	1.01%
	Hypothetical example	1,000.00	1,020.10	5.13	1.01%
Class R1	Actual expenses/actual returns	1,000.00	1,196.20	9.11	1.65%
	Hypothetical example	1,000.00	1,016.80	8.36	1.65%
Class R2	Actual expenses/actual returns	1,000.00	1,198.80	6.69	1.21%
	Hypothetical example	1,000.00	1,019.10	6.14	1.21%
Class R3	Actual expenses/actual returns	1,000.00	1,198.10	7.85	1.42%
	Hypothetical example	1,000.00	1,018.00	7.20	1.42%
Class R4	Actual expenses/actual returns	1,000.00	1,199.90	5.75	1.04%
	Hypothetical example	1,000.00	1,019.90	5.28	1.04%
Class R6	Actual expenses/actual returns	1,000.00	1,201.10	4.92	0.89%
	Hypothetical example	1,000.00	1,020.70	4.52	0.89%
Class 1	Actual expenses/actual returns	1,000.00	1,200.80	5.14	0.93%
	Hypothetical example	1,000.00	1,020.50	4.72	0.93%

¹ Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 9

Fund’s investments

AS OF 8-31-20

	Shares	Value
Common stocks 99.2%		$316,480,539
(Cost $237,768,752)
Consumer discretionary 14.4%		45,879,682
Auto components 3.2%
Dorman Products, Inc. (A)	32,681	2,767,754
Fox Factory Holding Corp. (A)	75,224	7,583,331
Distributors 1.7%
Pool Corp.	16,396	5,375,265
Diversified consumer services 2.1%
Grand Canyon Education, Inc. (A)	69,940	6,577,158
Hotels, restaurants and leisure 2.6%
Churchill Downs, Inc.	28,238	4,934,873
Chuy's Holdings, Inc. (A)	156,858	3,488,522
Multiline retail 1.0%
Ollie's Bargain Outlet Holdings, Inc. (A)	34,482	3,294,410
Specialty retail 3.2%
Five Below, Inc. (A)	45,023	4,927,767
Lithia Motors, Inc., Class A	20,544	5,114,634
Textiles, apparel and luxury goods 0.6%
Oxford Industries, Inc.	36,664	1,815,968
Consumer staples 1.8%		5,614,970
Food and staples retailing 1.8%
Performance Food Group Company (A)	101,506	3,705,984
PriceSmart, Inc.	29,034	1,908,986
Financials 5.6%		17,889,278
Banks 2.2%
Ameris Bancorp	104,078	2,551,993
Atlantic Union Bankshares Corp.	76,272	1,774,087
Pinnacle Financial Partners, Inc.	70,834	2,829,818
Capital markets 2.1%
Houlihan Lokey, Inc.	79,967	4,686,066
Stifel Financial Corp.	37,734	1,913,491
Consumer finance 0.9%
Encore Capital Group, Inc. (A)	65,640	3,015,502
Diversified financial services 0.0%
NewStar Financial, Inc. (A)(B)	16,196	1,646
Insurance 0.4%
Heritage Insurance Holdings, Inc.	85,569	1,116,675

10 JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Shares	Value
Health care 32.9%		$104,932,610
Biotechnology 12.1%
Aimmune Therapeutics, Inc. (A)	164,303	5,622,449
Amicus Therapeutics, Inc. (A)	242,588	3,541,785
Arena Pharmaceuticals, Inc. (A)	57,825	4,037,342
Biohaven Pharmaceutical Holding Company, Ltd. (A)	51,792	3,283,095
Emergent BioSolutions, Inc. (A)	59,100	6,740,355
Global Blood Therapeutics, Inc. (A)	50,387	3,163,296
Oyster Point Pharma, Inc. (A)	83,939	1,910,452
Retrophin, Inc. (A)	183,666	3,598,017
Veracyte, Inc. (A)	120,643	4,018,618
Vericel Corp. (A)	181,753	2,880,785
Health care equipment and supplies 8.2%
AtriCure, Inc. (A)	91,452	4,090,648
Cardiovascular Systems, Inc. (A)	98,044	3,203,097
CryoLife, Inc. (A)	150,857	3,050,329
Globus Medical, Inc., Class A (A)	61,246	3,461,624
Haemonetics Corp. (A)	21,591	1,935,849
ICU Medical, Inc. (A)	18,251	3,654,580
Integra LifeSciences Holdings Corp. (A)	65,184	3,115,143
Quidel Corp. (A)	20,008	3,520,608
Health care providers and services 3.3%
Acadia Healthcare Company, Inc. (A)	47,542	1,469,523
HealthEquity, Inc. (A)	76,890	4,419,637
LHC Group, Inc. (A)	22,881	4,769,316
MedCath Corp. (A)(B)	4,104	2,052
Health care technology 0.8%
HMS Holdings Corp. (A)	86,948	2,424,980
Life sciences tools and services 1.8%
Syneos Health, Inc. (A)	90,174	5,689,979
Pharmaceuticals 6.7%
Catalent, Inc. (A)	77,926	7,208,155
GW Pharmaceuticals PLC, ADR (A)	30,154	3,134,508
Horizon Therapeutics PLC (A)	81,704	6,137,604
Supernus Pharmaceuticals, Inc. (A)	113,104	2,487,157
Zogenix, Inc. (A)	99,773	2,361,627
Industrials 16.7%		53,202,450
Building products 1.6%
Gibraltar Industries, Inc. (A)	63,932	3,992,234
JELD-WEN Holding, Inc. (A)	58,526	1,231,972
Commercial services and supplies 2.2%
Ritchie Brothers Auctioneers, Inc.	122,229	7,144,285

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 11

	Shares	Value
Industrials (continued)
Construction and engineering 0.5%
Dycom Industries, Inc. (A)	24,620	$1,514,376
Electrical equipment 0.5%
Thermon Group Holdings, Inc. (A)	107,072	1,409,068
Machinery 6.5%
Alamo Group, Inc.	23,828	2,642,525
Helios Technologies, Inc.	40,825	1,678,316
John Bean Technologies Corp.	33,755	3,460,225
RBC Bearings, Inc. (A)	32,360	4,272,814
The Shyft Group, Inc.	250,572	5,003,923
Woodward, Inc.	43,990	3,769,503
Professional services 2.5%
Exponent, Inc.	64,449	5,185,244
Forrester Research, Inc. (A)	73,840	2,618,366
Road and rail 0.8%
Knight-Swift Transportation Holdings, Inc.	58,754	2,670,957
Trading companies and distributors 2.1%
SiteOne Landscape Supply, Inc. (A)	52,848	6,608,642
Information technology 19.9%		63,672,976
Communications equipment 0.9%
Viavi Solutions, Inc. (A)	220,525	2,940,701
Electronic equipment, instruments and components 0.8%
Rogers Corp. (A)	23,346	2,645,335
IT services 2.3%
CACI International, Inc., Class A (A)	15,683	3,672,802
Virtusa Corp. (A)	92,195	3,645,390
Semiconductors and semiconductor equipment 4.7%
Cabot Microelectronics Corp.	18,758	2,856,656
Entegris, Inc.	59,240	3,962,564
MACOM Technology Solutions Holdings, Inc. (A)	76,483	2,725,089
Power Integrations, Inc.	52,515	2,939,265
Silicon Laboratories, Inc. (A)	23,770	2,434,286
Software 11.2%
Bottomline Technologies DE, Inc. (A)	46,744	2,226,417
Cerence, Inc. (A)	75,949	4,040,487
HubSpot, Inc. (A)	25,350	7,596,804
Mimecast, Ltd. (A)	124,226	6,116,888
Paylocity Holding Corp. (A)	43,858	6,458,091
Rapid7, Inc. (A)	86,575	5,590,148
The Descartes Systems Group, Inc. (A)	62,708	3,822,053

12 JOHN HANCOCK NEW OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Shares	Value
Materials 3.3%		$10,439,033
Chemicals 3.3%
Avient Corp.	139,946	3,571,422
Balchem Corp.	38,691	3,780,111
Quaker Chemical Corp.	16,250	3,087,500
Real estate 4.6%		14,849,540
Equity real estate investment trusts 4.6%
Easterly Government Properties, Inc.	123,239	2,981,151
QTS Realty Trust, Inc., Class A	92,490	6,272,672
STAG Industrial, Inc.	173,242	5,595,717

	Yield (%)	Shares	Value
Short-term investments 0.9%			$2,964,678
(Cost $2,964,678)
Short-term funds 0.9%			2,964,678
State Street Institutional Treasury Money Market Fund, Premier Class	0.0335(C)	2,964,678	2,964,678

Total investments (Cost $240,733,430) 100.1%	$319,445,217
Other assets and liabilities, net (0.1%)	(186,655)
Total net assets 100.0%	$319,258,562

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Non-income producing security.
(B)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(C)	The rate shown is the annualized seven-day yield as of 8-31-20.

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $241,393,310. Net unrealized appreciation aggregated to $78,051,907, of which $89,242,512 related to gross unrealized appreciation and $11,190,605 related to gross unrealized depreciation.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 13

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-20

Assets
Unaffiliated investments, at value (Cost $240,733,430)	$319,445,217
Dividends and interest receivable	97,849
Receivable for fund shares sold	25,131
Other assets	71,120
Total assets	319,639,317
Liabilities
Due to custodian	5,869
Payable for fund shares repurchased	213,635
Payable to affiliates
Accounting and legal services fees	17,962
Transfer agent fees	30,543
Distribution and service fees	101
Trustees' fees	164
Other liabilities and accrued expenses	112,481
Total liabilities	380,755
Net assets	$319,258,562
Net assets consist of
Paid-in capital	$250,006,546
Total distributable earnings (loss)	69,252,016
Net assets	$319,258,562
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 ($271,757,071 ÷ 10,792,754 shares)1	$25.18
Class C ($3,585,447 ÷ 148,668 shares)1	$24.12
Class I ($9,907,245 ÷ 391,670 shares)	$25.29
Class R1 ($449,280 ÷ 18,056 shares)	$24.88
Class R2 ($55,959 ÷ 2,219 shares)	$25.21 2
Class R3 ($88,069 ÷ 3,518 shares)	$25.04 3
Class R4 ($59,543 ÷ 2,356 shares)	$25.27
Class R6 ($225,531 ÷ 8,907 shares)	$25.32
Class 1 ($33,130,417 ÷ 1,297,842 shares)	$25.53
Maximum offering price per share
Class A (net asset value per share ÷ 95%)4	$26.51

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	Net asset value, offering price and redemption price per share of $25.21 is calculated using Net assets of $55,958.71 and Shares outstanding of 2,219.288.
3	Net asset value, offering price and redemption price per share of $25.04 is calculated using Net assets of $88,068.69 and Shares outstanding of 3,517.697.
4	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

14 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 8-31-20

Investment income
Dividends	$1,478,916
Interest	52,039
Less foreign taxes withheld	(16,086)
Total investment income	1,514,869
Expenses
Investment management fees	2,186,041
Distribution and service fees	685,575
Accounting and legal services fees	51,537
Transfer agent fees	333,849
Trustees' fees	5,156
Custodian fees	65,797
State registration fees	118,357
Printing and postage	69,412
Professional fees	126,249
Other	26,752
Total expenses	3,668,725
Less expense reductions	(116,836)
Net expenses	3,551,889
Net investment loss	(2,037,020)
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	1,134,565
	1,134,565
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	48,313,193
	48,313,193
Net realized and unrealized gain	49,447,758
Increase in net assets from operations	$47,410,738

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 15

STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 8-31-20	Year ended 8-31-19
Increase (decrease) in net assets
From operations
Net investment income (loss)	$(2,037,020)	$854,313
Net realized gain	1,134,565	23,214,100
Change in net unrealized appreciation (depreciation)	48,313,193	(109,920,422)
Increase (decrease) in net assets resulting from operations	47,410,738	(85,852,009)
Distributions to shareholders
From earnings
Class A	(8,902,622)	(46,343,706)
Class C	(142,651)	(1,235,586)
Class I	(342,902)	(1,987,882)
Class R1	(13,318)	(57,184)
Class R2	(1,716)	(9,002)
Class R3	(2,771)	(12,095)
Class R4	(1,758)	(7,668)
Class R51	—	(7,341)
Class R6	(4,472)	(237,404)
Class 1	(1,162,716)	(7,701,038)
Class NAV1	—	(25,256,897)
Total distributions	(10,574,926)	(82,855,803)
From fund share transactions	(38,433,584)	(130,280,622)
Total decrease	(1,597,772)	(298,988,434)
Net assets
Beginning of year	320,856,334	619,844,768
End of year	$319,258,562	$320,856,334

¹ Class R5 and Class NAV shares were fully redeemed on 10-29-19 and 03-13-19, respectively.

16 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.20	$31.99	$27.28	$24.38	$25.43
Net investment income (loss)1	(0.16)	0.02	0.01	0.01	0.01
Net realized and unrealized gain (loss) on investments	3.92	(5.49)	6.75	2.98	1.15
Total from investment operations	3.76	(5.47)	6.76	2.99	1.16
Less distributions
From net investment income	—	(0.01)	(0.03)	(0.02)	—
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.32)	(2.05)	(0.09)	(2.21)
Net asset value, end of period	$25.18	$22.20	$31.99	$27.28	$24.38
Total return (%)2,3	17.20	(15.32)	25.66	12.27	5.17
Ratios and supplemental data
Net assets, end of period (in millions)	$272	$264	$352	$297	$299
Ratios (as a percentage of average net assets):
Expenses before reductions	1.26	1.42	1.40	1.42	1.54
Expenses including reductions	1.22	1.20	1.20	1.21	1.22
Net investment income (loss)	(0.72)	0.08	0.02	0.05	0.06
Portfolio turnover (%)	25	73	52	41	49 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.
4	Excludes merger activity.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 17

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$21.45	$31.27	$26.86	$24.15	$25.39
Net investment loss1	(0.31)	(0.15)	(0.19)	(0.17)	(0.15)
Net realized and unrealized gain (loss) on investments	3.76	(5.36)	6.62	2.95	1.12
Total from investment operations	3.45	(5.51)	6.43	2.78	0.97
Less distributions
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Net asset value, end of period	$24.12	$21.45	$31.27	$26.86	$24.15
Total return (%)2,3	16.33	(15.90)	24.76	11.52	4.38
Ratios and supplemental data
Net assets, end of period (in millions)	$4	$4	$9	$20	$21
Ratios (as a percentage of average net assets):
Expenses before reductions	2.01	2.13	2.10	2.12	2.24
Expenses including reductions	1.97	1.91	1.90	1.91	1.93
Net investment loss	(1.47)	(0.63)	(0.68)	(0.65)	(0.64)
Portfolio turnover (%)	25	73	52	41	49 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.
4	Excludes merger activity.

18 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.24	$32.07	$27.33	$24.41	$25.45
Net investment income (loss)1	(0.10)	0.09	0.09	0.10	0.09
Net realized and unrealized gain (loss) on investments	3.93	(5.51)	6.78	2.98	1.15
Total from investment operations	3.83	(5.42)	6.87	3.08	1.24
Less distributions
From net investment income	—	(0.10)	(0.11)	(0.09)	(0.07)
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.41)	(2.13)	(0.16)	(2.28)
Net asset value, end of period	$25.29	$22.24	$32.07	$27.33	$24.41
Total return (%)2	17.49	(15.08)	26.06	12.61	5.50
Ratios and supplemental data
Net assets, end of period (in millions)	$10	$10	$15	$11	$9
Ratios (as a percentage of average net assets):
Expenses before reductions	1.01	1.14	1.11	1.11	1.23
Expenses including reductions	0.97	0.90	0.90	0.90	0.92
Net investment income (loss)	(0.46)	0.38	0.32	0.38	0.37
Portfolio turnover (%)	25	73	52	41	49 3

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 19

CLASS R1 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.03	$31.86	$27.24	$24.35	$25.42
Net investment loss1	(0.24)	(0.07)	(0.09)	(0.01)	(0.02)
Net realized and unrealized gain (loss) on investments	3.87	(5.45)	6.74	2.97	1.16
Total from investment operations	3.63	(5.52)	6.65	2.96	1.14
Less distributions
From net investment income	—	—	(0.01)	—	—
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.31)	(2.03)	(0.07)	(2.21)
Net asset value, end of period	$24.88	$22.03	$31.86	$27.24	$24.35
Total return (%)2	16.73	(15.60)	25.23	12.16	5.09
Ratios and supplemental data
Net assets, end of period (in millions)	$— 3	$— 3	$— 3	$— 3	$— 3
Ratios (as a percentage of average net assets):
Expenses before reductions	1.65	1.77	1.72	1.52	1.64
Expenses including reductions	1.61	1.55	1.52	1.31	1.42
Net investment loss	(1.11)	(0.27)	(0.29)	(0.04)	(0.07)
Portfolio turnover (%)	25	73	52	41	49 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	Less than $500,000.
4	Excludes merger activity.

20 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R2 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.22	$32.02	$27.30	$24.41	$25.44
Net investment income (loss)1	(0.15)	0.04	0.04	0.03	0.04
Net realized and unrealized gain (loss) on investments	3.92	(5.49)	6.76	2.98	1.16
Total from investment operations	3.77	(5.45)	6.80	3.01	1.20
Less distributions
From net investment income	—	(0.04)	(0.06)	(0.05)	(0.02)
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.35)	(2.08)	(0.12)	(2.23)
Net asset value, end of period	$25.21	$22.22	$32.02	$27.30	$24.41
Total return (%)2	17.23	(15.23)	25.78	12.34	5.34
Ratios and supplemental data
Net assets, end of period (in millions)	$— 3	$— 3	$— 3	$— 3	$— 3
Ratios (as a percentage of average net assets):
Expenses before reductions	1.22	1.33	1.29	1.33	1.39
Expenses including reductions	1.18	1.11	1.09	1.12	1.17
Net investment income (loss)	(0.67)	0.18	0.14	0.13	0.17
Portfolio turnover (%)	25	73	52	41	49 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	Less than $500,000.
4	Excludes merger activity.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 21

CLASS R3 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.12	$31.92	$27.23	$24.35	$25.42
Net investment loss1	(0.20)	(0.03)	(0.03)	(0.01)	(0.02)
Net realized and unrealized gain (loss) on investments	3.90	(5.46)	6.74	2.96	1.16
Total from investment operations	3.70	(5.49)	6.71	2.95	1.14
Less distributions
From net investment income	—	—	— 2	—	—
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Net asset value, end of period	$25.04	$22.12	$31.92	$27.23	$24.35
Total return (%)3	16.98	(15.46)	25.50	12.12	5.09
Ratios and supplemental data
Net assets, end of period (in millions)	$— 4	$— 4	$— 4	$— 4	$— 4
Ratios (as a percentage of average net assets):
Expenses before reductions	1.46	1.61	1.53	1.53	1.64
Expenses including reductions	1.42	1.39	1.33	1.32	1.42
Net investment loss	(0.92)	(0.11)	(0.10)	(0.06)	(0.07)
Portfolio turnover (%)	25	73	52	41	49 5

1	Based on average daily shares outstanding.
2	Less than $0.005 per share.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Less than $500,000.
5	Excludes merger activity.

22 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R4 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.23	$32.05	$27.34	$24.41	$25.44
Net investment income (loss)1	(0.11)	0.08	0.08	0.12	0.07
Net realized and unrealized gain (loss) on investments	3.93	(5.51)	6.75	2.95	1.16
Total from investment operations	3.82	(5.43)	6.83	3.07	1.23
Less distributions
From net investment income	—	(0.08)	(0.10)	(0.07)	(0.05)
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.39)	(2.12)	(0.14)	(2.26)
Net asset value, end of period	$25.27	$22.23	$32.05	$27.34	$24.41
Total return (%)2	17.45	(15.11)	25.92	12.55	5.46
Ratios and supplemental data
Net assets, end of period (in millions)	$— 3	$— 3	$— 3	$1	$— 3
Ratios (as a percentage of average net assets):
Expenses before reductions	1.15	1.28	1.35	1.27	1.39
Expenses including reductions	1.01	0.96	0.96	0.95	1.07
Net investment income (loss)	(0.51)	0.33	0.27	0.46	0.28
Portfolio turnover (%)	25	73	52	41	49 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	Less than $500,000.
4	Excludes merger activity.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 23

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.24	$32.07	$27.34	$24.40	$25.46
Net investment income (loss)1	(0.08)	0.11	0.12	0.12	0.10
Net realized and unrealized gain (loss) on investments	3.94	(5.51)	6.77	2.99	1.14
Total from investment operations	3.86	(5.40)	6.89	3.11	1.24
Less distributions
From net investment income	—	(0.12)	(0.14)	(0.10)	(0.09)
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.43)	(2.16)	(0.17)	(2.30)
Net asset value, end of period	$25.32	$22.24	$32.07	$27.34	$24.40
Total return (%)2	17.62	(14.99)	26.16	12.73	5.52
Ratios and supplemental data
Net assets, end of period (in millions)	$— 3	$— 3	$2	$2	$2
Ratios (as a percentage of average net assets):
Expenses before reductions	0.90	1.03	1.00	1.02	1.14
Expenses including reductions	0.86	0.81	0.80	0.80	0.90
Net investment income (loss)	(0.36)	0.45	0.42	0.46	0.41
Portfolio turnover (%)	25	73	52	41	49 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	Less than $500,000.
4	Excludes merger activity.

24 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS 1 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$22.42	$32.29	$27.51	$24.56	$25.59
Net investment income (loss)1	(0.09)	0.11	0.11	0.11	0.09
Net realized and unrealized gain (loss) on investments	3.98	(5.56)	6.82	3.01	1.17
Total from investment operations	3.89	(5.45)	6.93	3.12	1.26
Less distributions
From net investment income	—	(0.11)	(0.13)	(0.10)	(0.08)
From net realized gain	(0.78)	(4.31)	(2.02)	(0.07)	(2.21)
Total distributions	(0.78)	(4.42)	(2.15)	(0.17)	(2.29)
Net asset value, end of period	$25.53	$22.42	$32.29	$27.51	$24.56
Total return (%)2	17.62	(15.04)	26.10	12.71	5.56
Ratios and supplemental data
Net assets, end of period (in millions)	$33	$42	$59	$56	$55
Ratios (as a percentage of average net assets):
Expenses before reductions	0.94	1.06	1.04	1.05	1.17
Expenses including reductions	0.90	0.84	0.84	0.84	0.95
Net investment income (loss)	(0.39)	0.44	0.38	0.43	0.40
Portfolio turnover (%)	25	73	52	41	49 3

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 25

Notes to financial statements

Note 1—Organization

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

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R2, Class R3 and Class R4 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class C shares convert to Class A shares ten 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.

All Class R5 shares were redeemed on October 29, 2019.

On June 25, 2020, the Board of Trustees approved redesignations of the following share classes, on or about the dates indicated below:

Redesignation	Expected effective date
Class R1 shares as Class R2 shares	October 23, 2020
Class R3 shares as Class R2 shares	October 9, 2020

As a result of the redesignations, the existing Class R1 and Class R3 shares will be terminated, and shareholders currently in these classes will become shareholders of the respective classes identified above, in each case with the same or lower net total expenses.

Effective after the close of business on August 31, 2020, Class R1 and Class R3 were closed to new investors.

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 fund's Valuation Policies and Procedures.

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

26 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

In certain instances, the Pricing Committee 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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

The following is a summary of the values by input classification of the fund's investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Common stocks
Consumer discretionary	$45,879,682	$45,879,682	—	—
Consumer staples	5,614,970	5,614,970	—	—
Financials	17,889,278	17,887,632	—	$1,646
Health care	104,932,610	104,930,558	—	2,052
Industrials	53,202,450	53,202,450	—	—
Information technology	63,672,976	63,672,976	—	—
Materials	10,439,033	10,439,033	—	—
Real estate	14,849,540	14,849,540	—	—
Short-term investments	2,964,678	2,964,678	—	—
Total investments in securities	$319,445,217	$319,441,519	—	$3,698

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 the 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.

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 27

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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

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

Line of credit. Effective June 25, 2020, 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 $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2020 were $3,420.

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.

28 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $5,244,533 and a long-term capital loss carryforward of $2,081,209 available to offset future net realized capital gains. This carryforward does not expire.

Qualified late year ordinary losses of $1,474,147 are treated as occurring on September 1, 2020, the first day of the fund’s next taxable year.

As of August 31, 2020, 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 August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	—	$24,400,236
Long-term capital gains	$10,574,926	58,455,567
Total	$10,574,926	$82,855,803

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, there were no distributable earnings on a tax basis.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

Note 3—Guarantees and indemnifications

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

Note 4—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

Management fee. Effective September 6, 2019, the fund has an investment management agreement with the Advisor under which the fund pays a monthly management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.770% of the first $50 million of the fund’s aggregate daily net assets; (b) 0.740% of the next $50 million of the fund’s aggregate daily net assets; (c) 0.720% of the next $300 million of the fund’s aggregate daily net assets and (d) 0.720% on all asset levels when aggregate net assets exceed $400 million. Aggregate net

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 29

assets include the net assets of the fund and a portion of the net assets of Small Cap Opportunities Trust, a series of John Hancock Variable Investment Trust, managed by GW&K Investment Management, LLC. Prior to September 6, 2019, the fund paid a monthly management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.900% of the first $2 billion of the fund’s aggregate daily net assets; and (b) 0.850% of the fund’s aggregate daily net assets in excess of $2 billion. Aggregate net assets included the net assets of the fund and Small Cap Opportunities Trust, a series of John Hancock Variable Investment Trust. The Advisor has a subadvisory agreement GW&K Investment Management, LLC. Prior to September 6, 2019, the fund also had subadvisory agreements with Brandywine Global Investment Management, LLC and Dimensional Fund Advisors LP. 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 August 31, 2020, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2022, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor had contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceeded 0.79% of average daily net assets of the fund. For the purpose of this agreement, “expenses of the fund” meant all fund expenses, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, acquired fund fees, borrowing costs, prime brokerage fees and short dividend expense. This agreement expired on December 31, 2019.

The Advisor had contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of Class A, Class C and Class I shares exceeded 1.21%, 1.91% and 0.90%, respectively, of average net assets attributable to the applicable class. For purposes of this agreement, “expenses of Class A, Class C and Class I shares” meant all expenses of the fund plus class specific expenses, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, acquired fund fees, borrowing costs, prime brokerage fees and short dividend expense. This agreement expired on December 31, 2019.

Prior to September 6, 2019, the Advisor had contractually agreed to waive its management fee so that the amount retained by the Advisor after payment of the subadvisory fees did not exceed 0.45% of the fund’s average daily net assets.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$97,149
Class C	1,563
Class I	4,155
Class R1	144
Class R2	19
Class R3	29

Class	Expense reduction
Class R4	$19
Class R5	5
Class R6	35
Class 1	13,667
Total	$116,785

 

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

30 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of 0.69% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

Class	Rule 12b-1 Fee	Service fee
Class A	0.25%	—
Class C	1.00%	—
Class R1	0.50%	0.25%
Class R2	0.25%	0.25%
Class R3	0.50%	0.15%
Class R4	0.25%	0.10%
Class R5	—	0.05%
Class 1	0.05%	—

The fund's Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $51 for Class R4 shares for the year ended August 31, 2020. Class R5 shares were fully redeemed on October 29, 2019.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $49,121 for the year ended August 31, 2020. Of this amount, $7,381 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $41,740 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 that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $662 and $238 for Class A and Class C shares, respectively.

Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 31

recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$628,275	$317,068
Class C	37,050	4,678
Class I	—	12,010
Class R1	2,902	52
Class R2	156	6
Class R3	429	10
Class R4	128	7
Class R5	—	1
Class R6	—	17
Class 1	16,635	—
Total	$685,575	$333,849

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 August 31, 2020 and 2019 were as follows:

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class A shares
Sold	184,862	$3,971,741	383,317	$9,046,488
Distributions reinvested	357,663	8,383,614	2,181,016	42,813,326
Repurchased	(1,629,114)	(35,567,362)	(1,678,654)	(39,690,836)
Net increase (decrease)	(1,086,589)	$(23,212,007)	885,679	$12,168,978
Class C shares
Sold	14,622	$297,262	23,624	$554,379
Distributions reinvested	6,174	139,358	48,347	921,498
Repurchased	(79,309)	(1,677,851)	(160,639)	(3,613,473)
Net decrease	(58,513)	$(1,241,231)	(88,668)	$(2,137,596)

32 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class I shares
Sold	68,728	$1,528,769	117,637	$2,874,371
Distributions reinvested	14,120	331,814	97,633	1,916,539
Repurchased	(136,157)	(2,924,634)	(233,649)	(5,508,527)
Net decrease	(53,309)	$(1,064,051)	(18,379)	$(717,617)
Class R1 shares
Sold	633	$12,929	1,091	$25,594
Distributions reinvested	573	13,318	2,928	57,184
Repurchased	(312)	(6,804)	(41)	(1,082)
Net increase	894	$19,443	3,978	$81,696
Class R2 shares
Sold	102	$2,216	197	$5,167
Distributions reinvested	18	422	91	1,780
Repurchased	(156)	(3,366)	—	—
Net increase (decrease)	(36)	$(728)	288	$6,947
Class R3 shares
Sold	562	$12,936	901	$22,061
Distributions reinvested	63	1,473	251	4,922
Repurchased	(764)	(17,454)	(72)	(1,682)
Net increase (decrease)	(139)	$(3,045)	1,080	$25,301
Class R4 shares
Sold	87	$1,775	507	$11,986
Distributions reinvested	20	466	20	382
Repurchased	(15)	(348)	—	(1)
Net increase	92	$1,893	527	$12,367
Class R5 shares1
Repurchased	(1,655)	$(37,673)	—	—
Net decrease	(1,655)	$(37,673)	—	—
Class R6 shares
Sold	6,798	$155,516	2,846	$68,092
Distributions reinvested	190	4,472	12,100	237,404
Repurchased	(835)	(18,440)	(69,059)	(1,673,446)
Net increase (decrease)	6,153	$141,548	(54,113)	$(1,367,950)

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 33

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	80,115	$1,727,699	121,720	$3,026,397
Distributions reinvested	49,039	1,162,716	389,335	7,701,038
Repurchased	(712,426)	(15,928,148)	(469,339)	(11,534,099)
Net increase (decrease)	(583,272)	$(13,037,733)	41,716	$(806,664)
Class NAV shares1
Sold	—	—	93,479	$2,437,091
Distributions reinvested	—	—	1,287,304	25,256,897
Repurchased	—	—	(7,059,277)	(165,240,072)
Net decrease	—	—	(5,678,494)	$(137,546,084)
Total net decrease	(1,776,374)	$(38,433,584)	(4,906,386)	$(130,280,622)

¹ Class R5 and Class NAV shares were fully redeemed on 10-29-19 and 03-13-19, respectively.

Affiliates of the fund owned shares of the following classes on August 31, 2020. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

Fund	% by Class
Class R2	75%
Class R3	47%
Class R4	70%
Class 1	100%

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $74,911,387 and $118,848,913, respectively, for the year ended August 31, 2020.

Note 7—Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

34 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock New Opportunities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

ANNUAL REPORT | JOHN HANCOCK NEW OPPORTUNITIES FUND 35

Tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2020.

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 paid $10,574,926 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 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

36 JOHN HANCOCK New Opportunities Fund | ANNUAL REPORT

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Gannett Welsh & Kotler, LLC (GW&K)(the Subadvisor) for John Hancock New Opportunities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020.

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), 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 notes that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the

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¹On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held telephonically in reliance on the Order.

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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.

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 and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

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

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

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and

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

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

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

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

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

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

The Board took into account management's discussion with respect to overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fees, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees, and that such fees are negotiated at arm's length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund's operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;

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(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm's length;
(j)	considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor including entrepreneurial, operational, reputational, litigation and regulatory risk.

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

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

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

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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.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the��fund.

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

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

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

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report

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

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

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund is being monitored and reasonably addressed, where appropriate;
(3)	the subadvisory fees are reasonable in relation to the level and quality of services being provided; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

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

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee's assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

• Operation of the Fund's Redemption-In-Kind Procedures;

• Highly Liquid Investment Minimum (HLIM) determination;

• Compliance with the 15% limit on illiquid investments;

• Reasonably Anticipated Trade Size (RATS) determination;

• Security-level liquidity classifications; and

• Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

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As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund's HLIM. This process incorporates the Fund's investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines "illiquid investment" to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund's RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

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As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund's RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund's liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

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Trustees and Officers

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

Independent Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945	2005	195
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.

Charles L. Bardelis,2 Born: 1941	2005	195
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959	2015	195
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942	2005	195
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944	2012	195
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; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946	2008	195
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).

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Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); 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 American Student Assistance Corporation (1996-2009); 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).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
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,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       48

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
Gregory A. Russo, Born: 1949	2012	195
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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

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	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       49

Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973

2018

Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979

2020

Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); 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).

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 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.
3	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
*	Appointed as Independent Trustee effective as of September 15, 2020.

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       50

More information

Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
Deborah C. Jackson
James M. Oates*
Frances G. Rathke*^,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg²
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
GW & K Investment Management, LLC
Portfolio Managers
Joseph C. Craigen, CFA
Daniel L. Miller, CFA
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
John Hancock Signature Services, Inc.
Legal counsel
K&L Gates LLP
Independent registered public accounting firm
PricewaterhouseCoopers LLP

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT   |   JOHN HANCOCK NEW OPPORTUNITIES FUND       51

John Hancock family of funds

DOMESTIC 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
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Quality Growth
GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency
Alternative Asset Allocation
Alternative Risk Premia
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
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.

ASSET ALLOCATION

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG All Cap Core
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

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

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

MF1324534 452A 8/20
10/20

John Hancock

Strategic Income Opportunities Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

Despite heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020.

During the first-quarter sell-off, many investors reacted by exiting higher-risk assets and moving into cash, leading to a liquidity crunch in the fixed-income markets. In response to the sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

The continued spread of COVID-19, trade disputes, rising unemployment, and other geopolitical tensions may continue to create uncertainty among businesses and investors. Your financial professional can help position your portfolio so that it's sufficiently diversified to seek to 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,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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.

John Hancock
Strategic Income Opportunities Fund

Table of contents

2	Your fund at a glance
5	Manager's discussion of fund performance
7	A look at performance
9	Your expenses
11	Fund's investments
35	Financial statements
39	Financial highlights
45	Notes to financial statements
60	Report of independent registered public accounting firm
61	Tax information
62	Continuation of investment advisory and subadvisory agreements
69	Statement regarding liquidity risk management
72	Trustees and Officers
76	More information

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to maximize total return consisting of current income and capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

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.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Bonds performed well despite pandemic-related volatility

U.S. bonds generated solid gains in a period characterized by extraordinary volatility, due in large part to the COVID-19 pandemic.

The fund underperformed its benchmark

The fund produced a positive return but trailed the performance of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Sector allocation detracted the most

An out-of-index position in high-yield corporate bonds, which underperformed during the period, was the largest detractor.

PORTFOLIO COMPOSITION AS OF 8/31/2020 (%)

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       3

QUALITY COMPOSITION AS OF 8/31/2020 (%)

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       4

Manager's discussion of fund performance

Can you describe the bond market environment during the 12 months ended August 31, 2020?

The broad U.S. bond market posted solid gains in an unprecedented and volatile 12 months. At the beginning of the period, bond market volatility was driven by the continuing trade conflict between the United States and China and uncertainty regarding the outcome of Brexit. However, 2020 brought a different source of volatility—the COVID-19 pandemic, which sent shock waves through the financial markets and led to a broad disruption in global economic activity. Central banks, including the U.S. Federal Reserve (Fed), swiftly slashed interest rates and implemented new waves of quantitative easing. In addition, global governments stepped in with fiscal stimulus programs to aid individuals and small businesses facing economic hardship.

Reflecting the Fed's interest rate cuts, U.S. bond yields declined sharply, leading to positive bond market returns. Sector returns were widely divergent, however—U.S. Treasury bonds and investment-grade corporate securities delivered the best returns, benefiting from a flight to quality, while high-yield corporate bonds posted modest gains.

How did the fund perform?

The fund trailed the performance of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. A position in high-yield corporate bonds, which constituted more than 20% of the portfolio but are not represented in the benchmark, was a key factor in the overall underperformance.

NET CURRENCY EXPOSURE AS OF 8/31/20 (%)			COUNTRY COMPOSITION AS OF 8/31/20 (%)
United States Dollar	81.0		United States	64.5
Euro	8.5		Indonesia	4.4
Canadian Dollar	3.0		Canada	4.4
Indonesian Rupiah	2.5		Supranational	2.3
Japanese Yen	2.0		Luxembourg	2.2
Norwegian Krone	2.0		Norway	1.9
Malaysian Ringgit	1.4		Singapore	1.8
Other Currencies	0.8		Netherlands	1.8
Singapore Dollar	(1.2	)	Portugal	1.6
TOTAL	100.0		Malaysia	1.4
			Other countries	13.7
			TOTAL	100.0
As a percentage of net assets.			As a percentage of net assets.
Net currency exposure, after taking into account the effects of forward foreign currency exchange contracts.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       5

The fund's duration positioning also detracted from performance versus the index, as the fund's shorter duration (a measure of interest-rate sensitivity) hindered performance in a declining interest rate environment. However, we mitigated the underperformance through some tactical adjustments—we lengthened the fund's duration in early 2020, before the pandemic-driven rally, and then shortened it back to previous levels after the substantial decline in interest rates.

On the positive side, the fund's foreign currency exposure added value, particularly in the latter half of the period. We increased the fund's currency exposure to more than 20% of the portfolio in early 2020 after a prolonged period of U.S. dollar outperformance. The Fed rate cuts and U.S. economic weakness brought about by the pandemic weighed on the dollar, contributing to the favorable performance of our foreign currency positions.

Did you make any changes to the portfolio in response to the pandemic?

We took advantage of market dislocations to selectively increase the fund's position in high-yield corporate bonds, with an emphasis on the higher-quality part of the sector. We also reduced the fund's exposure to emerging markets given their uncertain outlook. As mentioned before, we shortened the fund's duration as there is little room for rates to fall further. Finally, we added to the fund's foreign currency exposure, particularly in developed-market currencies such as the euro, the Canadian dollar, and the Norwegian krone; however, we have trimmed these positions toward the end of the period after a spate of strong performance.

MANAGED BY

Daniel S. Janis III, Manulife IM (US)

Thomas C. Goggins, Manulife IM (US)

Kisoo Park, Manulife IM (US)

Christopher M. Chapman, CFA, Manulife IM (US)

The views expressed in this report are exclusively those of Daniel S. Janis III, Manulife Investment Management, 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 STRATEGIC INCOME OPPORTUNITIES FUND       6

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED AUGUST 31, 2020 

Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized1
	1-year	5-year	10-year		5-year	10-year	as of 8-31-20	as of 8-31-20
Class A	0.85	2.67	4.12		14.09	49.73	1.62	1.59
Class C	3.38	2.81	3.83		14.87	45.58	0.99	0.96
Class I2	5.42	3.84	4.88		20.75	61.03	1.98	1.95
Class R22,3	4.92	3.44	4.56		18.41	56.23	1.61	1.58
Class R62,3	5.54	3.95	4.97		21.40	62.38	2.09	2.06
Class NAV2	5.56	3.97	5.00		21.46	62.92	2.10	2.07
Index†	6.47	4.33	3.65		23.60	43.14	—	—

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

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report.Net expenses reflect contractual expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R6	Class NAV
Gross (%)	1.11	1.81	0.81	1.20	0.70	0.69
Net (%)	1.08	1.78	0.78	1.17	0.67	0.66

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

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

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

† Index is the Bloomberg Barclays U.S. Aggregate Bond Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       7

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Strategic Income Opportunities Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the Bloomberg Barclays U.S. Aggregate Bond Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C4	8-31-10	14,558	14,558	14,314
Class I2	8-31-10	16,103	16,103	14,314
Class R22,3	8-31-10	15,623	15,623	14,314
Class R62,3	8-31-10	16,238	16,238	14,314
Class NAV2	8-31-10	16,292	16,292	14,314

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

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

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

Footnotes related to performance pages

1	Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.
2	For certain types of investors, as described in the fund's prospectuses.
3	Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. The returns prior to these dates are those of Class NAV shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       8

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, 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:

Actual expenses/actual returns

The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on March 1, 2020, with the same investment held until August 31, 2020.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at August 31, 2020, 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:

ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 9

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectuses for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,038.50	$5.53	1.08%
	Hypothetical example	1,000.00	1,019.70	5.48	1.08%
Class C	Actual expenses/actual returns	1,000.00	1,035.80	9.11	1.78%
	Hypothetical example	1,000.00	1,016.20	9.02	1.78%
Class I	Actual expenses/actual returns	1,000.00	1,041.00	4.00	0.78%
	Hypothetical example	1,000.00	1,021.20	3.96	0.78%
Class R2	Actual expenses/actual returns	1,000.00	1,038.10	5.89	1.15%
	Hypothetical example	1,000.00	1,019.40	5.84	1.15%
Class R6	Actual expenses/actual returns	1,000.00	1,040.60	3.39	0.66%
	Hypothetical example	1,000.00	1,021.80	3.35	0.66%
Class NAV	Actual expenses/actual returns	1,000.00	1,040.70	3.33	0.65%
	Hypothetical example	1,000.00	1,021.90	3.30	0.65%

¹ Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

10 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

Fund’s investments

AS OF 8-31-20

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 8.5%					$396,137,187
(Cost $333,937,905)
U.S. Government 8.5%					396,137,187
U.S. Treasury
Bond	2.000	02-15-50		18,000,000	20,258,438
Bond	2.750	11-15-42		47,440,000	60,313,659
Bond	3.000	02-15-49		62,535,000	85,064,700
Bond	3.125	02-15-43		8,482,000	11,419,555
Bond	4.375	02-15-38		40,125,000	61,497,832
Note	0.250	06-30-25		18,000,000	17,990,156
Note	1.125	02-28-22		7,840,000	7,954,231
Note	2.000	11-15-26		12,370,000	13,569,793
Note	2.375	02-29-24		9,515,000	10,240,519
Note	2.375	04-30-26		13,800,000	15,360,586
Note	2.375	05-15-29		36,715,000	42,159,146
Note	2.625	02-15-29		19,455,000	22,684,074
Treasury Inflation Protected Security	0.125	01-15-30		24,719,909	27,624,498
Foreign government obligations 17.6%					$821,090,695
(Cost $799,981,015)
Australia 0.4%					16,279,824
Commonwealth of Australia	0.250	11-21-24	AUD	7,240,000	5,314,862
New South Wales Treasury Corp.	1.000	02-08-24	AUD	14,565,000	10,964,962
Austria 0.3%					13,604,242
Republic of Austria (A)	0.500	02-20-29	EUR	10,675,000	13,604,242
Canada 2.3%					107,154,850
Canada Housing Trust No. 1 (A)	1.950	12-15-25	CAD	38,175,000	31,195,884
Export Development Canada	2.400	06-07-21	AUD	4,145,000	3,106,813
Government of Canada	1.500	09-01-24	CAD	30,820,000	24,719,561
Province of Ontario	2.900	06-02-28	CAD	13,400,000	11,654,153
Province of Ontario	3.450	06-02-45	CAD	11,995,000	11,652,443
Province of Quebec	0.200	04-07-25	EUR	9,160,000	11,133,641
Province of Quebec	1.500	12-15-23	GBP	5,130,000	7,100,689
Province of Quebec	3.000	09-01-23	CAD	8,000,000	6,591,666
China 0.1%					2,541,786
Republic of China	1.990	04-09-25	CNY	18,140,000	2,541,786
Colombia 0.3%					12,836,520
Republic of Colombia	4.000	02-26-24		12,000,000	12,836,520
Greece 0.4%					19,891,018
Republic of Greece (A)	1.500	06-18-30	EUR	7,335,000	9,069,785

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 11

	Rate (%)	Maturity date		Par value^	Value
Greece (continued)
Republic of Greece (A)	2.000	04-22-27	EUR	8,435,000	$10,821,233
India 0.1%					5,133,879
Republic of India	6.450	10-07-29	INR	373,000,000	5,133,879
Indonesia 3.1%					145,586,341
Perusahaan Penerbit SBSN Indonesia III (A)	4.150	03-29-27		10,060,000	11,351,100
Republic of Indonesia (A)	2.150	07-18-24	EUR	6,000,000	7,489,520
Republic of Indonesia (A)	2.625	06-14-23	EUR	11,010,000	13,827,972
Republic of Indonesia	3.850	10-15-30		7,180,000	8,227,490
Republic of Indonesia	6.125	05-15-28	IDR	61,045,000,000	4,056,238
Republic of Indonesia	6.500	06-15-25	IDR	386,733,000,000	27,655,112
Republic of Indonesia	6.625	05-15-33	IDR	93,981,000,000	6,146,628
Republic of Indonesia	7.000	05-15-27	IDR	72,700,000,000	5,173,057
Republic of Indonesia	7.000	09-15-30	IDR	243,389,000,000	16,863,828
Republic of Indonesia	7.500	08-15-32	IDR	23,093,000,000	1,616,969
Republic of Indonesia	7.500	06-15-35	IDR	61,272,000,000	4,245,808
Republic of Indonesia	7.500	05-15-38	IDR	62,856,000,000	4,335,821
Republic of Indonesia	8.125	05-15-24	IDR	45,206,000,000	3,383,659
Republic of Indonesia	8.250	05-15-29	IDR	57,894,000,000	4,345,678
Republic of Indonesia	8.375	03-15-24	IDR	83,418,000,000	6,287,740
Republic of Indonesia	8.375	09-15-26	IDR	81,815,000,000	6,276,130
Republic of Indonesia	8.750	05-15-31	IDR	111,458,000,000	8,582,730
Republic of Indonesia	9.000	03-15-29	IDR	73,235,000,000	5,720,861
Ireland 0.5%					22,165,469
Republic of Ireland	3.400	03-18-24	EUR	16,300,000	22,165,469
Italy 0.8%					37,011,086
Republic of Italy (A)	1.850	07-01-25	EUR	19,430,000	24,660,471
Republic of Italy (A)	4.750	08-01-23	EUR	9,120,000	12,350,615
Japan 1.0%					46,388,498
Government of Japan	0.100	06-20-25	JPY	4,873,050,000	46,388,498
Malaysia 1.4%					65,452,549
Government of Malaysia	3.733	06-15-28	MYR	24,975,000	6,485,463
Government of Malaysia	3.828	07-05-34	MYR	22,120,000	5,731,369
Government of Malaysia	3.844	04-15-33	MYR	57,566,000	14,956,519
Government of Malaysia	3.882	03-14-25	MYR	36,535,000	9,436,438
Government of Malaysia	3.899	11-16-27	MYR	43,417,000	11,409,644
Government of Malaysia	4.059	09-30-24	MYR	37,710,000	9,745,963
Government of Malaysia	4.160	07-15-21	MYR	31,363,000	7,687,153
Mexico 0.2%					9,474,504
Government of Mexico	7.750	05-29-31	MXN	183,470,000	9,474,504

12 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Norway 1.0%					$46,463,027
Kingdom of Norway (A)	2.000	05-24-23	NOK	196,500,000	23,528,140
Kingdom of Norway (A)	3.750	05-25-21	NOK	195,085,000	22,934,887
Philippines 0.8%					35,159,498
Republic of the Philippines	0.875	05-17-27	EUR	17,540,000	20,822,486
Republic of the Philippines	4.950	01-15-21	PHP	215,590,000	4,463,031
Republic of the Philippines	6.250	01-14-36	PHP	373,000,000	9,873,981
Portugal 1.6%					75,236,970
Republic of Portugal (A)	0.475	10-18-30	EUR	21,270,000	25,495,515
Republic of Portugal (A)	0.700	10-15-27	EUR	4,525,000	5,615,765
Republic of Portugal (A)	3.850	04-15-21	EUR	17,380,000	21,315,099
Republic of Portugal (A)	5.125	10-15-24		19,575,000	22,810,591
Qatar 0.3%					14,184,640
State of Qatar (A)	4.000	03-14-29		6,955,000	8,133,789
State of Qatar (A)	4.817	03-14-49		4,425,000	6,050,851
Saudi Arabia 0.1%					6,031,628
Kingdom of Saudi Arabia (A)	2.900	10-22-25		5,690,000	6,031,628
Singapore 0.9%					43,765,918
Republic of Singapore	1.750	04-01-22	SGD	28,740,000	21,617,229
Republic of Singapore	1.875	03-01-50	SGD	26,057,000	22,148,689
Spain 0.5%					22,441,070
Kingdom of Spain (A)	0.250	07-30-24	EUR	9,125,000	11,114,391
Kingdom of Spain (A)	0.800	07-30-27	EUR	9,040,000	11,326,679
Sweden 0.4%					20,914,797
Kingdom of Sweden (A)	0.125	04-24-23	EUR	17,240,000	20,914,797
United Arab Emirates 0.8%					38,046,422
Government of Abu Dhabi (A)	0.750	09-02-23		5,855,000	5,847,775
Government of Abu Dhabi (A)	1.700	03-02-31		9,705,000	9,644,499
Government of Abu Dhabi (A)	2.500	04-16-25		8,005,000	8,484,900
Government of Abu Dhabi (A)	3.125	04-16-30		7,880,000	8,817,436
Government of Abu Dhabi (A)	3.875	04-16-50		4,315,000	5,251,812
United Kingdom 0.3%					15,326,159
Government of United Kingdom	0.500	07-22-22	GBP	10,345,000	13,974,561
Government of United Kingdom	3.750	09-07-20	GBP	1,010,000	1,351,598
Corporate bonds 54.3%					$2,532,538,620
(Cost $2,430,640,957)
Communication services 8.4%					389,963,064
Diversified telecommunication services 0.8%
Cellnex Telecom SA	1.875	06-26-29	EUR	3,500,000	4,234,517

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 13

	Rate (%)	Maturity date	Par value^	Value
Communication services (continued)
Diversified telecommunication services (continued)
GCI LLC (A)	6.625	06-15-24	17,005,000	$17,940,275
Verizon Communications, Inc.	4.329	09-21-28	10,654,000	12,906,350
Entertainment 1.2%
Lions Gate Capital Holdings LLC (A)	5.875	11-01-24	5,635,000	5,677,263
Lions Gate Capital Holdings LLC (A)	6.375	02-01-24	16,135,000	16,498,038
Live Nation Entertainment, Inc. (A)	4.750	10-15-27	8,025,000	7,591,128
Netflix, Inc. (A)	3.625	06-15-25	12,500,000	13,187,500
Netflix, Inc. (A)	5.375	11-15-29	9,335,000	11,225,338
Interactive media and services 0.7%
Alphabet, Inc.	1.100	08-15-30	7,995,000	7,950,788
ANGI Group LLC (A)	3.875	08-15-28	6,920,000	7,009,822
Match Group Holdings II LLC (A)	4.125	08-01-30	7,915,000	8,290,963
TripAdvisor, Inc. (A)	7.000	07-15-25	8,295,000	8,751,225
Twitter, Inc. (A)	3.875	12-15-27	2,269,000	2,394,249
Media 5.2%
Altice Financing SA (A)	7.500	05-15-26	16,020,000	17,096,544
Altice France SA (A)	7.375	05-01-26	5,705,000	6,056,713
CCO Holdings LLC (A)	4.500	08-15-30	9,050,000	9,604,313
CCO Holdings LLC (A)	4.750	03-01-30	12,410,000	13,332,684
CCO Holdings LLC (A)	5.125	05-01-27	16,345,000	17,407,752
CCO Holdings LLC (A)	5.750	02-15-26	4,575,000	4,794,875
Charter Communications Operating LLC	5.125	07-01-49	15,905,000	18,547,460
Charter Communications Operating LLC	5.750	04-01-48	7,045,000	8,799,920
CSC Holdings LLC (A)	4.625	12-01-30	7,420,000	7,588,508
CSC Holdings LLC (A)	5.375	02-01-28	10,225,000	10,904,707
CSC Holdings LLC (A)	5.500	05-15-26	4,536,000	4,758,083
CSC Holdings LLC (A)	5.500	04-15-27	12,580,000	13,416,067
CSC Holdings LLC (A)	5.750	01-15-30	21,015,000	22,906,350
CSC Holdings LLC	5.875	09-15-22	8,930,000	9,465,800
CSC Holdings LLC (A)	7.500	04-01-28	13,955,000	15,664,488
DISH DBS Corp.	5.875	07-15-22	9,270,000	9,784,485
LCPR Senior Secured Financing DAC (A)	6.750	10-15-27	15,810,000	16,956,225
Sirius XM Radio, Inc. (A)	5.375	07-15-26	7,830,000	8,192,138
Virgin Media Finance PLC (A)	5.000	07-15-30	7,640,000	7,866,908
Virgin Media Secured Finance PLC (A)	5.500	05-15-29	2,515,000	2,719,344
WMG Acquisition Corp. (A)	5.500	04-15-26	16,304,000	16,956,160

14 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Wireless telecommunication services 0.5%
T-Mobile USA, Inc. (A)	3.750	04-15-27		6,760,000	$7,644,952
T-Mobile USA, Inc.	4.500	02-01-26		7,775,000	8,026,210
T-Mobile USA, Inc.	6.500	01-15-26		7,465,000	7,814,922
Consumer discretionary 5.6%					260,144,027
Automobiles 1.0%
BMW Finance NV	1.000	11-14-24	EUR	4,785,000	5,922,599
Ford Motor Company	8.500	04-21-23		9,865,000	10,904,820
Ford Motor Credit Company LLC	2.979	08-03-22		4,400,000	4,369,750
Ford Motor Credit Company LLC	3.087	01-09-23		2,905,000	2,887,280
Ford Motor Credit Company LLC	3.350	11-01-22		4,100,000	4,093,973
Ford Motor Credit Company LLC	3.370	11-17-23		8,195,000	8,237,696
Ford Motor Credit Company LLC	4.250	09-20-22		3,320,000	3,372,290
General Motors Company	6.125	10-01-25		6,990,000	8,202,906
Diversified consumer services 0.7%
Duke University	2.682	10-01-44		14,330,000	15,271,585
Graham Holdings Company (A)	5.750	06-01-26		8,885,000	9,418,100
University of Notre Dame du Lac	1.637	02-15-30		5,560,000	5,677,117
Hotels, restaurants and leisure 2.7%
ESH Hospitality, Inc. (A)(B)	5.250	05-01-25		11,765,000	11,941,475
Hilton Worldwide Finance LLC	4.625	04-01-25		7,730,000	7,807,300
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC (A)	5.000	06-01-24		7,943,000	8,195,429
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC (A)	5.250	06-01-26		16,567,000	17,188,263
New Red Finance, Inc. (A)	3.875	01-15-28		11,545,000	11,833,625
New Red Finance, Inc. (A)	4.250	05-15-24		14,920,000	15,199,750
New Red Finance, Inc. (A)	5.000	10-15-25		17,080,000	17,539,623
New Red Finance, Inc. (A)	5.750	04-15-25		6,695,000	7,146,913
Wyndham Hotels & Resorts, Inc. (A)	4.375	08-15-28		6,920,000	6,973,284
Yum! Brands, Inc. (A)	4.750	01-15-30		19,625,000	21,636,563
Household durables 0.6%
Lennar Corp.	4.500	04-30-24		4,245,000	4,552,763
Lennar Corp.	4.750	11-29-27		18,295,000	20,856,300
Lennar Corp.	5.875	11-15-24		3,190,000	3,564,825
Internet and direct marketing retail 0.6%
Expedia Group, Inc.	3.800	02-15-28		16,295,000	16,263,760
Expedia Group, Inc.	5.000	02-15-26		5,137,000	5,428,814
Expedia Group, Inc. (A)	6.250	05-01-25		5,150,000	5,657,224

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 15

	Rate (%)	Maturity date		Par value^	Value
Consumer staples 2.6%					$120,719,199
Beverages 0.2%
Diageo Finance PLC	1.875	03-27-27	EUR	1,536,000	2,039,595
Molson Coors Beverage Company	1.250	07-15-24	EUR	4,750,000	5,685,966
Food products 2.3%
JBS Investments II GmbH (A)	7.000	01-15-26		11,145,000	12,050,197
Kraft Heinz Foods Company	3.000	06-01-26		15,280,000	15,931,026
Kraft Heinz Foods Company (A)	3.750	04-01-30		2,265,000	2,419,724
Kraft Heinz Foods Company (A)	3.875	05-15-27		2,905,000	3,106,247
Kraft Heinz Foods Company	3.950	07-15-25		3,645,000	3,964,495
Kraft Heinz Foods Company (A)	4.250	03-01-31		8,845,000	9,772,708
NBM US Holdings, Inc. (A)	7.000	05-14-26		2,929,000	3,120,820
Post Holdings, Inc. (A)	5.000	08-15-26		15,995,000	16,599,611
Post Holdings, Inc. (A)	5.500	12-15-29		3,230,000	3,540,726
Post Holdings, Inc. (A)	5.625	01-15-28		14,510,000	15,511,916
Post Holdings, Inc. (A)	5.750	03-01-27		21,395,000	22,598,469
Personal products 0.1%
Natura Cosmeticos SA (A)(B)	5.375	02-01-23		4,245,000	4,377,699
Energy 5.6%					259,287,353
Oil, gas and consumable fuels 5.6%
Aker BP ASA (A)	3.750	01-15-30		11,235,000	11,173,755
Aker BP ASA (A)	4.750	06-15-24		8,220,000	8,467,294
Aker BP ASA (A)	5.875	03-31-25		590,000	618,100
Enbridge, Inc.	4.250	12-01-26		16,420,000	18,977,072
Enterprise Products Operating LLC	3.125	07-31-29		15,990,000	17,447,367
EOG Resources, Inc.	4.375	04-15-30		4,995,000	5,975,712
Indika Energy Capital III Pte, Ltd. (A)(B)	5.875	11-09-24		13,160,000	12,406,988
Kinder Morgan, Inc.	4.300	06-01-25		5,250,000	5,959,824
Medco Oak Tree Pte, Ltd. (A)	7.375	05-14-26		13,090,000	13,277,693
Occidental Petroleum Corp.	2.700	08-15-22		3,735,000	3,672,159
Occidental Petroleum Corp.	2.900	08-15-24		5,405,000	4,972,600
Occidental Petroleum Corp.	3.500	06-15-25		5,345,000	4,863,950
Occidental Petroleum Corp.	3.500	08-15-29		7,480,000	6,432,800
Pertamina Persero PT (A)	3.650	07-30-29		3,440,000	3,663,600
Pertamina Persero PT (A)	4.300	05-20-23		9,830,000	10,517,409
Petrobras Global Finance BV (A)	5.093	01-15-30		24,014,000	24,998,574
Petrobras Global Finance BV	5.750	02-01-29		10,230,000	11,242,770
Petrobras Global Finance BV	5.999	01-27-28		2,760,000	3,060,840
Petrobras Global Finance BV	6.900	03-19-49		13,075,000	15,087,635
Petroleos del Peru SA (A)	5.625	06-19-47		8,126,000	9,913,720
Saudi Arabian Oil Company (A)	3.500	04-16-29		9,115,000	10,023,017

16 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Saudi Arabian Oil Company (A)	4.250	04-16-39		7,050,000	$8,178,625
Saudi Arabian Oil Company (A)	4.375	04-16-49		5,805,000	7,013,854
Suncor Energy, Inc.	3.100	05-15-25		5,940,000	6,505,258
The Williams Companies, Inc.	3.750	06-15-27		4,015,000	4,431,738
The Williams Companies, Inc.	4.500	11-15-23		6,110,000	6,751,613
The Williams Companies, Inc.	4.550	06-24-24		10,278,000	11,543,819
TransCanada PipeLines, Ltd.	4.250	05-15-28		5,195,000	6,057,398
Valero Energy Corp. (B)	3.400	09-15-26		5,490,000	6,052,169
Financials 13.5%					628,485,213
Banks 9.0%
Asian Development Bank	5.000	03-09-22	AUD	11,300,000	8,922,223
Banco Actinver SA (A)	4.800	12-18-32		2,360,000	1,657,900
Banco Actinver SA (A)	9.500	12-18-32	MXN	138,600,000	4,623,800
Bank of America Corp. (1.319% to 6-19-25, then SOFR + 1.150%)	1.319	06-19-26		13,450,000	13,619,814
Bank of America Corp. (2.884% to 10-22-29, then 3 month LIBOR + 1.190%)	2.884	10-22-30		5,645,000	6,135,285
Bank of America Corp.	6.110	01-29-37		5,134,000	7,356,991
Bank of America NA	6.000	10-15-36		1,656,000	2,390,994
BNG Bank NV	0.250	06-07-24	EUR	6,700,000	8,184,898
CIT Group, Inc. (5.800% to 6-15-22, then 3 month LIBOR + 3.972%) (C)	5.800	06-15-22		2,085,000	1,690,810
Citigroup, Inc. (3 month EURIBOR + 0.500%) (D)	0.111	03-21-23	EUR	10,835,000	12,936,388
Citigroup, Inc. (3 month BBSW + 1.550%) (D)	1.650	05-04-21	AUD	13,996,000	10,393,888
Citigroup, Inc. (1.678% to 5-15-23, then SOFR + 1.667%)	1.678	05-15-24		10,495,000	10,761,688
Citigroup, Inc.	4.125	07-25-28		7,335,000	8,424,113
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (A)(C)	7.875	01-23-24		2,020,000	2,254,764
European Investment Bank (SONIA + 0.350%) (D)	0.408	06-29-23	GBP	6,180,000	8,295,729
European Investment Bank	1.500	05-12-22	NOK	117,270,000	13,682,850
First Horizon Bank	5.750	05-01-30		10,785,000	12,193,462
International Bank for Reconstruction & Development	1.900	01-16-25	CAD	15,730,000	12,703,270

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 17

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Banks (continued)
International Bank for Reconstruction & Development	2.800	01-13-21	AUD	10,970,000	$8,166,159
International Bank for Reconstruction & Development	3.375	01-25-22	NZD	13,998,000	9,842,929
International Bank for Reconstruction & Development	3.500	01-22-21	NZD	13,130,000	8,952,055
International Bank for Reconstruction & Development	4.625	10-06-21	NZD	12,620,000	8,906,432
International Bank for Reconstruction & Development	7.450	08-20-21	IDR	32,325,000,000	2,265,691
International Finance Corp. (E)	0.375	09-10-25	NZD	12,980,000	8,685,127
JPMorgan Chase & Co. (2.005% to 3-13-25, then SOFR + 1.585%)	2.005	03-13-26		4,645,000	4,844,687
JPMorgan Chase & Co. (2.083% to 4-22-25, then SOFR + 1.850%)	2.083	04-22-26		16,805,000	17,634,529
KfW	2.125	08-15-23	EUR	15,415,000	19,863,867
Lloyds Banking Group PLC (7.500% to 9-27-25, then 5 Year U.S. Swap Rate + 4.496%) (B)(C)	7.500	09-27-25		13,530,000	14,885,706
National Bank of Canada (A)	2.150	10-07-22		7,805,000	8,069,045
Natwest Group PLC (6.000% to 12-29-25, then 5 Year CMT + 5.625%) (C)	6.000	12-29-25		9,350,000	9,849,945
Nordea Eiendomskreditt AS (3 month NIBOR + 0.300%) (D)	0.660	06-21-23	NOK	88,000,000	10,115,613
Nordea Eiendomskreditt AS (3 month NIBOR + 0.340%) (D)	0.710	06-19-24	NOK	110,000,000	12,651,190
Nordic Investment Bank	1.500	01-24-22	NOK	58,000,000	6,733,403
Popular, Inc.	6.125	09-14-23		17,095,000	18,184,806
Societe Generale SA (8.000% to 9-29-25, then 5 Year ICE Swap Rate + 5.873%) (A)(C)	8.000	09-29-25		6,640,000	7,553,000
Synovus Financial Corp. (5.750% to 12-15-20, then 3 month LIBOR + 4.182%)	5.750	12-15-25		18,875,000	18,780,625
Truist Financial Corp.	3.875	03-19-29		7,330,000	8,490,376
U.S. Bancorp	0.850	06-07-24	EUR	31,085,000	38,107,811
U.S. Bancorp	3.375	02-05-24		5,956,000	6,512,261
U.S. Bank NA	2.800	01-27-25		6,638,000	7,242,609
Wells Fargo & Company (3 month BBSW + 1.320%) (D)	1.422	07-27-21	AUD	9,035,000	6,707,647

18 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Banks (continued)
Wells Fargo & Company	3.250	04-27-22	AUD	12,300,000	$9,420,201
Zions Bancorp NA (5.800% to 6-15-23, then 3 month LIBOR + 3.800%) (C)	5.800	06-15-23		2,254,000	2,163,220
Capital markets 1.4%
Deutsche Bank AG (6.000% to 10-30-25, then 5 Year CMT + 4.524%) (C)	6.000	10-30-25		21,000,000	18,873,750
MSCI, Inc. (A)	3.625	09-01-30		3,820,000	4,007,409
MSCI, Inc. (A)	3.875	02-15-31		7,110,000	7,509,938
MSCI, Inc. (A)	4.000	11-15-29		4,680,000	5,007,600
MSCI, Inc. (A)	4.750	08-01-26		2,990,000	3,109,600
Stifel Financial Corp.	4.000	05-15-30		8,325,000	8,926,263
The Goldman Sachs Group, Inc.	1.375	05-15-24	EUR	7,713,000	9,452,253
The Goldman Sachs Group, Inc.	2.000	11-01-28	EUR	2,510,000	3,303,918
The Goldman Sachs Group, Inc.	3.375	03-27-25	EUR	1,960,000	2,640,003
Diversified financial services 1.6%
Berkshire Hathaway Finance Corp.	2.375	06-19-39	GBP	7,150,000	10,698,332
Berkshire Hathaway, Inc.	0.000	03-12-25	EUR	10,945,000	13,006,726
European Financial Stability Facility	0.125	10-17-23	EUR	13,115,000	15,965,123
European Financial Stability Facility	1.875	05-23-23	EUR	2,500,000	3,184,022
GE Capital Funding LLC (A)	4.400	05-15-30		8,105,000	8,542,946
Swiss Insured Brazil Power Finance Sarl (A)	9.850	07-16-32	BRL	109,135,000	22,709,483
Insurance 1.2%
American International Group, Inc. (8.175% to 5-15-38, then 3 month LIBOR + 4.195%)	8.175	05-15-58		18,365,000	26,229,416
Chubb INA Holdings, Inc.	0.300	12-15-24	EUR	9,990,000	11,932,330
DB Insurance Company, Ltd.	3.492	05-25-24	KRW	10,000,000,000	8,802,836
DB Insurance Company, Ltd.	3.865	05-25-27	KRW	10,000,000,000	9,103,789
Thrifts and mortgage finance 0.3%
Nationstar Mortgage Holdings, Inc. (A)	6.000	01-15-27		13,790,000	14,621,675
Health care 5.4%					254,155,390
Health care equipment and supplies 0.7%
Becton Dickinson Euro Finance Sarl	1.208	06-04-26	EUR	8,910,000	10,812,981
DH Europe Finance II Sarl	0.450	03-18-28	EUR	18,445,000	21,846,146
Health care providers and services 2.6%
Ascension Health	2.532	11-15-29		6,475,000	7,244,523

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 19

	Rate (%)	Maturity date		Par value^	Value
Health care (continued)
Health care providers and services (continued)
Banner Health	2.338	01-01-30		7,345,000	$7,697,453
Centene Corp.	3.375	02-15-30		7,775,000	8,086,000
Centene Corp. (A)	5.250	04-01-25		3,065,000	3,179,938
HCA, Inc.	3.500	09-01-30		31,781,000	33,329,615
HCA, Inc.	4.125	06-15-29		15,255,000	17,555,378
HCA, Inc.	5.375	02-01-25		15,280,000	17,207,572
Rede D'or Finance Sarl (A)	4.500	01-22-30		7,890,000	7,732,200
Select Medical Corp. (A)	6.250	08-15-26		20,250,000	21,753,968
Life sciences tools and services 0.4%
Thermo Fisher Scientific, Inc.	0.500	03-01-28	EUR	6,585,000	7,919,578
Thermo Fisher Scientific, Inc.	0.750	09-12-24	EUR	3,288,000	4,028,203
Thermo Fisher Scientific, Inc.	1.400	01-23-26	EUR	4,947,000	6,273,783
Pharmaceuticals 1.7%
Allergan Funding SCS	1.250	06-01-24	EUR	6,760,000	8,101,066
Allergan Funding SCS	2.625	11-15-28	EUR	3,795,000	4,949,983
Bausch Health Companies, Inc. (A)	5.000	01-30-28		14,605,000	14,385,925
Bausch Health Companies, Inc. (A)	5.250	01-30-30		24,810,000	24,660,892
Bausch Health Companies, Inc. (A)	5.500	11-01-25		5,520,000	5,697,744
Bausch Health Companies, Inc. (A)	5.875	05-15-23		1,356,000	1,356,000
Bausch Health Companies, Inc. (A)	6.125	04-15-25		2,766,000	2,845,523
Bausch Health Companies, Inc. (A)	6.250	02-15-29		10,585,000	11,065,030
Bausch Health Companies, Inc. (A)	9.000	12-15-25		5,870,000	6,425,889
Industrials 4.3%					203,116,781
Aerospace and defense 0.6%
Airbus SE	1.625	06-09-30	EUR	2,740,000	3,352,349
The Boeing Company	5.040	05-01-27		11,170,000	12,290,755
The Boeing Company	5.150	05-01-30		10,560,000	11,823,668
Airlines 0.8%
Delta Air Lines 2020-1 Class A Pass Through Trust	2.500	06-10-28		6,040,000	5,341,286
Delta Air Lines 2020-1 Class AA Pass Through Trust	2.000	06-10-28		6,185,000	6,000,246
Delta Air Lines, Inc.	2.900	10-28-24		7,330,000	6,730,772
Delta Air Lines, Inc.	3.400	04-19-21		6,685,000	6,700,566
Delta Air Lines, Inc. (A)	7.000	05-01-25		12,595,000	13,788,050

20 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Industrials (continued)
Building products 0.2%
Owens Corning	3.950	08-15-29		6,190,000	$7,001,366
Commercial services and supplies 0.2%
Cimpress PLC (A)	7.000	06-15-26		10,985,000	10,930,075
Construction and engineering 0.6%
AECOM	5.125	03-15-27		9,802,000	10,748,383
AECOM	5.875	10-15-24		9,935,000	11,065,106
HC2 Holdings, Inc. (A)	11.500	12-01-21		6,506,000	6,066,845
Marine 0.2%
Pelabuhan Indonesia II PT (A)	4.250	05-05-25		10,110,000	10,994,625
Professional services 0.1%
CoStar Group, Inc. (A)	2.800	07-15-30		5,780,000	6,076,572
Road and rail 0.5%
Indian Railway Finance Corp., Ltd. (A)	3.249	02-13-30		7,580,000	7,677,327
Uber Technologies, Inc. (A)	8.000	11-01-26		13,455,000	14,256,783
Trading companies and distributors 0.7%
BOC Aviation, Ltd. (3 month LIBOR + 1.050%) (A)(D)	1.301	05-02-21		3,715,000	3,701,700
BOC Aviation, Ltd. (A)	2.750	09-18-22		11,775,000	12,027,927
United Rentals North America, Inc.	4.000	07-15-30		7,765,000	8,114,425
United Rentals North America, Inc.	4.875	01-15-28		7,050,000	7,495,701
Transportation infrastructure 0.4%
Adani Ports & Special Economic Zone, Ltd. (A)	3.950	01-19-22		4,968,000	5,079,654
Adani Ports & Special Economic Zone, Ltd. (A)	4.200	08-04-27		3,885,000	3,980,817
Jasa Marga Persero Tbk PT (A)	7.500	12-11-20	IDR	114,350,000,000	7,659,333
JSL Europe SA (A)	7.750	07-26-24		4,070,000	4,212,450
Information technology 1.9%					90,926,537
IT services 0.5%
Fidelity National Information Services, Inc.	1.000	12-03-28	EUR	4,800,000	5,851,577
Fidelity National Information Services, Inc.	1.500	05-21-27	EUR	9,625,000	12,223,204
Fiserv, Inc.	1.125	07-01-27	EUR	3,495,000	4,299,435
Semiconductors and semiconductor equipment 0.6%
Broadcom Corp.	3.875	01-15-27		3,955,000	4,382,666
Broadcom, Inc.	4.150	11-15-30		10,705,000	12,039,755
Broadcom, Inc.	4.750	04-15-29		11,240,000	13,148,140

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 21

	Rate (%)	Maturity date		Par value^	Value
Information technology (continued)
Software 0.3%
Camelot Finance SA (A)	4.500	11-01-26		4,330,000	$4,480,338
SS&C Technologies, Inc. (A)	5.500	09-30-27		11,675,000	12,505,093
Technology hardware, storage and peripherals 0.5%
Apple, Inc.	0.875	05-24-25	EUR	9,831,000	12,271,739
Dell International LLC (A)	8.350	07-15-46		7,209,000	9,724,590
Materials 2.6%					120,412,718
Chemicals 0.2%
Braskem Netherlands Finance BV (A)	4.500	01-10-28		2,154,000	2,102,843
Ecolab, Inc.	1.000	01-15-24	EUR	4,270,000	5,256,301
Construction materials 0.1%
St. Mary's Cement, Inc. (A)	5.750	01-28-27		4,140,000	4,678,200
Containers and packaging 1.8%
Ball Corp.	2.875	08-15-30		5,485,000	5,472,933
Ball Corp.	4.000	11-15-23		16,060,000	17,063,750
Ball Corp.	4.875	03-15-26		9,415,000	10,544,800
Ball Corp.	5.250	07-01-25		14,545,000	16,483,412
Berry Global, Inc. (A)	5.625	07-15-27		7,670,000	8,111,025
Crown Americas LLC	4.250	09-30-26		1,490,000	1,584,049
Crown Americas LLC	4.500	01-15-23		11,554,000	12,131,931
Crown Cork & Seal Company, Inc.	7.375	12-15-26		11,568,000	13,679,160
Metals and mining 0.5%
Freeport-McMoRan, Inc.	4.375	08-01-28		10,240,000	10,758,298
Indonesia Asahan Aluminium Persero PT (A)	4.750	05-15-25		11,455,000	12,546,016
Real estate 1.6%					73,030,097
Equity real estate investment trusts 1.6%
American Tower Corp.	1.950	05-22-26	EUR	3,650,000	4,700,534
Crown Castle International Corp.	3.800	02-15-28		10,355,000	11,820,381
Equinix, Inc.	2.150	07-15-30		8,034,000	8,238,626
Equinix, Inc.	3.200	11-18-29		6,305,000	6,955,109
SBA Communications Corp. (A)	3.875	02-15-27		19,505,000	20,245,215
SBA Communications Corp.	4.875	09-01-24		1,067,000	1,096,022
SBA Tower Trust (A)	2.836	01-15-25		6,217,000	6,495,742
VICI Properties LP (A)	4.125	08-15-30		8,940,000	8,959,668
VICI Properties LP (A)	4.625	12-01-29		4,345,000	4,518,800
Utilities 2.8%					132,298,241
Electric utilities 2.2%
DPL, Inc. (A)	4.125	07-01-25		13,920,000	14,685,600
EDP Finance BV	0.375	09-16-26	EUR	1,315,000	1,569,714

22 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Utilities (continued)
Electric utilities (continued)
Israel Electric Corp., Ltd. (A)	5.000	11-12-24		7,220,000	$8,113,042
Israel Electric Corp., Ltd. (A)	6.875	06-21-23		4,565,000	5,218,888
NRG Energy, Inc. (A)	5.250	06-15-29		9,810,000	10,692,900
NRG Energy, Inc.	6.625	01-15-27		21,110,000	22,591,922
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (A)	4.125	05-15-27		12,660,000	13,878,525
Vistra Operations Company LLC (A)	3.550	07-15-24		12,720,000	13,500,689
Vistra Operations Company LLC (A)	5.000	07-31-27		3,315,000	3,515,491
Vistra Operations Company LLC (A)	5.625	02-15-27		7,175,000	7,587,563
Gas utilities 0.0%
Southern Gas Networks PLC	4.875	12-21-20	GBP	805,000	1,091,343
Independent power and renewable electricity producers 0.5%
Adani Green Energy UP, Ltd. (A)	6.250	12-10-24		5,330,000	5,725,465
Greenko Dutch BV (A)	5.250	07-24-24		10,740,000	10,941,375
Greenko Solar Mauritius, Ltd. (A)	5.550	01-29-25		5,260,000	5,341,530
Multi-utilities 0.1%
E.ON SE	0.375	09-29-27	EUR	3,200,000	3,861,847
Engie SA	0.375	06-21-27	EUR	3,300,000	3,982,347
Convertible bonds 2.0%					$91,707,078
(Cost $77,067,839)
Communication services 1.0%					43,594,830
Diversified telecommunication services 0.4%
GCI Liberty, Inc. (A)	1.750	09-30-46		9,870,000	16,512,510
Interactive media and services 0.4%
Match Group Financeco 2, Inc. (A)	0.875	06-15-26		11,715,000	16,944,603
Media 0.2%
DISH Network Corp.	3.375	08-15-26		5,520,000	5,444,232
Liberty Broadband Corp. (A)	2.750	09-30-50		4,415,000	4,693,485
Consumer discretionary 0.3%					14,742,936
Household durables 0.3%
Sony Corp.	0.000	09-30-22	JPY	940,000,000	14,742,936
Industrials 0.2%					9,134,774
Airlines 0.2%
American Airlines Group, Inc.	6.500	07-01-25		9,485,000	9,134,774

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 23

	Rate (%)	Maturity date	Par value^	Value
Information technology 0.2%				$10,328,863
Software 0.2%
Avaya Holdings Corp.	2.250	06-15-23	11,220,000	10,328,863
Utilities 0.3%				13,905,675
Electric utilities 0.3%
NRG Energy, Inc.	2.750	06-01-48	13,080,000	13,905,675
Capital preferred securities 1.3%				$58,354,684
(Cost $58,012,035)
Financials 1.3%				58,354,684
Banks 1.3%
First Maryland Capital I (3 month LIBOR + 1.000%) (D)	1.275	01-15-27	13,280,000	12,267,672
First Maryland Capital II (3 month LIBOR + 0.850%) (D)	1.101	02-01-27	12,524,000	11,415,821
USB Capital IX (Greater of 3 month LIBOR + 1.020% or 3.500%) (C)(D)	3.500	10-02-20	18,552,000	16,534,470
Wachovia Capital Trust III (Greater of 3 month LIBOR + 0.930% or 5.570%) (C)(D)	5.570	10-02-20	18,042,000	18,136,721
Municipal bonds 1.8%				$82,974,783
(Cost $81,097,764)
Bay Area Toll Authority (California)	2.574	04-01-31	5,710,000	6,237,433
Commonwealth of Massachusetts	2.514	07-01-41	7,255,000	7,399,229
County of Miami-Dade Aviation Revenue (Florida)	2.599	10-01-31	2,840,000	2,816,343
Port of Morrow (Oregon)	2.543	09-01-40	10,310,000	10,443,411
Richland County School District No. 1 (South Carolina)	1.780	03-01-28	7,750,000	8,002,728
Richland County School District No. 1 (South Carolina)	1.870	03-01-29	4,970,000	5,132,320
Scottsdale Municipal Property Corp. (Arizona)	2.900	07-01-39	3,030,000	3,160,745
State of Hawaii	1.295	08-01-29	8,780,000	8,704,755
Texas Transportation Commission	2.562	04-01-42	6,355,000	6,484,960
Texas Transportation Commission	4.000	10-01-33	5,380,000	6,808,121
Texas Transportation Commission	1.533	10-01-29	7,165,000	7,383,461
University of Texas	2.439	08-15-49	7,440,000	7,677,708
West Contra Costa Unified School District (California)	2.392	08-01-29	2,620,000	2,723,569

24 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Term loans (F) 0.0%				$423,143
(Cost $410,299)
Consumer discretionary 0.0%				423,143
Auto components 0.0%
American Tire Distributors, Inc., Exit FILO Term Loan (3 month LIBOR + 6.000%)	7.000	09-01-23	440,774	423,143
Collateralized mortgage obligations 2.4%				$110,346,850
(Cost $108,650,470)
Commercial and residential 2.3%				108,761,747
Arroyo Mortgage Trust
Series 2019-1, Class A1 (A)(G)	3.805	01-25-49	10,023,747	10,298,495
Series 2019-2, Class A1 (A)(G)	3.347	04-25-49	14,610,535	14,963,639
Series 2019-3, Class A1 (A)(G)	2.962	10-25-48	8,221,045	8,401,610
BX Commercial Mortgage Trust
Series 2018-BIOA, Class E (1 month LIBOR + 1.951%) (A)(D)	2.113	03-15-37	13,569,000	13,093,259
Series 2019-XL, Class A (1 month LIBOR + 0.920%) (A)(D)	1.082	10-15-36	17,936,982	17,915,478
Series 2020-BXLP, Class A (1 month LIBOR + 0.800%) (A)(D)	0.962	12-15-36	7,767,890	7,741,186
CSMC Trust Series 2019-NQM1, Class A1 (A)	2.656	10-25-59	6,363,695	6,461,283
DBGS Mortgage Trust Series 2018-BIOD, Class B (1 month LIBOR + 0.888%) (A)(D)	1.050	05-15-35	8,835,883	8,692,459
HarborView Mortgage Loan Trust
Series 2005-9, Class 2A1A (1 month LIBOR + 0.340%) (D)	0.498	06-20-35	1,752,810	1,704,530
Series 2007-3, Class ES IO (A)	0.350	05-19-47	5,197,138	79,902
Series 2007-4, Class ES IO	0.350	07-19-47	5,644,320	74,428
Series 2007-6, Class ES IO (A)	0.343	08-19-37	5,038,948	70,749
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A (A)(G)	2.949	09-06-38	570,000	614,110
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A (G)	5.472	11-25-34	1,287,080	1,396,365
One Bryant Park Trust Series 2019-OBP, Class A (A)	2.516	09-15-54	13,505,000	14,394,657
WaMu Mortgage Pass Through Certificates

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 25

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
Series 2005-AR2, Class 2A2B (1 month LIBOR + 0.380%) (D)	0.555	01-25-45	1,336,986	$1,275,900
Series 2005-AR8, Class 2AB2 (1 month LIBOR + 0.840%) (D)	1.015	07-25-45	1,643,243	1,583,697
U.S. Government Agency 0.1%				1,585,103
Federal Home Loan Mortgage Corp.
Series 2015-DNA1, Class M2 (1 month LIBOR + 1.850%) (D)	2.025	10-25-27	193,560	193,560
Series 2017-DNA3, Class M1 (1 month LIBOR + 0.750%) (D)	0.925	03-25-30	1,393,225	1,391,543
Asset backed securities 2.6%				$122,708,718
(Cost $117,865,953)
Asset backed securities 2.6%				122,708,718
AMSR Trust Series 2019-SFR1, Class A (A)	2.774	01-19-39	13,845,000	14,606,496
Bravo Mortgage Asset Trust Series 2006-1A, Class A2 (1 month LIBOR + 0.240%) (A)(D)	0.415	07-25-36	2,437,890	2,423,455
DB Master Finance LLC
Series 2017-1A, Class A2I (A)	3.629	11-20-47	7,678,125	7,898,641
Series 2019-1A, Class A2I (A)	3.787	05-20-49	10,404,900	10,845,443
Series 2019-1A, Class A2II (A)	4.021	05-20-49	5,796,450	6,145,396
Domino's Pizza Master Issuer LLC
Series 2015-1A, Class A2II (A)	4.474	10-25-45	5,827,200	6,195,887
Series 2017-1A, Class A2I (3 month LIBOR + 1.250%) (A)(D)	1.495	07-25-47	14,130,425	14,121,805
Driven Brands Funding LLC Series 2015-1A, Class A2 (A)	5.216	07-20-45	5,754,053	5,980,302
GSAA Home Equity Trust Series 2005-MTR1, Class A4 (1 month LIBOR + 0.370%) (D)	0.545	10-25-35	1,501,696	1,474,344
Home Partners of America Trust Series 2018-1, Class D (1 month LIBOR + 1.450%) (A)(D)	1.612	07-17-37	7,715,000	7,585,248
Home Partners of America Trust Series 2019-1, Class B (A)	3.157	09-17-39	4,815,715	4,940,442
Jack In The Box Funding LLC Series 2019-1A, Class A2II (A)	4.476	08-25-49	6,962,388	7,290,943
Mill City Mortgage Loan Trust Series 2018-3, Class A1 (A)(G)	3.500	08-25-58	11,305,727	12,005,513

26 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Asset backed securities (continued)
MVW Owner Trust Series 2018-1A, Class A (A)	3.450	01-21-36	4,746,143	$4,912,186
Taco Bell Funding LLC Series 2016-1A, Class A23 (A)	4.970	05-25-46	15,131,700	16,282,617

	Shares	Value
Common stocks 1.8%		$84,951,822
(Cost $109,148,181)
Communication services 0.0%		0
Media 0.0%
Vertis Holdings, Inc. (H)(I)	110,794	0
Financials 0.7%		34,531,409
Banks 0.4%
Citigroup, Inc.	94,940	4,853,333
JPMorgan Chase & Co.	72,645	7,278,303
U.S. Bancorp	245,135	8,922,914
Capital markets 0.3%
Deutsche Bank AG (I)	1,414,151	13,476,859
Industrials 0.6%		27,572,453
Aerospace and defense 0.4%
The Boeing Company	110,235	18,940,565
Airlines 0.1%
Delta Air Lines, Inc.	206,277	6,363,645
Construction and engineering 0.1%
HC2 Holdings, Inc. (B)(I)	907,297	2,268,243
Real estate 0.1%		5,120,300
Equity real estate investment trusts 0.1%
Americold Realty Trust	133,515	5,120,300
Utilities 0.4%		17,727,660
Multi-utilities 0.4%
Dominion Energy, Inc.	176,500	17,727,660
Preferred securities 4.4%		$202,531,043
(Cost $205,755,058)
Communication services 0.1%		5,444,983
Media 0.1%
2020 Cash Mandatory Exchangeable Trust, 5.250% (A)(I)	4,970	5,444,983

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 27

	Shares	Value
Financials 1.0%		$43,429,900
Banks 1.0%
First Horizon Bank (Greater of 3 month LIBOR + 0.850% or 3.750%), 3.750% (A)(D)	22,722	16,587,060
U.S. Bancorp (Greater of 3 month LIBOR + 1.020% or 3.500%), 3.500% (D)	16,425	14,240,475
Valley National Bancorp (5.500% to 9-30-22, then 3 month LIBOR + 3.578%)	272,325	6,647,453
Wells Fargo & Company (5.850% to 9-15-23, then 3 month LIBOR + 3.090%)	228,245	5,954,912
Health care 0.3%		15,027,177
Health care equipment and supplies 0.3%
Becton, Dickinson and Company, 6.000% (B)	113,050	6,040,262
Danaher Corp., 5.000%	7,335	8,986,915
Industrials 0.5%		21,537,789
Machinery 0.5%
Fortive Corp., 5.000%	23,545	21,537,789
Information technology 0.3%		13,815,146
Semiconductors and semiconductorequipment 0.3%
Broadcom, Inc., 8.000% (B)	11,230	13,815,146
Utilities 2.2%		103,276,048
Electric utilities 1.6%
American Electric Power Company, Inc., 6.125% (B)	287,600	13,850,816
NextEra Energy, Inc., 4.872%	471,900	25,860,120
NextEra Energy, Inc., 5.279%	421,350	20,060,474
The Southern Company, 6.750%	382,000	17,190,000
Gas utilities 0.1%
South Jersey Industries, Inc., 7.250% (B)	128,700	4,813,380
Multi-utilities 0.5%
CenterPoint Energy, Inc., 7.000%	155,450	5,837,148
DTE Energy Company, 6.250%	339,050	15,664,110

	Contracts/ Notional amount	Value
Purchased options 0.0%		$2,484,952
(Cost $458,500)
Puts 0.0%		2,484,952
Over the Counter Option on the USD vs. CAD (Expiration Date: 11-6-20; Strike Price: $1.35; Counterparty: Canadian Imperial Bank of Commerce) (I)(J)	71,380,000	2,484,952

28 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Yield* (%)	Maturity date	Par value^	Value
Short-term investments 1.7%				$81,929,487
(Cost $81,934,308)
U.S. Government Agency 0.3%				13,235,000
Federal Agricultural Mortgage Corp. Discount Note	0.010	09-01-20	2,548,000	2,548,000
Federal Home Loan Bank Discount Note	0.010	09-01-20	10,687,000	10,687,000

	Yield (%)	Shares	Value
Short-term funds 0.8%			40,443,487
John Hancock Collateral Trust (K)	0.2611(L)	4,040,026	40,443,487

	Par value^	Value
Repurchase agreement 0.6%		28,251,000
Barclays Tri-Party Repurchase Agreement dated 8-31-20 at 0.070% to be repurchased at $22,328,043 on 9-1-20, collateralized by $22,803,400 U.S. Treasury Notes, 0.250% due 8-31-25 (valued at $22,774,645)	22,328,000	22,328,000
Repurchase Agreement with State Street Corp. dated 8-31-20 at 0.000% to be repurchased at $5,923,000 on 9-1-20, collateralized by $5,123,200 U.S. Treasury Notes, 2.875% due 8-15-28 (valued at $6,041,575)	5,923,000	5,923,000

Total investments (Cost $4,404,960,284) 98.4%	$4,588,179,062
Other assets and liabilities, net 1.6%	72,473,288
Total net assets 100.0%	$4,660,652,350

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 29

Security Abbreviations and Legend
BBSW	Bank Bill Swap Rate
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
ICE	Intercontinental Exchange
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $1,779,137,850 or 38.2% of the fund's net assets as of 8-31-20.
(B)	All or a portion of this security is on loan as of 8-31-20.
(C)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(D)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(E)	Security purchased or sold on a when-issued or delayed delivery basis.
(F)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(G)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(H)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(I)	Non-income producing security.
(J)	For this type of option, notional amounts are equivalent to number of contracts.
(K)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(L)	The rate shown is the annualized seven-day yield as of 8-31-20.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

30 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
Euro-BTP Italian Government Bond Futures	257	Long	Sep 2020	$45,150,866	$44,841,290	$(309,576)
10-Year U.S. Treasury Note Futures	2,968	Short	Dec 2020	(413,100,202)	(413,294,000)	(193,798)
German Euro BUND Futures	214	Short	Sep 2020	(45,265,489)	(44,833,802)	431,687
U.S. Treasury Long Bond Futures	2,208	Short	Dec 2020	(390,525,562)	(387,987,000)	2,538,562
						$2,466,875

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
AUD	60,970,000	CAD	57,995,467	ANZ	9/16/2020	$505,559	—
AUD	30,487,500	CAD	29,052,647	JPM	9/16/2020	212,522	—
AUD	15,240,000	CAD	14,529,054	NAB	9/16/2020	101,401	—
CAD	43,693,920	AUD	45,723,750	ANZ	9/16/2020	—	$(225,117)
CAD	29,301,628	AUD	30,487,500	GSI	9/16/2020	—	(21,627)
CAD	29,296,201	AUD	30,487,500	HUS	9/16/2020	—	(25,788)
CAD	93,451,350	EUR	60,627,500	SSB	9/16/2020	—	(722,666)
CAD	12,169,000	JPY	976,542,972	CITI	9/16/2020	108,321	—
CAD	6,089,500	JPY	488,715,595	JPM	9/16/2020	53,800	—
CAD	12,169,000	JPY	976,222,835	MSCS	9/16/2020	111,344	—
CAD	30,445,000	JPY	2,427,745,190	TD	9/16/2020	416,596	—
CAD	40,058,408	USD	30,484,375	CIBC	9/16/2020	228,463	—
CAD	63,249,035	USD	47,685,238	CITI	9/16/2020	807,887	—
CAD	20,137,789	USD	15,244,375	GSI	9/16/2020	195,296	—
CAD	20,459,247	USD	15,240,000	HUS	9/16/2020	446,134	—
CAD	270,501,783	USD	200,582,738	JPM	9/16/2020	6,811,364	—
CAD	184,400,449	USD	137,650,000	MSCS	9/16/2020	3,730,087	—
CAD	207,474,634	USD	153,150,744	RBC	9/16/2020	5,920,353	—
CAD	20,714,291	USD	15,236,250	SCB	9/16/2020	645,427	—
CAD	82,498,380	USD	60,973,125	SSB	9/16/2020	2,278,501	—
CAD	63,987,035	USD	48,675,000	TD	9/16/2020	383,951	—
EUR	60,627,500	CAD	92,599,109	JPM	9/16/2020	1,376,081	—
EUR	15,200,000	GBP	13,612,664	BNY	9/16/2020	—	(53,979)
EUR	15,237,500	GBP	13,651,551	HUS	9/16/2020	—	(61,201)
EUR	30,475,000	GBP	27,394,997	JPM	9/16/2020	—	(245,257)
EUR	15,333,750	GBP	13,704,139	SCB	9/16/2020	—	(16,610)
EUR	45,712,500	GBP	41,322,870	SSB	9/16/2020	—	(675,868)
EUR	15,365,000	NOK	161,774,782	UBS	9/16/2020	—	(179,484)

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 31

FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
EUR	15,365,000	SEK	157,986,280	CIBC	9/16/2020	$73,728	—
EUR	21,701,616	USD	25,463,482	ANZ	9/16/2020	442,059	—
EUR	104,979,298	USD	122,811,871	CITI	9/16/2020	2,503,479	—
EUR	164,901,541	USD	189,850,539	GSI	9/16/2020	6,994,885	—
EUR	110,121,043	USD	126,263,235	HUS	9/16/2020	5,189,893	—
EUR	181,914,273	USD	207,543,714	JPM	9/16/2020	9,610,056	—
EUR	96,510,387	USD	110,977,181	MSCS	9/16/2020	4,228,705	—
EUR	21,797,958	USD	25,812,837	RBC	9/16/2020	207,710	—
EUR	30,447,500	USD	36,008,127	SCB	9/16/2020	337,507	—
EUR	55,694,163	USD	63,176,533	SSB	9/16/2020	3,306,418	—
EUR	66,145,642	USD	77,729,449	UBS	9/16/2020	1,229,589	—
GBP	27,583,675	EUR	30,571,250	HUS	9/16/2020	382,601	—
GBP	13,832,709	EUR	15,237,500	SCB	9/16/2020	303,388	—
GBP	41,443,926	EUR	45,808,750	SSB	9/16/2020	722,809	—
GBP	15,322,500	USD	20,037,846	HUS	9/16/2020	446,439	—
GBP	30,908,333	USD	40,318,659	SCB	9/16/2020	1,001,954	—
JPY	2,454,373,454	CAD	30,395,000	GSI	9/16/2020	—	$(126,807)
JPY	1,228,150,996	CAD	15,222,500	SSB	9/16/2020	—	(73,465)
JPY	1,228,569,919	CAD	15,222,500	TD	9/16/2020	—	(69,509)
JPY	2,114,322,745	NZD	30,438,596	CITI	9/16/2020	—	(537,018)
JPY	3,253,495,190	USD	30,470,000	GSI	9/16/2020	253,332	—
JPY	1,626,238,746	USD	15,235,000	HUS	9/16/2020	121,861	—
JPY	6,447,355,932	USD	60,878,500	SCB	9/16/2020	5,025	—
NOK	162,163,498	EUR	15,365,000	HUS	9/16/2020	223,987	—
NOK	285,271,590	USD	30,416,667	MSCS	9/16/2020	2,242,876	—
NOK	143,824,098	USD	15,208,333	SSB	9/16/2020	1,257,482	—
NZD	30,467,105	JPY	2,104,338,587	ANZ	9/16/2020	650,504	—
NZD	12,922,969	USD	8,581,782	JPM	9/10/2020	122,987	—
NZD	38,997,895	USD	25,398,905	ANZ	9/16/2020	869,442	—
SEK	160,217,339	EUR	15,365,000	JPM	9/16/2020	184,245	—
SGD	78,201,478	USD	56,546,041	CITI	9/16/2020	931,471	—
SGD	26,309,271	USD	18,848,680	GSI	9/16/2020	488,440	—
SGD	26,120,501	USD	18,848,680	UBS	9/16/2020	349,696	—
USD	41,122,400	AUD	59,340,539	RBC	9/16/2020	—	(2,646,494)
USD	24,983,779	BRL	122,940,182	CITI	9/16/2020	2,552,688	—
USD	16,222,619	CAD	21,321,031	BOA	9/16/2020	—	(124,246)
USD	76,691,875	CAD	103,725,676	CIBC	9/16/2020	—	(2,834,748)
USD	45,605,000	CAD	61,402,268	CITI	9/16/2020	—	(1,472,206)
USD	60,965,000	CAD	81,276,327	GSI	9/16/2020	—	(1,349,675)
USD	121,929,375	CAD	163,731,520	HUS	9/16/2020	—	(3,603,814)
USD	61,447,500	CAD	83,317,882	JPM	9/16/2020	—	(2,432,439)

32 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
USD	47,660,238	CAD	62,538,638	MSCS	9/16/2020	—	$(288,225)
USD	139,990,982	CAD	187,849,090	RBC	9/16/2020	—	(4,033,183)
USD	93,378,363	CAD	124,049,384	SSB	9/16/2020	—	(1,730,476)
USD	16,222,619	CAD	21,490,996	TD	9/16/2020	—	(254,558)
USD	1,921,056	EUR	1,630,259	ANZ	9/16/2020	—	(25,008)
USD	12,932,696	EUR	10,899,433	CIBC	9/16/2020	—	(78,120)
USD	200,497,722	EUR	171,904,496	CITI	9/16/2020	—	(4,707,233)
USD	138,999,670	EUR	118,770,902	GSI	9/16/2020	—	(2,778,924)
USD	69,251,171	EUR	59,070,195	HUS	9/16/2020	—	(1,261,800)
USD	115,033,882	EUR	99,232,259	JPM	9/16/2020	—	(3,421,142)
USD	328,746,170	EUR	285,064,636	MSCS	9/16/2020	—	(11,539,729)
USD	262,435,182	EUR	226,157,871	SSB	9/16/2020	—	(7,532,835)
USD	29,823,945	EUR	26,277,592	UBS	9/16/2020	—	(1,544,007)
USD	40,349,965	GBP	30,645,000	GSI	9/16/2020	—	(618,604)
USD	20,057,130	GBP	15,285,000	SCB	9/16/2020	—	(377,022)
USD	16,256,674	GBP	12,770,924	SSB	9/16/2020	—	(816,469)
USD	45,716,243	JPY	4,848,892,307	HUS	9/16/2020	—	(72,707)
USD	4,795	JPY	510,827	JPM	9/16/2020	—	(28)
USD	30,053,090	JPY	3,198,923,690	SSB	9/16/2020	—	(154,913)
USD	14,259,900	MXN	314,151,911	RBC	9/17/2020	—	(70,233)
USD	30,416,667	NOK	282,498,524	SSB	9/16/2020	—	(1,925,399)
USD	15,208,333	NOK	139,610,219	UBS	9/16/2020	—	(775,052)
USD	27,346,158	NZD	41,976,744	ANZ	9/16/2020	—	(928,694)
USD	10,083,926	NZD	15,210,000	CITI	9/16/2020	—	(161,283)
USD	5,578,200	NZD	8,399,930	JPM	9/16/2020	—	(79,856)
USD	35,593,967	NZD	54,231,447	MSCS	9/16/2020	—	(935,453)
USD	10,028,435	NZD	15,210,000	SSB	9/16/2020	—	(216,773)
USD	141,002,982	SGD	195,715,664	CITI	9/16/2020	—	(2,846,592)
USD	47,119,168	SGD	64,017,515	GSI	9/16/2020	$66,765	—
USD	4,519,416	SGD	6,301,448	SSB	9/16/2020	—	(112,102)
						$71,635,108	$(66,784,438)

Derivatives Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 33

SEK	Swedish Krona
SGD	Singapore Dollar
USD	U.S. Dollar

Derivatives Abbreviations
ANZ	Australia and New Zealand Banking Group Limited
BNY	The Bank of New York Mellon
BOA	Bank of America, N.A.
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank, N.A.
GSI	Goldman Sachs International
HUS	HSBC Bank USA, N.A.
JPM	JPMorgan Chase Bank, N.A.
MSCS	Morgan Stanley Capital Services LLC
NAB	National Australia Bank Ltd.
OTC	Over-the-counter
RBC	Royal Bank of Canada
SCB	Standard Chartered Bank
SSB	State Street Bank and Trust Company
TD	The Toronto-Dominion Bank
UBS	UBS AG

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $4,451,028,449. Net unrealized appreciation aggregated to $144,468,158, of which $227,535,419 related to gross unrealized appreciation and $83,067,261 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

34 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 8-31-20

Assets
Unaffiliated investments, at value (Cost $4,364,511,976) including $39,516,672 of securities loaned	$4,547,735,575
Affiliated investments, at value (Cost $40,448,308)	40,443,487
Total investments, at value (Cost $4,404,960,284)	4,588,179,062
Unrealized appreciation on forward foreign currency contracts	71,635,108
Receivable for futures variation margin	363,205
Cash	581
Foreign currency, at value (Cost $2,454,110)	2,481,864
Collateral held at broker for futures contracts	16,946,412
Collateral segregated at custodian for OTC derivative contracts	12,120,000
Dividends and interest receivable	36,371,563
Receivable for fund shares sold	3,565,185
Receivable for investments sold	114,557,268
Receivable for securities lending income	21,716
Other assets	146,995
Total assets	4,846,388,959
Liabilities
Unrealized depreciation on forward foreign currency contracts	66,784,438
Distributions payable	125,472
Foreign capital gains tax payable	7,739
Payable for investments purchased	64,984,693
Payable for delayed delivery securities purchased	8,704,909
Payable for fund shares repurchased	3,662,007
Payable upon return of securities loaned	40,410,106
Payable to affiliates
Accounting and legal services fees	279,274
Transfer agent fees	266,443
Distribution and service fees	1,200
Trustees' fees	2,527
Other liabilities and accrued expenses	507,801
Total liabilities	185,736,609
Net assets	$4,660,652,350
Net assets consist of
Paid-in capital	$4,760,181,865
Total distributable earnings (loss)	(99,529,515)
Net assets	$4,660,652,350

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 35

STATEMENT OF ASSETS AND LIABILITIES(continued)

Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($332,449,675 ÷ 30,244,805 shares)1	$10.99
Class C ($147,413,307 ÷ 13,409,854 shares)1	$10.99
Class I ($1,960,908,551 ÷ 178,379,259 shares)	$10.99
Class R2 ($5,977,324 ÷ 543,350 shares)	$11.00
Class R6 ($232,206,550 ÷ 21,109,109 shares)	$11.00
Class NAV ($1,981,696,943 ÷ 180,354,628 shares)	$10.99
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$11.45

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 $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

36 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 8-31-20

Investment income
Interest	$160,572,914
Dividends	15,024,520
Securities lending	321,668
Less foreign taxes withheld	(1,238,987)
Total investment income	174,680,115
Expenses
Investment management fees	31,828,678
Distribution and service fees	2,732,007
Accounting and legal services fees	876,238
Transfer agent fees	3,354,098
Trustees' fees	85,717
Custodian fees	1,019,381
State registration fees	139,016
Printing and postage	78,445
Professional fees	207,748
Other	256,504
Total expenses	40,577,832
Less expense reductions	(1,356,004)
Net expenses	39,221,828
Net investment income	135,458,287
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(28,844,871)
Affiliated investments	15,822
Futures contracts	8,628,067
Forward foreign currency contracts	52,350,930
Written options	1,019,449
	33,169,397
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	63,337,187
Affiliated investments	1,412
Futures contracts	5,536,929
Forward foreign currency contracts	(21,728,974)
	47,146,554
Net realized and unrealized gain	80,315,951
Increase in net assets from operations	$215,774,238

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 37

STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 8-31-20	Year ended 8-31-19
Increase (decrease) in net assets
From operations
Net investment income	$135,458,287	$204,676,794
Net realized gain (loss)	33,169,397	(296,285,647)
Change in net unrealized appreciation (depreciation)	47,146,554	418,122,419
Increase in net assets resulting from operations	215,774,238	326,513,566
Distributions to shareholders
From earnings
Class A	(6,241,408)	(10,765,205)
Class C	(2,151,856)	(5,358,059)
Class I	(47,650,876)	(89,828,701)
Class R2	(183,293)	(428,768)
Class R6	(9,228,322)	(30,825,594)
Class NAV	(47,150,108)	(62,949,837)
Total distributions	(112,605,863)	(200,156,164)
From fund share transactions	(911,850,896)	(2,012,363,901)
Total decrease	(808,682,521)	(1,886,006,499)
Net assets
Beginning of year	5,469,334,871	7,355,341,370
End of year	$4,660,652,350	$5,469,334,871

38 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.67	$10.36	$10.93	$10.72	$10.80
Net investment income1	0.25	0.32	0.32	0.29	0.26
Net realized and unrealized gain (loss) on investments	0.28	0.30	(0.55)	0.17	0.21
Total from investment operations	0.53	0.62	(0.23)	0.46	0.47
Less distributions
From net investment income	(0.21)	(0.31)	(0.34)	(0.25)	(0.28)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.21)	(0.31)	(0.34)	(0.25)	(0.55)
Net asset value, end of period	$10.99	$10.67	$10.36	$10.93	$10.72
Total return (%)2,3	5.01	6.10	(2.28)	4.44	4.52
Ratios and supplemental data
Net assets, end of period (in millions)	$332	$331	$429	$543	$1,138
Ratios (as a percentage of average net assets):
Expenses before reductions	1.12	1.11	1.09	1.10	1.11
Expenses including reductions	1.09	1.08	1.06	1.07	1.08
Net investment income	2.40	3.09	2.99	2.73	2.42
Portfolio turnover (%)	73	84	63	42	44

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 39

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.67	$10.36	$10.93	$10.72	$10.80
Net investment income1	0.18	0.25	0.25	0.22	0.18
Net realized and unrealized gain (loss) on investments	0.27	0.29	(0.56)	0.16	0.21
Total from investment operations	0.45	0.54	(0.31)	0.38	0.39
Less distributions
From net investment income	(0.13)	(0.23)	(0.26)	(0.17)	(0.20)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.13)	(0.23)	(0.26)	(0.17)	(0.47)
Net asset value, end of period	$10.99	$10.67	$10.36	$10.93	$10.72
Total return (%)2,3	4.38	5.36	(2.97)	3.72	3.79
Ratios and supplemental data
Net assets, end of period (in millions)	$147	$202	$284	$375	$447
Ratios (as a percentage of average net assets):
Expenses before reductions	1.82	1.81	1.79	1.80	1.81
Expenses including reductions	1.79	1.78	1.76	1.77	1.78
Net investment income	1.71	2.40	2.29	2.07	1.72
Portfolio turnover (%)	73	84	63	42	44

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.

40 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.67	$10.36	$10.93	$10.73	$10.80
Net investment income1	0.29	0.35	0.35	0.33	0.29
Net realized and unrealized gain (loss) on investments	0.27	0.30	(0.55)	0.15	0.22
Total from investment operations	0.56	0.65	(0.20)	0.48	0.51
Less distributions
From net investment income	(0.24)	(0.34)	(0.37)	(0.28)	(0.31)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.24)	(0.34)	(0.37)	(0.28)	(0.58)
Net asset value, end of period	$10.99	$10.67	$10.36	$10.93	$10.73
Total return (%)2	5.42	6.41	(2.00)	4.67	4.94
Ratios and supplemental data
Net assets, end of period (in millions)	$1,961	$2,315	$3,441	$3,873	$2,500
Ratios (as a percentage of average net assets):
Expenses before reductions	0.82	0.82	0.79	0.79	0.79
Expenses including reductions	0.79	0.79	0.76	0.76	0.76
Net investment income	2.70	3.38	3.28	3.10	2.73
Portfolio turnover (%)	73	84	63	42	44

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 41

CLASS R2 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.68	$10.37	$10.94	$10.73	$10.80
Net investment income1	0.25	0.31	0.31	0.29	0.25
Net realized and unrealized gain (loss) on investments	0.27	0.30	(0.55)	0.16	0.22
Total from investment operations	0.52	0.61	(0.24)	0.45	0.47
Less distributions
From net investment income	(0.20)	(0.30)	(0.33)	(0.24)	(0.27)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.20)	(0.30)	(0.33)	(0.24)	(0.54)
Net asset value, end of period	$11.00	$10.68	$10.37	$10.94	$10.73
Total return (%)2	4.92	6.01	(2.36)	4.32	4.52
Ratios and supplemental data
Net assets, end of period (in millions)	$6	$12	$16	$19	$19
Ratios (as a percentage of average net assets):
Expenses before reductions	1.19	1.19	1.19	1.20	1.16
Expenses including reductions	1.17	1.17	1.16	1.17	1.13
Net investment income	2.34	3.01	2.89	2.68	2.37
Portfolio turnover (%)	73	84	63	42	44

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

42 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.67	$10.37	$10.94	$10.73	$10.80
Net investment income1	0.30	0.37	0.36	0.35	0.30
Net realized and unrealized gain (loss) on investments	0.28	0.28	(0.55)	0.15	0.22
Total from investment operations	0.58	0.65	(0.19)	0.50	0.52
Less distributions
From net investment income	(0.25)	(0.35)	(0.38)	(0.29)	(0.32)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.25)	(0.35)	(0.38)	(0.29)	(0.59)
Net asset value, end of period	$11.00	$10.67	$10.37	$10.94	$10.73
Total return (%)2	5.54	6.42	(1.89)	4.87	5.06
Ratios and supplemental data
Net assets, end of period (in millions)	$232	$543	$1,464	$998	$31
Ratios (as a percentage of average net assets):
Expenses before reductions	0.70	0.70	0.69	0.69	0.70
Expenses including reductions	0.68	0.68	0.66	0.66	0.65
Net investment income	2.82	3.55	3.42	3.32	2.86
Portfolio turnover (%)	73	84	63	42	44

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

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 43

CLASS NAV SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$10.66	$10.36	$10.93	$10.72	$10.79
Net investment income1	0.30	0.36	0.36	0.34	0.30
Net realized and unrealized gain (loss) on investments	0.28	0.29	(0.55)	0.16	0.22
Total from investment operations	0.58	0.65	(0.19)	0.50	0.52
Less distributions
From net investment income	(0.25)	(0.35)	(0.38)	(0.29)	(0.32)
From net realized gain	—	—	—	—	(0.27)
Total distributions	(0.25)	(0.35)	(0.38)	(0.29)	(0.59)
Net asset value, end of period	$10.99	$10.66	$10.36	$10.93	$10.72
Total return (%)2	5.56	6.54	(1.89)	4.79	5.06
Ratios and supplemental data
Net assets, end of period (in millions)	$1,982	$2,067	$1,720	$1,847	$1,814
Ratios (as a percentage of average net assets):
Expenses before reductions	0.69	0.69	0.68	0.68	0.68
Expenses including reductions	0.66	0.66	0.65	0.65	0.65
Net investment income	2.83	3.45	3.41	3.20	2.85
Portfolio turnover (%)	73	84	63	42	44

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

44 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

Note 1—Organization

John Hancock Strategic Income Opportunities Fund (the fund) is a series of John Hancock Funds II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek to maximize total return consisting of current income and capital appreciation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares ten 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 fund's Valuation Policies and Procedures.

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

In certain instances, the Pricing Committee 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.

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 45

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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

The following is a summary of the values by input classification of the fund's investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$396,137,187	—	$396,137,187	—
Foreign government obligations	821,090,695	—	821,090,695	—
Corporate bonds	2,532,538,620	—	2,532,538,620	—
Convertible bonds	91,707,078	—	91,707,078	—
Capital preferred securities	58,354,684	—	58,354,684	—
Municipal bonds	82,974,783	—	82,974,783	—
Term loans	423,143	—	423,143	—
Collateralized mortgage obligations	110,346,850	—	110,346,850	—
Asset backed securities	122,708,718	—	122,708,718	—
Common stocks	84,951,822	$84,951,822	—	—
Preferred securities	202,531,043	158,961,211	43,569,832	—
Purchased options	2,484,952	—	2,484,952	—
Short-term investments	81,929,487	40,443,487	41,486,000	—
Total investments in securities	$4,588,179,062	$284,356,520	$4,303,822,542	—
Derivatives:
Assets
Futures	$2,970,249	$2,970,249	—	—
Forward foreign currency contracts	71,635,108	—	$71,635,108	—
Liabilities

46 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Futures	$(503,374)	$(503,374)	—	—
Forward foreign currency contracts	(66,784,438)	—	$(66,784,438)	—

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.

When-issued/delayed-delivery securities. The fund may purchase or sell debt securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to declines in the value of the securities purchased or increase in the value of securities sold prior to settlement date.

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 47

arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the 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 will 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 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. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations.

Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of August 31, 2020, the fund loaned securities valued at $39,516,672 and received $40,410,106 of cash collateral.

48 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

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

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

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriation taxes 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. Effective June 25, 2020, 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 $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset based allocations and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2020 were $16,989.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 49

Change in accounting principle. Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities, shortens the premium amortization period for purchased non contingently callable debt securities and is effective for public companies with fiscal years beginning after December 15, 2018. Adoption of the ASU did not have a material impact to the fund.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $162,239,970 and a long-term capital loss carryforward of $89,352,912 available to offset future net realized capital gains. These carryforwards do not expire.

As of August 31, 2020, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

The tax character of distributions for the years ended August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	$112,605,863	$200,156,164

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, the components of distributable earnings on a tax basis consisted of $7,577,141 of undistributed ordinary income.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to straddle loss deferrals, foreign currency transactions, derivative transactions, amortization and accretion on debt securities and contingent payment debt instruments.

Note 3—Derivative instruments

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

50 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

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

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

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

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund's investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the year ended August 31, 2020, the fund used futures contracts to manage duration of the fund. The fund held futures contracts with USD notional values ranging from $14.9 million to $891.0 million, as measured at each quarter end.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 51

currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended August 31, 2020, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates and to gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging from $2.0 billion to $7.8 billion, as measured at each quarter end.

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

When the fund purchases an option, the premium paid is included in the Fund's investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, the fund realizes a loss equal to the cost of the option. If the fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If the fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the fund.

During the year ended August 31, 2020, the fund used purchased options contracts to manage against changes in foreign currency exchange rates. The fund held purchased options contracts with market values ranging from $1.0 million to $2.5 million, as measured at each quarter end.

During the year ended August 31, 2020, the fund wrote option contracts to manage against changes in foreign currency exchange rates. The fund held written option contracts with market values ranging up to $1.5 million as measured during the year. There were no open written option contracts as of August 31, 2020.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at August 31, 2020 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Interest rate	Receivable/payable for futures variation margin	Futures 1	$2,970,249	$(503,374)

52 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	71,635,108	(66,784,438)
Currency	Unaffiliated investments, at value2	Purchased options	2,484,952	—
			$77,090,309	$(67,287,812)

1	Reflects cumulative appreciation/depreciation on futures as disclosed in Fund's investments. Only the year end variation margin is separately disclosed on the Statement of assets and liabilities.
2	Purchased options are included in Fund's investments.

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

OTC Financial Instruments	Asset	Liability
Forward foreign currency contracts	$71,635,108	$(66,784,438)
Purchased options	2,484,952	—
Totals	$74,120,060	$(66,784,438)

Counterparty	Total Market Value of OTC Derivatives	Collateral Posted by Counterparty	Collateral Posted by Portfolio	Net Exposure
Australia and New Zealand Banking Group Limited	$1,288,745	$1,011,646	—	$277,099
Bank of New York Mellon Corp.	(53,979)	—	—	(53,979)
Merrill Lynch, Pierce, Fenner & Smith Incorporated	(124,246)	—	—	(124,246)
Canadian Imperial Bank of Commerce	(125,725)	—	—	(125,725)
Citibank, N.A.	(2,820,486)	—	$2,810,000	(10,486)
Goldman Sachs International	3,103,081	480,000	—	2,623,081
HSBC Bank USA, N.A.	1,785,605	1,785,605	—	—
JPMorgan Chase Bank, N.A.	12,192,333	12,192,333	—	—
Morgan Stanley Capital Services LLC	(2,450,395)	—	2,400,000	(50,395)
National Australia Bank Ltd.	101,401	—	—	101,401
Royal Bank of Canada	(621,847)	—	620,000	(1,847)
Standard Chartered Bank	1,899,669	1,834,656	—	65,013
State Street Bank and Trust Company	(6,395,756)	—	5,440,000	(955,756)
The Toronto-Dominion Bank	476,480	250,000	—	226,480
UBS AG	(919,258)	—	850,000	(69,258)
Totals	$7,335,622	$17,554,240	$12,120,000	$1,901,382

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 53

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Net realized gain (loss) on:
Risk	Unaffiliated investments and foreign currency transactions1	Futures contracts	Forward foreign currency contracts	Written options	Total
Interest rate	—	$8,628,067	—	—	$8,628,067
Currency	$2,997,942	—	$52,350,930	$1,019,449	56,368,321
Total	$2,997,942	$8,628,067	$52,350,930	$1,019,449	$64,996,388

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

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Unaffiliated investments and translation of assets and liabilities in foreign currencies1	Futures contracts	Forward foreign currency contracts	Total
Interest rate	—	$5,536,929	—	$5,536,929
Currency	$1,706,312	—	$(21,728,974)	(20,022,662)
Total	$1,706,312	$5,536,929	$(21,728,974)	$(14,485,733)

¹ Change in unrealized appreciation/depreciation associated with purchased options is included in this caption on the Statement of operations.

Note 4—Guarantees and indemnifications

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

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of 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) 0.700% of the first $500 million of the fund’s aggregate daily net assets; (b) 0.650% of the next $3 billion of the fund’s aggregate daily net assets; (c) 0.600% of the next $4 billion of the fund’s aggregate daily net assets; (d) 0.590% of the next $4.5 billion of the fund’s aggregate daily net assets; and (e) 0.575% of the fund’s aggregate daily net assets in excess of $12 billion. Aggregate net assets include the net assets of 1) the fund, 2) Strategic Income Opportunities

54 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

Trust, a series of John Hancock Variable Insurance Trust and 3) Strategic Income Opportunities Fund, a sub-fund of Manulife Investment Management I PLC (formerly John Hancock Worldwide Investors, PLC). The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The advisor contractually agrees to reduce its management fee (after giving effect to asset breakpoints) by an annual rate of 0.02% of the fund’s average daily net assets. This agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2020, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2022, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Expense reduction
Class A	$87,262
Class C	46,627
Class I	574,492
Class R2	2,626

Class	Expense reduction
Class R6	$105,022
Class NAV	539,975
Total	$1,356,004

 

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of 0.61% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

Class	Rule 12b-1 Fee	Service fee
Class A	0.30%	—
Class C	1.00%	—
Class R2	0.25%	0.25%

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 55

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $140,614 for the year ended August 31, 2020. Of this amount, $19,477 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $121,137 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 that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $5,333 and $3,031 for Class A and Class C shares, respectively.

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

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$965,239	$405,983
Class C	1,719,350	216,955
Class I	—	2,677,828
Class R2	47,418	1,302
Class R6	—	52,030
Total	$2,732,007	$3,354,098

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

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

Borrower or Lender	Weighted Average Loan Balance	Days Outstanding	Weighted Average Interest Rate	Interest Income (Expense)
Borrower	$125,500,000	1	0.560%	($1,952)
Lender	$23,520,935	7	0.554%	$2,533

56 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

Note 6—Fund share transactions

Transactions in fund shares for the years ended August 31, 2020 and 2019 were as follows:

	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class A shares
Sold	7,143,144	$75,179,043	6,020,521	$61,927,546
Distributions reinvested	576,452	6,105,141	1,026,562	10,557,843
Repurchased	(8,524,745)	(89,163,661)	(17,427,387)	(179,036,496)
Net decrease	(805,149)	$(7,879,477)	(10,380,304)	$(106,551,107)
Class C shares
Sold	782,619	$8,256,876	1,224,242	$12,587,802
Distributions reinvested	186,464	1,973,633	478,415	4,914,576
Repurchased	(6,482,601)	(68,556,342)	(10,236,549)	(105,032,496)
Net decrease	(5,513,518)	$(58,325,833)	(8,533,892)	$(87,530,118)
Class I shares
Sold	67,764,666	$690,452,016	78,617,400	$806,137,051
Distributions reinvested	4,360,853	46,177,842	8,326,351	85,609,827
Repurchased	(110,727,871)	(1,146,930,538)	(202,080,540)	(2,069,411,994)
Net decrease	(38,602,352)	$(410,300,680)	(115,136,789)	$(1,177,665,116)
Class R2 shares
Sold	180,062	$1,907,117	239,045	$2,469,967
Distributions reinvested	17,079	180,808	40,599	417,783
Repurchased	(764,400)	(8,032,530)	(756,787)	(7,842,863)
Net decrease	(567,259)	$(5,944,605)	(477,143)	$(4,955,113)
Class R6 shares
Sold	8,742,964	$93,074,444	36,288,073	$370,699,820
Distributions reinvested	865,534	9,185,612	3,001,804	30,766,675
Repurchased	(39,399,144)	(396,465,795)	(129,579,867)	(1,320,035,805)
Net decrease	(29,790,646)	$(294,205,739)	(90,289,990)	$(918,569,310)
Class NAV shares
Sold	12,344,916	$130,658,405	64,780,301	$663,966,193
Distributions reinvested	4,451,376	47,150,108	6,100,993	62,922,576
Repurchased	(30,272,485)	(313,003,075)	(43,092,160)	(443,981,906)
Net increase (decrease)	(13,476,193)	$(135,194,562)	27,789,134	$282,906,863
Total net decrease	(88,755,117)	$(911,850,896)	(197,028,984)	$(2,012,363,901)

Affiliates of the fund owned 9% and 90% of shares of Class R6 and Class NAV on August 31, 2020. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 57

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $3,348,858,342 and $3,973,943,764, respectively, for the year ended August 31, 2020. Purchases and sales of U.S. Treasury obligations aggregated $234,131,094 and $446,520,417, respectively, for the year ended August 31, 2020.

Note 8—Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund's net assets. At August 31, 2020, funds within the John Hancock group of funds complex held 38.3% of the fund's net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund's net assets:

Portfolio	Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio	15.4%
John Hancock Funds II Multimanager Lifestyle Growth Portfolio	6.6%
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio	5.4%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio	5.2%

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:

							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*	4,040,026	$68,339,096	$368,162,147	$(396,074,990)	$15,822	$1,412	$321,668	—	$40,443,487

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

Note 10—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR after 2021. This event will likely cause LIBOR to cease to be published. Before then, it is expected that market participants will transition to the use of different reference or benchmark rates. However, although regulators have suggested alternative rates, there is currently no definitive information regarding the future utilization of LIBOR or of any replacement rate.

It is uncertain what impact the discontinuation of LIBOR will have on the use of LIBOR as a reference rate for securities in which the fund invests. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. In addition, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, which could

58 JOHN HANCOCK Strategic Income Opportunities Fund | ANNUAL REPORT

occur prior to the end of 2021. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

Note 11—Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

ANNUAL REPORT | JOHN HANCOCK Strategic Income Opportunities Fund 59

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Strategic Income Opportunities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent, agent bank and brokers; when replies were not received from the agent bank and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

60 JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND | ANNUAL REPORT

Tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2020.

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 of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

ANNUAL REPORT | JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND 61

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Strategic Income Opportunities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020.

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), 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 notes 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

____________________
¹On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held telephonically in reliance on the Order.

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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.

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 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).

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

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed the benchmark index for the one-, five- and ten-year periods and underperformed the benchmark index for the three-year period ended December 31, 2019. The Board also noted that the fund outperformed the peer group median for the one- and ten-year periods and underperformed the peer group median for the three- and five-year periods ended December 31, 2019. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the benchmark index for the one-, five- and ten-year periods and to the 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 performance for the benchmark index for the three-year period and the peer

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       64

group median for the three- and five-year periods including the impact of past and current market conditions on the fund's strategy and management's plans for the fund. The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.

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

The Board took into account management's discussion of the fund's expenses. The Board also took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. 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 that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;

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(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:

(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.

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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.

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 median and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was

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mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

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

	(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
	(2)	the performance of the fund is being monitored and reasonably addressed, where appropriate;
	(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
	(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
* * *

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

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       68

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee's assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

• Operation of the Fund's Redemption-In-Kind Procedures;

• Highly Liquid Investment Minimum (HLIM) determination;

• Compliance with the 15% limit on illiquid investments;

• Reasonably Anticipated Trade Size (RATS) determination;

• Security-level liquidity classifications; and

• Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       69

As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund's HLIM. This process incorporates the Fund's investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines "illiquid investment" to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund's RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       70

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund's RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund's liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       71

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, Born: 1945	2005	195
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.

Charles L. Bardelis,2 Born: 1941	2005	195
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959	2015	195
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942	2005	195
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944	2012	195
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; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946	2008	195
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).

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       72

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); 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 American Student Assistance Corporation (1996-2009); 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).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
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,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       73

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Gregory A. Russo, Born: 1949	2012	195
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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

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	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       74

Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973

2018

Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979

2020

Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); 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).

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 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.
3	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
*	Appointed as Independent Trustee effective as of September 15, 2020.

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       75

More information

Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
Deborah C. Jackson
James M. Oates*
Frances G. Rathke*^,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg²
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Christopher M. Chapman, CFA
Thomas C. Goggins
Daniel S. Janis III
Kisoo Park
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

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

ANNUAL REPORT   |   JOHN HANCOCK STRATEGIC INCOME OPPORTUNITIES FUND       76

John Hancock family of funds

DOMESTIC 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
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Quality Growth
GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency
Alternative Asset Allocation
Alternative Risk Premia
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
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.

ASSET ALLOCATION

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG All Cap Core
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

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

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

MF1324541 356A 8/20
10/20

John Hancock Funds II
Annual report — table of contents

Manager’s commentary and fund performance (See below for each fund’s page #) 3

Shareholder expense example 20

Portfolio of investments (See below for each fund’s page #) 22

Statements of assets and liabilities 104

Statements of operations 108

Statements of changes in net assets 112

Financial highlights 115

Notes to financial statements 119

Report of independent registered public accounting firm 144

Federal tax information 145

Evaluation of advisory and subadvisory agreements by the Board of Trustees 146

Appendix A 150

Statement regarding liquidity risk management 155

Trustees and officers information 157

For more information 161

Fund	Manager’s commentary and fund performance		Portfolio of investments
Capital Appreciation Fund		4		22
Capital Appreciation Value Fund		5		23
Health Sciences Fund		6		29
International Strategic Equity Allocation Fund		7		32
International Value Fund		8		48
Mid Cap Stock Fund		9		50
Mid Value Fund		10		51
Multi-Index Lifestyle Aggressive Portfolio		11		53
Multi-Index Lifestyle Balanced Portfolio		12		54
Multi-Index Lifestyle Conservative Portfolio		13		54
Multi-Index Lifestyle Growth Portfolio		14		55
Multi-Index Lifestyle Moderate Portfolio		15		56
Real Estate Securities Fund		16		56
Science & Technology Fund		17		57
Strategic Equity Allocation Fund		18		58
U.S. Sector Rotation Fund (formerly U.S. Strategic Equity Allocation)		19		96

 

2

John Hancock Funds II
Manager’s commentary and fund performance

Fund performance

In the following pages we have set forth information regarding the performance of certain funds of John Hancock Funds II (the Trust). There are several ways to evaluate a fund’s historical performance. One can look at the total percentage change in value, the average annual percentage change, or the growth of a hypothetical $10,000 investment. With respect to all performance information presented, it is important to understand that past performance does not guarantee future results. Return and principal fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance tables

The performance tables show two types of total return information: cumulative and average annual total returns. A cumulative total return is an expression of a fund’s total change in share value in percentage terms over a set period of time—one, five, and ten years (or since the fund’s inception if less than the applicable period). An average annual total return takes the fund’s cumulative total return for a time period greater than one year and shows what would have happened if the fund had performed at a constant rate each year. The tables show all cumulative and average annual total returns, net of fees and expenses of the Trust, but do not reflect the expenses of any insurance company separate accounts (including a possible contingent deferred sales charge) that may invest in the funds, as applicable. If these were included, performance would be lower.

Graph—Change in value of $10,000 investment and comparative indexes

The performance graph for each fund (or portfolio), shows the change in value of a $10,000 investment over the life or ten-year period of each fund (or portfolio) whichever is shorter. Each fund’s (or portfolio’s) performance is compared with the performance of one or more broad-based securities indexes as a “benchmark.” All performance information includes the reinvestment of dividends and capital gain distributions, as well as the deduction of ongoing management fees and fund (or portfolio) operating expenses. The benchmarks used for comparison are unmanaged and include reinvestment of dividends and capital gains distributions, if any, but do not reflect any fees or expenses. Funds (or portfolios), that invest in multiple asset classes are compared with a customized benchmark. This benchmark comprises a set percentage allocation from each of the asset classes in which the fund invests.

Portfolio manager’s commentary

Finally, we have provided a commentary by each portfolio manager regarding each fund’s (or portfolio’s) performance during the period ended August 31, 2020. The views expressed are those of the portfolio managers as of August 31, 2020, and are subject to change based on market and other conditions. Information about a fund’s (or portfolio’s) holdings, asset allocation, or country diversification is historical and is no indication of future fund composition, which will vary. Information provided in this report should not be considered a recommendation to purchase or sell securities. The funds (or portfolios) are not insured by the Federal Deposit Insurance Corp., are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks, including loss of principal amount invested. For a more detailed discussion of the risks associated with the funds (or portfolios), see the funds’ prospectuses.

Standard & Poor’s, Standard & Poor’s 500, “S&P 500,” and “S&P MidCap 400 Index” are trademarks of S&P Global, Inc. “Russell 1000,” “Russell 2000,” “Russell 3000,” and “Russell Midcap” are trademarks of Frank Russell Company. “EAFE” and “MSCI” are trademarks of MSCI, Inc. “Bloomberg Barclays” is a registered trademark of Bloomberg LP. “Lipper” is a registered trademark of Reuters S.A. None of the funds in the Trust is sponsored, endorsed, managed, advised, sold, or promoted by any of these companies, and none of these companies makes any representation regarding the advisability of investing in the Trust.

3

Capital Appreciation Fund
Subadvisor: Jennison Associates LLC
Portfolio Managers: Blair A. Boyer, Michael A. Del Balso, Rebecca Irwin, Natasha Kuhlkin, CFA, Kathleen A. McCarragher, Spiros “Sig” Segalas

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term growth of capital. Under normal market conditions, the fund invests at least 65% of the fund’s total assets in equity and equity-related securities of companies that, at the time of investment, exceed $1 billion in market capitalization and that the subadvisor believes to have above-average growth prospects.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Information technology		43.1
Consumer discretionary		24.9
Communication services		14.9
Health care		7.5
Consumer staples		2.5
Industrials		2.3
Financials		2.1
Real estate		0.5
Short-term investments		2.2

 

* As a percentage of total investments.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Capital Appreciation Fund Class NAV shares returned 63.0% and the Russell 1000 Growth Index returned 44.34%.

Environment  >  Markets were extremely volatile in the period, unsettled by U.S.-China trade discord and the spread of the coronavirus. Stocks peaked at new highs, then dropped dramatically as the viral outbreak spread around the globe, disrupting markets and life everywhere. Markets rebounded rapidly in the period’s final months, but the pandemic’s economic damage continued to accumulate.

Holdings in consumer discretionary, information technology, and communication services — the fund’s three biggest sectors — were strong contributors to outperformance as both stock selection and overweights relative to the benchmark were beneficial.

In consumer discretionary, Tesla, Inc. surged on impressive financial results made possible by solid production, increased capacity, and strong execution. Amazon.com, Inc. continues to benefit from economies of scale and its platform-based business model. Its web services business is an additional driver of revenue and profit. Amazon’s secular growth profile looks even stronger in the current environment, as social-distancing and shelter-in-place directives are drawing renewed attention to the value, utility, and resilience of e-commerce and cloud-computing business models.

In information technology, recognition of the importance of digital commerce in times of restricted personal mobility benefited Shopify, Inc., (not held in the benchmark) which provides cloud-based infrastructure tools that enable omni-channel ecommerce. With its huge installed base, Apple, Inc. has been benefiting from rapid growth in service business subscriptions. Favorable prospects for upcoming product cycles also boosted the stock. With people around the world working from home, the advantage of housing mission-critical software applications and services on the cloud is now uncontestable. In addition to a strong and stable enterprise business, Microsoft Corp. has a differentiated hybrid cloud strategy that is leading to an increase in its share of technology capital spending. Adobe, Inc. offers content creation and digital marketing applications and services that are transforming businesses operations. The increased demand for cloud storage has led to robust data center spending by chipmaker NVIDIA Corp.’s largest customers.

In communication services, Netflix, Inc. continues to enhance its long-term competitive position with the industry’s largest commitment of investment dollars in exclusive and original content.

In industrials, the position in The Boeing Company detracted from performance and was eliminated, as the 737 jet recertification process took longer than anticipated and COVID-19-restricted air travel compromised the financial health of airlines. Positions in commercial aircraft manufacturers Airbus SE and Safran SA were closed, as well.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Capital Appreciation Fund Class 1		62.93	22.42	20.17		175.01	527.96
Capital Appreciation Fund Class NAV		63.00	22.49	20.23		175.71	530.98
Russell 1000 Growth Index3,4		44.34	20.66	19.02		155.74	470.34

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Capital Appreciation Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The Russell 1000 Growth Index is an unmanaged index composed of the Russell 1000 Index securities that have a greater-than-average growth orientation.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class NAV shares the gross expenses are 0.79% and 0.74%, respectively, and the net expenses are 0.78% and 0.73%, respectively. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

4

Capital Appreciation Value Fund
Subadvisor: T. Rowe Price Associates, Inc.
Portfolio Manager: David R. Giroux, MD, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term capital appreciation. Common stocks typically constitute at least 50% of the fund’s total assets. The remaining assets are generally invested in other securities, including convertible securities, corporate and government debt, bank loans, foreign securities, futures, and options.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Portfolio Composition*	% of Total
Common stocks		67.6
Corporate bonds		10.4
Term loans		9.9
Preferred securities		3.2
Short-term investments and other		8.9

 

* As a percentage of net assets.

 

PORTFOLIO MANAGER’S COMMENTARY

Performance  >   For the year ended August 31, 2020, the Capital Appreciation Value Fund Class NAV shares returned 13.38% and the S&P 500 Index returned 21.94%.

Environment  >  Overall, U.S. stocks posted positive returns for the 12-month period ended August 31, 2020. Shares overcame historic volatility in early 2020, which was spurred by the economic fallout of the coronavirus pandemic.

In late 2019, markets were periodically volatile as investors vacillated between optimism from generally positive economic data and corporate earnings and worries about slowing global growth, geopolitical discord, and tense trade negotiations between the U.S. and China. As 2019 closed, markets soared in response to a phase one trade deal between the U.S. and China. However, as the novel coronavirus spread worldwide and became a pandemic, markets experienced an acute, broad-based sell-off in February and March amid fears that panic, extreme government and individual containment measures, and more limited travel would grind economies to a halt and lead to a global recession. Despite intermittent volatility, equities staged a roaring comeback over the remainder of the period, as extraordinary monetary and fiscal stimulus measures and positive news regarding nascent treatment and vaccine development helped swing market sentiment back to positive territory.

In this environment, the S&P 500 Index posted positive returns. Sector returns diverged over the year, with information technology and consumer discretionary leading the way. The energy sector performed worst, delivering double-digit negative returns.

From an asset class perspective, the fund’s underlying equity holdings delivered a positive return but underperformed the S&P 500 Index. The fund’s bond holdings posted positive gains but slightly lagged the Bloomberg Barclays U.S. Aggregate Bond Index.

Among equities, the information technology sector was the top detractor from relative performance due to stock selection decisions. Shares of Fiserv, Inc. underperformed, as the IT services industry was among the laggards in the sector, trailing spaces such as hardware and software, which investors believe will see a less severe fallout from the pandemic-driven pullback in demand. We continue to like Fiserv for its strong track record of effectively managing mergers and acquisitions to drive growth and revenue and cost synergies. We believe the company is positioned to successfully weather this challenging period and deliver value over the long term. An overweight allocation to the utilities sector, which posted negative absolute returns, also weighed on relative results.

The financials sector was the greatest contributor to relative performance due to stock selection and a favorable average underweight allocation. In the first quarter of 2020, shares of global insurance brokerage firm Marsh & McLennan Companies, Inc. slid alongside the broader sector but held up better than peers. Returns were shielded in part by strong performance in January, when the company forecast a significant increase in operating cost savings in connection to merger synergies from its acquisition of British insurance broker Jardine Lloyd Thompson. We continue to like Marsh & McLennan for its solid management team and defensive earnings growth profile. Relative returns were also bolstered by an underweight allocation to the energy sector, which was hard hit by an oil price war and extreme supply and demand imbalances over the period.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Capital Appreciation Value Fund Class NAV (began 1/6/11)		13.38	11.45	—	11.33		71.93	—	181.67
S&P 500 Index3,4		21.94	14.46	—	13.35		96.47	—	235.06
Blended Index4,5		16.20	10.61	—	9.76		65.59	—	145.71

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Capital Appreciation Value Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

4  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.

5  The Blended Index is 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 0.85% and the net expense is 0.84%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

5

Health Sciences Fund
Subadvisor: T. Rowe Price Associates, Inc.
Portfolio Manager: Ziad Bakri, CFA, MD

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies engaged, at the time of investment, in the research, development, production, or distribution of products or services related to healthcare, medicine, or the life sciences.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Industry Composition*	% of Total
Biotechnology		34.8
Health care equipment and supplies		21.7
Pharmaceuticals		16.2
Health care providers and services		14.8
Life sciences tools and services		9.0
Health care technology		1.6
Specialty retail		0.3
Software		0.2
Capital markets		0.2
Insurance		0.1
Diversified financial services		0.1
Short-term investments and other		1.0

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Health Sciences Fund Class NAV shares returned 28.39% and the Lipper Health/Biotechnology Index returned 31.57%.

Environment  >  Equity markets endured a tumultuous 12-month period through August 31, 2020. Following a steep coronavirus-related sell-off in the first quarter of the year, many of the U.S stock market indexes rebounded to new highs, led by outstanding gains in the tech-heavy Nasdaq Composite Index. Within the Lipper Health/Biotechnology Funds Index, every subsector recorded strong gains. The leading subsectors, life sciences and biotechnology, returned 42% and 35%, respectively, while the laggards, products and devices and services, advanced 24% and 29%, respectively. While gains of this magnitude may be unsustainable, our long-term outlook for the health care sector remains positive as fundamentals for the sector continue to improve on the back of accelerating innovation, new technology platforms, a favorable funding environment, and relative leniency from regulators.

The biotechnology subsector was the largest detractor from relative performance as both stock selection and an underweight allocation hurt relative results. Within the subsector, our position in Sage Therapeutics, Inc., which declined sharply during the period, was the largest detractor. Underweight allocations to Immunomedics, Inc. and Principia Biopharma, Inc.; (this was sold prior to year end) — both more than doubled during the year — also hurt relative returns.

The pharmaceuticals subsector was another area of relative weakness due to stock selection and an overweight allocation. An overweight position in Merck, which trailed the broader pharma segment, was a significant drag on relative returns. Positions in Amarin Corp. PLC and Tricida, Inc. also detracted from relative results as their shares struggled through the year. We appreciate the defensive nature of pharmaceutical investments and believe valuations among large-cap pharmaceuticals are not demanding.

Strong stock selection coupled with an overweight allocation to the life sciences subsector contributed to relative returns. Quidel Corp., a manufacturer of diagnostics products, was the top contributor in the group. The company’s shares rallied after it received an emergency use authorization from the U.S. Food & Drug Administration to use and market its coronavirus diagnostics test, which detects current infection. We also benefited from positions in Sartorius AG, a European biologics company, and Thermo Fisher Scientific, Inc., a U.S.-based life sciences tools company. We have seen an increase in merger and acquisition activity among life sciences companies as leading players in the health care space have looked to increase scale and expand into new verticals.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Health Sciences Fund Class NAV (began 9/30/11)		28.39	10.01	—	20.16		61.12	—	414.90
S&P 500 Index3,4		21.94	14.46	—	15.55		96.47	—	263.20
Lipper Health/Biotechnology Index4,5		31.57	10.18	—	19.01		62.35	—	372.62

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Health Sciences Fund expenses was reimbursed. If such expenses were not reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely traded stocks.

4  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.

5  The Lipper Health/Biotechnology Index measures the performance of health and biotech funds.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 1.11% and the net expense is 1.10%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

6

International Strategic Equity Allocation Fund
Subadvisor: Manulife Investment Management (US) LLC
Portfolio Manager: Nathan W. Thooft, CFA, Matthew Murphy, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks capital appreciation. The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of any market capitalization, including futures on indexes of equity securities. The fund invests primarily in foreign securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Financials		20.3
Consumer discretionary		13.0
Industrials		11.5
Information technology		10.8
Health care		10.5
Consumer staples		9.3
Materials		7.3
Communication services		6.7
Utilities		3.6
Energy		3.2
Real estate		2.6
Short-term investments and other		1.2

 

* As a percentage of net assets.

 

PORTFOLIO MANAGER’S COMMENTARY

Performance  >  For the year ended August 31, 2020, the International Strategic Equity Allocation Fund Class NAV shares returned 8.98% and the MSCI AC World ex-U.S.A. Index returned 8.31%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. Developed markets derived much less benefit from the strength of the Information Technology sector, and lagged the U.S. market. As of August 31, 2020, Information Technology sector had the largest weighting among the 11 sectors in the S&P 500 Index, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the Information Technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500 Index.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, positions in certain developed markets, including an underweight position in the U.K. and an overweight position in Germany contributed to returns, as did certain emerging markets positions, including an underweight in Brazil. Conversely, underweight positions in China and Canada, as well as an overweight position in France, detracted from returns.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
International Strategic Equity Allocation Fund Class NAV (began 10/17/16)		8.98	—	—	6.15		—	—	26.00
MSCI AC World ex-U.S.A. Index3,4		8.31	—	—	6.83		—	—	29.16

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the International Strategic Equity Allocation Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The MSCI AC World ex-U.S.A. Index is a free-float adjusted market capitalization weighted index designed to measure the equity market performance of developed markets and emerging markets, excluding the United States.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 0.71% and the net expense is 0.70%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

7

International Value Fund
Subadvisor: Boston Partners Global Investors, Inc. Prior to February 12, 2020, Templeton Investment Counsel, LLC served as the fund’s subadvisor.
Portfolio Managers: Joseph F. Feeney, Jr. CFA, Christopher K. Hart, CFA, Joshua M. Jones, CFA, Joshua White, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term growth of capital. Under normal market conditions, the fund invests primarily in equity securities of companies located outside the U.S., including emerging markets.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Financials		20.1
Industrials		15.4
Information technology		11.8
Health care		10.5
Consumer discretionary		10.0
Materials		7.9
Consumer staples		7.9
Communication services		7.1
Energy		3.7
Real estate		1.0
Utilities		1.0
Short-term investments and other		3.6

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the International Value Fund Class NAV shares returned 2.22% and the MSCI EAFE Index returned 6.13%. On February 12, 2020, Boston Partners Global Investors, Inc. replaced Templeton Investment Counsel, LLC as the fund’s subadvisor.

Environment  >  

Templeton Investment Counsel, LLC (period from September 1, 2019 through February 11, 2020)

International equities advanced during the period under review amid accommodative central bank messaging and incrementally better economic data; however international value stocks extended their longest and deepest period of underperformance relative to growth on record.

Market gains began to deteriorate toward the end of the period as hopes of a global economic upturn were challenged by fears surrounding a highly contagious coronavirus outbreak in China.

Relative performance in the information technology sector was led by benchmark investments in electronic companies South Korean based Samsung Electronics Company, Ltd. and Taiwan based Taiwan Semiconductor Manufacturing Company, Ltd. Samsung is a multinational electronics company driven primarily by its semiconductor division. Shares of Taiwan Semiconductor (sold prior to year end), a key supplier to market leaders Apple and Qualcomm benefited similarly from improving Sino-American trade relations. Stock selection and an underweighting in the consumer staples sector also enhanced results, as did security selection in the consumer discretionary sector.

Conversely, relative performance was pressured by stock selection in the materials sector and by an overweighting in the energy sector. From the energy sector, detractors included Italy’s based Eni SpA and Royal Dutch Shell PLC and Canadian integrated oil company Husky Energy, Inc. (sold all holdings prior to year end); however, a litigation settlement from Petroleo Brasileiro SA contributed to performance. An overweighting in the communication services sector also hampered results. Luxembourg-based satellite operator SES SA (sold prior to year end) finished as the fund’s biggest detractor for the period. Its shares slumped after U.S. regulators opted for a public auction of C-band spectrum instead of the private auction favored by spectrum owners like SES, as well as telecommunications industry bidders who preferred a quicker, private process.

From a regional standpoint, stock selection in Asia supported relative performance, with out of benchmark investments in South Korea and Taiwan proving especially beneficial. In Europe, security selection in France, Germany and Switzerland also enhanced results. Conversely, out of benchmark positioning in Canada detracted from relative performance.

Boston Partners Global Investors, Inc. (period from February 12, 2020 through August 31, 2020)

International value stocks continued to underperform international growth stocks during the period under review.

Relative underperformance during the period under review was mostly driven by stock selection within industrials, consumer staples, and financials sectors. Top detractors from relative performance within the industrials sector include Leonardo SpA and Eiffage SA. Not owning a position in Nestle SA, the world’s largest food and beverage company, was the main detractor from performance within the consumer staples sector. The stock performed well over the trailing period despite slightly declining earnings estimates, and experienced earnings multiple expansion as investors flocked to its defensive attributes in the face of a viral pandemic. In the financials sector, the fund’s insurance stocks lagged the market, driven by both concerns about potential COVID-19 related claims, and indiscriminate regulatory constraints on capital return policies. Large individual detractors from performance held by the fund within the financials sector include Fairfax Financial Holdings, Ltd., Axis Capital Holdings, and Aviva PLC (sold all holdings prior to year end).

The fund’s relative performance was aided by positioning in the materials sector. Positions in Barrick Gold Corp. and Yamana Gold, Inc. continue to post strong performance as central banks around the world expand their balance sheets in an effort to offset the negative economic impact of the virus.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
International Value Fund Class 1		2.16	1.52	3.38		7.81	39.45
International Value Fund Class NAV		2.22	1.57	3.43		8.11	40.13
MSCI EAFE Index3,4		6.13	4.72	5.88		25.94	77.05

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the International Value Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed market equity performance.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class NAV shares the gross expenses are 0.93% and 0.85%, respectively, and the net expenses are 0.92% and 0.84%, respectively. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

8

Mid Cap Stock Fund
Subadvisor: Wellington Management Company LLP
Portfolio Managers: Mario E. Abularach, CFA, CMT, Stephen Mortimer

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term growth and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of medium-sized companies with significant capital appreciation potential.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Information technology		26.8
Health care		22.9
Consumer discretionary		21.2
Industrials		7.9
Communication services		7.5
Financials		7.0
Consumer staples		4.3
Real estate		0.2
Short-term investments and other		2.2

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Mid Cap Stock Fund Class NAV shares returned 41.47% and the Russell Midcap Growth Index returned 23.56%.

Environment  >  U.S. equities, as measured by the S&P 500 Index, posted positive results over the trailing twelve-month period ending August 31, 2020. U.S.-China trade tensions were volatile going into the last quarter of 2019 but eased in December after the U.S. and China reached a phase-one trade agreement. During the first quarter of 2020, the COVID-19 outbreak caused unprecedented societal and market disruptions. Volatility surged to extreme levels as states adopted extraordinary measures to fight the contagion while companies’ shuttered stores and production, withdrew earnings guidance and drew down credit lines. Later in the first quarter, the Fed and U.S. government bolstered markets with an emergency stimulus package extending roughly $2 trillion in aid that continued to drive the market’s rebound through the second quarter of 2020. U.S. and China trade tensions have escalated on several fronts in recent months after reigniting in May despite the two countries reaffirming their commitment to the phase-one trade deal. Uncertainty remains with Congress at an impasse on the next coronavirus aid package and the U.S. presidential election looming in November.

Within the fund, stock selection drove outperformance. Security selection was particularly strong in information technology, consumer staples and communication services sectors. This was slightly offset by unfavorable selection in consumer discretionary and industrials sectors.

Sector allocation, a product of the bottom-up stock selection process, also contributed to performance. Allocation effect was driven by our overweight to the health care sector but partially offset by our underweight to the information technology sector.

Top contributors to relative performance during the period included Advanced Micro Devices, a semiconductor company; Square Inc., a financial services and mobile payment company; and Spotify Technology SA, a music streaming and media services provider.

Top detractors from relative performance included Pinterest, Inc. (sold prior to year end), an image sharing and social media service; The We Company, Inc., a commercial real estate company; and Exact Sciences Corp., a molecular diagnostics company.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Mid Cap Stock Fund Class 1		41.40	18.49	17.47		133.54	400.19
Mid Cap Stock Fund Class NAV		41.47	18.55	17.53		134.20	402.81
Russell Midcap Growth Index3,4		23.56	14.94	16.03		100.63	342.27

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Mid Cap Stock Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The Russell Midcap Growth Index is an unmanaged index that contains those stocks from the Russell Midcap Index with a greater than average growth orientation.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class NAV shares the gross expenses are 0.92% and 0.87%, respectively, and the net expenses are 0.91% and 0.86%, respectively. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

9

Mid Value Fund
Subadvisor: T. Rowe Price Associates, Inc.
Portfolio Manager: David J. Wallack

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies with market capitalizations that are within the S&P MidCap 400 Index or the Russell Midcap Value Index.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Financials		16.6
Health care		16.5
Energy		12.7
Materials		11.5
Industrials		9.6
Consumer staples		9.0
Real estate		7.2
Communication services		5.6
Utilities		4.7
Information technology		2.8
Consumer discretionary		2.7
Short-term investments and other		1.1

 

* As a percentage of net assets.

 

PORTFOLIO MANAGER’S COMMENTARY

Performance  >  For the year ended August 31, 2020, the Mid Value Fund Class NAV shares returned 7.40% and the Russell Midcap Value Index declined 1.30%.

Environment  >  While major U.S. stocks were largely positive for the one-year period ended August 31, 2020, there was significant variation across style and market capitalization. Growth substantially outpaced value, and large-caps outperformed small- and mid-cap peers. Progress in U.S.-China trade talks, and the eventual consummation of a “phase one” trade deal, lifted stocks early in the period. Starting in late February, however, evidence that the novel coronavirus might be transitioning into a global pandemic proved a watershed for the markets. In March, U.S. stocks suffered their worst declines since the financial crisis in late 2008 as the accelerating pandemic led to the shutdown of significant portions of the global economy. However, U.S. equities rebounded sharply in the following months, with market gains being driven by the Federal Reserve’s and federal government’s massive stimulus efforts, as well as slowing coronavirus infection rates in the U.S. and various other countries, which encouraged leaders to gradually lift lockdowns and reopen their economies. News of advancements in treatment and vaccine development also helped lift markets. Stocks also received a boost late in the period when Federal Reserve Chair Jerome Powell announced that the central bank will move to a policy of average inflation targeting, which will allow inflation to run above its 2% target to make up for past shortfalls.

Stock selection in the materials sector contributed the most to relative results, led by names in metals and mining. Fresnillo PLC, Franco-Nevada Corp., and Barrick Gold Corp. all benefited from a rise in gold and silver prices, as gold reached eight-year highs during the period.

Stock choices in the real estate sector also boosted relative returns. An underweight to the sector, one of the poorest performers for the benchmark, also added value. Weyerhaeuser Company, a pure-play timber real estate investment trust, rose along with the broader market late in the period due to optimism surrounding the reopening of certain parts of the U.S. economy. We continue to believe the market underappreciates the value of Weyerhaeuser’s high-quality timberland assets. We are also encouraged by steps the company has taken to ensure balance sheet flexibility amid an uncertain environment.

Health care sector added value due to an overweight position and stock picks. Shares of Patterson Companies, Inc., a specialty distributor of dental and animal health consumable products, equipment, and technology solutions, rose in 2020 on consecutive quarters of solid results reflecting strong operational execution despite COVID-19 headwinds. We believe the company is positioned to benefit from continued end market recovery and potentially from more permanent cost reductions spurred by the pandemic.

Conversely, stock selection in the communication services sector weighed on relative results. Shares of entertainment content company ViacomCBS, Inc. declined after Viacom and CBS merged in late December 2019, due to investor concerns over ongoing headwinds media companies are facing. In early 2020, the cancellation of the majority of live sports broadcasts, including the NCAA Division I Men’s Basketball Tournament usually shown on CBS, due to the coronavirus outbreak further weighed on the company.

Stock choices in the utilities sector also detracted, although this was largely offset by a favorable underweight position. Shares of Ohio-based integrated utility First Energy Corp. plunged after the company was implicated in a bribery investigation related to the passage of a bill that provided subsidies for distressed nuclear power plants owned by former FirstEnergy subsidiary, FES. While the company asserts its innocence, the scandal may create a significant near-term overhang.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Mid Value Fund Class NAV		7.40	7.14	10.51		41.20	171.72
Russell Midcap Value Index3,4		–1.30	6.14	10.94		34.74	182.51

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Mid Value Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The Russell Midcap Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 0.99% and the net expense is 0.98%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

10

Multi-Index Lifestyle Aggressive Portfolio
Subadvisors: Manulife Investment Management (US) LLC
Portfolio Managers: Robert E. Sykes, CFA, Nathan W. Thooft, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The portfolio seeks long-term growth of capital. Current income is not a consideration. The portfolio operates as a fund of funds and normally invests approximately 100% of its assets in underlying funds that invest primarily in equity securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Asset Allocation*	% of Total
Affiliated investment companies		67.1
Large blend		67.1
Unaffiliated investment companies		32.9
Equity		32.9

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Multi-Index Lifestyle Aggressive Portfolio Class 1 shares returned 12.98% and a blend of 70% Russell 3000 Index and 30% MSCI AC World ex-U.S.A. Index returned 17.42%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the information technology sector, and, and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, an underweight positions in mid-cap equity contributed to returns, as did an overweight position in technology. On an individual securities basis, Strategic Equity Allocation (U.S. Large Cap sleeve) detracted and Strategic Equity Allocation (International sleeve) contributed to returns.

An underweight position in U.S. large-cap equity detracted from returns, as did overweight positions in international developed equity and real estate.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Multi-Index Lifestyle Aggressive Portfolio Class R6 (began 12/30/13)		13.00	9.89	—	7.87		60.26	—	65.75
Multi-Index Lifestyle Aggressive Portfolio Class 1 (began 12/30/13)		12.98	9.83	—	7.83		59.85	—	65.40
S&P 500 Index3,4		21.94	14.46	—	12.37		96.47	—	117.77
MSCI EAFE Index4,5		6.13	4.72	—	2.77		25.94	—	20.00
Blended Index4,6		17.42	11.43	—	9.18		71.80	—	79.69

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Multi-Index Lifestyle Aggressive Portfolio expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely-traded common Stocks.

4  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.

5  The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed market equity performance.

6  The Blended Index is composed of 70% Russell 3000 Index and 30% MSCI AC World ex-U.S.A. Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. The net expenses equal the gross expenses and are as follows: Class 1 shares — 0.68% and Class R6 shares — 0.64%.

11

Multi-Index Lifestyle Balanced Portfolio
Subadvisors: Manulife Investment Management (US) LLC
Portfolio Managers: Robert E. Sykes, CFA, Nathan W. Thooft, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The portfolio seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. The portfolio operates as a fund of funds and normally invests approximately 60% of its assets in underlying funds that invest primarily in equity securities and approximately 40% in underlying funds that invest primarily in fixed-income securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Asset Allocation*	% of Total
Affiliated investment companies		38.8
Large blend		38.8
Unaffiliated investment companies		61.2
Fixed Income		38.2
Equity		23.0

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Multi-Index Lifestyle Balanced Portfolio Class 1 shares returned 10.36% and a blend of 42% Russell 3000 Index, 18% MSCI AC World ex-U.S.A. Index, 8% ICE Bank of America U.S. High Yield Index*, and 32% Bloomberg Barclays U.S. Aggregate Bond Index returned 13.32%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the information technology sector, however, and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, underweight positions in mid-cap equity and high yield bonds contributed to returns, as did an overweight position in technology. On an individual securities basis, Strategic Equity Allocation (U.S. Large Cap sleeve) detracted and Strategic Equity Allocation (International sleeve) contributed to returns.

An underweight position in U.S. large-cap equity detracted from returns, as did overweight positions in international developed equity and real estate.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Multi-Index Lifestyle Balanced Portfolio Class R6 (began 12/30/13)		10.50	7.85	—	6.43		45.93	—	51.56
Multi-Index Lifestyle Balanced Portfolio Class 1 (began 12/30/13)		10.36	7.79	—	6.39		45.52	—	51.19
S&P 500 Index3,4		21.94	14.46	—	12.37		96.47	—	117.77
Bloomberg Barclays U.S. Aggregate Bond Index4,5		6.47	4.33	—	4.21		23.60	—	31.68
Blended Index4,6		13.32	8.98	—	7.48		53.69	—	61.78

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Multi-Index Lifestyle Balanced Portfolio expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely-traded common Stocks.

4  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.

5  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

6  The Blended Index is composed of 42% Russell 3000 Index, 18% MSCI AC World ex-U.S.A. Index, 8% ICE Bank of America U.S. High Yield Index*, and 32% Bloomberg Barclays U.S. Aggregate Bond Index.

*  Formerly known as ICE Bank of America Merrill Lynch U.S. High Yield Master II Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. The net expenses equal the gross expenses and are as follows: Class 1 shares — 0.71% and Class R6 shares — 0.67%.

12

Multi-Index Lifestyle Conservative Portfolio
Subadvisors: Manulife Investment Management (US) LLC
Portfolio Managers: Robert E. Sykes, CFA, Nathan W. Thooft, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The portfolio seeks a high level of current income and with some consideration given to growth of capital. The portfolio operates as a fund of funds and normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Asset Allocation*	% of Total
Affiliated investment companies		10.8
Large blend		10.8
Unaffiliated investment companies		88.9
Fixed income		79.2
Equity		9.7
Short-term investments and other		0.3

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Multi-Index Lifestyle Conservative Portfolio Class 1 shares returned 7.33% and a blend of 14% Russell 3000 Index, 6% MSCI AC World ex-U.S.A. Index, 16% ICE Bank of America U.S. High Yield Index*, and 64% Bloomberg Barclays U.S. Aggregate Bond Index returned 8.62%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the information technology sector, however, and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, underweight positions in mid-cap equity and high yield bonds contributed to returns, as did an overweight position in inflation protected securities. On an individual securities basis, Strategic Equity Allocation (U.S. Large Cap sleeve) detracted and Strategic Equity Allocation (International sleeve) contributed to returns.

An underweight position in U.S. large-cap equity detracted from returns, as did overweight positions in bank loans and real estate.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Multi-Index Lifestyle Conservative Portfolio Class R6 (began 12/30/13)		7.37	5.52	—	4.70		30.80	—	35.90
Multi-Index Lifestyle Conservative Portfolio Class 1 (began 12/30/13)		7.33	5.46	—	4.67		30.47	—	35.58
S&P 500 Index3,4		21.94	14.46	—	12.37		96.47	—	117.77
Bloomberg Barclays U.S. Aggregate Bond Index4,5		6.47	4.33	—	4.21		23.60	—	31.68
Blended Index4,6		8.62	6.24	—	5.51		35.33	—	43.01

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Multi-Index Lifestyle Conservative Portfolio expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely-traded common Stocks.

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

5  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

6  The Blended Index is composed of 14% Russell 3000 Index, 6% MSCI AC World ex-U.S.A. Index, 16% ICE Bank of America U.S. High Yield Index*, and 64% Bloomberg Barclays U.S. Aggregate Bond Index.

*  Formerly known as ICE Bank of America Merrill Lynch U.S. High Yield Master II Index.

The expense ratios of the portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class R6 shares the gross expenses are 0.74% and 0.70%, respectively, and the net expenses are 0.73% and 0.69%, respectively. Net expenses reflect contractual expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

13

Multi-Index Lifestyle Growth Portfolio
Subadvisors: Manulife Investment Management (US) LLC
Portfolio Managers: Robert E. Sykes, CFA, Nathan W. Thooft, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The portfolio seeks long-term growth of capital. Current income is also a consideration. The portfolio operates as a fund of funds and normally invests approximately 80% of its assets in underlying funds that invest primarily in equity securities, and approximately 20% in underlying funds that invest primarily in fixed-income securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Asset Allocation*	% of Total
Affiliated investment companies		53.0
Large blend		53.0
Unaffiliated investment companies		46.9
Equity		29.2
Fixed income		17.7
Short-term investments and other		0.1

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Multi-Index Lifestyle Growth Portfolio Class 1 shares returned 11.86% and a blend of 56% Russell 3000 Index, 24% MSCI AC World ex-U.S.A Index, 4% ICE Bank of America U.S. High Yield Index*, and 16% Bloomberg Barclays U.S. Aggregate Bond Index returned 15.45%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the information technology sector, however, and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, underweight positions in mid-cap equity and high yield bonds contributed to returns, as did an overweight position in technology. On an individual securities basis, Strategic Equity Allocation (U.S. Large Cap sleeve) detracted and Strategic Equity Allocation (International sleeve) contributed to returns.

An underweight position in U.S. large-cap equity detracted from returns, as did overweight positions in international developed equity and real estate.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Multi-Index Lifestyle Growth Portfolio Class R6 (began 12/30/13)		11.88	8.88	—	7.19		53.02	—	58.90
Multi-Index Lifestyle Growth Portfolio Class 1 (began 12/30/13)		11.86	8.84	—	7.16		52.72	—	58.58
S&P 500 Index3,4		21.94	14.46	—	12.37		96.47	—	117.77
Bloomberg Barclays U.S. Aggregate Bond Index4,5		6.47	4.33	—	4.21		23.60	—	31.68
Blended Index4,6		15.45	10.24	—	8.36		62.82	—	70.89

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Multi-Index Lifestyle Growth Portfolio expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely-traded common Stocks.

4  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.

5  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

6  The Blended Index is composed of 56% Russell 3000 Index, 24% MSCI AC World ex-U.S.A. Index, 4% ICE Bank of America U.S. High Yield Index*, and 16% Bloomberg Barclays U.S. Aggregate Bond Index.

*  Formerly known as ICE Bank of America Merrill Lynch U.S. High Yield Master II Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. The net expenses equal the gross expenses and are as follows: Class 1 shares — 0.69% and Class R6 shares — 0.65%.

14

Multi-Index Lifestyle Moderate Portfolio
Subadvisors: Manulife Investment Management (US) LLC
Portfolio Managers: Robert E. Sykes, CFA, Nathan W. Thooft, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The portfolio seeks a balance between a high level of current income and growth of capital, with greater emphasis on income. The portfolio operates as a fund of funds and normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Asset Allocation*	% of Total
Affiliated investment companies		25.4
Large blend		25.4
Unaffiliated investment companies		74.6
Fixed income		59.0
Equity		15.6

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Multi-Index Lifestyle Moderate Portfolio Class 1 shares returned 8.54% and a blend of 28% Russell 3000 Index, 12% MSCI AC World ex-U.S.A. Index, 12% ICE Bank of America U.S. High Yield Index*, and 48% Bloomberg Barclays U.S. Aggregate Bond Index returned 11.03%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the information technology sector, however, and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, underweight positions in mid-cap equity and high yield bonds contributed to returns, as did an overweight position in inflation protected securities. On an individual securities basis, Strategic Equity Allocation (U.S. Large Cap sleeve) detracted and Strategic Equity Allocation (International sleeve) contributed to returns.

An underweight position in U.S. large-cap equity detracted from returns, as did overweight positions in international developed equity and real estate.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Multi-Index Lifestyle Moderate Portfolio Class R6 (began 12/30/13)		8.58	6.68	—	5.52		38.17	—	43.12
Multi-Index Lifestyle Moderate Portfolio Class 1 (began 12/30/13)		8.54	6.64	—	5.50		37.91	—	42.91
S&P 500 Index3,4		21.94	14.46	—	12.37		96.47	—	117.77
Bloomberg Barclays U.S. Aggregate Bond Index4,5		6.47	4.33	—	4.21		23.60	—	31.68
Blended Index4,6		11.03	7.64	—	6.52		44.51	—	52.45

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not predict future performance.

2  Since inception, a portion of the Multi-Index Lifestyle Moderate Portfolio expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index comprised of 500 widely traded U.S. common stocks.

4  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.

5  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

6  The Blended Index is composed of 28% Russell 3000 Index, 12% MSCI AC World ex-U.S.A. Index, 12% ICE Bank of America U.S. High Yield Index*, and 48% Bloomberg Barclays U.S. Aggregate Bond Index.

*  Formerly known as ICE Bank of America Merrill Lynch U.S. High Yield Master II Index.

The expense ratios of the portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class R6 shares the gross expenses are 0.73% and 0.69%, respectively, and the net expenses are 0.72% and 0.68%, respectively. Net expenses reflect contractual expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

15

Real Estate Securities Fund
Subadvisor: DWS Investment Management Americas Inc.
Portfolio Managers: Robert Thomas, John W. Vojticek, David W. Zonavetch, CPA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks to achieve a combination of long-term capital appreciation and current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts (REITs) and real estate companies.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Portfolio Composition*	% of Total
Specialized REITs		30.4
Residential REITs		19.5
Industrial REITs		16.6
Retail REITs		12.8
Health care REITs		10.2
Office REITs		7.3
Diversified REITs		2.2
Short-term investments and other		1.0

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Real Estate Securities Fund Class 1 shares declined 9.75% and the MSCI U.S. REIT Index declined 12.63%.

Environment  >  Over the past one-year, U.S. REITs underperformed the broader equity market (as represented by the S&P 500 Index). To start Q4 2019, the S&P capped off a solid 2019 calendar year to achieve its best annual gain in 6 years. Sustained optimism over a ‘Phase One’ U.S./China trade deal, that called for a reduction in U.S. tariffs in exchange for purchase commitments from China helped to keep global equities well-bid. The Federal Reserve held rates steady, citing a reduced probability of both a U.S./China trade war and a disorderly Brexit, despite weak U.S. manufacturing data. However, in the final days of December, tensions between the U.S. and Iran mounted leading up to the targeted killing of Iranian major general Qassem Soleimani on January 3rd, marking a volatile start to a U.S. election year, prompting a bid for safe havens, and sending oil prices soaring. However, these fears receded during the first quarter of 2020 in the wake of the global spread of COVID-19, which prompted unprecedented shutdowns in a bid to slow the spread of the outbreak. Equity markets sold off sharply. In response, the Federal Reserve promised unlimited quantitative easing and the U.S. Senate approved the largest emergency aid package in history. REITs were not spared, with the Retail, Malls, and Hotels sectors, along with the more service-oriented Net Lease sector, the hardest hit as containment efforts drastically restrict travel and consumer activity. However, markets quickly launched a recovery off of March lows, pushing steadily higher as investors bet on a swift recovery despite mixed economic data and a string of poor earnings reports. Rising tensions between the U.S. and China, a surge in new COVID-19 cases across the U.S., and cautionary comments from Federal Reserve Chairman Jerome Powell weighed on markets in June, but ticked upwards once more in July as macro data continued to improve, despite culminating in a record-breaking plunge in Q2 GDP. During the month of August, macroeconomic indicators such as break-even inflation, credit spreads, the U.S. dollar, and gold continued to move in a direction that is favorable to risk despite stimulus concerns. In a historic move, the Federal Reserve established an explicit inflation averaging framework. In response, various equity indices notched all-time highs as markets continued to exhibit resilience. For the REITs, Hotels and Malls surged on market optimism and continued re-opening progress. Data Centers and Industrial pulled back after a standout July while Office lagged as rationalization of space needs continues to pressure the sector.

For the annual reporting period ending August 31, 2020, the fund outperformed its benchmark. Relative outperformance was the result of both strong stock selection and sector allocation effects. Over the one-year period, performance was driven by positive sector allocation effects. The underweights to the Regional Malls and Hotels sectors and the overweights to the Towers and Data Centers sectors were the top contributors from an allocation perspective. Partially offsetting this was the average overweight to the traditionally defensive Net Lease sector, which was hit hard given exposure to tenants with service-oriented business models who were among the last to be allowed to reopen due to COVID-19. Stock selection was also strong, particularly amongst Office, Apartments, Healthcare, and Self Storage names. Weak selection across Industrial and Hotels partially offset this.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Real Estate Securities Fund Class 1		–9.75	7.02	9.43		40.41	146.21
MSCI U.S. REIT Index3,4		–12.63	5.29	8.72		29.42	130.64

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Real Estate Securities Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The MSCI U.S. REIT Index is an unmanaged index consisting of the most actively traded REITs.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 shares the gross expenses are 0.81% and the net expenses are 0.80%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

16

Science & Technology Fund
Subadvisors: Allianz Global Investors U.S., LLC and T. Rowe Price Associates Inc.
Portfolio Managers: Huachen Chen (Allianz), Walter C. Price (Allianz), Michael A. Seidenberg (Allianz), Ken Allen (T. Rowe)

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks long-term growth of capital. Current income is incidental to the fund’s objective. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of companies expected to benefit from the development, advancement, and/or use of science and technology.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Sector Composition*	% of Total
Information technology		56.8
Consumer discretionary		18.3
Communication services		17.7
Health care		1.3
Industrials		0.4
Financials		0.2
Short-term investments and other		5.3

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Science & Technology Fund Class NAV shares returned 47.55% and the Lipper Science & Technology Index returned 42.87%.

Environment  >  Overall, U.S. stocks posted robust gains for the 12-month period ended August 31, 2020. In March, U.S. stocks suffered their worst declines since the financial crisis in late 2008 as the accelerating coronavirus pandemic led to the shutdown of significant portions of the global economy, which created extraordinary market volatility on several occasions during the period. The declines brought a decisive end to the record-long bull market that began in 2009. However, stocks rebounded beginning in late March following the passage of emergency monetary and fiscal measures in response to the rapid economic contraction. Over the ensuing months, progress in the battle against the coronavirus boosted markets, with infection rates, hospitalizations, and deaths beginning to decline in many hard-hit areas of the country. The turnaround encouraged the nation’s governors to begin the gradual reopening of businesses and public facilities. Technology companies continued to demonstrate strong earnings growth and delivered stronger stock returns relative to the broad market.

Allianz Global Investors U.S. LLC

The fund has benefited from strong performance among several mid-sized, high-growth software companies including RingCentral, Inc. and Zscaler, Inc.. These companies continue to see increasing demand for innovative software services as the move to cloud computing and Software-as-a-Service solutions continues to accelerate. Additionally, not owning Cisco Systems and overweights to Advanced Micro Devices, Inc. and Tesla, Inc. helped relative performance.

Conversely, the underweight position to Apple, Inc., the benchmark’s largest position, was the largest relative detractor. The stock rose sharply due to optimism around the upcoming 5G smartphone cycle and strong growth in Apple’s services business. The fund’s overweight positions in Paycom Software, Inc. and Alteryx, Inc. detracted from relative performance, as both companies faced near term headwinds due to COVID-19. Lastly, overweight positions in semiconductor companies, Samsung Electronics Company, Ltd. and Micron Technology, Inc., also weighed on relative performance.

T. Rowe Price Associates, Inc.

IT services subsector contributed the most to relative performance due to an underweight allocation and favorable stock picks. We initiated a position in Wix.com, Ltd., a leading provider of solutions for do-it-yourself Web design, midway through the period. The company benefited from increased user engagement as social distancing measures accelerated the need for businesses to have an online presence in order to reach consumers. As a relatively low-cost provider of Web design services, Wix.com has experienced a surge in free customers, conversions to paid accounts, and increased consumption of online payments and other features. These tailwinds have more than offset customer losses stemming from the financial pressures suffered by small to mid-size businesses.

Not owning any telecom equipment names lifted the fund’s relative returns. We tend to find fewer opportunities in telecom equipment, as we believe that intense competition, commodified products, and the drag from maturing business lines make this subsector a less fertile hunting ground for sustainable businesses that are on the right side of innovation. Likewise, not owning any names within the financial services subsector aided relative results. We acknowledge that lasting behavioral shifts driven by the health crisis could boost the prospects of this subsector by accelerating the uptake of electronic payments and online shopping. However, in light of near-term uncertainties caused by the coronavirus pandemic, we prefer other areas of the market that we believe feature a more compelling risk/reward profile.

Hardware subsector detracted the most from relative performance due to security choices and an underweight allocation. In particular, not owning Apple was detrimental. Our decision to stand aside on Apple reflected what we regard as a demanding valuation and our preference for businesses that we believe can sustain higher levels of growth in the coming years.

Stock selection in the internet subsector also hurt relative results, though our overweight allocation was beneficial. Trip.com Group, Ltd. (formerly Ctrip.com International) is China’s dominant online provider of travel services. The stock sold off sharply in March as the coronavirus pandemic depressed demand for domestic and international travel. Near-term challenges aside, we value Trip.com’s potential to compound free cash flow over the long haul as demand for travel grows with household incomes in China. Shares of Booking Holdings, Inc. plunged along with the online travel market in response to the spread of the coronavirus pandemic. Although we acknowledge the massive challenges that Booking Holdings faces in the current environment, we believe that the company has the market position and the balance sheet to emerge in a stronger competitive position when travel demand ultimately recovers.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Science & Technology Fund Class NAV (began 2/14/13)		47.55	24.89	—	22.05		203.78	—	349.75
S&P 500 Index3,4		21.94	14.46	—	14.00		96.47	—	168.70
Lipper Science & Technology Index4,5		42.87	22.72	—	20.16		178.29	—	299.73

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Science & Technology Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  S&P 500 Index is an unmanaged index that includes 500 widely traded stocks.

4  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.

5  The Lipper Science & Technology Index consists of the 30 largest funds in the Lipper peer category that invest primarily in the equity securities of domestic companies engaged in science and technology.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 1.12% and the net expense is 1.11%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

17

Strategic Equity Allocation Fund
Subadvisor: Manulife Investment Management (US) LLC
Portfolio Manager: Nathan W. Thooft, CFA and Matthew Murphy, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks capital appreciation. The fund seeks to achieve its objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. and foreign equity securities of any market capitalization, including futures on indexes of equity securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Sector Composition*	% of Total
Information technology		21.8
Consumer discretionary		15.3
Financials		13.1
Industrials		11.5
Communication services		9.4
Health care		9.3
Consumer staples		6.5
Materials		4.2
Real estate		2.5
Utilities		2.3
Energy		2.2
Short-term investments and other		1.9

 

* As a percentage of net assets.

 

PORTFOLIO MANAGER’S COMMENTARY

Performance  >  For the year ended August 31, 2020, the Strategic Equity Allocation Fund Class NAV shares returned 14.54% and a blend of 70% Russell 3000 Index and 30% MSCI AC World ex-U.S.A. Index returned 17.42%.

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. However, these markets derived much less benefit from the strength of the information technology sector and lagged the U.S. market. As of August 31, 2020, information technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the information technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, an underweight position to U.S. mid-capitalization equities (versus large cap and small cap equities) contributed to returns. Conversely, an overweight position in international markets relative to the U.S. detracted from returns.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Strategic Equity Allocation Fund Class NAV (began 4/13/12)		14.54	9.91	—	10.18		60.41	—	125.28
S&P 500 Index3,4		21.94	14.46	—	14.19		96.47	—	203.87
Blended Index4,5		17.42	11.43	—	11.26		71.80	—	144.54

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Strategic Equity Allocation Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

4  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.

5  The Blended Index is composed of 70% Russell 3000 Index and 30% MSCI AC World ex-U.S.A. Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 0.68% and the net expense is 0.67%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

18

U.S. Sector Rotation Fund (formerly U.S. Strategic Equity Allocation Fund)
Subadvisor: Manulife Investment Management (US) LLC
Portfolio Manager: Nathan W. Thooft, CFA and Matthew Murphy, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks capital appreciation. The fund seeks to achieve its objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities of any market capitalization, including futures on indexes of equity securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Sector Composition*	% of Total
Information technology		30.1
Consumer discretionary		17.2
Communication services		12.5
Industrials		10.7
Financials		8.0
Health care		7.7
Consumer staples		5.1
Materials		2.0
Energy		1.8
Real estate		1.3
Utilities		1.3
Short-term investments and other		2.3

 

* As a percentage of net assets.

 

PORTFOLIO MANAGER’S COMMENTARY

Performance  >  For the year ended August 31, 2020, the U.S. Sector Rotation Fund Class NAV shares returned 20.74% and the S&P 500 Index returned 21.94%

Environment  >  U.S. equities posted gains over the period despite significant volatility triggered by the global spread of COVID-19. The virus proved to be highly infectious and, by the end of March, had become a global pandemic. The social distancing required to combat the pandemic led to widespread work stoppages. Unemployment soared to levels not seen since the Great Depression and the widely followed S&P 500 Index entered “bear-market” territory in March, less than a month after reaching an all-time high.

Foreign stocks in developed markets reacted similarly to their U.S. counterparts, with a steep first-quarter decline followed by an impressive recovery. These markets derived much less benefit from the strength of the Information Technology sector, however, and lagged the U.S. market. As of August 31, 2020, Information Technology had the largest weighting among the 11 sectors in the S&P 500, and posted a relatively strong return over the period. The MSCI EAFE Index had only single-digit exposure to the Information Technology sector, and posted a much more modest return in the sector. Emerging markets equities finished stronger than those of international developed markets, but still lagged the S&P 500.

In the bond market, Treasury yields were fairly stable through the end of 2019, but plunged in the first quarter of 2020, as it quickly became apparent that the U.S. economy was entering a recession. This ended the longest period of U.S. economic expansion on record. Over the period, longer-dated Treasuries strongly outperformed. Corporate debt performed relatively well, except in the first quarter, when widespread shutdowns fueled concerns about revenue and earnings.

From an asset allocation perspective, underweight positions in the Consumer Staples and Financials sectors detracted from returns.

Underweight positions in the Industrials and Health Care sectors, as well as an overweight position in the Information Technology sector, contributed to returns.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
U.S. Strategic Equity Allocation Fund Class NAV (began 9/26/16)		20.74	—	—	14.14		—	—	68.22
S&P 500 Index*,3,5		21.94	—	—	15.28		—	—	74.88
Russell 3000 Index4,5		21.44	—	—	14.74		—	—	71.72

 

*  Prior to September 20, 2019, the fund’s primary benchmark was the Russell 3000 Index. Effective September 20, 2019, the fund’s primary benchmark index is the S&P 500 Index. The S&P 500 Index better reflects the universe of investment opportunities based on the fund’s investment strategy.

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the U.S. Strategic Equity Allocation Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

4  The Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

5  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares, the gross expense is 0.65% and the net expense is 0.64%. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

19

John Hancock Funds II

Shareholder expense example

As a shareholder of John Hancock Funds II, you incur ongoing costs, such as management fees, distribution (Rule 12b-1) fees and other expenses. In the case of Multi-Index Lifestyle Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio and Multi-Index Lifestyle Moderate Portfolio, in addition to the operating expenses which the portfolio bears directly, the portfolio indirectly bears a pro rata share of the operating expenses of the underlying funds in which the portfolio invests. Because the underlying funds have varied operating expenses and transaction costs and the portfolio may own different proportions of the underlying funds at different times, the amount of expenses incurred indirectly by the portfolio will vary. If these indirect expenses were included, your expenses paid during the period would have been higher.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in a fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 at the beginning of the period and held for the entire period (March 1, 2020 through August 31, 2020).

Actual expenses:

The first line of each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period ended” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed annualized rate of return of 5% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs and insurance-related charges. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Capital Appreciation Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,486.40	$4.94	0.79%
	Hypothetical example	1,000.00	1,021.20	4.01	0.79%
Class NAV	Actual expenses/actual returns	1,000.00	1,487.40	4.63	0.74%
	Hypothetical example	1,000.00	1,021.40	3.76	0.74%
Capital Appreciation Value Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,104.70	$4.39	0.83%
	Hypothetical example	1,000.00	1,021.00	4.22	0.83%
Health Sciences Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,204.30	$5.82	1.05%
	Hypothetical example	1,000.00	1,019.90	5.33	1.05%
International Strategic Equity Allocation Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,079.10	$2.93	0.56%
	Hypothetical example	1,000.00	1,022.30	2.85	0.56%
International Value Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,044.00	$5.24	1.02%
	Hypothetical example	1,000.00	1,020.00	5.18	1.02%
Class NAV	Actual expenses/actual returns	1,000.00	1,044.10	4.98	0.97%
	Hypothetical example	1,000.00	1,020.30	4.93	0.97%
Mid Cap Stock Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,386.30	$5.52	0.92%
	Hypothetical example	1,000.00	1,020.50	4.67	0.92%
Class NAV	Actual expenses/actual returns	1,000.00	1,386.70	5.22	0.87%
	Hypothetical example	1,000.00	1,020.80	4.42	0.87%

20

John Hancock Funds II

Shareholder expense example

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Mid Value Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,075.80	$4.90	0.94%
	Hypothetical example	1,000.00	1,020.40	4.77	0.94%
Multi-Index Lifestyle Aggressive Portfolio
Class R6	Actual expenses/actual returns	$1,000.00	$1,125.40	$1.39	0.26% 2
	Hypothetical example	1,000.00	1,023.80	1.32	0.26% 2
Class 1	Actual expenses/actual returns	1,000.00	1,125.50	1.55	0.29% 2
	Hypothetical example	1,000.00	1,023.70	1.48	0.29% 2
Multi-Index Lifestyle Balanced Portfolio
Class R6	Actual expenses/actual returns	$1,000.00	$1,090.40	$1.94	0.37% 2
	Hypothetical example	1,000.00	1,023.30	1.88	0.37% 2
Class 1	Actual expenses/actual returns	1,000.00	1,090.20	2.15	0.41% 2
	Hypothetical example	1,000.00	1,023.10	2.09	0.41% 2
Multi-Index Lifestyle Conservative Portfolio
Class R6	Actual expenses/actual returns	$1,000.00	$1,051.40	$2.63	0.51% 2
	Hypothetical example	1,000.00	1,022.60	2.59	0.51% 2
Class 1	Actual expenses/actual returns	1,000.00	1,051.20	2.78	0.54% 2
	Hypothetical example	1,000.00	1,022.40	2.75	0.54% 2
Multi-Index Lifestyle Growth Portfolio
Class R6	Actual expenses/actual returns	$1,000.00	$1,109.40	$1.64	0.31% 2
	Hypothetical example	1,000.00	1,023.60	1.58	0.31% 2
Class 1	Actual expenses/actual returns	1,000.00	1,108.50	1.86	0.35% 2
	Hypothetical example	1,000.00	1,023.40	1.78	0.35% 2
Multi-Index Lifestyle Moderate Portfolio
Class R6	Actual expenses/actual returns	$1,000.00	$1,069.10	$2.29	0.44% 2
	Hypothetical example	1,000.00	1,022.90	2.24	0.44% 2
Class 1	Actual expenses/actual returns	1,000.00	1,068.90	2.50	0.48% 2
	Hypothetical example	1,000.00	1,022.70	2.44	0.48% 2
Real Estate Securities Fund
Class 1	Actual expenses/actual returns	$1,000.00	$ 952.60	$3.98	0.81%
	Hypothetical example	1,000.00	1,021.10	4.12	0.81%
Science & Technology Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,362.90	$6.30	1.06%
	Hypothetical example	1,000.00	1,019.80	5.38	1.06%
Strategic Equity Allocation Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,133.90	$2.90	0.54%
	Hypothetical example	1,000.00	1,022.40	2.75	0.54%
U.S. Sector Rotation Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,183.70	$2.96	0.54%
	Hypothetical example	1,000.00	1,022.40	2.75	0.54%

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
2	Ratios do not include expenses indirectly incurred by the underlying funds and can vary based on the mix of underlying funds held by the portfolios.

21

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 100.5%
Communication services – 15.3%
Entertainment – 4.6%
Netflix, Inc. (A)	146,506	$	77,583,717
Spotify Technology SA (A)	80,326		22,664,784
			100,248,501
Interactive media and services – 10.7%
Alphabet, Inc., Class A (A)	25,970		42,318,894
Alphabet, Inc., Class C (A)	25,932		42,377,556
Facebook, Inc., Class A (A)	333,591		97,808,881
Match Group, Inc. (A)	270,455		30,204,414
Tencent Holdings, Ltd.	310,867		21,237,922
			233,947,667
			334,196,168
Consumer discretionary – 25.6%
Automobiles – 7.7%
Tesla, Inc. (A)	338,270		168,566,704
Hotels, restaurants and leisure – 1.4%
Chipotle Mexican Grill, Inc. (A)	23,589		30,908,195
Internet and direct marketing retail – 9.9%
Alibaba Group Holding, Ltd., ADR (A)	77,419		22,221,576
Amazon.com, Inc. (A)	53,396		184,267,460
Wayfair, Inc., Class A (A)(B)	34,722		10,297,156
			216,786,192
Specialty retail – 2.3%
Carvana Company (A)(B)	84,037		18,148,631
The Home Depot, Inc.	110,142		31,394,876
			49,543,507
Textiles, apparel and luxury goods – 4.3%
Kering SA	34,475		21,152,610
Lululemon Athletica, Inc. (A)	128,248		48,178,926
NIKE, Inc., Class B	211,014		23,610,356
			92,941,892
			558,746,490
Consumer staples – 2.6%
Food and staples retailing – 1.4%
Costco Wholesale Corp.	87,981		30,587,474
Personal products – 1.2%
The Estee Lauder Companies, Inc., Class A	118,001		26,163,182
			56,750,656
Financials – 2.2%
Capital markets – 2.2%
S&P Global, Inc.	69,337		25,406,464
The Goldman Sachs Group, Inc.	107,026		21,926,417
			47,332,881
Health care – 7.8%
Biotechnology – 1.4%
Sarepta Therapeutics, Inc. (A)	43,207		6,326,369
Vertex Pharmaceuticals, Inc. (A)	82,465		23,017,631
			29,344,000
Health care equipment and supplies – 1.8%
Danaher Corp.	58,342		12,045,873
DexCom, Inc. (A)	44,597		18,972,010
Intuitive Surgical, Inc. (A)	12,243		8,947,674
			39,965,557
Health care providers and services – 0.8%
Guardant Health, Inc. (A)	61,380		5,861,790
Humana, Inc.	24,973		10,368,040
			16,229,830

Capital Appreciation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care technology – 1.0%
Teladoc Health, Inc. (A)(B)	104,374	$	22,512,428
Life sciences tools and services – 0.5%
Illumina, Inc. (A)	30,547		10,911,999
Pharmaceuticals – 2.3%
AstraZeneca PLC, ADR	565,026		31,641,456
Eli Lilly & Company	123,443		18,317,707
			49,959,163
			168,922,977
Industrials – 2.3%
Road and rail – 2.3%
Uber Technologies, Inc. (A)	784,217		26,373,218
Union Pacific Corp.	125,281		24,109,076
			50,482,294
Information technology – 44.2%
IT services – 14.4%
Adyen NV (A)(C)	25,683		43,292,611
Mastercard, Inc., Class A	180,766		64,748,574
PayPal Holdings, Inc. (A)	238,497		48,686,778
Shopify, Inc., Class A (A)	51,367		54,778,796
Twilio, Inc., Class A (A)	146,783		39,596,182
Visa, Inc., Class A	306,374		64,948,224
			316,051,165
Semiconductors and semiconductor equipment – 3.8%
NVIDIA Corp.	154,168		82,476,797
Software – 19.5%
Adobe, Inc. (A)	118,495		60,834,148
Atlassian Corp. PLC, Class A (A)	111,055		21,295,907
Coupa Software, Inc. (A)	76,090		24,937,737
Crowdstrike Holdings, Inc., Class A (A)	172,582		21,698,735
Microsoft Corp.	495,761		111,808,978
RingCentral, Inc., Class A (A)	74,449		21,647,536
salesforce.com, Inc. (A)	237,750		64,822,538
ServiceNow, Inc. (A)	40,934		19,731,007
Splunk, Inc. (A)	161,495		35,420,698
The Trade Desk, Inc., Class A (A)	37,586		18,090,142
Workday, Inc., Class A (A)	104,856		25,135,032
			425,422,458
Technology hardware, storage and peripherals – 6.5%
Apple, Inc.	1,096,708		141,519,200
			965,469,620
Real estate – 0.5%
Equity real estate investment trusts – 0.5%
American Tower Corp.	46,992		11,708,057
TOTAL COMMON STOCKS (Cost $688,429,440)		$	2,193,609,143
SHORT-TERM INVESTMENTS – 2.3%
Short-term funds – 2.3%
John Hancock Collateral Trust, 0.2611% (D)(E)	4,007,723		40,120,111
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	9,592,081		9,592,081
TOTAL SHORT-TERM INVESTMENTS (Cost $49,710,836)		$	49,712,192
Total Investments (Capital Appreciation Fund) (Cost $738,140,276) – 102.8%		$	2,243,321,335
Other assets and liabilities, net – (2.8%)			(60,047,832)
TOTAL NET ASSETS – 100.0%		$	2,183,273,503

Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Non-income producing security.

 

The accompanying notes are an integral part of the financial statements. 22

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Fund (continued)

(B)	All or a portion of this security is on loan as of 8-31-20.
(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)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Capital Appreciation Value Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 67.6%
Communication services – 4.8%
Interactive media and services – 4.8%
Alphabet, Inc., Class A (A)	1,401	$	2,282,972
Alphabet, Inc., Class C (A)(B)	28,792		47,051,311
Facebook, Inc., Class A (A)	69,800		20,465,360
			69,799,643
Consumer discretionary – 7.6%
Auto components – 0.4%
Aptiv PLC (B)	69,152		5,955,370
Hotels, restaurants and leisure – 3.9%
Hilton Worldwide Holdings, Inc. (B)	226,652		20,480,275
Marriott International, Inc., Class A	125,257		12,890,198
Yum! Brands, Inc. (B)	243,117		23,302,764
			56,673,237
Internet and direct marketing retail – 2.8%
Amazon.com, Inc. (A)(B)	11,514		39,734,353
Specialty retail – 0.5%
Ross Stores, Inc.	79,057		7,200,512
			109,563,472
Consumer staples – 1.3%
Beverages – 1.3%
Keurig Dr. Pepper, Inc.	621,138		18,528,547
Financials – 8.6%
Banks – 4.1%
Bank of America Corp.	978,772		25,193,591
The PNC Financial Services Group, Inc.	307,472		34,190,886
			59,384,477
Capital markets – 1.8%
CME Group, Inc. (B)	65,994		11,606,365
Intercontinental Exchange, Inc.	129,059		13,709,938
			25,316,303
Insurance – 2.7%
Marsh & McLennan Companies, Inc.	343,623		39,485,719
			124,186,499
Health care – 13.0%
Health care equipment and supplies – 6.2%
Alcon, Inc. (A)	102,514		5,832,729
Becton, Dickinson and Company (B)	110,130		26,736,260
Boston Scientific Corp. (A)	442,728		18,160,703
Danaher Corp.	137,500		28,389,625
Envista Holdings Corp. (A)	414,749		9,949,829
			89,069,146
Health care providers and services – 4.0%
Humana, Inc. (B)	81,912		34,007,405
UnitedHealth Group, Inc.	74,790		23,375,615
			57,383,020
Life sciences tools and services – 2.8%
PerkinElmer, Inc.	124,167		14,616,939

Capital Appreciation Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Life sciences tools and services (continued)
Thermo Fisher Scientific, Inc.	60,117	$	25,788,991
			40,405,930
			186,858,096
Industrials – 7.1%
Aerospace and defense – 0.1%
Teledyne Technologies, Inc. (A)	4,965		1,557,074
Commercial services and supplies – 0.5%
Waste Connections, Inc.	71,569		7,159,047
Industrial conglomerates – 4.1%
General Electric Company	8,162,166		51,748,132
Roper Technologies, Inc. (B)	17,987		7,683,867
			59,431,999
Machinery – 2.4%
Fortive Corp.	209,564		15,111,660
Ingersoll Rand, Inc. (A)	525,917		18,438,650
			33,550,310
			101,698,430
Information technology – 15.9%
Electronic equipment, instruments and components – 1.2%
TE Connectivity, Ltd.	170,315		16,452,429
IT services – 7.2%
Fiserv, Inc. (A)	387,567		38,593,922
Global Payments, Inc. (B)	169,024		29,853,019
Mastercard, Inc., Class A	17,169		6,149,764
Visa, Inc., Class A (B)	139,622		29,598,468
			104,195,173
Semiconductors and semiconductor equipment – 2.1%
NXP Semiconductors NV (B)	240,162		30,202,773
Software – 5.4%
Microsoft Corp. (B)	346,600		78,168,682
			229,019,057
Materials – 0.6%
Chemicals – 0.6%
Linde PLC	34,517		8,620,276
Utilities – 8.7%
Electric utilities – 5.1%
Alliant Energy Corp.	201,135		10,891,460
American Electric Power Company, Inc.	581,579		45,845,873
Exelon Corp.	321,577		11,869,407
NextEra Energy, Inc. (B)	18,914		5,280,221
			73,886,961
Gas utilities – 0.7%
Atmos Energy Corp.	101,586		10,140,315
Multi-utilities – 2.9%
Ameren Corp.	311,738		24,661,593
NiSource, Inc.	775,517		17,185,457
			41,847,050
			125,874,326
TOTAL COMMON STOCKS (Cost $769,068,993)		$	974,148,346
PREFERRED SECURITIES – 3.2%
Financials – 0.2%
Banks – 0.2%
U.S. Bancorp, 5.500%	10,004		280,112
Wells Fargo & Company, 7.500%	1,667		2,301,294
			2,581,406
Capital markets – 0.0%
The Charles Schwab Corp., 5.950%	8,000		208,880

 

The accompanying notes are an integral part of the financial statements. 23

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
PREFERRED SECURITIES (continued)
Capital markets (continued)
The Charles Schwab Corp., 6.000%		8,683	$	221,069
				429,949
				3,011,355
Health care – 1.0%
Health care equipment and supplies – 0.3%
Boston Scientific Corp., 5.500%		42,341		4,947,969
Life sciences tools and services – 0.7%
Avantor, Inc., 6.250%		140,151		10,285,682
				15,233,651
Industrials – 0.2%
Machinery – 0.2%
Fortive Corp., 5.000%		3,052		2,791,817
Utilities – 1.8%
Electric utilities – 0.8%
Alabama Power Company, 5.000% (C)		31,981		895,468
American Electric Power Company, Inc., 6.125%		32,088		1,545,358
Duke Energy Corp., 5.625%		87,091		2,454,224
NextEra Energy, Inc., 5.279%		79,682		3,793,660
SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%)		4,172		95,873
SCE Trust IV (5.375% to 9-15-25, then 3 month LIBOR + 3.132%)		103,538		2,383,445
				11,168,028
Multi-utilities – 1.0%
CMS Energy Corp., 5.875%		140,644		3,857,865
CMS Energy Corp., 5.875%		191,300		5,274,141
DTE Energy Company, 5.250%		94,797		2,518,756
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%)		94,440		2,574,434
				14,225,196
				25,393,224
TOTAL PREFERRED SECURITIES (Cost $41,231,258)			$	46,430,047
CORPORATE BONDS - 10.4%
Communication services - 3.2%
CCO Holdings LLC
4.000%, 03/01/2023 (D)	$	1,235,000		1,251,981
5.000%, 02/01/2028 (D)		7,312,000		7,732,440
5.125%, 05/01/2027 (D)		4,930,000		5,250,549
Netflix, Inc.
4.375%, 11/15/2026		4,960,000		5,519,042
4.875%, 04/15/2028		5,810,000		6,725,075
5.500%, 02/15/2022		350,000		368,375
5.875%, 02/15/2025 to 11/15/2028		10,243,000		12,421,903
6.375%, 05/15/2029		4,450,000		5,640,375
Sirius XM Radio, Inc. 3.875%, 08/01/2022 (D)		220,000		221,925
T-Mobile USA, Inc.
6.000%, 03/01/2023		715,000		715,894
6.500%, 01/15/2026		330,000		345,469
				46,193,028
Consumer discretionary - 3.1%
Cedar Fair LP
5.250%, 07/15/2029		2,650,000		2,568,168
5.375%, 06/01/2024 to 04/15/2027		5,389,000		5,384,199
Hilton Domestic Operating Company, Inc. 4.250%, 09/01/2024		650,000		650,813
Hilton Worldwide Finance LLC 4.625%, 04/01/2025		270,000		272,700

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer discretionary (continued)
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC
4.750%, 06/01/2027 (D)	$	5,315,000	$	5,580,750
5.000%, 06/01/2024 (D)		2,635,000		2,718,740
5.250%, 06/01/2026 (D)		3,838,000		3,981,925
Marriott International, Inc. 3.125%, 06/15/2026		415,000		416,457
Marriott International, Inc. (3 month LIBOR + 0.650%) 0.968%, 03/08/2021 (E)		575,000		572,220
Service Corp. International 5.375%, 05/15/2024		1,475,000		1,501,993
Six Flags Entertainment Corp.
4.875%, 07/31/2024 (D)		3,930,000		3,810,921
5.500%, 04/15/2027 (D)		3,297,000		3,214,575
Six Flags Theme Parks, Inc. 7.000%, 07/01/2025 (D)		1,528,000		1,653,602
Yum! Brands, Inc.
3.750%, 11/01/2021		3,635,000		3,671,350
3.875%, 11/01/2020 to 11/01/2023		3,785,000		3,846,478
4.750%, 01/15/2030 (D)		420,000		463,050
5.350%, 11/01/2043		3,109,000		3,357,720
6.875%, 11/15/2037		925,000		1,122,719
				44,788,380
Energy - 0.1%
NuStar Logistics LP 4.800%, 09/01/2020		1,020,000		1,020,000
Financials - 1.0%
HUB International, Ltd. 7.000%, 05/01/2026 (D)		3,066,000		3,180,975
Refinitiv US Holdings, Inc.
6.250%, 05/15/2026 (D)		1,620,000		1,739,475
8.250%, 11/15/2026 (D)		1,935,000		2,143,013
State Street Corp. (5.250% to 12-15-20, then 3 month LIBOR + 3.597%) 12/15/2020 (F)		1,550,000		1,557,750
The Bank of New York Mellon Corp. (3 month LIBOR + 3.420%) 3.726%, 12/20/2020 (E)(F)		1,450,000		1,445,985
The Bank of New York Mellon Corp. (4.625% to 9-20-26, then 3 month LIBOR + 3.131%) 09/20/2026 (F)		500,000		522,515
The PNC Financial Services Group, Inc. (5.000% to 11-1-26, then 3 month LIBOR + 3.300%) 11/01/2026 (F)		1,560,000		1,661,400
USI, Inc. 6.875%, 05/01/2025 (D)		1,205,000		1,235,125
				13,486,238
Health care - 0.7%
Avantor Funding, Inc. 4.625%, 07/15/2028 (D)		2,415,000		2,554,346
Avantor, Inc. 6.000%, 10/01/2024 (D)		2,870,000		3,006,325
Elanco Animal Health, Inc. 4.912%, 08/27/2021		1,775,000		1,817,156
Hologic, Inc. 4.375%, 10/15/2025 (D)		905,000		923,688
Teleflex, Inc.
4.625%, 11/15/2027		707,000		751,188
4.875%, 06/01/2026		1,311,000		1,369,995
				10,422,698

 

The accompanying notes are an integral part of the financial statements. 24

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Industrials - 1.1%
Continental Airlines 2012-1 Class A Pass Through Trust 4.150%, 04/11/2024	$	871,774	$	810,750
General Electric Company (5.000% to 1-21-21, then 3 month LIBOR + 3.330%) 01/21/2021 (F)		9,941,000		7,749,407
Korn Ferry 4.625%, 12/15/2027 (D)		480,000		497,040
Lennox International, Inc. 3.000%, 11/15/2023		510,000		540,296
Mileage Plus Holdings LLC 6.500%, 06/20/2027 (D)		935,000		974,738
Sensata Technologies BV
4.875%, 10/15/2023 (D)		1,057,000		1,115,135
5.000%, 10/01/2025 (D)		975,000		1,059,533
5.625%, 11/01/2024 (D)		415,000		452,350
Sensata Technologies UK Financing Company PLC 6.250%, 02/15/2026 (D)		350,000		366,653
US Airways 2010-1 Class A Pass Through Trust 6.250%, 04/22/2023		41,897		37,288
US Airways 2012-2 Class A Pass Through Trust 4.625%, 06/03/2025		161,869		129,495
US Airways 2012-2 Class B Pass Through Trust 6.750%, 06/03/2021		230,758		196,374
US Airways 2013-1 Class A Pass Through Trust 3.950%, 11/15/2025		400,894		326,729
US Airways 2013-1 Class B Pass Through Trust 5.375%, 11/15/2021		316,614		255,053
Welbilt, Inc. 9.500%, 02/15/2024		1,692,000		1,717,380
Xylem, Inc. 4.875%, 10/01/2021		100,000		104,608
				16,332,829
Information technology - 0.6%
Solera LLC 10.500%, 03/01/2024 (D)		8,350,000		8,757,063
Materials - 0.1%
Reynolds Group Issuer, Inc. 5.125%, 07/15/2023 (D)		1,000,000		1,014,700
Real estate - 0.3%
SBA Communications Corp.
3.875%, 02/15/2027 (D)		720,000		747,324
4.000%, 10/01/2022		2,380,000		2,395,994
4.875%, 09/01/2024		1,425,000		1,463,760
				4,607,078
Utilities - 0.2%
NiSource, Inc. (5.650% to 6-15-23, then 5 Year CMT + 2.843%) 06/15/2023 (F)		2,650,000		2,636,750
TOTAL CORPORATE BONDS (Cost $140,768,841)			$	149,258,764
CONVERTIBLE BONDS - 0.0%
Communication services - 0.0%
Liberty Broadband Corp. 2.750%, 09/30/2050 (D)		654,000		695,252
TOTAL CONVERTIBLE BONDS (Cost $654,000)			$	695,252

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (G) – 9.9%
Communication services – 0.4%
Delta 2 Lux Sarl, 2018 USD Term Loan (1 month LIBOR + 2.500%) 3.500%, 02/01/2024	$	5,910,000	$	5,721,648
Consumer discretionary – 0.3%
Four Seasons Hotels, Ltd., New 1st Lien Term Loan (1 month LIBOR + 2.000%) 2.156%, 11/30/2023		989,948		960,557
Life Time, Inc., 2017 Term Loan B (1 and 3 month LIBOR + 2.750%) 3.750%, 06/10/2022		2,790,577		2,609,189
				3,569,746
Consumer staples – 0.3%
Prestige Brands, Inc., Term Loan B4 (1 month LIBOR + 2.000%) 2.156%, 01/26/2024		92,289		91,425
Sunshine Luxembourg VII Sarl, USD Term Loan B1 (6 month LIBOR + 4.250%) 5.322%, 10/01/2026		4,395,157		4,379,598
				4,471,023
Financials – 5.2%
Alliant Holdings Intermediate LLC, 2018 Term Loan B (1 month LIBOR + 2.750%) 2.906%, 05/09/2025		336,484		325,081
Alliant Holdings Intermediate LLC, Term Loan B TBD 05/09/2025 (H)		25,000		24,353
AmWINS Group, Inc., 2017 Term Loan B (1 month LIBOR + 2.750%) 3.750%, 01/25/2024		436,601		432,780
Capri Acquisitions Bidco, Ltd., USD 2017 1st Lien Term Loan (3 month LIBOR + 3.000%) 3.261%, 11/01/2024		1,975,000		1,968,838
Emerald TopCo, Inc., Term Loan (1 and 3 month LIBOR + 3.500%) 3.760%, 07/24/2026		4,129,509		4,010,786
HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%) 3.263%, 04/25/2025		20,969,117		20,403,790
HUB International, Ltd., 2019 Incremental Term Loan B (3 month LIBOR + 4.000%) 5.000%, 04/25/2025		5,304,931		5,299,043
Refinitiv US Holdings, Inc., 2018 USD Term Loan (1 month LIBOR + 3.250%) 3.406%, 10/01/2025		34,844,342		34,520,638
Ryan Specialty Group LLC, Term Loan TBD 06/29/2027 (H)		820,000		816,417
USI, Inc., 2017 Repriced Term Loan (3 month LIBOR + 3.000%) 3.308%, 05/16/2024		6,233,671		6,055,762
USI, Inc., 2020 Term Loan (3 month LIBOR + 4.000%) 3.025%, 12/02/2026		1,375,000		1,352,368
				75,209,856
Health care – 0.6%
CPI Holdco LLC, 2019 Term Loan (1 month LIBOR + 4.250%) 4.406%, 11/04/2026		418,950		413,713
Dino Grandparent, Inc., 2019 Term Loan A3 (1 month LIBOR + 2.250%) 3.025%, 02/20/2023		3,450,000		3,381,000

 

The accompanying notes are an integral part of the financial statements. 25

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (G)(continued)
Health care (continued)
Loire Finco Luxembourg Sarl, Term Loan (1 month LIBOR + 3.500%) 3.656%, 04/21/2027	$	4,275,000	$	4,130,719
PetVet Care Centers LLC, 2018 1st Lien Term Loan TBD 02/14/2025 (H)		155,000		149,333
PetVet Care Centers LLC, Delayed Draw Term Loan (1 month LIBOR + 4.250%) 5.250%, 02/15/2025		525,000		523,688
PetVet Care Centers LLC, Term Loan TBD 02/14/2025 (H)		75,000		73,000
Versant Health Holdco, Inc., 1st Lien Term Loan B (1 month LIBOR + 3.000%) 4.000%, 12/02/2024		290,000		283,202
				8,954,655
Industrials – 0.6%
Filtration Group Corp., 2018 1st Lien Term Loan (1 month LIBOR + 3.000%) 3.156%, 03/29/2025		528,595		519,180
Gardner Denver, Inc., 2020 USD Term Loan B (1 month LIBOR + 2.750%) 2.906%, 03/01/2027		395,000		390,145
Mileage Plus Holdings LLC, 2020 Term Loan B (3 month LIBOR + 5.250%) 6.250%, 06/25/2027		2,395,000		2,420,459
Vertical US Newco, Inc., Term Loan B (3 month LIBOR + 4.250%) 4.570%, 07/30/2027		5,200,000		5,151,276
Welbilt, Inc., 2018 Term Loan B (1 month LIBOR + 2.500%) 2.656%, 10/23/2025		575,000		516,781
				8,997,841
Information technology – 2.5%
Applied Systems, Inc., 2017 1st Lien Term Loan (3 month LIBOR + 3.250%) 4.250%, 09/19/2024		605,000		601,836
CCC Information Services, Inc., 2017 1st Lien Term Loan (1 month LIBOR + 3.000%) 4.000%, 04/29/2024		14,631,109		14,532,349
Gartner, Inc., 2016 Term Loan A (1 month LIBOR + 1.500%) 1.656%, 03/20/2022		111,925		111,365
The Ultimate Software Group, Inc., 2020 2nd Lien Incremental Term Loan (3 month LIBOR + 6.750%) 7.500%, 05/03/2027		600,000		611,250
The Ultimate Software Group, Inc., 2020 Incremental Term Loan B (3 month LIBOR + 4.000%) 4.750%, 05/04/2026		18,100,000		18,066,153
The Ultimate Software Group, Inc., Term Loan B (1 month LIBOR + 3.750%) 3.906%, 05/04/2026		689,788		684,145

Capital Appreciation Value Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (G)(continued)
Information technology (continued)
Vertafore, Inc., 2018 1st Lien Term Loan (1 month LIBOR + 3.250%) 3.406%, 07/02/2025	$	1,215,000	$	1,213,931
				35,821,029
Materials – 0.0%
HB Fuller Company, 2017 Term Loan B (1 month LIBOR + 2.000%) 2.158%, 10/20/2024		403,931		393,372
TOTAL TERM LOANS (Cost $143,203,066)			$	143,139,170
SHORT-TERM INVESTMENTS – 10.4%
Short-term funds – 10.4%
John Hancock Collateral Trust, 0.2611% (I)(J)		7,524		75,323
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (I)		10,576,191		10,576,191
T. Rowe Price Government Reserve Fund, 0.1398% (I)		139,112,011		139,112,011
TOTAL SHORT-TERM INVESTMENTS (Cost $149,763,452)			$	149,763,525
Total Investments (Capital Appreciation Value Fund) (Cost $1,244,689,610) – 101.5%			$	1,463,435,104
Other assets and liabilities, net – (1.5%)				(21,550,146)
TOTAL NET ASSETS – 100.0%			$	1,441,884,958

Security Abbreviations and Legend
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
(A)	Non-income producing security.
(B)	All or a portion of this security is segregated at the custodian as collateral for certain derivatives.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(E)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(F)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(G)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(H)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).
(I)	The rate shown is the annualized seven-day yield as of 8-31-20.
(J)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

 

The accompanying notes are an integral part of the financial statements. 26

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

DERIVATIVES

WRITTEN OPTIONS

Options on securities
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls
CITI	Alphabet, Inc., Class C	USD	1,500.00	Jan 2021	8	800	$ 64,056	$ (184,203)
CITI	Alphabet, Inc., Class C	USD	1,500.00	Jan 2021	8	800	60,376	(184,203)
CITI	Alphabet, Inc., Class C	USD	1,500.00	Jan 2021	8	800	59,096	(184,203)
CITI	Alphabet, Inc., Class C	USD	1,500.00	Jan 2021	5	500	31,885	(115,127)
GSI	Alphabet, Inc., Class C	USD	1,740.00	Jan 2021	3	300	14,151	(31,735)
GSI	Alphabet, Inc., Class C	USD	1,740.00	Jan 2021	2	200	9,374	(21,156)
GSI	Alphabet, Inc., Class C	USD	1,740.00	Jan 2021	3	300	13,281	(31,735)
GSI	Alphabet, Inc., Class C	USD	1,760.00	Jan 2021	3	300	12,741	(29,431)
GSI	Alphabet, Inc., Class C	USD	1,760.00	Jan 2021	2	200	8,454	(19,621)
GSI	Alphabet, Inc., Class C	USD	1,760.00	Jan 2021	3	300	11,991	(29,431)
GSI	Alphabet, Inc., Class C	USD	1,780.00	Jan 2021	3	300	11,481	(27,248)
GSI	Alphabet, Inc., Class C	USD	1,780.00	Jan 2021	2	200	7,654	(18,166)
GSI	Alphabet, Inc., Class C	USD	1,780.00	Jan 2021	3	300	10,761	(27,248)
GSI	Alphabet, Inc., Class C	USD	1,800.00	Jan 2021	3	300	10,341	(25,183)
GSI	Alphabet, Inc., Class C	USD	1,800.00	Jan 2021	2	200	6,874	(16,789)
GSI	Alphabet, Inc., Class C	USD	1,800.00	Jan 2021	3	300	9,651	(25,183)
GSI	Alphabet, Inc., Class C	USD	1,760.00	Jan 2022	16	1,600	161,159	(323,921)
GSI	Alphabet, Inc., Class C	USD	1,780.00	Jan 2022	16	1,600	151,699	(311,233)
GSI	Alphabet, Inc., Class C	USD	1,800.00	Jan 2022	16	1,600	143,040	(298,918)
CSFB	Amazon.com, Inc.	USD	3,800.00	Jan 2022	2	200	66,229	(101,017)
CSFB	Amazon.com, Inc.	USD	3,800.00	Jan 2022	3	300	124,580	(151,526)
CSFB	Amazon.com, Inc.	USD	3,800.00	Jan 2022	3	300	103,625	(151,526)
CSFB	Amazon.com, Inc.	USD	3,900.00	Jan 2022	2	200	60,555	(94,254)
CSFB	Amazon.com, Inc.	USD	3,900.00	Jan 2022	2	200	76,676	(94,254)
CSFB	Amazon.com, Inc.	USD	3,900.00	Jan 2022	3	300	95,700	(141,381)
CSFB	Amazon.com, Inc.	USD	4,000.00	Jan 2022	2	200	55,372	(87,914)
CSFB	Amazon.com, Inc.	USD	4,000.00	Jan 2022	2	200	71,412	(87,914)
CSFB	Amazon.com, Inc.	USD	4,000.00	Jan 2022	3	300	88,463	(131,872)
CITI	American Electric Power Company, Inc.	USD	105.00	Jan 2021	210	21,000	32,970	(871)
CITI	American Electric Power Company, Inc.	USD	105.00	Jan 2021	208	20,800	32,656	(863)
CITI	American Electric Power Company, Inc.	USD	115.00	Jan 2021	115	11,500	20,299	(43)
GSI	Aptiv PLC	USD	97.50	Jan 2021	43	4,300	23,904	(19,431)
GSI	Aptiv PLC	USD	97.50	Jan 2021	42	4,200	28,034	(18,979)
GSI	Aptiv PLC	USD	100.00	Jan 2021	43	4,300	20,470	(16,271)
GSI	Aptiv PLC	USD	100.00	Jan 2021	42	4,200	24,176	(15,893)
GSI	Becton, Dickinson and Company	USD	260.00	Jan 2021	24	2,400	42,154	(22,491)
GSI	Becton, Dickinson and Company	USD	270.00	Jan 2021	24	2,400	33,735	(15,910)
GSI	Becton, Dickinson and Company	USD	280.00	Jan 2021	17	1,700	21,513	(7,882)
GSI	Becton, Dickinson and Company	USD	280.00	Jan 2021	17	1,700	23,551	(7,882)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	16	1,600	14,972	(3,579)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	36	3,600	32,897	(8,052)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	52	5,200	51,963	(11,630)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	45	4,500	54,590	(10,065)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	17	1,700	11,439	(3,802)
GSI	Becton, Dickinson and Company	USD	300.00	Jan 2021	17	1,700	12,735	(3,802)
CSFB	CME Group, Inc.	USD	170.00	Jan 2021	39	3,900	42,413	(58,592)
CSFB	CME Group, Inc.	USD	170.00	Jan 2021	12	1,200	13,313	(18,028)
CSFB	CME Group, Inc.	USD	175.00	Jan 2021	39	3,900	32,760	(47,658)
CSFB	CME Group, Inc.	USD	175.00	Jan 2021	12	1,200	11,762	(14,664)
CSFB	CME Group, Inc.	USD	180.00	Jan 2021	39	3,900	29,765	(38,087)
CSFB	CME Group, Inc.	USD	180.00	Jan 2021	12	1,200	9,372	(11,719)
CSFB	CME Group, Inc.	USD	185.00	Jan 2021	39	3,900	22,476	(29,919)
CSFB	CME Group, Inc.	USD	185.00	Jan 2021	12	1,200	7,820	(9,206)
JPM	Facebook, Inc., Class A	USD	195.00	Jan 2021	48	4,800	53,813	(493,714)
JPM	Facebook, Inc., Class A	USD	200.00	Jan 2021	48	4,800	45,947	(472,437)
JPM	Facebook, Inc., Class A	USD	265.00	Jan 2021	38	3,800	38,076	(184,733)
JPM	Facebook, Inc., Class A	USD	265.00	Jan 2021	33	3,300	32,736	(160,426)
JPM	Facebook, Inc., Class A	USD	270.00	Jan 2021	38	3,800	33,706	(173,095)
JPM	Facebook, Inc., Class A	USD	270.00	Jan 2021	33	3,300	28,941	(150,319)
JPM	Facebook, Inc., Class A	USD	275.00	Jan 2021	38	3,800	29,716	(161,937)
JPM	Facebook, Inc., Class A	USD	275.00	Jan 2021	33	3,300	25,311	(140,629)
JPM	Facebook, Inc., Class A	USD	400.00	Jan 2022	170	17,000	365,959	(388,569)

The accompanying notes are an integral part of the financial statements. 27

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

Options on securities (continued)
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls (continued)
JPM	General Electric Company	USD	8.00	Jan 2021	1,180	118,000	$ 142,898	$ (32,789)
JPM	General Electric Company	USD	8.00	Jan 2021	1,127	112,700	85,212	(31,316)
JPM	General Electric Company	USD	8.00	Jan 2021	1,329	132,900	98,346	(36,929)
JPM	General Electric Company	USD	9.00	Jan 2021	1,127	112,700	55,730	(17,643)
JPM	General Electric Company	USD	9.00	Jan 2021	1,329	132,900	63,792	(20,806)
JPM	General Electric Company	USD	15.00	Jan 2021	1,312	131,200	68,224	(2,672)
JPM	General Electric Company	USD	15.00	Jan 2021	1,312	131,200	74,154	(2,672)
JPM	General Electric Company	USD	15.00	Jan 2021	2,441	244,100	205,410	(4,972)
JPM	General Electric Company	USD	15.00	Jan 2021	1,221	122,100	104,249	(2,487)
JPM	General Electric Company	USD	15.00	Jan 2021	734	73,400	64,049	(1,495)
GSI	Global Payments, Inc.	USD	185.00	Dec 2020	16	1,600	22,600	(15,935)
GSI	Global Payments, Inc.	USD	185.00	Dec 2020	18	1,800	26,076	(17,927)
GSI	Global Payments, Inc.	USD	195.00	Dec 2020	16	1,600	16,288	(10,267)
GSI	Global Payments, Inc.	USD	195.00	Dec 2020	18	1,800	19,050	(11,550)
CSFB	Hilton Worldwide Holdings, Inc.	USD	87.50	Jan 2021	12	1,200	9,068	(12,709)
CSFB	Hilton Worldwide Holdings, Inc.	USD	90.00	Jan 2021	12	1,200	7,981	(11,099)
CITI	Hilton Worldwide Holdings, Inc.	USD	125.00	Jan 2021	33	3,300	17,849	(1,974)
CITI	Hilton Worldwide Holdings, Inc.	USD	125.00	Jan 2021	1	100	551	(60)
CITI	Hilton Worldwide Holdings, Inc.	USD	130.00	Jan 2021	32	3,200	12,545	(1,133)
CITI	Hilton Worldwide Holdings, Inc.	USD	130.00	Jan 2021	1	100	398	(35)
CSFB	Humana, Inc.	USD	370.00	Jan 2021	24	2,400	81,089	(148,331)
CSFB	Humana, Inc.	USD	380.00	Jan 2021	24	2,400	70,776	(131,143)
CSFB	Humana, Inc.	USD	420.00	Jan 2021	18	1,800	49,795	(54,647)
CSFB	Humana, Inc.	USD	430.00	Jan 2021	18	1,800	43,207	(45,911)
JPM	Ingersoll Rand, Inc.	USD	35.00	Dec 2020	169	16,900	25,666	(41,218)
JPM	Ingersoll Rand, Inc.	USD	35.00	Dec 2020	169	16,900	31,603	(41,218)
JPM	Intercontinental Exchange, Inc.	USD	100.00	Jan 2021	68	6,800	40,276	(68,523)
JPM	Intercontinental Exchange, Inc.	USD	105.00	Jan 2021	68	6,800	27,474	(47,216)
CITI	Keurig Dr. Pepper, Inc.	USD	29.00	Oct 2020	230	23,000	24,189	(34,123)
CITI	Keurig Dr. Pepper, Inc.	USD	30.00	Oct 2020	236	23,600	29,354	(21,878)
CITI	Keurig Dr. Pepper, Inc.	USD	31.00	Oct 2020	236	23,600	22,885	(12,466)
CITI	Microsoft Corp.	USD	165.00	Jan 2021	141	14,100	179,387	(905,434)
CSFB	Microsoft Corp.	USD	165.00	Jan 2021	283	28,300	191,053	(1,817,290)
CSFB	Microsoft Corp.	USD	165.00	Jan 2021	270	27,000	186,840	(1,733,810)
CITI	Microsoft Corp.	USD	170.00	Jan 2021	141	14,100	151,888	(844,432)
JPM	Microsoft Corp.	USD	170.00	Jan 2021	355	35,500	385,887	(2,126,052)
JPM	Microsoft Corp.	USD	170.00	Jan 2021	189	18,900	200,966	(1,131,899)
CSFB	NextEra Energy, Inc.	USD	310.00	Jan 2021	26	2,600	21,801	(17,008)
CSFB	NextEra Energy, Inc.	USD	320.00	Jan 2021	27	2,700	16,033	(11,761)
JPM	NXP Semiconductors NV	USD	115.00	Jan 2021	29	2,900	29,098	(52,876)
JPM	NXP Semiconductors NV	USD	125.00	Jan 2021	29	2,900	19,777	(36,202)
JPM	NXP Semiconductors NV	USD	135.00	Jan 2021	28	2,800	24,565	(22,637)
JPM	NXP Semiconductors NV	USD	135.00	Jan 2021	34	3,400	30,964	(27,488)
JPM	NXP Semiconductors NV	USD	135.00	Jan 2021	17	1,700	15,507	(13,744)
CSFB	NXP Semiconductors NV	USD	140.00	Jan 2021	37	3,700	25,907	(23,550)
CSFB	NXP Semiconductors NV	USD	140.00	Jan 2021	86	8,600	63,709	(54,738)
CSFB	NXP Semiconductors NV	USD	140.00	Jan 2021	204	20,400	154,550	(129,843)
JPM	NXP Semiconductors NV	USD	140.00	Jan 2021	28	2,800	19,978	(17,822)
JPM	NXP Semiconductors NV	USD	140.00	Jan 2021	34	3,400	25,256	(21,641)
JPM	NXP Semiconductors NV	USD	140.00	Jan 2021	17	1,700	12,288	(10,820)
JPM	NXP Semiconductors NV	USD	145.00	Jan 2021	28	2,800	15,951	(13,827)
JPM	NXP Semiconductors NV	USD	145.00	Jan 2021	34	3,400	20,227	(16,790)
JPM	NXP Semiconductors NV	USD	145.00	Jan 2021	17	1,700	9,577	(8,395)
JPM	PerkinElmer, Inc.	USD	110.00	Dec 2020	6	600	3,160	(7,833)
JPM	PerkinElmer, Inc.	USD	110.00	Dec 2020	39	3,900	22,054	(50,913)
JPM	PerkinElmer, Inc.	USD	115.00	Dec 2020	6	600	1,551	(6,113)
JPM	PerkinElmer, Inc.	USD	115.00	Dec 2020	39	3,900	8,589	(39,733)
GSI	Roper Technologies, Inc.	USD	370.00	Nov 2020	23	2,300	39,250	(147,793)
GSI	Roper Technologies, Inc.	USD	390.00	Nov 2020	23	2,300	21,369	(109,888)
GSI	Roper Technologies, Inc.	USD	420.00	Nov 2020	23	2,300	29,256	(61,969)
GSI	Roper Technologies, Inc.	USD	440.00	Nov 2020	23	2,300	16,574	(38,006)
RBC	Thermo Fisher Scientific, Inc.	USD	370.00	Jan 2021	22	2,200	30,928	(155,490)
RBC	Thermo Fisher Scientific, Inc.	USD	390.00	Jan 2021	23	2,300	19,048	(126,530)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	23	2,300	39,425	(46,715)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	3	300	4,997	(6,093)

The accompanying notes are an integral part of the financial statements. 28

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Capital Appreciation Value Fund (continued)

Options on securities (continued)
Counterparty (OTC)/ Exchange-traded	Name of issuer		Exercise price	Expiration date	Number of contracts	Notional amount	Premium	Value
Calls (continued)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	25	2,500	$ 45,247	$ (50,777)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	29	2,900	58,969	(58,902)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	17	1,700	36,469	(34,529)
JPM	UnitedHealth Group, Inc.	USD	320.00	Jan 2021	44	4,400	83,748	(89,368)
JPM	UnitedHealth Group, Inc.	USD	330.00	Jan 2021	23	2,300	31,738	(36,674)
GSI	Visa, Inc., Class A	USD	185.00	Jan 2021	24	2,400	43,366	(78,132)
GSI	Visa, Inc., Class A	USD	195.00	Jan 2021	24	2,400	33,143	(60,325)
GSI	Visa, Inc., Class A	USD	200.00	Jan 2021	46	4,600	51,492	(100,169)
GSI	Visa, Inc., Class A	USD	210.00	Jan 2021	45	4,500	35,853	(71,329)
GSI	Visa, Inc., Class A	USD	210.00	Jan 2021	57	5,700	72,080	(90,350)
GSI	Visa, Inc., Class A	USD	210.00	Jan 2021	23	2,300	29,671	(36,457)
GSI	Visa, Inc., Class A	USD	210.00	Jan 2021	17	1,700	14,638	(26,946)
GSI	Visa, Inc., Class A	USD	210.00	Jan 2021	18	1,800	16,387	(28,532)
GSI	Visa, Inc., Class A	USD	215.00	Jan 2021	17	1,700	10,806	(22,627)
GSI	Visa, Inc., Class A	USD	215.00	Jan 2021	18	1,800	12,230	(23,958)
GSI	Visa, Inc., Class A	USD	220.00	Jan 2021	23	2,300	20,289	(25,443)
GSI	Visa, Inc., Class A	USD	220.00	Jan 2021	17	1,700	9,521	(18,806)
GSI	Visa, Inc., Class A	USD	220.00	Jan 2021	18	1,800	10,747	(19,912)
CSFB	Visa, Inc., Class A	USD	230.00	Jan 2021	102	10,200	79,529	(75,703)
CSFB	Visa, Inc., Class A	USD	230.00	Jan 2021	62	6,200	44,082	(46,016)
GSI	Visa, Inc., Class A	USD	230.00	Jan 2021	24	2,400	22,625	(17,813)
GSI	Visa, Inc., Class A	USD	230.00	Jan 2021	29	2,900	29,669	(21,524)
CSFB	Visa, Inc., Class A	USD	235.00	Jan 2021	102	10,200	64,648	(61,183)
CSFB	Visa, Inc., Class A	USD	235.00	Jan 2021	62	6,200	35,861	(37,190)
CSFB	Visa, Inc., Class A	USD	240.00	Jan 2021	102	10,200	52,316	(49,064)
CSFB	Visa, Inc., Class A	USD	240.00	Jan 2021	62	6,200	28,824	(29,823)
GSI	Visa, Inc., Class A	USD	240.00	Jan 2021	24	2,400	15,333	(11,544)
GSI	Visa, Inc., Class A	USD	240.00	Jan 2021	29	2,900	20,406	(13,950)
GSI	Visa, Inc., Class A	USD	225.00	Jan 2022	23	2,300	27,416	(48,645)
GSI	Visa, Inc., Class A	USD	225.00	Jan 2022	23	2,300	30,981	(48,645)
GSI	Visa, Inc., Class A	USD	225.00	Jan 2022	47	4,700	61,230	(99,405)
GSI	Visa, Inc., Class A	USD	230.00	Jan 2022	23	2,300	23,506	(43,950)
GSI	Visa, Inc., Class A	USD	230.00	Jan 2022	23	2,300	26,956	(43,950)
GSI	Visa, Inc., Class A	USD	230.00	Jan 2022	47	4,700	54,779	(89,810)
BOA	Yum! Brands, Inc.	USD	95.00	Jan 2021	17	1,700	11,237	(11,847)
BOA	Yum! Brands, Inc.	USD	95.00	Jan 2021	52	5,200	29,254	(36,239)
BOA	Yum! Brands, Inc.	USD	100.00	Jan 2021	17	1,700	8,279	(7,762)
BOA	Yum! Brands, Inc.	USD	100.00	Jan 2021	52	5,200	20,928	(23,743)
CITI	Yum! Brands, Inc.	USD	100.00	Jan 2021	57	5,700	28,320	(26,026)
CITI	Yum! Brands, Inc.	USD	100.00	Jan 2021	57	5,700	24,418	(26,026)
CITI	Yum! Brands, Inc.	USD	105.00	Jan 2021	57	5,700	19,464	(16,030)
CITI	Yum! Brands, Inc.	USD	105.00	Jan 2021	57	5,700	15,637	(16,030)
							$7,816,907	$(18,161,003)

Derivatives Currency Abbreviations
USD	U.S. Dollar

Derivatives Abbreviations
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
CSFB	Credit Suisse First Boston International
GSI	Goldman Sachs International
JPM	JPMorgan Chase Bank, N.A.
OTC	Over-the-counter
RBC	Royal Bank of Canada

See Notes to financial statements regarding investment transactions and other derivatives information.

Health Sciences Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 97.9%
Consumer discretionary – 0.1%

Health Sciences Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Specialty retail – 0.1%
JAND, Inc., Class A (A)(B)(C)	16,938	$	415,499

 

The accompanying notes are an integral part of the financial statements. 29

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Health Sciences Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Financials – 0.4%
Capital markets – 0.2%
Churchill Capital Corp. III, Class A (C)	21,178	$	243,971
Health Sciences Acquisitions Corp. 2 (C)	19,166		214,659
Panacea Acquisition Corp. (C)	15,821		177,353
Therapeutics Acquisition Corp., Class A (C)	23,996		308,829
			944,812
Diversified financial services – 0.1%
Arya Sciences Acquisition Corp. II (C)	17,589		194,886
Insurance – 0.1%
Selectquote, Inc. (C)	21,035		383,889
			1,523,587
Health care – 97.4%
Biotechnology – 34.8%
AbbVie, Inc.	79,675		7,630,475
Abcam PLC	29,900		497,828
ACADIA Pharmaceuticals, Inc. (C)	79,067		3,130,263
Acceleron Pharma, Inc. (C)	40,244		3,922,583
Acerta Pharma BV, Class B (A)(B)(C)	4,892,850		467,756
ADC Therapeutics SA (C)	5,373		237,325
Adverum Biotechnologies, Inc. (C)	20,677		252,259
Agios Pharmaceuticals, Inc. (C)	21,016		861,866
Akero Therapeutics, Inc. (C)	7,654		249,520
Akouos, Inc. (C)	14,013		314,171
Alector, Inc. (C)	14,536		187,805
Alexion Pharmaceuticals, Inc. (C)	46,013		5,255,605
Alkermes PLC (C)	4,712		77,936
Allogene Therapeutics, Inc. (C)	30,013		1,069,963
Alnylam Pharmaceuticals, Inc. (C)	34,174		4,532,839
ALX Oncology Holdings, Inc. (C)	5,657		228,769
Amarin Corp. PLC, ADR (C)	53,524		415,346
Amgen, Inc.	34,198		8,663,037
Annexon, Inc. (C)	9,087		224,176
Apellis Pharmaceuticals, Inc. (C)	27,719		854,577
Aprea Therapeutics, Inc. (C)	7,366		199,619
Arcturus Therapeutics Holdings, Inc. (C)	7,293		351,814
Arcutis Biotherapeutics, Inc. (C)	6,408		160,649
Ardelyx, Inc. (C)	35,520		203,885
Argenx SE, ADR (C)	24,177		5,591,415
Ascendis Pharma A/S, ADR (C)	26,352		3,904,839
Assembly Biosciences, Inc. (C)	7,523		164,528
Avidity Biosciences, Inc. (C)	6,778		195,206
Avrobio, Inc. (C)	7,029		121,742
BeiGene, Ltd., ADR (C)	9,787		2,364,246
Biogen, Inc. (C)	13,287		3,821,873
BioMarin Pharmaceutical, Inc. (C)	13,006		1,014,858
BioNTech SE, ADR (C)	21,462		1,314,548
Bluebird Bio, Inc. (C)	9,526		564,892
Blueprint Medicines Corp. (C)	16,261		1,259,089
Burning Rock Biotech, Ltd., ADR (C)	17,716		408,531
CareDx, Inc. (C)	11,278		385,144
Constellation Pharmaceuticals, Inc. (C)	5,400		113,670
CRISPR Therapeutics AG (C)	10,134		947,124
CureVac NV (C)	15,975		879,903
Cyclerion Therapeutics, Inc. (C)	13,577		92,595
Cytokinetics, Inc. (C)	14,700		352,212
Deciphera Pharmaceuticals, Inc. (C)	11,850		533,369
Denali Therapeutics, Inc. (C)	36,444		1,162,564
Dicerna Pharmaceuticals, Inc. (C)	23,712		439,146
Enanta Pharmaceuticals, Inc. (C)	9,752		508,957
Epizyme, Inc. (C)	18,157		236,041
Exact Sciences Corp. (C)	36,017		2,711,720
Exelixis, Inc. (C)	126,037		2,800,542
Fate Therapeutics, Inc. (C)	13,967		508,399

Health Sciences Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Biotechnology (continued)
FibroGen, Inc. (C)	37,042	$	1,660,593
G1 Therapeutics, Inc. (C)	5,097		78,239
Generation Bio Company (C)	17,575		548,867
Global Blood Therapeutics, Inc. (C)	22,197		1,393,528
Homology Medicines, Inc. (C)	14,713		156,399
IGM Biosciences, Inc. (C)	5,499		236,457
Immunomedics, Inc. (C)	48,140		2,145,118
Incyte Corp. (C)	68,024		6,554,112
Insmed, Inc. (C)	48,920		1,379,055
Intellia Therapeutics, Inc. (C)	12,216		263,621
Invitae Corp. (C)	10,700		374,072
Ionis Pharmaceuticals, Inc. (C)	42,848		2,335,216
Iovance Biotherapeutics, Inc. (C)	68,451		2,281,472
IVERIC bio, Inc. (C)	46,792		210,096
Karuna Therapeutics, Inc. (C)	11,423		872,717
Karyopharm Therapeutics, Inc. (C)	17,236		262,160
Kodiak Sciences, Inc. (C)	29,810		1,567,708
Krystal Biotech, Inc. (C)	5,763		275,529
Legend Biotech Corp., ADR (C)	4,996		169,864
Madrigal Pharmaceuticals, Inc. (C)	2,400		258,480
Mersana Therapeutics, Inc. (C)	13,741		263,278
Mirati Therapeutics, Inc. (C)	10,603		1,583,770
Moderna, Inc. (C)	18,398		1,193,846
MorphoSys AG (C)	4,636		586,685
Neurocrine Biosciences, Inc. (C)	32,744		3,812,056
Nkarta, Inc. (C)	7,461		183,839
Novavax, Inc. (C)	4,400		485,496
Nurix Therapeutics, Inc. (C)	15,796		369,626
Orchard Therapeutics PLC, ADR (C)	18,342		108,768
Protagonist Therapeutics, Inc. (C)	15,882		355,757
PTC Therapeutics, Inc. (C)	14,198		701,736
Radius Health, Inc. (C)	6,335		78,427
RAPT Therapeutics, Inc. (C)	12,256		326,010
Regeneron Pharmaceuticals, Inc. (C)	14,454		8,960,468
REGENXBIO, Inc. (C)	6,807		207,750
Relay Therapeutics, Inc. (C)	7,717		310,146
Replimune Group, Inc. (C)	8,700		234,900
Rocket Pharmaceuticals, Inc. (C)	19,867		507,999
Sage Therapeutics, Inc. (C)	24,901		1,305,808
Sarepta Therapeutics, Inc. (C)	15,178		2,222,363
Scholar Rock Holding Corp. (C)	5,170		78,067
Seattle Genetics, Inc. (C)	36,997		5,858,105
Seres Therapeutics, Inc. (C)	12,985		343,973
Stoke Therapeutics, Inc. (C)	9,148		268,677
Translate Bio, Inc. (C)	24,915		351,052
Turning Point Therapeutics, Inc. (C)	9,893		773,435
Twist Bioscience Corp. (C)	10,847		758,531
Ultragenyx Pharmaceutical, Inc. (C)	35,915		3,054,930
UniQure NV (C)	9,500		387,315
Vaxart, Inc. (C)	24,400		144,692
Vertex Pharmaceuticals, Inc. (C)	55,436		15,473,296
Xencor, Inc. (C)	27,275		975,081
Zai Lab, Ltd., ADR (C)	6,210		492,888
Zeneca, Inc. (B)(C)	33,315		20,489
Zentalis Pharmaceuticals, Inc. (C)	7,099		244,206
Zymeworks, Inc. (C)	12,812		415,365
			148,849,352
Health care equipment and supplies – 21.1%
Alcon, Inc. (C)	21,385		1,216,740
AtriCure, Inc. (C)	18,504		827,684
Becton, Dickinson and Company	44,863		10,891,391
Danaher Corp.	52,338		10,806,227
DexCom, Inc. (C)	11,415		4,856,055
DiaSorin SpA	10,340		1,871,747
Envista Holdings Corp. (C)	69,005		1,655,430

 

The accompanying notes are an integral part of the financial statements. 30

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Health Sciences Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care equipment and supplies (continued)
GenMark Diagnostics, Inc. (C)	38,687	$	501,770
Hologic, Inc. (C)	79,202		4,729,943
ICU Medical, Inc. (C)	4,778		956,747
Inari Medical, Inc. (C)	4,477		357,891
Insulet Corp. (C)	9,900		2,160,675
Intuitive Surgical, Inc. (C)	24,275		17,741,141
iRhythm Technologies, Inc. (C)	8,151		1,794,687
Lantheus Holdings, Inc. (C)	27,558		369,828
Nevro Corp. (C)	17,981		2,473,107
Novocure, Ltd. (C)	10,400		860,600
Penumbra, Inc. (C)	10,747		2,247,735
Quidel Corp. (C)	16,258		2,860,758
Shockwave Medical, Inc. (C)	9,928		630,825
Stryker Corp.	41,950		8,312,812
Tandem Diabetes Care, Inc. (C)	13,500		1,521,720
Teleflex, Inc.	8,126		3,193,112
The Cooper Companies, Inc.	6,320		1,986,882
West Pharmaceutical Services, Inc.	15,501		4,401,664
Zimmer Biomet Holdings, Inc.	7,774		1,095,201
			90,322,372
Health care providers and services – 14.8%
Amedisys, Inc. (C)	5,861		1,417,776
Anthem, Inc.	17,197		4,841,299
Centene Corp. (C)	124,231		7,617,845
Cigna Corp.	35,917		6,370,598
Guardant Health, Inc. (C)	10,172		971,426
HCA Healthcare, Inc.	37,297		5,061,949
Humana, Inc.	20,973		8,707,360
Molina Healthcare, Inc. (C)	17,362		3,211,449
Oak Street Health, Inc. (C)	6,741		300,851
Option Care Health, Inc. (C)	17,156		199,353
The Pennant Group, Inc. (C)	17,090		633,014
UnitedHealth Group, Inc.	77,084		24,092,603
			63,425,523
Health care technology – 1.6%
Accolade, Inc. (C)	7,386		248,243
Livongo Health, Inc. (C)	11,000		1,510,300
Phreesia, Inc. (C)	9,252		291,808
Schrodinger, Inc. (C)	7,390		446,799
Teladoc Health, Inc. (C)	5,800		1,251,002
Veeva Systems, Inc., Class A (C)	10,614		2,996,014
			6,744,166
Life sciences tools and services – 9.0%
10X Genomics, Inc., Class A (C)	8,449		968,424
Adaptive Biotechnologies Corp. (C)	12,399		515,922
Agilent Technologies, Inc.	65,840		6,611,653
Avantor, Inc. (C)	93,731		2,115,509
Berkeley Lights, Inc. (C)	7,478		489,061
Bio-Techne Corp.	3,500		894,110
Bruker Corp.	50,069		2,103,899
Evotec SE (C)	33,664		901,285
Lonza Group AG	2,591		1,610,082
Mettler-Toledo International, Inc. (C)	1,381		1,340,647
Pacific Biosciences of California, Inc. (C)	37,481		247,375
PPD, Inc. (C)	18,661		640,819
PRA Health Sciences, Inc. (C)	11,408		1,219,629
Quanterix Corp. (C)	22,551		802,816
Repligen Corp. (C)	1,334		206,650
Thermo Fisher Scientific, Inc.	40,061		17,185,368
Wuxi Biologics Cayman, Inc. (C)(D)	34,500		893,206
			38,746,455
Pharmaceuticals – 16.1%
Arvinas, Inc. (C)	7,300		189,435
Astellas Pharma, Inc.	87,000		1,364,869

Health Sciences Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
AstraZeneca PLC, ADR	144,518	$	8,093,008
Axsome Therapeutics, Inc. (C)	11,141		816,747
Bayer AG	18,539		1,233,067
Bristol-Myers Squibb Company	54,702		3,402,464
Cara Therapeutics, Inc. (C)	22,024		341,372
Catalent, Inc. (C)	20,023		1,852,128
Chugai Pharmaceutical Company, Ltd.	38,200		1,702,079
Daiichi Sankyo Company, Ltd.	20,500		1,828,661
Eisai Company, Ltd.	17,800		1,554,735
Elanco Animal Health, Inc. (C)	49,419		1,436,116
Eli Lilly & Company	59,807		8,874,761
GW Pharmaceuticals PLC, ADR (C)	5,591		581,184
Harmony Biosciences Holdings, Inc. (C)	9,688		343,149
Horizon Therapeutics PLC (C)	21,500		1,615,080
Ipsen SA	12,753		1,317,157
Kymera Therapeutics, Inc. (C)	9,114		290,737
Merck & Company, Inc.	172,733		14,728,943
Merck KGaA	14,455		1,964,648
Milestone Pharmaceuticals, Inc. (C)	9,082		70,295
MyoKardia, Inc. (C)	30,407		3,327,742
Nektar Therapeutics (C)	17,298		334,543
Odonate Therapeutics, Inc. (C)	10,301		166,361
Reata Pharmaceuticals, Inc., Class A (C)	5,186		544,271
Roche Holding AG	14,998		5,246,582
Royalty Pharma PLC, Class A (C)	48,399		2,002,751
Sanofi	29,361		2,973,939
Tricida, Inc. (C)	16,610		175,568
WaVe Life Sciences, Ltd. (C)	21,728		272,252
Zogenix, Inc. (C)	10,284		243,422
			68,888,066
			416,975,934
TOTAL COMMON STOCKS (Cost $304,535,739)		$	418,915,020
PREFERRED SECURITIES – 1.0%
Consumer discretionary – 0.2%
Specialty retail – 0.2%
JAND, Inc., Series D (A)(B)(C)	37,822		927,796
Health care – 0.6%
Health care equipment and supplies – 0.6%
Sartorius AG	5,945		2,523,714
Information technology – 0.2%
Software – 0.2%
Doximity, Inc. (A)(B)(C)	63,738		1,032,556
TOTAL PREFERRED SECURITIES (Cost $1,762,958)		$	4,484,066
RIGHTS – 0.1%
Bristol-Myers Squibb Company (Expiration Date: 3-31-21) (C)(E)	131,655		352,835
TOTAL RIGHTS (Cost $363,553)		$	352,835
SHORT-TERM INVESTMENTS – 1.3%
Short-term funds – 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (F)	1,000,000		1,000,000
T. Rowe Price Government Reserve Fund, 0.1398% (F)	4,665,559		4,665,559
TOTAL SHORT-TERM INVESTMENTS (Cost $5,665,559)		$	5,665,559
Total Investments (Health Sciences Fund) (Cost $312,327,809) – 100.3%		$	429,417,480
Other assets and liabilities, net – (0.3%)			(1,344,168)
TOTAL NET ASSETS – 100.0%		$	428,073,312

 

The accompanying notes are an integral part of the financial statements. 31

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Health Sciences Fund (continued)

Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(B)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(C)	Non-income producing security.
(D)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(E)	Strike price and/or expiration date not available.
(F)	The rate shown is the annualized seven-day yield as of 8-31-20.

International Strategic Equity Allocation Fund

	Shares or Principal Amount	Value
COMMON STOCKS - 93.0%
Australia - 6.4%
Afterpay, Ltd. (A)	24,716	$	1,667,564
AGL Energy, Ltd.	73,924		805,892
AMP, Ltd. (A)	397,352		447,897
Ampol, Ltd.	28,890		553,308
APA Group	136,492		1,047,110
Aristocrat Leisure, Ltd.	66,511		1,385,564
ASX, Ltd.	22,436		1,444,713
Aurizon Holdings, Ltd.	226,114		723,124
AusNet Services	214,911		288,257
Australia & New Zealand Banking Group, Ltd.	328,019		4,419,521
BHP Group PLC	123,436		2,809,694
BHP Group, Ltd.	340,891		9,412,660
BlueScope Steel, Ltd.	58,521		546,594
Brambles, Ltd.	178,597		1,457,850
CIMIC Group, Ltd.	11,170		173,924
Coca-Cola Amatil, Ltd.	58,544		392,172
Cochlear, Ltd.	7,413		1,047,553
Coles Group, Ltd.	154,298		2,010,919
Commonwealth Bank of Australia	204,891		10,298,298
Computershare, Ltd.	56,341		551,558
Crown Resorts, Ltd.	43,352		287,459
CSL, Ltd.	52,518		11,020,421
Dexus	126,830		824,744
Evolution Mining, Ltd.	187,069		764,886
Fortescue Metals Group, Ltd.	195,967		2,504,731
Goodman Group	190,469		2,564,088
Insurance Australia Group, Ltd.	267,974		938,990
Lendlease Corp., Ltd.	76,524		653,671
Macquarie Group, Ltd.	39,000		3,666,559
Magellan Financial Group, Ltd.	14,813		646,337
Medibank Pvt., Ltd.	319,087		642,090
Mirvac Group	455,115		706,488
National Australia Bank, Ltd.	369,915		4,871,357
Newcrest Mining, Ltd.	93,447		2,200,547
Northern Star Resources, Ltd.	85,573		862,308
Oil Search, Ltd.	227,876		549,382
Orica, Ltd.	46,903		599,637
Origin Energy, Ltd.	203,809		839,184
Qantas Airways, Ltd.	106,005		308,045
QBE Insurance Group, Ltd.	168,558		1,304,003
Ramsay Health Care, Ltd.	20,695		992,852
REA Group, Ltd.	6,081		511,442
Santos, Ltd.	204,919		856,373
Scentre Group	606,114		1,008,898
SEEK, Ltd.	38,580		586,078
Sonic Healthcare, Ltd.	52,245		1,232,189
South32, Ltd.	566,472		875,749

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Australia (continued)
Stockland	275,773	$	804,119
Suncorp Group, Ltd.	146,461		1,001,913
Sydney Airport	128,138		538,359
Tabcorp Holdings, Ltd.	234,462		625,476
Telstra Corp., Ltd.	481,688		1,023,920
The GPT Group	225,244		635,206
TPG Telecom, Ltd. (A)	40,599		246,437
Transurban Group	316,522		3,130,851
Treasury Wine Estates, Ltd.	83,339		567,661
Tuas, Ltd. (A)	20,299		7,486
Vicinity Centres	449,099		479,006
Washington H Soul Pattinson & Company, Ltd.	12,467		192,160
Wesfarmers, Ltd.	131,190		4,583,972
Westpac Banking Corp.	417,762		5,335,391
WiseTech Global, Ltd.	16,566		343,684
Woodside Petroleum, Ltd.	108,959		1,570,945
Woolworths Group, Ltd.	145,908		4,275,739
			109,665,005
Austria - 0.2%
ANDRITZ AG	8,951		299,400
Erste Group Bank AG	34,432		836,136
OMV AG	18,138		587,134
Raiffeisen Bank International AG (A)	18,152		324,334
Verbund AG	8,367		449,215
voestalpine AG	14,266		354,497
			2,850,716
Belgium - 1.1%
Ageas SA/NV	26,328		1,097,105
Anheuser-Busch InBev SA/NV	111,535		6,482,339
Colruyt SA	8,087		509,730
Elia Group SA/NV	4,512		484,319
Galapagos NV (A)	6,152		825,952
Groupe Bruxelles Lambert SA	16,547		1,526,854
KBC Group NV	36,535		2,086,644
Proximus SADP	22,238		439,179
Sofina SA	2,262		676,900
Solvay SA	10,856		935,354
Telenet Group Holding NV	6,679		258,970
UCB SA	18,510		2,196,891
Umicore SA (B)	28,841		1,323,796
			18,844,033
Brazil - 1.0%
Ambev SA	346,200		777,899
Atacadao SA	28,900		103,130
B2W Cia Digital (A)	15,300		313,038
B3 SA - Brasil Bolsa Balcao	151,120		1,621,951
Banco Bradesco SA	97,335		338,101
Banco BTG Pactual SA	16,900		247,801
Banco do Brasil SA	63,000		375,459
Banco Santander Brasil SA	30,100		155,376
BB Seguridade Participacoes SA	51,600		248,464
BR Malls Participacoes SA (A)	57,635		97,628
BRF SA (A)	41,700		149,111
CCR SA	88,700		215,820
Centrais Eletricas Brasileiras SA	23,600		152,968
Cia Brasileira de Distribuicao	11,800		136,793
Cia de Saneamento Basico do Estado de Sao Paulo	25,000		217,897
Cia Siderurgica Nacional SA	50,700		140,759
Cielo SA	89,460		74,462
Cogna Educacao	130,900		136,192
Cosan SA	11,600		176,271

 

The accompanying notes are an integral part of the financial statements. 32

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Brazil (continued)
CPFL Energia SA	16,800	$	88,132
Energisa SA	13,400		106,275
Engie Brasil Energia SA	14,825		115,358
Equatorial Energia SA	66,600		282,033
Hapvida Participacoes e Investimentos SA (C)	16,400		193,771
Hypera SA	27,800		160,604
IRB Brasil Resseguros SA	52,000		67,675
JBS SA	80,100		328,091
Klabin SA	50,800		238,306
Localiza Rent a Car SA	44,445		391,272
Lojas Renner SA	58,239		462,106
Magazine Luiza SA	53,600		912,037
Multiplan Empreendimentos Imobiliarios SA	20,700		78,666
Natura & Company Holding SA	55,000		495,336
Notre Dame Intermedica Participacoes SA	35,400		478,806
Petrobras Distribuidora SA	55,500		216,185
Petroleo Brasileiro SA	272,600		1,110,602
Porto Seguro SA	7,200		69,470
Raia Drogasil SA	15,700		308,928
Rumo SA (A)	79,900		329,605
Sul America SA	21,596		170,214
Suzano SA (A)	39,927		365,855
TIM Participacoes SA	62,100		162,320
Ultrapar Participacoes SA	53,100		188,421
Vale SA	271,270		2,955,078
WEG SA	61,620		726,820
			16,681,086
Canada - 1.9%
Agnico Eagle Mines, Ltd.	5,336		439,938
Air Canada (A)(B)	3,382		45,634
Algonquin Power & Utilities Corp.	12,187		168,928
Alimentation Couche-Tard, Inc., Class B	19,417		633,712
AltaGas, Ltd. (B)	6,537		84,547
Atco, Ltd., Class I	1,928		58,741
B2Gold Corp.	23,317		156,597
Bank of Montreal	14,390		913,255
Barrick Gold Corp.	39,554		1,171,746
BCE, Inc.	3,752		161,258
BlackBerry, Ltd. (A)	11,961		62,357
Brookfield Asset Management, Inc., Class A	30,087		1,015,394
CAE, Inc.	6,251		99,107
Cameco Corp. (B)	8,999		104,247
Canadian Apartment Properties REIT	1,991		68,689
Canadian Imperial Bank of Commerce	10,069		799,437
Canadian National Railway Company	15,985		1,679,690
Canadian Natural Resources, Ltd.	26,412		520,809
Canadian Pacific Railway, Ltd.	3,072		908,847
Canadian Tire Corp., Ltd., Class A (B)	1,349		141,121
Canadian Utilities, Ltd., Class A (B)	3,155		79,192
Canopy Growth Corp. (A)(B)	5,085		83,857
CCL Industries, Inc., Class B	3,450		127,515
Cenovus Energy, Inc.	23,530		111,124
CGI, Inc. (A)	5,436		381,835
CI Financial Corp.	5,225		74,188
Constellation Software, Inc.	450		520,946
Cronos Group, Inc. (A)(B)	4,290		23,779
Dollarama, Inc.	6,598		257,577
Emera, Inc. (B)	5,547		226,456
Empire Company, Ltd., Class A	3,953		102,890
Enbridge, Inc.	45,133		1,443,938

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Canada (continued)
Fairfax Financial Holdings, Ltd.	615	$	189,585
First Capital Real Estate Investment Trust	2,743		28,769
First Quantum Minerals, Ltd.	13,200		130,649
Fortis, Inc.	10,596		423,808
Franco-Nevada Corp.	4,203		632,118
George Weston, Ltd.	1,772		128,014
Gildan Activewear, Inc. (B)	4,604		89,267
Great-West Lifeco, Inc.	7,207		147,030
Hydro One, Ltd. (C)	7,706		159,514
iA Financial Corp., Inc.	2,763		99,454
IGM Financial, Inc.	2,175		53,076
Imperial Oil, Ltd.	5,973		98,501
Intact Financial Corp.	3,271		350,360
Inter Pipeline, Ltd.	9,674		102,128
Keyera Corp. (B)	5,031		91,876
Kinross Gold Corp. (A)	28,051		249,036
Kirkland Lake Gold, Ltd.	6,050		322,364
Loblaw Companies, Ltd.	4,178		215,923
Lundin Mining Corp.	15,317		95,940
Magna International, Inc.	6,641		323,407
Metro, Inc.	5,785		261,320
National Bank of Canada	7,604		417,991
Nutrien, Ltd.	12,899		477,748
Onex Corp.	2,017		97,931
Open Text Corp. (B)	6,200		281,207
Pan American Silver Corp.	4,683		169,067
Parkland Corp.	3,367		95,433
Pembina Pipeline Corp.	12,301		304,613
Power Corp. of Canada	13,314		265,800
Quebecor, Inc., Class B	4,150		102,895
Restaurant Brands International, Inc.	6,385		345,941
RioCan Real Estate Investment Trust (B)	4,210		49,093
Ritchie Bros Auctioneers, Inc.	2,548		149,088
Rogers Communications, Inc., Class B	8,079		336,080
Royal Bank of Canada	31,909		2,429,962
Saputo, Inc.	5,671		141,476
Shaw Communications, Inc., Class B	10,912		204,043
Shopify, Inc., Class A (A)(B)	2,321		2,479,156
SmartCentres Real Estate Investment Trust (B)	1,990		31,337
Sun Life Financial, Inc.	13,882		579,397
Suncor Energy, Inc.	34,209		548,928
TC Energy Corp.	21,011		982,452
Teck Resources, Ltd., Class B	10,932		126,053
TELUS Corp.	9,932		182,901
The Bank of Nova Scotia	27,178		1,174,550
The Toronto-Dominion Bank	40,387		2,014,783
Thomson Reuters Corp.	4,060		310,363
TMX Group, Ltd.	1,317		138,450
Wheaton Precious Metals Corp. (B)	9,952		531,496
WSP Global, Inc.	2,620		177,747
Yamana Gold, Inc.	21,353		132,275
			32,137,746
Chile - 0.3%
Aguas Andinas SA, Class A	457,328		137,053
Antofagasta PLC	22,986		329,560
Banco de Chile	7,981,879		667,201
Banco de Credito e Inversiones SA	9,154		288,458
Banco Santander Chile	11,520,072		443,028
Cencosud SA	251,027		371,299
Cencosud Shopping SA	90,085		134,533
Cia Cervecerias Unidas SA	25,928		170,447
Colbun SA	1,386,405		213,982

 

The accompanying notes are an integral part of the financial statements. 33

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Chile (continued)
Empresa Nacional de Telecomunicaciones SA	26,603	$	161,037
Empresas CMPC SA	197,938		411,156
Empresas COPEC SA	68,552		502,662
Enel Americas SA	6,015,983		865,616
Enel Chile SA	4,858,717		373,704
Falabella SA	132,269		416,802
			5,486,538
China - 9.4%
3SBio, Inc. (A)(B)(C)	92,600		108,526
51job, Inc., ADR (A)	1,900		124,526
58.com, Inc., ADR (A)	6,900		381,984
AAC Technologies Holdings, Inc.	53,100		334,365
Agile Group Holdings, Ltd.	85,900		118,424
Agricultural Bank of China, Ltd., H Shares	2,022,200		675,366
Air China, Ltd., H Shares	131,300		90,277
Airtac International Group	9,000		199,360
AK Medical Holdings, Ltd. (C)	28,000		71,376
Alibaba Group Holding, Ltd., ADR (A)	137,100		39,351,792
A-Living Services Company, Ltd., H Shares (C)	31,500		162,318
Aluminum Corp. of China, Ltd., H Shares (A)	286,600		69,865
Anhui Conch Cement Company, Ltd., H Shares	90,100		652,274
Anhui Gujing Distillery Company, Ltd., B Shares	7,800		98,978
ANTA Sports Products, Ltd.	78,500		773,808
Autohome, Inc., ADR	4,300		345,032
AviChina Industry & Technology Company, Ltd., H Shares	186,000		115,971
BAIC Motor Corp., Ltd., H Shares (C)	120,000		57,519
Baidu, Inc., ADR (A)	20,000		2,491,400
Bank of China, Ltd., H Shares	5,797,600		1,885,319
Bank of Communications Company, Ltd., H Shares	634,900		331,549
Baozun, Inc., ADR (A)	3,200		132,608
BeiGene, Ltd., ADR (A)	3,200		773,024
Beijing Capital International Airport Company, Ltd., H Shares	136,900		96,767
BEST, Inc., ADR (A)(B)	14,200		56,800
Bilibili, Inc., ADR (A)(B)	7,100		335,475
BYD Company, Ltd., H Shares	46,500		484,733
BYD Electronic International Company, Ltd.	49,400		208,909
CanSino Biologics, Inc., H Shares (A)(C)	4,400		92,960
CGN Power Company, Ltd., H Shares (C)	689,900		149,407
China Aoyuan Group, Ltd.	88,000		101,290
China Cinda Asset Management Company, Ltd., H Shares	652,200		124,426
China CITIC Bank Corp., Ltd., H Shares	648,000		270,690
China Communications Construction Company, Ltd., H Shares	322,500		180,774
China Communications Services Corp., Ltd., H Shares	173,200		113,458
China Conch Venture Holdings, Ltd.	118,300		512,198
China Construction Bank Corp., H Shares	7,021,500		4,948,147
China East Education Holdings, Ltd. (C)	40,000		88,186
China Eastern Airlines Corp., Ltd., H Shares (B)	130,000		53,522
China Everbright Bank Company, Ltd., H Shares	231,000		82,763
China Evergrande Group (B)	134,900		314,506

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
China (continued)
China Feihe, Ltd. (C)	65,000	$	131,458
China Galaxy Securities Company, Ltd., H Shares	257,500		154,974
China Hongqiao Group, Ltd.	125,500		80,872
China Huarong Asset Management Company, Ltd., H Shares (C)	733,600		84,135
China Huishan Dairy Holdings Company, Ltd. (A)(D)	175,000		0
China International Capital Corp., Ltd., H Shares (A)(C)	98,000		232,582
China Lesso Group Holdings, Ltd.	79,000		147,107
China Life Insurance Company, Ltd., H Shares	545,200		1,328,125
China Literature, Ltd. (A)(C)	22,200		137,675
China Longyuan Power Group Corp., Ltd., H Shares	231,700		146,045
China Medical System Holdings, Ltd.	99,300		111,837
China Merchants Bank Company, Ltd., H Shares	284,700		1,358,291
China Minsheng Banking Corp., Ltd., H Shares	420,020		255,676
China Molybdenum Company, Ltd., H Shares	243,100		98,554
China National Building Material Company, Ltd., H Shares	281,700		395,390
China Oilfield Services, Ltd., H Shares	125,700		98,504
China Pacific Insurance Group Company, Ltd., H Shares	204,000		565,912
China Petroleum & Chemical Corp., H Shares	1,769,300		812,360
China Railway Construction Corp., Ltd., H Shares	143,500		110,145
China Railway Group, Ltd., H Shares	276,600		141,865
China Railway Signal & Communication Corp., Ltd., H Shares (C)	114,000		46,132
China Reinsurance Group Corp., H Shares	428,000		45,765
China Resources Pharmaceutical Group, Ltd. (C)	115,100		65,162
China Shenhua Energy Company, Ltd., H Shares	248,000		411,829
China Southern Airlines Company, Ltd., H Shares (A)(B)	122,800		64,629
China Telecom Corp., Ltd., H Shares	965,100		314,833
China Tower Corp., Ltd., H Shares (C)	3,234,000		616,075
China Vanke Company, Ltd., H Shares	124,100		385,225
China Yuhua Education Corp., Ltd. (C)	86,000		82,442
Chongqing Rural Commercial Bank Company, Ltd., H Shares	176,700		71,998
CIFI Holdings Group Company, Ltd.	230,000		195,499
CITIC Securities Company, Ltd., H Shares	158,200		379,608
CITIC, Ltd.	426,600		388,947
CNOOC, Ltd.	1,303,500		1,477,134
COSCO SHIPPING Energy Transportation Company, Ltd., H Shares	90,000		41,412
COSCO SHIPPING Holdings Company, Ltd., H Shares (A)	186,500		93,545
Country Garden Holdings Company, Ltd.	558,300		691,266
Country Garden Services Holdings Company, Ltd.	99,000		689,746
CRRC Corp., Ltd., H Shares	320,500		144,535
CSPC Pharmaceutical Group, Ltd.	409,560		904,890
Dali Foods Group Company, Ltd. (C)	149,000		91,192
Dongfeng Motor Group Company, Ltd., H Shares	197,300		137,145

 

The accompanying notes are an integral part of the financial statements. 34

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
China (continued)
ENN Energy Holdings, Ltd.	57,500	$	637,098
Fosun International, Ltd.	187,500		208,685
Fuyao Glass Industry Group Company, Ltd., H Shares (C)	36,500		117,825
GDS Holdings, Ltd., ADR (A)(B)	5,800		469,452
Genscript Biotech Corp. (A)	76,000		146,383
GF Securities Company, Ltd., H Shares	94,200		111,370
GOME Retail Holdings, Ltd. (A)(B)	706,200		101,084
Great Wall Motor Company, Ltd., H Shares	225,900		245,902
Greentown Service Group Company, Ltd.	104,000		139,584
GSX Techedu, Inc., ADR (A)(B)	5,600		478,240
Guangzhou Automobile Group Company, Ltd., H Shares (B)	215,080		185,062
Guangzhou R&F Properties Company, Ltd., H Shares	94,000		119,336
Guotai Junan Securities Company, Ltd., H Shares (C)	42,000		65,503
Haidilao International Holding, Ltd. (C)	58,000		373,588
Haitian International Holdings, Ltd.	46,400		112,254
Haitong Securities Company, Ltd., H Shares	198,900		180,586
Hansoh Pharmaceutical Group Company, Ltd. (A)(C)	38,000		179,637
Hengan International Group Company, Ltd.	47,600		374,801
Hua Hong Semiconductor, Ltd. (A)(B)(C)	33,000		119,208
Huaneng Power International, Inc., H Shares	257,700		107,288
Huatai Securities Company, Ltd., H Shares (C)	107,500		188,432
Huazhu Group, Ltd., ADR (B)	9,700		433,881
HUYA, Inc., ADR (A)(B)	4,500		129,240
Industrial & Commercial Bank of China, Ltd., H Shares	4,430,800		2,469,548
Inner Mongolia Yitai Coal Company, Ltd., Class B	77,700		54,354
Innovent Biologics, Inc. (A)(C)	68,500		455,114
iQIYI, Inc., ADR (A)(B)	16,100		348,565
JD.com, Inc., ADR (A)	62,100		4,883,544
Jiangsu Expressway Company, Ltd., H Shares	88,900		88,948
Jiangxi Copper Company, Ltd., H Shares	86,400		101,687
JOYY, Inc., ADR (A)	4,200		358,848
Kaisa Group Holdings, Ltd. (A)	178,000		89,377
Kingdee International Software Group Company, Ltd. (A)	170,000		432,688
Kingsoft Corp., Ltd.	60,200		321,718
Koolearn Technology Holding, Ltd. (A)(B)(C)	17,000		81,253
KWG Group Holdings, Ltd. (A)	92,500		175,544
Legend Holdings Corp., H Shares (C)	42,000		61,908
Lenovo Group, Ltd.	526,000		350,692
Li Ning Company, Ltd.	152,000		642,034
Logan Group Company, Ltd.	100,000		186,000
Longfor Group Holdings, Ltd. (C)	130,900		692,529
Luye Pharma Group, Ltd. (C)	131,000		70,805
Meituan Dianping, Class B (A)	259,500		8,554,211
Momo, Inc., ADR	11,000		224,400
NetEase, Inc., ADR	6,000		2,923,260
New China Life Insurance Company, Ltd., H Shares	60,900		242,644
New Oriental Education & Technology Group, Inc., ADR (A)	10,400		1,524,952
NIO, Inc., ADR (A)(B)	66,000		1,255,980

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
China (continued)
Noah Holdings, Ltd., ADR (A)	2,500	$	70,000
PetroChina Company, Ltd., H Shares	1,540,700		531,678
PICC Property & Casualty Company, Ltd., H Shares	506,950		390,936
Pinduoduo, Inc., ADR (A)	18,800		1,672,072
Ping An Healthcare and Technology Company, Ltd. (A)(B)(C)	27,300		397,900
Ping An Insurance Group Company of China, Ltd., H Shares	435,300		4,647,439
Poly Property Services Company, Ltd.	8,400		73,451
Postal Savings Bank of China Company, Ltd., H Shares (C)	727,000		344,164
Seazen Group, Ltd. (A)	158,000		143,318
Semiconductor Manufacturing International Corp. (A)	242,300		765,428
Shandong Weigao Group Medical Polymer Company, Ltd., H Shares	180,000		419,414
Shanghai Electric Group Company, Ltd., H Shares (A)	194,000		57,004
Shanghai Fosun Pharmaceutical Group Company, Ltd., H Shares	38,100		160,544
Shanghai Lujiazui Finance & Trade Zone Development Company, Ltd., B Shares	79,380		68,167
Shanghai Pharmaceuticals Holding Company, Ltd., H Shares	57,000		101,434
Shenzhen Expressway Company, Ltd., H Shares	52,000		47,054
Shenzhou International Group Holdings, Ltd.	60,300		970,870
Shui On Land, Ltd.	264,500		36,142
Silergy Corp.	5,000		317,170
SINA Corp. (A)	4,600		187,151
Sino-Ocean Group Holding, Ltd.	220,000		50,783
Sinopec Engineering Group Company, Ltd., H Shares	108,000		47,845
Sinopec Shanghai Petrochemical Company, Ltd., H Shares	239,700		49,426
Sinopharm Group Company, Ltd., H Shares	98,300		241,370
Sinotruk Hong Kong, Ltd.	50,500		131,065
SOHO China, Ltd. (A)	151,200		46,575
Sunac China Holdings, Ltd.	186,300		782,052
Sunny Optical Technology Group Company, Ltd.	52,000		769,345
TAL Education Group, ADR (A)	28,000		2,066,680
Tencent Holdings, Ltd.	418,300		28,577,570
Tencent Music Entertainment Group, ADR (A)	26,600		415,758
The People's Insurance Company Group of China, Ltd., H Shares	609,200		198,517
Tingyi Cayman Islands Holding Corp.	142,700		267,800
Tongcheng-Elong Holdings, Ltd. (A)	62,000		121,345
Topsports International Holdings, Ltd. (C)	90,000		111,142
TravelSky Technology, Ltd., H Shares	68,500		142,249
Trip.com Group, Ltd., ADR (A)	34,600		1,046,304
Tsingtao Brewery Company, Ltd., H Shares	31,000		281,962
Uni-President China Holdings, Ltd.	94,000		85,510
Vipshop Holdings, Ltd., ADR (A)(B)	32,200		531,622
Want Want China Holdings, Ltd.	362,500		248,464
Weibo Corp., ADR (A)(B)	4,080		152,184
Weichai Power Company, Ltd., H Shares	141,000		283,030
WuXi AppTec Company, Ltd., H Shares (C)	15,636		231,149

 

The accompanying notes are an integral part of the financial statements. 35

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
China (continued)
Wuxi Biologics Cayman, Inc. (A)(C)	66,500	$	1,721,686
Xiaomi Corp., Class B (A)(C)	762,400		2,361,002
Xinjiang Goldwind Science & Technology Company, Ltd., H Shares	53,800		46,241
Xinyi Solar Holdings, Ltd.	294,000		370,349
Yangzijiang Shipbuilding Holdings, Ltd.	80,000		53,744
Yanzhou Coal Mining Company, Ltd., H Shares	112,700		86,644
Yihai International Holding, Ltd. (A)	34,000		533,506
Yum China Holdings, Inc.	26,084		1,505,308
Yuzhou Group Holdings Company, Ltd.	132,000		61,567
Zai Lab, Ltd., ADR (A)	3,800		301,606
Zhaojin Mining Industry Company, Ltd., H Shares	75,500		84,542
Zhejiang Expressway Company, Ltd., H Shares	105,800		71,326
Zhenro Properties Group, Ltd.	111,000		64,849
ZhongAn Online P&C Insurance Company, Ltd., H Shares (A)(B)(C)	27,500		180,545
Zhongsheng Group Holdings, Ltd.	41,500		258,814
Zhuzhou CRRC Times Electric Company, Ltd., H Shares	40,000		128,270
Zijin Mining Group Company, Ltd., H Shares	415,200		283,172
Zoomlion Heavy Industry Science and Technology Company, Ltd., H Shares (A)	95,600		95,617
ZTE Corp., H Shares	55,100		159,943
ZTO Express Cayman, Inc., ADR	27,300		915,369
			160,671,413
Colombia - 0.1%
Bancolombia SA	28,631		198,986
Ecopetrol SA	559,153		327,331
Grupo de Inversiones Suramericana SA	26,877		150,873
Interconexion Electrica SA ESP	50,013		279,944
			957,134
Czech Republic - 0.0%
CEZ AS	13,910		286,765
Komercni banka AS (A)	6,524		156,865
Moneta Money Bank AS (C)	43,728		109,995
			553,625
Denmark - 2.2%
A.P. Moller - Maersk A/S, Series A	358		508,495
A.P. Moller - Maersk A/S, Series B	717		1,098,632
Ambu A/S, Class B	17,939		527,961
Carlsberg A/S, Class B	11,766		1,653,963
Chr. Hansen Holding A/S	11,586		1,329,813
Coloplast A/S, B Shares	13,046		2,212,881
Danske Bank A/S (A)	75,926		1,174,801
Demant A/S (A)	12,129		361,768
DSV Panalpina A/S	23,253		3,630,075
Genmab A/S (A)	7,151		2,698,613
GN Store Nord A/S	14,076		1,020,114
H Lundbeck A/S	7,646		250,831
Novo Nordisk A/S, B Shares (B)	194,456		12,856,146
Novozymes A/S, B Shares	23,457		1,386,181
Orsted A/S (C)	20,788		2,942,763
Pandora A/S	10,992		802,374
Tryg A/S (B)	13,335		409,207
Vestas Wind Systems A/S	21,871		3,306,723
			38,171,341

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Finland - 2.0%
Elisa OYJ	29,542	$	1,738,710
Fortum OYJ	92,341		1,954,492
Kone OYJ, B Shares	70,671		6,061,350
Neles OYJ	88		1,203
Neste OYJ	87,950		4,708,421
Nokia OYJ	1,175,974		5,732,780
Nordea Bank ABP	437,543		3,527,435
Orion OYJ, Class B	21,846		1,025,809
Sampo OYJ, A Shares	98,070		3,950,605
Stora Enso OYJ, R Shares	121,002		1,784,607
UPM-Kymmene OYJ	110,995		3,368,857
Wartsila OYJ ABP	92,275		790,021
			34,644,290
France - 9.1%
Accor SA (A)	19,889		609,672
Aeroports de Paris (B)	3,108		324,456
Air Liquide SA	49,717		8,244,284
Airbus SE (A)(B)	61,783		5,080,868
Alstom SA (A)	20,179		1,126,457
Amundi SA (A)(C)	6,406		497,488
Arkema SA	7,251		802,763
Atos SE (A)	10,321		894,502
AXA SA (B)	203,931		4,161,008
BioMerieux	4,353		658,273
BNP Paribas SA (A)	118,232		5,151,140
Bollore SA	92,234		346,722
Bouygues SA (A)	23,919		946,427
Bureau Veritas SA (A)	30,805		699,477
Capgemini SE	16,903		2,344,750
Carrefour SA	63,572		1,022,597
Casino Guichard Perrachon SA (A)	4,538		117,648
Cie de Saint-Gobain (A)	54,389		2,198,710
Cie Generale des Etablissements Michelin SCA	17,826		2,018,957
CNP Assurances (A)	18,595		249,307
Covivio	5,028		371,872
Credit Agricole SA (A)	121,444		1,245,113
Danone SA	64,875		4,265,944
Dassault Aviation SA (A)	266		240,944
Dassault Systemes SE	13,800		2,604,009
Edenred	25,553		1,319,037
Eiffage SA (A)	8,749		804,590
Electricite de France SA	65,227		686,128
Engie SA (A)	191,849		2,668,936
EssilorLuxottica SA (A)	29,871		3,998,669
Eurazeo SE (A)	4,117		217,322
Faurecia SE (A)	7,957		348,388
Gecina SA	4,807		660,949
Getlink SE (A)	46,195		706,606
Hermes International	3,326		2,858,457
ICADE	3,102		200,795
Iliad SA (B)	1,553		331,237
Ingenico Group SA (A)	6,362		1,086,269
Ipsen SA	3,956		408,583
JCDecaux SA (A)	8,893		169,828
Kering SA	7,961		4,884,566
Klepierre SA (B)	20,629		339,591
La Francaise des Jeux SAEM (C)	9,028		333,885
Legrand SA	28,032		2,339,826
L'Oreal SA	26,389		8,757,157
LVMH Moet Hennessy Louis Vuitton SE	29,185		13,705,890
Natixis SA (A)	99,777		275,017
Orange SA	209,483		2,340,082

 

The accompanying notes are an integral part of the financial statements. 36

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
France (continued)
Orpea (A)(B)	5,418	$	649,840
Pernod Ricard SA	22,308		3,820,893
Peugeot SA (A)	61,788		1,065,258
Publicis Groupe SA	22,740		795,282
Remy Cointreau SA (B)	2,367		389,843
Renault SA (A)	20,182		575,621
Safran SA (A)(B)	33,735		3,895,855
Sanofi	118,579		12,010,676
Sartorius Stedim Biotech	2,902		1,037,200
Schneider Electric SE	58,110		7,186,524
SCOR SE (A)	16,705		447,691
SEB SA	2,373		416,224
Societe Generale SA (A)	85,340		1,381,453
Sodexo SA	9,296		663,574
Suez SA	36,103		623,450
Teleperformance	6,165		1,901,078
Thales SA (B)	11,234		877,303
TOTAL SE	259,725		10,303,793
Ubisoft Entertainment SA (A)	9,499		781,749
Unibail-Rodamco-Westfield (Euronext Amsterdam Exchange)	14,525		675,911
Valeo SA	24,047		738,469
Veolia Environnement SA	56,552		1,364,426
Vinci SA	54,136		5,072,051
Vivendi SA	87,069		2,478,819
Wendel SE	2,811		288,398
Worldline SA (A)(C)	14,400		1,325,432
			156,432,009
Germany - 8.6%
adidas AG (A)	22,405		6,817,759
Allianz SE	49,192		10,674,027
BASF SE	108,115		6,602,176
Bayer AG	115,629		7,690,695
Bayerische Motoren Werke AG	38,991		2,809,666
Beiersdorf AG	11,848		1,369,504
Brenntag AG	18,174		1,138,714
Carl Zeiss Meditec AG, Bearer Shares	4,733		534,220
Commerzbank AG (A)	117,383		681,768
Continental AG	12,933		1,419,004
Covestro AG (C)	20,473		976,027
Daimler AG	100,741		5,165,268
Delivery Hero SE (A)(C)	15,063		1,620,479
Deutsche Bank AG (A)(B)	231,265		2,217,477
Deutsche Boerse AG	22,375		4,233,002
Deutsche Lufthansa AG (A)(B)	28,086		293,838
Deutsche Post AG	116,390		5,305,525
Deutsche Telekom AG	392,224		6,913,725
Deutsche Wohnen SE	40,191		2,144,092
E.ON SE	264,037		3,127,192
Evonik Industries AG	24,706		717,495
Fraport AG Frankfurt Airport Services Worldwide (A)(B)	4,868		222,051
Fresenius Medical Care AG & Company KGaA	25,087		2,131,664
Fresenius SE & Company KGaA	49,209		2,283,496
GEA Group AG	18,048		659,014
Hannover Rueck SE	7,145		1,218,422
HeidelbergCement AG	17,532		1,112,260
Henkel AG & Company KGaA	12,217		1,099,217
HOCHTIEF AG	2,897		256,870
Infineon Technologies AG	147,292		4,095,647
KION Group AG	7,642		646,622
Knorr-Bremse AG	5,672		720,720

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Germany (continued)
LANXESS AG	9,799	$	573,657
LEG Immobilien AG	8,114		1,192,292
Merck KGaA	15,213		2,067,664
METRO AG	21,103		209,257
MTU Aero Engines AG	6,270		1,164,756
Muenchener Rueckversicherungs-Gesellschaft AG	17,026		4,917,897
Nemetschek SE	6,783		539,268
Puma SE (A)	9,757		808,415
RWE AG	68,719		2,736,352
SAP SE	122,892		20,319,494
Scout24 AG (C)	12,645		1,176,291
Siemens AG	90,037		12,475,990
Siemens Healthineers AG (C)	17,637		803,518
Symrise AG	15,126		2,091,903
TeamViewer AG (A)(B)(C)	15,290		827,902
Telefonica Deutschland Holding AG	121,956		337,413
thyssenkrupp AG (A)(B)	47,559		342,553
Uniper SE	23,662		775,513
United Internet AG	12,047		592,954
Volkswagen AG	3,810		686,489
Vonovia SE	60,594		4,336,442
Wirecard AG (A)	69		50
Zalando SE (A)(C)	17,848		1,563,628
			147,437,334
Hong Kong - 3.1%
AIA Group, Ltd.	1,004,800		10,293,932
Alibaba Health Information Technology, Ltd. (A)	265,100		638,953
Alibaba Pictures Group, Ltd. (A)(B)	865,600		122,611
ASM Pacific Technology, Ltd.	25,400		273,233
Beijing Enterprises Holdings, Ltd.	37,500		119,143
Beijing Enterprises Water Group, Ltd. (A)	364,500		143,206
BOC Hong Kong Holdings, Ltd.	307,500		872,261
Bosideng International Holdings, Ltd.	236,000		67,525
Brilliance China Automotive Holdings, Ltd.	221,500		199,536
Budweiser Brewing Company APAC, Ltd. (C)	142,900		481,439
China Education Group Holdings, Ltd.	44,000		86,298
China Everbright International, Ltd.	269,200		162,348
China Everbright, Ltd.	69,100		106,393
China Gas Holdings, Ltd.	190,400		521,255
China Jinmao Holdings Group, Ltd. (B)	386,900		241,591
China Mengniu Dairy Company, Ltd. (A)	200,900		986,598
China Merchants Port Holdings Company, Ltd.	102,300		116,952
China Mobile, Ltd.	448,400		3,137,866
China Overseas Land & Investment, Ltd.	280,000		809,898
China Overseas Property Holdings, Ltd.	95,000		85,560
China Power International Development, Ltd.	320,000		61,885
China Resources Beer Holdings Company, Ltd.	107,200		696,814
China Resources Cement Holdings, Ltd.	178,000		259,222
China Resources Gas Group, Ltd.	65,100		305,364
China Resources Land, Ltd.	233,700		1,079,603
China Resources Power Holdings Company, Ltd.	141,100		167,364
China State Construction International Holdings, Ltd.	147,500		114,186
China Taiping Insurance Holdings Company, Ltd.	119,400		189,375

 

The accompanying notes are an integral part of the financial statements. 37

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hong Kong (continued)
China Traditional Chinese Medicine Holdings Company, Ltd.	202,000	$	86,122
China Unicom Hong Kong, Ltd.	447,300		317,118
CK Asset Holdings, Ltd.	215,000		1,166,954
CK Hutchison Holdings, Ltd.	224,500		1,468,261
CK Infrastructure Holdings, Ltd.	55,000		290,693
CLP Holdings, Ltd.	136,500		1,340,165
COSCO SHIPPING Ports, Ltd.	127,700		72,251
Dairy Farm International Holdings, Ltd.	27,900		116,645
Far East Horizon, Ltd.	144,800		128,146
Galaxy Entertainment Group, Ltd.	180,000		1,415,018
Geely Automobile Holdings, Ltd.	429,300		913,671
Guangdong Investment, Ltd.	214,900		335,099
Haier Electronics Group Company, Ltd.	92,700		317,166
Hang Lung Properties, Ltd.	168,000		473,397
Hang Seng Bank, Ltd.	63,400		996,491
Henderson Land Development Company, Ltd.	120,041		471,878
HK Electric Investments & HK Electric Investments, Ltd.	218,000		221,869
HKT Trust & HKT, Ltd.	314,000		448,683
Hong Kong & China Gas Company, Ltd.	884,228		1,285,664
Hong Kong Exchanges & Clearing, Ltd.	99,600		5,021,870
Hongkong Land Holdings, Ltd.	97,000		371,168
Hutchison China MediTech, Ltd., ADR (A)	5,000		166,100
Jardine Matheson Holdings, Ltd.	18,200		764,298
Jardine Strategic Holdings, Ltd.	18,400		369,192
Kerry Properties, Ltd.	54,500		141,555
Kingboard Holdings, Ltd.	48,700		156,551
Kingboard Laminates Holdings, Ltd.	79,000		99,492
Kunlun Energy Company, Ltd.	284,900		211,982
Lee & Man Paper Manufacturing, Ltd.	96,500		57,660
Link REIT (B)	171,200		1,361,939
Melco Resorts & Entertainment, Ltd., ADR	18,200		355,264
MTR Corp., Ltd.	127,500		663,197
New World Development Company, Ltd.	127,250		659,861
Nine Dragons Paper Holdings, Ltd.	119,900		132,827
NWS Holdings, Ltd.	129,000		109,465
PCCW, Ltd.	347,000		217,464
Power Assets Holdings, Ltd.	115,000		658,192
Shanghai Industrial Holdings, Ltd.	32,900		49,430
Shenzhen International Holdings, Ltd.	79,000		126,658
Shenzhen Investment, Ltd.	224,000		75,921
Shimao Group Holdings, Ltd.	88,400		397,290
Sino Biopharmaceutical, Ltd.	757,350		871,543
Sino Land Company, Ltd.	261,000		303,777
SJM Holdings, Ltd.	164,000		224,958
SSY Group, Ltd.	110,000		69,977
Sun Art Retail Group, Ltd.	173,700		225,975
Sun Hung Kai Properties, Ltd.	108,500		1,455,692
Swire Pacific, Ltd., Class A	41,500		225,984
Swire Properties, Ltd.	96,800		262,016
Techtronic Industries Company, Ltd.	114,000		1,443,713
The Bank of East Asia, Ltd.	108,400		244,254
The Wharf Holdings, Ltd.	111,000		216,268
Vinda International Holdings, Ltd.	26,000		88,788
WH Group, Ltd. (C)	795,000		685,215
Wharf Real Estate Investment Company, Ltd.	139,000		577,714
Yuexiu Property Company, Ltd.	504,000		96,116
			53,365,068
Hungary - 0.1%
MOL Hungarian Oil & Gas PLC (A)	40,957		230,136

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hungary (continued)
OTP Bank NYRT (A)	22,370	$	753,386
Richter Gedeon NYRT	13,985		340,597
			1,324,119
Indonesia - 0.4%
Ace Hardware Indonesia Tbk PT	564,600		59,889
Adaro Energy Tbk PT	1,196,000		88,949
Astra International Tbk PT	1,678,200		588,863
Bank Central Asia Tbk PT	815,700		1,756,992
Bank Mandiri Persero Tbk PT	1,541,400		630,284
Bank Negara Indonesia Persero Tbk PT	620,300		217,190
Bank Rakyat Indonesia Persero Tbk PT	4,586,500		1,104,943
Barito Pacific Tbk PT (A)	2,211,000		127,367
Charoen Pokphand Indonesia Tbk PT (A)	611,000		264,311
Gudang Garam Tbk PT (A)	40,000		130,423
Hanjaya Mandala Sampoerna Tbk PT	769,700		87,127
Indah Kiat Pulp & Paper Corp. Tbk PT	227,200		144,965
Indocement Tunggal Prakarsa Tbk PT	122,100		99,576
Indofood CBP Sukses Makmur Tbk PT	192,700		135,316
Indofood Sukses Makmur Tbk PT	364,300		190,592
Kalbe Farma Tbk PT	1,744,500		189,053
Perusahaan Gas Negara Tbk PT	904,600		77,926
Semen Indonesia Persero Tbk PT	245,900		178,117
Telekomunikasi Indonesia Persero Tbk PT	4,103,100		807,360
Unilever Indonesia Tbk PT	630,000		355,655
United Tractors Tbk PT	138,800		219,180
XL Axiata Tbk PT	311,100		52,075
			7,506,153
Ireland - 0.7%
AerCap Holdings NV (A)	16,400		484,948
CRH PLC	57,964		2,161,801
DCC PLC	5,746		510,479
Experian PLC	53,048		1,982,017
Flutter Entertainment PLC	16,877		2,836,826
James Hardie Industries PLC, CHESS Depositary Interest	51,246		1,162,711
Kerry Group PLC, Class A	11,718		1,538,794
Kingspan Group PLC	11,104		945,352
Smurfit Kappa Group PLC	16,667		590,197
			12,213,125
Isle of Man - 0.0%
GVC Holdings PLC	34,094		360,470
Israel - 0.4%
Azrieli Group, Ltd.	3,244		175,023
Bank Hapoalim BM	82,227		497,506
Bank Leumi Le-Israel BM	106,250		543,635
Check Point Software Technologies, Ltd. (A)	8,200		1,035,332
CyberArk Software, Ltd. (A)	2,700		298,350
ICL Group, Ltd.	52,105		193,571
Israel Discount Bank, Ltd., Class A	86,752		277,485
Mizrahi Tefahot Bank, Ltd.	10,811		220,184
Nice, Ltd. (A)	4,380		1,005,703
Teva Pharmaceutical Industries, Ltd., ADR (A)	76,000		750,120
Wix.com, Ltd. (A)	3,600		1,060,668
			6,057,577
Italy - 1.2%
Assicurazioni Generali SpA	80,335		1,247,899
Atlantia SpA (A)(B)	35,735		567,358
Davide Campari-Milano NV (B)	41,887	��	429,449
DiaSorin SpA	1,818		329,093
Enel SpA	587,055		5,315,878

 

The accompanying notes are an integral part of the financial statements. 38

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Italy (continued)
Eni SpA	183,507	$	1,704,850
Ferrari NV	9,093		1,775,015
FinecoBank Banca Fineco SpA (A)	43,931		665,052
Infrastrutture Wireless Italiane SpA (C)	17,295		168,700
Intesa Sanpaolo SpA (A)	1,073,247		2,310,165
Leonardo SpA	29,888		202,207
Mediobanca Banca di Credito Finanziario SpA	44,857		390,115
Moncler SpA (A)	13,968		541,482
Nexi SpA (A)(C)	27,207		484,208
Pirelli & C. SpA (A)(B)(C)	28,655		123,949
Poste Italiane SpA (C)	37,965		348,376
Prysmian SpA	17,411		486,577
Recordati Industria Chimica e Farmaceutica SpA (B)	7,521		410,257
Snam SpA	146,477		750,141
Telecom Italia SpA	603,308		287,353
Telecom Italia SpA, Savings Shares	435,070		205,720
Terna Rete Elettrica Nazionale SpA	101,061		731,149
UniCredit SpA (A)	152,767		1,502,563
			20,977,556
Japan - 10.1%
ABC-Mart, Inc. (B)	1,600		84,255
Acom Company, Ltd. (B)	19,500		76,159
Advantest Corp.	9,800		469,592
Aeon Company, Ltd. (B)	32,100		796,868
Aeon Mall Company, Ltd.	5,000		66,071
AGC, Inc.	9,500		268,794
Air Water, Inc.	9,100		127,723
Aisin Seiki Company, Ltd.	8,000		274,389
Ajinomoto Company, Inc.	22,900		427,136
Alfresa Holdings Corp.	9,200		184,864
Amada Company, Ltd.	16,400		145,746
ANA Holdings, Inc. (A)	5,600		139,622
Aozora Bank, Ltd.	5,800		103,971
Asahi Group Holdings, Ltd.	19,100		667,520
Asahi Intecc Company, Ltd.	9,600		284,899
Asahi Kasei Corp.	61,900		518,551
Astellas Pharma, Inc.	91,600		1,437,035
Bandai Namco Holdings, Inc.	9,800		608,413
Benesse Holdings, Inc.	3,500		89,189
Bridgestone Corp.	26,300		832,592
Brother Industries, Ltd.	11,000		181,983
Calbee, Inc.	4,300		134,090
Canon, Inc.	49,200		843,862
Casio Computer Company, Ltd. (B)	9,600		154,657
Central Japan Railway Company	7,100		1,064,445
Chubu Electric Power Company, Inc.	31,600		390,461
Chugai Pharmaceutical Company, Ltd.	33,000		1,470,383
Coca-Cola Bottlers Japan Holdings, Inc.	6,000		99,872
Concordia Financial Group, Ltd.	52,600		174,370
Cosmos Pharmaceutical Corp.	1,000		176,114
CyberAgent, Inc.	5,000		266,393
Dai Nippon Printing Company, Ltd.	12,000		254,600
Daicel Corp.	12,400		89,850
Daifuku Company, Ltd.	5,000		440,196
Dai-ichi Life Holdings, Inc.	53,500		810,640
Daiichi Sankyo Company, Ltd.	27,900		2,488,765
Daikin Industries, Ltd.	12,300		2,316,893
Daito Trust Construction Company, Ltd.	3,200		283,612
Daiwa House Industry Company, Ltd.	27,900		746,018
Daiwa House REIT Investment Corp.	96		250,822
Daiwa Securities Group, Inc.	71,500		322,478

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Denso Corp.	21,300	$	896,086
Dentsu Group, Inc.	10,600		277,970
Disco Corp.	1,400		326,287
East Japan Railway Company	14,900		969,971
Eisai Company, Ltd.	12,400		1,083,075
Electric Power Development Company, Ltd.	6,700		101,116
ENEOS Holdings, Inc.	150,200		588,614
FamilyMart Company, Ltd.	12,500		277,265
FANUC Corp.	9,500		1,666,608
Fast Retailing Company, Ltd.	2,900		1,729,017
Fuji Electric Company, Ltd.	6,300		196,545
FUJIFILM Holdings Corp.	17,700		841,910
Fujitsu, Ltd.	9,700		1,266,239
Fukuoka Financial Group, Inc.	8,500		140,325
GLP J-REIT (A)(B)	179		276,410
GMO Payment Gateway, Inc.	2,000		211,502
Hakuhodo DY Holdings, Inc.	11,400		141,547
Hamamatsu Photonics KK	6,900		314,278
Hankyu Hanshin Holdings, Inc.	11,200		363,912
Hikari Tsushin, Inc.	1,000		241,402
Hino Motors, Ltd.	14,300		96,155
Hirose Electric Company, Ltd.	1,600		181,078
Hisamitsu Pharmaceutical Company, Inc. (B)	2,500		115,485
Hitachi Construction Machinery Company, Ltd.	5,300		185,963
Hitachi Metals, Ltd.	10,500		157,223
Hitachi, Ltd.	47,700		1,586,907
Honda Motor Company, Ltd.	80,300		2,044,340
Hoshizaki Corp.	2,500		190,978
Hoya Corp.	18,600		1,829,758
Hulic Company, Ltd.	14,900		135,547
Idemitsu Kosan Company, Ltd.	9,597		211,279
Iida Group Holdings Company, Ltd.	7,300		142,484
Inpex Corp.	50,500		320,241
Isetan Mitsukoshi Holdings, Ltd.	16,400		90,216
Isuzu Motors, Ltd.	27,200		268,758
Ito En, Ltd.	2,600		157,295
ITOCHU Corp.	66,400		1,703,976
Itochu Techno-Solutions Corp.	4,700		170,126
Japan Airlines Company, Ltd.	5,600		111,031
Japan Airport Terminal Company, Ltd.	2,500		112,187
Japan Exchange Group, Inc.	25,200		653,475
Japan Post Bank Company, Ltd.	19,400		156,075
Japan Post Holdings Company, Ltd.	78,300		579,135
Japan Post Insurance Company, Ltd.	11,400		182,174
Japan Prime Realty Investment Corp.	38		114,743
Japan Real Estate Investment Corp.	64		358,393
Japan Retail Fund Investment Corp. (B)	129		194,146
Japan Tobacco, Inc.	59,100		1,104,986
JFE Holdings, Inc.	24,000		181,518
JGC Holdings Corp.	10,900		120,100
JSR Corp.	10,100		215,606
JTEKT Corp.	10,000		76,537
Kajima Corp.	22,100		274,938
Kakaku.com, Inc.	6,600		176,258
Kamigumi Company, Ltd.	4,900		101,124
Kansai Paint Company, Ltd.	8,700		206,966
Kao Corp.	23,700		1,805,879
Kawasaki Heavy Industries, Ltd.	7,200		101,753
KDDI Corp.	81,200		2,360,310
Keihan Holdings Company, Ltd.	4,700		202,658
Keikyu Corp.	10,800		161,191

 

The accompanying notes are an integral part of the financial statements. 39

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Keio Corp.	5,000	$	302,380
Keisei Electric Railway Company, Ltd.	6,300		185,165
Keyence Corp.	9,000		3,706,685
Kikkoman Corp.	7,200		391,067
Kintetsu Group Holdings Company, Ltd.	8,400		369,541
Kirin Holdings Company, Ltd.	40,500		796,168
Kobayashi Pharmaceutical Company, Ltd.	2,400		213,995
Kobe Bussan Company, Ltd.	3,000		177,456
Koito Manufacturing Company, Ltd.	5,100		246,470
Komatsu, Ltd.	43,100		938,395
Konami Holdings Corp.	4,600		177,120
Kose Corp.	1,600		187,757
Kubota Corp.	51,100		922,718
Kuraray Company, Ltd. (B)	15,800		161,431
Kurita Water Industries, Ltd.	4,900		153,462
Kyocera Corp.	15,800		906,631
Kyowa Kirin Company, Ltd.	13,300		343,711
Kyushu Electric Power Company, Inc.	18,500		164,052
Kyushu Railway Company	7,300		161,012
Lasertec Corp.	3,700		279,702
Lawson, Inc. (B)	2,400		118,628
LINE Corp. (A)	2,900		147,797
Lion Corp.	11,000		233,330
LIXIL Group Corp.	13,100		240,535
M3, Inc.	21,700		1,257,050
Makita Corp.	11,000		508,199
Marubeni Corp.	81,000		487,745
Marui Group Company, Ltd.	9,300		169,694
Maruichi Steel Tube, Ltd.	2,700		72,387
Mazda Motor Corp.	27,900		177,581
McDonald's Holdings Company Japan, Ltd.	3,300		161,928
Mebuki Financial Group, Inc.	46,500		112,730
Medipal Holdings Corp.	9,000		171,991
MEIJI Holdings Company, Ltd.	5,600		452,798
Mercari, Inc. (A)	4,200		190,437
MINEBEA MITSUMI, Inc.	17,900		309,988
MISUMI Group, Inc.	13,900		364,386
Mitsubishi Chemical Holdings Corp.	63,100		368,484
Mitsubishi Corp.	66,500		1,574,038
Mitsubishi Electric Corp.	89,900		1,238,461
Mitsubishi Estate Company, Ltd.	58,200		910,813
Mitsubishi Gas Chemical Company, Inc.	7,900		141,070
Mitsubishi Heavy Industries, Ltd.	15,800		392,258
Mitsubishi Materials Corp.	5,400		113,277
Mitsubishi Motors Corp.	32,100		76,684
Mitsubishi UFJ Financial Group, Inc.	601,200		2,508,431
Mitsubishi UFJ Lease & Finance Company, Ltd.	19,900		93,929
Mitsui & Company, Ltd.	81,600		1,471,698
Mitsui Chemicals, Inc.	9,100		213,441
Mitsui Fudosan Company, Ltd.	45,800		828,523
Miura Company, Ltd.	4,300		176,367
Mizuho Financial Group, Inc.	1,186,600		1,606,310
MonotaRO Company, Ltd.	6,100		241,321
MS&AD Insurance Group Holdings, Inc.	22,200		615,795
Murata Manufacturing Company, Ltd.	28,300		1,673,695
Nabtesco Corp.	5,600		176,903
Nagoya Railroad Company, Ltd.	9,100		254,066
NEC Corp.	12,200		644,174
Nexon Company, Ltd.	23,800		556,906
NGK Insulators, Ltd.	13,000		184,720
NGK Spark Plug Company, Ltd.	7,700		131,610
NH Foods, Ltd.	4,100		185,731

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Nidec Corp.	22,000	$	1,846,467
Nihon M&A Center, Inc.	7,400		368,326
Nikon Corp. (B)	14,800		115,909
Nintendo Company, Ltd.	5,500		2,960,694
Nippon Building Fund, Inc.	62		373,340
Nippon Express Company, Ltd.	3,600		212,600
Nippon Paint Holdings Company, Ltd.	7,200		618,465
Nippon Prologis REIT, Inc.	103		337,353
Nippon Shinyaku Company, Ltd.	2,200		181,780
Nippon Steel Corp.	39,600		389,849
Nippon Telegraph & Telephone Corp.	63,300		1,440,431
Nippon Yusen KK	7,500		117,135
Nissan Chemical Corp.	6,100		322,842
Nissan Motor Company, Ltd.	114,100		459,845
Nisshin Seifun Group, Inc.	9,700		160,186
Nissin Foods Holdings Company, Ltd.	3,100		310,381
Nitori Holdings Company, Ltd.	3,900		816,762
Nitto Denko Corp.	7,800		473,605
Nomura Holdings, Inc.	155,600		799,227
Nomura Real Estate Holdings, Inc.	5,700		108,742
Nomura Real Estate Master Fund, Inc. (B)	208		266,606
Nomura Research Institute, Ltd.	15,700		417,447
NSK, Ltd.	17,700		135,660
NTT Data Corp.	31,100		355,316
NTT DOCOMO, Inc.	57,400		1,600,598
Obayashi Corp.	32,100		313,759
Obic Company, Ltd.	3,400		601,928
Odakyu Electric Railway Company, Ltd.	14,400		356,622
Oji Holdings Corp.	42,400		191,540
Olympus Corp.	57,400		1,136,202
Omron Corp.	9,100		666,511
Ono Pharmaceutical Company, Ltd.	18,200		549,805
Oracle Corp. Japan	1,900		222,669
Oriental Land Company, Ltd.	9,800		1,330,155
ORIX Corp.	65,500		814,239
Orix JREIT, Inc.	129		191,647
Osaka Gas Company, Ltd.	18,300		358,415
Otsuka Corp.	5,100		250,288
Otsuka Holdings Company, Ltd.	19,200		842,659
Pan Pacific International Holdings Corp.	20,200		475,533
Panasonic Corp.	108,800		1,002,609
Park24 Company, Ltd.	5,300		95,443
PeptiDream, Inc. (A)	4,600		186,761
Persol Holdings Company, Ltd.	8,700		135,342
Pigeon Corp.	5,700		260,447
Pola Orbis Holdings, Inc.	4,400		79,743
Rakuten, Inc.	42,300		372,762
Recruit Holdings Company, Ltd.	62,600		2,372,572
Renesas Electronics Corp. (A)	38,000		239,168
Resona Holdings, Inc.	103,600		380,814
Ricoh Company, Ltd.	33,100		247,097
Rinnai Corp.	1,800		166,508
Rohm Company, Ltd.	4,400		283,450
Ryohin Keikaku Company, Ltd.	11,700		182,897
Santen Pharmaceutical Company, Ltd.	17,700		337,793
SBI Holdings, Inc.	11,700		265,998
SCSK Corp.	2,600		140,801
Secom Company, Ltd.	10,300		974,766
Sega Sammy Holdings, Inc.	8,500		98,425
Seibu Holdings, Inc.	10,500		115,345
Seiko Epson Corp.	13,800		164,532
Sekisui Chemical Company, Ltd.	17,900		286,371
Sekisui House, Ltd.	30,700		606,486
Seven & i Holdings Company, Ltd.	37,100		1,196,916

 

The accompanying notes are an integral part of the financial statements. 40

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Seven Bank, Ltd.	29,100	$	73,064
SG Holdings Company, Ltd.	7,900		363,544
Sharp Corp.	10,500		130,177
Shimadzu Corp.	10,900		325,636
Shimamura Company, Ltd.	1,100		90,799
Shimano, Inc.	3,600		762,354
Shimizu Corp.	27,200		208,933
Shin-Etsu Chemical Company, Ltd.	17,400		2,114,526
Shinsei Bank, Ltd.	7,800		91,011
Shionogi & Company, Ltd.	13,300		738,522
Shiseido Company, Ltd.	19,700		1,145,681
Showa Denko KK	6,700		130,429
SMC Corp.	2,800		1,538,652
Softbank Corp.	94,100		1,236,504
SoftBank Group Corp.	77,100		4,769,120
Sohgo Security Services Company, Ltd.	3,500		163,520
Sompo Holdings, Inc.	16,700		627,249
Sony Corp.	62,700		4,909,686
Square Enix Holdings Company, Ltd.	4,500		296,519
Stanley Electric Company, Ltd.	6,500		185,594
Subaru Corp.	30,300		629,651
SUMCO Corp.	13,000		176,523
Sumitomo Chemical Company, Ltd.	73,800		239,363
Sumitomo Corp.	58,500		761,752
Sumitomo Dainippon Pharma Company, Ltd.	8,800		111,249
Sumitomo Electric Industries, Ltd.	37,200		436,743
Sumitomo Heavy Industries, Ltd.	5,500		125,193
Sumitomo Metal Mining Company, Ltd.	11,500		350,813
Sumitomo Mitsui Financial Group, Inc.	64,100		1,884,872
Sumitomo Mitsui Trust Holdings, Inc.	16,600		478,839
Sumitomo Realty & Development Company, Ltd.	15,200		448,292
Sumitomo Rubber Industries, Ltd.	8,300		79,788
Sundrug Company, Ltd.	3,500		130,249
Suntory Beverage & Food, Ltd.	6,800		262,439
Suzuken Company, Ltd.	3,300		122,587
Suzuki Motor Corp.	18,100		740,978
Sysmex Corp.	8,200		716,231
T&D Holdings, Inc.	27,200		284,703
Taiheiyo Cement Corp.	6,000		152,126
Taisei Corp.	9,400		324,449
Taisho Pharmaceutical Holdings Company, Ltd.	1,700		104,609
Taiyo Nippon Sanso Corp.	7,500		131,730
Takeda Pharmaceutical Company, Ltd.	77,596		2,893,339
TDK Corp.	6,400		663,632
Teijin, Ltd.	8,800		137,981
Terumo Corp.	31,800		1,293,642
The Bank of Kyoto, Ltd.	2,800		119,200
The Chiba Bank, Ltd.	26,400		136,741
The Chugoku Electric Power Company, Inc.	14,200		173,197
The Kansai Electric Power Company, Inc.	34,600		340,772
The Shizuoka Bank, Ltd.	20,800		144,442
The Yokohama Rubber Company, Ltd.	5,800		91,054
THK Company, Ltd.	5,900		138,224
TIS, Inc.	11,000		219,547
Tobu Railway Company, Ltd.	9,400		293,760
Toho Company, Ltd.	5,500		208,983
Toho Gas Company, Ltd.	3,600		159,039
Tohoku Electric Power Company, Inc.	20,800		211,049
Tokio Marine Holdings, Inc.	31,600		1,458,438
Tokyo Century Corp.	2,100		107,763

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Tokyo Electric Power Company Holdings, Inc. (A)	71,200	$	209,621
Tokyo Electron, Ltd.	7,400		1,898,161
Tokyo Gas Company, Ltd.	18,500		411,931
Tokyu Corp.	24,500		327,617
Tokyu Fudosan Holdings Corp.	30,300		129,940
Toppan Printing Company, Ltd.	13,000		201,757
Toray Industries, Inc.	68,400		324,492
Toshiba Corp.	19,000		547,485
Tosoh Corp.	13,000		192,322
TOTO, Ltd.	6,900		302,843
Toyo Suisan Kaisha, Ltd.	4,400		250,172
Toyoda Gosei Company, Ltd.	3,200		69,514
Toyota Industries Corp.	7,200		418,232
Toyota Motor Corp.	104,400		6,895,038
Toyota Tsusho Corp.	10,500		305,147
Trend Micro, Inc.	6,600		408,442
Tsuruha Holdings, Inc.	1,800		240,910
Unicharm Corp.	19,900		866,818
United Urban Investment Corp.	145		161,160
USS Company, Ltd.	10,700		180,664
Welcia Holdings Company, Ltd.	4,600		197,061
West Japan Railway Company	8,000		420,696
Yakult Honsha Company, Ltd.	5,900		336,751
Yamada Denki Company, Ltd.	35,600		191,127
Yamaha Corp.	6,600		321,599
Yamaha Motor Company, Ltd.	13,800		216,677
Yamato Holdings Company, Ltd.	15,200		397,570
Yamazaki Baking Company, Ltd.	5,900		96,221
Yaskawa Electric Corp. (B)	11,800		423,742
Yokogawa Electric Corp.	11,300		184,592
Z Holdings Corp.	130,500		868,651
ZOZO, Inc.	5,300		149,498
			173,170,328
Jordan - 0.0%
Hikma Pharmaceuticals PLC	10,095		318,552
Luxembourg - 0.2%
ArcelorMittal SA (A)(B)	75,297		948,492
Aroundtown SA (A)	135,531		742,439
Eurofins Scientific SE (A)	1,386		1,115,272
Reinet Investments SCA	11,389		216,187
SES SA	40,266		286,169
Tenaris SA	33,996		199,178
			3,507,737
Macau - 0.1%
Sands China, Ltd.	201,200		885,698
Wynn Macau, Ltd.	128,800		241,770
			1,127,468
Malaysia - 0.5%
AMMB Holdings BHD	133,700		93,687
Axiata Group BHD	221,000		159,428
Carlsberg Brewery Malaysia BHD	12,200		63,869
CIMB Group Holdings BHD	518,400		410,391
Dialog Group BHD	317,000		272,717
DiGi.Com BHD	248,000		234,834
Fraser & Neave Holdings BHD	11,700		85,923
Gamuda BHD	141,600		115,486
Genting BHD	172,400		145,265
Genting Malaysia BHD	239,300		130,997
Genting Plantations BHD	21,800		51,705
HAP Seng Consolidated BHD	50,300		86,846
Hartalega Holdings BHD	135,900		539,764

 

The accompanying notes are an integral part of the financial statements. 41

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Malaysia (continued)
Hong Leong Bank BHD	52,600	$	176,840
Hong Leong Financial Group BHD	18,600		55,169
IHH Healthcare BHD	176,600		227,210
IJM Corp. BHD	220,300		63,378
IOI Corp. BHD	202,500		216,456
Kuala Lumpur Kepong BHD	34,900		188,472
Malayan Banking BHD	315,500		554,763
Malaysia Airports Holdings BHD	86,300		105,592
Maxis BHD	188,100		225,578
MISC BHD	107,600		196,249
Nestle Malaysia BHD	5,500		183,558
Petronas Chemicals Group BHD	193,100		252,832
Petronas Dagangan BHD	23,700		116,964
Petronas Gas BHD	63,400		251,062
PPB Group BHD	51,700		222,922
Press Metal Aluminium Holdings BHD	113,700		142,083
Public Bank BHD	234,300		923,115
QL Resources BHD	58,700		134,937
RHB Bank BHD	127,900		140,421
Sime Darby BHD	220,100		115,502
Sime Darby Plantation BHD	166,200		203,440
Telekom Malaysia BHD	90,900		90,413
Tenaga Nasional BHD	182,800		475,860
Top Glove Corp. BHD	123,600		780,664
Westports Holdings BHD	67,400		58,828
YTL Corp. BHD	263,478		42,290
			8,535,510
Mexico - 0.5%
Alfa SAB de CV, Class A (B)	229,800		147,865
America Movil SAB de CV, Series L	2,564,500		1,558,717
Arca Continental SAB de CV	33,700		153,192
Becle SAB de CV	42,200		80,882
Cemex SAB de CV	1,154,348		370,328
Coca-Cola Femsa SAB de CV (B)	40,300		167,686
Fibra Uno Administracion SA de CV	239,500		187,380
Fomento Economico Mexicano SAB de CV (B)	148,400		863,056
Gruma SAB de CV, Class B	17,255		203,840
Grupo Aeroportuario del Pacifico SAB de CV, B Shares (B)	29,000		225,538
Grupo Aeroportuario del Sureste SAB de CV, B Shares (A)(B)	15,820		179,665
Grupo Bimbo SAB de CV, Series A	122,700		227,490
Grupo Carso SAB de CV, Series A1	34,700		69,140
Grupo Financiero Banorte SAB de CV, Series O (A)	197,500		678,731
Grupo Financiero Inbursa SAB de CV, Series O (A)(B)	175,200		128,105
Grupo Mexico SAB de CV, Series B	237,300		633,321
Grupo Televisa SAB (A)	183,700		224,147
Industrias Penoles SAB de CV	10,455		172,965
Infraestructura Energetica Nova SAB de CV (B)	40,400		117,441
Kimberly-Clark de Mexico SAB de CV, Class A	116,000		185,064
Megacable Holdings SAB de CV (B)	22,900		66,140
Orbia Advance Corp. SAB de CV	80,035		128,600
Promotora y Operadora de Infraestructura SAB de CV (A)	17,420		128,982
Wal-Mart de Mexico SAB de CV	399,200		955,949
			7,854,224
Netherlands - 4.2%
ABN AMRO Bank NV (C)	52,243		496,188

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Netherlands (continued)
Adyen NV (A)(C)	2,236	$	3,769,105
Aegon NV	223,143		617,873
Akzo Nobel NV	24,741		2,442,016
Altice Europe NV (A)(B)	77,148		340,608
ASML Holding NV	52,730		19,705,462
EXOR NV	7,860		463,569
Heineken Holding NV	14,255		1,166,372
Heineken NV	32,104		2,969,055
ING Groep NV	482,595		3,938,959
Just Eat Takeaway.com NV (A)(C)	15,032		1,672,723
Koninklijke Ahold Delhaize NV	136,300		4,100,681
Koninklijke DSM NV	21,353		3,419,698
Koninklijke KPN NV	442,137		1,160,249
Koninklijke Philips NV (A)	115,708		5,475,417
Koninklijke Vopak NV	8,689		477,078
NN Group NV	36,356		1,366,705
Prosus NV (A)	60,375		6,051,498
QIAGEN NV (A)	27,155		1,379,450
Randstad NV	14,738		767,013
Royal Dutch Shell PLC, A Shares	240,730		3,543,476
Royal Dutch Shell PLC, B Shares	217,542		3,060,548
Wolters Kluwer NV (B)	33,792		2,772,053
			71,155,796
New Zealand - 0.6%
a2 Milk Company, Ltd. (A)	174,945		2,183,417
Auckland International Airport, Ltd.	289,068		1,286,562
Fisher & Paykel Healthcare Corp., Ltd.	136,601		3,383,173
Mercury NZ, Ltd.	162,174		565,834
Meridian Energy, Ltd.	304,747		1,039,156
Ryman Healthcare, Ltd.	95,204		858,273
Spark New Zealand, Ltd.	437,020		1,418,796
			10,735,211
Norway - 0.4%
DNB ASA	76,330		1,222,741
Equinor ASA (B)	80,487		1,302,417
Gjensidige Forsikring ASA (A)	16,209		345,057
Mowi ASA	35,303		690,618
Norsk Hydro ASA (A)	108,064		344,684
Orkla ASA	60,449		614,859
Schibsted ASA, B Shares (A)	7,871		311,259
Telenor ASA	57,887		942,097
Yara International ASA	14,194		594,677
			6,368,409
Peru - 0.1%
Cia de Minas Buenaventura SAA, ADR (B)	22,900		322,432
Credicorp, Ltd.	7,253		946,371
Southern Copper Corp.	9,100		437,710
			1,706,513
Philippines - 0.2%
Aboitiz Equity Ventures, Inc.	165,230		163,660
Aboitiz Power Corp.	122,800		67,535
Ayala Corp.	23,630		357,352
Ayala Land, Inc.	679,080		402,663
Bank of the Philippine Islands	75,830		104,934
BDO Unibank, Inc.	164,850		292,366
Globe Telecom, Inc.	2,785		119,826
GT Capital Holdings, Inc.	8,113		66,891
International Container Terminal Services, Inc.	83,630		180,800
JG Summit Holdings, Inc.	240,490		317,497
Jollibee Foods Corp.	36,730		102,201

 

The accompanying notes are an integral part of the financial statements. 42

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Philippines (continued)
Manila Electric Company	18,800	$	104,263
Megaworld Corp. (A)	949,500		56,936
Metro Pacific Investments Corp.	1,188,700		82,374
Metropolitan Bank & Trust Company	151,559		104,681
PLDT, Inc.	7,245		219,066
Puregold Price Club, Inc.	84,800		94,365
Robinsons Land Corp.	174,100		52,477
SM Investments Corp.	20,225		354,679
SM Prime Holdings, Inc.	847,100		510,078
Universal Robina Corp.	73,870		209,491
			3,964,135
Poland - 0.3%
Bank Polska Kasa Opieki SA (A)	19,395		274,944
CD Projekt SA (A)	7,093		843,415
Cyfrowy Polsat SA (A)	30,255		236,180
Dino Polska SA (A)(C)	5,160		312,905
Grupa Lotos SA	9,694		106,250
KGHM Polska Miedz SA (A)	14,795		548,767
LPP SA (A)	137		267,038
mBank SA (A)	1,568		79,799
Orange Polska SA (A)	69,062		135,247
PGE Polska Grupa Energetyczna SA (A)	88,801		145,129
Polski Koncern Naftowy ORLEN SA	31,548		433,951
Polskie Gornictwo Naftowe i Gazownictwo SA	182,945		254,364
Powszechna Kasa Oszczednosci Bank Polski SA (A)	92,243		538,974
Powszechny Zaklad Ubezpieczen SA (A)	64,242		473,675
Santander Bank Polska SA (A)	3,736		153,462
			4,804,100
Portugal - 0.1%
EDP - Energias de Portugal SA	206,048		1,047,456
Galp Energia SGPS SA	40,302		432,768
Jeronimo Martins SGPS SA	20,133		331,329
			1,811,553
Romania - 0.0%
NEPI Rockcastle PLC	29,994		140,113
Singapore - 0.3%
Ascendas Real Estate Investment Trust	93,600		228,046
BOC Aviation, Ltd. (C)	15,300		113,645
CapitaLand Commercial Trust	81,800		100,857
CapitaLand Mall Trust	78,500		112,908
CapitaLand, Ltd.	78,700		160,015
City Developments, Ltd.	14,000		82,497
DBS Group Holdings, Ltd.	54,600		836,743
Genting Singapore, Ltd.	186,500		95,801
Jardine Cycle & Carriage, Ltd.	3,000		41,748
Keppel Corp., Ltd.	44,700		150,322
Mapletree Commercial Trust	65,100		91,714
Mapletree Logistics Trust	80,700		122,617
Oversea-Chinese Banking Corp., Ltd.	101,600		646,673
Singapore Airlines, Ltd.	41,100		110,033
Singapore Exchange, Ltd.	24,600		155,559
Singapore Technologies Engineering, Ltd.	48,600		121,257
Singapore Telecommunications, Ltd.	248,960		420,244
Suntec Real Estate Investment Trust	59,000		60,604
United Overseas Bank, Ltd.	35,900		514,763
UOL Group, Ltd.	14,300		68,969
Venture Corp., Ltd.	8,400		122,424
Wilmar International, Ltd.	58,800		188,122
			4,545,561

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
South Africa - 1.0%
Absa Group, Ltd.	54,999	$	249,112
Anglo American Platinum, Ltd.	4,137		308,136
AngloGold Ashanti, Ltd.	31,973		947,980
Aspen Pharmacare Holdings, Ltd. (A)	29,925		238,979
Bid Corp., Ltd.	25,815		424,966
Capitec Bank Holdings, Ltd.	5,403		265,189
Clicks Group, Ltd.	19,309		261,332
Discovery, Ltd.	30,845		219,520
Exxaro Resources, Ltd.	19,362		156,129
FirstRand, Ltd.	367,694		818,126
Gold Fields, Ltd.	67,915		888,804
Growthpoint Properties, Ltd.	232,490		167,464
Impala Platinum Holdings, Ltd.	61,561		567,426
Kumba Iron Ore, Ltd.	4,961		155,466
Life Healthcare Group Holdings, Ltd.	106,562		103,735
Momentum Metropolitan Holdings	77,730		69,243
Mr. Price Group, Ltd.	19,694		134,210
MTN Group, Ltd.	130,738		471,671
MultiChoice Group (A)	34,033		193,617
Naspers, Ltd., N Shares	34,271		6,248,794
Nedbank Group, Ltd.	28,828		162,595
Northam Platinum, Ltd. (A)	27,372		258,419
Old Mutual, Ltd.	366,208		241,144
Pepkor Holdings, Ltd. (C)	66,808		37,942
Pick n Pay Stores, Ltd.	26,389		64,879
PSG Group, Ltd.	13,391		35,225
Rand Merchant Investment Holdings, Ltd.	60,259		106,514
Remgro, Ltd.	40,766		210,067
RMB Holdings, Ltd.	14,796		1,069
Sanlam, Ltd.	144,944		467,126
Sasol, Ltd. (A)	43,450		354,286
Shoprite Holdings, Ltd.	38,618		251,917
Sibanye Stillwater, Ltd. (A)	175,070		535,910
Standard Bank Group, Ltd.	99,514		617,947
The Bidvest Group, Ltd.	22,205		177,464
The SPAR Group, Ltd.	14,743		140,421
Tiger Brands, Ltd.	12,420		126,039
Vodacom Group, Ltd.	49,481		372,455
Woolworths Holdings, Ltd.	76,175		142,356
			17,193,674
South Korea - 3.0%
Amorepacific Corp.	2,419		341,429
AMOREPACIFIC Group	2,199		94,227
BGF retail Company, Ltd.	592		63,485
BNK Financial Group, Inc.	21,854		93,276
Celltrion Healthcare Company, Ltd. (A)	5,127		431,708
Celltrion Pharm, Inc. (A)	1,223		113,990
Celltrion, Inc. (A)	7,100		1,772,164
Cheil Worldwide, Inc.	5,342		81,913
CJ CheilJedang Corp.	633		216,525
CJ Corp.	1,241		84,501
CJ ENM Company, Ltd.	825		82,195
CJ Logistics Corp. (A)	690		87,876
Coway Company, Ltd.	3,625		243,267
Daelim Industrial Company, Ltd.	2,137		156,027
Daewoo Engineering & Construction Company, Ltd. (A)	15,279		37,804
Daewoo Shipbuilding & Marine Engineering Company, Ltd. (A)	2,869		53,323
DB Insurance Company, Ltd.	3,799		139,424
Doosan Bobcat, Inc.	3,868		85,415
Douzone Bizon Company, Ltd.	1,458		123,666
E-MART, Inc.	1,488		150,150

 

The accompanying notes are an integral part of the financial statements. 43

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
South Korea (continued)
Fila Holdings Corp.	3,712	$	108,054
GS Engineering & Construction Corp.	4,659		96,673
GS Holdings Corp.	3,898		106,441
GS Retail Company, Ltd.	2,066		57,221
Hana Financial Group, Inc.	22,703		537,317
Hankook Tire & Technology Company, Ltd.	5,706		141,370
Hanmi Pharm Company, Ltd.	496		127,742
Hanon Systems	14,012		151,313
Helixmith Company, Ltd. (A)	1,815		75,191
HLB, Inc. (A)	3,337		243,341
Hotel Shilla Company, Ltd.	2,378		140,406
Hyundai Department Store Company, Ltd.	1,087		49,039
Hyundai Engineering & Construction Company, Ltd.	5,994		162,396
Hyundai Glovis Company, Ltd.	1,436		175,566
Hyundai Heavy Industries Holdings Company, Ltd.	746		141,653
Hyundai Marine & Fire Insurance Company, Ltd.	4,825		89,626
Hyundai Mobis Company, Ltd.	5,037		942,650
Hyundai Motor Company	11,276		1,660,679
Hyundai Steel Company	6,704		141,259
Industrial Bank of Korea	20,639		140,213
Kakao Corp.	4,236		1,447,364
Kangwon Land, Inc.	8,174		141,800
KB Financial Group, Inc.	29,823		925,277
Kia Motors Corp.	19,904		707,912
KMW Company, Ltd. (A)	1,953		125,374
Korea Aerospace Industries, Ltd.	5,759		108,554
Korea Electric Power Corp. (A)	19,385		333,961
Korea Gas Corp.	2,214		43,896
Korea Investment Holdings Company, Ltd.	3,284		167,895
Korea Shipbuilding & Offshore Engineering Company, Ltd. (A)	2,955		213,725
Korea Zinc Company, Ltd.	648		217,065
Korean Air Lines Company, Ltd. (A)	6,094		90,220
KT&G Corp.	8,808		615,872
Kumho Petrochemical Company, Ltd.	1,416		119,506
LG Chem, Ltd.	3,457		2,150,228
LG Corp.	7,225		502,156
LG Display Company, Ltd. (A)	17,624		216,137
LG Electronics, Inc.	8,056		569,860
LG Household & Health Care, Ltd.	706		874,259
LG Innotek Company, Ltd.	1,081		131,519
LG Uplus Corp.	16,238		163,113
Lotte Chemical Corp.	1,305		207,807
Lotte Corp.	2,020		50,907
Lotte Shopping Company, Ltd.	881		56,216
Medytox, Inc.	25		5,246
Meritz Securities Company, Ltd.	21,768		58,606
Mirae Asset Daewoo Company, Ltd.	23,798		185,842
NAVER Corp.	9,268		2,509,581
NCSoft Corp.	1,239		859,582
Netmarble Corp. (A)(C)	1,613		225,800
NH Investment & Securities Company, Ltd.	9,319		70,135
Orion Corp.	1,788		211,305
Ottogi Corp.	98		49,641
Pan Ocean Company, Ltd. (A)	21,136		60,274
Pearl Abyss Corp. (A)	439		67,182
POSCO	5,601		867,013
POSCO Chemical Company, Ltd.	1,626		121,459
Posco International Corp.	3,975		45,412

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
South Korea (continued)
S-1 Corp.	1,279	$	93,848
Samsung Biologics Company, Ltd. (A)(C)	1,246		814,055
Samsung C&T Corp.	6,449		585,300
Samsung Card Company, Ltd.	2,273		54,988
Samsung Electro-Mechanics Company, Ltd.	4,234		442,450
Samsung Electronics Company, Ltd.	359,179		16,308,935
Samsung Engineering Company, Ltd. (A)	11,972		113,521
Samsung Fire & Marine Insurance Company, Ltd.	2,343		368,555
Samsung Heavy Industries Company, Ltd. (A)	35,806		155,050
Samsung Life Insurance Company, Ltd.	5,474		281,474
Samsung SDI Company, Ltd.	4,144		1,573,461
Samsung SDS Company, Ltd.	2,629		347,906
Samsung Securities Company, Ltd.	5,026		127,283
Shinhan Financial Group Company, Ltd.	34,576		860,561
Shinsegae, Inc.	559		95,322
SK Holdings Company, Ltd.	2,656		477,292
SK Hynix, Inc.	41,105		2,597,671
SK Innovation Company, Ltd.	4,185		509,107
SK Telecom Company, Ltd.	1,526		318,174
S-Oil Corp.	3,385		160,534
Woori Financial Group, Inc.	40,885		290,516
Yuhan Corp.	3,564		200,811
			52,035,030
Spain - 2.2%
ACS Actividades de Construccion y Servicios SA	32,573		797,061
Aena SME SA (A)(C)	8,091		1,207,951
Amadeus IT Group SA	51,716		2,905,252
Banco Bilbao Vizcaya Argentaria SA	799,033		2,339,963
Banco Santander SA	1,991,932		4,434,883
Bankinter SA	80,608		433,654
CaixaBank SA	429,297		943,103
Cellnex Telecom SA (A)(C)	30,030		1,929,244
Enagas SA	29,790		729,487
Endesa SA	38,064		1,056,643
Ferrovial SA	58,118		1,552,916
Grifols SA (B)	35,754		969,316
Iberdrola SA	696,458		8,787,097
Industria de Diseno Textil SA	130,814		3,678,117
Mapfre SA	132,225		250,678
Naturgy Energy Group SA	35,328		681,998
Red Electrica Corp. SA	51,809		991,525
Repsol SA	178,383		1,409,078
Siemens Gamesa Renewable Energy SA	28,582		766,920
Telefonica SA	583,663		2,299,659
			38,164,545
Sweden - 3.4%
Alfa Laval AB (A)	42,535		1,039,698
Assa Abloy AB, B Shares	135,422		3,137,227
Atlas Copco AB, A Shares	90,760		4,200,729
Atlas Copco AB, B Shares	52,737		2,119,014
Boliden AB	36,939		1,103,622
Electrolux AB, Series B (B)	30,508		662,294
Epiroc AB, A Shares	89,081		1,328,735
Epiroc AB, B Shares	52,714		757,643
EQT AB	32,247		598,635
Essity AB, B Shares (A)	81,977		2,823,184
Evolution Gaming Group AB (B)(C)	17,180		1,285,923
Hennes & Mauritz AB, B Shares (B)	108,591		1,738,189
Hexagon AB, B Shares (A)	38,041		2,762,538

 

The accompanying notes are an integral part of the financial statements. 44

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Sweden (continued)
Husqvarna AB, B Shares	56,511	$	615,313
ICA Gruppen AB	13,562		665,573
Industrivarden AB, C Shares (A)(B)	21,505		568,302
Investment AB Latour, B Shares (B)	20,041		448,616
Investor AB, B Shares	61,615		3,941,233
Kinnevik AB, B Shares (A)	32,763		1,270,796
Kinnevik AB, B Shares, Redemption Shares (A)	32,763		26,325
L E Lundbergforetagen AB, B Shares (A)(B)	10,307		471,910
Lundin Energy AB (B)	25,073		613,678
Nibe Industrier AB, B Shares (A)	42,150		1,187,500
Sandvik AB (A)	152,625		3,005,307
Securitas AB, B Shares (A)(B)	42,304		602,240
Skandinaviska Enskilda Banken AB, A Shares (A)	219,742		2,179,035
Skanska AB, B Shares (A)	45,955		934,624
SKF AB, B Shares	51,494		1,029,955
Svenska Cellulosa AB SCA, B Shares (A)	81,937		1,058,036
Svenska Handelsbanken AB, A Shares (A)	209,992		2,112,512
Swedbank AB, A Shares (A)(B)	122,137		2,075,514
Swedish Match AB	22,953		1,743,280
Tele2 AB, B Shares	67,385		956,473
Telefonaktiebolaget LM Ericsson, B Shares	394,482		4,599,627
Telia Company AB	341,087		1,314,945
Volvo AB, B Shares (A)	201,088		3,851,729
			58,829,954
Switzerland - 6.9%
ABB, Ltd.	146,774		3,742,617
Adecco Group AG	12,329		645,515
Alcon, Inc. (A)	39,171		2,228,710
Baloise Holding AG	3,749		584,046
Banque Cantonale Vaudoise	2,395		255,774
Barry Callebaut AG	239		529,864
Chocoladefabriken Lindt & Spruengli AG	8		706,988
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	86		733,171
Cie Financiere Richemont SA (B)	41,556		2,766,777
Clariant AG	15,903		332,072
Coca-Cola HBC AG (A)	11,660		309,729
Credit Suisse Group AG	194,025		2,134,923
EMS-Chemie Holding AG	649		586,537
Geberit AG	2,943		1,694,015
Givaudan SA	735		3,089,259
Glencore PLC (A)	583,745		1,435,334
Julius Baer Group, Ltd.	17,885		857,525
Kuehne + Nagel International AG (A)	4,282		830,239
LafargeHolcim, Ltd. (A)	41,728		1,981,003
Logitech International SA	13,067		967,801
Lonza Group AG	5,929		3,684,360
Nestle SA	236,960		28,541,154
Novartis AG	171,058		14,742,981
Partners Group Holding AG (B)	1,490		1,517,877
Roche Holding AG	55,937		19,567,827
Schindler Holding AG	1,576		415,062
Schindler Holding AG, Participation Certificates	3,255		870,281
SGS SA	480		1,243,879
Sika AG (B)	11,290		2,699,522
Sonova Holding AG (A)	4,359		1,019,168
STMicroelectronics NV	67,083		2,028,922
Straumann Holding AG	822		811,257
Swiss Life Holding AG	2,569		1,038,585

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Switzerland (continued)
Swiss Prime Site AG	6,028	$	543,389
Swiss Re AG	23,604		1,900,274
Swisscom AG	2,056		1,138,400
Temenos AG	5,206		841,017
The Swatch Group AG	4,073		161,075
The Swatch Group AG, Bearer Shares	2,321		491,154
UBS Group AG	292,367		3,556,750
Vifor Pharma AG	3,621		535,220
Zurich Insurance Group AG	11,962		4,422,921
			118,182,974
Taiwan - 3.4%
Accton Technology Corp.	37,000		295,065
Acer, Inc.	214,000		170,330
Advantech Company, Ltd.	28,269		292,788
ASE Technology Holding Company, Ltd.	239,000		496,021
Asia Cement Corp.	161,000		233,324
Asustek Computer, Inc.	52,000		430,652
AU Optronics Corp. (A)	634,000		226,013
Catcher Technology Company, Ltd.	51,000		348,166
Cathay Financial Holding Company, Ltd.	583,000		791,849
Chailease Holding Company, Ltd.	90,752		400,841
Chang Hwa Commercial Bank, Ltd.	381,528		237,742
Cheng Shin Rubber Industry Company, Ltd.	129,000		158,339
Chicony Electronics Company, Ltd.	43,526		131,304
China Airlines, Ltd. (A)	186,000		54,093
China Development Financial Holding Corp.	946,000		275,893
China Life Insurance Company, Ltd.	201,990		141,188
China Steel Corp.	864,000		586,219
Chunghwa Telecom Company, Ltd.	279,000		1,031,428
Compal Electronics, Inc.	307,000		193,357
CTBC Financial Holding Company, Ltd.	1,286,000		831,306
Delta Electronics, Inc.	143,000		919,688
E.Sun Financial Holding Company, Ltd.	826,803		766,540
Eclat Textile Company, Ltd.	14,340		189,308
Eva Airways Corp.	169,465		66,302
Evergreen Marine Corp. Taiwan, Ltd. (A)	173,900		103,222
Far Eastern New Century Corp.	216,000		194,734
Far EasTone Telecommunications Company, Ltd.	116,000		242,477
Feng TAY Enterprise Company, Ltd.	28,920		168,343
First Financial Holding Company, Ltd.	749,319		542,753
Formosa Chemicals & Fibre Corp.	258,000		597,649
Formosa Petrochemical Corp.	83,000		231,748
Formosa Plastics Corp.	281,000		750,563
Formosa Taffeta Company, Ltd.	56,000		60,372
Foxconn Technology Company, Ltd.	67,000		119,169
Fubon Financial Holding Company, Ltd.	490,000		715,476
Giant Manufacturing Company, Ltd.	22,000		228,805
Globalwafers Company, Ltd.	16,000		215,265
Highwealth Construction Corp.	50,000		79,067
Hiwin Technologies Corp.	18,227		199,910
Hon Hai Precision Industry Company, Ltd.	915,800		2,401,859
Hotai Motor Company, Ltd.	22,000		448,303
Hua Nan Financial Holdings Company, Ltd.	607,251		373,801
Innolux Corp. (A)	605,000		188,259
Inventec Corp.	184,000		142,426
Largan Precision Company, Ltd.	7,000		808,769
Lite-On Technology Corp.	155,000		245,460
MediaTek, Inc.	111,000		2,098,996
Mega Financial Holding Company, Ltd.	797,000		795,528

 

The accompanying notes are an integral part of the financial statements. 45

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Taiwan (continued)
Micro-Star International Company, Ltd.	50,000	$	230,834
Nan Ya Plastics Corp.	378,000		793,007
Nanya Technology Corp.	90,000		159,180
Nien Made Enterprise Company, Ltd.	12,000		138,558
Novatek Microelectronics Corp.	42,000		343,628
Pegatron Corp.	144,000		306,299
Phison Electronics Corp.	11,000		103,616
Pou Chen Corp.	174,000		164,397
Powertech Technology, Inc.	55,000		162,074
President Chain Store Corp.	42,000		386,846
Quanta Computer, Inc.	213,000		558,266
Realtek Semiconductor Corp.	35,000		453,494
Ruentex Development Company, Ltd.	60,840		89,603
Shin Kong Financial Holding Company, Ltd.	816,988		231,026
SinoPac Financial Holdings Company, Ltd.	741,601		273,099
Standard Foods Corp.	29,600		64,299
Synnex Technology International Corp.	98,000		145,876
Taishin Financial Holding Company, Ltd.	714,571		322,698
Taiwan Business Bank	406,891		138,582
Taiwan Cement Corp.	357,983		523,406
Taiwan Cooperative Financial Holding Company, Ltd.	679,470		464,572
Taiwan High Speed Rail Corp.	144,000		159,201
Taiwan Mobile Company, Ltd.	121,000		418,711
Taiwan Semiconductor Manufacturing Company, Ltd.	1,806,816		26,334,490
Tatung Company, Ltd. (A)	102,000		59,738
The Shanghai Commercial & Savings Bank, Ltd.	246,000		350,983
Uni-President Enterprises Corp.	354,000		803,968
United Microelectronics Corp.	819,000		589,799
Vanguard International Semiconductor Corp.	66,000		210,218
Walsin Technology Corp.	23,000		125,488
Win Semiconductors Corp.	25,000		244,050
Winbond Electronics Corp.	220,000		91,152
Wistron Corp.	209,040		226,728
Wiwynn Corp.	6,000		160,050
WPG Holdings, Ltd.	115,960		162,462
Yageo Corp.	27,556		313,096
Yuanta Financial Holding Company, Ltd.	714,480		447,913
Zhen Ding Technology Holding, Ltd.	43,000		180,319
			58,152,436
Thailand - 0.7%
Advanced Info Service PCL, NVDR	107,300		630,251
Airports of Thailand PCL, NVDR	386,400		698,124
Asset World Corp. PCL, NVDR	577,900		73,660
B. Grimm Power PCL, NVDR	70,300		104,759
Bangkok Bank PCL, NVDR	43,100		147,836
Bangkok Commercial Asset Management PCL, NVDR	161,300		121,104
Bangkok Dusit Medical Services PCL, NVDR	860,700		575,438
Bangkok Expressway & Metro PCL, NVDR	689,800		201,084
Berli Jucker PCL, NVDR	108,200		129,077
BTS Group Holdings PCL, NVDR	712,600		238,202
Bumrungrad Hospital PCL, NVDR	36,000		127,950
Central Pattana PCL, NVDR	202,500		306,945
Central Retail Corp. PCL, NVDR (A)	163,258		156,535
Charoen Pokphand Foods PCL, NVDR	351,000		364,239
CP ALL PCL, NVDR	526,600		1,075,885

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Thailand (continued)
Electricity Generating PCL, NVDR	26,200	$	187,202
Energy Absolute PCL, NVDR	134,200		181,738
Global Power Synergy PCL, NVDR	63,500		130,786
Gulf Energy Development PCL, NVDR	192,300		194,907
Home Product Center PCL, NVDR	533,400		256,889
Indorama Ventures PCL, NVDR	152,600		116,441
Intouch Holdings PCL, NVDR	202,600		355,146
IRPC PCL, NVDR	1,001,600		75,378
Kasikornbank PCL, NVDR	159,800		434,455
Krung Thai Bank PCL, NVDR	315,200		97,124
Krungthai Card PCL, NVDR	69,500		68,779
Land & Houses PCL, NVDR	756,800		179,990
Minor International PCL, NVDR (A)	280,700		202,406
Muangthai Capital PCL, NVDR	66,800		106,911
Osotspa PCL, NVDR	67,500		84,167
PTT Exploration & Production PCL, NVDR	125,500		359,312
PTT Global Chemical PCL, NVDR	203,900		303,421
PTT PCL, NVDR	1,031,200		1,193,187
Ratch Group PCL, NVDR	72,100		129,805
Srisawad Corp. PCL, NVDR	66,300		97,492
Thai Oil PCL, NVDR	100,600		134,289
Thai Union Group PCL, NVDR	280,300		126,594
The Siam Cement PCL, NVDR	70,500		802,558
The Siam Commercial Bank PCL, NVDR	76,700		179,392
TMB Bank PCL, NVDR	2,168,800		65,675
Total Access Communication PCL, NVDR	64,000		73,608
True Corp. PCL, NVDR	1,049,700		112,123
			11,200,864
Turkey - 0.0%
Akbank T.A.S. (A)	121,209		80,843
Anadolu Efes Biracilik Ve Malt Sanayii AS	8,103		21,443
Aselsan Elektronik Sanayi Ve Ticaret AS	27,874		61,800
BIM Birlesik Magazalar AS	17,775		164,331
Eregli Demir ve Celik Fabrikalari TAS	54,657		64,937
Ford Otomotiv Sanayi AS	2,678		30,912
Haci Omer Sabanci Holding AS	36,520		38,474
KOC Holding AS	29,831		60,495
TAV Havalimanlari Holding AS	7,037		14,386
Tupras Turkiye Petrol Rafinerileri AS (A)	4,822		52,593
Turk Hava Yollari AO (A)	21,924		31,565
Turkcell Iletisim Hizmetleri AS	43,142		83,870
Turkiye Garanti Bankasi AS (A)	90,374		83,210
Turkiye Is Bankasi AS, Class C (A)	63,596		42,606
Yapi ve Kredi Bankasi AS (A)	114,114		31,569
			863,034
United Arab Emirates - 0.0%
NMC Health PLC (A)	5,577		1,115
United Kingdom - 6.6%
3i Group PLC	57,051		701,075
Admiral Group PLC	11,208		391,066
Anglo American PLC	71,742		1,763,046
Ashtead Group PLC	26,372		914,389
Associated British Foods PLC	20,818		562,931
AstraZeneca PLC	76,693		8,512,977
Auto Trader Group PLC (C)	56,027		418,853
AVEVA Group PLC	3,758		253,871
Aviva PLC	274,042		1,032,862
BAE Systems PLC	187,908		1,304,477
Barclays PLC	1,009,759		1,478,426
Barratt Developments PLC	59,591		416,132
BP PLC	1,183,689		4,129,647
British American Tobacco PLC	134,095		4,519,696

 

The accompanying notes are an integral part of the financial statements. 46

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
United Kingdom (continued)
BT Group PLC	519,893	$	723,906
Bunzl PLC	19,651		633,929
Burberry Group PLC	23,652		451,591
CNH Industrial NV (A)	73,937		585,698
Coca-Cola European Partners PLC	25,437		1,046,987
Compass Group PLC	104,225		1,686,572
Croda International PLC	7,520		591,910
Diageo PLC	136,571		4,563,012
Direct Line Insurance Group PLC	81,477		321,999
Evraz PLC	29,341		125,530
Ferguson PLC	13,171		1,291,625
Fiat Chrysler Automobiles NV (A)	79,277		878,656
GlaxoSmithKline PLC	293,135		5,725,927
Halma PLC	22,175		657,510
Hargreaves Lansdown PLC	19,465		419,024
HSBC Holdings PLC	1,187,423		5,093,201
Imperial Brands PLC	55,327		923,115
Informa PLC (A)	87,553		483,073
InterContinental Hotels Group PLC	10,111		583,786
Intertek Group PLC	9,416		737,766
ITV PLC	211,136		168,990
J Sainsbury PLC	103,252		253,702
JD Sports Fashion PLC	25,501		245,409
Johnson Matthey PLC	11,322		357,089
Kingfisher PLC	123,178		447,948
Land Securities Group PLC	41,055		318,203
Legal & General Group PLC	351,790		1,011,201
Lloyds Banking Group PLC	4,107,967		1,548,947
London Stock Exchange Group PLC	18,406		2,174,142
M&G PLC	151,846		350,915
Melrose Industries PLC	284,795		379,995
Mondi PLC	28,386		558,534
National Grid PLC	204,848		2,294,325
Natwest Group PLC	283,165		421,568
Next PLC	7,748		620,826
Ocado Group PLC (A)	27,011		899,605
Pearson PLC	44,859		330,522
Persimmon PLC	18,631		647,397
Prudential PLC	152,369		2,456,409
Reckitt Benckiser Group PLC	41,486		4,164,338
RELX PLC	112,938		2,562,895
Rentokil Initial PLC (A)	107,985		768,923
Rio Tinto PLC	65,544		4,076,227
Rio Tinto, Ltd.	42,969		3,092,062
Rolls-Royce Holdings PLC (A)	113,288		357,730
RSA Insurance Group PLC	61,174		365,110
Schroders PLC	7,370		285,358
Segro PLC	68,807		874,831
Severn Trent PLC	13,850		429,590
Smith & Nephew PLC	51,081		1,030,851
Smiths Group PLC	23,146		429,605
Spirax-Sarco Engineering PLC	4,300		585,903
SSE PLC	60,101		1,013,001
St. James's Place PLC	31,677		410,491
Standard Chartered PLC	158,414		825,579
Standard Life Aberdeen PLC	137,316		429,672
Taylor Wimpey PLC	213,092		344,520
Tesco PLC	572,015		1,670,429
The Berkeley Group Holdings PLC	7,358		444,671
The British Land Company PLC	51,312		250,429
The Sage Group PLC	63,544		627,419
Unilever NV	180,923		10,512,790
Unilever PLC	68,297		4,037,866
United Utilities Group PLC	39,699		436,202

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
United Kingdom (continued)
Vodafone Group PLC	1,565,102	$	2,294,830
Whitbread PLC	11,766		396,811
Wm Morrison Supermarkets PLC	140,409		359,301
WPP PLC	72,392		613,146
			113,100,572
United States - 0.0%
Bausch Health Companies, Inc. (A)	7,174		119,076
International Flavors & Fragrances, Inc.	1		111
			119,187
TOTAL COMMON STOCKS (Cost $1,483,419,364)		$	1,593,924,933
PREFERRED SECURITIES - 1.2%
Brazil - 0.4%
Banco Bradesco SA	325,392		1,231,839
Braskem SA, A Shares	13,900		54,017
Centrais Eletricas Brasileiras SA, B Shares	18,500		121,195
Cia Energetica de Minas Gerais	87,060		167,335
Cia Paranaense de Energia, B Shares	7,500		84,576
Gerdau SA	80,000		278,762
Itau Unibanco Holding SA	355,100		1,526,441
Itausa SA	323,060		556,075
Lojas Americanas SA	55,200		325,144
Petroleo Brasileiro SA	349,500		1,396,469
Telefonica Brasil SA	32,800		286,420
			6,028,273
Chile - 0.0%
Embotelladora Andina SA, B Shares	62,450		133,014
Sociedad Quimica y Minera de Chile SA, B Shares	20,088		627,916
			760,930
Colombia - 0.0%
Bancolombia SA	50,781		362,702
Germany - 0.6%
Bayerische Motoren Werke AG	6,666		375,872
FUCHS PETROLUB SE	8,153		385,647
Henkel AG & Company KGaA	20,979		2,144,857
Porsche Automobil Holding SE (A)	18,054		1,110,260
Sartorius AG	4,185		1,776,569
Volkswagen AG	21,859		3,656,172
			9,449,377
South Korea - 0.2%
Amorepacific Corp.	690		34,600
Hyundai Motor Company	1,771		128,868
Hyundai Motor Company, 2nd Preferred	2,743		203,153
LG Chem, Ltd.	579		182,556
LG Household & Health Care, Ltd.	157		92,511
Samsung Electronics Company, Ltd.	61,962		2,475,167
			3,116,855
TOTAL PREFERRED SECURITIES (Cost $19,937,858)		$	19,718,137
EXCHANGE-TRADED FUNDS - 4.6%
iShares MSCI India ETF (B)	1,149,700		38,365,489
KraneShares Bosera MSCI China A ETF (B)	450,000		18,382,500
VanEck Vectors Russia ETF	780,230		17,695,616
Xtrackers Harvest CSI 300 China A-Shares ETF (B)	133,802		4,728,563
TOTAL EXCHANGE-TRADED FUNDS (Cost $65,727,364)		$	79,172,168

 

The accompanying notes are an integral part of the financial statements. 47

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Strategic Equity Allocation Fund (continued)

		Shares or Principal Amount	Value
RIGHTS - 0.0%
Gulf Energy Development PCL (Expiration Date: 9-21-20; Strike Price: THB 30.00) (A)		19,230	$	927
Tabcorp Holdings, Ltd. (Expiration Date: 9-11-20; Strike Price: AUD 3.25) (A)		21,314		5,816
TOTAL RIGHTS (Cost $0)			$	6,743
WARRANTS - 0.0%
BTS Group Holdings PCL (Expiration Date: 2-16-21; Strike Price: THB 14.00) (A)		33,620		961
BTS Group Holdings PCL (Expiration Date: 2-16-21; Strike Price: THB 14.00) (A)		1,820		52
Minor International PCL (Expiration Date: 10-1-21; Strike Price: THB 48.00) (A)		1,000		23
Minor International PCL (Expiration Date: 7-31-23; Strike Price: THB 21.60) (A)		12,759		4,038
TOTAL WARRANTS (Cost $0)			$	5,074
SHORT-TERM INVESTMENTS - 4.9%
U.S. Government Agency - 0.4%
Federal Home Loan Bank Discount Note
0.030%, 09/01/2020 *	$	1,000,000	$	1,000,000
0.070%, 09/18/2020 *		1,300,000		1,299,957
0.090%, 11/09/2020 *		1,200,000		1,199,770
0.105%, 11/16/2020 *		1,000,000		999,789
0.145%, 09/16/2020 *		1,000,000		999,971
0.155%, 09/08/2020 *		1,200,000		1,199,984
				6,699,471

International Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
SHORT-TERM INVESTMENTS (continued)
Short-term funds - 4.5%
John Hancock Collateral Trust, 0.2611% (E)(F)	7,776,888	$	77,852,096
TOTAL SHORT-TERM INVESTMENTS (Cost $84,501,466)		$	84,551,567
Total Investments (International Strategic Equity Allocation Fund) (Cost $1,653,586,052) - 103.7%		$	1,777,378,622
Other assets and liabilities, net - (3.7%)			(63,137,421)
TOTAL NET ASSETS - 100.0%		$	1,714,241,201

Currency Abbreviations
AUD	Australian Dollar
THB	Thai Bhat
Security Abbreviations and Legend
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E)	The rate shown is the annualized seven-day yield as of 8-31-20.
(F)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
Canadian Dollar Currency Futures	9	Long	Sep 2020	$662,757	$690,165	$27,408
Mini MSCI EAFE Index Futures	136	Long	Sep 2020	12,040,430	12,908,440	868,010
Mini MSCI Emerging Markets Index Futures	106	Long	Sep 2020	5,178,902	5,825,230	646,328
S&P/TSX 60 Index Futures	4	Long	Sep 2020	552,217	603,642	51,425
						$1,593,171

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

See Notes to financial statements regarding investment transactions and other derivatives information.

International Value Fund

	Shares or Principal Amount	Value
COMMON STOCKS - 96.4%
Australia - 0.5%
Orica, Ltd.	93,968	$	1,201,346
Bermuda - 1.3%
Everest Re Group, Ltd.	12,767		2,809,761
Canada - 3.9%
Barrick Gold Corp.	56,432		1,671,739
Kinross Gold Corp. (A)	410,419		3,644,521

International Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Canada (continued)
Yamana Gold, Inc.	549,680	$	3,408,016
			8,724,276
China - 1.6%
Alibaba Group Holding, Ltd. (A)	63,100		2,271,275
Topsports International Holdings, Ltd. (B)	1,109,000		1,369,522
			3,640,797

 

The accompanying notes are an integral part of the financial statements. 48

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Denmark - 1.2%
Novo Nordisk A/S, B Shares	41,441	$	2,739,805
Finland - 1.7%
Sampo OYJ, A Shares	95,524		3,848,043
France - 14.3%
AXA SA	155,469		3,172,190
BNP Paribas SA (A)	89,586		3,903,089
Capgemini SE	30,581		4,242,134
Danone SA	15,193		999,036
Eiffage SA (A)	36,444		3,351,524
Imerys SA	18,612		757,757
Peugeot SA (A)	142,834		2,462,535
Rexel SA (A)	110,903		1,481,768
Sanofi	41,453		4,198,708
TOTAL SE	114,977		4,561,360
Vinci SA	28,126		2,635,150
			31,765,251
Germany - 6.5%
Allianz SE	20,058		4,352,326
Bayer AG	42,707		2,840,520
Brenntag AG	21,522		1,348,487
Deutsche Telekom AG	124,169		2,188,725
Rheinmetall AG	11,386		1,055,528
Siemens AG	18,608		2,578,420
			14,364,006
Greece - 0.8%
Hellenic Telecommunications Organization SA	101,892		1,662,653
Hong Kong - 1.6%
China Overseas Land & Investment, Ltd.	407,000		1,177,244
CK Asset Holdings, Ltd.	183,000		993,268
WH Group, Ltd. (B)	1,514,000		1,304,925
			3,475,437
Hungary - 0.9%
OTP Bank NYRT (A)	57,305		1,929,940
India - 0.6%
HDFC Bank, Ltd., ADR (A)	25,758		1,277,597
Indonesia - 0.8%
Bank Rakyat Indonesia Persero Tbk PT	7,221,700		1,739,795
Ireland - 1.0%
CRH PLC	56,323		2,101,929
Italy - 1.8%
Enel SpA	236,984		2,145,928
Leonardo SpA	272,819		1,845,757
			3,991,685
Japan - 20.4%
Fuji Corp.	92,200		1,655,421
Fuji Electric Company, Ltd.	33,800		1,054,481
Hitachi, Ltd.	146,300		4,867,180
Kamigumi Company, Ltd.	37,400		771,843
KDDI Corp.	146,000		4,243,908
Kinden Corp.	66,700		1,100,270
Koito Manufacturing Company, Ltd.	32,100		1,551,309
Kurita Water Industries, Ltd.	30,800		964,620
Kyudenko Corp.	33,800		965,630
NEC Corp.	41,700		2,201,809
Nintendo Company, Ltd.	3,100		1,668,755
Nippon Telegraph & Telephone Corp.	68,000		1,547,382
Persol Holdings Company, Ltd.	54,400		846,274
Rengo Company, Ltd.	128,800		950,459
Sankyu, Inc.	22,200		926,120
Sanwa Holdings Corp.	223,400		2,245,015
SoftBank Group Corp.	15,200		940,216

International Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Japan (continued)
Sony Corp.	63,300	$	4,956,669
Sumitomo Mitsui Financial Group, Inc.	74,100		2,178,924
Taiheiyo Cement Corp.	48,500		1,229,689
Taisei Corp.	47,300		1,632,600
Taiyo Yuden Company, Ltd.	69,700		1,875,184
Tokyo Electron, Ltd.	6,300		1,616,002
TS Tech Company, Ltd.	39,500		1,155,452
Zenkoku Hosho Company, Ltd.	58,500		2,069,982
			45,215,194
Macau - 0.7%
Wynn Macau, Ltd.	771,600		1,448,368
Netherlands - 5.8%
Aalberts NV	39,716		1,494,814
ING Groep NV	409,290		3,340,641
Koninklijke Ahold Delhaize NV	57,962		1,743,828
Koninklijke KPN NV	528,599		1,387,141
NN Group NV	49,094		1,845,555
NXP Semiconductors NV	11,624		1,461,834
Royal Dutch Shell PLC, A Shares	110,884		1,632,181
			12,905,994
Norway - 1.0%
DNB ASA	82,059		1,314,514
Yara International ASA	20,676		866,249
			2,180,763
Singapore - 0.5%
DBS Group Holdings, Ltd.	73,600		1,127,918
South Korea - 5.0%
GS Retail Company, Ltd.	33,715		933,788
Hana Financial Group, Inc.	86,504		2,047,309
KB Financial Group, Inc.	66,108		2,051,042
KT Corp., ADR	209,718		2,063,625
Samsung Electronics Company, Ltd.	86,889		3,945,295
			11,041,059
Spain - 0.9%
Amadeus IT Group SA	12,146		682,326
Applus Services SA (A)	153,611		1,267,990
			1,950,316
Sweden - 0.9%
Husqvarna AB, B Shares	102,641		1,117,593
Loomis AB (A)	37,265		935,739
			2,053,332
Switzerland - 8.4%
Glencore PLC (A)	699,185		1,719,182
Novartis AG	73,306		6,318,027
Roche Holding AG	13,811		4,831,351
STMicroelectronics NV	74,607		2,256,486
UBS Group AG	288,720		3,512,383
			18,637,429
Taiwan - 0.5%
Simplo Technology Company, Ltd.	93,000		1,060,350
United Kingdom - 12.9%
BAE Systems PLC	412,917		2,866,514
BP PLC	570,704		1,991,069
Coca-Cola European Partners PLC	52,904		2,177,529
Direct Line Insurance Group PLC	487,734		1,927,537
GlaxoSmithKline PLC	75,183		1,468,581
Howden Joinery Group PLC	156,279		1,167,431
Imperial Brands PLC	130,463		2,176,739
Inchcape PLC	237,399		1,599,235
Nomad Foods, Ltd. (A)(C)	137,837		3,399,060
Persimmon PLC	72,990		2,536,285
Redrow PLC	252,468		1,528,037

 

The accompanying notes are an integral part of the financial statements. 49

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

International Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
United Kingdom (continued)
Smith & Nephew PLC	39,974	$	806,704
Tesco PLC	1,083,430		3,163,890
Unilever PLC	26,867		1,588,435
WH Smith PLC	13,312		209,626
			28,606,672
United States - 0.9%
Applied Materials, Inc.	30,491		1,878,244
TOTAL COMMON STOCKS (Cost $203,423,446)		$	213,377,960
SHORT-TERM INVESTMENTS - 2.7%
Short-term funds - 2.7%
Fidelity Institutional Money Market Government Portfolio, Institutional Class, 0.0100% (D)	5,910,494		5,910,494
John Hancock Collateral Trust, 0.2611% (D)(E)	13,872		138,869
TOTAL SHORT-TERM INVESTMENTS (Cost $6,049,367)		$	6,049,363
Total Investments (International Value Fund) (Cost $209,472,813) - 99.1%		$	219,427,323
Other assets and liabilities, net - 0.9%			1,987,910
TOTAL NET ASSETS - 100.0%		$	221,415,233

Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Non-income producing security.
(B)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Mid Cap Stock Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 92.1%
Communication services – 7.5%
Entertainment – 4.5%
Live Nation Entertainment, Inc. (A)(B)	72,238	$	4,103,118
Roku, Inc. (A)	138,595		24,043,461
Spotify Technology SA (A)	195,200		55,077,632
			83,224,211
Interactive media and services – 3.0%
Match Group, Inc. (A)	280,461		31,321,884
Snap, Inc., Class A (A)	1,068,514		24,137,731
			55,459,615
			138,683,826
Consumer discretionary – 20.0%
Automobiles – 1.1%
Thor Industries, Inc.	218,267		20,610,953
Diversified consumer services – 2.0%
Chegg, Inc. (A)	490,125		36,141,818
Hotels, restaurants and leisure – 5.9%
Aramark	1,053,785		29,042,315
DraftKings, Inc. (A)(C)	714,317		24,729,096
DraftKings, Inc., Class A (A)	308,347		10,903,150
Planet Fitness, Inc., Class A (A)	340,092		20,674,193

Mid Cap Stock Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hotels, restaurants and leisure (continued)
Vail Resorts, Inc.	106,266	$	23,130,920
			108,479,674
Household durables – 1.6%
Lennar Corp., A Shares	389,579		29,148,301
Leisure products – 3.5%
Peloton Interactive, Inc., Class A (A)	506,722		38,850,376
Polaris, Inc.	243,343		24,587,377
			63,437,753
Specialty retail – 5.9%
Burlington Stores, Inc. (A)	260,697		51,339,060
Five Below, Inc. (A)	261,971		28,672,726
Floor & Decor Holdings, Inc., Class A (A)	382,583		28,020,379
JAND, Inc., Class A (A)(C)(D)	57,523		1,411,074
			109,443,239
			367,261,738
Consumer staples – 4.3%
Beverages – 4.3%
Monster Beverage Corp. (A)(B)	564,942		47,376,036
The Boston Beer Company, Inc., Class A (A)(B)	36,680		32,351,026
			79,727,062
Financials – 3.7%
Capital markets – 3.7%
BowX Acquisition Corp. (A)	1,762,700		17,662,254
Churchill Capital Corp. III, Class A (A)(B)	1,511,249		17,409,588
Churchill Capital Corp. IV (A)	1,739,922		17,294,825
The Blackstone Group, Inc., Class A	301,827		15,981,740
			68,348,407
Health care – 22.9%
Biotechnology – 5.5%
Apellis Pharmaceuticals, Inc. (A)	193,171		5,955,462
Argenx SE, ADR (A)(B)	51,367		11,879,646
Ascendis Pharma A/S, ADR (A)	49,569		7,345,134
Exact Sciences Corp. (A)	466,535		35,125,420
Galapagos NV (A)	159,158		21,368,204
Galapagos NV, ADR (A)(B)	9,593		1,277,404
Kodiak Sciences, Inc. (A)(B)	65,055		3,421,242
Seattle Genetics, Inc. (A)	94,422		14,950,779
			101,323,291
Health care equipment and supplies – 13.6%
ABIOMED, Inc. (A)	148,885		45,800,004
Align Technology, Inc. (A)	173,625		51,563,153
DexCom, Inc. (A)	64,113		27,274,311
Insulet Corp. (A)	229,417		50,070,260
Novocure, Ltd. (A)	234,722		19,423,246
Tandem Diabetes Care, Inc. (A)	500,941		56,466,070
			250,597,044
Health care technology – 1.5%
Veeva Systems, Inc., Class A (A)	98,443		27,787,506
Life sciences tools and services – 1.0%
Agilent Technologies, Inc.	185,042		18,581,918
Pharmaceuticals – 1.3%
Elanco Animal Health, Inc. (A)	643,788		18,708,479
Reata Pharmaceuticals, Inc., Class A (A)	38,927		4,085,389
			22,793,868
			421,083,627
Industrials – 7.9%
Building products – 2.1%
Trane Technologies PLC (B)	334,701		39,625,251

 

The accompanying notes are an integral part of the financial statements. 50

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Mid Cap Stock Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Commercial services and supplies – 1.5%
Copart, Inc. (A)	268,052	$	27,695,133
Machinery – 0.9%
Fortive Corp.	220,357		15,889,943
Professional services – 3.4%
CoStar Group, Inc. (A)	73,463		62,340,702
			145,551,029
Information technology – 25.8%
IT services – 7.4%
GoDaddy, Inc., Class A (A)	555,410		46,476,709
Leidos Holdings, Inc.	204,397		18,495,885
Square, Inc., Class A (A)	447,252		71,363,529
			136,336,123
Semiconductors and semiconductor equipment – 4.2%
Advanced Micro Devices, Inc. (A)	513,414		46,628,259
Marvell Technology Group, Ltd.	793,726		30,780,694
			77,408,953
Software – 14.2%
2U, Inc. (A)(B)	464,502		19,225,738
Fair Isaac Corp. (A)	62,437		26,272,865
Guidewire Software, Inc. (A)	427,409		48,002,305
Paycom Software, Inc. (A)	9,756		2,921,532
RingCentral, Inc., Class A (A)	47,647		13,854,318
Slack Technologies, Inc., Class A (A)(B)	415,800		13,654,872
Splunk, Inc. (A)	348,232		76,377,723
Workday, Inc., Class A (A)	256,544		61,496,162
			261,805,515
			475,550,591
TOTAL COMMON STOCKS (Cost $1,077,564,376)		$	1,696,206,280
PREFERRED SECURITIES – 2.4%
Consumer discretionary – 1.2%
Diversified consumer services – 0.3%
The Honest Company, Inc., Series C (A)(C)(D)	142,030		4,904,296
The Honest Company, Inc., Series D (A)(C)(D)	12,795		517,942
			5,422,238
Internet and direct marketing retail – 0.7%
Coupang LLC (A)(C)(D)	1,381,449		13,303,354
One Kings Lane, Inc. (A)(D)	529,764		84,762
			13,388,116
Specialty retail – 0.2%
JAND, Inc., Series D (A)(C)(D)	128,449		3,150,931
			21,961,285
Information technology – 1.0%
Software – 1.0%
Essence Group Holdings Corp. (A)(C)(D)	2,958,957		9,616,610
Lookout, Inc., Series F (A)(C)(D)	392,767		3,110,715
MarkLogic Corp., Series F (A)(C)(D)	580,011		5,724,709
			18,452,034
Real estate – 0.2%
Real estate management and development – 0.2%
The We Company, Inc., Series D1 (A)(C)(D)	184,328		1,454,348
The We Company, Inc., Series D2 (A)(C)(D)	161,782		1,276,460
			2,730,808
TOTAL PREFERRED SECURITIES (Cost $32,776,728)		$	43,144,127

Mid Cap Stock Fund (continued)

		Shares or Principal Amount	Value
EXCHANGE-TRADED FUNDS – 3.3%
iShares Russell Mid-Cap Growth ETF (B)		349,229	$	61,310,643
TOTAL EXCHANGE-TRADED FUNDS (Cost $42,604,394)			$	61,310,643
SHORT-TERM INVESTMENTS – 3.9%
Short-term funds – 2.1%
John Hancock Collateral Trust, 0.2611% (E)(F)		3,851,954		38,560,759
Repurchase agreement – 1.8%
Societe Generale SA Tri-Party Repurchase Agreement dated 8-31-20 at 0.070% to be repurchased at $33,300,065 on 9-1-20, collateralized by $1,674,118 Federal National Mortgage Association, 4.000% - 4.500% due 5-1-47 to 2-1-57 (valued at $1,889,636), $17,195,700 U.S. Treasury Bonds, 2.875% due 11-15-46 (valued at $22,598,426) and $9,238,500 U.S. Treasury Notes, 1.875% due 1-31-22 (valued at $9,477,939)	$	33,300,000		33,300,000
TOTAL SHORT-TERM INVESTMENTS (Cost $71,806,409)			$	71,860,759
Total Investments (Mid Cap Stock Fund) (Cost $1,224,751,907) – 101.7%			$	1,872,521,809
Other assets and liabilities, net – (1.7%)				(31,565,643)
TOTAL NET ASSETS – 100.0%			$	1,840,956,166

Security Abbreviations and Legend
ADR	American Depositary Receipt
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(C)	Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(D)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E)	The rate shown is the annualized seven-day yield as of 8-31-20.
(F)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Mid Value Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 98.4%
Communication services – 5.6%
Entertainment – 0.1%
Madison Square Garden Sports Corp. (A)	10,200	$	1,672,800
Media – 5.1%
AMC Networks, Inc., Class A (A)(B)	109,821		2,667,552
DISH Network Corp., Class A (A)	195,619		6,948,387
Fox Corp., Class A	123,630		3,444,332
News Corp., Class A	2,103,395		31,803,332
Scholastic Corp. (B)	212,340		4,777,650
ViacomCBS, Inc., Class B	637,967		17,767,381
			67,408,634
Wireless telecommunication services – 0.4%
Telephone & Data Systems, Inc.	210,425		4,867,130
			73,948,564
Consumer discretionary – 2.7%
Diversified consumer services – 0.8%
Strategic Education, Inc.	106,426		10,916,115

 

The accompanying notes are an integral part of the financial statements. 51

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Mid Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hotels, restaurants and leisure – 0.4%
Compass Group PLC	370,380	$	5,993,471
Household durables – 0.2%
Mohawk Industries, Inc. (A)	22,900		2,114,357
Multiline retail – 0.3%
Nordstrom, Inc. (B)	252,029		4,032,464
Specialty retail – 0.2%
Tiffany & Company	19,945		2,443,263
Textiles, apparel and luxury goods – 0.8%
Ralph Lauren Corp.	153,913		10,593,832
			36,093,502
Consumer staples – 8.7%
Beverages – 0.7%
Carlsberg A/S, Class B	61,145		8,595,236
Food and staples retailing – 1.7%
Sysco Corp.	313,412		18,848,598
The Kroger Company	116,317		4,150,191
			22,998,789
Food products – 6.3%
Archer-Daniels-Midland Company	92,007		4,118,233
Bunge, Ltd.	752,876		34,346,203
Campbell Soup Company	75,492		3,971,634
Flowers Foods, Inc.	1,226,827		30,008,188
The Kraft Heinz Company (B)	301,141		10,551,981
Tootsie Roll Industries, Inc.	21,300		681,387
			83,677,626
			115,271,651
Energy – 12.5%
Energy equipment and services – 1.8%
Frank's International NV (A)	1,811,375		4,184,276
National Oilwell Varco, Inc.	419,900		5,038,800
Schlumberger NV	390,088		7,415,573
SEACOR Holdings, Inc. (A)	107,248		3,390,109
SEACOR Marine Holdings, Inc. (A)(B)	195,011		522,629
Tidewater, Inc. (A)(B)	489,217		3,360,921
			23,912,308
Oil, gas and consumable fuels – 10.7%
Apache Corp.	187,927		2,781,320
Cameco Corp.	1,453,017		16,811,407
Canadian Natural Resources, Ltd.	824,320		16,214,374
EQT Corp.	2,144,545		34,033,929
Equinor ASA	333,553		5,397,458
Equitrans Midstream Corp.	1,005,507		10,336,612
Hess Corp.	245,306		11,293,888
Imperial Oil, Ltd. (B)	1,626,845		26,729,063
NAC Kazatomprom JSC, GDR	335,343		5,134,370
NAC Kazatomprom JSC, GDR	21,217		324,849
Ovintiv, Inc. (B)	906,199		10,040,685
Peabody Energy Corp.	673,732		1,758,441
			140,856,396
			164,768,704
Financials – 16.6%
Banks – 2.6%
Fifth Third Bancorp	880,856		18,198,485
Popular, Inc.	52,741		1,953,527
Westamerica Bancorporation	235,303		14,320,541
			34,472,553
Capital markets – 5.5%
Lazard, Ltd., Class A	587,116		18,593,964
Northern Trust Corp.	232,913		19,073,246
State Street Corp.	451,403		30,736,030

Mid Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Capital markets (continued)
TD Ameritrade Holding Corp.	114,373	$	4,389,636
			72,792,876
Consumer finance – 0.6%
Ally Financial, Inc. (B)	340,175		7,783,204
Diversified financial services – 1.1%
Groupe Bruxelles Lambert SA	162,861		15,027,842
Insurance – 6.2%
Brighthouse Financial, Inc. (A)	305,435		9,273,007
Brown & Brown, Inc.	371,009		17,214,818
CNA Financial Corp.	402,546		12,949,905
Kemper Corp. (B)	139,125		10,804,448
Loews Corp.	581,139		20,839,645
Marsh & McLennan Companies, Inc.	87,952		10,106,564
			81,188,387
Thrifts and mortgage finance – 0.6%
Capitol Federal Financial, Inc.	840,394		7,849,280
			219,114,142
Health care – 16.5%
Biotechnology – 1.7%
Alkermes PLC (A)	495,716		8,199,143
BioMarin Pharmaceutical, Inc. (A)	65,100		5,079,753
Incyte Corp. (A)	73,197		7,052,531
Ionis Pharmaceuticals, Inc. (A)	33,100		1,803,950
			22,135,377
Health care equipment and supplies – 5.5%
Alcon, Inc. (A)	24,039		1,367,745
Baxter International, Inc.	159,858		13,918,836
Dentsply Sirona, Inc.	408,172		18,314,678
Hologic, Inc. (A)	323,765		19,335,246
Zimmer Biomet Holdings, Inc.	145,421		20,486,910
			73,423,415
Health care providers and services – 7.3%
Cardinal Health, Inc.	584,031		29,645,414
Covetrus, Inc. (A)	500,213		11,459,880
Patterson Companies, Inc.	1,010,908		29,326,441
Select Medical Holdings Corp. (A)	1,287,499		25,840,105
			96,271,840
Pharmaceuticals – 2.0%
Jazz Pharmaceuticals PLC (A)	33,717		4,531,228
Perrigo Company PLC	362,028		18,934,064
Royalty Pharma PLC, Class A (A)	76,108		3,149,349
			26,614,641
			218,445,273
Industrials – 9.6%
Aerospace and defense – 1.8%
Textron, Inc.	609,000		24,012,870
Air freight and logistics – 1.9%
CH Robinson Worldwide, Inc.	206,212		20,270,640
Expeditors International of Washington, Inc.	57,743		5,103,904
			25,374,544
Airlines – 0.9%
Southwest Airlines Company	312,163		11,731,086
Commercial services and supplies – 0.6%
Cintas Corp.	24,729		8,240,692
Machinery – 3.1%
AGCO Corp.	162,688		11,567,117
CNH Industrial NV (A)(B)	594,247		4,707,392
PACCAR, Inc.	184,435		15,831,900

 

The accompanying notes are an integral part of the financial statements. 52

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Mid Value Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Machinery (continued)
Xylem, Inc.	108,990	$	8,738,818
			40,845,227
Road and rail – 1.3%
JB Hunt Transport Services, Inc.	82,674		11,619,004
Kansas City Southern	8,995		1,637,450
Ryder System, Inc.	92,443		3,780,919
			17,037,373
			127,241,792
Information technology – 2.8%
Electronic equipment, instruments and components – 0.9%
National Instruments Corp.	351,471		12,614,294
IT services – 0.5%
Cognizant Technology Solutions Corp., Class A	102,824		6,874,813
Semiconductors and semiconductor equipment – 1.4%
Applied Materials, Inc.	293,239		18,063,522
			37,552,629
Materials – 11.5%
Chemicals – 2.3%
Corteva, Inc.	500,807		14,298,040
PPG Industries, Inc.	43,497		5,237,039
Westlake Chemical Corp.	184,938		10,970,522
			30,505,601
Construction materials – 1.0%
Summit Materials, Inc., Class A (A)	324,022		4,824,688
Vulcan Materials Company	68,790		8,254,800
			13,079,488
Metals and mining – 8.2%
Barrick Gold Corp.	536,716		15,913,629
Cia de Minas Buenaventura SAA, ADR (B)	1,087,800		15,316,224
Franco-Nevada Corp.	164,238		24,700,861
Freeport-McMoRan, Inc.	1,249,070		19,497,983
Fresnillo PLC	1,503,541		25,529,780
Gold Fields, Ltd., ADR (B)	550,422		7,171,999
			108,130,476
			151,715,565
Real estate – 7.2%
Equity real estate investment trusts – 6.8%
Equity Commonwealth	264,278		8,295,686
Equity Residential	156,089		8,811,224
Federal Realty Investment Trust	27,642		2,190,352
Rayonier, Inc.	791,297		23,169,176
Regency Centers Corp.	230,351		9,147,238
Weyerhaeuser Company	1,253,139		37,982,638
			89,596,314
Real estate management and development – 0.4%
The St. Joe Company (A)(B)	249,596		5,793,123
			95,389,437
Utilities – 4.7%
Electric utilities – 3.1%
FirstEnergy Corp.	697,504		19,941,639
PG&E Corp. (A)	2,232,506		20,673,006
			40,614,645
Gas utilities – 0.7%
National Fuel Gas Company	200,829		9,165,836

Mid Value Fund (continued)

		Shares or Principal Amount	Value
COMMON STOCKS (continued)
Multi-utilities – 0.9%
CenterPoint Energy, Inc.		603,719	$	12,116,640
				61,897,121
TOTAL COMMON STOCKS (Cost $1,104,179,612)			$	1,301,438,380
PREFERRED SECURITIES – 0.3%
Consumer staples – 0.3%
Food products – 0.3%
Bunge, Ltd., 4.875%		34,849		3,310,655
TOTAL PREFERRED SECURITIES (Cost $3,872,698)			$	3,310,655
CORPORATE BONDS - 0.2%
Energy - 0.2%
Weatherford International, Ltd. 11.000%, 12/01/2024 (C)	$	4,371,000		2,928,570
TOTAL CORPORATE BONDS (Cost $3,115,858)			$	2,928,570
SHORT-TERM INVESTMENTS – 3.9%
Short-term funds – 3.9%
John Hancock Collateral Trust, 0.2611% (D)(E)		3,770,767		37,748,016
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)		2,000,000		2,000,000
T. Rowe Price Government Reserve Fund, 0.1398% (D)		11,740,938		11,740,938
TOTAL SHORT-TERM INVESTMENTS (Cost $51,460,352)			$	51,488,954
Total Investments (Mid Value Fund) (Cost $1,162,628,520) – 102.8%			$	1,359,166,559
Other assets and liabilities, net – (2.8%)				(37,158,896)
TOTAL NET ASSETS – 100.0%			$	1,322,007,663

Security Abbreviations and Legend
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(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)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Multi-Index Lifestyle Aggressive Portfolio

	Shares or Principal Amount	Value
AFFILIATED INVESTMENT COMPANIES (A) - 67.1%
Equity - 67.1%
Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B)	20,999,475	$	259,553,516
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $251,759,476)		$	259,553,516
UNAFFILIATED INVESTMENT COMPANIES - 32.9%
Exchange-traded funds - 32.9%
Financial Select Sector SPDR Fund	223,189		5,593,116
iShares Global Infrastructure ETF (C)	22,607		898,402
iShares MSCI Global Min Vol Factor ETF	154,895		14,414,529
Schwab U.S. Large-Cap Growth ETF	48,117		5,779,333
Vanguard Dividend Appreciation ETF	83,426		10,894,601

 

The accompanying notes are an integral part of the financial statements. 53

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Multi-Index Lifestyle Aggressive Portfolio (continued)

	Shares or Principal Amount	Value
UNAFFILIATED INVESTMENT COMPANIES (continued)
Exchange-traded funds (continued)
Vanguard Energy ETF	63,806	$	3,055,669
Vanguard FTSE All World ex-US Small-Cap ETF	35,845		3,858,714
Vanguard FTSE Developed Markets ETF	7,662		320,808
Vanguard FTSE Emerging Markets ETF	325,298		14,374,918
Vanguard Global ex-U.S. Real Estate ETF	17,968		893,010
Vanguard Health Care ETF	32,133		6,666,634
Vanguard Information Technology ETF	17,383		5,704,231
Vanguard Materials ETF	14,489		1,952,972
Vanguard Mid-Cap ETF	159,993		28,773,141
Vanguard Real Estate ETF (C)	31,678		2,589,677
Vanguard S&P 500 ETF	6,131		1,968,174
Vanguard Small-Cap ETF	122,284		19,377,123
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $108,613,866)		$	127,115,052
SHORT-TERM INVESTMENTS - 0.7%
Short-term funds - 0.7%
John Hancock Collateral Trust, 0.2611% (D)(E)	264,601		2,648,837
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	89,787		89,787
TOTAL SHORT-TERM INVESTMENTS (Cost $2,738,681)		$	2,738,624
Total Investments (Multi-Index Lifestyle Aggressive Portfolio) (Cost $363,112,023) - 100.7%		$	389,407,192
Other assets and liabilities, net - (0.7%)			(2,689,153)
TOTAL NET ASSETS - 100.0%		$	386,718,039

Security Abbreviations and Legend
JHF II	John Hancock Funds II
MIM US	Manulife Investment Management (US) LLC
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The subadvisor is an affiliate of the advisor.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Multi-Index Lifestyle Balanced Portfolio

	Shares or Principal Amount	Value
AFFILIATED INVESTMENT COMPANIES (A) - 38.8%
Equity - 38.8%
Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B)	29,477,187	$	364,338,030
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $343,050,888)		$	364,338,030
UNAFFILIATED INVESTMENT COMPANIES - 61.2%
Exchange-traded funds - 58.4%
Financial Select Sector SPDR Fund	348,425		8,731,531
Invesco Senior Loan ETF (C)	1,120,040		24,495,275
iShares Global Infrastructure ETF (C)	40,652		1,615,510
iShares JP Morgan USD Emerging Markets Bond ETF	405,819		46,092,922
iShares MSCI Global Min Vol Factor ETF	495,249		46,087,872
iShares Preferred & Income Securities ETF	192,340		7,058,878
Schwab U.S. Large-Cap Growth ETF	59,692		7,169,606
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (C)	302,750		9,536,625
Vanguard Dividend Appreciation ETF	241,037		31,477,022

Multi-Index Lifestyle Balanced Portfolio (continued)

	Shares or Principal Amount	Value
UNAFFILIATED INVESTMENT COMPANIES (continued)
Exchange-traded funds (continued)
Vanguard Energy ETF	113,682	$	5,444,231
Vanguard FTSE All World ex-US Small-Cap ETF	21,057		2,266,786
Vanguard FTSE Developed Markets ETF	35,147		1,471,605
Vanguard FTSE Emerging Markets ETF	271,776		12,009,781
Vanguard Global ex-U.S. Real Estate ETF	33,311		1,655,557
Vanguard Health Care ETF (C)	56,074		11,633,673
Vanguard Information Technology ETF (C)	27,199		8,925,352
Vanguard Intermediate-Term Corporate Bond ETF	1,008,709		97,229,459
Vanguard Materials ETF	25,299		3,410,052
Vanguard Mid-Cap ETF	211,065		37,957,930
Vanguard Real Estate ETF (C)	56,691		4,634,489
Vanguard S&P 500 ETF	14,682		4,713,216
Vanguard Short-Term Bond ETF	57,809		4,807,396
Vanguard Short-Term Corporate Bond ETF	157,812		13,112,599
Vanguard Small-Cap ETF	165,180		26,174,423
Vanguard Total Bond Market ETF	734,161		64,943,882
Xtrackers USD High Yield Corporate Bond ETF	1,338,413		65,261,018
			547,916,690
Fixed income - 2.8%
Fidelity Inflation Protected Bond Index Fund	2,389,040		26,327,224
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $526,202,210)		$	574,243,914
SHORT-TERM INVESTMENTS - 4.1%
Short-term funds - 4.1%
John Hancock Collateral Trust, 0.2611% (D)(E)	3,817,957		38,220,426
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	1,053		1,053
TOTAL SHORT-TERM INVESTMENTS (Cost $38,215,278)		$	38,221,479
Total Investments (Multi-Index Lifestyle Balanced Portfolio) (Cost $907,468,376) - 104.1%		$	976,803,423
Other assets and liabilities, net - (4.1%)			(38,877,838)
TOTAL NET ASSETS - 100.0%		$	937,925,585

Security Abbreviations and Legend
JHF II	John Hancock Funds II
MIM US	Manulife Investment Management (US) LLC
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The subadvisor is an affiliate of the advisor.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Multi-Index Lifestyle Conservative Portfolio

	Shares or Principal Amount	Value
AFFILIATED INVESTMENT COMPANIES (A) - 10.8%
Equity - 10.8%
Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B)	1,754,830	$	21,689,704
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $18,561,667)		$	21,689,704
UNAFFILIATED INVESTMENT COMPANIES - 88.9%
Exchange-traded funds - 82.8%
Invesco Senior Loan ETF (C)	451,667		9,877,957
iShares Global Infrastructure ETF	5,389		214,159

 

The accompanying notes are an integral part of the financial statements. 54

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Multi-Index Lifestyle Conservative Portfolio (continued)

	Shares or Principal Amount	Value
UNAFFILIATED INVESTMENT COMPANIES (continued)
Exchange-traded funds (continued)
iShares JP Morgan USD Emerging Markets Bond ETF	118,102	$	13,414,025
iShares MSCI Global Min Vol Factor ETF	63,980		5,953,979
iShares Preferred & Income Securities ETF	81,637		2,996,078
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	83,144		2,619,036
Vanguard Dividend Appreciation ETF	32,831		4,287,400
Vanguard Energy ETF	17,412		833,861
Vanguard FTSE Developed Markets ETF	61,565		2,577,727
Vanguard FTSE Emerging Markets ETF	4,093		180,870
Vanguard Global ex-U.S. Real Estate ETF	4,565		226,881
Vanguard Intermediate-Term Corporate Bond ETF	516,569		49,792,085
Vanguard Materials ETF	3,539		477,022
Vanguard Mid-Cap ETF	10,075		1,811,888
Vanguard Real Estate ETF	7,970		651,548
Vanguard S&P 500 ETF	2,212		710,096
Vanguard Short-Term Bond ETF	27,609		2,295,964
Vanguard Short-Term Corporate Bond ETF	86,391		7,178,228
Vanguard Small-Cap ETF	9,384		1,486,989
Vanguard Total Bond Market ETF	420,146		37,166,115
Xtrackers USD High Yield Corporate Bond ETF	440,962		21,501,307
			166,253,215
Fixed income - 6.1%
Fidelity Inflation Protected Bond Index Fund	1,111,085		12,244,153
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $168,519,576)		$	178,497,368
SHORT-TERM INVESTMENTS - 5.0%
Short-term funds - 5.0%
John Hancock Collateral Trust, 0.2611% (D)(E)	955,380		9,564,027
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	437,836		437,836
TOTAL SHORT-TERM INVESTMENTS (Cost $10,002,158)		$	10,001,863
Total Investments (Multi-Index Lifestyle Conservative Portfolio) (Cost $197,083,401) - 104.7%		$	210,188,935
Other assets and liabilities, net - (4.7%)			(9,513,083)
TOTAL NET ASSETS - 100.0%		$	200,675,852

Security Abbreviations and Legend
JHF II	John Hancock Funds II
MIM US	Manulife Investment Management (US) LLC
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The subadvisor is an affiliate of the advisor.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Multi-Index Lifestyle Growth Portfolio

	Shares or Principal Amount	Value
AFFILIATED INVESTMENT COMPANIES (A) - 53.0%
Equity - 53.0%
Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B)	38,340,876	$	473,893,226
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $458,641,517)		$	473,893,226

Multi-Index Lifestyle Growth Portfolio (continued)

	Shares or Principal Amount	Value
UNAFFILIATED INVESTMENT COMPANIES - 46.9%
Exchange-traded funds - 45.9%
Financial Select Sector SPDR Fund	429,190	$	10,755,501
Invesco Senior Loan ETF (C)	549,898		12,026,269
iShares Global Infrastructure ETF	46,992		1,867,462
iShares JP Morgan USD Emerging Markets Bond ETF	169,152		19,212,284
iShares MSCI Global Min Vol Factor ETF	453,583		42,210,434
Schwab U.S. Large-Cap Growth ETF	76,289		9,163,072
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (C)	108,231		3,409,277
Vanguard Dividend Appreciation ETF	227,184		29,667,959
Vanguard Energy ETF (C)	127,750		6,117,948
Vanguard FTSE All World ex-US Small-Cap ETF	20,064		2,159,890
Vanguard FTSE Developed Markets ETF (C)	183,427		7,680,088
Vanguard FTSE Emerging Markets ETF	549,023		24,261,326
Vanguard Global ex-U.S. Real Estate ETF	38,795		1,928,112
Vanguard Health Care ETF	67,326		13,968,125
Vanguard Information Technology ETF (C)	33,997		11,156,116
Vanguard Intermediate-Term Corporate Bond ETF	482,060		46,465,763
Vanguard Materials ETF	28,818		3,884,378
Vanguard Mid-Cap ETF	288,621		51,905,599
Vanguard Real Estate ETF (C)	65,832		5,381,766
Vanguard S&P 500 ETF	14,189		4,554,953
Vanguard Short-Term Bond ETF	28,694		2,386,193
Vanguard Short-Term Corporate Bond ETF	61,263		5,090,343
Vanguard Small-Cap ETF	216,580		34,319,267
Vanguard Total Bond Market ETF	323,681		28,632,821
Xtrackers USD High Yield Corporate Bond ETF	663,601		32,357,185
			410,562,131
Fixed income - 1.0%
Fidelity Inflation Protected Bond Index Fund	817,193		9,005,464
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $375,220,917)		$	419,567,595
SHORT-TERM INVESTMENTS - 3.4%
Short-term funds - 3.4%
John Hancock Collateral Trust, 0.2611% (D)(E)	2,991,179		29,943,797
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	483,679		483,679
TOTAL SHORT-TERM INVESTMENTS (Cost $30,427,473)		$	30,427,476
Total Investments (Multi-Index Lifestyle Growth Portfolio) (Cost $864,289,907) - 103.3%		$	923,888,297
Other assets and liabilities, net - (3.3%)			(29,298,314)
TOTAL NET ASSETS - 100.0%		$	894,589,983

Security Abbreviations and Legend
JHF II	John Hancock Funds II
MIM US	Manulife Investment Management (US) LLC
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The subadvisor is an affiliate of the advisor.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

 

The accompanying notes are an integral part of the financial statements. 55

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Multi-Index Lifestyle Moderate Portfolio

	Shares or Principal Amount		Value
AFFILIATED INVESTMENT COMPANIES (A) - 25.4%
Equity - 25.4%
Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B)	5,317,759		$	65,727,502
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $59,934,898)			$	65,727,502
UNAFFILIATED INVESTMENT COMPANIES - 74.6%
Exchange-traded funds - 70.4%
Invesco Senior Loan ETF (C)	444,010			9,710,499
iShares Global Infrastructure ETF	9,063			360,164
iShares JP Morgan USD Emerging Markets Bond ETF	137,966			15,670,178
iShares MSCI Global Min Vol Factor ETF	145,506			13,540,788
iShares Preferred & Income Securities ETF	78,899			2,895,593
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	98,074			3,089,331
Vanguard Dividend Appreciation ETF	70,415			9,195,495
Vanguard Energy ETF	25,493			1,220,860
Vanguard FTSE Developed Markets ETF	73,549			3,079,497
Vanguard FTSE Emerging Markets ETF	4,013			177,334
Vanguard Global ex-U.S. Real Estate ETF	7,572			376,328
Vanguard Intermediate-Term Corporate Bond ETF	483,230			46,578,540
Vanguard Materials ETF	5,274			710,882
Vanguard Mid-Cap ETF	31,781			5,715,495
Vanguard Real Estate ETF (C)	12,803	��		1,046,645
Vanguard S&P 500 ETF	4,726			1,517,141
Vanguard Short-Term Bond ETF	17,458			1,451,807
Vanguard Short-Term Corporate Bond ETF	81,345			6,758,956
Vanguard Small-Cap ETF	20,486			3,246,212
Vanguard Total Bond Market ETF	373,015			32,996,907
Xtrackers USD High Yield Corporate Bond ETF	463,555			22,602,942
				181,941,594
Fixed income - 4.2%
Fidelity Inflation Protected Bond Index Fund	970,475			10,694,638
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $180,325,180)			$	192,636,232
SHORT-TERM INVESTMENTS - 3.2%
Short-term funds - 3.2%
John Hancock Collateral Trust, 0.2611% (D)(E)	782,081			7,829,181
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (D)	543,149			543,149
TOTAL SHORT-TERM INVESTMENTS (Cost $8,372,327)			$	8,372,330
Total Investments (Multi-Index Lifestyle Moderate Portfolio) (Cost $248,632,405) - 103.2%			$	266,736,064
Other assets and liabilities, net - (3.2%)				(8,314,868)
TOTAL NET ASSETS - 100.0%			$	258,421,196

Security Abbreviations and Legend
JHF II	John Hancock Funds II
MIM US	Manulife Investment Management (US) LLC
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The subadvisor is an affiliate of the advisor.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Real Estate Securities Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 99.0%
Real estate – 99.0%
Equity real estate investment trusts – 99.0%
Diversified REITs – 2.2%
Essential Properties Realty Trust, Inc.	390,443	$	6,625,818
Health care REITs – 10.2%
Healthcare Trust of America, Inc., Class A	118,168		3,118,454
Medical Properties Trust, Inc.	231,802		4,306,881
Omega Healthcare Investors, Inc.	191,805		5,940,201
Sabra Health Care REIT, Inc.	221,458		3,284,222
Welltower, Inc.	249,167		14,332,086
			30,981,844
Industrial REITs – 16.6%
EastGroup Properties, Inc.	68,176		9,078,316
Prologis, Inc.	330,034		33,617,261
Rexford Industrial Realty, Inc.	164,058		7,871,503
			50,567,080
Office REITs – 7.3%
Alexandria Real Estate Equities, Inc.	86,016		14,483,374
Cousins Properties, Inc.	54,929		1,639,631
Highwoods Properties, Inc.	167,113		6,226,630
			22,349,635
Residential REITs – 19.5%
American Homes 4 Rent, Class A	227,882		6,526,540
Equity LifeStyle Properties, Inc.	135,857		9,005,961
Essex Property Trust, Inc.	36,120		7,820,341
Invitation Homes, Inc.	371,398		10,633,125
Mid-America Apartment Communities, Inc.	90,007		10,541,620
Sun Communities, Inc.	55,798		8,318,366
UDR, Inc.	181,765		6,327,240
			59,173,193
Retail REITs – 12.8%
Agree Realty Corp.	110,533		7,396,868
Kimco Realty Corp.	586,560		7,032,854
NETSTREIT Corp. (A)(B)	114,546		2,100,774
Realty Income Corp.	145,777		9,042,547
Regency Centers Corp.	135,895		5,396,390
Simon Property Group, Inc.	117,884		7,998,429
			38,967,862
Specialized REITs – 30.4%
American Tower Corp.	15,633		3,894,962
CyrusOne, Inc.	83,337		6,961,140
Digital Realty Trust, Inc.	79,387		12,356,587
Equinix, Inc.	37,675		29,754,962
Extra Space Storage, Inc.	120,267		12,814,449
Gaming and Leisure Properties, Inc.	320,231		11,640,397
Life Storage, Inc.	95,285		10,045,898
SBA Communications Corp.	15,995		4,895,590
			92,363,985
			301,029,417
TOTAL COMMON STOCKS (Cost $238,019,536)		$	301,029,417

 

The accompanying notes are an integral part of the financial statements. 56

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Real Estate Securities Fund (continued)

	Shares or Principal Amount	Value
SHORT-TERM INVESTMENTS – 1.1%
Short-term funds – 1.1%
John Hancock Collateral Trust, 0.2611% (C)(D)	107,994	$	1,081,100
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (C)	2,429,902		2,429,902
TOTAL SHORT-TERM INVESTMENTS (Cost $3,511,002)		$	3,511,002
Total Investments (Real Estate Securities Fund) (Cost $241,530,538) – 100.1%		$	304,540,419
Other assets and liabilities, net – (0.1%)			(344,528)
TOTAL NET ASSETS – 100.0%		$	304,195,891

Security Abbreviations and Legend
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(C)	The rate shown is the annualized seven-day yield as of 8-31-20.
(D)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Science & Technology Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 93.9%
Communication services – 17.3%
Entertainment – 1.4%
Activision Blizzard, Inc.	15,155	$	1,265,746
NetEase, Inc., ADR	2,045		996,344
Netflix, Inc. (A)	1,655		876,422
Spotify Technology SA (A)	620		174,939
Take-Two Interactive Software, Inc. (A)	1,075		184,029
Zynga, Inc., Class A (A)(B)	156,670		1,419,430
			4,916,910
Interactive media and services – 15.7%
58.com, Inc., ADR (A)	104,330		5,775,709
Alphabet, Inc., Class C (A)	10,632		17,374,602
Baidu, Inc., ADR (A)	21,248		2,646,863
Facebook, Inc., Class A (A)	78,281		22,951,986
Mail.Ru Group, Ltd., GDR (A)	208,425		6,288,968
NAVER Corp.	4,647		1,258,310
Pinterest, Inc., Class A (A)	6,795		249,988
Tencent Holdings, Ltd.	6,200		423,574
			56,970,000
Media – 0.2%
News Corp., Class A	60,467		914,261
			62,801,171
Consumer discretionary – 18.3%
Automobiles – 0.4%
Tesla, Inc. (A)	3,025		1,507,418
Internet and direct marketing retail – 17.9%
Alibaba Group Holding, Ltd., ADR (A)	17,441		5,006,090
Amazon.com, Inc. (A)	5,604		19,339,180
Booking Holdings, Inc. (A)	5,569		10,639,296
Delivery Hero SE (A)(C)	24,769		2,664,659
Etsy, Inc. (A)	16,612		1,988,456
Expedia Group, Inc.	3,325		326,349
JD.com, Inc., ADR (A)	5,590		439,598
Naspers, Ltd., N Shares	16,159		2,946,347
Tongcheng-Elong Holdings, Ltd. (A)	645,600		1,263,553
Trip.com Group, Ltd., ADR (A)	311,885		9,431,402

Science & Technology Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Internet and direct marketing retail (continued)
Zalando SE (A)(C)	124,436	$	10,901,619
			64,946,549
			66,453,967
Health care – 1.3%
Health care equipment and supplies – 0.9%
Intuitive Surgical, Inc. (A)	4,349		3,178,423
Health care technology – 0.4%
Veeva Systems, Inc., Class A (A)	5,350		1,510,145
			4,688,568
Industrials – 0.2%
Aerospace and defense – 0.2%
The Boeing Company	3,651		627,315
Electrical equipment – 0.0%
Bloom Energy Corp., Class A (A)	11,295		176,880
			804,195
Information technology – 56.8%
Communications equipment – 0.1%
F5 Networks, Inc. (A)	1,095		144,901
Telefonaktiebolaget LM Ericsson, ADR (B)	21,825		254,261
			399,162
Electronic equipment, instruments and components – 1.0%
Amphenol Corp., Class A	5,125		562,725
Cognex Corp.	5,215		360,826
Flex, Ltd. (A)	42,080		456,989
IPG Photonics Corp. (A)	2,760		446,375
Samsung SDI Company, Ltd.	4,918		1,867,344
			3,694,259
IT services – 10.9%
Adyen NV (A)(C)	345		581,550
Akamai Technologies, Inc. (A)	2,100		244,503
Fidelity National Information Services, Inc.	9,482		1,430,360
Fiserv, Inc. (A)	13,110		1,305,494
Global Payments, Inc.	8,294		1,464,886
Mastercard, Inc., Class A	4,630		1,658,420
MongoDB, Inc. (A)(B)	15,725		3,676,505
Okta, Inc. (A)	28,995		6,244,653
PayPal Holdings, Inc. (A)	27,130		5,538,318
Shopify, Inc., Class A (A)	2,445		2,607,397
Square, Inc., Class A (A)	31,340		5,000,610
Twilio, Inc., Class A (A)	29,825		8,045,592
Wix.com, Ltd. (A)	5,362		1,579,806
			39,378,094
Semiconductors and semiconductor equipment – 14.6%
Advanced Micro Devices, Inc. (A)	46,550		4,227,671
Applied Materials, Inc.	80,401		4,952,702
ASML Holding NV, NYRS	1,250		467,725
Cree, Inc. (A)(B)	9,430		595,033
KLA Corp.	1,405		288,222
Lam Research Corp.	9,880		3,323,039
Marvell Technology Group, Ltd.	29,370		1,138,969
Maxim Integrated Products, Inc.	57,156		3,911,757
Micron Technology, Inc. (A)	217,849		9,914,308
NVIDIA Corp.	16,497		8,825,565
NXP Semiconductors NV	4,590		577,238
Qorvo, Inc. (A)	4,965		636,861
QUALCOMM, Inc.	62,982		7,501,156
Skyworks Solutions, Inc.	19,190		2,779,672
STMicroelectronics NV, NYRS (B)	30,430		920,508
Taiwan Semiconductor Manufacturing Company, Ltd., ADR	8,935		708,099
Teradyne, Inc.	14,425		1,225,692

 

The accompanying notes are an integral part of the financial statements. 57

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Science & Technology Fund (continued)

		Shares or Principal Amount	Value
COMMON STOCKS (continued)
Semiconductors and semiconductor equipment (continued)
Texas Instruments, Inc.		6,125	$	870,669
				52,864,886
Software – 21.3%
Alteryx, Inc., Class A (A)		7,075		854,872
Atlassian Corp. PLC, Class A (A)		24,260		4,652,098
Autodesk, Inc. (A)		1,370		336,609
Avalara, Inc. (A)		1,260		166,837
Citrix Systems, Inc.		29,166		4,234,903
Cloudflare, Inc., Class A (A)		4,565		174,657
Coupa Software, Inc. (A)		1,055		345,766
Crowdstrike Holdings, Inc., Class A (A)		41,150		5,173,790
Datadog, Inc., Class A (A)		5,735		479,159
DocuSign, Inc. (A)		10,515		2,344,845
HubSpot, Inc. (A)		10,980		3,290,486
Intuit, Inc.		4,963		1,714,171
Microsoft Corp.		53,746		12,121,335
NortonLifeLock, Inc.		68,235		1,604,887
Palo Alto Networks, Inc. (A)		1,340		344,929
Paycom Software, Inc. (A)		17,966		5,380,098
RingCentral, Inc., Class A (A)		20,280		5,896,816
salesforce.com, Inc. (A)		44,666		12,178,185
ServiceNow, Inc. (A)		860		414,537
Slack Technologies, Inc., Class A (A)(B)		52,710		1,730,996
Splunk, Inc. (A)		7,745		1,698,711
TeamViewer AG (A)(C)		30,560		1,654,728
Varonis Systems, Inc. (A)		6,180		763,415
Workday, Inc., Class A (A)		9,404		2,254,233
Zendesk, Inc. (A)		3,505		337,812
Zoom Video Communications, Inc., Class A (A)		8,075		2,625,183
Zscaler, Inc. (A)		31,845		4,564,662
				77,338,720
Technology hardware, storage and peripherals – 8.9%
Apple, Inc.		145,300		18,749,512
Pure Storage, Inc., Class A (A)(B)		405,980		6,195,255
Samsung Electronics Company, Ltd.		164,781		7,482,069
				32,426,836
				206,101,957
Real estate – 0.0%
Equity real estate investment trusts – 0.0%
Equinix, Inc.		230		181,649
TOTAL COMMON STOCKS (Cost $229,845,444)			$	341,031,507
PREFERRED SECURITIES – 0.5%
Communication services – 0.3%
Media – 0.3%
Airbnb, Inc., Series E (A)(D)(E)		16,398		1,235,097
Industrials – 0.2%
Road and rail – 0.2%
DiDi Chuxing, Inc. (A)(D)(E)		16,798		684,435
TOTAL PREFERRED SECURITIES (Cost $1,987,267)			$	1,919,532
EXCHANGE-TRADED FUNDS – 0.2%
iShares Expanded Tech Sector ETF		1,600		523,551
TOTAL EXCHANGE-TRADED FUNDS (Cost $397,914)			$	523,551
TERM LOANS (F) – 0.1%
Communication services – 0.1%
Airbnb, Inc., Term Loan (1 and 3 month LIBOR + 7.500%) 8.500%, 04/17/2025	$	320,000		337,600
TOTAL TERM LOANS (Cost $312,358)			$	337,600

Science & Technology Fund (continued)

		Shares or Principal Amount	Value
SHORT-TERM INVESTMENTS – 8.2%
Short-term funds – 6.3%
John Hancock Collateral Trust, 0.2611% (G)(H)		737,546	$	7,383,356
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (G)		2,452,520		2,452,520
T. Rowe Price Government Reserve Fund, 0.1398% (G)		13,155,970		13,155,970
				22,991,846
Repurchase agreement – 1.9%
Repurchase Agreement with State Street Corp. dated 8-31-20 at 0.000% to be repurchased at $6,724,000 on 9-1-20, collateralized by $6,821,200 U.S. Treasury Notes, 0.375% due 3-31-22 (valued at $6,858,537)	$	6,724,000		6,724,000
TOTAL SHORT-TERM INVESTMENTS (Cost $29,713,457)			$	29,715,846
Total Investments (Science & Technology Fund) (Cost $262,256,440) – 102.9%			$	373,528,036
Other assets and liabilities, net – (2.9%)				(10,368,324)
TOTAL NET ASSETS – 100.0%			$	363,159,712

Security Abbreviations and Legend
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
NYRS	New York Registry Shares
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(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)	Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(E)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(F)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(G)	The rate shown is the annualized seven-day yield as of 8-31-20.
(H)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

Strategic Equity Allocation Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 96.0%
Communication services – 9.4%
Diversified telecommunication services – 1.3%
Alaska Communications Systems Group, Inc.	7,707	$	17,264
Altice Europe NV (A)	123,118		543,568
Anterix, Inc. (A)	1,790		78,295
AT&T, Inc.	637,324		18,998,628
ATN International, Inc.	1,496		86,768
Bandwidth, Inc., Class A (A)	2,512		395,590
BCE, Inc.	5,987		257,317
BT Group PLC	829,621		1,155,169
Cellnex Telecom SA (A)(B)	47,921		3,078,642
CenturyLink, Inc.	88,359		949,859

 

The accompanying notes are an integral part of the financial statements. 58

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Diversified telecommunication services (continued)
China Telecom Corp., Ltd., H Shares	1,541,296	$	502,799
China Tower Corp., Ltd., H Shares (B)	5,162,400		983,434
China Unicom Hong Kong, Ltd.	713,816		506,067
Chunghwa Telecom Company, Ltd.	444,479		1,643,182
Cincinnati Bell, Inc. (A)	6,593		99,291
Cogent Communications Holdings, Inc.	5,524		371,544
Consolidated Communications Holdings, Inc. (A)	9,728		75,684
Deutsche Telekom AG	625,894		11,032,654
Elisa OYJ	47,142		2,774,575
HKT Trust & HKT, Ltd.	501,322		716,353
Iliad SA	2,479		528,744
Infrastrutture Wireless Italiane SpA (B)	27,596		269,180
Iridium Communications, Inc. (A)(C)	15,434		432,306
Koninklijke KPN NV	705,544		1,851,482
LG Uplus Corp.	25,915		260,320
Liberty Latin America, Ltd., Class A (A)(C)	7,210		70,658
Liberty Latin America, Ltd., Class C (A)	13,739		131,070
Nippon Telegraph & Telephone Corp.	101,100		2,300,591
Ooma, Inc. (A)	2,999		40,906
Orange Polska SA (A)	110,226		215,859
Orange SA	334,282		3,734,193
ORBCOMM, Inc. (A)	10,815		43,368
PCCW, Ltd.	554,000		347,191
Proximus SADP	35,487		700,835
Singapore Telecommunications, Ltd.	106,650		180,025
Singapore Telecommunications, Ltd.	229,178		385,300
Spark New Zealand, Ltd.	697,366		2,264,013
Swisscom AG	3,280		1,816,125
Telecom Italia SpA	963,136		458,738
Telecom Italia SpA, Savings Shares	693,600		327,965
Telefonica Deutschland Holding AG	194,625		538,466
Telefonica SA	931,387		3,669,720
Telekom Malaysia BHD	145,218		144,440
Telekomunikasi Indonesia Persero Tbk PT	6,547,560		1,288,352
Telenor ASA	92,369		1,503,282
Telia Company AB	544,308		2,098,393
Telstra Corp., Ltd.	768,676		1,633,967
TELUS Corp.	15,848		291,846
TPG Telecom, Ltd. (A)(C)	68,136		413,588
True Corp. PCL, NVDR	1,675,000		178,914
United Internet AG	19,222		946,111
Verizon Communications, Inc.	370,140		21,938,198
Vonage Holdings Corp. (A)	30,365		347,679
			95,618,508
Entertainment – 1.4%
Activision Blizzard, Inc.	107,460		8,975,059
Alibaba Pictures Group, Ltd. (A)	1,390,500		196,963
AMC Entertainment Holdings, Inc., Class A (C)	7,327		43,083
Bilibili, Inc., ADR (A)(C)	11,300		533,925
Bollore SA	147,196		553,334
CD Projekt SA (A)	11,318		1,345,800
Cinemark Holdings, Inc.	42,835		627,533
Electronic Arts, Inc. (A)	40,264		5,615,620
Eros International PLC (A)(C)	10,274		31,952
Glu Mobile, Inc. (A)	17,058		135,441
HUYA, Inc., ADR (A)(C)	7,100		203,912
IMAX Corp. (A)	6,632		101,934
iQIYI, Inc., ADR (A)(C)	25,800		558,570
Konami Holdings Corp. (C)	7,300		281,081
Liberty Media Corp.-Liberty Braves, Class A (A)	1,906		37,339

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Entertainment (continued)
Liberty Media Corp.-Liberty Braves, Class C (A)	4,312	$	83,782
Live Nation Entertainment, Inc. (A)	19,815		1,125,492
NCSoft Corp.	1,977		1,371,584
NetEase, Inc., ADR	9,504		4,630,444
Netflix, Inc. (A)	61,340		32,483,210
Netmarble Corp. (A)(B)	2,573		360,188
Nexon Company, Ltd.	38,000		889,177
Nintendo Company, Ltd.	8,739		4,704,270
Pearl Abyss Corp. (A)	700		107,124
Square Enix Holdings Company, Ltd.	7,200		474,430
Take-Two Interactive Software, Inc. (A)	15,892		2,720,551
Tencent Music Entertainment Group, ADR (A)	42,400		662,712
The Marcus Corp.	3,187		49,940
The Walt Disney Company	251,920		33,220,690
Toho Company, Ltd.	8,700		330,573
Ubisoft Entertainment SA (A)	15,159		1,247,560
Vivendi SA	138,939		3,955,552
World Wrestling Entertainment, Inc., Class A	12,473		549,685
			108,208,510
Interactive media and services – 5.2%
58.com, Inc., ADR (A)	11,100		614,496
Alphabet, Inc., Class A (A)	58,248		94,916,863
Alphabet, Inc., Class C (A)	56,775		92,780,570
Auto Trader Group PLC (B)	89,403		668,366
Autohome, Inc., ADR	6,900		553,656
Baidu, Inc., ADR (A)	32,000		3,986,240
CarGurus, Inc. (A)	11,345		276,591
Cars.com, Inc. (A)	9,104		79,023
Eventbrite, Inc., Class A (A)(C)	8,462		90,967
EverQuote, Inc., Class A (A)	1,841		65,356
Facebook, Inc., Class A (A)	466,789		136,862,535
JOYY, Inc., ADR (A)	6,800		580,992
Kakaku.com, Inc.	10,500		280,411
Kakao Corp.	6,759		2,309,426
Liberty TripAdvisor Holdings, Inc., Class A (A)	10,803		30,248
LINE Corp. (A)	4,700		239,534
Momo, Inc., ADR	17,500		357,000
NAVER Corp.	14,789		4,004,549
QuinStreet, Inc. (A)	6,338		83,345
REA Group, Ltd.	9,704		816,155
Scout24 AG (B)	20,178		1,877,049
SEEK, Ltd.	61,559		935,157
SINA Corp. (A)	7,300		297,001
Tencent Holdings, Ltd.	667,512		45,603,321
The Meet Group, Inc. (A)	9,111		57,399
TripAdvisor, Inc.	27,133		634,098
TrueCar, Inc. (A)	14,558		68,859
Twitter, Inc. (A)	152,319		6,181,105
Weibo Corp., ADR (A)	6,400		238,720
Yelp, Inc. (A)	26,812		619,893
Z Holdings Corp.	208,207		1,385,894
			397,494,819
Media – 0.9%
AMC Networks, Inc., Class A (A)	15,996		388,543
Boston Omaha Corp., Class A (A)	1,637		26,699
Cable One, Inc.	1,417		2,607,748
Cardlytics, Inc. (A)(C)	3,396		257,587
Central European Media Enterprises, Ltd., Class A (A)	11,861		49,164
Charter Communications, Inc., Class A (A)	20,764		12,782,526
Cheil Worldwide, Inc.	8,523		130,690

 

The accompanying notes are an integral part of the financial statements. 59

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Media (continued)
China Literature, Ltd. (A)(B)	35,400	$	219,536
Comcast Corp., Class A	627,514		28,118,902
comScore, Inc. (A)	8,391		22,068
CyberAgent, Inc.	7,900		420,901
Cyfrowy Polsat SA (A)	48,277		376,865
Daily Journal Corp. (A)	141		38,803
Dentsu Group, Inc.	16,944		444,332
Discovery, Inc., Series A (A)(C)	22,051		486,555
Discovery, Inc., Series C (A)	43,581		870,313
DISH Network Corp., Class A (A)	35,428		1,258,403
Entercom Communications Corp., Class A	17,130		25,695
Fox Corp., Class A	47,206		1,315,159
Fox Corp., Class B	21,942		609,988
Gannett Company, Inc.	18,734		32,410
Gray Television, Inc. (A)	11,701		181,600
Grupo Televisa SAB (A)	293,197		357,753
Hakuhodo DY Holdings, Inc.	18,200		225,978
Hemisphere Media Group, Inc. (A)	2,692		23,959
iHeartMedia, Inc., Class A (A)(C)	7,929		73,105
Informa PLC (A)	139,709		770,840
ITV PLC	336,869		269,624
JCDecaux SA (A)	14,194		271,061
John Wiley & Sons, Inc., Class A	11,764		372,331
Loral Space & Communications, Inc.	1,793		42,261
Megacable Holdings SAB de CV	36,600		105,709
Meredith Corp. (C)	5,259		73,626
MSG Networks, Inc., Class A (A)(C)	5,230		50,940
MultiChoice Group (A)	54,307		308,958
National CineMedia, Inc.	8,900		32,129
News Corp., Class A	53,566		809,918
News Corp., Class B (C)	16,789		253,010
Omnicom Group, Inc.	29,523		1,596,899
Pearson PLC	71,581		527,408
Publicis Groupe SA (C)	36,285		1,268,992
Quebecor, Inc., Class B	6,626		164,285
Saga Communications, Inc., Class A	659		14,828
Schibsted ASA, B Shares (A)	12,562		496,765
Scholastic Corp.	3,928		88,380
SES SA	64,248		456,610
Shaw Communications, Inc., Class B	17,415		325,643
Sinclair Broadcast Group, Inc., Class A (C)	6,791		141,321
TechTarget, Inc. (A)	3,074		121,976
TEGNA, Inc.	87,366		1,093,822
Telenet Group Holding NV	10,659		413,291
The EW Scripps Company, Class A	7,474		83,111
The Interpublic Group of Companies, Inc.	53,680		953,357
The New York Times Company, Class A (C)	38,859		1,683,760
Tribune Publishing Company	2,282		25,901
ViacomCBS, Inc., Class B	74,478		2,074,212
WideOpenWest, Inc. (A)	7,175		41,256
WPP PLC	115,518		978,410
			67,255,916
Wireless telecommunication services – 0.6%
Advanced Info Service PCL, NVDR	171,200		1,005,582
America Movil SAB de CV, Series L	4,092,400		2,487,383
Axiata Group BHD	352,753		254,473
Boingo Wireless, Inc. (A)	5,893		76,550
China Mobile, Ltd.	715,470		5,006,797
DiGi.Com BHD	395,720		374,712
Empresa Nacional de Telecomunicaciones SA	42,470		257,085
Far EasTone Telecommunications Company, Ltd.	185,595		387,953
Globe Telecom, Inc.	4,445		191,247

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Wireless telecommunication services (continued)
Gogo, Inc. (A)(C)	8,314	$	42,734
Intouch Holdings PCL, NVDR (C)	323,300		566,725
KDDI Corp.	129,567		3,766,233
Maxis BHD	300,260		360,085
MTN Group, Ltd.	208,630		752,687
NTT DOCOMO, Inc.	91,600		2,554,264
PLDT, Inc.	11,560		349,538
Rogers Communications, Inc., Class B	12,893		536,339
Shenandoah Telecommunications Company	6,304		348,611
SK Telecom Company, Ltd.	2,434		507,493
Softbank Corp.	150,200		1,973,675
SoftBank Group Corp.	123,152		7,617,720
Spok Holdings, Inc.	2,941		31,880
Taiwan Mobile Company, Ltd.	192,000		664,401
Tele2 AB, B Shares	107,518		1,526,127
Telephone & Data Systems, Inc.	26,288		608,041
TIM Participacoes SA	99,089		259,004
T-Mobile US, Inc. (A)	52,081		6,076,811
Total Access Communication PCL, NVDR	102,100		117,428
Turkcell Iletisim Hizmetleri AS	68,865		133,877
Vodacom Group, Ltd.	78,952		594,290
Vodafone Group PLC	2,497,554		3,662,020
XL Axiata Tbk PT	496,800		83,160
			43,174,925
			711,752,678
Consumer discretionary – 15.2%
Auto components – 0.5%
Adient PLC (A)	35,074		608,183
Aisin Seiki Company, Ltd.	12,700		435,592
American Axle & Manufacturing Holdings, Inc. (A)	14,878		115,751
Aptiv PLC	122,312		10,533,509
BorgWarner, Inc.	94,596		3,839,652
Bridgestone Corp.	42,000		1,329,614
Cheng Shin Rubber Industry Company, Ltd.	205,730		252,520
Cie Generale des Etablissements Michelin SCA	28,445		3,221,667
Continental AG	20,638		2,264,401
Cooper Tire & Rubber Company	6,583		227,574
Cooper-Standard Holdings, Inc. (A)	2,432		44,068
Dana, Inc.	57,839		806,854
Delphi Technologies PLC (A)	23,254		403,922
Denso Corp.	34,016		1,431,045
Dorman Products, Inc. (A)	3,457		292,773
Faurecia SE (A)	12,698		555,969
Fox Factory Holding Corp. (A)	5,058		509,897
Fuyao Glass Industry Group Company, Ltd., H Shares (B)	57,900		186,906
Gentex Corp.	65,943		1,783,758
Gentherm, Inc. (A)	4,244		191,956
Hankook Tire & Technology Company, Ltd.	9,105		225,582
Hanon Systems	22,362		241,483
Hyundai Mobis Company, Ltd.	8,038		1,504,271
JTEKT Corp.	16,000		122,459
Koito Manufacturing Company, Ltd.	8,176		395,124
LCI Industries	3,211		364,866
Lear Corp.	14,684		1,672,948
Magna International, Inc.	10,599		516,156
Modine Manufacturing Company (A)	6,951		47,058
Motorcar Parts of America, Inc. (A)	2,598		45,231
NGK Spark Plug Company, Ltd.	12,300		210,234
Pirelli & C. SpA (A)(B)(C)	45,712		197,730
Standard Motor Products, Inc.	2,698		122,597

 

The accompanying notes are an integral part of the financial statements. 60

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Auto components (continued)
Stanley Electric Company, Ltd. (C)	10,300	$	294,095
Stoneridge, Inc. (A)	3,496		70,619
Sumitomo Electric Industries, Ltd.	59,400		697,380
Sumitomo Rubber Industries, Ltd.	13,200		126,892
Tenneco, Inc., Class A (A)(C)	7,073		57,503
The Goodyear Tire & Rubber Company	93,024		892,565
The Yokohama Rubber Company, Ltd.	9,300		146,000
Toyoda Gosei Company, Ltd.	5,100		110,788
Toyota Industries Corp.	11,529		669,694
Valeo SA	38,376		1,178,507
Visteon Corp. (A)	11,113		838,254
Workhorse Group, Inc. (A)(C)	8,472		153,428
XPEL, Inc. (A)	2,266		56,423
			39,993,498
Automobiles – 1.1%
Astra International Tbk PT	2,677,808		939,616
BAIC Motor Corp., Ltd., H Shares (B)	191,700		91,886
Bayerische Motoren Werke AG	62,218		4,483,404
Brilliance China Automotive Holdings, Ltd.	352,300		317,366
BYD Company, Ltd., H Shares	74,694		778,637
Daimler AG	160,757		8,242,479
Dongfeng Motor Group Company, Ltd., H Shares	315,680		219,431
Ferrari NV	14,511		2,832,654
Fiat Chrysler Automobiles NV (A)	126,508		1,402,140
Ford Motor Company	1,782,428		12,156,159
Ford Otomotiv Sanayi AS	4,263		49,208
Geely Automobile Holdings, Ltd.	684,000		1,455,743
General Motors Company	574,652		17,026,939
Great Wall Motor Company, Ltd., H Shares	360,250		392,147
Guangzhou Automobile Group Company, Ltd., H Shares	341,346		293,706
Harley-Davidson, Inc.	41,249		1,143,010
Honda Motor Company, Ltd.	128,127		3,261,955
Hyundai Motor Company	17,995		2,650,223
Isuzu Motors, Ltd.	43,300		427,839
Kia Motors Corp.	31,762		1,129,657
Mazda Motor Corp.	44,480		283,112
Mitsubishi Motors Corp.	51,200		122,313
NIO, Inc., ADR (A)(C)	105,300		2,003,859
Nissan Motor Company, Ltd.	182,125		733,998
Peugeot SA (A)	98,595		1,699,837
Renault SA (A)	32,206		918,566
Subaru Corp.	48,400		1,005,778
Suzuki Motor Corp.	28,900		1,183,108
Thor Industries, Inc.	14,865		1,403,702
Toyota Motor Corp.	166,600		11,002,996
Volkswagen AG	6,079		1,095,322
Winnebago Industries, Inc.	4,068		219,591
Yamaha Motor Company, Ltd.	22,000		345,427
			81,311,808
Distributors – 0.1%
Core-Mark Holding Company, Inc.	5,879		196,476
Funko, Inc., Class A (A)(C)	3,556		20,767
Genuine Parts Company	33,281		3,143,058
Jardine Cycle & Carriage, Ltd.	4,854		67,549
LKQ Corp. (A)	70,126		2,225,799
Pool Corp.	10,755		3,525,919
Weyco Group, Inc.	934		16,812
			9,196,380
Diversified consumer services – 0.2%
Adtalem Global Education, Inc. (A)	20,764		689,365

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Diversified consumer services (continued)
American Public Education, Inc. (A)	1,946	$	61,182
Aspen Group, Inc. (A)	2,859		36,538
Benesse Holdings, Inc.	5,600		142,702
Carriage Services, Inc.	2,248		49,771
China East Education Holdings, Ltd. (B)	64,000		141,097
China Education Group Holdings, Ltd.	70,000		137,292
China Yuhua Education Corp., Ltd. (B)	136,000		130,374
Cogna Educacao	208,780		217,221
Collectors Universe, Inc.	1,317		58,593
Franchise Group, Inc. (C)	2,558		62,824
Graham Holdings Company, Class B	1,151		492,570
Grand Canyon Education, Inc. (A)	12,741		1,198,164
GSX Techedu, Inc., ADR (A)(C)	9,000		768,600
H&R Block, Inc.	25,734		373,143
Houghton Mifflin Harcourt Company (A)	15,620		35,301
K12, Inc. (A)	5,222		194,311
Koolearn Technology Holding, Ltd. (A)(B)(C)	27,500		131,438
Laureate Education, Inc., Class A  (A)	14,099		176,519
New Oriental Education & Technology Group, Inc., ADR (A)	16,600		2,434,058
OneSpaWorld Holdings, Ltd.	6,414		44,449
Perdoceo Education Corp. (A)(C)	9,106		130,853
Regis Corp. (A)	3,306		24,431
Service Corp. International	47,973		2,189,967
Strategic Education, Inc.	8,858		908,565
TAL Education Group, ADR (A)	44,662		3,296,502
Universal Technical Institute, Inc. (A)	4,144		29,215
Vivint Smart Home, Inc. (A)(C)	9,196		163,229
WW International, Inc. (A)	18,742		440,062
			14,758,336
Hotels, restaurants and leisure – 1.5%
Accel Entertainment, Inc. (A)	5,691		67,495
Accor SA (A)	31,735		972,799
Aristocrat Leisure, Ltd.	106,135		2,211,013
Asset World Corp. PCL, NVDR	922,200		117,545
BBX Capital Corp.	1,833		28,228
BJ's Restaurants, Inc.	2,530		79,746
Bloomin' Brands, Inc.	11,592		166,229
Boyd Gaming Corp.	32,174		861,620
Brinker International, Inc.	5,770		259,881
Caesars Entertainment, Inc. (A)	57,110		2,615,638
Carnival Corp. (C)	63,332		1,043,711
Carrols Restaurant Group, Inc. (A)	5,294		35,258
Century Casinos, Inc. (A)	4,200		25,830
Chipotle Mexican Grill, Inc. (A)	3,430		4,494,260
Choice Hotels International, Inc.	8,497		843,667
Churchill Downs, Inc.	14,414		2,518,991
Chuy's Holdings, Inc. (A)	2,337		51,975
Compass Group PLC	166,318		2,691,350
Cracker Barrel Old Country Store, Inc. (C)	9,521		1,273,053
Crown Resorts, Ltd.	69,179		458,713
Darden Restaurants, Inc.	17,362		1,504,765
Dave & Buster's Entertainment, Inc.	6,185		102,857
Del Taco Restaurants, Inc. (A)	4,405		37,046
Denny's Corp. (A)	7,242		82,993
Dine Brands Global, Inc.	2,090		124,480
Domino's Pizza, Inc.	5,229		2,138,452
Dunkin' Brands Group, Inc.	22,112		1,682,281
El Pollo Loco Holdings, Inc. (A)	2,390		42,709
Everi Holdings, Inc. (A)	10,899		84,576
Evolution Gaming Group AB (B)	27,415		2,052,012
Fiesta Restaurant Group, Inc. (A)	2,772		27,775
Flutter Entertainment PLC	18,173		3,054,679
Galaxy Entertainment Group, Ltd.	287,000		2,256,167

 

The accompanying notes are an integral part of the financial statements. 61

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hotels, restaurants and leisure (continued)
GAN, Ltd. (A)	996	$	20,468
Genting BHD	275,000		231,716
Genting Malaysia BHD	381,760		208,981
Genting Singapore, Ltd.	297,600		152,870
Golden Entertainment, Inc. (A)	2,567		32,960
GVC Holdings PLC	54,405		575,211
Haidilao International Holding, Ltd. (B)(C)	92,000		592,587
Hilton Grand Vacations, Inc.  (A)(C)	11,154		244,384
Hilton Worldwide Holdings, Inc.	37,064		3,349,103
Huazhu Group, Ltd., ADR (C)	15,400		688,842
InterContinental Hotels Group PLC	16,135		931,593
International Game Technology PLC (C)	12,946		144,089
Jack in the Box, Inc. (C)	9,079		748,019
Jollibee Foods Corp.	58,630		163,138
Kangwon Land, Inc.	13,043		226,266
La Francaise des Jeux SAEM (B)	14,406		532,783
Las Vegas Sands Corp.	44,921		2,277,944
Lindblad Expeditions Holdings, Inc. (A)	3,786		37,500
Marriott International, Inc., Class A	35,977		3,702,393
Marriott Vacations Worldwide Corp.	15,120		1,431,410
McDonald's Corp.	99,397		21,223,247
McDonald's Holdings Company Japan, Ltd.	5,200		255,159
Melco Resorts & Entertainment, Ltd., ADR	29,000		566,080
MGM Resorts International	65,933		1,483,493
Minor International PCL, NVDR (A)	447,900		322,970
Monarch Casino & Resort, Inc. (A)	1,709		78,631
Nathan's Famous, Inc.	435		22,816
Noodles & Company (A)	4,407		33,537
Norwegian Cruise Line Holdings, Ltd. (A)	36,497		624,464
Oriental Land Company, Ltd. (C)	15,700		2,130,963
Papa John's International, Inc.	10,230		1,005,507
Penn National Gaming, Inc. (A)	52,345		2,674,830
RCI Hospitality Holdings, Inc.	1,333		25,487
Red Robin Gourmet Burgers, Inc. (A)	1,959		21,745
Red Rock Resorts, Inc., Class A	8,755		149,492
Restaurant Brands International, Inc. (C)	10,187		551,934
Royal Caribbean Cruises, Ltd.	22,952		1,580,016
Ruth's Hospitality Group, Inc.	3,680		37,812
Sands China, Ltd.	321,252		1,414,175
Scientific Games Corp. (A)(C)	22,350		462,310
SeaWorld Entertainment, Inc. (A)	6,716		137,006
Shake Shack, Inc., Class A (A)(C)	4,602		314,087
Six Flags Entertainment Corp.	21,209		460,872
SJM Holdings, Ltd.	262,384		359,910
Sodexo SA	14,834		1,058,895
Starbucks Corp.	156,149		13,189,906
Tabcorp Holdings, Ltd.	374,090		997,961
Texas Roadhouse, Inc.	26,141		1,646,622
The Cheesecake Factory, Inc. (C)	5,608		165,604
The Wendy's Company	47,976		1,004,617
Twin River Worldwide Holdings, Inc.	2,447		58,557
Whitbread PLC	18,776		633,221
Wingstop, Inc.	3,876		633,338
Wyndham Destinations, Inc.	22,926		664,625
Wyndham Hotels & Resorts, Inc.	25,069		1,312,613
Wynn Macau, Ltd.	205,750		386,212
Wynn Resorts, Ltd.	12,978		1,134,926
Yum China Holdings, Inc.	41,608		2,401,198
Yum! Brands, Inc.	40,236		3,856,621
			115,381,510
Household durables – 0.7%
Barratt Developments PLC	95,081		663,960
Beazer Homes USA, Inc. (A)	3,833		46,916
Casio Computer Company, Ltd.	15,300		246,485

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Household durables (continued)
Cavco Industries, Inc. (A)	1,143	$	218,210
Century Communities, Inc. (A)	3,813		136,048
Coway Company, Ltd.	5,785		388,220
D.R. Horton, Inc.	59,700		4,260,789
Electrolux AB, Series B	48,685		1,056,897
Ethan Allen Interiors, Inc.	3,340		47,562
Garmin, Ltd.	26,198		2,714,375
GoPro, Inc., Class A (A)	17,084		78,416
Green Brick Partners, Inc. (A)	3,309		47,120
Haier Electronics Group Company, Ltd.	147,200		503,633
Hamilton Beach Brands Holding Company, Class B	765		16,715
Helen of Troy, Ltd. (A)	10,105		2,089,916
Hooker Furniture Corp.	1,742		42,940
Husqvarna AB, B Shares	90,182		981,934
Iida Group Holdings Company, Ltd.	11,600		226,412
Installed Building Products, Inc. (A)	3,006		260,981
iRobot Corp. (A)(C)	3,614		267,544
KB Home	34,935		1,249,276
La-Z-Boy, Inc.	5,863		190,548
Legacy Housing Corp. (A)	1,249		19,072
Leggett & Platt, Inc.	23,875		978,875
Lennar Corp., A Shares	49,558		3,707,930
LG Electronics, Inc.	12,856		909,399
LGI Homes, Inc. (A)	2,917		326,296
M/I Homes, Inc. (A)	3,646		155,174
MDC Holdings, Inc.	6,611		286,785
Meritage Homes Corp. (A)	4,860		466,706
Mohawk Industries, Inc. (A)	10,735		991,163
Newell Brands, Inc.	68,882		1,100,734
Nien Made Enterprise Company, Ltd.	19,300		222,848
Nikon Corp.	23,600		184,828
NVR, Inc. (A)	624		2,601,044
Panasonic Corp.	173,520		1,599,014
Persimmon PLC	29,728		1,032,996
PulteGroup, Inc.	45,487		2,028,265
Purple Innovation, Inc. (A)	1,932		36,534
Rinnai Corp.	2,800		259,012
SEB SA	3,786		664,067
Sekisui Chemical Company, Ltd.	28,600		457,553
Sekisui House, Ltd.	49,000		968,007
Sharp Corp.	16,740		207,539
Skyline Champion Corp. (A)	7,179		204,889
Sonos, Inc. (A)	10,412		146,497
Sony Corp.	100,000		7,830,433
Tatung Company, Ltd. (A)	166,000		97,220
Taylor Morrison Home Corp. (A)	51,352		1,208,313
Taylor Wimpey PLC	340,017		549,726
Tempur Sealy International, Inc. (A)	11,658		997,225
The Berkeley Group Holdings PLC	11,742		709,610
The Lovesac Company (A)	1,269		33,590
Toll Brothers, Inc.	31,125		1,314,098
TopBuild Corp. (A)	13,633		2,096,755
TRI Pointe Group, Inc. (A)	51,985		877,507
Tupperware Brands Corp.	6,931		112,906
Turtle Beach Corp. (A)	1,887		36,929
Universal Electronics, Inc. (A)	1,820		74,766
VOXX International Corp. (A)	2,997		18,821
Whirlpool Corp.	11,218		1,993,663
			53,241,686
Internet and direct marketing retail – 5.7%
1-800-Flowers.com, Inc., Class A (A)	3,278		98,111
Alibaba Group Holding, Ltd., ADR (A)	218,756		62,789,535
Amazon.com, Inc. (A)	81,552		281,432,690
B2W Cia Digital (A)	24,500		501,270

 

The accompanying notes are an integral part of the financial statements. 62

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Internet and direct marketing retail (continued)
Baozun, Inc., ADR (A)(C)	5,100	$	211,344
Booking Holdings, Inc. (A)	7,967		15,220,555
CarParts.com, Inc. (A)	3,006		42,234
CJ ENM Company, Ltd.	1,318		131,312
Delivery Hero SE (A)(B)	24,037		2,585,910
eBay, Inc.	128,568		7,042,955
Etsy, Inc. (A)	31,959		3,825,492
Expedia Group, Inc.	26,367		2,587,921
Groupon, Inc. (A)	3,062		97,463
GrubHub, Inc. (A)	24,763		1,791,603
JD.com, Inc., ADR (A)	99,000		7,785,360
Just Eat Takeaway.com NV (A)(B)(C)	23,987		2,669,222
Liquidity Services, Inc. (A)	4,168		30,051
Magnite, Inc. (A)	13,584		99,842
Meituan Dianping, Class B (A)	414,100		13,650,473
Mercari, Inc. (A)(C)	6,700		303,792
Naspers, Ltd., N Shares	54,687		9,971,339
Ocado Group PLC (A)	43,101		1,435,478
Overstock.com, Inc. (A)	5,298		463,575
PetMed Express, Inc. (C)	2,547		88,534
Pinduoduo, Inc., ADR (A)	30,000		2,668,200
Prosus NV (A)	96,343		9,656,668
Quotient Technology, Inc. (A)	11,412		99,399
Rakuten, Inc.	67,542		595,203
Shutterstock, Inc.	2,515		126,555
Stamps.com, Inc. (A)	2,161		538,824
Stitch Fix, Inc., Class A (A)(C)	7,379		178,203
The RealReal, Inc. (A)	8,253		132,543
Tongcheng-Elong Holdings, Ltd. (A)	99,200		194,152
Trip.com Group, Ltd., ADR (A)	55,300		1,672,272
Vipshop Holdings, Ltd., ADR (A)	51,400		848,614
Waitr Holdings, Inc. (A)	10,770		43,403
Zalando SE (A)(B)	28,482		2,495,258
ZOZO, Inc.	8,500		239,761
			434,345,116
Leisure products – 0.1%
Acushnet Holdings Corp.	4,468		157,676
American Outdoor Brands, Inc. (A)	1,789		27,246
Bandai Namco Holdings, Inc.	15,700		974,702
Brunswick Corp.	21,309		1,318,814
Callaway Golf Company	12,256		255,660
Clarus Corp.	3,496		44,019
Escalade, Inc.	1,583		28,700
Giant Manufacturing Company, Ltd.	34,661		360,482
Hasbro, Inc.	22,994		1,815,146
HLB, Inc. (A)	5,326		388,383
Johnson Outdoors, Inc., Class A	701		60,083
Malibu Boats, Inc., Class A (A)	2,718		140,928
MasterCraft Boat Holdings, Inc. (A)	2,538		53,070
Mattel, Inc. (A)(C)	93,418		1,003,776
Nautilus, Inc. (A)	4,053		48,028
Polaris, Inc.	15,504		1,566,524
Sega Sammy Holdings, Inc.	13,500		156,321
Shimano, Inc.	5,800		1,228,236
Smith & Wesson Brands, Inc. (A)	7,156		130,669
Sturm Ruger & Company, Inc.	2,172		153,908
Vista Outdoor, Inc. (A)	7,716		149,768
Yamaha Corp.	10,500		511,635
YETI Holdings, Inc. (A)	9,707		498,746
			11,072,520
Multiline retail – 1.1%
Big Lots, Inc.	5,145		242,587
Canadian Tire Corp., Ltd., Class A (C)	2,152		225,124
Central Retail Corp. PCL, NVDR (A)	260,575		249,844
Dillard's, Inc., Class A (C)	1,027		31,026

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Multiline retail (continued)
Dollar General Corp.	104,892	$	21,175,597
Dollar Tree, Inc. (A)	98,854		9,516,675
Dollarama, Inc.	10,531		411,116
Falabella SA	211,102		665,217
Hyundai Department Store Company, Ltd.	1,735		78,273
Isetan Mitsukoshi Holdings, Ltd.	26,140		143,795
Kohl's Corp. (C)	65,731		1,404,014
Lojas Renner SA	93,025		738,121
Lotte Shopping Company, Ltd.	1,406		89,716
Macy's, Inc. (C)	40,947		285,401
Magazine Luiza SA	85,500		1,454,834
Marui Group Company, Ltd. (C)	14,900		271,876
Next PLC	12,364		990,689
Nordstrom, Inc. (C)	29,173		466,768
Ollie's Bargain Outlet Holdings, Inc. (A)	15,228		1,454,883
Pan Pacific International Holdings Corp.	32,300		760,382
Ryohin Keikaku Company, Ltd.	18,700		292,323
Shinsegae, Inc.	893		152,276
Target Corp.	208,354		31,505,208
Wesfarmers, Ltd.	209,336		7,314,503
Woolworths Holdings, Ltd.	121,584		227,216
			80,147,464
Specialty retail – 2.8%
Aaron's, Inc.	27,035		1,510,986
ABC-Mart, Inc.	2,567		135,176
Abercrombie & Fitch Company, Class A	8,243		107,241
Ace Hardware Indonesia Tbk PT	901,000		95,573
Advance Auto Parts, Inc.	17,164		2,682,905
American Eagle Outfitters, Inc. (C)	61,662		777,558
America's Car-Mart, Inc. (A)	812		81,606
Asbury Automotive Group, Inc. (A)	2,522		266,802
At Home Group, Inc. (A)(C)	6,598		126,088
AutoNation, Inc. (A)	15,501		881,387
AutoZone, Inc. (A)	5,799		6,937,402
Bed Bath & Beyond, Inc. (C)	16,726		203,723
Best Buy Company, Inc.	56,460		6,261,979
Boot Barn Holdings, Inc. (A)(C)	3,789		106,963
Caleres, Inc.	5,209		40,682
Camping World Holdings, Inc., Class A (C)	4,319		125,510
CarMax, Inc. (A)	40,423		4,322,431
Chico's FAS, Inc.	17,067		21,846
Citi Trends, Inc.	1,570		30,348
Conn's, Inc. (A)(C)	2,401		30,685
Designer Brands, Inc., Class A	8,312		58,600
Dick's Sporting Goods, Inc.	17,546		949,590
Fast Retailing Company, Ltd.	4,600		2,742,579
Five Below, Inc. (A)	15,009		1,642,735
Foot Locker, Inc.	28,058		850,999
GameStop Corp., Class A (A)(C)	7,746		51,743
Genesco, Inc. (A)	1,962		38,259
GOME Retail Holdings, Ltd. (A)(C)	1,127,541		161,394
Group 1 Automotive, Inc. (C)	2,286		197,602
GrowGeneration Corp. (A)(C)	4,018		64,107
Guess?, Inc.	5,846		67,229
Haverty Furniture Companies, Inc.	2,323		49,062
Hennes & Mauritz AB, B Shares	173,286		2,773,743
Hibbett Sports, Inc. (A)	2,221		74,115
Hikari Tsushin, Inc.	1,600		386,243
Home Product Center PCL, NVDR	851,200		409,943
Hotai Motor Company, Ltd.	35,000		713,209
Hotel Shilla Company, Ltd.	3,796		224,130
Hudson, Ltd., Class A (A)	5,792		43,672
Industria de Diseno Textil SA	208,750		5,869,470
JD Sports Fashion PLC	40,694		391,618

 

The accompanying notes are an integral part of the financial statements. 63

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Specialty retail (continued)
Kingfisher PLC	196,578	$	714,870
L Brands, Inc.	57,968		1,704,259
Lithia Motors, Inc., Class A	8,819		2,195,578
Lowe's Companies, Inc.	187,531		30,884,480
Lumber Liquidators Holdings, Inc. (A)	3,871		92,865
MarineMax, Inc. (A)	2,799		82,319
Monro, Inc.	4,338		199,938
Mr. Price Group, Ltd.	31,424		214,146
Murphy USA, Inc. (A)	10,980		1,480,763
National Vision Holdings, Inc. (A)	10,559		396,702
Nitori Holdings Company, Ltd.	6,300		1,319,384
O'Reilly Automotive, Inc. (A)	18,437		8,584,820
Pepkor Holdings, Ltd. (B)	106,611		60,547
Petrobras Distribuidora SA	88,500		344,728
Rent-A-Center, Inc.	6,342		194,699
RH (A)(C)	6,657		2,200,471
Ross Stores, Inc.	88,272		8,039,814
Sally Beauty Holdings, Inc. (A)	45,187		504,287
Shimamura Company, Ltd.	1,700		140,325
Shoe Carnival, Inc.	1,320		43,402
Signet Jewelers, Ltd.	6,921		119,526
Sleep Number Corp. (A)	3,570		171,360
Sonic Automotive, Inc., Class A (C)	3,157		133,415
Sportsman's Warehouse Holdings, Inc. (A)	5,656		88,771
The Buckle, Inc. (C)	3,865		72,430
The Cato Corp., Class A	3,175		25,400
The Children's Place, Inc.	1,883		37,594
The Gap, Inc.	52,878		919,548
The Home Depot, Inc.	267,142		76,146,156
The Michaels Companies, Inc. (A)(C)	9,831		110,599
The ODP Corp.	6,854		160,247
The TJX Companies, Inc.	297,533		16,301,833
Tiffany & Company	27,127		3,323,058
Tilly's, Inc., Class A	3,271		20,738
Topsports International Holdings, Ltd. (B)	144,000		177,828
Tractor Supply Company	28,721		4,274,546
Ulta Beauty, Inc. (A)	13,987		3,247,502
Urban Outfitters, Inc. (A)	27,999		659,096
USS Company, Ltd.	17,100		288,724
Williams-Sonoma, Inc.	20,940		1,837,694
Winmark Corp.	395		61,008
Yamada Denki Company, Ltd.	56,800		304,944
Zhongsheng Group Holdings, Ltd.	66,100		412,231
Zumiez, Inc. (A)	2,796		71,801
			210,871,379
Textiles, apparel and luxury goods – 1.4%
adidas AG (A)	35,753		10,879,541
ANTA Sports Products, Ltd.	126,000		1,242,035
Bosideng International Holdings, Ltd.	376,000		107,582
Burberry Group PLC	37,748		720,724
Carter's, Inc.	11,744		935,057
Cie Financiere Richemont SA	66,313		4,415,082
Columbia Sportswear Company	7,656		655,124
Crocs, Inc. (A)	8,743		348,933
Deckers Outdoor Corp. (A)	11,190		2,281,305
Eclat Textile Company, Ltd.	22,957		303,064
EssilorLuxottica SA (A)	47,666		6,380,808
Feng TAY Enterprise Company, Ltd.	46,796		272,399
Fila Holdings Corp.	5,923		172,414
Formosa Taffeta Company, Ltd.	89,000		95,948
Fossil Group, Inc. (A)	6,457		41,551
G-III Apparel Group, Ltd. (A)	5,864		64,856
Gildan Activewear, Inc. (C)	7,351		142,528
Hanesbrands, Inc.	62,808		960,334
Hermes International	5,307		4,560,996

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Textiles, apparel and luxury goods (continued)
Kering SA	12,703	$	7,794,100
Kontoor Brands, Inc.	6,753		149,241
Lakeland Industries, Inc. (A)	1,026		20,961
Li Ning Company, Ltd.	243,000		1,026,409
LPP SA (A)	218		424,922
LVMH Moet Hennessy Louis Vuitton SE	46,572		21,871,265
Moncler SpA (A)	22,290		864,095
Movado Group, Inc.	2,297		25,060
NIKE, Inc., Class B	223,776		25,038,297
Oxford Industries, Inc.	2,139		105,945
Pandora A/S	17,540		1,280,354
Pou Chen Corp.	276,971		261,686
Puma SE (A)	15,570		1,290,053
PVH Corp.	12,802		713,840
Ralph Lauren Corp.	8,622		593,452
Rocky Brands, Inc.	1,032		24,851
Shenzhou International Group Holdings, Ltd.	96,300		1,550,493
Skechers U.S.A., Inc., Class A (A)	36,671		1,094,629
Steven Madden, Ltd.	10,739		227,237
Superior Group of Companies, Inc.	1,650		38,181
Tapestry, Inc.	49,823		733,893
The Swatch Group AG	6,486		256,502
The Swatch Group AG, Bearer Shares	3,705		784,026
Under Armour, Inc., Class A (A)	34,004		333,579
Under Armour, Inc., Class C (A)	35,472		313,927
Unifi, Inc. (A)	1,907		23,323
VF Corp.	57,542		3,783,387
Wolverine World Wide, Inc.	10,410		260,042
			105,464,031
			1,155,783,728
Consumer staples – 6.4%
Beverages – 1.1%
Ambev SA	552,405		1,241,235
Anadolu Efes Biracilik Ve Malt Sanayii AS	12,872		34,063
Anheuser-Busch InBev SA/NV	177,978		10,343,992
Anhui Gujing Distillery Company, Ltd., B Shares	12,500		158,618
Arca Continental SAB de CV	53,742		244,297
Asahi Group Holdings, Ltd.	30,361		1,061,077
Becle SAB de CV	67,200		128,798
Brown-Forman Corp., Class B	12,812		937,454
Budweiser Brewing Company APAC, Ltd. (B)	228,100		768,482
Carlsberg A/S, Class B	18,775		2,639,227
Carlsberg Brewery Malaysia BHD	19,500		102,085
Celsius Holdings, Inc. (A)	4,620		89,720
China Resources Beer Holdings Company, Ltd.	169,699		1,103,065
Cia Cervecerias Unidas SA	41,365		271,927
Coca-Cola Amatil, Ltd.	93,425		625,831
Coca-Cola Bottlers Japan Holdings, Inc.	9,600		159,796
Coca-Cola Consolidated, Inc. (C)	618		168,899
Coca-Cola European Partners PLC	40,541		1,668,668
Coca-Cola Femsa SAB de CV	64,358		267,791
Coca-Cola HBC AG (A)	18,609		494,316
Constellation Brands, Inc., Class A	11,800		2,176,864
Craft Brew Alliance, Inc. (A)(C)	1,650		25,773
Davide Campari-Milano NV	66,842		685,304
Diageo PLC	217,933		7,281,386
Fomento Economico Mexicano SAB de CV	236,786		1,377,086
Fraser & Neave Holdings BHD	18,700		137,330
Heineken Holding NV	22,747		1,861,210
Heineken NV	51,230		4,737,886

 

The accompanying notes are an integral part of the financial statements. 64

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Beverages (continued)
Ito En, Ltd.	4,200	$	254,092
Kirin Holdings Company, Ltd. (C)	64,527		1,268,502
MGP Ingredients, Inc.	1,724		61,288
Molson Coors Beverage Company, Class B	13,212		497,300
Monster Beverage Corp. (A)	26,264		2,202,499
National Beverage Corp. (A)(C)	1,547		125,802
NewAge, Inc. (A)(C)	12,498		27,121
Osotspa PCL, NVDR	107,600		134,168
PepsiCo, Inc.	97,477		13,652,629
Pernod Ricard SA	35,598		6,097,213
Primo Water Corp.	20,386		278,880
Remy Cointreau SA	3,778		622,235
Suntory Beverage & Food, Ltd.	10,900		420,675
The Boston Beer Company, Inc., Class A (A)	2,600		2,293,148
The Coca-Cola Company	271,558		13,450,268
Treasury Wine Estates, Ltd.	132,988		905,843
Tsingtao Brewery Company, Ltd., H Shares	49,700		452,048
			83,535,891
Food and staples retailing – 0.9%
Aeon Company, Ltd. (C)	51,300		1,273,498
Alimentation Couche-Tard, Inc., Class B	30,985		1,011,256
Atacadao SA	46,100		164,508
Berli Jucker PCL, NVDR	172,600		205,903
BGF retail Company, Ltd.	946		101,447
Bid Corp., Ltd.	41,193		678,119
BIM Birlesik Magazalar AS	28,365		262,236
BJ's Wholesale Club Holdings, Inc. (A)	51,140		2,271,127
Carrefour SA	101,444		1,631,796
Casey's General Stores, Inc.	9,908		1,762,138
Casino Guichard Perrachon SA (A)	7,242		187,750
Cencosud SA	400,593		592,525
Cia Brasileira de Distribuicao	18,800		217,941
Clicks Group, Ltd.	30,817		417,084
Coles Group, Ltd.	246,212		3,208,806
Colruyt SA	12,903		813,288
Cosmos Pharmaceutical Corp.	1,600		281,783
Costco Wholesale Corp.	19,478		6,771,721
CP ALL PCL, NVDR	840,400		1,717,004
Dairy Farm International Holdings, Ltd.	44,500		186,047
Dino Polska SA (A)(B)	8,233		499,253
E-MART, Inc.	2,376		239,755
Empire Company, Ltd., Class A	6,310		164,239
FamilyMart Company, Ltd.	19,900		441,405
George Weston, Ltd.	2,827		204,231
Grocery Outlet Holding Corp. (A)	17,251		709,534
GS Retail Company, Ltd.	3,299		91,371
HF Foods Group, Inc. (A)	4,800		38,112
ICA Gruppen AB	21,642		1,062,110
Ingles Markets, Inc., Class A	1,918		77,487
J Sainsbury PLC	164,785		404,894
Jeronimo Martins SGPS SA	32,131		528,781
Kobe Bussan Company, Ltd.	4,800		283,930
Koninklijke Ahold Delhaize NV	217,496		6,543,538
Lawson, Inc. (C)	3,900		192,770
Loblaw Companies, Ltd.	6,668		344,608
METRO AG	33,667		333,843
Metro, Inc.	9,229		416,892
Natural Grocers by Vitamin Cottage, Inc.	1,405		16,467
Performance Food Group Company (A)	17,175		627,059
Pick n Pay Stores, Ltd.	42,108		103,525
President Chain Store Corp.	66,274		610,424
PriceSmart, Inc.	2,981		196,001
Puregold Price Club, Inc.	135,400		150,672

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Food and staples retailing (continued)
Raia Drogasil SA	25,086	$	493,615
Rite Aid Corp. (A)(C)	7,183		93,523
Seven & i Holdings Company, Ltd.	59,146		1,908,161
Shoprite Holdings, Ltd.	61,624		401,992
SpartanNash Company	4,660		93,107
Sprouts Farmers Market, Inc. (A)	31,719		740,639
Sun Art Retail Group, Ltd.	277,300		360,753
Sundrug Company, Ltd.	5,600		208,399
Sysco Corp.	22,394		1,346,775
Tesco PLC	912,778		2,665,530
The Andersons, Inc. (C)	4,229		74,980
The Chefs' Warehouse, Inc. (A)	3,334		49,377
The Kroger Company	34,684		1,237,525
The SPAR Group, Ltd.	23,522		224,038
Tsuruha Holdings, Inc.	2,900		388,133
United Natural Foods, Inc. (A)	7,017		126,657
Village Super Market, Inc., Class A	1,218		30,986
Walgreens Boots Alliance, Inc.	32,507		1,235,916
Wal-Mart de Mexico SAB de CV	636,900		1,525,160
Walmart, Inc.	62,466		8,673,404
Weis Markets, Inc.	1,257		61,882
Welcia Holdings Company, Ltd.	7,400		317,012
Wm Morrison Supermarkets PLC	224,078		573,404
Woolworths Group, Ltd.	232,830		6,822,925
			67,690,771
Food products – 1.5%
a2 Milk Company, Ltd. (A)	279,165		3,484,139
Ajinomoto Company, Inc.	36,600		682,670
Alico, Inc.	815		26,341
Archer-Daniels-Midland Company	39,026		1,746,804
Associated British Foods PLC	33,222		898,338
B&G Foods, Inc. (C)	8,292		258,213
Barry Callebaut AG	382		846,894
BRF SA (A)	66,610		238,184
Calavo Growers, Inc.	2,177		138,174
Calbee, Inc.	6,800		212,048
Cal-Maine Foods, Inc. (A)	4,133		159,492
Campbell Soup Company	11,888		625,428
Charoen Pokphand Foods PCL, NVDR	560,200		581,328
Charoen Pokphand Indonesia Tbk PT (A)	975,003		421,773
China Feihe, Ltd. (B)	104,000		210,332
China Huishan Dairy Holdings Company, Ltd. (A)(D)	280,500		0
China Mengniu Dairy Company, Ltd. (A)	320,353		1,573,218
Chocoladefabriken Lindt & Spruengli AG	13		1,148,856
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	137		1,167,958
CJ CheilJedang Corp.	1,010		345,482
Conagra Brands, Inc.	34,219		1,312,641
Dali Foods Group Company, Ltd. (B)	237,800		145,540
Danone SA	103,524		6,807,381
Darling Ingredients, Inc. (A)	65,213		2,084,860
Farmer Brothers Company (A)	2,476		15,574
Flowers Foods, Inc.	51,848		1,268,202
Fresh Del Monte Produce, Inc.	4,084		94,708
Freshpet, Inc. (A)	5,076		576,634
General Mills, Inc.	42,583		2,723,183
Genting Plantations BHD	34,900		82,775
Gruma SAB de CV, Class B	27,533		325,257
Grupo Bimbo SAB de CV, Series A	195,800		363,020
Hormel Foods Corp.	19,689		1,003,745
Hostess Brands, Inc. (A)	16,023		205,735
Indofood CBP Sukses Makmur Tbk PT	307,600		216,001
Indofood Sukses Makmur Tbk PT	581,417		304,181
Ingredion, Inc.	18,036		1,450,816

 

The accompanying notes are an integral part of the financial statements. 65

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Food products (continued)
IOI Corp. BHD	323,200	$	345,474
J&J Snack Foods Corp.	1,960		266,462
JBS SA	127,781		523,392
John B. Sanfilippo & Son, Inc.	1,144		91,108
Kellogg Company	17,574		1,246,172
Kerry Group PLC, Class A	16,134		2,118,704
Kerry Group PLC, Class A (London Stock Exchange)	2,564		338,195
Kikkoman Corp.	11,400		619,189
Kuala Lumpur Kepong BHD	55,800		301,339
Lamb Weston Holdings, Inc.	10,260		644,841
Lancaster Colony Corp.	7,801		1,386,394
Landec Corp. (A)	3,696		37,847
Limoneira Company	2,383		34,482
McCormick & Company, Inc.	8,686		1,791,053
MEIJI Holdings Company, Ltd.	9,000		727,711
Mondelez International, Inc., Class A	100,284		5,858,591
Mowi ASA (C)	56,333		1,102,019
Nestle Malaysia BHD	8,800		293,693
Nestle SA	378,126		45,544,194
NH Foods, Ltd.	6,500		294,452
Nisshin Seifun Group, Inc.	15,500		255,968
Nissin Foods Holdings Company, Ltd.	5,017		502,317
Orion Corp.	2,853		337,165
Orkla ASA	96,463		981,175
Ottogi Corp.	157		79,526
Pilgrim's Pride Corp. (A)	13,954		223,264
Post Holdings, Inc. (A)	17,258		1,519,049
PPB Group BHD	82,620		356,244
QL Resources BHD	93,700		215,393
Sanderson Farms, Inc.	7,960		931,002
Saputo, Inc.	9,050		225,773
Seneca Foods Corp., Class A (A)	951		45,039
Sime Darby Plantation BHD	265,200		324,623
Standard Foods Corp.	47,402		102,969
Thai Union Group PCL, NVDR	447,400		202,062
The Hain Celestial Group, Inc. (A)	21,141		693,213
The Hershey Company	10,355		1,539,167
The J.M. Smucker Company	8,012		962,882
The Kraft Heinz Company	43,778		1,533,981
The Simply Good Foods Company (A)	11,194		278,171
Tiger Brands, Ltd.	19,820		201,135
Tingyi Cayman Islands Holding Corp.	229,100		429,944
Tootsie Roll Industries, Inc. (C)	6,653		212,829
Toyo Suisan Kaisha, Ltd.	7,000		398,000
TreeHouse Foods, Inc. (A)	15,197		650,584
Tyson Foods, Inc., Class A	20,676		1,298,453
Uni-President China Holdings, Ltd.	150,900		137,271
Uni-President Enterprises Corp.	564,805		1,282,726
Universal Robina Corp.	117,870		334,272
Want Want China Holdings, Ltd.	577,912		396,110
WH Group, Ltd. (B)	1,268,770		1,093,560
Wilmar International, Ltd.	93,900		300,419
Yakult Honsha Company, Ltd.	9,400		536,518
Yamazaki Baking Company, Ltd.	9,500		154,932
Yihai International Holding, Ltd. (A)	54,500		855,178
			116,902,151
Household products – 1.7%
Central Garden & Pet Company (A)	1,698		69,092
Central Garden & Pet Company, Class A (A)	4,679		173,872
Church & Dwight Company, Inc.	51,960		4,979,327
Colgate-Palmolive Company	180,994		14,345,584
Energizer Holdings, Inc.	17,145		793,642
Essity AB, B Shares (A)	130,814		4,505,067

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Household products (continued)
Henkel AG & Company KGaA	19,493	$	1,753,877
Kimberly-Clark Corp.	71,962		11,352,725
Kimberly-Clark de Mexico SAB de CV, Class A	185,135		295,360
Lion Corp.	17,600		373,327
Oil-Dri Corp. of America	859		30,082
Pigeon Corp.	9,000		411,232
Reckitt Benckiser Group PLC	66,201		6,645,183
The Clorox Company	26,435		5,908,223
The Procter & Gamble Company	523,129		72,364,435
Unicharm Corp.	31,688		1,380,288
Unilever Indonesia Tbk PT	1,005,225		567,481
Vinda International Holdings, Ltd.	42,000		143,427
WD-40 Company	1,768		361,344
			126,453,568
Personal products – 0.8%
Amorepacific Corp.	3,861		544,959
AMOREPACIFIC Group	3,510		150,403
Beiersdorf AG	18,906		2,185,340
BellRing Brands, Inc. Class A (A)	5,213		101,341
Coty, Inc., Class A	62,891		225,150
Edgewell Personal Care Company (A)	21,770		625,017
elf Beauty, Inc. (A)	3,490		68,160
Hengan International Group Company, Ltd.	76,100		599,209
Inter Parfums, Inc.	2,343		104,662
Kao Corp.	37,800		2,880,261
Kobayashi Pharmaceutical Company, Ltd.	3,900		347,742
Kose Corp.	2,600		305,105
LG Household & Health Care, Ltd.	1,126		1,394,355
Lifevantage Corp. (A)	2,024		30,400
L'Oreal SA	42,109		13,973,856
Medifast, Inc.	1,480		240,826
Natura & Company Holding SA	87,780		790,557
Nu Skin Enterprises, Inc., Class A	13,976		660,646
Pola Orbis Holdings, Inc.	7,100		128,676
Shiseido Company, Ltd.	31,400		1,826,110
The Estee Lauder Companies, Inc., Class A	47,495		10,530,591
Unilever NV	288,703		16,775,555
Unilever PLC	108,984		6,443,340
USANA Health Sciences, Inc. (A)	1,526		119,654
Veru, Inc. (A)	7,259		20,107
			61,072,022
Tobacco – 0.4%
Altria Group, Inc.	130,558		5,710,607
British American Tobacco PLC	213,978		7,212,133
Gudang Garam Tbk PT (A)	63,782		207,966
Hanjaya Mandala Sampoerna Tbk PT	1,227,900		138,994
Imperial Brands PLC	88,284		1,472,987
Japan Tobacco, Inc.	94,200		1,761,246
KT&G Corp.	14,053		982,612
Philip Morris International, Inc.	109,394		8,728,547
Swedish Match AB	36,628		2,781,895
Turning Point Brands, Inc.	1,199		34,651
Universal Corp.	3,161		137,219
Vector Group, Ltd.	17,560		176,829
			29,345,686
			485,000,089
Energy – 2.2%
Energy equipment and services – 0.1%
Archrock, Inc.	17,184		112,727
Aspen Aerogels, Inc. (A)	3,295		28,008
Baker Hughes Company	71,624		1,022,791
Cactus, Inc., Class A	6,314		139,476

 

The accompanying notes are an integral part of the financial statements. 66

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Energy equipment and services (continued)
ChampionX Corp. (A)	74,549	$	763,382
China Oilfield Services, Ltd., H Shares	199,700		156,494
Dialog Group BHD	506,012		435,325
DMC Global, Inc. (C)	1,998		70,789
Dril-Quip, Inc. (A)	4,564		151,205
Exterran Corp. (A)	3,939		18,119
Frank's International NV (A)	21,167		48,896
Halliburton Company	95,927		1,552,099
Helix Energy Solutions Group, Inc. (A)	19,200		68,736
Liberty Oilfield Services, Inc., Class A (C)	8,699		56,109
Matrix Service Company (A)	3,833		35,417
Maxeon Solar Technologies, Ltd. (A)	1,266		26,315
Nabors Industries, Ltd.	967		38,661
National Oilwell Varco, Inc.	42,452		509,424
Newpark Resources, Inc. (A)	13,445		26,218
NexTier Oilfield Solutions, Inc. (A)	21,723		54,742
Oceaneering International, Inc. (A)	13,348		71,946
Oil States International, Inc. (A)	8,310		36,481
Patterson-UTI Energy, Inc.	24,301		93,559
ProPetro Holding Corp. (A)	10,838		68,063
RPC, Inc. (A)	7,961		24,918
Schlumberger NV	151,751		2,884,787
SEACOR Holdings, Inc. (A)	2,584		81,680
Select Energy Services, Inc., Class A (A)	8,356		39,858
Solaris Oilfield Infrastructure, Inc., Class A	4,190		32,598
TechnipFMC PLC	45,990		354,123
Tenaris SA	54,265		317,932
Tidewater, Inc. (A)	6,037		41,474
Transocean, Ltd. (A)(C)	232,578		283,745
U.S. Silica Holdings, Inc.	10,213		45,550
			9,691,647
Oil, gas and consumable fuels – 2.1%
Adaro Energy Tbk PT	1,908,345		141,928
Ampol, Ltd.	46,106		883,033
Antero Midstream Corp.	75,707		512,536
Antero Resources Corp. (A)	32,256		103,864
Apache Corp.	41,271		610,811
Arch Resources, Inc.	2,024		76,244
Ardmore Shipping Corp.	4,983		18,437
Berry Corp.	9,626		37,926
Bonanza Creek Energy, Inc. (A)	2,676		53,627
BP PLC	1,888,840		6,589,740
Brigham Minerals, Inc., Class A	4,314		50,948
Cabot Oil & Gas Corp.	43,583		826,770
Cameco Corp. (C)	14,370		166,467
Canadian Natural Resources, Ltd.	42,144		831,022
Cenovus Energy, Inc.	37,544		177,308
Chesapeake Energy Corp. (A)	1,502		5,993
Chevron Corp.	204,145		17,133,890
China Petroleum & Chemical Corp., H Shares	2,822,139		1,295,762
China Shenhua Energy Company, Ltd., H Shares	395,900		657,431
Cimarex Energy Company	27,495		763,811
Clean Energy Fuels Corp. (A)	18,607		49,122
CNOOC, Ltd.	2,080,116		2,357,198
CNX Resources Corp. (A)	74,817		819,994
Concho Resources, Inc.	21,508		1,117,986
ConocoPhillips	117,265		4,443,171
CONSOL Energy, Inc. (A)	3,775		19,517
Contango Oil & Gas Company (A)	12,658		20,506
Cosan SA	18,494		281,030
COSCO SHIPPING Energy Transportation Company, Ltd., H Shares	143,300		65,937
CVR Energy, Inc.	3,946		65,859

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Oil, gas and consumable fuels (continued)
Delek US Holdings, Inc.	8,238	$	129,584
Devon Energy Corp.	41,848		454,888
DHT Holdings, Inc.	14,256		75,414
Diamond S Shipping, Inc. (A)	3,682		30,156
Diamondback Energy, Inc.	17,256		672,294
Dorian LPG, Ltd. (A)	4,646		39,212
Ecopetrol SA	892,173		522,283
Empresas COPEC SA	109,404		802,213
Enbridge, Inc.	72,016		2,304,004
ENEOS Holdings, Inc.	239,750		939,548
Energy Fuels, Inc. (A)	16,946		30,842
Eni SpA	292,824		2,720,454
EOG Resources, Inc.	63,644		2,885,619
EQT Corp.	68,819		1,092,158
Equinor ASA	128,440		2,078,379
Equitrans Midstream Corp.	109,448		1,125,125
Exxaro Resources, Ltd.	30,894		249,119
Exxon Mobil Corp.	462,335		18,465,660
Falcon Minerals Corp.	6,887		19,352
Formosa Petrochemical Corp.	132,900		371,077
Frontline, Ltd. (C)	15,321		121,955
Galp Energia SGPS SA	64,318		690,656
Golar LNG, Ltd.	12,096		125,194
Green Plains, Inc. (A)(C)	4,785		64,023
Grupa Lotos SA	15,469		169,546
GS Holdings Corp.	6,220		169,846
Gulfport Energy Corp. (A)	23,098		16,300
Hess Corp.	28,548		1,314,350
HollyFrontier Corp.	16,285		388,723
Idemitsu Kosan Company, Ltd. (C)	15,228		335,246
Imperial Oil, Ltd.	9,527		157,110
Inner Mongolia Yitai Coal Company, Ltd., Class B	123,900		86,672
Inpex Corp.	80,600		511,117
Inter Pipeline, Ltd.	15,434		162,936
International Seaways, Inc.	3,289		55,781
IRPC PCL, NVDR (C)	1,598,800		120,321
Keyera Corp. (C)	8,027		146,589
Kinder Morgan, Inc.	212,665		2,939,030
Koninklijke Vopak NV	13,865		761,273
Kosmos Energy, Ltd.	54,133		79,576
Lundin Energy AB	40,011		979,294
Magnolia Oil & Gas Corp., Class A (A)	17,161		110,517
Marathon Oil Corp.	86,416		456,276
Marathon Petroleum Corp.	71,103		2,521,312
Matador Resources Company (A)(C)	14,706		143,089
MOL Hungarian Oil & Gas PLC (A)(C)	65,368		367,300
Murphy Oil Corp. (C)	39,335		540,463
Neste OYJ	140,344		7,513,366
Noble Energy, Inc.	52,454		521,917
Nordic American Tankers, Ltd. (C)	18,850		82,186
Occidental Petroleum Corp.	98,415		1,253,807
Oil Search, Ltd.	363,623		876,651
OMV AG	28,943		936,899
ONEOK, Inc.	48,103		1,321,870
Origin Energy, Ltd.	325,209		1,339,047
Overseas Shipholding Group, Inc., Class A (A)	9,744		20,560
Ovintiv, Inc.	34,434		381,529
Par Pacific Holdings, Inc. (A)	5,442		47,237
Parkland Corp. (C)	5,374		152,319
PBF Energy, Inc., Class A	40,287		344,857
PDC Energy, Inc. (A)	13,340		201,968
Peabody Energy Corp.	8,839		23,070
Pembina Pipeline Corp.	19,627		486,029

 

The accompanying notes are an integral part of the financial statements. 67

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Oil, gas and consumable fuels (continued)
Penn Virginia Corp. (A)(C)	2,097	$	23,948
PetroChina Company, Ltd., H Shares	2,459,239		848,655
Petroleo Brasileiro SA	435,009		1,772,274
Petronas Dagangan BHD	37,900		187,043
Phillips 66	47,749		2,791,884
Pioneer Natural Resources Company	18,027		1,873,546
Polski Koncern Naftowy ORLEN SA (C)	50,342		692,467
Polskie Gornictwo Naftowe i Gazownictwo SA (C)	291,898		405,851
PTT Exploration & Production PCL, NVDR	200,300		573,468
PTT PCL, NVDR	1,645,500		1,903,983
Range Resources Corp.	28,447		212,215
Renewable Energy Group, Inc. (A)	5,006		167,351
Repsol SA	284,655		2,248,545
REX American Resources Corp. (A)	769		47,509
Royal Dutch Shell PLC, A Shares	384,114		5,654,023
Royal Dutch Shell PLC, B Shares	347,164		4,884,149
Santos, Ltd.	326,994		1,366,533
Scorpio Tankers, Inc. (C)	6,728		79,660
SFL Corp., Ltd.	12,019		105,527
SK Innovation Company, Ltd.	6,678		812,381
SM Energy Company	15,222		36,989
S-Oil Corp.	5,404		256,286
Southwestern Energy Company (A)	71,861		199,774
Suncor Energy, Inc.	54,590		875,968
TC Energy Corp.	33,525		1,567,593
Tellurian, Inc. (A)(C)	21,635		20,095
Thai Oil PCL, NVDR	160,500		214,248
The Williams Companies, Inc.	132,659		2,754,001
TOTAL SE	414,451		16,442,129
Tupras Turkiye Petrol Rafinerileri AS (A)	7,694		83,917
Ultrapar Participacoes SA	84,702		300,558
United Tractors Tbk PT	221,537		349,831
Uranium Energy Corp. (A)	26,843		30,869
Valero Energy Corp.	44,580		2,344,462
W&T Offshore, Inc. (A)	13,455		30,005
Washington H. Soul Pattinson & Company, Ltd. (C)	19,897		306,682
Whiting Petroleum Corp. (A)(C)	13,403		10,716
Woodside Petroleum, Ltd.	173,877		2,506,915
World Fuel Services Corp.	25,314		668,290
WPX Energy, Inc. (A)	109,970		611,433
Yanzhou Coal Mining Company, Ltd., H Shares	180,010		138,392
			160,623,221
			170,314,868
Financials – 11.3%
Banks – 4.9%
1st Source Corp.	2,032		70,002
ABN AMRO Bank NV (B)	83,354		791,672
Absa Group, Ltd.	87,772		397,553
ACNB Corp.	1,360		28,587
Agricultural Bank of China, Ltd., H Shares	3,226,400		1,077,539
Akbank T.A.S. (A)	193,220		128,872
Allegiance Bancshares, Inc.	2,530		64,313
Altabancorp	2,233		46,044
Amalgamated Bank, Class A	2,064		24,293
Amerant Bancorp, Inc. (A)	3,076		40,449
American National Bankshares, Inc.	1,413		31,849
Ameris Bancorp	8,694		213,177
Ames National Corp.	1,213		24,199
AMMB Holdings BHD	213,300		149,465
Aozora Bank, Ltd.	9,370		167,967
Arrow Financial Corp.	1,793		51,369

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
Associated Banc-Corp.	41,383	$	556,188
Atlantic Capital Bancshares, Inc. (A)	3,148		36,312
Atlantic Union Bankshares Corp.	10,150		236,089
Auburn National Bancorporation, Inc.	402		16,394
Australia & New Zealand Banking Group, Ltd.	523,432		7,052,393
Banc of California, Inc.	6,011		66,061
BancFirst Corp. (C)	2,498		109,912
Banco Bilbao Vizcaya Argentaria SA	1,275,076		3,734,062
Banco Bradesco SA	155,276		539,363
Banco de Chile	12,736,593		1,064,645
Banco de Credito e Inversiones SA	14,607		460,291
Banco do Brasil SA	100,594		599,506
Banco Espirito Santo SA (A)	322,715		516
Banco Santander Brasil SA	48,126		248,426
Banco Santander Chile	18,384,194		707,003
Banco Santander SA	3,178,634		7,077,002
Bancolombia SA	45,705		317,650
BancorpSouth Bank	39,007		841,771
Bangkok Bank PCL, NVDR (C)	68,700		235,645
Bank Central Asia Tbk PT	1,301,730		2,803,885
Bank First Corp. (C)	852		53,165
Bank Hapoalim BM	131,205		793,843
Bank Leumi Le-Israel BM	169,547		867,498
Bank Mandiri Persero Tbk PT	2,459,756		1,005,802
Bank Negara Indonesia Persero Tbk PT	989,853		346,585
Bank of America Corp.	929,336		23,921,109
Bank of China, Ltd., H Shares	9,252,122		3,008,693
Bank of Communications Company, Ltd., H Shares	1,012,976		528,983
Bank of Hawaii Corp.	10,775		593,056
Bank of Marin Bancorp	1,835		58,408
Bank of Montreal	22,961		1,457,210
Bank of the Philippine Islands	121,007		167,450
Bank OZK	32,554		750,044
Bank Polska Kasa Opieki SA (A)(C)	30,947		438,705
Bank Rakyat Indonesia Persero Tbk PT	7,319,010		1,763,237
Bankinter SA	128,639		692,052
BankUnited, Inc.	11,916		278,596
Banner Corp.	4,539		163,949
Banque Cantonale Vaudoise	3,822		408,170
Bar Harbor Bankshares	2,173		44,025
Barclays PLC	1,611,326		2,359,191
BayCom Corp. (A)	2,003		23,205
BCB Bancorp, Inc.	2,588		21,079
BDO Unibank, Inc.	263,070		466,562
Berkshire Hills Bancorp, Inc.	6,044		55,484
BNK Financial Group, Inc.	34,845		148,724
BNP Paribas SA (A)	188,669		8,219,972
BOC Hong Kong Holdings, Ltd.	490,500		1,391,363
Boston Private Financial Holdings, Inc.	10,894		64,710
Bridge Bancorp, Inc.	2,273		45,483
Brookline Bancorp, Inc.	10,377		99,619
Bryn Mawr Bank Corp.	2,617		71,025
Business First Bancshares, Inc.	1,886		27,290
Byline Bancorp, Inc.	3,368		42,572
C&F Financial Corp.	597		19,086
Cadence BanCorp (C)	16,514		156,883
CaixaBank SA	685,085		1,505,036
California Bancorp, Inc. (A)	1,447		18,825
Cambridge Bancorp	918		50,343
Camden National Corp.	1,964		64,134
Canadian Imperial Bank of Commerce (C)	16,066		1,275,574
Capital City Bank Group, Inc.	2,037		41,290
Capitec Bank Holdings, Ltd.	8,624		423,302

 

The accompanying notes are an integral part of the financial statements. 68

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
Capstar Financial Holdings, Inc.	2,735	$	27,870
Carter Bank & Trust	3,482		24,687
Cathay General Bancorp	30,132		743,959
CB Financial Services, Inc.	979		18,209
CBTX, Inc.	2,427		38,225
Central Pacific Financial Corp.	3,714		57,530
Central Valley Community Bancorp	1,991		23,952
Century Bancorp, Inc., Class A	440		30,998
Chang Hwa Commercial Bank, Ltd.	609,175		379,595
Chemung Financial Corp.	684		19,638
China CITIC Bank Corp., Ltd., H Shares	1,034,400		432,102
China Construction Bank Corp., H Shares	11,204,296		7,895,819
China Everbright Bank Company, Ltd., H Shares	367,595		131,703
China Merchants Bank Company, Ltd., H Shares	454,674		2,169,228
China Minsheng Banking Corp., Ltd., H Shares	670,700		408,270
ChoiceOne Financial Services, Inc.	1,217		34,697
Chongqing Rural Commercial Bank Company, Ltd., H Shares	282,800		115,229
CIMB Group Holdings BHD	827,100		654,772
CIT Group, Inc.	39,348		773,975
Citigroup, Inc.	247,784		12,666,718
Citizens & Northern Corp.	1,593		27,304
Citizens Financial Group, Inc.	50,778		1,313,627
Citizens Holding Company	969		20,766
City Holding Company	1,936		123,865
Civista Bancshares, Inc.	2,483		33,148
CNB Financial Corp.	2,248		35,856
Codorus Valley Bancorp, Inc.	1,320		17,028
Colony Bankcorp, Inc.	1,680		18,480
Columbia Banking System, Inc.	9,360		261,238
Comerica, Inc.	16,549		654,182
Commerce Bancshares, Inc.	27,032		1,610,296
Commerzbank AG (A)	187,325		1,087,999
Commonwealth Bank of Australia	326,953		16,433,418
Community Bank System, Inc.	6,602		397,242
Community Bankers Trust Corp.	4,271		21,910
Community Trust Bancorp, Inc.	1,991		64,250
Concordia Financial Group, Ltd.	83,900		278,131
ConnectOne Bancorp, Inc. (C)	4,941		74,708
County Bancorp, Inc.	988		19,068
Credicorp, Ltd.	11,500		1,500,520
Credit Agricole SA (A)	193,800		1,986,954
CrossFirst Bankshares, Inc. (A)	6,543		60,392
CTBC Financial Holding Company, Ltd.	2,052,090		1,326,527
Cullen/Frost Bankers, Inc.	15,329		1,064,752
Customers Bancorp, Inc. (A)	3,884		49,599
CVB Financial Corp.	16,676		303,670
Danske Bank A/S (A)	121,158		1,874,675
DBS Group Holdings, Ltd.	87,072		1,334,375
Dime Community Bancshares, Inc.	3,997		51,561
DNB ASA	121,804		1,951,195
E.Sun Financial Holding Company, Ltd.	1,320,083		1,223,866
Eagle Bancorp Montana, Inc.	1,313		23,148
Eagle Bancorp, Inc.	4,223		121,538
East West Bancorp, Inc.	38,102		1,401,392
Enterprise Bancorp, Inc.	1,175		25,533
Enterprise Financial Services Corp.	3,134		93,738
Equity Bancshares, Inc., Class A (A)	2,168		34,471
Erste Group Bank AG	54,947		1,334,319
Esquire Financial Holdings, Inc. (A)	1,265		20,873
Evans Bancorp, Inc.	875		19,950
Farmers & Merchants Bancorp, Inc.	1,123		24,201

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
Farmers National Banc Corp.	3,851	$	44,903
FB Financial Corp. (C)	4,173		112,671
Fidelity D&D Bancorp, Inc.	652		29,483
Fifth Third Bancorp	84,734		1,750,604
Financial Institutions, Inc.	2,358		40,628
FinecoBank Banca Fineco SpA (A)	70,105		1,061,292
First Bancorp (North Carolina)	3,794		77,587
First Bancorp (Puerto Rico)	28,371		162,566
First Busey Corp.	6,305		112,324
First Business Financial Services, Inc.	1,482		22,971
First Capital, Inc.	506		30,901
First Choice Bancorp	1,670		23,631
First Commonwealth Financial Corp.	12,686		104,025
First Community Bankshares, Inc.	2,440		46,946
First Community Corp.	1,562		19,806
First Financial Bancorp	12,671		173,846
First Financial Bankshares, Inc.	55,015		1,665,579
First Financial Corp.	1,773		60,973
First Financial Holding Company, Ltd.	1,195,252		865,754
First Foundation, Inc.	5,187		78,791
First Horizon National Corp. (C)	182,087		1,738,931
First Internet Bancorp	1,509		22,046
First Interstate BancSystem, Inc., Class A	5,475		179,580
First Merchants Corp.	6,985		178,676
First Mid Bancshares, Inc.	2,004		52,184
First Midwest Bancorp, Inc.	14,905		185,716
First Republic Bank	20,408		2,304,267
First Savings Financial Group, Inc.	376		16,356
First United Corp.	1,312		15,022
Flushing Financial Corp.	3,740		45,366
FNB Corp.	86,998		652,485
Franklin Financial Services Corp.	833		19,859
Fukuoka Financial Group, Inc.	13,600		224,520
Fulton Financial Corp.	64,374		629,578
German American Bancorp, Inc.	3,135		88,877
Glacier Bancorp, Inc.	36,267		1,272,428
Great Southern Bancorp, Inc.	1,442		55,575
Great Western Bancorp, Inc.	7,365		102,594
Grupo Financiero Banorte SAB de CV, Series O (A)	315,150		1,083,049
Grupo Financiero Inbursa SAB de CV, Series O (A)	279,600		204,442
Guaranty Bancshares, Inc.	1,167		30,867
Hana Financial Group, Inc.	36,224		857,321
Hancock Whitney Corp.	34,523		690,805
Hang Seng Bank, Ltd. (C)	101,095		1,588,961
Hanmi Financial Corp.	4,340		41,360
HarborOne Bancorp, Inc.	7,273		62,911
Hawthorn Bancshares, Inc.	32		586
HBT Financial, Inc.	1,498		17,751
Heartland Financial USA, Inc.	4,560		157,001
Heritage Commerce Corp.	7,869		54,532
Heritage Financial Corp.	4,666		93,040
Hilltop Holdings, Inc.	9,396		193,558
Home BancShares, Inc.	61,310		993,835
HomeTrust Bancshares, Inc.	2,431		34,107
Hong Leong Bank BHD	84,000		282,405
Hong Leong Financial Group BHD	29,600		87,796
Hope Bancorp, Inc.	15,390		130,199
Horizon Bancorp, Inc. (C)	5,754		64,330
Howard Bancorp, Inc. (A)	2,382		23,367
HSBC Holdings PLC	1,894,824		8,127,414
Hua Nan Financial Holdings Company, Ltd.	968,493		596,168
Huntington Bancshares, Inc.	120,717		1,135,947

 

The accompanying notes are an integral part of the financial statements. 69

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
Independent Bank Corp. (Massachusetts)	4,259	$	267,678
Independent Bank Corp. (Michigan)	3,105		46,296
Independent Bank Group, Inc.	4,853		225,665
Industrial & Commercial Bank of China, Ltd., H Shares	7,069,623		3,940,319
Industrial Bank of Korea	32,913		223,598
ING Groep NV	770,077		6,285,421
International Bancshares Corp.	21,925		692,392
Intesa Sanpaolo SpA (A)	1,712,625		3,686,439
Investar Holding Corp.	1,690		22,984
Investors Bancorp, Inc.	29,913		231,826
Israel Discount Bank, Ltd., Class A	138,430		442,782
Japan Post Bank Company, Ltd. (C)	31,000		249,398
JPMorgan Chase & Co.	362,666		36,335,507
Kasikornbank PCL, NVDR	255,000		693,279
KB Financial Group, Inc.	47,586		1,476,384
KBC Group NV	58,300		3,329,733
KeyCorp	116,097		1,430,315
Komercni banka AS (A)	10,416		250,445
Krung Thai Bank PCL, NVDR	502,700		154,899
Lakeland Bancorp, Inc.	6,504		69,138
Lakeland Financial Corp.	3,056		139,629
Landmark Bancorp, Inc.	863		18,132
LCNB Corp.	2,082		30,522
Live Oak Bancshares, Inc.	3,868		85,792
Lloyds Banking Group PLC	6,555,201		2,471,685
M&T Bank Corp.	15,268		1,576,574
Macatawa Bank Corp.	4,652		34,053
Malayan Banking BHD	503,333		885,041
mBank SA (A)(C)	2,503		127,384
Mebuki Financial Group, Inc.	74,200		179,883
Mediobanca Banca di Credito Finanziario SpA (C)	71,577		622,497
Mega Financial Holding Company, Ltd.	1,271,275		1,268,926
Mercantile Bank Corp.	2,239		48,900
Meridian Corp.	1,135		16,650
Metrocity Bankshares, Inc.	2,487		33,923
Metropolitan Bank & Trust Company	241,964		167,123
Metropolitan Bank Holding Corp. (A)	1,057		32,735
Mid Penn Bancorp, Inc.	923		17,759
Middlefield Banc Corp.	1,114		21,166
Midland States Bancorp, Inc.	3,021		44,137
MidWestOne Financial Group, Inc.	2,140		40,639
Mitsubishi UFJ Financial Group, Inc.	959,300		4,002,557
Mizrahi Tefahot Bank, Ltd.	17,251		351,346
Mizuho Financial Group, Inc.	1,893,600		2,563,381
Moneta Money Bank AS (B)	69,821		175,630
MVB Financial Corp.	1,306		18,545
National Australia Bank, Ltd.	590,289		7,773,428
National Bank Holdings Corp., Class A	3,738		106,309
National Bank of Canada (C)	12,135		667,060
National Bankshares, Inc.	847		21,031
Natwest Group PLC	451,880		672,743
NBT Bancorp, Inc.	5,498		167,524
Nedbank Group, Ltd.	46,001		259,454
Nicolet Bankshares, Inc. (A)	1,232		73,945
Nordea Bank ABP	698,216		5,628,958
Northrim BanCorp, Inc.	1,116		30,032
Norwood Financial Corp.	785		19,429
OceanFirst Financial Corp.	7,650		119,417
OFG Bancorp	6,667		85,604
Old National Bancorp	21,003		293,622
Old Second Bancorp, Inc.	4,748		38,791
Origin Bancorp, Inc.	2,994		70,898
Orrstown Financial Services, Inc.	1,970		27,127

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
OTP Bank NYRT (A)	35,698	$	1,202,250
Oversea-Chinese Banking Corp., Ltd.	162,078		1,031,609
Pacific Premier Bancorp, Inc.	11,033		249,235
PacWest Bancorp	31,368		598,501
Park National Corp. (C)	1,821		163,726
Parke Bancorp, Inc.	1,884		23,173
PCB Bancorp	2,412		23,035
Peapack-Gladstone Financial Corp.	2,606		44,302
Penns Woods Bancorp, Inc.	920		19,090
Peoples Bancorp, Inc.	2,478		52,385
Peoples Financial Services Corp.	885		32,249
People's United Financial, Inc.	50,546		534,777
Pinnacle Financial Partners, Inc.	19,200		767,040
Plumas Bancorp	905		17,883
Postal Savings Bank of China Company, Ltd., H Shares (B)	1,160,300		549,289
Powszechna Kasa Oszczednosci Bank Polski SA (A)	147,192		860,040
Preferred Bank	1,820		68,068
Premier Financial Bancorp, Inc.	2,309		29,601
Prosperity Bancshares, Inc.	24,953		1,360,438
Public Bank BHD	373,862		1,472,972
QCR Holdings, Inc.	2,012		60,300
Raiffeisen Bank International AG (A)	28,966		517,556
RBB Bancorp	2,556		33,151
Red River Bancshares, Inc.	753		32,771
Regions Financial Corp.	113,908		1,316,776
Reliant Bancorp, Inc.	2,347		34,032
Renasant Corp.	7,132		180,939
Republic Bancorp, Inc., Class A	1,284		39,496
Resona Holdings, Inc.	165,300		607,611
RHB Bank BHD	204,041		224,016
Richmond Mutual Bancorporation, Inc.	2,103		23,806
Royal Bank of Canada	50,916		3,877,400
S&T Bancorp, Inc.	4,935		99,662
Salisbury Bancorp, Inc.	492		17,569
Sandy Spring Bancorp, Inc.	5,834		139,549
Santander Bank Polska SA (A)	5,963		244,939
SB Financial Group, Inc.	1,267		17,535
Seacoast Banking Corp. of Florida (A)	6,679		135,183
Select Bancorp, Inc. (A)	3,096		23,684
ServisFirst Bancshares, Inc.	6,352		232,801
Seven Bank, Ltd.	46,500		116,752
Shinhan Financial Group Company, Ltd.	55,169		1,373,099
Shinsei Bank, Ltd.	12,400		144,684
Shore Bancshares, Inc.	2,357		22,981
Sierra Bancorp	2,182		38,992
Signature Bank	14,426		1,399,755
Silvergate Capital Corp., Class A (A)	2,209		32,980
Simmons First National Corp., Class A	14,004		239,048
SinoPac Financial Holdings Company, Ltd.	1,182,772		435,562
Skandinaviska Enskilda Banken AB, A Shares (A)	350,650		3,477,162
SmartFinancial, Inc.	1,733		23,863
Societe Generale SA (A)	136,183		2,204,488
South State Corp.	9,114		507,468
Southern First Bancshares, Inc. (A)	1,222		31,650
Southern National Bancorp of Virginia, Inc.	3,208		27,428
Southside Bancshares, Inc.	3,858		106,307
Spirit of Texas Bancshares, Inc. (A)	2,154		26,925
Standard Bank Group, Ltd.	158,810		986,153
Standard Chartered PLC	252,804		1,317,488
Sterling Bancorp	52,366		611,111
Stock Yards Bancorp, Inc.	2,641		113,378

 

The accompanying notes are an integral part of the financial statements. 70

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Banks (continued)
Sumitomo Mitsui Financial Group, Inc.	102,379	$	3,010,472
Sumitomo Mitsui Trust Holdings, Inc.	26,438		762,623
Summit Financial Group, Inc.	1,405		20,724
SVB Financial Group (A)	6,131		1,565,735
Svenska Handelsbanken AB, A Shares (A)	335,095		3,371,041
Swedbank AB, A Shares (A)	194,901		3,312,017
Synovus Financial Corp.	39,663		867,430
Taishin Financial Holding Company, Ltd.	1,140,075		514,854
Taiwan Business Bank	649,222		221,116
Taiwan Cooperative Financial Holding Company, Ltd.	1,085,176		741,963
TCF Financial Corp.	40,962		1,101,059
Texas Capital Bancshares, Inc. (A)	20,238		655,509
The Bancorp, Inc. (A)	6,939		65,921
The Bank of East Asia, Ltd.	172,893		389,574
The Bank of Kyoto, Ltd.	4,500		191,572
The Bank of Nova Scotia (C)	43,367		1,874,189
The Bank of NT Butterfield & Son, Ltd.	6,689		168,563
The Chiba Bank, Ltd.	42,200		218,578
The First Bancorp, Inc.	1,740		37,027
The First Bancshares, Inc.	2,791		59,839
The First of Long Island Corp.	3,156		48,492
The PNC Financial Services Group, Inc.	50,497		5,615,266
The Shanghai Commercial & Savings Bank, Ltd.	392,000		559,289
The Shizuoka Bank, Ltd.	33,200		230,551
The Siam Commercial Bank PCL, NVDR	122,400		286,278
The Toronto-Dominion Bank	64,449		3,215,162
TMB Bank PCL, NVDR	3,458,600		104,732
Tompkins Financial Corp.	1,786		118,197
Towne Bank	8,564		151,840
TriCo Bancshares	3,349		92,734
TriState Capital Holdings, Inc. (A)	3,766		52,347
Triumph Bancorp, Inc. (A)	2,927		83,595
Truist Financial Corp.	160,378		6,224,270
Trustmark Corp.	25,268		593,293
Turkiye Garanti Bankasi AS (A)	144,197		132,767
Turkiye Is Bankasi AS, Class C (A)	101,440		67,959
U.S. Bancorp	163,146		5,938,514
UMB Financial Corp.	17,042		915,496
Umpqua Holdings Corp.	59,303		668,938
UniCredit SpA (A)	243,776		2,397,702
United Bankshares, Inc.	50,321		1,315,391
United Community Banks, Inc.	10,190		184,643
United Overseas Bank, Ltd.	57,357		822,431
Unity Bancorp, Inc.	1,520		20,186
Univest Financial Corp.	3,823		61,512
Valley National Bancorp	157,334		1,181,578
Veritex Holdings, Inc.	6,279		112,896
Washington Trust Bancorp, Inc.	2,218		74,037
Webster Financial Corp.	24,282		667,755
Wells Fargo & Company	444,074		10,724,387
WesBanco, Inc.	8,457		187,915
West Bancorporation, Inc.	2,458		43,261
Westamerica Bancorporation	3,344		203,516
Westpac Banking Corp.	666,641		8,513,915
Wintrust Financial Corp.	15,503		674,691
Woori Financial Group, Inc.	65,228		463,489
Yapi ve Kredi Bankasi AS (A)	182,246		50,417
Zions Bancorp NA	19,504		627,249
			373,586,519
Capital markets – 2.2%
3i Group PLC	91,042		1,118,770
Affiliated Managers Group, Inc.	12,721		873,297
Ameriprise Financial, Inc.	14,477		2,269,994

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Capital markets (continued)
Amundi SA (A)(B)	10,222	$	793,840
Artisan Partners Asset Management, Inc., Class A	7,089		274,415
Assetmark Financial Holdings, Inc. (A)	2,198		53,082
ASX, Ltd.	35,804		2,305,512
B. Riley Financial, Inc.	2,568		68,771
B3 SA - Brasil Bolsa Balcao	241,176		2,588,509
Banco BTG Pactual SA	27,000		395,895
Bangkok Commercial Asset Management PCL, NVDR	257,400		193,256
BGC Partners, Inc., Class A	40,213		101,337
BlackRock, Inc.	18,255		10,846,938
Blucora, Inc. (A)	6,474		77,235
Brightsphere Investment Group, Inc.	8,110		112,405
Brookfield Asset Management, Inc., Class A	48,014		1,620,406
Cboe Global Markets, Inc.	12,984		1,191,801
China Cinda Asset Management Company, Ltd., H Shares	1,040,100		198,429
China Everbright, Ltd.	108,984		167,802
China Galaxy Securities Company, Ltd., H Shares	410,600		247,116
China Huarong Asset Management Company, Ltd., H Shares (B)	1,171,200		134,322
China International Capital Corp., Ltd., H Shares (A)(B)	156,200		370,707
CI Financial Corp.	8,331		118,289
CITIC Securities Company, Ltd., H Shares	252,600		606,124
CME Group, Inc.	42,435		7,463,043
Cohen & Steers, Inc.	3,196		193,358
Cowen, Inc., Class A (C)	3,617		65,432
Credit Suisse Group AG	309,602		3,406,655
Daiwa Securities Group, Inc.	114,018		514,242
Deutsche Bank AG (A)	369,038		3,538,521
Deutsche Boerse AG	35,706		6,755,042
Diamond Hill Investment Group, Inc.	434		53,777
Donnelley Financial Solutions, Inc. (A)	4,203		45,813
E*TRADE Financial Corp.	26,159		1,415,202
Eaton Vance Corp.	30,681		1,258,535
Ellington Financial, Inc.	5,462		68,057
EQT AB	51,459		955,287
Evercore, Inc., Class A	10,916		675,482
FactSet Research Systems, Inc.	10,199		3,573,730
Federated Hermes, Inc.	38,466		919,722
Focus Financial Partners, Inc., Class A (A)	4,163		147,329
Franklin Resources, Inc.	32,825		691,295
GF Securities Company, Ltd., H Shares	150,400		177,813
Greenhill & Company, Inc.	2,146		24,078
Guotai Junan Securities Company, Ltd., H Shares (B)	67,300		104,961
Haitong Securities Company, Ltd., H Shares	317,900		288,629
Hamilton Lane, Inc., Class A	2,895		211,653
Hargreaves Lansdown PLC	31,061		668,648
Hong Kong Exchanges & Clearing, Ltd.	158,877		8,010,632
Houlihan Lokey, Inc.	5,744		336,598
Huatai Securities Company, Ltd., H Shares (B)	171,700		300,965
IGM Financial, Inc. (C)	3,469		84,654
Interactive Brokers Group, Inc., Class A	20,669		1,095,870
Intercontinental Exchange, Inc.	64,758		6,879,242
Invesco, Ltd.	44,531		454,216
Janus Henderson Group PLC	41,331		856,378
Japan Exchange Group, Inc.	40,098		1,039,804
Julius Baer Group, Ltd.	28,539		1,368,347

 

The accompanying notes are an integral part of the financial statements. 71

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Capital markets (continued)
Korea Investment Holdings Company, Ltd.	5,240	$	267,896
London Stock Exchange Group PLC	29,372		3,469,447
Macquarie Group, Ltd.	62,234		5,850,886
Magellan Financial Group, Ltd.	23,637		1,031,355
MarketAxess Holdings, Inc.	4,486		2,179,927
Meritz Securities Company, Ltd.	34,687		93,388
Mirae Asset Daewoo Company, Ltd.	37,957		296,412
Moelis & Company, Class A	6,899		220,147
Moody's Corp.	19,082		5,622,320
Morgan Stanley	141,712		7,405,869
MSCI, Inc.	10,061		3,755,469
Nasdaq, Inc.	13,591		1,826,902
Natixis SA (A)	159,204		438,818
NH Investment & Securities Company, Ltd.	14,859		111,829
Noah Holdings, Ltd., ADR (A)	4,000		112,000
Nomura Holdings, Inc.	248,200		1,274,859
Northern Trust Corp.	24,621		2,016,214
Oppenheimer Holdings, Inc., Class A	1,357		33,152
Partners Group Holding AG	2,378		2,422,489
Piper Sandler Companies	2,275		171,649
PJT Partners, Inc., Class A (C)	3,069		181,623
Raymond James Financial, Inc.	14,433		1,092,867
Reinet Investments SCA	18,170		344,905
S&P Global, Inc.	28,508		10,445,901
Safeguard Scientifics, Inc.	3,221		20,099
Samsung Securities Company, Ltd.	8,014		202,954
SBI Holdings, Inc.	18,664		424,323
Schroders PLC	11,762		455,409
Sculptor Capital Management, Inc.	2,550		32,564
SEI Investments Company	33,464		1,752,175
Silvercrest Asset Management Group, Inc., Class A	1,629		20,428
Singapore Exchange, Ltd.	39,200		247,883
St. James's Place PLC	50,556		655,135
Standard Life Aberdeen PLC	219,108		685,601
State Street Corp.	41,651		2,836,017
Stifel Financial Corp.	27,162		1,377,385
StoneX Group, Inc. (A)	2,141		121,395
T. Rowe Price Group, Inc.	26,928		3,748,647
The Bank of New York Mellon Corp.	95,353		3,526,154
The Charles Schwab Corp.	135,593		4,817,619
The Goldman Sachs Group, Inc.	36,626		7,503,569
TMX Group, Ltd.	2,102		220,973
UBS Group AG	466,532		5,675,528
Virtus Investment Partners, Inc.	962		136,508
Waddell & Reed Financial, Inc., Class A (C)	8,308		130,851
Westwood Holdings Group, Inc.	1,284		14,612
WisdomTree Investments, Inc.	19,672		73,573
			165,716,988
Consumer finance – 0.3%
Acom Company, Ltd.	31,200		121,854
American Express Company	78,113		7,935,500
Capital One Financial Corp.	53,881		3,719,405
Curo Group Holdings Corp.	2,527		19,458
Discover Financial Services	36,248		1,924,044
Encore Capital Group, Inc. (A)	4,072		187,068
Enova International, Inc. (A)	3,888		66,407
EZCORP, Inc., Class A (A)	6,559		35,287
FirstCash, Inc.	16,470		984,083
Green Dot Corp., Class A (A)	6,677		347,605
Krungthai Card PCL, NVDR	111,000		109,848
LendingClub Corp. (A)	9,306		49,601
LendingTree, Inc. (A)(C)	2,076		641,359

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Consumer finance (continued)
Muangthai Capital PCL, NVDR	106,600	$	170,610
Navient Corp.	70,868		644,190
Nelnet, Inc., Class A	2,286		149,710
Oportun Financial Corp. (A)	2,661		33,396
PRA Group, Inc. (A)	5,925		276,549
Regional Management Corp. (A)	1,275		23,320
Samsung Card Company, Ltd.	3,627		87,744
SLM Corp.	101,011		771,724
Srisawad Corp. PCL, NVDR	105,900		155,722
Synchrony Financial	63,550		1,576,676
World Acceptance Corp. (A)(C)	666		60,599
			20,091,759
Diversified financial services – 1.0%
Alerus Financial Corp.	2,281		46,966
AMP, Ltd. (A)	634,081		714,739
Banco Latinoamericano de Comercio Exterior SA, Class E	3,946		48,062
Berkshire Hathaway, Inc., Class B (A)	230,056		50,161,410
Cannae Holdings, Inc. (A)	11,047		416,803
Chailease Holding Company, Ltd.	145,335		641,927
Eurazeo SE (A)	6,572		346,914
EXOR NV	12,544		739,825
Far East Horizon, Ltd.	231,300		204,697
FirstRand, Ltd.	586,763		1,305,557
Groupe Bruxelles Lambert SA	26,403		2,436,311
Grupo de Inversiones Suramericana SA	42,903		240,835
Haci Omer Sabanci Holding AS	58,217		61,333
Industrivarden AB, C Shares (A)	34,321		906,983
Investor AB, B Shares	98,319		6,289,021
Jefferies Financial Group, Inc.	60,811		1,066,625
Kinnevik AB, B Shares (A)	52,281		2,027,851
Kinnevik AB, B Shares, Redemption Shares (A)	52,281		42,007
L E Lundbergforetagen AB, B Shares (A)	16,447		753,032
M&G PLC	242,281		559,906
Metro Pacific Investments Corp.	1,896,900		131,451
Mitsubishi UFJ Lease & Finance Company, Ltd.	31,800		150,098
NewStar Financial, Inc. (A)(D)	5,608		570
Onex Corp.	3,218		156,243
ORIX Corp.	104,600		1,300,295
PSG Group, Ltd. (C)	21,382		56,245
Remgro, Ltd.	65,075		335,331
Sofina SA	3,610		1,080,290
Tokyo Century Corp. (C)	3,400		174,473
Wendel SE	4,488		460,454
Yuanta Financial Holding Company, Ltd.	1,140,034		714,695
			73,570,949
Insurance – 2.8%
Admiral Group PLC	17,886		624,070
Aegon NV	356,040		985,862
Aflac, Inc.	86,462		3,140,300
Ageas SA/NV	42,013		1,750,714
AIA Group, Ltd.	1,603,509		16,427,545
Alleghany Corp.	3,854		2,137,274
Allianz SE	78,498		17,033,106
Ambac Financial Group, Inc. (A)	5,999		75,767
American Equity Investment Life Holding Company	11,919		284,983
American Financial Group, Inc.	20,081		1,342,415
American International Group, Inc.	103,788		3,024,382
AMERISAFE, Inc.	2,477		165,290
Aon PLC, Class A	27,847		5,569,122
Argo Group International Holdings, Ltd.	4,277		158,848
Arthur J. Gallagher & Company	22,850		2,406,105

 

The accompanying notes are an integral part of the financial statements. 72

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Insurance (continued)
Assicurazioni Generali SpA	128,187	$	1,991,225
Assurant, Inc.	7,188		873,773
Aviva PLC	519,229		1,956,960
AXA SA	325,424		6,639,970
Baloise Holding AG	5,983		932,074
BB Seguridade Participacoes SA	82,308		396,328
Brighthouse Financial, Inc. (A)	25,272		767,258
Brown & Brown, Inc.	63,345		2,939,208
BRP Group, Inc., Class A (A)	2,763		76,010
Cathay Financial Holding Company, Ltd.	929,890		1,263,006
China Development Financial Holding Corp.	1,510,000		440,379
China Life Insurance Company, Ltd.	322,703		225,565
China Life Insurance Company, Ltd., H Shares	870,076		2,119,531
China Pacific Insurance Group Company, Ltd., H Shares	325,579		903,181
China Reinsurance Group Corp., H Shares	681,300		72,849
China Taiping Insurance Holdings Company, Ltd.	190,600		302,301
Chubb, Ltd.	54,390		6,798,750
Cincinnati Financial Corp.	18,183		1,443,912
Citizens, Inc. (A)	6,439		37,668
CNO Financial Group, Inc.	57,543		937,951
CNP Assurances (A)	29,668		397,766
Crawford & Company, Class A	2,585		17,733
Dai-ichi Life Holdings, Inc.	85,400		1,293,992
DB Insurance Company, Ltd.	6,062		222,477
Direct Line Insurance Group PLC	130,029		513,875
Discovery, Ltd.	49,233		350,384
Donegal Group, Inc., Class A	1,572		22,684
eHealth, Inc. (A)	3,334		210,442
Employers Holdings, Inc.	3,890		126,736
Enstar Group, Ltd. (A)	1,559		279,045
Everest Re Group, Ltd.	4,819		1,060,566
Fairfax Financial Holdings, Ltd.	982		302,720
FBL Financial Group, Inc., Class A	1,364		50,536
FedNat Holding Company	1,928		16,369
First American Financial Corp.	30,005		1,577,363
Fubon Financial Holding Company, Ltd.	782,659		1,142,804
Genworth Financial, Inc., Class A (A)	201,825		609,512
Gjensidige Forsikring ASA (A)	25,867		550,656
Global Indemnity Group LLC, Class A	1,162		26,993
Globe Life, Inc.	11,800		973,264
Goosehead Insurance, Inc., Class A	1,690		173,664
Great-West Lifeco, Inc.	11,497		234,550
Greenlight Capital Re, Ltd., Class A (A)	4,436		32,250
Hannover Rueck SE	11,402		1,944,365
HCI Group, Inc.	813		44,487
Heritage Insurance Holdings, Inc.	3,357		43,809
Horace Mann Educators Corp.	5,432		212,174
Hyundai Marine & Fire Insurance Company, Ltd.	7,698		142,994
iA Financial Corp., Inc.	4,409		158,702
Insurance Australia Group, Ltd.	427,618		1,498,387
Intact Financial Corp.	5,221		559,226
Investors Title Company	197		26,804
IRB Brasil Resseguros SA	83,000		108,020
James River Group Holdings, Ltd.	3,869		188,459
Japan Post Holdings Company, Ltd.	124,900		923,805
Japan Post Insurance Company, Ltd.	18,100		289,241
Kemper Corp.	16,517		1,282,710
Kinsale Capital Group, Inc.	2,718		563,251
Legal & General Group PLC	561,350		1,613,562
Lincoln National Corp.	23,283		839,352

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Insurance (continued)
Loews Corp.	29,165	$	1,045,857
Mapfre SA	210,984		399,995
Marsh & McLennan Companies, Inc.	61,483		7,065,012
MBIA, Inc. (A)(C)	9,324		75,618
Medibank Pvt., Ltd.	509,180		1,024,608
Mercury General Corp.	7,305		326,753
MetLife, Inc.	92,962		3,575,319
Momentum Metropolitan Holdings	124,052		110,507
MS&AD Insurance Group Holdings, Inc.	35,468		983,829
Muenchener Rueckversicherungs-Gesellschaft AG	27,169		7,847,690
National General Holdings Corp.	8,887		302,602
National Western Life Group, Inc., Class A	355		78,096
New China Life Insurance Company, Ltd., H Shares	97,100		386,875
NI Holdings, Inc. (A)	1,447		23,615
NN Group NV	58,010		2,180,735
Old Mutual, Ltd.	584,315		384,765
Old Republic International Corp.	76,952		1,239,697
Palomar Holdings, Inc. (A)	2,519		283,010
PICC Property & Casualty Company, Ltd., H Shares	809,848		624,517
Ping An Insurance Group Company of China, Ltd., H Shares	694,110		7,410,596
Porto Seguro SA	11,423		110,216
Poste Italiane SpA (B)	60,561		555,724
Power Corp. of Canada	21,244		424,115
Powszechny Zaklad Ubezpieczen SA (A)	102,508		755,821
Primerica, Inc.	10,982		1,371,103
Principal Financial Group, Inc.	30,692		1,292,440
ProAssurance Corp.	7,139		109,369
Protective Insurance Corp., Class B	1,475		21,181
Prudential Financial, Inc.	47,598		3,225,716
Prudential PLC	243,146		3,919,848
QBE Insurance Group, Ltd.	268,980		2,080,889
Rand Merchant Investment Holdings, Ltd.	96,168		169,987
Reinsurance Group of America, Inc.	18,264		1,674,444
RenaissanceRe Holdings, Ltd.	13,546		2,488,942
RLI Corp. (C)	15,909		1,492,105
RSA Insurance Group PLC	97,640		582,751
Safety Insurance Group, Inc.	1,915		138,646
Sampo OYJ, A Shares	156,495		6,304,191
Samsung Fire & Marine Insurance Company, Ltd.	3,739		588,146
Samsung Life Insurance Company, Ltd.	8,735		449,154
Sanlam, Ltd.	231,302		745,441
SCOR SE (A)	26,655		714,352
Selective Insurance Group, Inc.	23,785		1,422,581
Shin Kong Financial Holding Company, Ltd.	1,303,694		368,655
Sompo Holdings, Inc.	26,560		997,589
Sony Financial Holdings, Inc. (C)	12,100		296,688
State Auto Financial Corp.	2,407		37,140
Stewart Information Services Corp.	3,038		129,631
Sul America SA	34,494		271,872
Sun Life Financial, Inc. (C)	22,157		924,773
Suncorp Group, Ltd.	233,704		1,598,727
Swiss Life Holding AG	4,099		1,657,128
Swiss Re AG	37,668		3,032,517
T&D Holdings, Inc.	43,400		454,268
The Allstate Corp.	37,852		3,520,236
The Hanover Insurance Group, Inc.	10,233		1,048,780
The Hartford Financial Services Group, Inc.	43,150		1,745,418

 

The accompanying notes are an integral part of the financial statements. 73

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Insurance (continued)
The People's Insurance Company Group of China, Ltd., H Shares	972,900	$	317,033
The Progressive Corp.	70,530		6,703,171
The Travelers Companies, Inc.	30,467		3,535,391
Third Point Reinsurance, Ltd. (A)	10,653		91,190
Tiptree, Inc.	3,902		22,007
Tokio Marine Holdings, Inc.	50,514		2,331,377
Trupanion, Inc. (A)(C)	3,951		247,846
Tryg A/S	21,276		652,889
United Fire Group, Inc.	2,795		70,378
United Insurance Holdings Corp.	2,962		22,422
Universal Insurance Holdings, Inc. (C)	3,624		67,225
Unum Group	24,513		453,000
W.R. Berkley Corp.	17,014		1,055,719
Watford Holdings, Ltd. (A)	2,387		38,192
Willis Towers Watson PLC	15,513		3,188,387
ZhongAn Online P&C Insurance Company, Ltd., H Shares (A)(B)	43,900		288,215
Zurich Insurance Group AG	19,088		7,057,738
			215,101,871
Mortgage real estate investment trusts – 0.0%
Anworth Mortgage Asset Corp.	14,316		24,767
Apollo Commercial Real Estate Finance, Inc.	20,203		180,615
Arbor Realty Trust, Inc.	13,406		151,756
Ares Commercial Real Estate Corp.	4,228		42,111
Arlington Asset Investment Corp., Class A	5,849		15,909
ARMOUR Residential REIT, Inc.	8,425		81,638
Blackstone Mortgage Trust, Inc., Class A	17,884		425,103
Broadmark Realty Capital, Inc.	16,711		163,768
Capstead Mortgage Corp.	12,679		78,229
Cherry Hill Mortgage Investment Corp.	2,280		21,797
Chimera Investment Corp.	24,860		221,005
Colony Credit Real Estate, Inc.	11,117		66,924
Dynex Capital, Inc.	3,054		48,375
Granite Point Mortgage Trust, Inc.	7,406		49,176
Great Ajax Corp.	2,946		26,868
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	9,223		391,609
Invesco Mortgage Capital, Inc.	24,081		72,243
KKR Real Estate Finance Trust, Inc.	3,385		61,607
Ladder Capital Corp.	13,888		103,466
MFA Financial, Inc.	59,082		158,340
New York Mortgage Trust, Inc.	50,119		132,314
Orchid Island Capital, Inc.	9,118		46,593
PennyMac Mortgage Investment Trust	13,065		223,934
Ready Capital Corp.	4,995		51,099
Redwood Trust, Inc.	15,279		105,883
TPG RE Finance Trust, Inc.	7,980		70,384
Two Harbors Investment Corp.	35,802		195,121
Western Asset Mortgage Capital Corp.	7,289		16,546
			3,227,180
Thrifts and mortgage finance – 0.1%
Axos Financial, Inc. (A)	7,573		187,659
Bridgewater Bancshares, Inc. (A)	3,523		34,244
Capitol Federal Financial, Inc.	16,878		157,641
Columbia Financial, Inc. (A)	6,248		66,666
ESSA Bancorp, Inc.	1,697		21,722
Essent Group, Ltd.	43,980		1,570,086
Federal Agricultural Mortgage Corp., Class C	1,177		80,213
Flagstar Bancorp, Inc.	4,640		145,789
FS Bancorp, Inc.	701		27,774
Home Bancorp, Inc.	1,303		31,480
HomeStreet, Inc.	3,122		85,449

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Thrifts and mortgage finance (continued)
Kearny Financial Corp.	10,385	$	80,588
Luther Burbank Corp.	2,427		22,547
Merchants Bancorp	1,215		24,762
Meridian Bancorp, Inc.	6,454		75,125
Meta Financial Group, Inc.	4,467		86,124
MMA Capital Holdings, Inc. (A)	803		18,854
Mr. Cooper Group, Inc. (A)	9,950		182,334
New York Community Bancorp, Inc.	124,935		1,130,662
NMI Holdings, Inc., Class A (A)	8,832		151,469
Northfield Bancorp, Inc.	6,265		60,520
Northwest Bancshares, Inc.	15,213		153,803
PCSB Financial Corp.	2,562		32,486
PennyMac Financial Services, Inc.	6,044		318,640
Premier Financial Corp.	5,076		92,764
Provident Financial Services, Inc.	10,071		132,736
Radian Group, Inc.	24,973		385,583
Riverview Bancorp, Inc.	3,872		15,991
Southern Missouri Bancorp, Inc.	1,311		31,044
Standard AVB Financial Corp.	808		14,908
Territorial Bancorp, Inc.	1,300		27,508
The Hingham Institution for Savings	204		37,405
Timberland Bancorp, Inc.	1,369		23,944
TrustCo Bank Corp.	13,102		78,088
Walker & Dunlop, Inc.	3,707		203,069
Washington Federal, Inc.	30,075		705,259
Waterstone Financial, Inc.	3,027		46,888
WSFS Financial Corp.	6,576		192,677
			6,734,501
			858,029,767
Health care – 9.3%
Biotechnology – 1.2%
3SBio, Inc. (A)(B)	147,800		173,219
AbbVie, Inc.	86,983		8,330,362
Abeona Therapeutics, Inc. (A)	8,546		20,083
Achillion Pharmaceuticals, Inc. (A)(D)	17,157		23,243
ADMA Biologics, Inc. (A)(C)	8,480		21,624
Aduro Biotech, Inc. (A)	9,626		29,841
Adverum Biotechnologies, Inc. (A)	9,620		117,364
Aeglea BioTherapeutics, Inc. (A)	5,731		41,693
Affimed NV (A)	10,107		34,869
Agenus, Inc. (A)(C)	18,597		80,990
Aimmune Therapeutics, Inc. (A)	6,182		211,548
Akcea Therapeutics, Inc. (A)	2,269		41,477
Akebia Therapeutics, Inc. (A)	17,185		178,896
Akero Therapeutics, Inc. (A)	1,517		49,454
Albireo Pharma, Inc. (A)	1,846		51,356
Alder Biopharmaceuticals, Inc. (A)(C)(D)	9,683		14,518
Alector, Inc. (A)(C)	6,100		78,812
Alexion Pharmaceuticals, Inc. (A)	10,899		1,244,884
Allakos, Inc. (A)(C)	3,199		286,566
Allogene Therapeutics, Inc. (A)(C)	6,375		227,269
Amgen, Inc.	29,034		7,354,893
Amicus Therapeutics, Inc. (A)	33,397		487,596
AnaptysBio, Inc. (A)	2,896		50,188
Anavex Life Sciences Corp. (A)(C)	7,166		30,384
Anika Therapeutics, Inc. (A)	1,874		71,830
Apellis Pharmaceuticals, Inc. (A)	7,898		243,495
Applied Genetic Technologies Corp. (A)	3,361		17,276
Applied Therapeutics, Inc. (A)	1,765		42,537
Aprea Therapeutics, Inc. (A)	970		26,287
Aravive, Inc. (A)	1,710		9,747
Arcturus Therapeutics Holdings, Inc. (A)	1,734		83,648
Arcus Biosciences, Inc. (A)	4,339		103,268
Arcutis Biotherapeutics, Inc. (A)	1,261		31,613
Ardelyx, Inc. (A)	9,859		56,591

 

The accompanying notes are an integral part of the financial statements. 74

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Biotechnology (continued)
Arena Pharmaceuticals, Inc. (A)	7,398	$	516,528
Arrowhead Pharmaceuticals, Inc. (A)	40,576		1,713,930
Assembly Biosciences, Inc. (A)	4,107		89,820
Atara Biotherapeutics, Inc. (A)(C)	7,649		103,109
Athenex, Inc. (A)(C)	9,772		112,280
Athersys, Inc. (A)(C)	23,165		50,500
Atreca, Inc., Class A (A)	2,860		40,669
Avid Bioservices, Inc. (A)	7,728		64,838
Avrobio, Inc. (A)	4,105		71,099
Beam Therapeutics, Inc. (A)(C)	1,661		41,708
BeiGene, Ltd., ADR (A)	5,100		1,232,007
Beyondspring, Inc. (A)	1,920		23,866
BioCryst Pharmaceuticals, Inc. (A)(C)	20,519		85,154
Biogen, Inc. (A)	8,054		2,316,653
Biohaven Pharmaceutical Holding Company, Ltd. (A)	6,192		392,511
BioSpecifics Technologies Corp. (A)(C)	859		55,406
Bioxcel Therapeutics, Inc. (A)	1,400		57,050
Black Diamond Therapeutics, Inc. (A)(C)	1,623		46,694
Blueprint Medicines Corp. (A)	7,121		551,379
BrainStorm Cell Therapeutics, Inc. (A)	3,743		47,199
Bridgebio Pharma, Inc. (A)	9,573		285,850
Cabaletta Bio, Inc. (A)	1,943		20,499
Calithera Biosciences, Inc. (A)	8,950		36,069
CareDx, Inc. (A)	5,621		191,957
CASI Pharmaceuticals, Inc. (A)	7,912		13,530
Castle Biosciences, Inc. (A)	1,373		62,787
Catabasis Pharmaceuticals, Inc. (A)	2,792		18,427
Catalyst Biosciences, Inc. (A)	2,659		13,880
Catalyst Pharmaceuticals, Inc. (A)	13,054		42,817
Celltrion, Inc. (A)	11,330		2,827,974
Cellular Biomedicine Group, Inc. (A)	1,810		33,630
CEL-SCI Corp. (A)(C)	4,353		56,284
ChemoCentryx, Inc. (A)	5,841		312,494
Chimerix, Inc. (A)	7,207		20,252
Cidara Therapeutics, Inc. (A)	5,117		16,272
Clovis Oncology, Inc. (A)(C)	9,610		50,068
Coherus Biosciences, Inc. (A)	7,611		144,381
Concert Pharmaceuticals, Inc. (A)	3,993		38,413
Constellation Pharmaceuticals, Inc. (A)	3,574		75,233
Corbus Pharmaceuticals Holdings, Inc. (A)(C)	8,913		82,757
Cortexyme, Inc. (A)(C)	2,080		91,458
Crinetics Pharmaceuticals, Inc. (A)	3,639		58,333
CSL, Ltd.	83,804		17,585,492
Cue Biopharma, Inc. (A)	3,678		65,726
Cyclerion Therapeutics, Inc. (A)	3,136		21,388
Cytokinetics, Inc. (A)(C)	7,377		176,753
CytomX Therapeutics, Inc. (A)	6,110		44,603
Deciphera Pharmaceuticals, Inc. (A)	4,915		221,224
Denali Therapeutics, Inc. (A)	8,283		264,228
DermTech, Inc. (A)	1,279		15,054
Dicerna Pharmaceuticals, Inc. (A)	8,570		158,716
Dyadic International, Inc. (A)	2,932		23,309
Dynavax Technologies Corp. (A)(C)	11,854		70,887
Eagle Pharmaceuticals, Inc. (A)	1,461		57,972
Editas Medicine, Inc. (A)	7,324		258,025
Eidos Therapeutics, Inc. (A)	1,455		62,972
Eiger BioPharmaceuticals, Inc. (A)	3,289		36,738
Emergent BioSolutions, Inc. (A)	17,836		2,034,196
Enanta Pharmaceuticals, Inc. (A)	2,530		132,041
Epizyme, Inc. (A)(C)	11,769		152,997
Esperion Therapeutics, Inc. (A)(C)	3,411		123,137
Exelixis, Inc. (A)	82,582		1,834,972
Exicure, Inc. (A)	8,616		17,146

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Biotechnology (continued)
Fate Therapeutics, Inc. (A)(C)	8,235	$	299,754
Fennec Pharmaceuticals, Inc. (A)(C)	3,284		17,996
FibroGen, Inc. (A)	10,914		489,275
Five Prime Therapeutics, Inc. (A)	3,900		16,653
Flexion Therapeutics, Inc. (A)(C)	4,599		53,624
Fortress Biotech, Inc. (A)	8,498		33,610
Frequency Therapeutics, Inc. (A)(C)	3,748		72,486
G1 Therapeutics, Inc. (A)(C)	4,535		69,612
Galapagos NV (A)	9,816		1,317,875
Genmab A/S (A)	11,410		4,305,854
Geron Corp. (A)(C)	25,529		52,334
Gilead Sciences, Inc.	61,893		4,131,358
Gossamer Bio, Inc. (A)	6,612		91,907
Grifols SA	57,054		1,546,778
Gritstone Oncology, Inc. (A)	4,286		14,187
Halozyme Therapeutics, Inc. (A)	17,814		516,517
Harpoon Therapeutics, Inc. (A)	1,465		20,158
Helixmith Company, Ltd. (A)	2,897		120,015
Heron Therapeutics, Inc. (A)	11,567		165,408
Homology Medicines, Inc. (A)	4,541		48,271
Hookipa Pharma, Inc. (A)	1,883		16,834
Ideaya Biosciences, Inc. (A)	1,721		20,824
IGM Biosciences, Inc. (A)(C)	943		40,549
ImmunoGen, Inc. (A)	22,807		84,386
Immunovant, Inc. (A)	2,554		86,734
Incyte Corp. (A)	8,905		857,997
Innovent Biologics, Inc. (A)(B)	109,500		727,518
Inovio Pharmaceuticals, Inc. (A)(C)	18,877		226,335
Insmed, Inc. (A)(C)	13,312		375,265
Intellia Therapeutics, Inc. (A)(C)	5,810		125,380
Intercept Pharmaceuticals, Inc. (A)(C)	3,408		169,991
Invitae Corp. (A)	15,156		529,854
Ironwood Pharmaceuticals, Inc. (A)	21,090		213,009
IVERIC bio, Inc. (A)	6,223		27,941
Jounce Therapeutics, Inc. (A)	2,497		12,085
Kadmon Holdings, Inc. (A)	21,377		106,885
KalVista Pharmaceuticals, Inc. (A)	1,986		26,017
Karuna Therapeutics, Inc. (A)	2,039		155,780
Karyopharm Therapeutics, Inc. (A)	9,244		140,601
Keros Therapeutics, Inc. (A)	938		50,221
Kezar Life Sciences, Inc. (A)	3,755		18,249
Kindred Biosciences, Inc. (A)	5,640		27,974
Kiniksa Pharmaceuticals, Ltd., Class A (A)	2,540		44,882
Kodiak Sciences, Inc. (A)	3,790		199,316
Krystal Biotech, Inc. (A)	1,587		75,874
Kura Oncology, Inc. (A)	7,026		174,877
Ligand Pharmaceuticals, Inc. (A)(C)	6,212		633,624
MacroGenics, Inc. (A)	6,322		182,959
Madrigal Pharmaceuticals, Inc. (A)(C)	1,155		124,394
Magenta Therapeutics, Inc. (A)	2,477		18,008
MannKind Corp. (A)(C)	29,264		50,919
MediciNova, Inc. (A)(C)	6,053		31,718
Medytox, Inc.	45		9,442
MEI Pharma, Inc. (A)	14,051		38,219
MeiraGTx Holdings PLC (A)	2,816		36,636
Mersana Therapeutics, Inc. (A)	6,040		115,726
Minerva Neurosciences, Inc. (A)	4,829		15,356
Mirati Therapeutics, Inc. (A)(C)	4,823		720,412
Molecular Templates, Inc. (A)	3,269		37,953
Momenta Pharmaceuticals, Inc. (A)	15,478		807,487
Morphic Holding, Inc. (A)	1,845		48,893
Myriad Genetics, Inc. (A)	9,451		126,360
NantKwest, Inc. (A)(C)	3,868		28,236
Natera, Inc. (A)	9,165		583,902
Neoleukin Therapeutics, Inc. (A)	4,029		51,209

 

The accompanying notes are an integral part of the financial statements. 75

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Biotechnology (continued)
Neubase Therapeutics, Inc. (A)	2,571	$	20,645
NextCure, Inc. (A)	2,170		19,508
Novavax, Inc. (A)(C)	7,646		843,660
Nymox Pharmaceutical Corp. (A)(C)	5,801		14,619
Oncocyte Corp. (A)	6,165		7,706
OPKO Health, Inc. (A)(C)	52,719		170,810
Orgenesis, Inc. (A)	2,747		14,477
ORIC Pharmaceuticals, Inc. (A)	1,172		29,359
Ovid therapeutics, Inc. (A)	5,884		33,774
Oyster Point Pharma, Inc. (A)	692		15,750
Passage Bio, Inc. (A)	1,811		29,990
PDL BioPharma, Inc. (A)	15,772		52,836
PeptiDream, Inc. (A)	7,400		300,442
Pfenex, Inc. (A)	4,823		60,432
Pieris Pharmaceuticals, Inc. (A)	7,301		20,881
Precigen, Inc. (A)(C)	9,096		55,031
Precision BioSciences, Inc. (A)	6,176		34,833
Prevail Therapeutics, Inc. (A)	1,983		24,292
Principia Biopharma, Inc. (A)	3,862		386,239
Protagonist Therapeutics, Inc. (A)	3,023		67,715
Prothena Corp. PLC (A)	4,211		54,575
PTC Therapeutics, Inc. (A)	8,113		400,985
Puma Biotechnology, Inc. (A)(C)	4,190		43,115
Radius Health, Inc. (A)(C)	6,046		74,849
RAPT Therapeutics, Inc. (A)	1,486		39,528
Regeneron Pharmaceuticals, Inc. (A)	4,978		3,086,012
REGENXBIO, Inc. (A)	4,497		137,248
Replimune Group, Inc. (A)	2,316		62,532
Retrophin, Inc. (A)	5,526		108,254
REVOLUTION Medicines, Inc. (A)	1,956		55,433
Rhythm Pharmaceuticals, Inc. (A)	4,481		132,234
Rigel Pharmaceuticals, Inc. (A)	23,696		59,003
Rocket Pharmaceuticals, Inc. (A)(C)	4,504		115,167
Rubius Therapeutics, Inc. (A)	5,135		24,725
Sangamo Therapeutics, Inc. (A)(C)	15,257		168,361
Savara, Inc. (A)	6,721		9,813
Scholar Rock Holding Corp. (A)	3,057		46,161
Selecta Biosciences, Inc. (A)(C)	9,568		24,877
Seres Therapeutics, Inc. (A)	6,171		163,470
Sorrento Therapeutics, Inc. (A)(C)	23,106		185,079
Spectrum Pharmaceuticals, Inc. (A)	15,957		67,179
Spero Therapeutics, Inc. (A)	2,094		22,762
SpringWorks Therapeutics, Inc. (A)	2,815		125,014
Stemline Therapeutics, Inc. (A)(C)(D)	5,969		1,970
Stoke Therapeutics, Inc. (A)	1,649		48,431
Sutro Biopharma, Inc. (A)	2,569		25,716
Syndax Pharmaceuticals, Inc. (A)	3,615		58,961
Syros Pharmaceuticals, Inc. (A)(C)	5,606		74,280
TCR2 Therapeutics, Inc. (A)	2,309		46,688
TG Therapeutics, Inc. (A)	12,704		315,123
Translate Bio, Inc. (A)	6,667		93,938
Turning Point Therapeutics, Inc. (A)	3,658		285,982
Twist Bioscience Corp. (A)	3,945		275,874
Ultragenyx Pharmaceutical, Inc. (A)(C)	7,449		633,612
United Therapeutics Corp. (A)	11,852		1,267,690
UNITY Biotechnology, Inc. (A)(C)	4,612		14,482
UroGen Pharma, Ltd. (A)(C)	2,618		65,686
Vanda Pharmaceuticals, Inc. (A)(C)	7,113		73,193
Vaxart, Inc. (A)	6,063		35,954
VBI Vaccines, Inc. (A)(C)	22,990		97,937
Veracyte, Inc. (A)	6,620		220,512
Verastem, Inc. (A)(C)	22,166		27,929
Vericel Corp. (A)	5,969		94,609
Vertex Pharmaceuticals, Inc. (A)	12,797		3,571,899
Viela Bio, Inc. (A)	2,641		88,975

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Biotechnology (continued)
Viking Therapeutics, Inc. (A)(C)	8,762	$	58,618
Vir Biotechnology, Inc. (A)(C)	6,089		246,483
Voyager Therapeutics, Inc. (A)	3,535		41,678
X4 Pharmaceuticals, Inc. (A)	2,322		19,458
XBiotech, Inc. (A)(C)	1,902		35,986
Xencor, Inc. (A)	7,311		261,368
XOMA Corp. (A)(C)	894		17,004
Y-mAbs Therapeutics, Inc. (A)	3,961		170,442
Zai Lab, Ltd., ADR (A)	6,100		484,157
Zentalis Pharmaceuticals, Inc. (A)	1,361		46,818
ZIOPHARM Oncology, Inc. (A)(C)	28,405		79,818
			93,201,911
Health care equipment and supplies – 2.4%
Abbott Laboratories	173,538		18,997,205
ABIOMED, Inc. (A)	4,411		1,356,912
Accelerate Diagnostics, Inc. (A)(C)	4,141		50,437
Accuray, Inc. (A)	12,944		30,160
AK Medical Holdings, Ltd. (B)	44,000		112,162
Alcon, Inc. (A)	62,507		3,556,455
Align Technology, Inc. (A)	7,032		2,088,363
Alphatec Holdings, Inc. (A)	6,324		37,881
Ambu A/S, Class B (C)	28,626		842,488
AngioDynamics, Inc. (A)	5,085		47,621
Antares Pharma, Inc. (A)	22,126		62,617
Apyx Medical Corp. (A)	4,869		22,349
Asahi Intecc Company, Ltd.	15,300		454,058
Aspira Women's Health, Inc. (A)	6,567		18,814
AtriCure, Inc. (A)	5,136		229,733
Atrion Corp.	188		118,763
Avanos Medical, Inc. (A)	19,137		620,039
Axogen, Inc. (A)	5,026		59,659
Axonics Modulation Technologies, Inc. (A)	3,991		168,660
Baxter International, Inc.	49,921		4,346,621
Becton, Dickinson and Company	28,930		7,023,336
BioLife Solutions, Inc. (A)	1,098		23,409
BioMerieux	6,946		1,050,397
BioSig Technologies, Inc. (A)(C)	3,029		22,445
Boston Scientific Corp. (A)	140,167		5,749,650
Cantel Medical Corp.	14,979		786,098
Cardiovascular Systems, Inc. (A)	4,580		149,629
Carl Zeiss Meditec AG, Bearer Shares	7,553		852,520
Cerus Corp. (A)	21,398		136,305
Cochlear, Ltd.	11,830		1,671,731
Co-Diagnostics, Inc. (A)(C)	3,468		37,801
Coloplast A/S, B Shares	20,816		3,530,838
CONMED Corp.	3,568		307,954
CryoLife, Inc. (A)	4,871		98,492
CryoPort, Inc. (A)(C)	4,424		245,444
Cutera, Inc. (A)	2,420		39,615
CytoSorbents Corp. (A)	4,677		39,474
Danaher Corp.	61,734		12,746,219
Demant A/S (A)	19,354		577,266
Dentsply Sirona, Inc.	21,494		964,436
DexCom, Inc. (A)	9,055		3,852,088
DiaSorin SpA	2,901		525,139
Edwards Lifesciences Corp. (A)	60,794		5,218,557
Electromed, Inc. (A)	1,019		12,615
Fisher & Paykel Healthcare Corp., Ltd.	217,977		5,398,593
FONAR Corp. (A)	964		24,457
GenMark Diagnostics, Inc. (A)	8,935		115,887
Glaukos Corp. (A)(C)	5,562		266,030
Globus Medical, Inc., Class A (A)	20,376		1,151,652
GN Store Nord A/S	22,461		1,627,790
Haemonetics Corp. (A)	13,569		1,216,597
Hartalega Holdings BHD	216,800		861,079

 

The accompanying notes are an integral part of the financial statements. 76

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care equipment and supplies (continued)
Heska Corp. (A)	927	$	96,037
Hill-Rom Holdings, Inc.	17,923		1,680,998
Hologic, Inc. (A)	25,332		1,512,827
Hoya Corp.	29,700		2,921,710
ICU Medical, Inc. (A)	5,217		1,044,652
IDEXX Laboratories, Inc. (A)	8,333		3,258,703
Inogen, Inc. (A)(C)	2,447		73,973
Integer Holdings Corp. (A)	4,290		297,125
Integra LifeSciences Holdings Corp. (A)	18,964		906,290
IntriCon Corp. (A)	1,353		16,425
Intuitive Surgical, Inc. (A)	11,441		8,361,540
Invacare Corp.	4,765		32,307
iRadimed Corp. (A)	906		19,207
iRhythm Technologies, Inc. (A)	3,550		781,639
Koninklijke Philips NV (A)	184,701		8,740,261
Lantheus Holdings, Inc. (A)	8,682		116,512
LeMaitre Vascular, Inc. (C)	2,250		72,630
LivaNova PLC (A)	19,503		914,691
Masimo Corp. (A)	13,407		3,003,168
Medtronic PLC	131,571		14,139,935
Meridian Bioscience, Inc. (A)	5,609		79,311
Merit Medical Systems, Inc. (A)	7,127		349,936
Mesa Laboratories, Inc. (C)	525		129,108
Misonix, Inc. (A)	2,149		28,345
Natus Medical, Inc. (A)	4,470		81,175
Neogen Corp. (A)	6,922		527,456
Nevro Corp. (A)	4,396		604,626
NuVasive, Inc. (A)	20,544		1,070,959
Olympus Corp.	91,524		1,811,668
OraSure Technologies, Inc. (A)	8,229		96,444
Orthofix Medical, Inc. (A)	2,506		76,032
OrthoPediatrics Corp. (A)(C)	1,589		80,086
Penumbra, Inc. (A)	8,903		1,862,062
Pulse Biosciences, Inc. (A)	2,014		19,918
Quidel Corp. (A)	10,292		1,810,980
Quotient, Ltd. (A)	8,073		40,849
Repro-Med Systems, Inc. (A)	3,326		28,903
ResMed, Inc.	14,193		2,565,811
Rockwell Medical, Inc. (A)(C)	10,548		13,818
SeaSpine Holdings Corp. (A)	3,735		49,713
Shandong Weigao Group Medical Polymer Company, Ltd., H Shares	289,200		673,859
Shockwave Medical, Inc. (A)	3,529		224,233
SI-BONE, Inc. (A)	3,447		75,214
Siemens Healthineers AG (B)(C)	28,143		1,282,161
Sientra, Inc. (A)	6,578		25,260
Silk Road Medical, Inc. (A)	4,176		254,652
Smith & Nephew PLC	81,515		1,645,023
Sonova Holding AG (A)	6,957		1,626,599
STAAR Surgical Company (A)	5,936		284,631
Stereotaxis, Inc. (A)	6,234		21,944
STERIS PLC	8,334		1,330,440
Straumann Holding AG	1,312		1,294,851
Stryker Corp.	31,625		6,266,810
Surgalign Holdings, Inc. (A)	8,366		18,573
Surmodics, Inc. (A)	1,795		81,224
Sysmex Corp.	13,100		1,144,222
Tactile Systems Technology, Inc. (A)	2,425		93,193
Teleflex, Inc.	4,555		1,789,887
Terumo Corp.	50,746		2,064,376
The Cooper Companies, Inc.	4,820		1,515,312
Top Glove Corp. BHD	197,200		1,245,524
TransMedics Group, Inc. (A)	2,717		48,444
Utah Medical Products, Inc.	479		39,350
Vapotherm, Inc. (A)	2,530		78,708

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care equipment and supplies (continued)
Varex Imaging Corp. (A)	5,004	$	55,494
Varian Medical Systems, Inc. (A)	8,910		1,547,400
ViewRay, Inc. (A)	15,492		42,138
West Pharmaceutical Services, Inc.	7,221		2,050,475
Wright Medical Group NV (A)(C)	16,856		509,557
Zimmer Biomet Holdings, Inc.	20,289		2,858,314
Zynex, Inc. (A)	2,198		32,530
			179,082,768
Health care providers and services – 1.5%
1Life Healthcare, Inc. (A)	2,812		82,026
Acadia Healthcare Company, Inc. (A)	23,952		740,356
AdaptHealth Corp. (A)	1,067		22,652
Addus HomeCare Corp. (A)	1,818		170,274
Alfresa Holdings Corp.	14,700		295,381
Amedisys, Inc. (A)	8,720		2,109,368
AmerisourceBergen Corp.	14,567		1,413,436
AMN Healthcare Services, Inc. (A)	6,101		328,478
Anthem, Inc.	24,735		6,963,397
Apollo Medical Holdings, Inc. (A)	1,355		25,596
Bangkok Dusit Medical Services PCL, NVDR	1,373,500		918,281
BioTelemetry, Inc. (A)(C)	4,415		174,746
Brookdale Senior Living, Inc. (A)	24,620		67,705
Bumrungrad Hospital PCL, NVDR	57,500		204,364
Cardinal Health, Inc.	28,646		1,454,071
Celltrion Healthcare Company, Ltd. (A)	8,182		688,947
Centene Corp. (A)	56,817		3,484,018
Chemed Corp.	4,275		2,210,645
Cigna Corp.	36,200		6,420,794
Community Health Systems, Inc. (A)	11,931		61,683
CorVel Corp. (A)	1,172		97,299
Covetrus, Inc. (A)	12,954		296,776
Cross Country Healthcare, Inc. (A)	5,220		33,356
CVS Health Corp.	128,236		7,966,020
DaVita, Inc. (A)(C)	8,365		725,747
Encompass Health Corp.	26,769		1,746,410
Fresenius Medical Care AG & Company KGaA	40,032		3,401,563
Fresenius SE & Company KGaA	78,525		3,643,888
Fulgent Genetics, Inc. (A)	1,359		40,172
Hanger, Inc. (A)	4,919		97,199
Hapvida Participacoes e Investimentos SA (B)	26,100		308,379
HCA Healthcare, Inc.	25,836		3,506,462
HealthEquity, Inc. (A)	28,380		1,631,282
Henry Schein, Inc. (A)	14,006		930,559
Humana, Inc.	12,970		5,384,755
IHH Healthcare BHD	282,009		362,827
InfuSystem Holdings, Inc. (A)	2,089		30,395
Laboratory Corp. of America Holdings (A)	9,536		1,675,952
LHC Group, Inc. (A)	11,970		2,495,027
Life Healthcare Group Holdings, Ltd.	170,098		165,586
Magellan Health, Inc. (A)	3,074		231,964
McKesson Corp.	15,879		2,436,474
Medipal Holdings Corp.	14,400		275,185
MEDNAX, Inc. (A)	33,946		630,717
Molina Healthcare, Inc. (A)	15,942		2,948,792
National HealthCare Corp.	1,612		102,684
National Research Corp.	1,807		101,192
NMC Health PLC (A)	8,800		1,760
Notre Dame Intermedica Participacoes SA	56,600		765,549
Option Care Health, Inc. (A)	4,504		52,336
Orpea (A)	8,646		1,037,013
Owens & Minor, Inc. (C)	8,194		135,857
Patterson Companies, Inc.	34,355		996,639

 

The accompanying notes are an integral part of the financial statements. 77

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care providers and services (continued)
PetIQ, Inc. (A)(C)	2,737	$	96,288
Progyny, Inc. (A)	3,491		99,668
Quest Diagnostics, Inc.	13,120		1,459,469
R1 RCM, Inc. (A)	14,044		203,638
RadNet, Inc. (A)(C)	5,659		81,603
Ramsay Health Care, Ltd.	33,026		1,584,436
Ryman Healthcare, Ltd.	151,909		1,369,473
Select Medical Holdings Corp. (A)	14,230		285,596
Shanghai Pharmaceuticals Holding Company, Ltd., H Shares	91,000		161,938
Sharps Compliance Corp. (A)	2,346		17,912
Sinopharm Group Company, Ltd., H Shares	156,700		384,767
Sonic Healthcare, Ltd.	83,374		1,966,361
Surgery Partners, Inc. (A)	3,057		58,358
Suzuken Company, Ltd.	5,300		196,882
Tenet Healthcare Corp. (A)	41,903		1,180,827
The Ensign Group, Inc.	6,710		392,803
The Joint Corp. (A)	1,942		34,684
The Pennant Group, Inc. (A)	3,436		127,269
The Providence Service Corp. (A)	1,587		146,940
Tivity Health, Inc. (A)(C)	5,790		94,724
Triple-S Management Corp., Class B (A)(C)	3,043		56,600
UnitedHealth Group, Inc.	93,044		29,080,902
Universal Health Services, Inc., Class B	7,620		840,867
US Physical Therapy, Inc.	1,680		149,352
Viemed Healthcare, Inc. (A)(C)	4,716		51,263
			112,214,654
Health care technology – 0.1%
Alibaba Health Information Technology, Ltd. (A)	421,100		1,014,948
Allscripts Healthcare Solutions, Inc. (A)	21,406		191,156
Cerner Corp.	29,859		2,190,755
Computer Programs & Systems, Inc.	1,780		48,701
Evolent Health, Inc., Class A (A)(C)	10,120		145,020
Health Catalyst, Inc. (A)(C)	4,255		132,671
HealthStream, Inc. (A)	3,422		70,887
HMS Holdings Corp. (A)	11,543		321,934
Icad, Inc. (A)	2,837		30,725
Inovalon Holdings, Inc., Class A (A)	9,710		240,274
Inspire Medical Systems, Inc. (A)	3,436		410,430
M3, Inc.	34,600		2,004,327
NantHealth, Inc. (A)	3,828		12,173
NextGen Healthcare, Inc. (A)	7,351		97,474
Omnicell, Inc. (A)	5,565		371,074
OptimizeRx Corp. (A)	2,097		42,276
Phreesia, Inc. (A)(C)	3,757		118,496
Ping An Healthcare and Technology Company, Ltd. (A)(B)(C)	43,500		634,016
Schrodinger, Inc. (A)	1,811		109,493
Simulations Plus, Inc. (C)	1,642		97,830
Tabula Rasa HealthCare, Inc. (A)	2,695		136,367
Vocera Communications, Inc. (A)	4,197		117,474
			8,538,501
Life sciences tools and services – 1.0%
Agilent Technologies, Inc.	41,118		4,129,070
Bio-Rad Laboratories, Inc., Class A (A)	2,846		1,447,447
Bio-Techne Corp.	10,293		2,629,450
Charles River Laboratories International, Inc. (A)	13,327		2,917,947
ChromaDex Corp. (A)	5,983		29,616
Codexis, Inc. (A)	7,158		98,780
Eurofins Scientific SE (A)	2,211		1,779,129
Fluidigm Corp. (A)	9,728		76,365

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Life sciences tools and services (continued)
Genscript Biotech Corp. (A)	121,400	$	233,828
Harvard Bioscience, Inc. (A)	6,083		20,378
Illumina, Inc. (A)	19,575		6,992,582
IQVIA Holdings, Inc. (A)	23,649		3,872,524
Lonza Group AG	9,461		5,879,190
Luminex Corp.	5,599		149,437
Medpace Holdings, Inc. (A)	3,582		464,908
Mettler-Toledo International, Inc. (A)	3,184		3,090,964
NanoString Technologies, Inc. (A)	4,978		201,509
NeoGenomics, Inc. (A)	13,584		529,097
Pacific Biosciences of California, Inc. (A)	19,566		129,136
PerkinElmer, Inc.	14,833		1,746,141
Personalis, Inc. (A)	2,746		62,664
PRA Health Sciences, Inc. (A)	17,134		1,831,796
QIAGEN NV (A)	43,334		2,201,336
Quanterix Corp. (A)	2,539		90,388
Repligen Corp. (A)	12,677		1,963,794
Samsung Biologics Company, Ltd. (A)(B)	1,989		1,299,481
Sartorius Stedim Biotech	4,630		1,654,809
Syneos Health, Inc. (A)	16,831		1,062,036
Thermo Fisher Scientific, Inc.	52,593		22,561,345
Waters Corp. (A)	8,244		1,782,847
WuXi AppTec Company, Ltd., H Shares (B)	24,872		367,685
Wuxi Biologics Cayman, Inc. (A)(B)	106,200		2,749,520
			74,045,199
Pharmaceuticals – 3.1%
AcelRx Pharmaceuticals, Inc. (A)(C)	12,548		15,685
Aerie Pharmaceuticals, Inc. (A)(C)	4,921		54,131
Agile Therapeutics, Inc. (A)(C)	9,484		30,349
AMAG Pharmaceuticals, Inc. (A)(C)	4,372		45,294
Amneal Pharmaceuticals, Inc. (A)	13,180		54,170
Amphastar Pharmaceuticals, Inc. (A)	4,730		96,397
ANI Pharmaceuticals, Inc. (A)	1,303		40,862
Aquestive Therapeutics, Inc. (A)(C)	2,957		23,242
Arvinas, Inc. (A)	3,879		100,660
Aspen Pharmacare Holdings, Ltd. (A)	47,752		381,343
Astellas Pharma, Inc.	146,200		2,293,608
AstraZeneca PLC	122,384		13,584,651
Axsome Therapeutics, Inc. (A)	3,638		266,702
Bausch Health Companies, Inc. (A)(C)	11,450		190,051
Bayer AG	184,513		12,272,335
BioDelivery Sciences International, Inc. (A)	12,148		47,499
Bristol-Myers Squibb Company	107,769		6,703,232
Canopy Growth Corp. (A)(C)	8,115		133,824
CanSino Biologics, Inc., H Shares (A)(B)	7,000		147,890
Cara Therapeutics, Inc. (A)	5,476		84,878
Catalent, Inc. (A)	43,783		4,049,928
Celltrion Pharm, Inc. (A)	1,951		181,843
Chiasma, Inc. (A)	5,221		28,663
China Medical System Holdings, Ltd.	158,500		178,512
China Resources Pharmaceutical Group, Ltd. (B)	183,500		103,886
China Traditional Chinese Medicine Holdings Company, Ltd.	322,400		137,454
Chugai Pharmaceutical Company, Ltd.	52,700		2,348,156
Collegium Pharmaceutical, Inc. (A)	4,556		86,837
Corcept Therapeutics, Inc. (A)(C)	12,673		160,947
CorMedix, Inc. (A)	3,807		17,779
Cronos Group, Inc. (A)(C)	6,847		37,953
CSPC Pharmaceutical Group, Ltd.	654,120		1,445,224
Cymabay Therapeutics, Inc. (A)	9,707		62,804
Daiichi Sankyo Company, Ltd.	44,500		3,969,533
Durect Corp. (A)	26,570		46,099

 

The accompanying notes are an integral part of the financial statements. 78

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Eisai Company, Ltd.	19,754	$	1,725,407
Elanco Animal Health, Inc. (A)(D)	6,772		0
Eli Lilly & Company	40,113		5,952,368
Endo International PLC (A)	29,898		89,993
Evofem Biosciences, Inc. (A)(C)	6,780		22,510
Evolus, Inc. (A)(C)	3,187		12,302
Fulcrum Therapeutics, Inc. (A)	1,760		12,795
GlaxoSmithKline PLC	467,766		9,137,023
H Lundbeck A/S	12,200		400,228
Hanmi Pharm Company, Ltd.	791		203,717
Hansoh Pharmaceutical Group Company, Ltd. (A)(B)	60,000		283,637
Harrow Health, Inc. (A)	3,500		24,115
Hikma Pharmaceuticals PLC	16,109		508,324
Hisamitsu Pharmaceutical Company, Inc.	4,000		184,776
Hutchison China MediTech, Ltd., ADR (A)	8,000		265,760
Hypera SA	44,379		256,383
IMARA, Inc. (A)	681		15,826
Innoviva, Inc. (A)(C)	8,440		98,832
Intersect ENT, Inc. (A)	4,438		89,115
Intra-Cellular Therapies, Inc. (A)	7,255		132,186
Ipsen SA	6,314		652,123
Johnson & Johnson	125,482		19,250,194
Kala Pharmaceuticals, Inc. (A)	5,296		47,134
Kalbe Farma Tbk PT	2,783,810		301,683
Kyowa Kirin Company, Ltd.	21,228		548,594
Lannett Company, Inc. (A)	4,442		23,365
Liquidia Technologies, Inc. (A)	2,820		14,438
Luye Pharma Group, Ltd. (B)(C)	209,100		113,017
Mallinckrodt PLC (A)(C)	11,640		18,391
Marinus Pharmaceuticals, Inc. (A)	11,855		22,999
Menlo Therapeutics, Inc. (A)	15,060		23,042
Merck & Company, Inc.	120,220		10,251,159
Merck KGaA	24,277		3,299,602
Mylan NV (A)	24,621		403,292
MyoKardia, Inc. (A)	6,521		713,658
Nektar Therapeutics (A)	47,932		927,005
NGM Biopharmaceuticals, Inc. (A)(C)	3,129		58,356
Nippon Shinyaku Company, Ltd.	3,600		297,457
Novartis AG	272,964		23,525,947
Novo Nordisk A/S, B Shares	310,300		20,514,969
Ocular Therapeutix, Inc. (A)(C)	6,943		60,404
Odonate Therapeutics, Inc. (A)	1,759		28,408
Omeros Corp. (A)(C)	6,949		83,041
Ono Pharmaceutical Company, Ltd.	29,100		879,083
Optinose, Inc. (A)	4,517		20,552
Orion OYJ, Class B	34,861		1,636,951
Otsuka Holdings Company, Ltd.	30,700		1,347,375
Pacira BioSciences, Inc. (A)	5,450		340,734
Paratek Pharmaceuticals, Inc. (A)	5,856		26,938
Perrigo Company PLC	6,493		339,584
Pfizer, Inc.	264,570		9,998,100
Phathom Pharmaceuticals, Inc. (A)(C)	1,437		52,824
Phibro Animal Health Corp., Class A	2,752		59,058
Prestige Consumer Healthcare, Inc. (A)	20,088		731,806
Provention Bio, Inc. (A)(C)	5,625		73,350
Recordati Industria Chimica e Farmaceutica SpA	12,000		654,580
Relmada Therapeutics, Inc. (A)(C)	1,860		66,365
Revance Therapeutics, Inc. (A)	7,489		218,903
Richter Gedeon NYRT	22,318		543,543
Roche Holding AG	89,261		31,225,175
Sanofi	189,222		19,166,059
Santen Pharmaceutical Company, Ltd.	28,200		538,178
Satsuma Pharmaceuticals, Inc. (A)	1,262		29,064

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Shanghai Fosun Pharmaceutical Group Company, Ltd., H Shares	61,000	$	257,038
Shionogi & Company, Ltd.	21,163		1,175,138
SIGA Technologies, Inc. (A)	7,346		51,055
Sino Biopharmaceutical, Ltd.	1,209,525		1,391,897
SSY Group, Ltd.	175,300		111,518
Strongbridge Biopharma PLC (A)	5,473		21,016
Sumitomo Dainippon Pharma Company, Ltd.	14,100		178,251
Supernus Pharmaceuticals, Inc. (A)	6,469		142,253
Taisho Pharmaceutical Holdings Company, Ltd.	2,700		166,144
Takeda Pharmaceutical Company, Ltd.	123,828		4,617,198
Teva Pharmaceutical Industries, Ltd., ADR (A)	121,236		1,196,599
TherapeuticsMD, Inc. (A)(C)	32,668		47,695
Theravance Biopharma, Inc. (A)	6,121		112,198
Tricida, Inc. (A)	3,770		39,849
UCB SA	29,536		3,505,540
Verrica Pharmaceuticals, Inc. (A)	1,887		17,342
Vifor Pharma AG	5,779		854,194
WaVe Life Sciences, Ltd. (A)	2,904		36,387
Yuhan Corp.	5,689		320,543
Zoetis, Inc.	22,621		3,621,622
Zogenix, Inc. (A)	7,337		173,667
			236,001,362
			703,084,395
Industrials – 11.5%
Aerospace and defense – 1.1%
AAR Corp.	4,474		90,285
Aerojet Rocketdyne Holdings, Inc. (A)	9,572		395,994
AeroVironment, Inc. (A)	2,839		216,871
Airbus SE (A)	98,590		8,107,800
Aselsan Elektronik Sanayi Ve Ticaret AS	44,460		98,573
Astronics Corp. (A)	3,358		30,356
AviChina Industry & Technology Company, Ltd., H Shares	296,300		184,743
Axon Enterprise, Inc. (A)	16,111		1,380,390
BAE Systems PLC	299,854		2,081,610
CAE, Inc.	9,975		158,150
Cubic Corp. (C)	4,128		194,346
Curtiss-Wright Corp.	11,216		1,147,621
Dassault Aviation SA (A)	424		384,062
Ducommun, Inc. (A)	1,449		54,149
General Dynamics Corp.	28,371		4,237,209
Hexcel Corp.	22,484		885,645
Howmet Aerospace, Inc.	46,859		820,970
Huntington Ingalls Industries, Inc.	4,942		748,812
Kaman Corp.	3,631		167,934
Korea Aerospace Industries, Ltd.	9,191		173,246
Kratos Defense & Security Solutions, Inc. (A)	13,903		271,804
L3Harris Technologies, Inc.	26,358		4,763,945
Leonardo SpA	47,689		322,641
Lockheed Martin Corp.	30,132		11,759,314
Maxar Technologies, Inc. (C)	7,930		183,580
Mercury Systems, Inc. (A)	14,973		1,134,055
Moog, Inc., Class A	3,892		234,649
MTU Aero Engines AG	10,005		1,858,600
National Presto Industries, Inc.	647		58,185
Northrop Grumman Corp.	18,930		6,485,607
PAE, Inc. (A)	7,830		69,178
Park Aerospace Corp.	2,708		30,032
Parsons Corp. (A)	2,894		96,254
Raytheon Technologies Corp.	179,584		10,954,624

 

The accompanying notes are an integral part of the financial statements. 79

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Aerospace and defense (continued)
Rolls-Royce Holdings PLC (A)	180,798	$	570,903
Safran SA (A)	53,831		6,216,641
Singapore Technologies Engineering, Ltd.	77,700		193,862
Teledyne Technologies, Inc. (A)	4,477		1,404,032
Textron, Inc.	27,795		1,095,957
Thales SA	17,927		1,399,987
The Boeing Company	65,460		11,247,337
TransDigm Group, Inc.	6,140		3,067,974
Triumph Group, Inc.	6,892		49,829
Vectrus, Inc. (A)(C)	1,506		65,375
			85,093,131
Air freight and logistics – 0.9%
Air Transport Services Group, Inc. (A)	7,762		197,310
Atlas Air Worldwide Holdings, Inc. (A)	3,400		191,726
BEST, Inc., ADR (A)	22,700		90,800
CH Robinson Worldwide, Inc.	33,350		3,278,305
Deutsche Post AG	185,727		8,466,212
DSV Panalpina A/S	37,106		5,792,692
Echo Global Logistics, Inc. (A)	3,566		97,423
Expeditors International of Washington, Inc.	41,231		3,644,408
FedEx Corp.	59,546		13,090,593
Forward Air Corp.	3,705		218,558
Hub Group, Inc., Class A (A)	4,332		233,235
Hyundai Glovis Company, Ltd.	2,292		280,221
Radiant Logistics, Inc. (A)	6,225		32,868
SG Holdings Company, Ltd.	12,500		575,228
United Parcel Service, Inc., Class B	174,442		28,542,200
XPO Logistics, Inc. (A)	24,540		2,166,146
Yamato Holdings Company, Ltd.	24,300		635,588
ZTO Express Cayman, Inc., ADR	43,600		1,461,908
			68,995,421
Airlines – 0.2%
Air Canada (A)(C)	5,398		72,837
Air China, Ltd., H Shares	208,966		143,678
Alaska Air Group, Inc.	30,369		1,182,873
Allegiant Travel Company	1,740		223,764
American Airlines Group, Inc. (C)	123,104		1,606,507
ANA Holdings, Inc. (A)	9,000		224,392
China Airlines, Ltd. (A)	298,000		86,665
China Eastern Airlines Corp., Ltd., H Shares (C)	206,400		84,976
China Southern Airlines Company, Ltd., H Shares (A)(C)	196,900		103,628
Delta Air Lines, Inc.	140,636		4,338,621
Deutsche Lufthansa AG (A)(C)	44,817		468,880
Eva Airways Corp.	270,066		105,662
Hawaiian Holdings, Inc.	6,224		83,651
Japan Airlines Company, Ltd.	8,900		176,461
JetBlue Airways Corp. (A)	72,630		836,698
Korean Air Lines Company, Ltd. (A)	9,732		144,079
Qantas Airways, Ltd.	169,177		491,620
Singapore Airlines, Ltd.	65,640		175,731
SkyWest, Inc.	6,543		220,172
Southwest Airlines Company	132,875		4,993,443
Spirit Airlines, Inc. (A)(C)	11,449		204,708
Turk Hava Yollari AO (A)	34,857		50,185
United Airlines Holdings, Inc. (A)	62,599		2,253,564
			18,272,795
Building products – 1.0%
A. O. Smith Corp.	49,917		2,444,435
AAON, Inc.	5,356		304,917
Advanced Drainage Systems, Inc.	6,473		359,122
AGC, Inc.	15,184		429,618

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Building products (continued)
Allegion PLC	34,075	$	3,523,014
Alpha Pro Tech, Ltd. (A)(C)	1,661		23,304
American Woodmark Corp. (A)	2,234		195,475
Apogee Enterprises, Inc.	3,478		72,795
Assa Abloy AB, B Shares	216,100		5,006,236
Builders FirstSource, Inc. (A)	46,814		1,433,445
Caesarstone, Ltd.	3,220		35,533
Carrier Global Corp.	300,838		8,980,014
China Lesso Group Holdings, Ltd.	126,000		234,626
Cie de Saint-Gobain (A)	86,792		3,508,632
Cornerstone Building Brands, Inc. (A)	6,022		47,935
CSW Industrials, Inc.	1,805		130,411
Daikin Industries, Ltd.	19,600		3,691,959
Fortune Brands Home & Security, Inc.	51,621		4,340,294
Geberit AG	4,697		2,703,631
Gibraltar Industries, Inc. (A)	4,308		269,013
Griffon Corp.	4,845		105,282
Insteel Industries, Inc.	2,567		47,335
JELD-WEN Holding, Inc. (A)	9,009		189,639
Johnson Controls International PLC	274,853		11,194,763
Kingspan Group PLC	18,080		1,549,437
Lennox International, Inc.	9,373		2,627,533
LIXIL Group Corp.	20,900		383,753
Masco Corp.	97,457		5,681,743
Masonite International Corp. (A)	3,202		292,311
Nibe Industrier AB, B Shares (A)	67,262		1,894,984
Owens Corning	29,041		1,964,333
Patrick Industries, Inc.	2,944		165,482
PGT Innovations, Inc. (A)	7,650		138,695
Quanex Building Products Corp.	4,486		75,410
Resideo Technologies, Inc. (A)	16,292		217,661
Simpson Manufacturing Company, Inc.	5,664		556,998
TOTO, Ltd. (C)	11,100		487,181
Trane Technologies PLC	88,387		10,464,137
Trex Company, Inc. (A)	15,579		2,328,905
UFP Industries, Inc.	7,820		464,117
			78,564,108
Commercial services and supplies – 0.5%
ABM Industries, Inc.	8,779		334,831
ACCO Brands Corp.	12,264		79,471
Advanced Disposal Services, Inc. (A)	9,506		286,416
A-Living Services Company, Ltd., H Shares (B)	50,500		260,225
Brady Corp., Class A	6,297		295,266
Brambles, Ltd.	285,002		2,326,410
BrightView Holdings, Inc. (A)	4,221		51,834
Casella Waste Systems, Inc., Class A (A)	6,017		337,855
CECO Environmental Corp. (A)	4,747		40,231
China Everbright International, Ltd.	429,500		259,020
Cimpress PLC (A)(C)	2,340		216,918
Cintas Corp.	11,739		3,911,904
Clean Harbors, Inc. (A)	13,770		841,347
Copart, Inc. (A)	28,777		2,973,240
Country Garden Services Holdings Company, Ltd.	157,400		1,096,626
Covanta Holding Corp.	15,593		147,198
Dai Nippon Printing Company, Ltd.	19,100		405,239
Deluxe Corp.	5,555		157,762
Ennis, Inc.	3,642		66,758
Greentown Service Group Company, Ltd.	167,000		224,139
Harsco Corp. (A)	10,360		146,594
Healthcare Services Group, Inc.	29,838		620,630
Heritage-Crystal Clean, Inc. (A)	2,187		32,105
Herman Miller, Inc.	23,587		562,078
HNI Corp.	17,094		544,444

 

The accompanying notes are an integral part of the financial statements. 80

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Commercial services and supplies (continued)
IAA, Inc. (A)	36,480	$	1,908,634
Interface, Inc.	7,738		58,499
KAR Auction Services, Inc.	51,713		896,703
Kimball International, Inc., Class B	5,046		56,566
Knoll, Inc.	6,697		86,190
Matthews International Corp., Class A	4,046		88,607
McGrath RentCorp	3,179		210,958
MSA Safety, Inc.	9,625		1,212,269
Park24 Company, Ltd.	8,500		153,069
PICO Holdings, Inc. (A)	3,154		28,039
Pitney Bowes, Inc.	22,984		126,182
Rentokil Initial PLC (A)	172,330		1,227,096
Republic Services, Inc.	29,262		2,713,173
Ritchie Bros Auctioneers, Inc.	4,068		238,026
Rollins, Inc.	19,631		1,082,453
S-1 Corp.	2,042		149,834
Secom Company, Ltd.	16,494		1,560,950
Securitas AB, B Shares (A)	67,511		961,086
Sohgo Security Services Company, Ltd.	5,600		261,632
SP Plus Corp. (A)	3,104		63,663
Steelcase, Inc., Class A	11,389		119,015
Stericycle, Inc. (A)	24,618		1,578,260
Team, Inc. (A)	4,547		28,964
Tetra Tech, Inc.	21,567		1,990,850
The Brink's Company	20,195		976,630
Toppan Printing Company, Ltd.	20,700		321,259
UniFirst Corp.	1,964		378,306
US Ecology, Inc.	4,106		152,456
Viad Corp.	2,745		58,825
VSE Corp.	1,254		36,404
Waste Management, Inc.	54,079		6,165,006
			41,108,145
Construction and engineering – 0.5%
ACS Actividades de Construccion y Servicios SA	51,978		1,271,905
AECOM (A)	43,110		1,703,276
Aegion Corp. (A)	4,109		66,504
Ameresco, Inc., Class A (A)	3,232		110,340
API Group Corp. (A)(B)(C)	18,147		256,599
Arcosa, Inc.	6,320		292,553
Argan, Inc.	1,927		81,570
Bouygues SA (A)(C)	38,170		1,510,315
China Communications Construction Company, Ltd., H Shares	514,865		288,602
China Communications Services Corp., Ltd., H Shares	277,200		181,585
China Conch Venture Holdings, Ltd.	188,900		817,871
China Railway Construction Corp., Ltd., H Shares	229,100		175,849
China Railway Group, Ltd., H Shares	441,200		226,287
China State Construction International Holdings, Ltd.	235,900		182,620
CIMIC Group, Ltd.	17,829		277,609
Comfort Systems USA, Inc.	4,723		239,314
Construction Partners, Inc., Class A (A)	2,503		46,781
Daelim Industrial Company, Ltd.	3,410		248,970
Daewoo Engineering & Construction Company, Ltd. (A)	24,378		60,317
Dycom Industries, Inc. (A)	12,553		772,135
Eiffage SA (A)	13,962		1,284,001
EMCOR Group, Inc.	21,854		1,639,269
Ferrovial SA	92,740		2,478,025
Fluor Corp.	56,255		535,548
Gamuda BHD	225,900		184,240
Granite Construction, Inc.	6,220		115,630

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Construction and engineering (continued)
Great Lakes Dredge & Dock Corp. (A)	8,462	$	79,289
GS Engineering & Construction Corp.	7,432		154,212
HC2 Holdings, Inc. (A)(C)	6,237		15,593
HOCHTIEF AG	4,622		409,823
Hyundai Engineering & Construction Company, Ltd.	9,565		259,146
IES Holdings, Inc. (A)	1,149		33,126
IJM Corp. BHD	351,600		101,151
Jacobs Engineering Group, Inc.	25,021		2,258,646
JGC Holdings Corp.	17,400		191,720
Kajima Corp.	35,300		439,155
MasTec, Inc. (A)	23,086		1,066,804
MYR Group, Inc. (A)	2,180		84,606
Northwest Pipe Company (A)	1,421		40,257
NV5 Global, Inc. (A)	1,412		73,099
Obayashi Corp.	51,200		500,451
Primoris Services Corp.	6,311		120,288
Quanta Services, Inc.	26,472		1,356,690
Samsung Engineering Company, Ltd. (A)	19,105		181,157
Shimizu Corp.	43,400		333,372
Sinopec Engineering Group Company, Ltd., H Shares	172,600		76,464
Skanska AB, B Shares (A)	73,331		1,491,391
Sterling Construction Company, Inc. (A)	3,853		54,481
Taisei Corp.	15,000		517,738
Tutor Perini Corp. (A)	5,424		68,071
Valmont Industries, Inc.	5,751		730,665
Vinci SA	86,388		8,093,797
WillScot Mobile Mini Holdings Corp. (A)	21,187		379,247
WSP Global, Inc. (C)	4,182		283,716
			34,441,870
Electrical equipment – 1.3%
ABB, Ltd.	234,208		5,972,111
Acuity Brands, Inc.	10,675		1,166,671
Allied Motion Technologies, Inc.	1,054		44,890
American Superconductor Corp. (A)	3,385		42,516
AMETEK, Inc.	80,938		8,150,457
Atkore International Group, Inc. (A)	6,223		166,341
AZZ, Inc.	3,446		119,680
Bloom Energy Corp., Class A (A)	11,267		176,441
Eaton Corp. PLC	141,110		14,407,331
Emerson Electric Company	210,775		14,642,539
Encore Wire Corp.	2,680		138,315
EnerSys	16,967		1,221,285
FuelCell Energy, Inc. (A)(C)	28,222		80,150
Fuji Electric Company, Ltd. (C)	10,000		311,977
Generac Holdings, Inc. (A)	16,879		3,206,672
Hubbell, Inc.	14,596		2,115,252
Legrand SA	44,733		3,733,866
LSI Industries, Inc.	3,819		26,198
Melrose Industries PLC	454,452		606,361
Mitsubishi Electric Corp.	143,518		1,977,100
Neoplux Company, Ltd. (A)	255		515
Nidec Corp.	35,100		2,945,954
nVent Electric PLC	42,081		804,589
Plug Power, Inc. (A)(C)	42,416		550,560
Powell Industries, Inc.	1,248		33,684
Preformed Line Products Company	476		25,899
Prysmian SpA	27,783		776,442
Regal Beloit Corp.	10,912		1,078,760
Rockwell Automation, Inc.	40,860		9,419,456
Schneider Electric SE	91,260		11,286,253
Schneider Electric SE (Euronext London Exchange)	1,474		185,833

 

The accompanying notes are an integral part of the financial statements. 81

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electrical equipment (continued)
Shanghai Electric Group Company, Ltd., H Shares (A)	309,436	$	90,924
Siemens Gamesa Renewable Energy SA	45,609		1,223,796
Sunrun, Inc. (A)	36,839		2,083,430
Thermon Group Holdings, Inc. (A)	4,458		58,667
TPI Composites, Inc. (A)	4,034		123,884
Vestas Wind Systems A/S	34,900		5,276,604
Vicor Corp. (A)	2,338		203,476
Vivint Solar, Inc. (A)(C)	6,550		202,264
WEG SA	98,298		1,159,445
Xinjiang Goldwind Science & Technology Company, Ltd., H Shares	86,000		73,917
Zhuzhou CRRC Times Electric Company, Ltd., H Shares	63,900		204,911
			96,115,416
Industrial conglomerates – 0.8%
3M Company	41,319		6,735,823
Aboitiz Equity Ventures, Inc.	263,660		261,154
Alfa SAB de CV, Class A	366,600		235,889
Ayala Corp.	37,705		570,205
Carlisle Companies, Inc.	14,788		1,936,489
CITIC, Ltd.	680,333		620,284
CJ Corp.	1,982		134,956
CK Hutchison Holdings, Ltd.	358,472		2,344,456
DCC PLC	9,170		814,665
Far Eastern New Century Corp.	345,133		311,154
Fosun International, Ltd.	299,500		333,339
General Electric Company	628,357		3,983,783
Grupo Carso SAB de CV, Series A1	55,400		110,385
GT Capital Holdings, Inc.	12,938		106,672
HAP Seng Consolidated BHD	80,200		138,470
Honeywell International, Inc.	50,417		8,346,534
Investment AB Latour, B Shares (C)	31,980		715,870
Jardine Matheson Holdings, Ltd.	29,132		1,223,380
Jardine Strategic Holdings, Ltd.	29,400		589,904
JG Summit Holdings, Inc.	383,810		506,710
Keihan Holdings Company, Ltd.	7,500		323,390
Keppel Corp., Ltd.	71,331		239,879
KOC Holding AS	47,595		96,519
LG Corp.	11,528		801,226
Lotte Corp.	3,223		81,224
NWS Holdings, Ltd.	206,230		174,999
Raven Industries, Inc.	4,718		117,242
Roper Technologies, Inc.	7,499		3,203,498
Samsung C&T Corp.	10,291		933,992
Shanghai Industrial Holdings, Ltd.	52,270		78,532
Siemens AG	143,674		19,908,272
Sime Darby BHD	351,200		184,300
SK Holdings Company, Ltd.	4,238		761,582
SM Investments Corp.	32,275		565,995
Smiths Group PLC	36,932		685,480
The Bidvest Group, Ltd.	35,431		283,167
Toshiba Corp.	30,400		875,975
			59,335,394
Machinery – 2.6%
AGCO Corp.	16,734		1,189,787
Airtac International Group	14,000		310,115
Alamo Group, Inc.	1,280		141,952
Albany International Corp., Class A	4,007		207,963
Alfa Laval AB (A)	67,874		1,659,067
Alstom SA (A)	32,201		1,797,569
Altra Industrial Motion Corp.	8,460		330,363
Amada Company, Ltd.	26,100		231,950
ANDRITZ AG	14,284		477,783
Astec Industries, Inc.	2,966		156,368

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Machinery (continued)
Atlas Copco AB, A Shares	144,830	$	6,703,294
Atlas Copco AB, B Shares	84,152		3,381,292
Barnes Group, Inc.	6,146		243,382
Blue Bird Corp. (A)	2,174		24,740
Caterpillar, Inc.	114,854		16,344,873
Chart Industries, Inc. (A)	4,765		313,156
CIRCOR International, Inc. (A)(C)	2,703		80,144
CNH Industrial NV (A)	117,990		934,671
Colfax Corp. (A)	22,624		752,927
Columbus McKinnon Corp.	3,104		112,908
Crane Company	13,271		750,342
CRRC Corp., Ltd., H Shares	511,700		230,759
Cummins, Inc.	31,306		6,488,169
Daewoo Shipbuilding & Marine Engineering Company, Ltd. (A)	4,579		85,105
Daifuku Company, Ltd.	8,000		704,313
Deere & Company	66,391		13,946,093
Donaldson Company, Inc.	33,966		1,710,528
Doosan Bobcat, Inc.	6,171		136,271
Douglas Dynamics, Inc.	2,962		113,711
Dover Corp.	30,546		3,355,173
Energy Recovery, Inc. (A)	5,130		43,656
Enerpac Tool Group Corp.	7,061		146,869
EnPro Industries, Inc.	2,701		158,063
Epiroc AB, A Shares	142,158		2,120,432
Epiroc AB, B Shares	84,111		1,208,903
ESCO Technologies, Inc.	3,329		299,344
Evoqua Water Technologies Corp. (A)	11,293		231,055
FANUC Corp.	15,200		2,666,573
Federal Signal Corp.	7,772		249,637
Flowserve Corp.	27,614		819,584
Fortive Corp.	62,905		4,536,080
Franklin Electric Company, Inc.	6,005		356,457
GEA Group AG	28,802		1,051,694
Gencor Industries, Inc. (A)	1,568		19,772
Graco, Inc.	44,864		2,603,009
Graham Corp.	1,636		21,481
Haitian International Holdings, Ltd.	74,200		179,510
Helios Technologies, Inc.	3,877		159,383
Hillenbrand, Inc.	9,704		307,714
Hino Motors, Ltd.	22,800		153,309
Hitachi Construction Machinery Company, Ltd.	8,500		298,243
Hiwin Technologies Corp.	30,044		329,518
Hoshizaki Corp.	4,000		305,565
Hurco Companies, Inc.	999		28,252
Hyster-Yale Materials Handling, Inc. (C)	1,350		54,459
Hyundai Heavy Industries Holdings Company, Ltd.	1,189		225,772
IDEX Corp.	15,999		2,883,500
Illinois Tool Works, Inc.	61,009		12,052,328
Ingersoll Rand, Inc. (A)	73,376		2,572,563
ITT, Inc.	23,240		1,459,704
John Bean Technologies Corp.	4,096		419,881
Kadant, Inc.	1,463		170,352
Kawasaki Heavy Industries, Ltd.	11,500		162,522
Kennametal, Inc.	33,207		963,667
KION Group AG	12,194		1,031,789
Knorr-Bremse AG	9,051		1,150,080
Komatsu, Ltd.	68,800		1,497,947
Kone OYJ, B Shares	112,773		9,672,411
Korea Shipbuilding & Offshore Engineering Company, Ltd. (A)	4,716		341,092
Kubota Corp.	81,500		1,471,653
Kurita Water Industries, Ltd.	7,789		243,942

 

The accompanying notes are an integral part of the financial statements. 82

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Machinery (continued)
LB Foster Company, Class A (A)	1,611	$	24,084
Lincoln Electric Holdings, Inc.	15,993		1,546,683
Lindsay Corp.	1,394		139,302
Luxfer Holdings PLC	3,948		56,141
Lydall, Inc. (A)	2,485		46,668
Makita Corp.	17,600		813,117
Meritor, Inc. (A)(C)	9,073		206,501
Miller Industries, Inc.	1,504		47,180
MINEBEA MITSUMI, Inc.	28,600		495,288
MISUMI Group, Inc.	22,300		584,590
Mitsubishi Heavy Industries, Ltd.	25,140		624,137
Miura Company, Ltd.	6,900		283,007
Mueller Industries, Inc.	7,401		219,810
Mueller Water Products, Inc., Class A	20,496		221,357
Nabtesco Corp.	8,900		281,150
Navistar International Corp. (A)	6,547		209,373
NGK Insulators, Ltd.	20,700		294,131
NN, Inc.	6,139		27,932
Nordson Corp.	13,824		2,578,038
NSK, Ltd.	28,200		216,136
Omega Flex, Inc.	382		50,325
Oshkosh Corp.	18,331		1,411,670
Otis Worldwide Corp.	86,388		5,433,805
PACCAR, Inc.	73,365		6,297,652
Parker-Hannifin Corp.	27,239		5,611,506
Park-Ohio Holdings Corp.	1,342		21,230
Pentair PLC	35,169		1,587,529
Proto Labs, Inc. (A)	3,494		513,618
RBC Bearings, Inc. (A)	3,224		425,697
REV Group, Inc.	3,864		29,946
Rexnord Corp.	13,840		400,806
Samsung Heavy Industries Company, Ltd. (A)	57,138		247,423
Sandvik AB (A)	243,552		4,795,728
Schindler Holding AG	2,513		661,834
Schindler Holding AG, Participation Certificates	5,195		1,388,973
Sinotruk Hong Kong, Ltd.	80,600		209,185
SKF AB, B Shares	82,170		1,643,519
SMC Corp.	4,496		2,470,634
Snap-on, Inc.	11,534		1,710,146
Spirax-Sarco Engineering PLC	6,862		934,989
SPX Corp. (A)	5,625		235,294
SPX FLOW, Inc. (A)	5,604		243,662
Standex International Corp.	1,611		93,180
Stanley Black & Decker, Inc.	32,707		5,275,639
Sumitomo Heavy Industries, Ltd.	8,800		200,308
Techtronic Industries Company, Ltd.	182,000		2,304,872
Tennant Company	2,352		156,337
Terex Corp.	25,999		508,800
The ExOne Company (A)(C)	1,834		22,411
The Gorman-Rupp Company	2,291		73,197
The Greenbrier Companies, Inc.	4,265		115,965
The Manitowoc Company, Inc. (A)	4,789		45,112
The Middleby Corp. (A)	14,967		1,465,269
The Shyft Group, Inc.	4,477		89,406
The Timken Company	18,193		985,879
The Toro Company	28,861		2,172,656
THK Company, Ltd.	9,500		222,564
TriMas Corp. (A)	5,639		142,554
Trinity Industries, Inc.	25,385		519,631
Volvo AB, B Shares (A)	320,879		6,146,255
Wabash National Corp.	6,942		84,762
Wabtec Corp.	38,360		2,552,858
Wartsila OYJ ABP	147,244		1,260,648

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Machinery (continued)
Watts Water Technologies, Inc., Class A	3,545	$	339,434
Weichai Power Company, Ltd., H Shares	224,980		451,603
Welbilt, Inc. (A)	17,309		127,740
Woodward, Inc.	15,265		1,308,058
Xylem, Inc.	38,179		3,061,192
Yangzijiang Shipbuilding Holdings, Ltd.	127,600		85,721
Yaskawa Electric Corp. (C)	18,900		678,705
Zoomlion Heavy Industry Science and Technology Company, Ltd., H Shares (A)	152,600		152,627
			193,465,712
Marine – 0.1%
A.P. Moller - Maersk A/S, Series A	571		811,035
A.P. Moller - Maersk A/S, Series B	1,144		1,752,906
COSCO SHIPPING Holdings Company, Ltd., H Shares (A)	298,300		149,621
Costamare, Inc.	6,554		33,098
Evergreen Marine Corp. Taiwan, Ltd. (A)	278,748		165,456
Genco Shipping & Trading, Ltd.	2,639		18,763
Kirby Corp. (A)	16,168		686,170
Kuehne + Nagel International AG (A)	6,833		1,324,853
Matson, Inc.	5,673		227,317
MISC BHD	171,700		313,159
Nippon Yusen KK	12,000		187,417
Pan Ocean Company, Ltd. (A)	33,742		96,223
			5,766,018
Professional services – 0.6%
51job, Inc., ADR (A)(C)	3,100		203,174
Acacia Research Corp. (A)	7,436		28,220
Adecco Group AG	19,672		1,029,975
ASGN, Inc. (A)	20,804		1,493,103
Barrett Business Services, Inc.	1,017		58,549
Bureau Veritas SA (A)	49,160		1,116,260
CBIZ, Inc. (A)	6,610		160,755
CoreLogic, Inc.	21,385		1,419,964
CRA International, Inc.	1,067		45,358
Equifax, Inc.	16,907		2,844,941
Experian PLC	84,653		3,162,850
Exponent, Inc.	6,713		540,094
Forrester Research, Inc. (A)	1,516		53,757
Franklin Covey Company (A)	1,773		34,999
FTI Consulting, Inc. (A)	9,990		1,146,452
GP Strategies Corp. (A)	2,193		21,184
Heidrick & Struggles International, Inc.	2,580		55,805
Huron Consulting Group, Inc. (A)	2,979		129,229
ICF International, Inc.	2,404		164,217
IHS Markit, Ltd.	55,563		4,440,595
Insperity, Inc.	14,568		981,446
Intertek Group PLC	15,026		1,177,317
Kelly Services, Inc., Class A	4,495		85,360
Kforce, Inc.	2,648		90,932
Korn Ferry	7,214		220,027
ManpowerGroup, Inc.	15,633		1,146,055
Nielsen Holdings PLC	49,654		758,713
Nihon M&A Center, Inc.	11,700		582,353
Persol Holdings Company, Ltd.	13,900		216,235
Randstad NV	23,516		1,223,853
Recruit Holdings Company, Ltd.	99,900		3,786,260
Red Violet, Inc. (A)	1,030		21,414
RELX PLC	180,223		4,089,770
Resources Connection, Inc.	4,241		52,122
Robert Half International, Inc.	15,962		849,178
SGS SA	766		1,985,022
Teleperformance	9,838		3,033,717
Thomson Reuters Corp.	6,481		495,435

 

The accompanying notes are an integral part of the financial statements. 83

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Professional services (continued)
TriNet Group, Inc. (A)	5,407	$	366,811
TrueBlue, Inc. (A)	4,764		80,607
Upwork, Inc. (A)	12,246		186,507
Verisk Analytics, Inc.	22,600		4,218,742
Willdan Group, Inc. (A)	1,472		41,481
Wolters Kluwer NV	53,924		4,423,554
			48,262,392
Road and rail – 1.3%
ArcBest Corp.	3,389		114,616
Aurizon Holdings, Ltd.	360,833		1,153,962
Avis Budget Group, Inc. (A)(C)	21,360		728,590
BTS Group Holdings PCL, NVDR (C)	1,136,900		380,033
Canadian National Railway Company	25,508		2,680,359
Canadian Pacific Railway, Ltd.	4,902		1,450,249
Central Japan Railway Company	11,288		1,692,318
CJ Logistics Corp. (A)	1,101		140,220
Covenant Logistics Group, Inc. (A)	1,960		35,927
CSX Corp.	189,640		14,499,874
Daseke, Inc. (A)	6,776		41,672
East Japan Railway Company	23,700		1,542,840
Hankyu Hanshin Holdings, Inc.	17,900		581,610
Heartland Express, Inc.	6,091		125,992
Hertz Global Holdings, Inc. (A)(C)	12,313		17,977
JB Hunt Transport Services, Inc.	20,902		2,937,567
Kansas City Southern	23,541		4,285,404
Keikyu Corp.	17,200		256,712
Keio Corp.	8,020		485,017
Keisei Electric Railway Company, Ltd.	10,135		297,880
Kintetsu Group Holdings Company, Ltd.	13,400		589,505
Knight-Swift Transportation Holdings, Inc.	32,927		1,496,861
Kyushu Railway Company	11,600		255,855
Landstar System, Inc.	10,333		1,375,219
Localiza Rent a Car SA	71,045		625,445
Marten Transport, Ltd.	7,990		145,098
MTR Corp., Ltd. (C)	203,368		1,057,828
Nagoya Railroad Company, Ltd.	14,600		407,622
Nippon Express Company, Ltd.	5,780		341,341
Norfolk Southern Corp.	63,467		13,488,642
Odakyu Electric Railway Company, Ltd.	23,000		569,605
Old Dominion Freight Line, Inc.	23,377		4,726,362
Rumo SA (A)	127,500		525,965
Ryder System, Inc.	14,471		591,864
Saia, Inc. (A)	3,451		463,124
Seibu Holdings, Inc.	16,800		184,553
Tobu Railway Company, Ltd.	14,900		465,641
Tokyu Corp.	39,093		522,756
U.S. Xpress Enterprises, Inc., Class A (A)	3,555		34,021
Union Pacific Corp.	168,112		32,351,473
Werner Enterprises, Inc.	23,406		1,076,910
West Japan Railway Company	12,700		667,855
			95,412,364
Trading companies and distributors – 0.4%
AerCap Holdings NV (A)	26,100		771,777
Alta Equipment Group, Inc. (A)	2,579		21,535
Applied Industrial Technologies, Inc. (C)	5,053		304,241
Ashtead Group PLC	42,083		1,459,126
Beacon Roofing Supply, Inc. (A)	7,208		244,279
BMC Stock Holdings, Inc. (A)	8,835		352,693
BOC Aviation, Ltd. (B)	24,400		181,238
Brenntag AG	29,000		1,817,036
Bunzl PLC	31,360		1,011,650
CAI International, Inc. (A)	2,247		49,007
DXP Enterprises, Inc. (A)	2,280		43,867
EVI Industries, Inc. (A)(C)	738		18,125
Fastenal Company	70,093		3,424,744

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Trading companies and distributors (continued)
Ferguson PLC	21,018	$	2,061,138
Foundation Building Materials, Inc. (A)	2,794		45,347
GATX Corp.	13,934		931,906
GMS, Inc. (A)	5,449		144,344
H&E Equipment Services, Inc.	4,242		85,943
Herc Holdings, Inc. (A)	3,214		131,613
ITOCHU Corp.	105,937		2,718,585
Lawson Products, Inc. (A)	681		24,448
Marubeni Corp.	129,300		778,585
Mitsubishi Corp.	106,200		2,513,726
Mitsui & Company, Ltd.	130,200		2,348,221
MonotaRO Company, Ltd.	9,800		387,696
MRC Global, Inc. (A)	10,639		60,536
MSC Industrial Direct Company, Inc., Class A	12,233		806,155
NOW, Inc. (A)	14,563		105,873
Posco International Corp.	6,347		72,511
Rush Enterprises, Inc., Class A	3,143		151,870
Rush Enterprises, Inc., Class B	983		41,080
SiteOne Landscape Supply, Inc. (A)	5,459		682,648
Sumitomo Corp.	93,355		1,215,612
Systemax, Inc.	1,681		37,301
Textainer Group Holdings, Ltd. (A)	7,024		82,462
Titan Machinery, Inc. (A)	2,734		36,909
Toyota Tsusho Corp.	16,693		485,126
Transcat, Inc. (A)	1,156		33,998
Triton International, Ltd.	6,661		240,196
United Rentals, Inc. (A)	8,816		1,560,873
Univar Solutions, Inc. (A)	37,297		678,432
Veritiv Corp. (A)	1,949		33,874
W.W. Grainger, Inc.	5,300		1,936,779
Watsco, Inc.	8,822		2,161,302
WESCO International, Inc. (A)	5,461		255,848
			32,550,255
Transportation infrastructure – 0.2%
Aena SME SA (A)(B)	12,910		1,927,412
Aeroports de Paris	4,959		517,690
Airports of Thailand PCL, NVDR (C)	616,500		1,113,854
Atlantia SpA (A)	57,024		905,363
Auckland International Airport, Ltd.	461,257		2,052,926
Bangkok Expressway & Metro PCL, NVDR	1,101,200		321,012
Beijing Capital International Airport Company, Ltd., H Shares	218,211		154,241
CCR SA	141,615		344,570
China Merchants Port Holdings Company, Ltd.	162,031		185,238
COSCO SHIPPING Ports, Ltd.	205,108		116,048
Fraport AG Frankfurt Airport Services Worldwide (A)(C)	7,767		354,288
Getlink SE (A)	73,716		1,127,575
Grupo Aeroportuario del Pacifico SAB de CV, B Shares	46,300		360,083
Grupo Aeroportuario del Sureste SAB de CV, B Shares (A)	25,250		286,760
International Container Terminal Services, Inc.	133,460		288,527
Japan Airport Terminal Company, Ltd.	4,000		179,500
Jiangsu Expressway Company, Ltd., H Shares	142,055		142,132
Kamigumi Company, Ltd.	7,800		160,973
Malaysia Airports Holdings BHD	137,622		168,387
Promotora y Operadora de Infraestructura SAB de CV (A)	27,750		205,468

 

The accompanying notes are an integral part of the financial statements. 84

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Transportation infrastructure (continued)
Shenzhen Expressway Company, Ltd., H Shares	82,000	$	74,201
Shenzhen International Holdings, Ltd.	125,500		201,209
Sydney Airport	204,485		859,123
Taiwan High Speed Rail Corp.	229,632		253,873
TAV Havalimanlari Holding AS	11,127		22,747
Transurban Group	505,091		4,996,061
Westports Holdings BHD	107,500		93,827
Zhejiang Expressway Company, Ltd., H Shares	168,982		113,921
			17,527,009
			874,910,030
Information technology – 21.7%
Communications equipment – 0.8%
Acacia Communications, Inc. (A)	5,069		342,056
Accton Technology Corp.	59,000		470,509
ADTRAN, Inc.	6,410		71,087
Applied Optoelectronics, Inc. (A)	2,743		31,901
Arista Networks, Inc. (A)	7,463		1,667,607
BYD Electronic International Company, Ltd.	78,800		333,240
CalAmp Corp. (A)	4,699		38,391
Calix, Inc. (A)	6,386		124,208
Casa Systems, Inc. (A)	4,521		20,571
Ciena Corp. (A)	41,375		2,348,859
Cisco Systems, Inc.	588,800		24,859,136
Clearfield, Inc. (A)	1,511		26,594
Comtech Telecommunications Corp.	3,232		53,651
Digi International, Inc. (A)	3,975		54,140
Extreme Networks, Inc. (A)(C)	15,666		68,460
F5 Networks, Inc. (A)	8,455		1,118,850
Genasys, Inc. (A)	4,924		24,620
Harmonic, Inc. (A)(C)	12,668		74,741
Infinera Corp. (A)	20,477		149,277
Inseego Corp. (A)(C)	8,922		102,425
InterDigital, Inc.	12,328		753,857
Juniper Networks, Inc.	46,005		1,150,125
KMW Company, Ltd. (A)	3,117		200,097
KVH Industries, Inc. (A)	2,678		24,075
Lumentum Holdings, Inc. (A)	20,170		1,734,620
Motorola Solutions, Inc.	23,612		3,653,957
NETGEAR, Inc. (A)	3,878		129,331
NetScout Systems, Inc. (A)	26,412		611,174
Nokia OYJ	1,876,546		9,148,041
PCTEL, Inc. (A)	2,826		17,917
Plantronics, Inc. (C)	4,522		55,892
Resonant, Inc. (A)	7,246		19,347
Ribbon Communications, Inc. (A)	9,192		39,342
Telefonaktiebolaget LM Ericsson, B Shares	629,495		7,339,857
ViaSat, Inc. (A)	15,732		625,504
Viavi Solutions, Inc. (A)	29,879		398,436
ZTE Corp., H Shares	87,915		255,197
			58,137,092
Electronic equipment, instruments and components – 1.1%
AAC Technologies Holdings, Inc. (C)	84,600		532,717
Akoustis Technologies, Inc. (A)(C)	4,244		33,655
Amphenol Corp., Class A	41,081		4,510,694
Arlo Technologies, Inc. (A)	11,204		64,199
Arrow Electronics, Inc. (A)	21,185		1,664,294
AU Optronics Corp. (A)	1,011,851		360,712
Avnet, Inc.	26,596		731,656
Badger Meter, Inc.	3,792		233,928
Belden, Inc.	16,084		541,709
Benchmark Electronics, Inc.	4,704		92,245

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electronic equipment, instruments and components (continued)
CDW Corp.	19,760	$	2,245,724
China Railway Signal & Communication Corp., Ltd., H Shares (B)	182,500		73,851
Cognex Corp.	46,235		3,199,000
Coherent, Inc. (A)	6,531		735,782
Corning, Inc.	105,379		3,420,602
CTS Corp.	4,161		86,965
Daktronics, Inc.	5,863		25,914
Delta Electronics, Inc.	227,898		1,465,700
ePlus, Inc. (A)	1,745		133,876
Fabrinet (A)	4,773		333,060
FARO Technologies, Inc. (A)(C)	2,326		131,419
Fitbit, Inc., Class A (A)	31,289		198,998
FLIR Systems, Inc.	18,166		670,325
Foxconn Technology Company, Ltd.	107,180		190,634
Halma PLC	35,389		1,049,313
Hamamatsu Photonics KK	11,000		501,022
Hexagon AB, B Shares (A)	60,703		4,408,251
Hirose Electric Company, Ltd.	2,530		286,330
Hitachi, Ltd.	76,100		2,531,732
Hon Hai Precision Industry Company, Ltd.	1,461,172		3,832,198
II-VI, Inc. (A)	37,776		1,681,032
Ingenico Group SA (A)	10,153		1,733,562
Innolux Corp. (A)	965,300		300,375
Insight Enterprises, Inc. (A)	4,541		271,575
Intellicheck, Inc. (A)	2,333		14,698
IPG Photonics Corp. (A)	4,933		797,814
Iteris, Inc. (A)	6,279		28,695
Itron, Inc. (A)	5,261		313,398
Jabil, Inc.	36,934		1,261,296
Keyence Corp.	14,306		5,891,977
Keysight Technologies, Inc. (A)	25,968		2,558,367
Kimball Electronics, Inc. (A)	3,332		44,932
Kingboard Holdings, Ltd.	77,600		249,454
Kingboard Laminates Holdings, Ltd.	126,000		158,684
Knowles Corp. (A)	11,583		174,440
Kyocera Corp.	25,300		1,451,757
Largan Precision Company, Ltd.	11,590		1,339,090
LG Display Company, Ltd. (A)	28,132		345,004
LG Innotek Company, Ltd.	1,725		209,871
Littelfuse, Inc.	6,538		1,182,332
Luna Innovations, Inc. (A)	4,247		27,181
Methode Electronics, Inc.	4,677		132,406
MTS Systems Corp.	2,665		65,026
Murata Manufacturing Company, Ltd.	45,097		2,667,089
Napco Security Technologies, Inc. (A)	1,592		39,657
National Instruments Corp.	31,652		1,135,990
nLight, Inc. (A)	4,563		106,592
Novanta, Inc. (A)	4,472		479,264
Omron Corp.	14,567		1,066,929
OSI Systems, Inc. (A)	2,221		174,904
PAR Technology Corp. (A)(C)	2,143		80,020
PC Connection, Inc.	1,454		64,398
Plexus Corp. (A)	3,737		284,274
Powerfleet, Inc. (A)	4,184		23,514
Research Frontiers, Inc. (A)	4,095		9,500
Rogers Corp. (A)	2,439		276,363
Samsung Electro-Mechanics Company, Ltd.	6,756		705,997
Samsung SDI Company, Ltd.	6,614		2,511,308
Sanmina Corp. (A)	8,770		248,191
ScanSource, Inc. (A)	3,379		83,428
Shimadzu Corp.	17,400		519,822

 

The accompanying notes are an integral part of the financial statements. 85

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electronic equipment, instruments and components (continued)
Sunny Optical Technology Group Company, Ltd.	82,950	$	1,227,253
SYNNEX Corp.	11,090		1,410,094
Synnex Technology International Corp.	156,544		233,021
TDK Corp.	10,200		1,057,663
TE Connectivity, Ltd.	45,796		4,423,894
Trimble, Inc. (A)	67,260		3,525,097
TTM Technologies, Inc. (A)(C)	12,970		148,636
Venture Corp., Ltd.	13,400		195,295
Vishay Intertechnology, Inc.	52,975		847,070
Vishay Precision Group, Inc. (A)	1,728		43,044
Walsin Technology Corp.	37,000		201,871
WPG Holdings, Ltd.	185,360		259,692
Wrap Technologies, Inc. (A)(C)	1,839		15,999
Yageo Corp.	43,726		496,823
Yokogawa Electric Corp.	18,000		294,041
Zebra Technologies Corp., Class A (A)	7,371		2,112,013
Zhen Ding Technology Holding, Ltd.	68,817		288,581
			81,776,798
IT services – 3.7%
Accenture PLC, Class A	89,857		21,559,390
Adyen NV (A)(B)	3,569		6,016,093
Afterpay, Ltd. (A)	39,439		2,660,909
Akamai Technologies, Inc. (A)	22,890		2,665,083
Alliance Data Systems Corp.	11,415		514,931
Amadeus IT Group SA	82,525		4,636,025
Atos SE (A)	16,469		1,427,342
Automatic Data Processing, Inc.	60,622		8,431,914
Brightcove, Inc. (A)	5,628		62,583
Broadridge Financial Solutions, Inc.	16,196		2,225,330
CACI International, Inc., Class A (A)	6,756		1,582,188
Capgemini SE	26,973		3,741,650
Cardtronics PLC, Class A (A)	4,786		103,904
Cass Information Systems, Inc. (C)	1,918		75,109
CGI, Inc. (A)	8,675		609,348
Cielo SA	142,624		118,712
Cognizant Technology Solutions Corp., Class A	76,253		5,098,276
Computershare, Ltd.	89,901		880,099
Conduent, Inc. (A)(C)	22,130		74,799
CSG Systems International, Inc.	4,287		182,498
DXC Technology Company	35,795		715,184
Edenred	40,776		2,104,849
Endurance International Group Holdings, Inc. (A)(C)	9,074		59,072
EVERTEC, Inc.	7,895		276,483
Evo Payments, Inc., Class A (A)	5,397		155,056
ExlService Holdings, Inc. (A)	4,413		281,064
Fidelity National Information Services, Inc.	87,150		13,146,578
Fiserv, Inc. (A)	79,325		7,899,184
FleetCor Technologies, Inc. (A)	11,821		2,972,390
Fujitsu, Ltd.	15,400		2,010,317
Gartner, Inc. (A)	12,579		1,633,006
GDS Holdings, Ltd., ADR (A)(C)	9,200		744,648
Global Payments, Inc.	42,191		7,451,774
GMO Payment Gateway, Inc.	3,200		338,403
GreenSky, Inc., Class A (A)	8,492		36,940
Grid Dynamics Holdings, Inc. (A)	3,156		23,418
GTT Communications, Inc. (A)(C)	4,354		21,683
i3 Verticals, Inc., Class A (A)	1,993		55,585
IBM Corp.	125,244		15,443,838
International Money Express, Inc. (A)	1,854		31,370
Itochu Techno-Solutions Corp.	7,500		271,478
Jack Henry & Associates, Inc.	10,807		1,787,694

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
IT services (continued)
KBR, Inc.	56,947	$	1,423,106
Leidos Holdings, Inc.	18,834		1,704,289
Limelight Networks, Inc. (A)	15,363		87,108
LiveRamp Holdings, Inc. (A)	26,204		1,463,231
ManTech International Corp., Class A	3,541		265,044
Mastercard, Inc., Class A	124,667		44,654,473
MAXIMUS, Inc.	24,485		1,898,812
MoneyGram International, Inc. (A)	8,751		25,553
NEC Corp.	19,400		1,024,342
Nexi SpA (A)(B)	43,417		772,703
NIC, Inc.	8,633		184,574
Nomura Research Institute, Ltd.	25,100		667,383
NTT Data Corp.	49,600		566,677
Obic Company, Ltd.	5,500		973,708
Otsuka Corp.	8,200		402,424
Paychex, Inc.	45,033		3,443,674
PayPal Holdings, Inc. (A)	165,624		33,810,483
Paysign, Inc. (A)	4,179		26,913
Perficient, Inc. (A)	4,270		183,226
Perspecta, Inc.	55,011		1,142,578
Repay Holdings Corp. (A)	4,822		121,997
Sabre Corp.	74,197		518,637
Samsung SDS Company, Ltd.	4,195		555,140
Science Applications International Corp.	13,303		1,110,268
SCSK Corp.	4,100		222,033
ServiceSource International, Inc. (A)	13,162		19,809
Shopify, Inc., Class A (A)	3,703		3,955,327
Sykes Enterprises, Inc. (A)	5,098		168,769
The Hackett Group, Inc.	3,473		43,795
The Western Union Company	57,963		1,367,347
TIS, Inc.	17,600		351,275
TravelSky Technology, Ltd., H Shares	108,900		226,145
TTEC Holdings, Inc.	2,391		135,546
Tucows, Inc., Class A (A)(C)	1,249		78,962
Unisys Corp. (A)	8,129		94,784
VeriSign, Inc. (A)	14,342		3,080,662
Verra Mobility Corp. (A)	17,670		186,684
Virtusa Corp. (A)	3,797		150,133
Visa, Inc., Class A	237,979		50,449,168
WEX, Inc. (A)	11,717		1,871,322
Wix.com, Ltd. (A)	5,700		1,679,391
Worldline SA (A)(B)	22,977		2,114,899
			283,348,591
Semiconductors and semiconductor equipment – 5.3%
Advanced Energy Industries, Inc. (A)	4,967		368,154
Advanced Micro Devices, Inc. (A)	225,538		20,483,361
Advantest Corp. (C)	15,700		752,305
Alpha & Omega Semiconductor, Ltd. (A)	2,843		38,523
Ambarella, Inc. (A)	4,320		227,664
Amkor Technology, Inc. (A)	13,025		158,840
Analog Devices, Inc.	70,948		8,292,402
Applied Materials, Inc.	176,488		10,871,661
ASE Technology Holding Company, Ltd.	381,422		791,603
ASM Pacific Technology, Ltd.	40,600		436,743
ASML Holding NV	84,143		31,444,761
Atomera, Inc. (A)(C)	2,090		26,564
Axcelis Technologies, Inc. (A)	4,258		100,617
AXT, Inc. (A)	5,545		31,274
Broadcom, Inc.	76,988		26,726,384
Brooks Automation, Inc.	9,519		491,466
Cabot Microelectronics Corp.	11,621		1,769,762
CEVA, Inc. (A)	2,884		121,849
Cirrus Logic, Inc. (A)	15,720		952,475
Cohu, Inc. (C)	5,428		93,362
Cree, Inc. (A)	29,127		1,837,914

 

The accompanying notes are an integral part of the financial statements. 86

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Semiconductors and semiconductor equipment (continued)
CyberOptics Corp. (A)	979	$	31,377
Diodes, Inc. (A)	5,531		270,245
Disco Corp.	2,300		536,042
DSP Group, Inc. (A)	2,975		42,662
Enphase Energy, Inc. (A)	21,917		1,692,650
First Solar, Inc. (A)	20,535		1,572,776
FormFactor, Inc. (A)	9,985		260,908
Globalwafers Company, Ltd.	26,000		349,805
GSI Technology, Inc. (A)	2,627		16,708
Hua Hong Semiconductor, Ltd. (A)(B)	53,100		191,816
Ichor Holdings, Ltd. (A)	2,908		73,165
Impinj, Inc. (A)(C)	2,230		54,524
Infineon Technologies AG	235,037		6,535,530
Intel Corp.	815,347		41,541,930
KLA Corp.	29,858		6,125,070
Lam Research Corp.	27,954		9,402,048
Lasertec Corp.	5,900		446,010
Lattice Semiconductor Corp. (A)	17,597		503,274
MACOM Technology Solutions Holdings, Inc. (A)(C)	6,168		219,766
Maxim Integrated Products, Inc.	51,345		3,514,052
MaxLinear, Inc. (A)	8,794		214,134
MediaTek, Inc.	176,752		3,342,355
Microchip Technology, Inc.	47,244		5,182,667
Micron Technology, Inc. (A)	214,175		9,747,104
MKS Instruments, Inc.	14,776		1,766,175
Monolithic Power Systems, Inc.	11,205		2,993,192
Nanya Technology Corp.	144,196		255,035
NeoPhotonics Corp. (A)	6,363		42,378
Novatek Microelectronics Corp.	67,900		555,532
NVE Corp.	662		35,371
NVIDIA Corp.	118,458		63,372,661
Onto Innovation, Inc. (A)	6,216		194,188
PDF Solutions, Inc. (A)	3,889		80,502
Phison Electronics Corp.	16,884		159,041
Photronics, Inc. (A)	8,233		82,577
Pixelworks, Inc. (A)	5,652		12,887
Power Integrations, Inc.	7,676		429,626
Powertech Technology, Inc.	87,199		256,958
Qorvo, Inc. (A)	22,094		2,833,997
QUALCOMM, Inc.	216,629		25,800,514
Rambus, Inc. (A)	14,859		199,556
Realtek Semiconductor Corp.	56,584		733,157
Renesas Electronics Corp. (A)	60,700		382,039
Rohm Company, Ltd.	6,900		444,502
Semiconductor Manufacturing International Corp. (A)(C)	386,399		1,220,638
Semtech Corp. (A)	25,987		1,524,138
Silergy Corp.	9,000		570,905
Silicon Laboratories, Inc. (A)	17,424		1,784,392
SiTime Corp. (A)	690		45,457
SK Hynix, Inc.	65,592		4,145,150
Skyworks Solutions, Inc.	32,128		4,653,741
SMART Global Holdings, Inc. (A)	1,833		46,192
SolarEdge Technologies, Inc. (A)	13,365		2,955,670
STMicroelectronics NV	107,047		3,237,641
SUMCO Corp.	20,800		282,437
SunPower Corp. (A)(C)	10,131		113,366
Synaptics, Inc. (A)	13,601		1,160,573
Taiwan Semiconductor Manufacturing Company, Ltd.	2,883,915		42,033,275
Teradyne, Inc.	44,640		3,793,061
Texas Instruments, Inc.	176,737		25,123,165
Tokyo Electron, Ltd.	11,715		3,004,992
Ultra Clean Holdings, Inc. (A)	5,170		126,768

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Semiconductors and semiconductor equipment (continued)
United Microelectronics Corp.	1,307,774	$	941,786
Universal Display Corp.	11,417		2,003,684
Vanguard International Semiconductor Corp.	105,302		335,399
Veeco Instruments, Inc. (A)	6,463		76,845
Win Semiconductors Corp.	40,000		390,480
Winbond Electronics Corp.	351,000		145,428
Xilinx, Inc.	46,826		4,877,396
Xinyi Solar Holdings, Ltd.	471,000		593,315
			403,700,084
Software – 6.2%
8x8, Inc. (A)	13,375		225,770
A10 Networks, Inc. (A)	8,353		71,418
ACI Worldwide, Inc. (A)	46,228		1,358,179
Adobe, Inc. (A)	68,613		35,225,228
Agilysys, Inc. (A)	2,512		63,729
Alarm.com Holdings, Inc. (A)	5,940		355,628
Altair Engineering, Inc., Class A (A)	5,536		232,623
American Software, Inc., Class A	4,020		56,923
ANSYS, Inc. (A)	12,235		4,147,787
Appfolio, Inc., Class A (A)	2,098		352,527
Appian Corp. (A)(C)	4,306		263,699
Autodesk, Inc. (A)	31,216		7,669,771
Avaya Holdings Corp. (A)	12,239		189,949
AVEVA Group PLC	5,996		405,057
Benefitfocus, Inc. (A)	3,999		41,350
Blackbaud, Inc.	19,843		1,266,976
BlackBerry, Ltd. (A)	19,074		99,439
Blackline, Inc. (A)(C)	6,574		574,370
Bottomline Technologies DE, Inc. (A)	5,691		271,062
Box, Inc., Class A (A)	19,317		379,193
Cadence Design Systems, Inc. (A)	39,759		4,409,671
CDK Global, Inc.	32,727		1,525,733
Cerence, Inc. (A)	4,815		256,158
Ceridian HCM Holding, Inc. (A)	27,338		2,173,918
ChannelAdvisor Corp. (A)	3,698		62,200
Check Point Software Technologies, Ltd. (A)	13,100		1,654,006
Citrix Systems, Inc.	16,526		2,399,575
Cloudera, Inc. (A)(C)	26,863		354,860
CommVault Systems, Inc. (A)	16,929		731,841
Constellation Software, Inc.	719		832,355
Cornerstone OnDemand, Inc. (A)	7,958		280,679
CyberArk Software, Ltd. (A)	4,300		475,150
Dassault Systemes SE	22,022		4,155,484
Digimarc Corp. (A)	1,731		27,661
Digital Turbine, Inc. (A)	10,903		263,744
Domo, Inc., Class B (A)	3,370		137,226
Douzone Bizon Company, Ltd.	2,327		197,374
Ebix, Inc. (C)	3,534		81,529
eGain Corp. (A)	2,981		39,886
Envestnet, Inc. (A)	6,954		577,112
Fair Isaac Corp. (A)	7,810		3,286,370
Fortinet, Inc. (A)	19,107		2,522,220
GTY Technology Holdings, Inc. (A)	6,588		21,510
Intelligent Systems Corp. (A)	999		37,552
Intuit, Inc.	37,136		12,826,403
j2 Global, Inc. (A)	18,254		1,277,597
Kingdee International Software Group Company, Ltd. (A)	270,800		689,247
Kingsoft Corp., Ltd.	96,000		513,039
LivePerson, Inc. (A)(C)	8,000		477,280
LogMeIn, Inc.	13,134		1,130,049
Manhattan Associates, Inc. (A)	17,099		1,662,878
Microsoft Corp.	1,079,950		243,561,124

 

The accompanying notes are an integral part of the financial statements. 87

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Software (continued)
MicroStrategy, Inc., Class A (A)	1,012	$	146,173
Mimecast, Ltd. (A)	7,402		364,474
Mitek Systems, Inc. (A)	5,440		69,034
MobileIron, Inc. (A)	13,178		86,052
Model N, Inc. (A)	4,453		175,092
Nemetschek SE	10,823		860,462
Nice, Ltd. (A)	6,989		1,604,761
NortonLifeLock, Inc.	77,175		1,815,156
OneSpan, Inc. (A)	4,398		94,777
Ontrak, Inc. (A)(C)	1,084		79,078
Open Text Corp.	9,895		448,797
Oracle Corp.	296,405		16,960,294
Oracle Corp. Japan	3,000		351,582
Paycom Software, Inc. (A)	6,870		2,057,290
Paylocity Holding Corp. (A)	9,686		1,426,264
Ping Identity Holding Corp. (A)	2,093		72,146
Progress Software Corp.	5,888		223,096
PROS Holdings, Inc. (A)	5,171		201,669
PTC, Inc. (A)	28,040		2,563,136
Q2 Holdings, Inc. (A)	6,492		631,607
QAD, Inc., Class A	1,547		70,358
Qualys, Inc. (A)	13,471		1,429,812
Rapid7, Inc. (A)	6,607		426,614
Rosetta Stone, Inc. (A)	3,190		96,912
Sailpoint Technologies Holdings, Inc. (A)	11,549		453,067
salesforce.com, Inc. (A)	128,311		34,983,994
SAP SE	196,103		32,424,617
Sapiens International Corp. NV (C)	3,354		112,493
ServiceNow, Inc. (A)	27,158		13,090,699
ShotSpotter, Inc. (A)	1,149		34,424
Smith Micro Software, Inc. (A)	4,840		18,586
Sprout Social, Inc., Class A (A)	1,067		41,346
SPS Commerce, Inc. (A)	4,607		368,007
SVMK, Inc. (A)	15,659		389,753
Synchronoss Technologies, Inc. (A)	6,183		27,143
Synopsys, Inc. (A)	21,474		4,752,196
TeamViewer AG (A)(B)	24,398		1,321,075
Telenav, Inc. (A)	4,886		22,427
Temenos AG	8,307		1,341,976
Tenable Holdings, Inc. (A)	8,002		301,195
Teradata Corp. (A)	29,218		711,458
The Sage Group PLC	101,401		1,001,206
Trend Micro, Inc.	10,500		649,794
Tyler Technologies, Inc. (A)	5,663		1,955,491
Upland Software, Inc. (A)	3,006		117,895
Varonis Systems, Inc. (A)	4,087		504,867
Verint Systems, Inc. (A)	8,388		398,933
Veritone, Inc. (A)	3,089		25,546
VirnetX Holding Corp. (C)	8,460		42,046
WiseTech Global, Ltd.	26,436		548,450
Workiva, Inc. (A)	5,049		297,891
Xperi Holding Corp.	14,035		175,859
Yext, Inc. (A)(C)	13,315		264,436
Zix Corp. (A)	7,444		45,111
Zuora, Inc., Class A (A)	12,911		175,460
			470,744,186
Technology hardware, storage and peripherals – 4.6%
3D Systems Corp. (A)(C)	15,173		83,300
Acer, Inc.	341,008		271,420
Advantech Company, Ltd.	44,834		464,357
Apple, Inc.	2,262,676		291,975,664
Asustek Computer, Inc.	82,354		682,036
Avid Technology, Inc. (A)	4,313		34,935
Brother Industries, Ltd.	17,500		289,518
Canon, Inc.	78,496		1,346,337

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Technology hardware, storage and peripherals (continued)
Catcher Technology Company, Ltd.	81,475	$	556,213
Chicony Electronics Company, Ltd.	69,224		208,827
Compal Electronics, Inc.	489,148		308,078
Diebold Nixdorf, Inc. (A)(C)	9,420		78,563
FUJIFILM Holdings Corp.	28,315		1,346,817
Hewlett Packard Enterprise Company	178,377		1,724,906
HP, Inc.	198,535		3,881,359
Immersion Corp. (A)	2,992		28,454
Intevac, Inc. (A)	3,655		21,930
Inventec Corp.	293,495		227,180
Legend Holdings Corp., H Shares (B)(C)	67,100		98,905
Lenovo Group, Ltd.	839,764		559,883
Lite-On Technology Corp.	248,018		392,765
Logitech International SA	20,850		1,544,245
Micro-Star International Company, Ltd.	79,300		366,103
NCR Corp. (A)	34,416		703,463
NetApp, Inc.	30,708		1,455,252
Pegatron Corp.	229,500		488,163
Quanta Computer, Inc.	339,000		888,506
Quantum Corp. (A)	4,230		23,096
Ricoh Company, Ltd. (C)	52,800		394,161
Samsung Electronics Company, Ltd.	573,151		26,024,575
Seagate Technology PLC	31,355		1,504,726
Seiko Epson Corp.	22,069		263,120
Super Micro Computer, Inc. (A)(C)	5,827		159,602
Western Digital Corp.	41,610		1,598,656
Wistron Corp.	332,580		360,721
Wiwynn Corp.	9,000		240,075
Xerox Holdings Corp.	25,427		479,553
Xiaomi Corp., Class B (A)(B)	1,216,500		3,767,259
			344,842,723
			1,642,549,474
Materials – 4.2%
Chemicals – 2.1%
AdvanSix, Inc. (A)	3,830		48,756
Air Liquide SA	79,336		13,155,879
Air Products & Chemicals, Inc.	25,530		7,461,398
Air Water, Inc.	14,500		203,515
Akzo Nobel NV	39,480		3,896,814
Albemarle Corp.	12,290		1,118,513
American Vanguard Corp.	3,917		55,426
Amyris, Inc. (A)	9,494		31,140
Arkema SA	11,572		1,281,148
Asahi Kasei Corp.	98,700		826,833
Ashland Global Holdings, Inc.	16,280		1,199,673
Avient Corp.	36,575		933,394
Balchem Corp.	4,229		413,173
Barito Pacific Tbk PT (A)	3,528,400		203,258
BASF SE	172,521		10,535,245
Cabot Corp.	15,202		562,626
Celanese Corp.	13,667		1,382,417
CF Industries Holdings, Inc.	24,715		806,450
Chase Corp.	966		94,253
Chr. Hansen Holding A/S	18,488		2,122,007
Clariant AG	25,384		530,045
Corteva, Inc.	86,510		2,469,861
Covestro AG (B)	32,671		1,557,558
Croda International PLC	12,001		944,612
Daicel Corp.	19,800		143,470
Dow, Inc.	85,627		3,863,490
DuPont de Nemours, Inc.	84,824		4,729,786
Eastman Chemical Company	15,709		1,148,485
Ecolab, Inc.	28,587		5,633,926
EMS-Chemie Holding AG (C)	1,036		936,289
Evonik Industries AG	39,419		1,144,783

 

The accompanying notes are an integral part of the financial statements. 88

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Chemicals (continued)
Ferro Corp. (A)(C)	10,723	$	133,716
FMC Corp.	14,964		1,599,053
Formosa Chemicals & Fibre Corp.	411,471		953,159
Formosa Plastics Corp.	448,040		1,196,733
FutureFuel Corp.	3,481		42,120
GCP Applied Technologies, Inc. (A)	6,464		168,452
Givaudan SA	1,172		4,925,998
Hawkins, Inc.	1,315		66,039
HB Fuller Company	6,725		323,943
ICL Group, Ltd.	83,128		308,822
Indorama Ventures PCL, NVDR	243,500		185,802
Ingevity Corp. (A)	16,551		929,670
Innospec, Inc.	3,209		239,680
International Flavors & Fragrances, Inc. (C)	12,352		1,529,054
Johnson Matthey PLC	18,070		569,914
JSR Corp.	16,000		341,554
Kansai Paint Company, Ltd.	13,900		330,669
Koninklijke DSM NV	34,074		5,456,992
Koppers Holdings, Inc. (A)	2,781		66,911
Kraton Corp. (A)	4,135		58,055
Kronos Worldwide, Inc.	3,129		39,081
Kumho Petrochemical Company, Ltd.	2,260		190,737
Kuraray Company, Ltd.	25,200		257,473
LANXESS AG	15,638		915,490
LG Chem, Ltd.	5,516		3,430,910
Linde PLC	60,709		15,161,466
Livent Corp. (A)(C)	19,410		164,597
Lotte Chemical Corp.	2,082		331,535
LyondellBasell Industries NV, Class A	29,703		1,944,952
Minerals Technologies, Inc.	13,663		693,397
Mitsubishi Chemical Holdings Corp.	100,750		588,347
Mitsubishi Gas Chemical Company, Inc.	12,500		223,212
Mitsui Chemicals, Inc.	14,500		340,098
Nan Ya Plastics Corp.	603,610		1,266,313
NewMarket Corp.	1,944		724,121
Nippon Paint Holdings Company, Ltd. (C)	11,500		987,826
Nissan Chemical Corp.	9,800		518,664
Nitto Denko Corp.	12,544		761,654
Novozymes A/S, B Shares	37,431		2,211,967
Nutrien, Ltd.	20,583		762,345
Olin Corp.	42,508		478,215
Orbia Advance Corp. SAB de CV	127,780		205,317
Orica, Ltd.	74,856		957,006
Orion Engineered Carbons SA	7,979		96,945
Petronas Chemicals Group BHD	308,245		403,595
PPG Industries, Inc.	27,272		3,283,549
PQ Group Holdings, Inc. (A)	5,100		59,415
PTT Global Chemical PCL, NVDR	325,300		484,075
Quaker Chemical Corp. (C)	1,735		329,650
Rayonier Advanced Materials, Inc. (A)	8,841		27,938
RPM International, Inc.	34,871		2,956,015
Sasol, Ltd. (A)	69,337		565,366
Sensient Technologies Corp.	16,928		934,764
Shin-Etsu Chemical Company, Ltd.	27,837		3,382,877
Showa Denko KK	10,600		206,350
Sika AG	18,016		4,307,757
Sinopec Shanghai Petrochemical Company, Ltd., H Shares (C)	382,199		78,809
Solvay SA	17,323		1,492,556
Stepan Company	2,804		323,273
Sumitomo Chemical Company, Ltd.	117,800		382,072
Symrise AG	24,138		3,338,260
Taiyo Nippon Sanso Corp.	11,900		209,012
Teijin, Ltd.	14,100		221,083

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Chemicals (continued)
The Chemours Company	44,223	$	913,647
The Mosaic Company	40,309		734,833
The Scotts Miracle-Gro Company	10,612		1,788,440
The Sherwin-Williams Company	9,342		6,268,949
Toray Industries, Inc.	109,200		518,048
Tosoh Corp.	20,700		306,235
Trecora Resources (A)	3,934		23,643
Tredegar Corp.	3,547		60,051
Trinseo SA	5,091		126,817
Tronox Holdings PLC, Class A	11,987		107,404
Umicore SA	46,022		2,112,407
Valvoline, Inc.	49,827		1,016,471
Yara International ASA	22,651		948,994
			160,024,582
Construction materials – 0.3%
Anhui Conch Cement Company, Ltd., H Shares	143,610		1,039,656
Asia Cement Corp.	256,687		371,995
Cemex SAB de CV	1,842,188		590,995
China National Building Material Company, Ltd., H Shares	450,900		632,875
China Resources Cement Holdings, Ltd.	283,900		413,444
CRH PLC	92,498		3,449,777
Eagle Materials, Inc.	11,207		916,396
Forterra, Inc. (A)	2,636		34,927
HeidelbergCement AG	27,977		1,774,915
Indocement Tunggal Prakarsa Tbk PT	194,820		158,882
James Hardie Industries PLC, CHESS Depositary Interest	81,777		1,855,422
LafargeHolcim, Ltd. (A)	66,586		3,161,116
Martin Marietta Materials, Inc.	7,195		1,459,650
POSCO Chemical Company, Ltd.	2,594		193,766
Semen Indonesia Persero Tbk PT	392,492		284,300
Summit Materials, Inc., Class A (A)	15,468		230,319
Taiheiyo Cement Corp.	9,600		243,402
Taiwan Cement Corp.	570,544		834,192
The Siam Cement PCL, NVDR	112,400		1,279,538
U.S. Concrete, Inc. (A)	2,177		58,104
United States Lime & Minerals, Inc.	303		27,915
Vulcan Materials Company	15,309		1,837,080
			20,848,666
Containers and packaging – 0.2%
Amcor PLC	182,001		2,012,931
AptarGroup, Inc.	17,285		2,046,371
Avery Dennison Corp.	9,629		1,111,090
Ball Corp.	37,685		3,028,743
CCL Industries, Inc., Class B	5,507		203,544
Greif, Inc., Class A	10,344		381,176
Greif, Inc., Class B	824		33,809
International Paper Company	45,435		1,647,927
Klabin SA	81,042		380,173
Myers Industries, Inc.	4,865		74,435
O-I Glass, Inc.	62,824		683,525
Packaging Corp. of America	10,964		1,109,995
Ranpak Holdings Corp. (A)	4,085		36,520
Sealed Air Corp.	17,995		707,204
Silgan Holdings, Inc.	20,900		795,454
Smurfit Kappa Group PLC	26,598		941,868
Sonoco Products Company	27,018		1,432,765
UFP Technologies, Inc. (A)	980		40,386
Westrock Company	29,970		908,990
			17,576,906
Metals and mining – 1.4%
1911 Gold Corp. (A)	2,060		1,249

 

The accompanying notes are an integral part of the financial statements. 89

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Metals and mining (continued)
Agnico Eagle Mines, Ltd.	8,515	$	702,038
Alcoa Corp. (A)	24,636		360,178
Allegheny Technologies, Inc. (A)	50,810		423,247
Aluminum Corp. of China, Ltd., H Shares (A)	458,880		111,861
Anglo American Platinum, Ltd. (C)	6,600		491,587
Anglo American PLC	114,478		2,813,262
AngloGold Ashanti, Ltd.	51,020		1,512,711
Antofagasta PLC	36,683		525,937
ArcelorMittal SA (A)	120,157		1,513,583
Arconic Corp. (A)	13,072		290,852
B2Gold Corp.	37,207		249,882
Barrick Gold Corp.	63,116		1,869,745
BHP Group PLC	196,970		4,483,482
BHP Group, Ltd.	543,973		15,020,136
BlueScope Steel, Ltd.	93,386		872,237
Boliden AB	58,943		1,761,032
Caledonia Mining Corp. PLC	1,662		30,215
Carpenter Technology Corp.	6,286		132,195
Century Aluminum Company (A)	6,943		68,527
China Hongqiao Group, Ltd.	199,800		128,751
China Molybdenum Company, Ltd., H Shares	388,500		157,499
China Steel Corp.	1,379,958		936,294
Cia de Minas Buenaventura SAA, ADR	36,500		513,920
Cia Siderurgica Nacional SA	80,866		224,509
Cleveland-Cliffs, Inc. (C)	51,877		341,351
Coeur Mining, Inc. (A)	31,896		269,840
Commercial Metals Company	47,559		992,556
Compass Minerals International, Inc.	13,599		774,191
Eregli Demir ve Celik Fabrikalari TAS	87,164		103,558
Evolution Mining, Ltd.	298,521		1,220,590
Evraz PLC	46,823		200,322
First Quantum Minerals, Ltd. (C)	21,064		208,484
Fortescue Metals Group, Ltd.	312,705		3,996,801
Franco-Nevada Corp.	6,707		1,008,711
Freeport-McMoRan, Inc.	167,844		2,620,045
Glencore PLC (A)	931,580		2,290,593
Gold Fields, Ltd.	108,377		1,418,330
Gold Resource Corp.	9,030		35,939
Grupo Mexico SAB de CV, Series B	378,600		1,010,430
Haynes International, Inc.	1,799		33,713
Hecla Mining Company	68,363		411,545
Hitachi Metals, Ltd.	16,800		251,557
Hyundai Steel Company	10,704		225,542
Impala Platinum Holdings, Ltd.	98,234		905,452
Industrias Penoles SAB de CV	16,680		275,949
JFE Holdings, Inc.	38,300		289,673
Jiangxi Copper Company, Ltd., H Shares	137,825		162,210
Kaiser Aluminum Corp.	2,091		134,409
KGHM Polska Miedz SA (A)	23,608		875,652
Kinross Gold Corp. (A)	44,768		397,450
Kirkland Lake Gold, Ltd.	9,653		514,343
Korea Zinc Company, Ltd.	1,033		346,030
Kumba Iron Ore, Ltd.	7,914		248,006
Lundin Mining Corp. (C)	24,452		153,159
Maruichi Steel Tube, Ltd.	4,400		117,964
Materion Corp.	2,692		146,956
Mitsubishi Materials Corp.	8,700		182,502
Newcrest Mining, Ltd.	149,120		3,511,567
Newmont Corp.	92,776		6,241,969
Nippon Steel Corp.	63,278		622,950
Norsk Hydro ASA (A)	172,489		550,175
Northam Platinum, Ltd. (A)	43,677		412,355
Northern Star Resources, Ltd.	136,558		1,376,077

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Metals and mining (continued)
Novagold Resources, Inc. (A)	30,889	$	327,115
Nucor Corp.	34,810		1,582,463
Pan American Silver Corp.	7,472		269,756
POSCO	8,938		1,383,568
Press Metal Aluminium Holdings BHD	181,500		226,807
Reliance Steel & Aluminum Company	17,138		1,797,262
Rio Tinto PLC	104,588		6,504,369
Rio Tinto, Ltd.	68,565		4,933,958
Royal Gold, Inc.	17,661		2,407,548
Schnitzer Steel Industries, Inc., Class A	3,479		68,675
Sibanye Stillwater, Ltd. (A)	279,353		855,132
South32, Ltd.	903,939		1,397,462
Southern Copper Corp. (C)	14,500		697,450
Steel Dynamics, Inc.	56,641		1,672,042
Sumitomo Metal Mining Company, Ltd.	18,300		558,250
SunCoke Energy, Inc.	11,592		41,499
Teck Resources, Ltd., Class B	17,446		201,164
thyssenkrupp AG (A)	75,892		546,628
TimkenSteel Corp. (A)	6,475		24,411
United States Steel Corp. (C)	81,647		639,296
Vale SA	432,871		4,715,477
voestalpine AG	22,770		565,815
Warrior Met Coal, Inc.	6,732		104,144
Wheaton Precious Metals Corp.	15,881		848,139
Worthington Industries, Inc.	14,718		611,239
Yamana Gold, Inc.	34,068		211,040
Zhaojin Mining Industry Company, Ltd., H Shares	120,600		135,044
Zijin Mining Group Company, Ltd., H Shares	662,329		451,717
			103,851,345
Paper and forest products – 0.2%
Boise Cascade Company	5,092		233,214
Clearwater Paper Corp. (A)	2,157		72,605
Domtar Corp.	22,042		628,638
Empresas CMPC SA	315,892		656,170
Indah Kiat Pulp & Paper Corp. Tbk PT	362,600		231,358
Lee & Man Paper Manufacturing, Ltd.	154,500		92,316
Louisiana-Pacific Corp.	44,947		1,480,554
Mondi PLC	45,301		891,356
Neenah, Inc.	2,223		98,434
Nine Dragons Paper Holdings, Ltd.	191,200		211,814
Oji Holdings Corp.	67,700		305,832
P.H. Glatfelter Company	5,893		88,336
Schweitzer-Mauduit International, Inc.	4,072		123,504
Stora Enso OYJ, R Shares	193,092		2,847,840
Suzano SA (A)	63,667		583,387
Svenska Cellulosa AB SCA, B Shares (A)	130,741		1,688,231
UPM-Kymmene OYJ	177,120		5,375,863
Verso Corp., Class A	4,698		61,591
			15,671,043
			317,972,542
Real estate – 2.5%
Equity real estate investment trusts – 1.8%
Acadia Realty Trust	11,203		127,042
Agree Realty Corp.	6,878		460,276
Alexander & Baldwin, Inc.	9,659		116,970
Alexander's, Inc.	280		71,420
Alexandria Real Estate Equities, Inc.	8,963		1,509,190
Alpine Income Property Trust, Inc.	1,110		16,106
American Assets Trust, Inc.	6,607		168,809
American Campus Communities, Inc.	37,056		1,256,198
American Finance Trust, Inc.	14,304		97,768
American Tower Corp.	31,487		7,844,986

 

The accompanying notes are an integral part of the financial statements. 90

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Equity real estate investment trusts (continued)
Apartment Investment & Management Company, A Shares	10,576	$	381,053
Armada Hoffler Properties, Inc.	7,447		75,215
Ascendas Real Estate Investment Trust	149,500		364,240
AvalonBay Communities, Inc.	9,995		1,579,810
Bluerock Residential Growth REIT, Inc.	3,559		26,372
Boston Properties, Inc.	10,263		891,547
Brixmor Property Group, Inc.	79,832		942,018
BRT Apartments Corp.	1,797		23,990
Camden Property Trust	26,224		2,384,811
Canadian Apartment Properties REIT	3,176		109,572
CapitaLand Commercial Trust	130,500		160,902
CapitaLand Mall Trust	125,300		180,221
CareTrust REIT, Inc.	12,575		243,578
CatchMark Timber Trust, Inc., Class A	6,821		67,733
Chatham Lodging Trust	6,615		45,776
City Office REIT, Inc.	6,260		50,330
Clipper Realty, Inc.	2,384		15,901
Colony Capital, Inc.	63,945		173,291
Columbia Property Trust, Inc.	14,992		176,906
Community Healthcare Trust, Inc.	2,750		128,425
CoreCivic, Inc.	15,608		145,310
CorEnergy Infrastructure Trust, Inc.	2,066		18,470
CorePoint Lodging, Inc.	6,363		36,142
CoreSite Realty Corp.	10,854		1,329,072
Corporate Office Properties Trust	30,206		744,276
Cousins Properties, Inc.	40,001		1,194,030
Covivio	8,023		593,385
Crown Castle International Corp.	29,601		4,832,363
CyrusOne, Inc.	31,023		2,591,351
Daiwa House REIT Investment Corp.	154		402,361
Dexus	202,377		1,316,008
DiamondRock Hospitality Company	26,463		140,254
Digital Realty Trust, Inc.	19,057		2,966,222
Diversified Healthcare Trust	31,330		119,054
Douglas Emmett, Inc.	44,394		1,239,480
Duke Realty Corp.	26,165		1,008,661
Easterly Government Properties, Inc.	9,766		236,240
EastGroup Properties, Inc.	15,528		2,067,708
EPR Properties	20,865		674,148
Equinix, Inc.	6,287		4,965,347
Equity Residential	24,845		1,402,500
Essential Properties Realty Trust, Inc.	11,985		203,385
Essex Property Trust, Inc.	4,646		1,005,905
Extra Space Storage, Inc.	9,169		976,957
Farmland Partners, Inc.	4,037		27,008
Federal Realty Investment Trust	4,996		395,883
Fibra Uno Administracion SA de CV	382,000		298,868
First Capital Real Estate Investment Trust	4,375		45,885
First Industrial Realty Trust, Inc.	34,257		1,461,061
Four Corners Property Trust, Inc.	9,224		232,906
Franklin Street Properties Corp.	13,956		61,825
Front Yard Residential Corp.	6,680		65,130
Gecina SA	7,670		1,054,606
Getty Realty Corp.	4,345		127,265
Gladstone Commercial Corp.	4,481		87,872
Gladstone Land Corp.	2,733		43,017
Global Medical REIT, Inc.	5,437		69,539
Global Net Lease, Inc.	11,804		206,570
GLP J-REIT (A)	285		440,095
Goodman Group	303,939		4,091,616
Growthpoint Properties, Ltd.	370,913		267,171
Healthcare Realty Trust, Inc.	53,838		1,553,226
Healthpeak Properties, Inc.	38,233		1,056,760
Hersha Hospitality Trust	5,178		33,295

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Equity real estate investment trusts (continued)
Highwoods Properties, Inc.	27,976	$	1,042,386
Host Hotels & Resorts, Inc.	50,071		562,297
Hudson Pacific Properties, Inc.	41,282		969,301
ICADE	4,950		320,418
Independence Realty Trust, Inc.	12,242		143,354
Industrial Logistics Properties Trust	8,299		179,009
Innovative Industrial Properties, Inc.	2,182		268,582
Investors Real Estate Trust	1,582		112,480
Iron Mountain, Inc.	20,450		615,341
iStar, Inc.	9,693		119,999
Japan Prime Realty Investment Corp.	61		184,193
Japan Real Estate Investment Corp.	103		576,789
Japan Retail Fund Investment Corp.	205		308,527
JBG SMITH Properties	31,661		876,060
Jernigan Capital, Inc.	3,104		53,513
Kilroy Realty Corp.	28,510		1,668,405
Kimco Realty Corp.	30,720		368,333
Kite Realty Group Trust	10,818		121,594
Klepierre SA	32,916		541,859
Lamar Advertising Company, Class A	23,251		1,609,667
Land Securities Group PLC	65,520		507,820
Lexington Realty Trust	33,249		378,041
Life Storage, Inc.	12,633		1,331,897
Link REIT	273,225		2,173,573
LTC Properties, Inc.	5,065		184,822
Mack-Cali Realty Corp.	36,332		458,873
Mapletree Commercial Trust	103,800		146,235
Mapletree Logistics Trust	128,800		195,700
Medical Properties Trust, Inc.	142,277		2,643,507
Mid-America Apartment Communities, Inc.	8,122		951,249
Mirvac Group	726,231		1,127,349
Monmouth Real Estate Investment Corp.	12,254		177,806
National Health Investors, Inc.	5,591		348,040
National Retail Properties, Inc.	46,309		1,641,191
National Storage Affiliates Trust	8,055		276,367
New Senior Investment Group, Inc.	11,739		51,417
NexPoint Residential Trust, Inc.	2,833		117,286
Nippon Building Fund, Inc.	99		596,140
Nippon Prologis REIT, Inc.	164		537,145
Nomura Real Estate Master Fund, Inc.	332		425,544
Office Properties Income Trust	6,284		149,811
Omega Healthcare Investors, Inc.	61,104		1,892,391
One Liberty Properties, Inc.	2,318		44,413
Orix JREIT, Inc.	205		304,556
Park Hotels & Resorts, Inc.	63,444		602,084
Pebblebrook Hotel Trust	52,337		660,493
Physicians Realty Trust	80,881		1,467,990
Piedmont Office Realty Trust, Inc., Class A	16,431		251,559
Plymouth Industrial REIT, Inc.	2,243		29,944
PotlatchDeltic Corp.	26,600		1,224,664
Preferred Apartment Communities, Inc., Class A	6,452		42,583
Prologis, Inc.	52,459		5,343,474
PS Business Parks, Inc.	7,997		1,009,221
Public Storage	10,677		2,267,795
QTS Realty Trust, Inc., Class A	7,817		530,149
Rayonier, Inc.	37,288		1,091,793
Realty Income Corp.	24,391		1,512,974
Regency Centers Corp.	12,048		478,426
Retail Opportunity Investments Corp.	15,106		168,130
Retail Properties of America, Inc., Class A	28,261		178,327
Retail Value, Inc.	2,353		29,907
Rexford Industrial Realty, Inc.	34,022		1,632,376
RioCan Real Estate Investment Trust	6,708		78,222

 

The accompanying notes are an integral part of the financial statements. 91

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Equity real estate investment trusts (continued)
RLJ Lodging Trust	21,642	$	204,300
RPT Realty	10,726		62,854
Ryman Hospitality Properties, Inc.	6,640		253,382
Sabra Health Care REIT, Inc.	82,216		1,219,263
Safehold, Inc.	2,245		124,530
Saul Centers, Inc.	1,596		44,720
SBA Communications Corp.	7,929		2,426,829
Scentre Group	967,173		1,609,891
Segro PLC	109,801		1,396,033
Seritage Growth Properties, Class A (A)	4,719		66,208
Service Properties Trust	66,066		542,402
Simon Property Group, Inc.	21,716		1,473,431
SITE Centers Corp.	20,248		152,062
SL Green Realty Corp.	5,437		254,234
SmartCentres Real Estate Investment Trust	3,174		49,982
Spirit Realty Capital, Inc.	27,721		984,373
STAG Industrial, Inc.	19,526		630,690
Stockland	440,050		1,283,130
STORE Capital Corp.	59,918		1,620,183
Summit Hotel Properties, Inc.	13,839		81,512
Sunstone Hotel Investors, Inc.	28,078		233,890
Suntec Real Estate Investment Trust	94,200		96,762
Tanger Factory Outlet Centers, Inc.	11,971		68,115
Taubman Centers, Inc.	16,590		635,397
Terreno Realty Corp.	8,654		516,125
The British Land Company PLC	81,882		399,624
The GEO Group, Inc.	48,017		535,870
The GPT Group	359,424		1,013,604
The Macerich Company	49,907		395,763
UDR, Inc.	20,946		729,130
UMH Properties, Inc.	5,005		72,773
Unibail-Rodamco-Westfield	15,687		729,986
Unibail-Rodamco-Westfield (Euronext Amsterdam Exchange)	7,490		348,543
United Urban Investment Corp.	232		257,856
Uniti Group, Inc.	25,381		249,241
Universal Health Realty Income Trust	1,699		113,357
Urban Edge Properties	45,072		475,960
Urstadt Biddle Properties, Inc., Class A	4,086		38,000
Ventas, Inc.	26,498		1,091,983
Vicinity Centres	716,617		764,338
Vornado Realty Trust	11,266		403,661
Washington Real Estate Investment Trust	10,782		236,557
Weingarten Realty Investors	32,428		566,517
Welltower, Inc.	29,652		1,705,583
Weyerhaeuser Company	53,000		1,606,430
Whitestone REIT	5,653		36,349
Xenia Hotels & Resorts, Inc.	15,073		135,356
			135,358,853
Real estate management and development – 0.7%
Aeon Mall Company, Ltd.	8,000		105,714
Agile Group Holdings, Ltd.	136,600		188,320
Aroundtown SA (A)	216,277		1,184,771
Ayala Land, Inc.	1,083,670		642,566
Azrieli Group, Ltd.	5,175		279,205
BR Malls Participacoes SA (A)	91,919		155,701
CapitaLand, Ltd.	125,700		255,576
CBRE Group, Inc., Class A (A)	23,805		1,119,549
Cencosud Shopping SA	143,765		214,698
Central Pattana PCL, NVDR	323,100		489,747
China Aoyuan Group, Ltd.	141,000		162,293
China Evergrande Group (C)	216,035		503,664
China Jinmao Holdings Group, Ltd.	616,400		384,897
China Overseas Land & Investment, Ltd.	447,297		1,293,802
China Overseas Property Holdings, Ltd.	150,000		135,094

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Real estate management and development (continued)
China Resources Land, Ltd.	372,705	$	1,721,751
China Vanke Company, Ltd., H Shares	198,100		614,931
CIFI Holdings Group Company, Ltd.	366,700		311,694
City Developments, Ltd.	22,400		131,995
CK Asset Holdings, Ltd.	342,698		1,860,059
Country Garden Holdings Company, Ltd.	890,167		1,102,170
CTO Realty Growth, Inc.	758		31,965
Cushman & Wakefield PLC (A)	14,547		168,891
Daito Trust Construction Company, Ltd.	5,000		443,143
Daiwa House Industry Company, Ltd.	44,500		1,189,884
Dalian Wanda Commercial Properties Company, Ltd., H Shares (A)(B)	37,400		254,796
Deutsche Wohnen SE	64,134		3,421,405
eXp World Holdings, Inc. (A)	3,220		143,226
Forestar Group, Inc. (A)	2,367		42,062
FRP Holdings, Inc. (A)	983		40,382
Griffin Industrial Realty, Inc.	480		25,526
Guangzhou R&F Properties Company, Ltd., H Shares	149,800		190,176
Hang Lung Properties, Ltd.	268,000		755,181
Henderson Land Development Company, Ltd.	192,376		756,225
Highwealth Construction Corp.	79,687		126,012
Hongkong Land Holdings, Ltd.	154,800		592,337
Hulic Company, Ltd.	23,700		215,601
Jones Lang LaSalle, Inc.	13,904		1,432,668
Kaisa Group Holdings, Ltd. (A)	284,800		143,002
Kennedy-Wilson Holdings, Inc.	15,968		228,183
Kerry Properties, Ltd.	86,768		225,366
KWG Group Holdings, Ltd. (A)	148,000		280,871
Land & Houses PCL, NVDR	1,207,300		287,133
LEG Immobilien AG	12,948		1,902,619
Lendlease Corp., Ltd.	122,116		1,043,119
Logan Group Company, Ltd.	159,500		296,669
Longfor Group Holdings, Ltd. (B)	208,800		1,104,659
Marcus & Millichap, Inc. (A)	3,030		85,476
Megaworld Corp. (A)	1,515,700		90,887
Mitsubishi Estate Company, Ltd.	92,900		1,453,858
Mitsui Fudosan Company, Ltd.	73,104		1,322,452
Multiplan Empreendimentos Imobiliarios SA	33,001		125,414
NEPI Rockcastle PLC	47,861		223,576
New World Development Company, Ltd.	203,064		1,052,998
Newmark Group, Inc., Class A	18,946		83,931
Nomura Real Estate Holdings, Inc.	9,200		175,514
Poly Property Services Company, Ltd.	13,400		117,171
Rafael Holdings, Inc., Class B (A)	1,424		24,806
RE/MAX Holdings, Inc., Class A (C)	2,364		83,071
Realogy Holdings Corp. (A)	15,182		168,217
Redfin Corp. (A)	12,597		599,239
Robinsons Land Corp.	277,900		83,765
Ruentex Development Company, Ltd.	97,620		143,772
Seazen Group, Ltd. (A)	252,800		229,308
Shanghai Lujiazui Finance & Trade Zone Development Company, Ltd., B Shares	126,651		108,761
Shenzhen Investment, Ltd.	356,900		120,966
Shimao Group Holdings, Ltd.	141,200		634,585
Shui On Land, Ltd.	421,400		57,581
Sino Land Company, Ltd.	414,075		481,941
Sino-Ocean Group Holding, Ltd.	350,858		80,989
SM Prime Holdings, Inc.	1,351,900		814,041
SOHO China, Ltd. (A)	241,000		74,236
Sumitomo Realty & Development Company, Ltd.	24,283		716,175
Sun Hung Kai Properties, Ltd.	173,000		2,321,057

 

The accompanying notes are an integral part of the financial statements. 92

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Real estate management and development (continued)
Sunac China Holdings, Ltd.	297,700	$	1,249,689
Swire Pacific, Ltd., Class A	66,000		359,396
Swire Properties, Ltd.	154,600		418,468
Swiss Prime Site AG	9,618		867,005
Tejon Ranch Company (A)	2,946		42,157
The RMR Group, Inc., Class A	2,060		58,133
The St. Joe Company (A)	4,370		101,428
The Wharf Holdings, Ltd.	278,125		541,888
Tokyu Fudosan Holdings Corp.	48,300		207,133
UOL Group, Ltd.	22,800		109,964
Vonovia SE	96,691		6,919,767
Wharf Real Estate Investment Company, Ltd.	321,125		1,334,664
Yuexiu Property Company, Ltd.	803,500		153,232
Yuzhou Group Holdings Company, Ltd.	210,600		98,227
Zhenro Properties Group, Ltd.	177,000		103,408
			52,237,644
			187,596,497
Utilities – 2.3%
Electric utilities – 1.2%
ALLETE, Inc.	20,736		1,118,915
Alliant Energy Corp.	15,523		840,570
American Electric Power Company, Inc.	30,832		2,430,487
AusNet Services	342,953		459,997
Centrais Eletricas Brasileiras SA	37,600		243,712
CEZ AS	22,198		457,628
Chubu Electric Power Company, Inc.	50,500		623,997
CK Infrastructure Holdings, Ltd.	87,500		462,465
CLP Holdings, Ltd.	217,500		2,135,427
CPFL Energia SA	26,900		141,116
Duke Energy Corp.	45,718		3,672,984
Edison International	23,513		1,233,962
EDP - Energias de Portugal SA	328,795		1,671,452
Electricite de France SA	104,083		1,094,861
Elia Group SA/NV	7,199		772,745
Emera, Inc. (C)	8,852		361,382
Endesa SA	60,743		1,686,209
Enel Americas SA	9,599,464		1,381,229
Enel Chile SA	7,752,271		596,260
Enel SpA	936,786		8,482,778
Energisa SA	21,300		168,930
Entergy Corp.	12,453		1,234,590
Equatorial Energia SA	106,190		449,687
Evergy, Inc.	14,106		750,721
Eversource Energy	20,931		1,793,996
Exelon Corp.	60,621		2,237,521
FirstEnergy Corp.	33,706		963,655
Fortis, Inc.	16,908		676,268
Fortum OYJ	147,350		3,118,824
Hawaiian Electric Industries, Inc.	29,392		1,017,257
HK Electric Investments & HK Electric Investments, Ltd.	348,000		354,176
Hydro One, Ltd. (B)	12,298		254,568
Iberdrola SA	1,111,375		14,022,078
IDACORP, Inc.	13,587		1,221,471
Interconexion Electrica SA ESP	79,801		446,681
Korea Electric Power Corp. (A)	30,934		532,924
Kyushu Electric Power Company, Inc. (C)	29,500		261,596
Manila Electric Company	29,990		166,321
Mercury NZ, Ltd.	258,777		902,886
MGE Energy, Inc.	4,633		301,099
NextEra Energy, Inc.	30,451		8,501,006
NRG Energy, Inc.	15,188		522,619
OGE Energy Corp.	53,905		1,717,413
Orsted A/S (B)	33,171		4,695,705

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electric utilities (continued)
Otter Tail Corp.	5,319	$	206,643
PGE Polska Grupa Energetyczna SA (A)(C)	141,705		231,591
Pinnacle West Capital Corp.	6,999		513,377
PNM Resources, Inc.	31,848		1,391,121
Portland General Electric Company	11,700		446,355
Power Assets Holdings, Ltd.	183,500		1,050,245
PPL Corp.	47,829		1,321,515
Red Electrica Corp. SA	82,674		1,582,227
SSE PLC	95,905		1,616,469
Tenaga Nasional BHD	291,736		759,439
Terna Rete Elettrica Nazionale SpA	161,268		1,166,734
The Chugoku Electric Power Company, Inc.	22,600		275,652
The Kansai Electric Power Company, Inc.	55,200		543,659
The Southern Company	65,695		3,427,965
Tohoku Electric Power Company, Inc.	33,200		336,866
Tokyo Electric Power Company Holdings, Inc. (A)	113,700		334,746
Verbund AG (C)	13,352		716,856
Xcel Energy, Inc.	32,664		2,269,331
			94,370,959
Gas utilities – 0.3%
AltaGas, Ltd.	10,428		134,872
APA Group	217,817		1,671,000
Atmos Energy Corp.	7,610		759,630
Beijing Enterprises Holdings, Ltd.	59,714		189,720
Brookfield Infrastructure Corp., Class A (C)	4,187		209,015
Chesapeake Utilities Corp.	2,134		174,561
China Gas Holdings, Ltd.	303,800		831,707
China Resources Gas Group, Ltd.	104,100		488,301
Enagas SA	47,538		1,164,097
ENN Energy Holdings, Ltd.	91,800		1,017,141
Hong Kong & China Gas Company, Ltd.	1,410,738		2,051,206
Infraestructura Energetica Nova SAB de CV	64,535		187,600
Korea Gas Corp.	3,531		70,008
Kunlun Energy Company, Ltd.	454,490		338,166
National Fuel Gas Company	24,334		1,110,604
Naturgy Energy Group SA	56,374		1,088,289
New Jersey Resources Corp.	38,242		1,152,614
Northwest Natural Holding Company	3,992		204,031
ONE Gas, Inc.	21,040		1,559,485
Osaka Gas Company, Ltd.	29,200		571,897
Perusahaan Gas Negara Tbk PT	1,444,269		124,415
Petronas Gas BHD	101,199		400,745
RGC Resources, Inc.	994		23,180
Snam SpA	233,727		1,196,970
South Jersey Industries, Inc.	12,125		268,569
Southwest Gas Holdings, Inc.	22,025		1,384,712
Spire, Inc.	20,285		1,180,790
Toho Gas Company, Ltd. (C)	5,745		253,799
Tokyo Gas Company, Ltd.	29,500		656,862
UGI Corp.	56,085		1,936,615
			22,400,601
Independent power and renewable electricity producers – 0.1%
Aboitiz Power Corp.	195,900		107,738
Atlantic Power Corp. (A)	15,343		31,760
B. Grimm Power PCL, NVDR	112,200		167,197
Brookfield Renewable Corp., Class A	5,459		277,972
CGN Power Company, Ltd., H Shares (B)	1,101,700		238,588
China Common Rich Renewable Energy Investments, Ltd. (A)(D)	1,136,000		31,514

 

The accompanying notes are an integral part of the financial statements. 93

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Independent power and renewable electricity producers (continued)
China Longyuan Power Group Corp., Ltd., H Shares	369,300	$	232,777
China Power International Development, Ltd.	509,900		98,609
China Resources Power Holdings Company, Ltd.	224,332		266,089
Clearway Energy, Inc., Class A	4,367		105,463
Clearway Energy, Inc., Class C	10,639		271,401
Colbun SA	2,212,265		341,447
Electric Power Development Company, Ltd.	10,700		161,483
Electricity Generating PCL, NVDR	41,800		298,665
Energy Absolute PCL, NVDR	214,200		290,076
Engie Brasil Energia SA	23,583		183,507
Global Power Synergy PCL, NVDR	101,400		208,845
Gulf Energy Development PCL, NVDR	306,800		310,959
Huaneng Power International, Inc., H Shares	411,864		171,472
Meridian Energy, Ltd.	486,274		1,658,142
Ormat Technologies, Inc. (C)	5,182		315,428
Ratch Group PCL, NVDR	115,000		207,039
Sunnova Energy International, Inc. (A)	4,306		102,138
The AES Corp.	41,370		734,318
Uniper SE (C)	37,757		1,237,475
			8,050,102
Multi-utilities – 0.6%
AGL Energy, Ltd.	117,964		1,285,998
Algonquin Power & Utilities Corp.	19,445		269,533
Ameren Corp.	15,360		1,215,130
Atco, Ltd., Class I	3,077		93,748
Avista Corp.	8,792		324,073
Black Hills Corp.	25,079		1,406,430
Canadian Utilities, Ltd., Class A	5,035		126,382
CenterPoint Energy, Inc.	33,887		680,112
CMS Energy Corp.	17,808		1,077,206
Consolidated Edison, Inc.	20,786		1,482,873
Dominion Energy, Inc.	52,213		4,095,588
DTE Energy Company	11,983		1,422,023
E.ON SE	421,336		4,990,221
Engie SA (A)	306,146		4,259,010
MDU Resources Group, Inc.	54,000		1,275,480
National Grid PLC	326,889		3,661,184
NiSource, Inc.	23,818		527,807
NorthWestern Corp.	20,194		1,042,818
Public Service Enterprise Group, Inc.	31,457		1,643,314
RWE AG	109,657		4,366,492
Sempra Energy	18,200		2,250,430
Suez SA	57,618		994,989
Unitil Corp.	1,959		82,670
Veolia Environnement SA	90,249		2,177,438
WEC Energy Group, Inc.	19,624		1,846,226
YTL Corp. BHD	420,497		67,492
			42,664,667
Water utilities – 0.1%
Aguas Andinas SA, Class A	729,881		218,732
American States Water Company	4,782		363,815
American Water Works Company, Inc.	11,262		1,591,771
Artesian Resources Corp., Class A	1,280		45,043
Beijing Enterprises Water Group, Ltd. (A)	579,700		227,754
Cadiz, Inc. (A)	2,922		30,564
California Water Service Group	6,372		288,906
Cia de Saneamento Basico do Estado de Sao Paulo	39,998		348,618
Consolidated Water Company, Ltd.	2,484		29,883

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Water utilities (continued)
Essential Utilities, Inc.	60,049	$	2,552,083
Global Water Resources, Inc.	2,357		26,045
Guangdong Investment, Ltd.	341,980		533,257
Middlesex Water Company	2,211		141,791
Pure Cycle Corp. (A)	3,446		33,633
Severn Trent PLC	22,103		685,573
SJW Group	3,472		217,104
The York Water Company	1,809		82,508
United Utilities Group PLC	63,355		696,124
			8,113,204
			175,599,533
TOTAL COMMON STOCKS (Cost $6,222,173,385)		$	7,282,593,601
PREFERRED SECURITIES – 0.4%
Communication services – 0.0%
Diversified telecommunication services – 0.0%
Telefonica Brasil SA	52,354		457,172
Consumer discretionary – 0.1%
Automobiles – 0.1%
Bayerische Motoren Werke AG	10,636		599,728
Hyundai Motor Company	2,825		205,562
Hyundai Motor Company, 2nd Preferred	4,376		324,097
Porsche Automobil Holding SE (A)	28,805		1,771,415
Volkswagen AG	34,882		5,834,438
			8,735,240
Multiline retail – 0.0%
Lojas Americanas SA	88,126		519,088
			9,254,328
Consumer staples – 0.1%
Beverages – 0.0%
Embotelladora Andina SA, B Shares	99,657		212,263
Household products – 0.1%
Henkel AG & Company KGaA	33,478		3,422,745
Personal products – 0.0%
Amorepacific Corp.	1,102		55,260
LG Household & Health Care, Ltd.	251		147,900
			203,160
			3,838,168
Energy – 0.0%
Oil, gas and consumable fuels – 0.0%
Petroleo Brasileiro SA	557,733		2,228,489
Financials – 0.1%
Banks – 0.1%
Banco Bradesco SA	519,244		1,965,706
Bancolombia SA	81,065		579,005
Itau Unibanco Holding SA	566,667		2,435,887
Itausa SA	515,559		887,418
			5,868,016
Health care – 0.0%
Health care equipment and supplies – 0.0%
Sartorius AG	6,678		2,834,880
Information technology – 0.1%
Technology hardware, storage and peripherals – 0.1%
Samsung Electronics Company, Ltd.	98,880		3,949,910
Materials – 0.0%
Chemicals – 0.0%
Braskem SA, A Shares	22,183		86,205
FUCHS PETROLUB SE	13,009		615,344
LG Chem, Ltd.	924		291,333

 

The accompanying notes are an integral part of the financial statements. 94

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)

	Shares or Principal Amount	Value
PREFERRED SECURITIES (continued)
Chemicals (continued)
Sociedad Quimica y Minera de Chile SA, B Shares	32,055	$	1,001,984
			1,994,866
Metals and mining – 0.0%
Gerdau SA	127,683		444,915
			2,439,781
Utilities – 0.0%
Electric utilities – 0.0%
Centrais Eletricas Brasileiras SA, B Shares	29,579		193,774
Cia Energetica de Minas Gerais	112,075		215,415
Cia Paranaense de Energia, B Shares	12,000		135,322
			544,511
TOTAL PREFERRED SECURITIES (Cost $31,552,557)		$	31,415,255
EXCHANGE-TRADED FUNDS – 1.7%
iShares MSCI India ETF (C)	1,828,684		61,023,185
iShares MSCI Russia ETF (C)	247,450		8,690,444
KraneShares Bosera MSCI China A ETF (C)	339,628		13,873,804
VanEck Vectors Russia ETF	826,305		18,740,597
Xtrackers Harvest CSI 300 China A-Shares ETF (C)	645,503		22,812,076
TOTAL EXCHANGE-TRADED FUNDS (Cost $103,437,144)		$	125,140,106
RIGHTS – 0.0%
Gulf Energy Development PCL, NVDR (Expiration Date: 9-15-20; Strike Price: THB 30.00) (A)	30,680		1,479
Pan American Silver Corp. (Expiration Date: 2-22-29) (A)(E)	37,553		28,916
Tabcorp Holdings, Ltd. (Expiration Date: 9-11-20; Strike Price: AUD 3.25) (A)	34,008		9,281
TOTAL RIGHTS (Cost $11,142)		$	39,676
WARRANTS – 0.0%
BTS Group Holdings PCL (Expiration Date: 2-16-21; Strike Price: THB 14.00) (A)	2,410		69
BTS Group Holdings PCL (Expiration Date: 2-16-21; Strike Price: THB 14.00) (A)	63,720		1,822
Minor International PCL (Expiration Date: 10-1-21; Strike Price: THB 48.00) (A)	1,847		43
Minor International PCL (Expiration Date: 7-31-23) (A)(E)	20,359		6,443
Occidental Petroleum Corp. (Expiration Date: 8-3-27; Strike Price: $22.00)  (A)(C)	18,750		62,522
TOTAL WARRANTS (Cost $105,942)		$	70,899

Strategic Equity Allocation Fund (continued)

		Shares or Principal Amount	Value
SHORT-TERM INVESTMENTS – 3.2%
U.S. Government Agency – 1.0%
Federal Home Loan Bank Discount Note
0.030%, 09/01/2020 *	$	5,000,000	$	5,000,000
0.060%, 10/01/2020 *		20,000,000		19,998,500
0.090%, 11/25/2020 *		15,000,000		14,996,458
0.110%, 09/14/2020 *		20,000,000		19,999,494
0.130%, 10/09/2020 *		9,900,000		9,899,060
0.135%, 09/02/2020 *		3,000,000		2,999,994
				72,893,506
Short-term funds – 1.9%
John Hancock Collateral Trust, 0.2611% (F)(G)		14,397,110		144,125,146
Repurchase agreement – 0.3%
Repurchase Agreement with State Street Corp. dated 8-31-20 at 0.000% to be repurchased at $20,778,000 on 9-1-20, collateralized by $19,559,300 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-22 (valued at $21,193,758)	$	20,778,000		20,778,000
TOTAL SHORT-TERM INVESTMENTS (Cost $237,639,158)			$	237,796,652
Total Investments (Strategic Equity Allocation Fund) (Cost $6,594,919,328) – 101.3%			$	7,677,056,189
Other assets and liabilities, net – (1.3%)				(94,924,802)
TOTAL NET ASSETS – 100.0%			$	7,582,131,387

Currency Abbreviations
AUD	Australian Dollar
THB	Thai Bhat

Security Abbreviations and Legend
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
(A)	Non-income producing security.
(B)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(C)	All or a portion of this security is on loan as of 8-31-20.
(D)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E)	Strike price and/or expiration date not available.
(F)	The rate shown is the annualized seven-day yield as of 8-31-20.
(G)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
Canadian Dollar Currency Futures	16	Long	Sep 2020	$1,182,975	$1,228,320	$45,345
Mini MSCI EAFE Index Futures	266	Long	Sep 2020	24,216,870	25,271,330	1,054,460
Mini MSCI Emerging Markets Index Futures	189	Long	Sep 2020	10,086,009	10,398,780	312,771
Russell 2000 E-Mini Index Futures	85	Long	Sep 2020	5,926,447	6,635,525	709,078
S&P 500 Index E-Mini Futures	514	Long	Sep 2020	77,833,635	89,757,250	11,923,615

The accompanying notes are an integral part of the financial statements. 95

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Strategic Equity Allocation Fund (continued)
FUTURES (continued)

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
S&P Mid 400 Index E-Mini Futures	71	Long	Sep 2020	12,381,592	13,673,180	$1,291,588
S&P/TSX 60 Index Futures	7	Long	Sep 2020	992,324	1,061,525	69,201
						$15,406,058

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
JPY	5,043,000,000	USD	47,247,773	SSB	9/15/2020	$373,454	—
USD	46,335,473	JPY	5,043,000,000	CIBC	9/15/2020	—	$(1,285,754)
						$373,454	$(1,285,754)

Derivatives Currency Abbreviations
JPY	Japanese Yen
USD	U.S. Dollar

Derivatives Abbreviations
CIBC	Canadian Imperial Bank of Commerce
OTC	Over-the-counter
SSB	State Street Bank and Trust Company

See Notes to financial statements regarding investment transactions and other derivatives information.

U.S. Sector Rotation Fund

	Shares or Principal Amount	Value
COMMON STOCKS – 97.7%
Communication services – 12.5%
Diversified telecommunication services – 1.0%
AT&T, Inc.	200,070	$	5,964,087
CenturyLink, Inc.	27,737		298,173
Verizon Communications, Inc.	116,195		6,886,878
			13,149,138
Entertainment – 2.1%
Activision Blizzard, Inc.	33,734		2,817,464
Electronic Arts, Inc. (A)	12,640		1,762,901
Live Nation Entertainment, Inc. (A)	6,220		353,296
Netflix, Inc. (A)	19,256		10,197,207
Take-Two Interactive Software, Inc. (A)	4,989		854,067
The Walt Disney Company	79,083		10,428,675
			26,413,610
Interactive media and services – 8.0%
Alphabet, Inc., Class A (A)	18,285		29,795,956
Alphabet, Inc., Class C (A)	17,823		29,125,990
Facebook, Inc., Class A (A)	146,535		42,964,062
Twitter, Inc. (A)	47,816		1,940,373
			103,826,381
Media – 1.2%
Charter Communications, Inc., Class A (A)	6,518		4,012,546
Comcast Corp., Class A	196,990		8,827,122
Discovery, Inc., Series A (A)	6,918		152,646
Discovery, Inc., Series C (A)	13,683		273,250
DISH Network Corp., Class A (A)	11,122		395,053
Fox Corp., Class A	14,819		412,857
Fox Corp., Class B	6,888		191,486
News Corp., Class A	16,815		254,243
News Corp., Class B (B)	5,272		79,449
Omnicom Group, Inc.	9,268		501,306
The Interpublic Group of Companies, Inc.	16,851		299,274

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Media (continued)
ViacomCBS, Inc., Class B	23,380	$	651,133
			16,050,365
Wireless telecommunication services – 0.2%
T-Mobile US, Inc. (A)	16,349		1,907,601
			161,347,095
Consumer discretionary – 17.2%
Auto components – 0.4%
Aptiv PLC	38,397		3,306,750
BorgWarner, Inc.	29,696		1,205,361
			4,512,111
Automobiles – 0.7%
Ford Motor Company	559,542		3,816,076
General Motors Company	180,396		5,345,133
			9,161,209
Distributors – 0.1%
Genuine Parts Company	10,448		986,709
LKQ Corp. (A)	22,014		698,724
			1,685,433
Diversified consumer services – 0.0%
H&R Block, Inc.	8,078		117,131
Hotels, restaurants and leisure – 1.5%
Carnival Corp. (B)	19,881		327,639
Chipotle Mexican Grill, Inc. (A)	1,077		1,411,172
Darden Restaurants, Inc.	5,450		472,352
Domino's Pizza, Inc.	1,642		671,512
Hilton Worldwide Holdings, Inc.	11,635		1,051,339
Las Vegas Sands Corp.	14,102		715,112
Marriott International, Inc., Class A	11,294		1,162,266
McDonald's Corp.	31,203		6,662,465
MGM Resorts International	20,698		465,705
Norwegian Cruise Line Holdings, Ltd. (A)	11,457		196,029

 

The accompanying notes are an integral part of the financial statements. 96

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Hotels, restaurants and leisure (continued)
Royal Caribbean Cruises, Ltd.	7,205	$	495,992
Starbucks Corp.	49,019		4,140,635
Wynn Resorts, Ltd.	4,074		356,271
Yum! Brands, Inc.	12,631		1,210,681
			19,339,170
Household durables – 0.5%
D.R. Horton, Inc.	18,741		1,337,545
Garmin, Ltd.	8,224		852,089
Hamilton Beach Brands Holding Company, Class B	294		6,424
Leggett & Platt, Inc.	7,495		307,295
Lennar Corp., A Shares	15,557		1,163,975
Mohawk Industries, Inc. (A)	3,370		311,152
Newell Brands, Inc.	21,624		345,552
NVR, Inc. (A)	196		816,995
PulteGroup, Inc.	14,279		636,701
Whirlpool Corp.	3,522		625,930
			6,403,658
Internet and direct marketing retail – 7.4%
Amazon.com, Inc. (A)	25,601		88,348,018
Booking Holdings, Inc. (A)	2,501		4,778,035
eBay, Inc.	40,360		2,210,921
Expedia Group, Inc.	8,277		812,388
			96,149,362
Leisure products – 0.1%
Hasbro, Inc.	7,218		569,789
Multiline retail – 1.5%
Dollar General Corp.	32,928		6,647,505
Dollar Tree, Inc. (A)	31,032		2,987,451
Kohl's Corp.	20,634		440,742
Target Corp.	65,407		9,890,192
			19,965,890
Specialty retail – 4.2%
Advance Auto Parts, Inc.	5,388		842,198
AutoZone, Inc. (A)	1,821		2,178,481
Best Buy Company, Inc.	17,724		1,965,769
CarMax, Inc. (A)	12,690		1,356,942
L Brands, Inc.	18,197		534,992
Lowe's Companies, Inc.	58,870		9,695,300
O'Reilly Automotive, Inc. (A)	5,788		2,695,066
Ross Stores, Inc.	27,711		2,523,918
The Gap, Inc.	16,599		288,657
The Home Depot, Inc.	83,862		23,904,024
The TJX Companies, Inc.	93,402		5,117,496
Tiffany & Company	8,516		1,043,210
Tractor Supply Company	9,016		1,341,851
Ulta Beauty, Inc. (A)	4,391		1,019,502
			54,507,406
Textiles, apparel and luxury goods – 0.8%
Hanesbrands, Inc.	19,717		301,473
NIKE, Inc., Class B	70,248		7,860,049
PVH Corp.	4,019		224,099
Ralph Lauren Corp.	2,706		186,254
Tapestry, Inc.	15,640		230,377
Under Armour, Inc., Class A (A)	10,675		104,722
Under Armour, Inc., Class C (A)	11,135		98,545
VF Corp.	18,064		1,187,708
			10,193,227
			222,604,386
Consumer staples – 5.1%
Beverages – 0.8%
Brown-Forman Corp., Class B	4,022		294,290

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Beverages (continued)
Constellation Brands, Inc., Class A	3,704	$	683,314
Molson Coors Beverage Company, Class B	4,147		156,093
Monster Beverage Corp. (A)	8,245		691,426
PepsiCo, Inc.	30,600		4,285,836
The Coca-Cola Company	85,248		4,222,333
			10,333,292
Food and staples retailing – 0.5%
Costco Wholesale Corp.	6,115		2,125,941
Sysco Corp.	7,030		422,784
The Kroger Company	10,888		388,484
Walgreens Boots Alliance, Inc.	10,205		387,994
Walmart, Inc.	19,610		2,722,849
			6,048,052
Food products – 0.5%
Archer-Daniels-Midland Company	12,251		548,355
Campbell Soup Company	3,732		196,341
Conagra Brands, Inc.	10,742		412,063
General Mills, Inc.	13,368		854,884
Hormel Foods Corp.	6,181		315,107
Kellogg Company	5,517		391,210
Lamb Weston Holdings, Inc.	3,221		202,440
McCormick & Company, Inc.	2,727		562,307
Mondelez International, Inc., Class A	31,481		1,839,120
The Hershey Company	3,251		483,229
The J.M. Smucker Company	2,515		302,253
The Kraft Heinz Company	13,743		481,555
Tyson Foods, Inc., Class A	6,491		407,635
			6,996,499
Household products – 2.6%
Church & Dwight Company, Inc.	16,311		1,563,083
Colgate-Palmolive Company	56,818		4,503,395
Kimberly-Clark Corp.	22,590		3,563,798
The Clorox Company	8,299		1,854,827
The Procter & Gamble Company	164,222		22,716,829
			34,201,932
Personal products – 0.3%
Coty, Inc., Class A	19,743		70,680
The Estee Lauder Companies, Inc., Class A	14,910		3,305,845
			3,376,525
Tobacco – 0.4%
Altria Group, Inc.	40,985		1,792,684
Philip Morris International, Inc.	34,341		2,740,068
			4,532,752
			65,489,052
Energy – 1.8%
Energy equipment and services – 0.2%
Baker Hughes Company	22,485		321,086
Halliburton Company	30,113		487,228
National Oilwell Varco, Inc.	13,327		159,924
Schlumberger NV	47,638		905,598
TechnipFMC PLC	14,437		111,165
			1,985,001
Oil, gas and consumable fuels – 1.6%
Apache Corp.	12,956		191,749
Cabot Oil & Gas Corp.	13,681		259,529
Chevron Corp.	64,086		5,378,738
Concho Resources, Inc.	6,752		350,969
ConocoPhillips	36,812		1,394,807
Devon Energy Corp.	13,137		142,799
Diamondback Energy, Inc.	5,417		211,046
EOG Resources, Inc.	19,979		905,848

 

The accompanying notes are an integral part of the financial statements. 97

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Oil, gas and consumable fuels (continued)
Exxon Mobil Corp.	145,137	$	5,796,772
Hess Corp.	8,962		412,610
HollyFrontier Corp.	5,112		122,023
Kinder Morgan, Inc.	66,760		922,623
Marathon Oil Corp.	27,127		143,231
Marathon Petroleum Corp.	22,321		791,503
Noble Energy, Inc.	16,466		163,837
Occidental Petroleum Corp.	30,894		393,590
ONEOK, Inc.	15,100		414,948
Phillips 66	14,989		876,407
Pioneer Natural Resources Company	5,659		588,140
The Williams Companies, Inc.	41,644		864,529
Valero Energy Corp.	13,995		735,997
			21,061,695
			23,046,696
Financials – 8.0%
Banks – 2.8%
Bank of America Corp.	291,739		7,509,362
Citigroup, Inc.	77,785		3,976,369
Citizens Financial Group, Inc.	15,940		412,368
Comerica, Inc.	5,195		205,358
Fifth Third Bancorp	26,600		549,556
First Republic Bank	6,407		723,414
Huntington Bancshares, Inc.	37,897		356,611
JPMorgan Chase & Co.	113,849		11,406,531
KeyCorp	36,445		449,002
M&T Bank Corp.	4,793		494,925
People's United Financial, Inc.	15,868		167,883
Regions Financial Corp.	35,758		413,362
SVB Financial Group (A)	1,925		491,607
The PNC Financial Services Group, Inc.	15,852		1,762,742
Truist Financial Corp.	50,346		1,953,928
U.S. Bancorp	51,215		1,864,226
Wells Fargo & Company	139,405		3,366,631
Zions Bancorp NA	6,123		196,916
			36,300,791
Capital markets – 2.1%
Ameriprise Financial, Inc.	4,545		712,656
BlackRock, Inc.	5,731		3,405,303
Cboe Global Markets, Inc.	4,076		374,136
CME Group, Inc.	13,321		2,342,764
E*TRADE Financial Corp.	8,212		444,269
Franklin Resources, Inc.	10,305		217,023
Intercontinental Exchange, Inc.	20,329		2,159,550
Invesco, Ltd.	13,979		142,586
MarketAxess Holdings, Inc.	1,408		684,204
Moody's Corp.	5,990		1,764,894
Morgan Stanley	44,486		2,324,838
MSCI, Inc.	3,158		1,178,787
Nasdaq, Inc.	4,267		573,570
Northern Trust Corp.	7,729		632,928
Raymond James Financial, Inc.	4,531		343,087
S&P Global, Inc.	8,949		3,279,093
State Street Corp.	13,075		890,277
T. Rowe Price Group, Inc.	8,453		1,176,742
The Bank of New York Mellon Corp.	29,933		1,106,922
The Charles Schwab Corp.	42,565		1,512,334
The Goldman Sachs Group, Inc.	11,498		2,355,595
			27,621,558
Consumer finance – 0.4%
American Express Company	24,521		2,491,088
Capital One Financial Corp.	16,914		1,167,573
Discover Financial Services	11,379		603,997

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Consumer finance (continued)
Synchrony Financial	19,950	$	494,960
			4,757,618
Diversified financial services – 1.2%
Berkshire Hathaway, Inc., Class B (A)	72,219		15,746,631
NewStar Financial, Inc. (A)(C)	2,317		235
			15,746,866
Insurance – 1.5%
Aflac, Inc.	27,142		985,797
American International Group, Inc.	32,581		949,410
Aon PLC, Class A	8,742		1,748,313
Arthur J. Gallagher & Company	7,173		755,317
Assurant, Inc.	2,257		274,361
Chubb, Ltd.	17,074		2,134,250
Cincinnati Financial Corp.	5,708		453,272
Everest Re Group, Ltd.	1,513		332,981
Globe Life, Inc.	3,704		305,506
Lincoln National Corp.	7,309		263,489
Loews Corp.	9,156		328,334
Marsh & McLennan Companies, Inc.	19,301		2,217,878
MetLife, Inc.	29,183		1,122,378
Principal Financial Group, Inc.	9,635		405,730
Prudential Financial, Inc.	14,942		1,012,619
The Allstate Corp.	11,882		1,105,026
The Hartford Financial Services Group, Inc.	13,546		547,936
The Progressive Corp.	22,141		2,104,281
The Travelers Companies, Inc.	9,564		1,109,807
Unum Group	7,695		142,204
W.R. Berkley Corp.	5,341		331,409
Willis Towers Watson PLC	4,870		1,000,931
			19,631,229
			104,058,062
Health care – 7.7%
Biotechnology – 0.7%
AbbVie, Inc.	27,306		2,615,096
Alexion Pharmaceuticals, Inc. (A)	3,421		390,747
Amgen, Inc.	9,114		2,308,758
Biogen, Inc. (A)	2,528		727,154
Gilead Sciences, Inc.	19,430		1,296,953
Incyte Corp. (A)	2,795		269,298
Regeneron Pharmaceuticals, Inc. (A)	1,563		968,951
Vertex Pharmaceuticals, Inc. (A)	4,017		1,121,225
			9,698,182
Health care equipment and supplies – 2.7%
Abbott Laboratories	54,477		5,963,597
ABIOMED, Inc. (A)	1,385		426,054
Align Technology, Inc. (A)	2,207		655,435
Baxter International, Inc.	15,671		1,364,474
Becton, Dickinson and Company	9,082		2,204,837
Boston Scientific Corp. (A)	44,001		1,804,921
Danaher Corp.	19,380		4,001,389
Dentsply Sirona, Inc.	6,747		302,738
DexCom, Inc. (A)	2,843		1,209,441
Edwards Lifesciences Corp. (A)	19,085		1,638,256
Hologic, Inc. (A)	7,952		474,893
IDEXX Laboratories, Inc. (A)	2,616		1,023,013
Intuitive Surgical, Inc. (A)	3,592		2,625,177
Medtronic PLC	41,303		4,438,833
ResMed, Inc.	4,456		805,556
STERIS PLC	2,616		417,618
Stryker Corp.	9,928		1,967,332
Teleflex, Inc.	1,430		561,919
The Cooper Companies, Inc.	1,513		475,657

 

The accompanying notes are an integral part of the financial statements. 98

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Health care equipment and supplies (continued)
Varian Medical Systems, Inc. (A)	2,797	$	485,755
West Pharmaceutical Services, Inc.	2,267		643,737
Zimmer Biomet Holdings, Inc.	6,369		897,265
			34,387,897
Health care providers and services – 1.8%
AmerisourceBergen Corp.	4,573		443,718
Anthem, Inc.	7,765		2,186,003
Cardinal Health, Inc.	8,993		456,485
Centene Corp. (A)	17,836		1,093,704
Cigna Corp.	11,364		2,015,633
CVS Health Corp.	40,256		2,500,703
DaVita, Inc. (A)	2,626		227,832
HCA Healthcare, Inc.	8,111		1,100,825
Henry Schein, Inc. (A)	4,397		292,137
Humana, Inc.	4,072		1,690,572
Laboratory Corp. of America Holdings (A)	2,994		526,196
McKesson Corp.	4,985		764,898
Quest Diagnostics, Inc.	4,119		458,198
UnitedHealth Group, Inc.	29,208		9,128,960
Universal Health Services, Inc., Class B	2,392		263,957
			23,149,821
Health care technology – 0.0%
Cerner Corp.	9,373		687,697
Life sciences tools and services – 1.1%
Agilent Technologies, Inc.	12,908		1,296,221
Bio-Rad Laboratories, Inc., Class A (A)	893		454,171
Illumina, Inc. (A)	6,145		2,195,117
IQVIA Holdings, Inc. (A)	7,424		1,215,680
Mettler-Toledo International, Inc. (A)	999		969,809
PerkinElmer, Inc.	4,656		548,104
Thermo Fisher Scientific, Inc.	16,510		7,082,460
Waters Corp. (A)	2,588		559,681
			14,321,243
Pharmaceuticals – 1.4%
Bristol-Myers Squibb Company	33,831		2,104,288
Elanco Animal Health, Inc. (A)(C)	2,471		0
Eli Lilly & Company	12,592		1,868,527
Johnson & Johnson	39,392		6,043,127
Merck & Company, Inc.	37,740		3,218,090
Mylan NV (A)	7,726		126,552
Perrigo Company PLC	2,038		106,587
Pfizer, Inc.	83,054		3,138,611
Zoetis, Inc.	7,101		1,136,870
			17,742,652
			99,987,492
Industrials – 10.7%
Aerospace and defense – 1.4%
General Dynamics Corp.	8,906		1,330,111
Howmet Aerospace, Inc.	14,710		257,719
Huntington Ingalls Industries, Inc.	1,551		235,008
L3Harris Technologies, Inc.	8,274		1,495,443
Lockheed Martin Corp.	9,459		3,691,469
Northrop Grumman Corp.	5,942		2,035,789
Raytheon Technologies Corp.	56,375		3,438,875
Teledyne Technologies, Inc. (A)	1,405		440,622
Textron, Inc.	8,726		344,066
The Boeing Company	20,549		3,530,729
TransDigm Group, Inc.	1,928		963,364
			17,763,195
Air freight and logistics – 1.2%
CH Robinson Worldwide, Inc.	10,469		1,029,103
Expeditors International of Washington, Inc.	12,943		1,144,032

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Air freight and logistics (continued)
FedEx Corp.	18,693	$	4,109,469
United Parcel Service, Inc., Class B	54,761		8,959,995
			15,242,599
Airlines – 0.3%
Alaska Air Group, Inc.	9,533		371,310
American Airlines Group, Inc. (B)	38,652		504,409
Delta Air Lines, Inc.	44,149		1,361,997
Southwest Airlines Company	41,712		1,567,537
United Airlines Holdings, Inc. (A)	19,651		707,436
			4,512,689
Building products – 1.1%
A. O. Smith Corp.	15,670		767,360
Allegion PLC	10,697		1,105,963
Carrier Global Corp.	94,440		2,819,034
Fortune Brands Home & Security, Inc.	16,205		1,362,516
Johnson Controls International PLC	86,282		3,514,266
Masco Corp.	30,594		1,783,630
Trane Technologies PLC	27,747		3,284,967
			14,637,736
Commercial services and supplies – 0.4%
Cintas Corp.	3,685		1,227,989
Copart, Inc. (A)	9,034		933,393
Republic Services, Inc.	9,186		851,726
Rollins, Inc.	6,163		339,828
Waste Management, Inc.	16,977		1,935,378
			5,288,314
Construction and engineering – 0.1%
Jacobs Engineering Group, Inc.	7,855		709,071
Quanta Services, Inc.	8,310		425,888
			1,134,959
Electrical equipment – 1.1%
AMETEK, Inc.	25,408		2,558,586
Eaton Corp. PLC	44,298		4,522,826
Emerson Electric Company	66,167		4,596,621
Rockwell Automation, Inc.	12,827		2,957,008
			14,635,041
Industrial conglomerates – 0.5%
3M Company	12,971		2,114,532
General Electric Company	197,255		1,250,597
Honeywell International, Inc.	15,827		2,620,160
Roper Technologies, Inc.	2,354		1,005,605
			6,990,894
Machinery – 2.3%
Caterpillar, Inc.	36,055		5,130,987
Cummins, Inc.	9,828		2,036,853
Deere & Company	20,841		4,377,860
Dover Corp.	9,589		1,053,256
Flowserve Corp.	8,669		257,296
Fortive Corp.	19,747		1,423,956
IDEX Corp.	5,022		905,115
Illinois Tool Works, Inc.	19,152		3,783,478
Ingersoll Rand, Inc. (A)	23,034		807,572
Otis Worldwide Corp.	27,119		1,705,785
PACCAR, Inc.	23,031		1,976,981
Parker-Hannifin Corp.	8,551		1,761,592
Pentair PLC	11,040		498,346
Snap-on, Inc.	3,621		536,886
Stanley Black & Decker, Inc.	10,267		1,656,067
Wabtec Corp.	12,042		801,395
Xylem, Inc.	11,985		960,957
			29,674,382

 

The accompanying notes are an integral part of the financial statements. 99

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Professional services – 0.3%
Equifax, Inc.	5,308	$	893,177
IHS Markit, Ltd.	17,442		1,393,965
Nielsen Holdings PLC	15,587		238,169
Robert Half International, Inc.	5,011		266,585
Verisk Analytics, Inc.	7,095		1,324,424
			4,116,320
Road and rail – 1.8%
CSX Corp.	59,532		4,551,817
JB Hunt Transport Services, Inc.	6,562		922,223
Kansas City Southern	7,390		1,345,276
Norfolk Southern Corp.	19,924		4,234,448
Old Dominion Freight Line, Inc.	7,339		1,483,799
Union Pacific Corp.	52,774		10,155,829
			22,693,392
Trading companies and distributors – 0.2%
Fastenal Company	22,004		1,075,115
United Rentals, Inc. (A)	2,768		490,074
W.W. Grainger, Inc.	1,664		608,076
			2,173,265
			138,862,786
Information technology – 30.1%
Communications equipment – 0.8%
Arista Networks, Inc. (A)	2,343		523,543
Cisco Systems, Inc.	184,837		7,803,818
F5 Networks, Inc. (A)	2,654		351,204
Juniper Networks, Inc.	14,442		361,050
Motorola Solutions, Inc.	7,412		1,147,007
			10,186,622
Electronic equipment, instruments and components – 0.5%
Amphenol Corp., Class A	12,896		1,415,981
CDW Corp.	6,203		704,971
Corning, Inc.	33,081		1,073,809
FLIR Systems, Inc.	5,703		210,441
IPG Photonics Corp. (A)	1,549		250,520
Keysight Technologies, Inc. (A)	8,152		803,135
TE Connectivity, Ltd.	14,376		1,388,722
Zebra Technologies Corp., Class A (A)	2,314		663,030
			6,510,609
IT services – 5.6%
Accenture PLC, Class A	28,208		6,767,945
Akamai Technologies, Inc. (A)	7,186		836,666
Automatic Data Processing, Inc.	19,031		2,647,022
Broadridge Financial Solutions, Inc.	5,084		698,542
Cognizant Technology Solutions Corp., Class A	23,937		1,600,428
DXC Technology Company	11,237		224,515
Fidelity National Information Services, Inc.	27,358		4,126,954
Fiserv, Inc. (A)	24,902		2,479,741
FleetCor Technologies, Inc. (A)	3,711		933,131
Gartner, Inc. (A)	3,949		512,659
Global Payments, Inc.	13,245		2,339,332
IBM Corp.	39,317		4,848,179
Jack Henry & Associates, Inc.	3,393		561,270
Leidos Holdings, Inc.	5,912		534,977
Mastercard, Inc., Class A	39,136		14,018,124
Paychex, Inc.	14,137		1,081,056
PayPal Holdings, Inc. (A)	51,993		10,613,851
The Western Union Company	18,196		429,244
VeriSign, Inc. (A)	4,502		967,030
Visa, Inc., Class A	74,707		15,837,137
			72,057,803

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Semiconductors and semiconductor equipment – 6.5%
Advanced Micro Devices, Inc. (A)	70,801	$	6,430,147
Analog Devices, Inc.	22,272		2,603,151
Applied Materials, Inc.	55,403		3,412,825
Broadcom, Inc.	24,168		8,389,921
Intel Corp.	255,955		13,040,907
KLA Corp.	9,373		1,922,777
Lam Research Corp.	8,775		2,951,384
Maxim Integrated Products, Inc.	16,118		1,103,116
Microchip Technology, Inc.	14,831		1,626,961
Micron Technology, Inc. (A)	67,234		3,059,819
NVIDIA Corp.	37,186		19,893,766
Qorvo, Inc. (A)	6,936		889,681
QUALCOMM, Inc.	68,005		8,099,396
Skyworks Solutions, Inc.	10,086		1,460,957
Texas Instruments, Inc.	55,482		7,886,766
Xilinx, Inc.	14,700		1,531,152
			84,302,726
Software – 9.4%
Adobe, Inc. (A)	21,539		11,057,907
ANSYS, Inc. (A)	3,841		1,302,137
Autodesk, Inc. (A)	9,799		2,407,614
Cadence Design Systems, Inc. (A)	12,481		1,384,268
Citrix Systems, Inc.	5,188		753,298
Fortinet, Inc. (A)	5,998		791,766
Intuit, Inc.	11,658		4,026,557
Microsoft Corp.	339,020		76,459,181
NortonLifeLock, Inc.	24,227		569,819
Oracle Corp.	93,048		5,324,207
Paycom Software, Inc. (A)	2,157		645,935
salesforce.com, Inc. (A)	40,279		10,982,069
ServiceNow, Inc. (A)	8,525		4,109,221
Synopsys, Inc. (A)	6,741		1,491,783
Tyler Technologies, Inc. (A)	1,778		613,961
			121,919,723
Technology hardware, storage and peripherals – 7.3%
Apple, Inc.	710,304		91,657,628
Hewlett Packard Enterprise Company	55,997		541,491
HP, Inc.	62,324		1,218,434
NetApp, Inc.	9,640		456,840
Seagate Technology PLC	9,843		472,366
Western Digital Corp.	13,062		501,842
Xerox Holdings Corp.	7,982		150,541
			94,999,142
			389,976,625
Materials – 2.0%
Chemicals – 1.4%
Air Products & Chemicals, Inc.	8,014		2,342,172
Albemarle Corp.	3,858		351,117
Celanese Corp.	4,290		433,934
CF Industries Holdings, Inc.	7,759		253,176
Corteva, Inc.	27,157		775,332
Dow, Inc.	26,880		1,212,826
DuPont de Nemours, Inc.	26,628		1,484,777
Eastman Chemical Company	4,932		360,579
Ecolab, Inc.	8,974		1,768,596
FMC Corp.	4,697		501,921
International Flavors & Fragrances, Inc. (B)	3,877		479,934
Linde PLC	19,058		4,759,545
LyondellBasell Industries NV, Class A	9,325		610,601
PPG Industries, Inc.	8,561		1,030,744
The Mosaic Company	12,654		230,682

 

The accompanying notes are an integral part of the financial statements. 100

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Chemicals (continued)
The Sherwin-Williams Company	2,933	$	1,968,190
			18,564,126
Construction materials – 0.1%
Martin Marietta Materials, Inc.	2,259		458,283
Vulcan Materials Company	4,806		576,720
			1,035,003
Containers and packaging – 0.3%
Amcor PLC	57,135		631,913
Avery Dennison Corp.	3,023		348,824
Ball Corp.	11,830		950,777
International Paper Company	14,263		517,319
Packaging Corp. of America	3,442		348,468
Sealed Air Corp.	5,649		222,006
Westrock Company	9,408		285,345
			3,304,652
Metals and mining – 0.2%
Freeport-McMoRan, Inc.	52,690		822,491
Newmont Corp.	29,124		1,959,463
Nucor Corp.	10,928		496,787
			3,278,741
			26,182,522
Real estate – 1.3%
Equity real estate investment trusts – 1.3%
Alexandria Real Estate Equities, Inc.	2,814		473,821
American Tower Corp.	9,884		2,462,599
Apartment Investment & Management Company, A Shares	3,320		119,620
AvalonBay Communities, Inc.	3,138		495,992
Boston Properties, Inc.	3,222		279,895
Crown Castle International Corp.	9,292		1,516,919
Digital Realty Trust, Inc.	5,982		931,098
Duke Realty Corp.	8,214		316,650
Equinix, Inc.	1,974		1,559,026
Equity Residential	7,799		440,254
Essex Property Trust, Inc.	1,459		315,888
Extra Space Storage, Inc.	2,878		306,651
Federal Realty Investment Trust	1,568		124,248
Healthpeak Properties, Inc.	12,002		331,735
Host Hotels & Resorts, Inc.	15,718		176,513
Iron Mountain, Inc.	6,420		193,178
Kimco Realty Corp.	9,644		115,632
Mid-America Apartment Communities, Inc.	2,550		298,656
Prologis, Inc.	16,468		1,677,430
Public Storage	3,352		711,965
Realty Income Corp.	7,657		474,964
Regency Centers Corp.	3,782		150,183
SBA Communications Corp.	2,489		761,808
Simon Property Group, Inc.	6,817		462,533
SL Green Realty Corp.	1,707		79,819
UDR, Inc.	6,575		228,876
Ventas, Inc.	8,318		342,785
Vornado Realty Trust	3,537		126,731
Welltower, Inc.	9,308		535,396
Weyerhaeuser Company	16,638		504,298
			16,515,163
Real estate management and development – 0.0%
CBRE Group, Inc., Class A (A)	7,473		351,455
			16,866,618
Utilities – 1.3%
Electric utilities – 0.8%
Alliant Energy Corp.	4,873		263,873
American Electric Power Company, Inc.	9,679		762,996

U.S. Sector Rotation Fund (continued)

		Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electric utilities (continued)
Duke Energy Corp.		14,352	$	1,153,040
Edison International		7,381		387,355
Entergy Corp.		3,909		387,538
Evergy, Inc.		4,428		235,658
Eversource Energy		6,571		563,200
Exelon Corp.		19,031		702,434
FirstEnergy Corp.		10,581		302,511
NextEra Energy, Inc.		9,559		2,668,586
NRG Energy, Inc.		4,767		164,032
Pinnacle West Capital Corp.		2,197		161,150
PPL Corp.		15,015		414,864
The Southern Company		20,623		1,076,108
Xcel Energy, Inc.		10,254		712,397
				9,955,742
Gas utilities – 0.0%
Atmos Energy Corp.		2,389		238,470
Independent power and renewable electricity producers – 0.0%
The AES Corp.		12,987		230,519
Multi-utilities – 0.4%
Ameren Corp.		4,822		381,468
CenterPoint Energy, Inc.		10,637		213,485
CMS Energy Corp.		5,590		338,139
Consolidated Edison, Inc.		6,525		465,494
Dominion Energy, Inc.		16,391		1,285,710
DTE Energy Company		3,762		446,437
NiSource, Inc.		7,476		165,668
Public Service Enterprise Group, Inc.		9,875		515,870
Sempra Energy		5,713		706,412
WEC Energy Group, Inc.		6,161		579,627
				5,098,310
Water utilities – 0.1%
American Water Works Company, Inc.		3,535		499,637
				16,022,678
TOTAL COMMON STOCKS (Cost $1,036,324,943)			$	1,264,444,012
RIGHTS – 0.0%
Pan American Silver Corp. (Expiration Date: 2-22-29) (A)(D)		13,589		10,464
TOTAL RIGHTS (Cost $4,020)			$	10,464
WARRANTS – 0.0%
Occidental Petroleum Corp. (Expiration Date: 8-3-27; Strike Price: $22.00)  (A)(B)		6,037		20,264
TOTAL WARRANTS (Cost $34,110)			$	20,264
SHORT-TERM INVESTMENTS – 2.1%
U.S. Government Agency – 0.7%
Federal Home Loan Bank Discount Note 0.090%, 11/25/2020 *	$	10,000,000		9,997,639
Short-term funds – 0.1%
John Hancock Collateral Trust, 0.2611% (E)(F)		94,697		947,987

 

The accompanying notes are an integral part of the financial statements. 101

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. Sector Rotation Fund (continued)

		Shares or Principal Amount	Value
SHORT-TERM INVESTMENTS (continued)
Repurchase agreement – 1.3%
Repurchase Agreement with State Street Corp. dated 8-31-20 at 0.000% to be repurchased at $16,846,000 on 9-1-20, collateralized by $15,857,800 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-22 (valued at $17,182,945)	$	16,846,000	$	16,846,000
TOTAL SHORT-TERM INVESTMENTS (Cost $27,790,429)			$	27,791,626
Total Investments (U.S. Sector Rotation Fund) (Cost $1,064,153,502) – 99.8%			$	1,292,266,366
Other assets and liabilities, net – 0.2%				2,617,346
TOTAL NET ASSETS – 100.0%			$	1,294,883,712

U.S. Sector Rotation Fund (continued)

Security Abbreviations and Legend
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 8-31-20.
(C)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(D)	Strike price and/or expiration date not available.
(E)	The rate shown is the annualized seven-day yield as of 8-31-20.
(F)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
S&P 500 Index E-Mini Futures	181	Long	Sep 2020	$29,406,409	$31,607,125	$2,200,716
						$2,200,716

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

See Notes to financial statements regarding investment transactions and other derivatives information.

The accompanying notes are an integral part of the financial statements. 102

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

The following funds had the following country composition as a percentage of net assets, unless otherwise indicated, on 8-31-20:

Capital Appreciation Fund (as a percentage of total investments)

United States	87.2%
Canada	4.6%
China	1.9%
Netherlands	1.9%
United Kingdom	1.4%
Sweden	1.0%
Australia	1.0%
France	1.0%
TOTAL	100.0%

Health Sciences Fund

United States	86.8%
Germany	2.2%
United Kingdom	2.2%
Switzerland	2.2%
Japan	1.5%
Netherlands	1.4%
France	1.0%
China	1.0%
Other countries	1.7%
TOTAL	100.0%

Mid Value Fund

United States	82.4%
Canada	7.6%
Ireland	2.4%
Mexico	1.9%
Peru	1.2%
Belgium	1.1%
Other countries	3.4%
TOTAL	100.0%

Science & Technology Fund

United States	79.7%
China	7.2%
Germany	4.2%
South Korea	2.9%
Russia	1.7%
Australia	1.3%
Other countries	3.0%
TOTAL	100.0%

Strategic Equity Allocation Fund

United States	64.5%
Japan	3.7%
China	3.4%
Germany	3.3%
France	3.3%
United Kingdom	2.8%
Switzerland	2.7%
Australia	2.3%
Netherlands	1.5%
Sweden	1.2%
Other countries	11.3%
TOTAL	100.0%

 

The accompanying notes are an integral part of the financial statements.

103

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	Capital Appreciation Fund	Capital Appreciation Value Fund	Health Sciences Fund	International Strategic Equity Allocation Fund
Unaffiliated investments, at value (including securities loaned)	$2,203,201,224	$1,463,359,781	$429,417,480	$1,699,526,526
Affiliated investments, at value	40,120,111	75,323	—	77,852,096
Total investments, at value	2,243,321,335	1,463,435,104	429,417,480	1,777,378,622
Cash	—	—	—	335,624
Foreign currency, at value	—	7	12,295	2,544,501
Collateral held at broker for futures contracts	—	—	—	6,278,129
Dividends and interest receivable	1,257,174	4,223,015	289,279	5,945,455
Receivable for fund shares sold	50,427	2,896	—	—
Receivable for investments sold	1,641,164	4,127,026	1,006,327	—
Receivable for securities lending income	6,647	4,993	—	62,801
Other assets	28,790	26,552	6,232	53,867
Total assets	2,246,305,537	1,471,819,593	430,731,613	1,792,598,999
Liabilities
Written options, at value	—	18,161,003	—	—
Payable for futures variation margin	—	—	—	247,964
Payable for investments purchased	1,566,527	11,506,401	2,552,196	34
Payable for fund shares repurchased	21,177,518	—	—	—
Payable upon return of securities loaned	40,050,961	68,520	—	77,807,287
Payable to affiliates
Accounting and legal services fees	116,507	83,130	24,066	98,744
Trustees' fees	1,097	768	231	921
Other liabilities and accrued expenses	119,424	114,813	81,808	202,848
Total liabilities	63,032,034	29,934,635	2,658,301	78,357,798
Net assets	$2,183,273,503	$1,441,884,958	$428,073,312	$1,714,241,201
Net assets consist of
Paid-in capital	$409,301,009	$1,026,698,359	$298,239,721	$1,690,783,956
Total distributable earnings (loss)	1,773,972,494	415,186,599	129,833,591	23,457,245
Net assets	$2,183,273,503	$1,441,884,958	$428,073,312	$1,714,241,201
Unaffiliated investments, including repurchase agreements, at cost	$698,021,521	$1,244,614,360	$312,327,809	$1,575,784,018
Affiliated investments, at cost	$40,118,755	$75,250	—	$77,802,034
Foreign currency, at cost	—	$7	$12,401	$2,480,091
Premiums received on written options	—	$7,816,907	—	—
Securities loaned, at value	$39,247,272	$67,128	—	$74,889,939
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class 1
Net assets	$809,883,758	—	—	—
Shares outstanding	35,195,358	—	—	—
Net asset value, offering price and redemption price per share	$23.01	—	—	—
Class NAV
Net assets	$1,373,389,745	$1,441,884,958	$428,073,312	$1,714,241,201
Shares outstanding	59,452,292	120,989,017	76,465,537	179,467,851
Net asset value, offering price and redemption price per share	$23.10	$11.92	$5.60	$9.55

The accompanying notes are an integral part of the financial statements.

104

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	International Value Fund	Mid Cap Stock Fund	Mid Value Fund	Multi-Index Lifestyle Aggressive Portfolio
Unaffiliated investments, at value (including securities loaned)	$219,288,454	$1,800,661,050	$1,321,418,543	$127,204,839
Affiliated investments, at value	138,869	38,560,759	37,748,016	262,202,353
Repurchase agreements, at value	—	33,300,000	—	—
Total investments, at value	219,427,323	1,872,521,809	1,359,166,559	389,407,192
Cash	—	256	—	—
Foreign currency, at value	755,136	29,718	22,918	—
Dividends and interest receivable	1,171,399	337,245	2,640,443	9
Receivable for fund shares sold	169,314	472,608	14,917	108,111
Receivable for investments sold	377,203	8,154,336	2,094,034	47,545
Receivable for securities lending income	1,552	12,154	18,599	816
Other assets	18,623	216,689	18,273	5,059
Total assets	221,920,550	1,881,744,815	1,363,975,743	389,568,732
Liabilities
Due to custodian	361	—	—	—
Payable for investments purchased	129,909	1,665,531	3,945,621	135,615
Payable for fund shares repurchased	72,957	445,077	93,623	33
Payable upon return of securities loaned	138,875	38,445,718	37,744,070	2,649,310
Payable to affiliates
Investment management fees	—	—	—	51
Accounting and legal services fees	13,017	104,585	74,623	21,665
Transfer agent fees	—	—	—	82
Trustees' fees	121	980	701	201
Other liabilities and accrued expenses	150,077	126,758	109,442	43,736
Total liabilities	505,317	40,788,649	41,968,080	2,850,693
Net assets	$221,415,233	$1,840,956,166	$1,322,007,663	$386,718,039
Net assets consist of
Paid-in capital	$207,963,588	$888,411,486	$1,142,561,998	$365,671,188
Total distributable earnings (loss)	13,451,645	952,544,680	179,445,665	21,046,851
Net assets	$221,415,233	$1,840,956,166	$1,322,007,663	$386,718,039
Unaffiliated investments, including repurchase agreements, at cost	$209,333,940	$1,186,245,498	$1,124,909,106	$108,703,653
Affiliated investments, at cost	$138,873	$38,506,409	$37,719,414	$254,408,370
Foreign currency, at cost	$742,015	$27,664	$22,738	—
Securities loaned, at value	$134,915	$37,675,546	$37,908,063	$2,597,109
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class R6
Net assets	—	—	—	$7,684,766
Shares outstanding	—	—	—	643,807
Net asset value, offering price and redemption price per share	—	—	—	$11.94
Class 1
Net assets	$94,267,460	$547,418,622	—	$379,033,273
Shares outstanding	7,087,280	19,735,903	—	31,783,132
Net asset value, offering price and redemption price per share	$13.30	$27.74	—	$11.93
Class NAV
Net assets	$127,147,773	$1,293,537,544	$1,322,007,663	—
Shares outstanding	9,588,940	45,957,755	88,659,552	—
Net asset value, offering price and redemption price per share	$13.26	$28.15	$14.91	—

The accompanying notes are an integral part of the financial statements.

105

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	Multi-Index Lifestyle Balanced Portfolio	Multi-Index Lifestyle Conservative Portfolio	Multi-Index Lifestyle Growth Portfolio	Multi-Index Lifestyle Moderate Portfolio
Unaffiliated investments, at value (including securities loaned)	$574,244,967	$178,935,204	$420,051,274	$193,179,381
Affiliated investments, at value	402,558,456	31,253,731	503,837,023	73,556,683
Total investments, at value	976,803,423	210,188,935	923,888,297	266,736,064
Dividends and interest receivable	4,218	1,891	1,469	1,710
Receivable for fund shares sold	—	539,248	1,225,223	112,158
Receivable for investments sold	1,476,271	19,973	239,455	92,084
Receivable for securities lending income	7,092	1,115	1,932	1,264
Receivable from affiliates	—	287	—	172
Other assets	7,740	3,499	6,629	3,789
Total assets	978,298,744	210,754,948	925,363,005	266,947,241
Liabilities
Due to custodian	209,231	—	—	—
Payable for investments purchased	256,273	459,603	726,830	637,572
Payable for fund shares repurchased	1,476,920	—	493	13
Payable upon return of securities loaned	38,325,630	9,564,750	29,944,047	7,829,550
Payable to affiliates
Accounting and legal services fees	54,844	11,254	51,333	15,219
Transfer agent fees	75	22	80	14
Trustees' fees	508	104	477	140
Other liabilities and accrued expenses	49,678	43,363	49,762	43,537
Total liabilities	40,373,159	10,079,096	30,773,022	8,526,045
Net assets	$937,925,585	$200,675,852	$894,589,983	$258,421,196
Net assets consist of
Paid-in capital	$869,143,518	$188,157,518	$833,932,867	$241,319,520
Total distributable earnings (loss)	68,782,067	12,518,334	60,657,116	17,101,676
Net assets	$937,925,585	$200,675,852	$894,589,983	$258,421,196
Unaffiliated investments, including repurchase agreements, at cost	$526,203,263	$168,957,412	$375,704,596	$180,868,329
Affiliated investments, at cost	$381,265,113	$28,125,989	$488,585,311	$67,764,076
Securities loaned, at value	$37,481,461	$9,301,188	$29,209,048	$7,622,138
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class R6
Net assets	$6,942,641	$1,995,623	$7,412,511	$1,271,028
Shares outstanding	595,572	178,395	619,369	111,482
Net asset value, offering price and redemption price per share	$11.66	$11.19	$11.97	$11.40
Class 1
Net assets	$930,982,944	$198,680,229	$887,177,472	$257,150,168
Shares outstanding	79,883,877	17,765,881	74,250,892	22,559,461
Net asset value, offering price and redemption price per share	$11.65	$11.18	$11.95	$11.40

The accompanying notes are an integral part of the financial statements.

106

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	Real Estate Securities Fund	Science & Technology Fund	Strategic Equity Allocation Fund	U.S. Sector Rotation Fund
Unaffiliated investments, at value (including securities loaned)	$303,459,319	$359,420,680	$7,512,153,043	$1,274,472,379
Affiliated investments, at value	1,081,100	7,383,356	144,125,146	947,987
Repurchase agreements, at value	—	6,724,000	20,778,000	16,846,000
Total investments, at value	304,540,419	373,528,036	7,677,056,189	1,292,266,366
Unrealized appreciation on forward foreign currency contracts	—	—	373,454	—
Cash	—	916	2,464	36,327
Foreign currency, at value	—	241,273	4,700,717	—
Collateral held at broker for futures contracts	—	—	39,234,053	3,347,400
Collateral segregated at custodian for OTC derivative contracts	—	—	1,532,000	—
Dividends and interest receivable	415,757	126,182	16,064,281	1,765,751
Receivable for fund shares sold	—	—	3,811,680	14,827
Receivable for investments sold	1,390,846	1,453,829	20,245	—
Receivable for securities lending income	293	1,248	114,148	691
Other assets	7,419	6,219	182,645	26,117
Total assets	306,354,734	375,357,703	7,743,091,876	1,297,457,479
Liabilities
Unrealized depreciation on forward foreign currency contracts	—	—	1,285,754	—
Payable for futures variation margin	—	—	937,602	107,752
Payable for investments purchased	685,520	3,198,832	1,492,714	5,136
Payable for fund shares repurchased	307,777	1,527,992	12,282,172	1,324,797
Payable upon return of securities loaned	1,081,100	7,378,189	144,000,634	944,982
Payable to affiliates
Accounting and legal services fees	18,576	19,255	430,236	72,314
Trustees' fees	167	183	3,963	666
Other liabilities and accrued expenses	65,703	73,540	527,414	118,120
Total liabilities	2,158,843	12,197,991	160,960,489	2,573,767
Net assets	$304,195,891	$363,159,712	$7,582,131,387	$1,294,883,712
Net assets consist of
Paid-in capital	$261,807,963	$212,340,501	$6,433,992,355	$1,035,099,568
Total distributable earnings (loss)	42,387,928	150,819,211	1,148,139,032	259,784,144
Net assets	$304,195,891	$363,159,712	$7,582,131,387	$1,294,883,712
Unaffiliated investments, including repurchase agreements, at cost	$240,449,438	$254,875,473	$6,450,951,819	$1,063,206,948
Affiliated investments, at cost	$1,081,100	$7,380,967	$143,967,509	$946,554
Foreign currency, at cost	—	$225,646	$4,580,728	—
Securities loaned, at value	$1,042,977	$7,227,889	$146,636,621	$923,097
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class 1
Net assets	$304,195,891	—	—	—
Shares outstanding	25,238,032	—	—	—
Net asset value, offering price and redemption price per share	$12.05	—	—	—
Class NAV
Net assets	—	$363,159,712	$7,582,131,387	$1,294,883,712
Shares outstanding	—	69,510,288	613,337,168	120,295,900
Net asset value, offering price and redemption price per share	—	$5.22	$12.36	$10.76

The accompanying notes are an integral part of the financial statements.

107

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	Capital Appreciation Fund	Capital Appreciation Value Fund	Health Sciences Fund	International Strategic Equity Allocation Fund
Dividends	$9,643,136	$13,023,446	$2,515,901	$43,606,485
Interest	78,483	16,220,500	31,900	531,023
Securities lending	297,673	42,663	—	629,421
Less foreign taxes withheld	(59,542)	(55,480)	(53,155)	(4,566,569)
Non-cash dividends	—	—	—	2,817,477
Total investment income	9,959,750	29,231,129	2,494,646	43,017,837
Expenses
Investment management fees	12,528,683	11,910,813	3,343,291	10,245,136
Distribution and service fees	296,023	—	—	—
Accounting and legal services fees	312,556	250,915	56,100	275,192
Trustees' fees	28,984	24,948	4,912	27,663
Custodian fees	214,625	185,981	55,868	620,339
Printing and postage	12,706	12,706	12,706	12,285
Professional fees	81,609	85,008	80,808	117,771
Other	73,687	64,796	20,290	51,495
Total expenses	13,548,873	12,535,167	3,573,975	11,349,881
Less expense reductions	(126,338)	(588,165)	(192,712)	(2,168,728)
Net expenses	13,422,535	11,947,002	3,381,263	9,181,153
Net investment income (loss)	(3,462,785)	17,284,127	(886,617)	33,836,684
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	317,198,707	209,994,910	19,376,248	(23,234,686)
Affiliated investments	59,634	6,726	—	1,985
Futures contracts	—	—	—	6,451,699
Written options	—	5,716,897	—	—
	317,258,341	215,718,533	19,376,248	(16,781,002)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	609,817,205	(50,352,612)	74,906,432	132,548,853
Affiliated investments	(2,215)	73	—	50,062
Futures contracts	—	—	—	1,978,395
Written options	—	(487,053)	—	—
	609,814,990	(50,839,592)	74,906,432	134,577,310
Net realized and unrealized gain (loss)	927,073,331	164,878,941	94,282,680	117,796,308
Increase in net assets from operations	$923,610,546	$182,163,068	$93,396,063	$151,632,992

The accompanying notes are an integral part of the financial statements.

108

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	International Value Fund	Mid Cap Stock Fund	Mid Value Fund	Multi-Index Lifestyle Aggressive Portfolio
Dividends	$6,715,813	$4,660,911	$25,542,862	$2,436,172
Interest	116,520	394,054	159,738	1,816
Securities lending	41,681	1,488,859	272,752	28,579
Income distributions received from affiliated investments	—	—	—	5,177,603
Less foreign taxes withheld	(640,523)	(28,628)	(452,107)	—
Total investment income	6,233,491	6,515,196	25,523,245	7,644,170
Expenses
Investment management fees	1,804,040	13,288,323	11,448,051	669,443
Distribution and service fees	53,182	217,926	—	172,076
Accounting and legal services fees	32,214	276,560	212,543	64,013
Transfer agent fees	—	—	—	745
Trustees' fees	3,237	26,519	20,337	6,052
Custodian fees	122,483	191,953	172,315	43,895
State registration fees	—	—	—	4,538
Printing and postage	12,731	11,736	12,706	12,640
Professional fees	160,074	98,803	75,412	43,502
Other	26,958	65,517	44,141	16,107
Total expenses	2,214,919	14,177,337	11,985,505	1,033,011
Less expense reductions	(16,359)	(113,492)	(625,681)	(13,016)
Net expenses	2,198,560	14,063,845	11,359,824	1,019,995
Net investment income (loss)	4,034,931	(7,548,649)	14,163,421	6,624,175
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	5,314,678	378,064,446	19,100,313	5,659,863
Affiliated investments	5,348	59,390	(4,097)	(5,108,238)
Capital gain distributions received from affiliated investments	—	—	—	2,568,488
	5,320,026	378,123,836	19,096,216	3,120,113
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	(1,617,824)	229,156,026	87,790,109	4,449,526
Affiliated investments	(44)	54,311	26,504	30,501,110
	(1,617,868)	229,210,337	87,816,613	34,950,636
Net realized and unrealized gain (loss)	3,702,158	607,334,173	106,912,829	38,070,749
Increase in net assets from operations	$7,737,089	$599,785,524	$121,076,250	$44,694,924

The accompanying notes are an integral part of the financial statements.

109

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	Multi-Index Lifestyle Balanced Portfolio	Multi-Index Lifestyle Conservative Portfolio	Multi-Index Lifestyle Growth Portfolio	Multi-Index Lifestyle Moderate Portfolio
Dividends	$15,869,618	$5,043,069	$10,428,065	$5,806,008
Interest	6,922	2,620	5,349	2,559
Securities lending	370,107	120,886	208,077	127,969
Income distributions received from affiliated investments	7,720,163	436,120	9,856,695	1,454,913
Total investment income	23,966,810	5,602,695	20,498,186	7,391,449
Expenses
Investment management fees	2,854,476	817,296	2,140,648	964,179
Distribution and service fees	445,814	91,787	416,193	127,162
Accounting and legal services fees	165,407	33,429	154,417	46,601
Transfer agent fees	857	105	884	160
Trustees' fees	15,121	3,199	14,256	4,442
Custodian fees	43,895	43,895	43,895	43,895
State registration fees	4,747	5,734	4,362	3,748
Printing and postage	21,834	12,677	22,311	12,657
Professional fees	57,030	39,479	55,588	41,271
Other	33,864	11,944	28,994	14,225
Total expenses	3,643,045	1,059,545	2,881,548	1,258,340
Less expense reductions	—	(57,197)	—	(36,828)
Net expenses	3,643,045	1,002,348	2,881,548	1,221,512
Net investment income	20,323,765	4,600,347	17,616,638	6,169,937
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	19,964,750	2,858,771	17,608,924	5,797,187
Affiliated investments	(9,699,054)	(1,447,594)	(10,481,040)	(3,230,501)
Capital gain distributions received from affiliated investments	3,829,702	216,349	4,889,677	721,748
	14,095,398	1,627,526	12,017,561	3,288,434
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	6,656,869	2,870,185	7,404,813	544,609
Affiliated investments	49,859,281	3,958,437	59,581,560	10,891,470
	56,516,150	6,828,622	66,986,373	11,436,079
Net realized and unrealized gain (loss)	70,611,548	8,456,148	79,003,934	14,724,513
Increase in net assets from operations	$90,935,313	$13,056,495	$96,620,572	$20,894,450

The accompanying notes are an integral part of the financial statements.

110

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	Real Estate Securities Fund	Science & Technology Fund	Strategic Equity Allocation Fund	U.S. Sector Rotation Fund
Dividends	$9,802,706	$2,814,346	$169,310,098	$26,503,615
Interest	17,308	178,944	1,840,773	251,317
Securities lending	5,062	61,553	2,210,812	53,785
Less foreign taxes withheld	—	(65,739)	(7,400,009)	(80)
Non-cash dividends	—	1,263,249	—	—
Total investment income	9,825,076	4,252,353	165,961,674	26,808,637
Expenses
Investment management fees	2,582,527	2,982,450	45,012,076	7,725,734
Distribution and service fees	184,466	—	—	—
Accounting and legal services fees	63,083	50,314	1,229,873	213,489
Trustees' fees	6,697	4,918	122,327	21,655
Custodian fees	56,317	80,450	1,370,497	180,513
Printing and postage	12,706	12,706	12,706	12,706
Professional fees	56,697	66,569	232,158	97,480
Other	26,313	16,473	203,090	54,157
Total expenses	2,988,806	3,213,880	48,182,727	8,305,734
Less expense reductions	(26,416)	(130,478)	(9,528,290)	(1,634,950)
Net expenses	2,962,390	3,083,402	38,654,437	6,670,784
Net investment income	6,862,686	1,168,951	127,307,237	20,137,853
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(11,883,621)	47,746,446	126,740,449	72,368,270
Affiliated investments	383	3,537	(17,783)	1,669
Futures contracts	—	—	1,709,101	1,620,080
Forward foreign currency contracts	—	—	(458,974)	—
	(11,883,238)	47,749,983	127,972,793	73,990,019
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	(36,773,366)	72,343,083	793,113,840	149,673,970
Affiliated investments	—	2,384	147,562	1,123
Futures contracts	—	—	18,271,808	3,290,456
Forward foreign currency contracts	—	—	(912,300)	—
	(36,773,366)	72,345,467	810,620,910	152,965,549
Net realized and unrealized gain (loss)	(48,656,604)	120,095,450	938,593,703	226,955,568
Increase (decrease) in net assets from operations	$(41,793,918)	$121,264,401	$1,065,900,940	$247,093,421

The accompanying notes are an integral part of the financial statements.

111

John Hancock Funds II

Statements of changes in net assets

	Capital Appreciation Fund		Capital Appreciation Value Fund		Health Sciences Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income (loss)	$(3,462,785)	$167,684	$17,284,127	$27,273,402	$(886,617)	$(473,891)
Net realized gain	317,258,341	161,879,822	215,718,533	153,187,665	19,376,248	11,280,327
Change in net unrealized appreciation (depreciation)	609,814,990	(150,945,084)	(50,839,592)	(28,230,103)	74,906,432	(23,699,008)
Increase (decrease) in net assets resulting from operations	923,610,546	11,102,422	182,163,068	152,230,964	93,396,063	(12,892,572)
Distributions to shareholders
From earnings
Class 1	(56,812,578)	(94,592,357)	—	—	—	—
Class NAV	(118,001,591)	(183,726,482)	(163,904,965)	(198,551,204)	(10,491,735)	(16,432,088)
Total distributions	(174,814,169)	(278,318,839)	(163,904,965)	(198,551,204)	(10,491,735)	(16,432,088)
From fund share transactions
From fund share transactions	(302,337,259)	188,522,934	(183,411,560)	(131,905,276)	73,156,528	(8,101,801)
Total increase (decrease)	446,459,118	(78,693,483)	(165,153,457)	(178,225,516)	156,060,856	(37,426,461)
Net assets
Beginning of year	1,736,814,385	1,815,507,868	1,607,038,415	1,785,263,931	272,012,456	309,438,917
End of year	$2,183,273,503	$1,736,814,385	$1,441,884,958	$1,607,038,415	$428,073,312	$272,012,456

	International Strategic Equity Allocation Fund		International Value Fund		Mid Cap Stock Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income (loss)	$33,836,684	$46,062,409	$4,034,931	$8,865,157	$(7,548,649)	$(7,991,067)
Net realized gain (loss)	(16,781,002)	(84,375,610)	5,320,026	27,995,017	378,123,836	156,022,196
Change in net unrealized appreciation (depreciation)	134,577,310	(33,038,621)	(1,617,868)	(105,120,709)	229,210,337	(70,269,123)
Increase (decrease) in net assets resulting from operations	151,632,992	(71,351,822)	7,737,089	(68,260,535)	599,785,524	77,762,006
Distributions to shareholders
From earnings
Class 1	—	—	(9,006,651)	(3,239,198)	(51,552,722)	(64,739,364)
Class NAV	(48,976,734)	(260,793,663)	(9,863,048)	(19,064,587)	(139,556,442)	(185,441,862)
Total distributions	(48,976,734)	(260,793,663)	(18,869,699)	(22,303,785)	(191,109,164)	(250,181,226)
From fund share transactions
From fund share transactions	(22,035,645)	133,266,961	(11,192,310)	(774,957,085)	(158,836,130)	34,142,711
Issued in reorganization	—	—	—	—	—	24,403,159
Fund share transactions	(22,035,645)	133,266,961	(11,192,310)	(774,957,085)	(158,836,130)	58,545,870
Total increase (decrease)	80,620,613	(198,878,524)	(22,324,920)	(865,521,405)	249,840,230	(113,873,350)
Net assets
Beginning of year	1,633,620,588	1,832,499,112	243,740,153	1,109,261,558	1,591,115,936	1,704,989,286
End of year	$1,714,241,201	$1,633,620,588	$221,415,233	$243,740,153	$1,840,956,166	$1,591,115,936

The accompanying notes are an integral part of the financial statements.

112

John Hancock Funds II

Statements of changes in net assets

	Mid Value Fund		Multi-Index Lifestyle Aggressive Portfolio		Multi-Index Lifestyle Balanced Portfolio
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income	$14,163,421	$19,303,493	$6,624,175	$5,230,494	$20,323,765	$20,058,873
Net realized gain	19,096,216	9,688,613	3,120,113	20,418,742	14,095,398	27,974,987
Change in net unrealized appreciation (depreciation)	87,816,613	(153,090,823)	34,950,636	(28,066,671)	56,516,150	(17,902,425)
Increase (decrease) in net assets resulting from operations	121,076,250	(124,098,717)	44,694,924	(2,417,435)	90,935,313	30,131,435
Distributions to shareholders
From earnings
Class R6	—	—	(380,187)	(326,422)	(408,113)	(356,263)
Class 1	—	—	(32,109,372)	(31,418,938)	(58,929,731)	(61,891,267)
Class NAV	(34,817,897)	(101,535,887)	—	—	—	—
Total distributions	(34,817,897)	(101,535,887)	(32,489,559)	(31,745,360)	(59,337,844)	(62,247,530)
From fund share transactions
From fund share transactions	5,201,638	16,774,061	34,910,880	45,895,143	9,348,321	59,371,272
Total increase (decrease)	91,459,991	(208,860,543)	47,116,245	11,732,348	40,945,790	27,255,177
Net assets
Beginning of year	1,230,547,672	1,439,408,215	339,601,794	327,869,446	896,979,795	869,724,618
End of year	$1,322,007,663	$1,230,547,672	$386,718,039	$339,601,794	$937,925,585	$896,979,795

	Multi-Index Lifestyle Conservative Portfolio		Multi-Index Lifestyle Growth Portfolio		Multi-Index Lifestyle Moderate Portfolio
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income	$4,600,347	$4,493,169	$17,616,638	$15,239,646	$6,169,937	$6,252,148
Net realized gain	1,627,526	960,434	12,017,561	39,895,442	3,288,434	4,573,989
Change in net unrealized appreciation (depreciation)	6,828,622	6,190,858	66,986,373	(43,224,083)	11,436,079	2,777,145
Increase in net assets resulting from operations	13,056,495	11,644,461	96,620,572	11,911,005	20,894,450	13,603,282
Distributions to shareholders
From earnings
Class R6	(16,807)	(3,952)	(503,695)	(438,039)	(61,085)	(53,451)
Class 1	(7,258,629)	(6,753,201)	(66,128,412)	(63,603,024)	(13,975,893)	(13,629,279)
Total distributions	(7,275,436)	(6,757,153)	(66,632,107)	(64,041,063)	(14,036,978)	(13,682,730)
From fund share transactions
From fund share transactions	10,695,540	22,980,029	35,322,267	120,071,681	(11,599,900)	22,829,438
Total increase (decrease)	16,476,599	27,867,337	65,310,732	67,941,623	(4,742,428)	22,749,990
Net assets
Beginning of year	184,199,253	156,331,916	829,279,251	761,337,628	263,163,624	240,413,634
End of year	$200,675,852	$184,199,253	$894,589,983	$829,279,251	$258,421,196	$263,163,624

The accompanying notes are an integral part of the financial statements.

113

John Hancock Funds II

Statements of changes in net assets

	Real Estate Securities Fund		Science & Technology Fund		Strategic Equity Allocation Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income (loss)	$6,862,686	$9,057,353	$1,168,951	$(908,470)	$127,307,237	$154,713,158
Net realized gain (loss)	(11,883,238)	20,387,808	47,749,983	19,965,025	127,972,793	102,651,681
Change in net unrealized appreciation (depreciation)	(36,773,366)	34,474,373	72,345,467	(10,988,711)	810,620,910	(383,128,086)
Increase (decrease) in net assets resulting from operations	(41,793,918)	63,919,534	121,264,401	8,067,844	1,065,900,940	(125,763,247)
Distributions to shareholders
From earnings
Class 1	(34,226,630)	(16,428,402)	—	—	—	—
Class NAV	—	—	(25,176,071)	(77,599,763)	(243,595,412)	(1,038,737,526)
Total distributions	(34,226,630)	(16,428,402)	(25,176,071)	(77,599,763)	(243,595,412)	(1,038,737,526)
From fund share transactions
From fund share transactions	(53,273,095)	(34,907,359)	(16,965,217)	101,198,431	(569,005,474)	803,092,859
Total increase (decrease)	(129,293,643)	12,583,773	79,123,113	31,666,512	253,300,054	(361,407,914)
Net assets
Beginning of year	433,489,534	420,905,761	284,036,599	252,370,087	7,328,831,333	7,690,239,247
End of year	$304,195,891	$433,489,534	$363,159,712	$284,036,599	$7,582,131,387	$7,328,831,333

	U.S. Sector Rotation Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income	$20,137,853	$25,826,558
Net realized gain	73,990,019	103,791,284
Change in net unrealized appreciation (depreciation)	152,965,549	(134,682,857)
Increase (decrease) in net assets resulting from operations	247,093,421	(5,065,015)
Distributions to shareholders
From earnings
Class NAV	(127,843,285)	(347,530,083)
Total distributions	(127,843,285)	(347,530,083)
From fund share transactions
From fund share transactions	(321,321,113)	135,353,560
Total decrease	(202,070,977)	(217,241,538)
Net assets
Beginning of year	1,496,954,689	1,714,196,227
End of year	$1,294,883,712	$1,496,954,689

The accompanying notes are an integral part of the financial statements.

114

John Hancock Funds II

Financial highlights

Per share operating performance for a share outstanding throughout each period												Ratios and supplemental data
		Income (loss) from investment operations				Less distributions						Ratios to average net assets
Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)1	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)2	Expenses before reductions (%)	Expenses including reductions (%)	Net investment income (loss) (%)	Net assets, end of period (in millions)	Portfolio turnover (%)
Capital Appreciation Fund
Class 1
08-31-2020	15.66	(0.04)	9.09	9.05	—	(1.70)	(1.70)	23.01	62.93	0.80	0.79	(0.23)	810	47
08-31-2019	18.80	— 3	(0.46)	(0.46)	(0.02)	(2.66)	(2.68)	15.66	0.84	0.80	0.79	(0.03)	584	50
08-31-2018	18.56	0.02	4.25	4.27	(0.01)	(4.02)	(4.03)	18.80	26.71	0.79	0.78	0.11	687	39
08-31-2017	16.60	0.01	3.89	3.90	(0.01)	(1.93)	(1.94)	18.56	26.53	0.79	0.78	0.07	582	45
08-31-2016	18.12	0.01	0.83	0.84	— 3	(2.36)	(2.36)	16.60	4.41	0.79	0.78	0.05	551	32
Class NAV
08-31-2020	15.71	(0.03)	9.12	9.09	— 3	(1.70)	(1.70)	23.10	63.00	0.75	0.74	(0.18)	1,373	47
08-31-2019	18.85	— 3	(0.45)	(0.45)	(0.03)	(2.66)	(2.69)	15.71	0.89	0.75	0.74	0.03	1,153	50
08-31-2018	18.60	0.03	4.26	4.29	(0.02)	(4.02)	(4.04)	18.85	26.76	0.74	0.73	0.15	1,128	39
08-31-2017	16.63	0.02	3.90	3.92	(0.02)	(1.93)	(1.95)	18.60	26.62	0.74	0.73	0.11	1,222	45
08-31-2016	18.15	0.02	0.83	0.85	(0.01)	(2.36)	(2.37)	16.63	4.45	0.74	0.73	0.10	1,413	32
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods. 3. Less than $0.005 per share.
Capital Appreciation Value Fund
Class NAV
08-31-2020	11.75	0.14	1.33	1.47	(0.20)	(1.10)	(1.30)	11.92	13.38	0.87	0.83	1.20	1,442	79
08-31-2019	12.27	0.19	0.76	0.95	(0.33)	(1.14)	(1.47)	11.75	10.07	0.85	0.81	1.66	1,607	63
08-31-2018	12.26	0.27	1.06	1.33	(0.18)	(1.14)	(1.32)	12.27	11.61	0.85	0.81	2.28	1,785	78
08-31-2017	11.62	0.18	1.06	1.24	(0.20)	(0.40)	(0.60)	12.26	11.26	0.85	0.81	1.51	1,880	61
08-31-2016	11.86	0.16	1.03	1.19	(0.18)	(1.25)	(1.43)	11.62	10.94	0.85	0.81	1.39	2,101	64
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
Health Sciences Fund
Class NAV
08-31-2020	4.53	(0.01)	1.27	1.26	—	(0.19)	(0.19)	5.60	28.39	1.11	1.05	(0.28)	428	47
08-31-2019	5.10	(0.01)	(0.28)	(0.29)	—	(0.28)	(0.28)	4.53	(4.87)	1.11	1.05	(0.17)	272	42
08-31-2018	5.01	(0.01)	0.95	0.94	—	(0.85)	(0.85)	5.10	22.04	1.10	1.04	(0.30)	309	46
08-31-2017	5.59	(0.01)	0.74	0.73	—	(1.31)	(1.31)	5.01	18.48	1.14	1.07	(0.27)	320	131
08-31-2016	18.69	(0.03)	(0.64)	(0.67)	(0.02)	(12.41)	(12.43)	5.59	(8.77)	1.10	1.04	(0.32)	216	46
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
International Strategic Equity Allocation Fund
Class NAV
08-31-2020	9.01	0.19	0.62	0.81	(0.27)	—	(0.27)	9.55	8.98	0.69	0.56	2.07	1,714	76
08-31-2019	11.21	0.26	(0.85)	(0.59)	(0.26)	(1.35)	(1.61)	9.01	(3.97)	0.69	0.56	2.74	1,634	57
08-31-2018	11.78	0.25	(0.01)	0.24	(0.29)	(0.52)	(0.81)	11.21	1.81	0.68	0.55	2.15	1,832	94
08-31-2017 3	10.00	0.23	1.59	1.82	(0.03)	(0.01)	(0.04)	11.78	18.26 4	0.69 5	0.56 5	2.43 5	2,049	112
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. Period from 10-17-16 (commencement of operations) to 8-31-17. 4. Not annualized. 5. Annualized.
International Value Fund
Class 1
08-31-2020	14.03	0.23	0.19	0.42	(0.36)	(0.79)	(1.15)	13.30	2.16	0.99	0.99	1.70	94	164 3
08-31-2019	16.45	0.35	(2.44)	(2.09)	(0.33)	—	(0.33)	14.03	(12.73)	0.93	0.92	2.32	126	36
08-31-2018	16.82	0.29	(0.27)	0.02	(0.39)	—	(0.39)	16.45	0.06	0.91	0.90	1.72	169	29
08-31-2017	14.80	0.29	2.09	2.38	(0.36)	—	(0.36)	16.82	16.35	0.91	0.90	1.85	206	31
08-31-2016	14.53	0.29	0.25	0.54	(0.27)	—	(0.27)	14.80	3.86	0.90	0.90	2.06	186	24
Class NAV
08-31-2020	13.99	0.24	0.18	0.42	(0.36)	(0.79)	(1.15)	13.26	2.22	0.94	0.94	1.82	127	164 3
08-31-2019	16.41	0.17	(2.25)	(2.08)	(0.34)	—	(0.34)	13.99	(12.71)	0.88	0.87	1.11	118	36
08-31-2018	16.77	0.31	(0.27)	0.04	(0.40)	—	(0.40)	16.41	0.17	0.86	0.85	1.81	940	29
08-31-2017	14.76	0.29	2.08	2.37	(0.36)	—	(0.36)	16.77	16.38	0.86	0.85	1.85	987	31
08-31-2016	14.49	0.28	0.27	0.55	(0.28)	—	(0.28)	14.76	3.93	0.85	0.85	2.06	1,347	24
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. Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of Trustees.

The accompanying notes are an integral part of the financial statements.

115

John Hancock Funds II

Financial highlights

Per share operating performance for a share outstanding throughout each period												Ratios and supplemental data
		Income (loss) from investment operations				Less distributions						Ratios to average net assets
Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)1	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)2	Expenses before reductions (%)	Expenses including reductions (%)	Net investment income (loss) (%)	Net assets, end of period (in millions)	Portfolio turnover (%)
Mid Cap Stock Fund
Class 1
08-31-2020	22.24	(0.11)	8.38	8.27	—	(2.77)	(2.77)	27.74	41.40	0.92	0.92	(0.51)	547	86
08-31-2019	25.90	(0.12)	0.28	0.16	—	(3.82)	(3.82)	22.24	5.71	0.92	0.92	(0.54)	438	61 3
08-31-2018	22.14	(0.10)	6.01	5.91	—	(2.15)	(2.15)	25.90	28.68	0.92	0.91	(0.44)	447	67
08-31-2017	18.86	(0.03)	3.40	3.37	—	(0.09)	(0.09)	22.14	17.86	0.92	0.91	(0.16)	365	89
08-31-2016	20.57	(0.04)	0.61	0.57	—	(2.28)	(2.28)	18.86	3.02	0.92	0.91	(0.23)	340	79
Class NAV
08-31-2020	22.52	(0.10)	8.50	8.40	—	(2.77)	(2.77)	28.15	41.47	0.87	0.87	(0.46)	1,294	86
08-31-2019	26.16	(0.11)	0.29	0.18	—	(3.82)	(3.82)	22.52	5.74	0.87	0.87	(0.49)	1,153	61 3
08-31-2018	22.33	(0.09)	6.07	5.98	—	(2.15)	(2.15)	26.16	28.75	0.87	0.86	(0.39)	1,258	67
08-31-2017	19.01	(0.02)	3.43	3.41	—	(0.09)	(0.09)	22.33	17.99	0.87	0.86	(0.12)	1,245	89
08-31-2016	20.71	(0.03)	0.61	0.58	—	(2.28)	(2.28)	19.01	3.06	0.87	0.86	(0.18)	1,147	79
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods. 3. Excludes merger activity.
Mid Value Fund
Class NAV
08-31-2020	14.27	0.17	0.90	1.07	(0.26)	(0.17)	(0.43)	14.91	7.40	0.99	0.94	1.18	1,322	45
08-31-2019	17.08	0.22	(1.81)	(1.59)	(0.15)	(1.07)	(1.22)	14.27	(8.82)	0.99	0.94	1.48	1,231	42
08-31-2018	16.00	0.12	1.90	2.02	(0.13)	(0.81)	(0.94)	17.08	12.96	0.99	0.94	0.72	1,439	39
08-31-2017	15.88	0.16	1.52	1.68	(0.14)	(1.42)	(1.56)	16.00	10.83	0.99	0.94	0.98	1,224	55
08-31-2016	15.45	0.17	1.94	2.11	(0.20)	(1.48)	(1.68)	15.88	15.18	0.99	0.93	1.17	922	56
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
Multi-Index Lifestyle Aggressive Portfolio
Class R6
08-31-2020	11.57	0.16 3	1.32	1.48	(0.23)	(0.88)	(1.11)	11.94	13.00	0.26 4	0.26 4	1.48 3	8	21
08-31-2019	13.12	0.19 3	(0.50)	(0.31)	(0.20)	(1.04)	(1.24)	11.57	(0.88)	0.25 4	0.25 4	1.62 3	4	14
08-31-2018	12.31	0.12 3	1.42	1.54	(0.21)	(0.52)	(0.73)	13.12	12.73	0.26 4	0.25 4	0.93 3	4	15
08-31-2017	10.94	0.18 3	1.54	1.72	(0.19)	(0.16)	(0.35)	12.31	16.07	0.27 4	0.25 4	1.57 3	— 5	13
08-31-2016	10.19	0.16 3	0.78	0.94	(0.15)	(0.04)	(0.19)	10.94	9.34	0.32 4	0.26 4	1.44 3	— 5	14
Class 1
08-31-2020	11.56	0.21 3	1.27	1.48	(0.23)	(0.88)	(1.11)	11.93	12.98	0.30 4	0.29 4	1.90 3	379	21
08-31-2019	13.12	0.19 3	(0.51)	(0.32)	(0.20)	(1.04)	(1.24)	11.56	(1.01)	0.29 4	0.29 4	1.61 3	336	14
08-31-2018	12.31	0.19 3	1.34	1.53	(0.20)	(0.52)	(0.72)	13.12	12.69	0.29 4	0.29 4	1.52 3	324	15
08-31-2017	10.94	0.16 3	1.55	1.71	(0.18)	(0.16)	(0.34)	12.31	16.04	0.31 4	0.29 4	1.37 3	245	13
08-31-2016	10.19	0.13 3	0.81	0.94	(0.15)	(0.04)	(0.19)	10.94	9.30	0.35 4	0.29 4	1.42 3	105	14
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. Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. 4. Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. 5. Less than $500,000.
Multi-Index Lifestyle Balanced Portfolio
Class R6
08-31-2020	11.26	0.25 3	0.90	1.15	(0.27)	(0.48)	(0.75)	11.66	10.50	0.37 4	0.37 4	2.23 3	7	42
08-31-2019	11.79	0.26 3	0.03	0.29	(0.26)	(0.56)	(0.82)	11.26	3.26	0.36 4	0.36 4	2.32 3	6	21
08-31-2018	11.48	0.21 3	0.63	0.84	(0.24)	(0.29)	(0.53)	11.79	7.38	0.36 4	0.36 4	1.86 3	5	17
08-31-2017	10.78	0.23 3	0.80	1.03	(0.23)	(0.10)	(0.33)	11.48	9.79	0.36 4	0.36 4	2.14 3	— 5	22
08-31-2016	10.17	0.26 3	0.59	0.85	(0.22)	(0.02)	(0.24)	10.78	8.49	0.37 4	0.37 4	2.38 3	— 5	11
Class 1
08-31-2020	11.26	0.25 3	0.88	1.13	(0.26)	(0.48)	(0.74)	11.65	10.36	0.41 4	0.41 4	2.26 3	931	42
08-31-2019	11.78	0.25 3	0.05	0.30	(0.26)	(0.56)	(0.82)	11.26	3.31	0.40 4	0.40 4	2.30 3	891	21
08-31-2018	11.48	0.24 3	0.58	0.82	(0.23)	(0.29)	(0.52)	11.78	7.25	0.40 4	0.40 4	2.06 3	865	17
08-31-2017	10.78	0.21 3	0.81	1.02	(0.22)	(0.10)	(0.32)	11.48	9.75	0.40 4	0.40 4	1.90 3	719	22
08-31-2016	10.17	0.20 3	0.64	0.84	(0.21)	(0.02)	(0.23)	10.78	8.44	0.41 4	0.41 4	2.09 3	350	11
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. Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. 4. Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. 5. Less than $500,000.

The accompanying notes are an integral part of the financial statements.

116

John Hancock Funds II

Financial highlights

Per share operating performance for a share outstanding throughout each period												Ratios and supplemental data
		Income (loss) from investment operations				Less distributions						Ratios to average net assets
Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)1	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)2	Expenses before reductions (%)	Expenses including reductions (%)	Net investment income (loss) (%)	Net assets, end of period (in millions)	Portfolio turnover (%)
Multi-Index Lifestyle Conservative Portfolio
Class R6
08-31-2020	10.84	0.21 3	0.56	0.77	(0.27)	(0.15)	(0.42)	11.19	7.37	0.54 4	0.51 4	2.02 3	2	57
08-31-2019	10.57	0.24 3	0.47	0.71	(0.28)	(0.16)	(0.44)	10.84	7.09	0.51 4	0.50 4	2.35 3	— 5	21
08-31-2018	10.75	0.28 3	(0.11)	0.17	(0.25)	(0.10)	(0.35)	10.57	1.61	0.53 4	0.50 4	2.62 3	— 5	24
08-31-2017	10.65	0.24 3	0.17	0.41	(0.24)	(0.07)	(0.31)	10.75	3.95	0.55 4	0.50 4	2.32 3	— 5	36
08-31-2016	10.13	0.30 3	0.47	0.77	(0.24)	(0.01)	(0.25)	10.65	7.71	0.60 4	0.50 4	2.72 3	— 5	21
Class 1
08-31-2020	10.83	0.27 3	0.50	0.77	(0.27)	(0.15)	(0.42)	11.18	7.33	0.57 4	0.54 4	2.50 3	199	57
08-31-2019	10.56	0.28 3	0.43	0.71	(0.28)	(0.16)	(0.44)	10.83	7.05	0.55 4	0.54 4	2.73 3	184	21
08-31-2018	10.74	0.25 3	(0.09)	0.16	(0.24)	(0.10)	(0.34)	10.56	1.57	0.57 4	0.54 4	2.41 3	156	24
08-31-2017	10.65	0.23 3	0.16	0.39	(0.23)	(0.07)	(0.30)	10.74	3.82	0.59 4	0.54 4	2.19 3	130	36
08-31-2016	10.13	0.22 3	0.54	0.76	(0.23)	(0.01)	(0.24)	10.65	7.68	0.63 4	0.53 4	2.43 3	74	21
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. Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. 4. Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. 5. Less than $500,000.
Multi-Index Lifestyle Growth Portfolio
Class R6
08-31-2020	11.56	0.23 3	1.11	1.34	(0.26)	(0.67)	(0.93)	11.97	11.88	0.31 4	0.31 4	2.07 3	7	32
08-31-2019	12.56	0.23 3	(0.21)	0.02	(0.23)	(0.79)	(1.02)	11.56	1.30	0.30 4	0.30 4	1.99 3	6	13
08-31-2018	12.02	0.17 3	1.00	1.17	(0.22)	(0.41)	(0.63)	12.56	9.85	0.30 4	0.30 4	1.44 3	5	16
08-31-2017	10.97	0.22 3	1.15	1.37	(0.20)	(0.12)	(0.32)	12.02	12.82	0.31 4	0.31 4	1.90 3	1	15
08-31-2016	10.25	0.22 3	0.69	0.91	(0.16)	(0.03)	(0.19)	10.97	8.95	0.32 4	0.32 4	2.01 3	1	11
Class 1
08-31-2020	11.54	0.24 3	1.10	1.34	(0.26)	(0.67)	(0.93)	11.95	11.86	0.34 4	0.34 4	2.10 3	887	32
08-31-2019	12.54	0.22 3	(0.20)	0.02	(0.23)	(0.79)	(1.02)	11.54	1.27	0.34 4	0.34 4	1.96 3	823	13
08-31-2018	12.01	0.22 3	0.93	1.15	(0.21)	(0.41)	(0.62)	12.54	9.75	0.34 4	0.34 4	1.83 3	756	16
08-31-2017	10.96	0.19 3	1.18	1.37	(0.20)	(0.12)	(0.32)	12.01	12.78	0.34 4	0.34 4	1.67 3	611	15
08-31-2016	10.24	0.16 3	0.75	0.91	(0.16)	(0.03)	(0.19)	10.96	8.92	0.36 4	0.35 4	1.71 3	277	11
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. Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. 4. Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.
Multi-Index Lifestyle Moderate Portfolio
Class R6
08-31-2020	11.08	0.26 3	0.66	0.92	(0.28)	(0.32)	(0.60)	11.40	8.58	0.46 4	0.44 4	2.35 3	1	48
08-31-2019	11.15	0.28 3	0.28	0.56	(0.29)	(0.34)	(0.63)	11.08	5.58	0.44 4	0.44 4	2.56 3	1	21
08-31-2018	11.08	0.26 3	0.21	0.47	(0.24)	(0.16)	(0.40)	11.15	4.37	0.45 4	0.44 4	2.37 3	1	20
08-31-2017	10.67	0.25 3	0.45	0.70	(0.23)	(0.06)	(0.29)	11.08	6.75	0.47 4	0.44 4	2.30 3	1	24
08-31-2016	10.12	0.26 3	0.55	0.81	(0.24)	(0.02)	(0.26)	10.67	8.17	0.51 4	0.44 4	2.53 3	1	15
Class 1
08-31-2020	11.08	0.26 3	0.66	0.92	(0.28)	(0.32)	(0.60)	11.40	8.54	0.49 4	0.48 4	2.41 3	257	48
08-31-2019	11.14	0.27 3	0.29	0.56	(0.28)	(0.34)	(0.62)	11.08	5.64	0.48 4	0.48 4	2.55 3	262	21
08-31-2018	11.07	0.25 3	0.22	0.47	(0.24)	(0.16)	(0.40)	11.14	4.34	0.49 4	0.48 4	2.28 3	239	20
08-31-2017	10.67	0.23 3	0.46	0.69	(0.23)	(0.06)	(0.29)	11.07	6.61	0.50 4	0.47 4	2.10 3	198	24
08-31-2016	10.12	0.22 3	0.59	0.81	(0.24)	(0.02)	(0.26)	10.67	8.13	0.55 4	0.47 4	2.37 3	88	15
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. Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. 4. Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio.
Real Estate Securities Fund
Class 1
08-31-2020	14.55	0.24	(1.55)	(1.31)	(0.29)	(0.90)	(1.19)	12.05	(9.75)	0.81	0.80	1.86	304	133
08-31-2019	12.97	0.29	1.82	2.11	(0.26)	(0.27)	(0.53)	14.55	17.35	0.81	0.80	2.25	433	132
08-31-2018	13.12	0.26	0.49	0.75	(0.17)	(0.73)	(0.90)	12.97	6.20	0.81	0.80	2.11	421	158
08-31-2017	14.95	0.28	(0.52)	(0.24)	(0.50)	(1.09)	(1.59)	13.12	(0.86)	0.79	0.79	2.09	502	159
08-31-2016	13.39	0.45 3	2.79	3.24	(0.27)	(1.41)	(1.68)	14.95	25.93	0.79	0.78	3.20 3	665	141
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. Net investment income (loss) per share and ratio of net investment income (loss) to average net assets reflect a special dividend received by the fund, which amounted to $0.12 and 0.88%, respectively.

The accompanying notes are an integral part of the financial statements.

117

John Hancock Funds II

Financial highlights

Per share operating performance for a share outstanding throughout each period												Ratios and supplemental data
		Income (loss) from investment operations				Less distributions						Ratios to average net assets
Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)1	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)2	Expenses before reductions (%)	Expenses including reductions (%)	Net investment income (loss) (%)	Net assets, end of period (in millions)	Portfolio turnover (%)
Science & Technology Fund
Class NAV
08-31-2020	3.87	0.02 3	1.69	1.71	—	(0.36)	(0.36)	5.22	47.55	1.10	1.06	0.40 3	363	116
08-31-2019	5.99	(0.01)	(0.32)	(0.33)	—	(1.79)	(1.79)	3.87	3.19	1.10	1.06	(0.36)	284	110
08-31-2018	13.85	(0.03)	2.33	2.30	—	(10.16)	(10.16)	5.99	30.59	1.10	1.05	(0.47)	252	108
08-31-2017	11.75	(0.02)	3.17	3.15	(0.02)	(1.03)	(1.05)	13.85	29.39	1.07	1.03	(0.13)	355	93
08-31-2016	12.56	0.02	2.03	2.05	—	(2.86)	(2.86)	11.75	18.08	1.07	1.02	0.18	766	98
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. Net investment income (loss) per share and ratio of net investment income (loss) to average net assets reflect a special dividend received by the fund, which amounted to $0.04 and 1.00%, respectively.
Strategic Equity Allocation Fund
Class NAV
08-31-2020	11.14	0.20	1.41	1.61	(0.26)	(0.13)	(0.39)	12.36	14.54	0.67	0.54	1.77	7,582	96
08-31-2019	13.46	0.24	(0.75)	(0.51)	(0.23)	(1.58)	(1.81)	11.14	(1.78)	0.67	0.54	2.12	7,329	80
08-31-2018	13.99	0.22	1.42	1.64	(0.26)	(1.91)	(2.17)	13.46	12.48	0.66	0.54	1.64	7,690	115
08-31-2017	13.14	0.24	1.85	2.09	(0.24)	(1.00)	(1.24)	13.99	17.12	0.66	0.53	1.78	7,636	67
08-31-2016	12.88	0.23	0.79	1.02	(0.21)	(0.55)	(0.76)	13.14	8.25	0.67	0.53	1.83	7,139	47
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
U.S. Sector Rotation Fund
Class NAV
08-31-2020	9.86	0.16	1.79	1.95	(0.19)	(0.86)	(1.05)	10.76	20.74	0.67	0.54	1.63	1,295	113
08-31-2019	13.13	0.17	(0.72)	(0.55)	(0.19)	(2.53)	(2.72)	9.86	(0.34)	0.66	0.53	1.66	1,497	92
08-31-2018	11.57	0.15	2.14	2.29	(0.17)	(0.56)	(0.73)	13.13	20.43	0.66	0.53	1.26	1,714	128
08-31-2017 3	10.00	0.15	1.46	1.61	(0.04)	—	(0.04)	11.57	16.08 4	0.66 5	0.53 5	1.45 5	1,955	119
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. Period from 9-26-16 (commencement of operations) to 8-31-17. 4. Not annualized. 5. Annualized.

The accompanying notes are an integral part of the financial statements.

118

John Hancock Funds II

Notes to financial statements

1.  Organization

John Hancock Funds II (the Trust) is an open-end management investment company organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series, sixteen of which are presented in this report (the funds).

Multi-Index Lifestyle Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio and Multi-Index Lifestyle Moderate Portfolio (collectively, the Multi-Index Lifestyle Portfolios) operate as “funds of funds,” investing in shares of mutual funds (underlying funds). The accounting policies of the underlying funds in which the Multi-Index Lifestyle Portfolios invest are outlined in the underlying funds’ shareholder reports, which include the underlying funds’ financial statements. These are available on the Securities and Exchange Commission (SEC) website at sec.gov. John Hancock underlying funds' shareholder reports are also available without charge by calling 800-344-1029 or visiting jhinvestments.com. The underlying funds are not covered by this report.

The funds may offer multiple classes of shares. The shares currently offered by a specific fund are detailed in the Statements of assets and liabilities. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class 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. 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.

Prior to September 20, 2019, U.S. Sector Rotation Fund was known as U.S. Strategic Equity Allocation Fund.

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 funds qualify as investment companies 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 funds:

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 funds' Valuation Policies and Procedures.

In order to value the securities, the funds use 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 in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations typically are valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices from the exchange where the option trades. Unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the electronic trading market as of 4:00 P.M. ET, or may be fair valued based on fair value adjustment factors provided by an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee 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 funds' Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the funds' Pricing Committee, following procedures established by the Board of Trustees. The funds use 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 funds use 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 funds' own assumptions in determining the fair value of investments. Factors used in determining value may include market or

119

Significant accounting policies, continued
    
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 funds' investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Capital Appreciation Fund
Investments in securities:
Assets
Common stocks
Communication services	$334,196,168	$312,958,246	$21,237,922	—
Consumer discretionary	558,746,490	537,593,880	21,152,610	—
Consumer staples	56,750,656	56,750,656	—	—
Financials	47,332,881	47,332,881	—	—
Health care	168,922,977	168,922,977	—	—
Industrials	50,482,294	50,482,294	—	—
Information technology	965,469,620	922,177,009	43,292,611	—
Real estate	11,708,057	11,708,057	—	—
Short-term investments	49,712,192	49,712,192	—	—
Total investments in securities	$2,243,321,335	$2,157,638,192	$85,683,143	—
Capital Appreciation Value Fund
Investments in securities:
Assets
Common stocks
Communication services	$69,799,643	$69,799,643	—	—
Consumer discretionary	109,563,472	109,563,472	—	—
Consumer staples	18,528,547	18,528,547	—	—
Financials	124,186,499	124,186,499	—	—
Health care	186,858,096	181,025,367	$5,832,729	—
Industrials	101,698,430	101,698,430	—	—
Information technology	229,019,057	229,019,057	—	—
Materials	8,620,276	8,620,276	—	—
Utilities	125,874,326	125,874,326	—	—
Preferred securities
Financials	3,011,355	3,011,355	—	—
Health care	15,233,651	15,233,651	—	—
Industrials	2,791,817	—	2,791,817	—
Utilities	25,393,224	25,393,224	—	—
Corporate bonds	149,258,764	—	149,258,764	—
Convertible bonds	695,252	—	695,252	—
Term loans	143,139,170	—	143,139,170	—
Short-term investments	149,763,525	149,763,525	—	—
Total investments in securities	$1,463,435,104	$1,161,717,372	$301,717,732	—
Derivatives:
Liabilities
Written options	$(18,161,003)	—	$(18,161,003)	—
Health Sciences Fund
Investments in securities:
Assets
Common stocks
Consumer discretionary	$415,499	—	—	$415,499
Financials	1,523,587	$1,523,587	—	—
Health care	416,975,934	389,724,379	$26,763,310	488,245
Preferred securities
Consumer discretionary	927,796	—	—	927,796
Health care	2,523,714	—	2,523,714	—

120

Significant accounting policies, continued
    

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Health Sciences Fund (continued)
Information technology	$1,032,556	—	—	$1,032,556
Rights	352,835	$352,835	—	—
Short-term investments	5,665,559	5,665,559	—	—
Total investments in securities	$429,417,480	$397,266,360	$29,287,024	$2,864,096
International Strategic Equity Allocation Fund
Investments in securities:
Assets
Common stocks
Australia	$109,665,005	—	$109,665,005	—
Austria	2,850,716	—	2,850,716	—
Belgium	18,844,033	—	18,844,033	—
Brazil	16,681,086	$16,681,086	—	—
Canada	32,137,746	32,137,746	—	—
Chile	5,486,538	5,156,978	329,560	—
China	160,671,413	65,887,057	94,784,356	—
Colombia	957,134	957,134	—	—
Czech Republic	553,625	—	553,625	—
Denmark	38,171,341	—	38,171,341	—
Finland	34,644,290	—	34,644,290	—
France	156,432,009	—	156,432,009	—
Germany	147,437,334	—	147,437,334	—
Hong Kong	53,365,068	521,364	52,843,704	—
Hungary	1,324,119	—	1,324,119	—
Indonesia	7,506,153	—	7,506,153	—
Ireland	12,213,125	484,948	11,728,177	—
Isle of Man	360,470	—	360,470	—
Israel	6,057,577	3,144,470	2,913,107	—
Italy	20,977,556	—	20,977,556	—
Japan	173,170,328	—	173,170,328	—
Jordan	318,552	—	318,552	—
Luxembourg	3,507,737	—	3,507,737	—
Macau	1,127,468	—	1,127,468	—
Malaysia	8,535,510	—	8,535,510	—
Mexico	7,854,224	7,854,224	—	—
Netherlands	71,155,796	—	71,155,796	—
New Zealand	10,735,211	—	10,735,211	—
Norway	6,368,409	—	6,368,409	—
Peru	1,706,513	1,706,513	—	—
Philippines	3,964,135	—	3,964,135	—
Poland	4,804,100	—	4,804,100	—
Portugal	1,811,553	—	1,811,553	—
Romania	140,113	—	140,113	—
Singapore	4,545,561	—	4,545,561	—
South Africa	17,193,674	—	17,193,674	—
South Korea	52,035,030	—	52,035,030	—
Spain	38,164,545	—	38,164,545	—
Sweden	58,829,954	—	58,829,954	—
Switzerland	118,182,974	—	118,182,974	—
Taiwan	58,152,436	—	58,152,436	—
Thailand	11,200,864	—	11,200,864	—
Turkey	863,034	—	863,034	—
United Arab Emirates	1,115	—	1,115	—
United Kingdom	113,100,572	1,046,987	112,053,585	—
United States	119,187	119,187	—	—

121

Significant accounting policies, continued
    

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
International Strategic Equity Allocation Fund (continued)
Preferred securities
Brazil	$6,028,273	$6,028,273	—	—
Chile	760,930	760,930	—	—
Colombia	362,702	362,702	—	—
Germany	9,449,377	—	$9,449,377	—
South Korea	3,116,855	—	3,116,855	—
Exchange-traded funds	79,172,168	79,172,168	—	—
Rights	6,743	5,816	927	—
Warrants	5,074	5,074	—	—
Short-term investments	84,551,567	77,852,096	6,699,471	—
Total investments in securities	$1,777,378,622	$299,884,753	$1,477,493,869	—
Derivatives:
Assets
Futures	$1,593,171	$1,593,171	—	—
International Value Fund
Investments in securities:
Assets
Common stocks
Australia	$1,201,346	—	$1,201,346	—
Bermuda	2,809,761	$2,809,761	—	—
Canada	8,724,276	8,724,276	—	—
China	3,640,797	—	3,640,797	—
Denmark	2,739,805	—	2,739,805	—
Finland	3,848,043	—	3,848,043	—
France	31,765,251	—	31,765,251	—
Germany	14,364,006	—	14,364,006	—
Greece	1,662,653	—	1,662,653	—
Hong Kong	3,475,437	—	3,475,437	—
Hungary	1,929,940	—	1,929,940	—
India	1,277,597	1,277,597	—	—
Indonesia	1,739,795	—	1,739,795	—
Ireland	2,101,929	—	2,101,929	—
Italy	3,991,685	—	3,991,685	—
Japan	45,215,194	—	45,215,194	—
Macau	1,448,368	—	1,448,368	—
Netherlands	12,905,994	1,461,834	11,444,160	—
Norway	2,180,763	—	2,180,763	—
Singapore	1,127,918	—	1,127,918	—
South Korea	11,041,059	2,063,625	8,977,434	—
Spain	1,950,316	—	1,950,316	—
Sweden	2,053,332	—	2,053,332	—
Switzerland	18,637,429	—	18,637,429	—
Taiwan	1,060,350	—	1,060,350	—
United Kingdom	28,606,672	5,576,589	23,030,083	—
United States	1,878,244	1,878,244	—	—
Short-term investments	6,049,363	6,049,363	—	—
Total investments in securities	$219,427,323	$29,841,289	$189,586,034	—

122

Significant accounting policies, continued
    

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Mid Cap Stock Fund
Investments in securities:
Assets
Common stocks
Communication services	$138,683,826	$138,683,826	—	—
Consumer discretionary	367,261,738	341,121,568	$24,729,096	$1,411,074
Consumer staples	79,727,062	79,727,062	—	—
Financials	68,348,407	68,348,407	—	—
Health care	421,083,627	399,715,423	21,368,204	—
Industrials	145,551,029	145,551,029	—	—
Information technology	475,550,591	475,550,591	—	—
Preferred securities	43,144,127	—	—	43,144,127
Exchange-traded funds	61,310,643	61,310,643	—	—
Short-term investments	71,860,759	38,560,759	33,300,000	—
Total investments in securities	$1,872,521,809	$1,748,569,308	$79,397,300	$44,555,201
Mid Value Fund
Investments in securities:
Assets
Common stocks
Communication services	$73,948,564	$73,948,564	—	—
Consumer discretionary	36,093,502	30,100,031	$5,993,471	—
Consumer staples	115,271,651	106,676,415	8,595,236	—
Energy	164,768,704	153,912,027	10,856,677	—
Financials	219,114,142	204,086,300	15,027,842	—
Health care	218,445,273	217,077,528	1,367,745	—
Industrials	127,241,792	122,534,400	4,707,392	—
Information technology	37,552,629	37,552,629	—	—
Materials	151,715,565	126,185,785	25,529,780	—
Real estate	95,389,437	95,389,437	—	—
Utilities	61,897,121	61,897,121	—	—
Preferred securities	3,310,655	3,310,655	—	—
Corporate bonds	2,928,570	—	2,928,570	—
Short-term investments	51,488,954	51,488,954	—	—
Total investments in securities	$1,359,166,559	$1,284,159,846	$75,006,713	—
Multi-Index Lifestyle Aggressive Portfolio
Investments in securities:
Assets
Affiliated investment companies	$259,553,516	$259,553,516	—	—
Unaffiliated investment companies	127,115,052	127,115,052	—	—
Short-term investments	2,738,624	2,738,624	—	—
Total investments in securities	$389,407,192	$389,407,192	—	—
Multi-Index Lifestyle Balanced Portfolio
Investments in securities:
Assets
Affiliated investment companies	$364,338,030	$364,338,030	—	—
Unaffiliated investment companies	574,243,914	574,243,914	—	—
Short-term investments	38,221,479	38,221,479	—	—
Total investments in securities	$976,803,423	$976,803,423	—	—

123

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	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Multi-Index Lifestyle Conservative Portfolio
Investments in securities:
Assets
Affiliated investment companies	$21,689,704	$21,689,704	—	—
Unaffiliated investment companies	178,497,368	178,497,368	—	—
Short-term investments	10,001,863	10,001,863	—	—
Total investments in securities	$210,188,935	$210,188,935	—	—
Multi-Index Lifestyle Growth Portfolio
Investments in securities:
Assets
Affiliated investment companies	$473,893,226	$473,893,226	—	—
Unaffiliated investment companies	419,567,595	419,567,595	—	—
Short-term investments	30,427,476	30,427,476	—	—
Total investments in securities	$923,888,297	$923,888,297	—	—
Multi-Index Lifestyle Moderate Portfolio
Investments in securities:
Assets
Affiliated investment companies	$65,727,502	$65,727,502	—	—
Unaffiliated investment companies	192,636,232	192,636,232	—	—
Short-term investments	8,372,330	8,372,330	—	—
Total investments in securities	$266,736,064	$266,736,064	—	—
Real Estate Securities Fund
Investments in securities:
Assets
Common stocks	$301,029,417	$301,029,417	—	—
Short-term investments	3,511,002	3,511,002	—	—
Total investments in securities	$304,540,419	$304,540,419	—	—
Science & Technology Fund
Investments in securities:
Assets
Common stocks
Communication services	$62,801,171	$54,830,319	$7,970,852	—
Consumer discretionary	66,453,967	48,677,789	17,776,178	—
Health care	4,688,568	4,688,568	—	—
Industrials	804,195	804,195	—	—
Information technology	206,101,957	194,516,266	11,585,691	—
Real estate	181,649	181,649	—	—
Preferred securities	1,919,532	—	—	$1,919,532
Exchange-traded funds	523,551	523,551	—	—
Term loans	337,600	—	337,600	—
Short-term investments	29,715,846	22,991,846	6,724,000	—
Total investments in securities	$373,528,036	$327,214,183	$44,394,321	$1,919,532

124

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	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Strategic Equity Allocation Fund
Investments in securities:
Assets
Common stocks
Communication services	$711,752,678	$546,792,195	$164,960,483	—
Consumer discretionary	1,155,783,728	904,901,583	250,882,145	—
Consumer staples	485,000,089	248,146,249	236,853,840	—
Energy	170,314,868	96,322,779	73,992,089	—
Financials	858,029,767	463,036,262	394,992,935	$570
Health care	703,084,395	424,833,020	278,211,644	39,731
Industrials	874,910,030	571,133,079	303,776,951	—
Information technology	1,642,549,474	1,362,532,952	280,016,522	—
Materials	317,972,542	138,807,929	179,164,613	—
Real estate	187,596,497	115,617,356	71,979,141	—
Utilities	175,599,533	83,336,457	92,231,562	31,514
Preferred securities
Communication services	457,172	457,172	—	—
Consumer discretionary	9,254,328	519,088	8,735,240	—
Consumer staples	3,838,168	212,263	3,625,905	—
Energy	2,228,489	2,228,489	—	—
Financials	5,868,016	5,868,016	—	—
Health care	2,834,880	—	2,834,880	—
Information technology	3,949,910	—	3,949,910	—
Materials	2,439,781	1,533,104	906,677	—
Utilities	544,511	544,511	—	—
Exchange-traded funds	125,140,106	125,140,106	—	—
Rights	39,676	38,197	1,479	—
Warrants	70,899	70,899	—	—
Short-term investments	237,796,652	144,125,146	93,671,506	—
Total investments in securities	$7,677,056,189	$5,236,196,852	$2,440,787,522	$71,815
Derivatives:
Assets
Futures	$15,406,058	$15,406,058	—	—
Forward foreign currency contracts	373,454	—	$373,454	—
Liabilities
Forward foreign currency contracts	(1,285,754)	—	(1,285,754)	—
U.S. Sector Rotation Fund
Investments in securities:
Assets
Common stocks
Communication services	$161,347,095	$161,347,095	—	—
Consumer discretionary	222,604,386	222,597,962	$6,424	—
Consumer staples	65,489,052	65,489,052	—	—
Energy	23,046,696	23,046,696	—	—
Financials	104,058,062	104,057,827	—	$235
Health care	99,987,492	99,987,492	—	—
Industrials	138,862,786	138,862,786	—	—
Information technology	389,976,625	389,976,625	—	—
Materials	26,182,522	26,182,522	—	—
Real estate	16,866,618	16,866,618	—	—
Utilities	16,022,678	16,022,678	—	—
Rights	10,464	10,464	—	—
Warrants	20,264	20,264	—	—

125

Significant accounting policies, continued
    

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
U.S. Sector Rotation Fund (continued)
Short-term investments	$27,791,626	$947,987	$26,843,639	—
Total investments in securities	$1,292,266,366	$1,265,416,068	$26,850,063	$235
Derivatives:
Assets
Futures	$2,200,716	$2,200,716	—	—

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3, if any, represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period and in all cases were transferred into or out of Level 2.

Mid Cap Stock Fund	Common stocks	Preferred securities	Total
Balance as of 8-31-19	$7,241,730	$56,410,566	$63,652,296
Realized gain (loss)	(27,360)	1,289,303	1,261,943
Change in unrealized appreciation (depreciation)	(2,057,262)	(9,959,737)	(12,016,999)
Purchases	—	—	—
Sales	(79,341)	(4,596,005)	(4,675,346)
Transfers into Level 3	—	—	—
Transfers out of Level 3	(3,666,693)	—	(3,666,693)
Balance as of 8-31-20	$1,411,074	$43,144,127	$44,555,201
Change in unrealized at period end1	$449,864	$(9,959,737)	$(9,509,873)

¹ Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in unrealized appreciation (depreciation) on the Statements of operations.

The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the funds' Level 3 securities are outlined in the table below:

Mid Cap Stock Fund	Fair Value at period end	Valuation technique	Significant unobservable inputs	Input/Range*
Common Stocks	$ 1,411,074	Transactions Indicative of Value	Prior/recent transactions	$24.53
	$ 1,411,074
Preferred Securities	$ 2,730,808	Transactions Indicative of Value and Option Model	Adjusted prior/recent transactions Probability of default OPM - Volatility Discount	$12.52 30% 40% 10%
	$ 22,919,964	Market Comparable	EV to revenue multiple Discount	1.81x - 1.98x (weighted average 1.88x) 17.5%
	$ 3,150,931	Transactions Indicative of Value	Prior/recent transactions	$24.53
	$ 5,724,709	Transactions Indicative of Value	Expected transaction value Discount	11.61 15%
	$ 8,532,953	Market Comparable	EV to revenue multiple Discount OPM - Volatility	3.87x - 6.67x (weighted average 4.89x) 25% 30% - 40% (weighted average 33.6%)
	$ 84,762	Recovery Value	Expected future value Discount	0.355 55%
	$ 43,144,127
Total	$44,555,201

*A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.

A change to unobservable inputs of the funds' Level 3 securities as of August 31, 2020, could have resulted in changes to the fair value measurement, as follows:

Significant Unobservable Input	Impact to Valuation if input had increased	Impact to Valuation if input had decreased
Adjusted prior/recent transactions or prior/recent transactions	Increase	Decrease

126

Significant accounting policies, continued
    

Significant Unobservable Input	Impact to Valuation if input had increased	Impact to Valuation if input had decreased
Discount	Decrease	Increase
Enterprise value (“EV”) to revenue multiple	Increase	Decrease
Expected transaction value or expected future value	Increase	Decrease
Options Pricing Method (OPM) - Volatility	Variable	Variable
Probability of default	Decrease	Increase

Repurchase agreements. The funds may enter into repurchase agreements. When the funds enter into a repurchase agreement, they receive collateral that is held in a segregated account by the funds' custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the funds. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statements of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.

Real estate investment trusts. The funds 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 the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the funds will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Income and capital gain distributions from underlying funds are recorded on ex-date. Dividend income is recorded on the 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. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Return of capital distributions from underlying funds, if any, are treated as a reduction of cost.

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

The funds have 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 funds 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 funds 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. The funds receive compensation for lending their 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 funds 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 Statements of operations.

Obligations to repay collateral received by the funds are shown on the Statements of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. The following table summarizes the values of securities loaned by the funds and the corresponding cash collateral received at August 31, 2020:

Fund	Market value of securities on loan	Cash collateral received
Capital Appreciation Fund	$39,247,272	$40,050,961
Capital Appreciation Value Fund	67,128	68,520
International Strategic Equity Allocation Fund	74,889,939	77,807,287
International Value Fund	134,915	138,875
Mid Cap Stock Fund	37,675,546	38,445,718
Mid Value Fund	37,908,063	37,744,070
Multi-Index Lifestyle Aggressive Portfolio	2,597,109	2,649,310
Multi-Index Lifestyle Balanced Portfolio	37,481,461	38,325,630
Multi-Index Lifestyle Conservative Portfolio	9,301,188	9,564,750
Multi-Index Lifestyle Growth Portfolio	29,209,048	29,944,047
Multi-Index Lifestyle Moderate Portfolio	7,622,138	7,829,550
Real Estate Securities Fund	1,042,977	1,081,100
Science & Technology Fund	7,227,889	7,378,189

127

Significant accounting policies, continued
    

Fund	Market value of securities on loan	Cash collateral received
Strategic Equity Allocation Fund	$146,636,621	$144,000,634
U.S. Sector Rotation Fund	923,097	944,982

In addition, non-cash collateral of approximately $1,014,918, $154,091 and $9,644,994 in the form of U.S. Treasuries was pledged to Mid Value Fund, Multi-Index Lifestyle Balanced Portfolio and Strategic Equity Allocation Fund, respectively. This non-cash collateral is not reflected in the funds' net assets, however could be sold by the securities lending agent in the event of default by the borrower.

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

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

Foreign taxes. The funds may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the funds' 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 funds 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 funds 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 funds' custodian agreement, the custodian may loan money to the funds to make properly authorized payments. The funds are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law. Overdrafts at period end, if any, are presented under the caption Due to custodian in the Statements of assets and liabilities.

Line of credit. Effective June 25, 2020, the funds and other affiliated funds, excluding Real Estate Securities Fund, 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, a fund can borrow up to an aggregate commitment amount of $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the funds and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit.

Real Estate Securities Fund and other affiliated funds have entered into a separate unsecured $50 million line of credit agreement with BNP Paribas. Subject to the needs of other affiliated funds, Real Estate Securities Fund can borrow up to the $50 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 each 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 Statements of operations. For the year ended August 31, 2020, the funds had no borrowings under the line of credit.

Commitment fees for the year ended August 31, 2020 were as follows:

Fund	Commitment fee
Capital Appreciation Fund	$7,761
Capital Appreciation Value Fund	6,690
Health Sciences Fund	3,549
International Strategic Equity Allocation Fund	7,267
International Value Fund	3,218
Mid Cap Stock Fund	7,702
Mid Value Fund	5,978
Multi-Index Lifestyle Aggressive Portfolio	3,569
Multi-Index Lifestyle Balanced Portfolio	5,166
Multi-Index Lifestyle Conservative Portfolio	3,109
Multi-Index Lifestyle Growth Portfolio	4,976
Multi-Index Lifestyle Moderate Portfolio	3,311
Real Estate Securities Fund	7,772
Science & Technology Fund	3,410
Strategic Equity Allocation Fund	23,319
U.S. Sector Rotation Fund	6,127

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.

128

Significant accounting policies, continued
    
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. Each fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, certain funds have capital loss carryforwards available to offset future net realized capital gains. The following table details the capital loss carryforwards available as of August 31, 2020:

	No Expiration Date
Fund	Short Term	Long Term
International Strategic Equity Allocation Fund	$62,084,083	$36,686,610

As of August 31, 2020, the funds had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The funds' federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

For federal income tax purposes, the costs of investments owned on August 31, 2020, including short-term investments, were as follows:

Fund	Aggregate cost	Unrealized appreciation	Unrealized (depreciation)	Net unrealized appreciation/ (depreciation)
Capital Appreciation Fund	$748,131,687	$1,495,459,444	$(269,796)	$1,495,189,648
Capital Appreciation Value Fund	1,250,472,312	224,156,414	(29,354,625)	194,801,789
Health Sciences Fund	317,088,977	117,654,186	(5,325,683)	112,328,503
International Strategic Equity Allocation Fund	1,679,532,904	205,611,766	(106,172,877)	99,438,889
International Value Fund	213,340,791	19,200,924	(13,114,392)	6,086,532
Mid Cap Stock Fund	1,232,016,183	666,277,358	(25,771,732)	640,505,626
Mid Value Fund	1,211,599,667	234,787,644	(87,220,752)	147,566,892
Multi-Index Lifestyle Aggressive Portfolio	376,738,521	15,551,874	(2,883,203)	12,668,671
Multi-Index Lifestyle Balanced Portfolio	929,078,022	53,951,652	(6,226,251)	47,725,401
Multi-Index Lifestyle Conservative Portfolio	200,880,557	10,260,304	(951,926)	9,308,378
Multi-Index Lifestyle Growth Portfolio	885,448,722	44,633,737	(6,194,162)	38,439,575
Multi-Index Lifestyle Moderate Portfolio	255,515,793	12,788,548	(1,568,277)	11,220,271
Real Estate Securities Fund	255,718,660	51,957,823	(3,136,064)	48,821,759
Science & Technology Fund	270,042,926	104,937,609	(1,452,499)	103,485,110
Strategic Equity Allocation Fund	6,857,518,290	1,098,555,254	(264,523,597)	834,031,657
U.S. Sector Rotation Fund	1,122,862,678	187,397,772	(15,793,368)	171,604,404

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio and Multi-Index Lifestyle Moderate Portfolio generally declare and pay dividends from net investment income quarterly. All other funds generally declare and pay dividends from net investment income annually. All funds generally declare and pay capital gain distributions, if any, annually.

The tax character of distributions for the year ended August 31, 2020 was as follows:

Fund	Ordinary Income	Long Term Capital Gains	Total
Capital Appreciation Fund	$178,388	$174,635,781	$174,814,169
Capital Appreciation Value Fund	25,746,373	138,158,592	163,904,965
Health Sciences Fund	—	10,491,735	10,491,735
International Strategic Equity Allocation Fund	48,976,734	—	48,976,734
International Value Fund	7,190,844	11,678,855	18,869,699
Mid Cap Stock Fund	—	191,109,164	191,109,164
Mid Value Fund	20,551,466	14,266,431	34,817,897
Multi-Index Lifestyle Aggressive Portfolio	6,590,524	25,899,035	32,489,559
Multi-Index Lifestyle Balanced Portfolio	20,671,800	38,666,044	59,337,844
Multi-Index Lifestyle Conservative Portfolio	4,728,563	2,546,873	7,275,436
Multi-Index Lifestyle Growth Portfolio	18,647,355	47,984,752	66,632,107
Multi-Index Lifestyle Moderate Portfolio	6,352,822	7,684,156	14,036,978
Real Estate Securities Fund	18,539,980	15,686,650	34,226,630
Science & Technology Fund	—	25,176,071	25,176,071
Strategic Equity Allocation Fund	162,822,804	80,772,608	243,595,412
U.S. Sector Rotation Fund	23,166,684	104,676,601	127,843,285

The tax character of distributions for the year ended August 31, 2019 was as follows:

Fund	Ordinary Income	Long Term Capital Gains	Total
Capital Appreciation Fund	$11,919,725	$266,399,114	$278,318,839

129

Significant accounting policies, continued
    

Fund	Ordinary Income	Long Term Capital Gains	Total
Capital Appreciation Value Fund	$44,516,205	$154,034,999	$198,551,204
Health Sciences Fund	—	16,432,088	16,432,088
International Strategic Equity Allocation Fund	41,415,757	219,377,906	260,793,663
International Value Fund	22,303,785	—	22,303,785
Mid Cap Stock Fund	59,418,099	190,763,127	250,181,226
Mid Value Fund	31,551,690	69,984,197	101,535,887
Multi-Index Lifestyle Aggressive Portfolio	6,082,583	25,662,777	31,745,360
Multi-Index Lifestyle Balanced Portfolio	21,518,874	40,728,656	62,247,530
Multi-Index Lifestyle Conservative Portfolio	4,490,140	2,267,013	6,757,153
Multi-Index Lifestyle Growth Portfolio	16,222,008	47,819,055	64,041,063
Multi-Index Lifestyle Moderate Portfolio	6,532,885	7,149,845	13,682,730
Real Estate Securities Fund	8,152,614	8,275,788	16,428,402
Science & Technology Fund	15,409,629	62,190,134	77,599,763
Strategic Equity Allocation Fund	165,817,425	872,920,101	1,038,737,526
U.S. Sector Rotation Fund	48,217,685	299,312,398	347,530,083

Distributions paid by the funds with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Long Term Capital Gains	Post-October Deferral
Capital Appreciation Fund	$21,756,663	$257,019,222	—
Capital Appreciation Value Fund	31,533,015	188,879,133	—
Health Sciences Fund	350,043	17,146,049	—
International Strategic Equity Allocation Fund	22,503,825	—	—
International Value Fund	2,044,844	5,275,794	—
Mid Cap Stock Fund	144,469,886	167,395,149	—
Mid Value Fund	9,155,563	22,695,971	—
Multi-Index Lifestyle Aggressive Portfolio	451,306	7,926,874	—
Multi-Index Lifestyle Balanced Portfolio	2,337,779	18,718,887	—
Multi-Index Lifestyle Conservative Portfolio	660,501	2,549,455	—
Multi-Index Lifestyle Growth Portfolio	4,203,779	18,013,762	—
Multi-Index Lifestyle Moderate Portfolio	731,545	5,149,860	—
Real Estate Securities Fund	1,961,635	—	$8,395,466
Science & Technology Fund	7,217,236	40,101,082	—
Strategic Equity Allocation Fund	78,231,037	235,322,442	—
U.S. Sector Rotation Fund	12,972,677	75,207,063	—

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 funds' financial statements as a return of capital. Short-term gains from underlying funds are treated as ordinary income for tax purposes.

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 net operating losses, foreign currency transactions, investments in passive foreign investment companies, wash sale loss deferrals, characterization of distributions, derivative transactions and amortization and accretion on debt securities.

3.  Derivative instruments

The funds may invest in derivatives in order to meet their investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the funds are exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

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

130

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

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

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by a fund is detailed in the Statements of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the funds, if any, are identified in the Portfolio of investments. Subsequent payments, referred to as variation margin, are made or received by a fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable/Payable for futures variation margin is included in the Statements of assets and liabilities. When the contract is closed, a fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The following table details how the funds used futures contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
International Strategic Equity Allocation Fund	To manage against changes in foreign currency exchange rates, manage against change in certain securities markets and gain exposure to certain securities markets.	$20.0 million to $96.5 million
Strategic Equity Allocation Fund	To manage against changes in foreign currency exchange rates, manage against change in certain securities markets and gain exposure to certain securities markets.	$148.0 million to $251.7 million
U.S. Sector Rotation Fund	To gain exposure to certain securities markets and to manage against changes in certain securities markets.	$26.9 million to $41.7 million

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the funds thereby reducing the funds' total return, and the potential for losses in excess of the amounts recognized on the Statements of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

The following table details how the funds used forward foreign currency contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Strategic Equity Allocation Fund	To manage against anticipated changes in currency exchange rates.	up to $93.6 million

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

When a fund purchases an option, the premium paid is included in the Portfolio of investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, a fund realizes a loss equal to the cost of the option. If a fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If a fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When a fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by a fund.

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The following table details how the funds used written options contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	Market value range
Capital Appreciation Value Fund	To manage against changes in certain securities markets and to generate potential income from options premiums.	$3.3 million to $18.2 million

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the funds at August 31, 2020 by risk category:

Fund	Risk	Statements of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Capital Appreciation Value Fund	Equity	Written options, at value	Written options	—	$(18,161,003)
				—	$(18,161,003)
International Strategic Equity Allocation Fund	Currency	Receivable/payable for futures variation margin	Futures 1	$27,408	—
	Equity	Receivable/payable for futures variation margin	Futures 1	1,565,763	—
				$1,593,171	—
Strategic Equity Allocation Fund	Currency	Receivable/payable for futures variation margin	Futures 1	$45,345	—
	Equity	Receivable/payable for futures variation margin	Futures 1	15,360,713	—
	Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	373,454	$(1,285,754)
				$15,779,512	$(1,285,754)
U.S. Sector Rotation Fund	Equity	Receivable/payable for futures variation margin	Futures 1	$2,200,716	—
				$2,200,716	—

¹ Reflects cumulative appreciation/depreciation on futures as disclosed in the Portfolio of investments. Only the year end variation margin is separately disclosed on the Statements of assets and liabilities.

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

Effect of derivative instruments on the Statements of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

		Statements of operations location - Net realized gain (loss) on:
Fund	Risk	Futures contracts	Forward foreign currency contracts	Written options	Total
Capital Appreciation Value Fund	Equity	—	—	$5,716,897	$5,716,897
	Total	—	—	$5,716,897	$5,716,897
International Strategic Equity Allocation Fund	Currency	$(557,863)	—	—	$(557,863)
	Equity	7,009,562	—	—	7,009,562
	Total	$6,451,699	—	—	$6,451,699
Strategic Equity Allocation Fund	Currency	—	$(458,974)	—	$(458,974)
	Equity	$1,709,101	—	—	1,709,101
	Total	$1,709,101	$(458,974)	—	$1,250,127
U.S. Sector Rotation Fund	Equity	$1,620,080	—	—	$1,620,080
	Total	$1,620,080	—	—	$1,620,080

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

		Statements of operations location - Change in net unrealized appreciation (depreciation) of:
Fund	Risk	Futures contracts	Forward foreign currency contracts	Written options	Total
Capital Appreciation Value Fund	Equity	—	—	$(487,053)	$(487,053)
	Total	—	—	$(487,053)	$(487,053)
International Strategic Equity Allocation Fund	Currency	$28,776	—	—	$28,776
	Equity	1,949,619	—	—	1,949,619
	Total	$1,978,395	—	—	$1,978,395

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Derivative instruments, continued
    

		Statements of operations location - Change in net unrealized appreciation (depreciation) of:
Fund	Risk	Futures contracts	Forward foreign currency contracts	Written options	Total
Strategic Equity Allocation Fund	Currency	$62,282	$(912,300)	—	$(850,018)
	Equity	18,209,526	—	—	18,209,526
	Total	$18,271,808	$(912,300)	—	$17,359,508
U.S. Sector Rotation Fund	Equity	$3,290,456	—	—	$3,290,456
	Total	$3,290,456	—	—	$3,290,456

4.  Guarantees and indemnifications

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

5.  Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the funds. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the funds. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

Management fee. The funds have an investment management agreement with the Advisor under which the funds pay a monthly management fee to the Advisor equivalent on an annual basis as detailed below. Aggregate net assets generally include the net assets of the funds and the net assets of a similar fund of John Hancock Variable Insurance Trust (JHVIT), unless otherwise noted below. JHVIT funds are advised by an affiliate of the Advisor, John Hancock Variable Trust Advisers LLC, and are distributed by an affiliate of the Advisor, John Hancock Distributors, LLC.

•  Capital Appreciation Fund — a) 0.800% of the first $500 million of aggregate net assets; b) 0.700% of the next $500 million of aggregate net assets; and c) 0.670% of the excess over $1 billion of aggegate net assets.

•  Capital Appreciation Value Fund — If net assets are less than $500 million, then the following fee schedule shall apply: a) 0.950% of the first $250 million of aggregate net assets; and b) 0.850% of the excess over $250 million of aggregate net assets. If net assets equal or exceed $500 million but are less than $2 billion, then the following fee schedule shall apply: a) 0.850% of the first $1 billion of aggregate net assets; and b) 0.800% of the excess over $1 billion of aggregate net assets. If net assets equal or exceed $2 billion but are less than $3 billion, then the following fee schedule shall apply: a) 0.850% of the first $500 million of aggregate net assets; and b) 0.800% of the excess over $500 million of aggregate net assets. If net assets equal or exceed $3 billion, then the management fee to be paid is 0.800% of aggregate net assets.

•  Health Sciences Fund — a) 1.050% of the first $500 million of aggregate net assets; and b) 1.000% of the next $250 million of aggregate net assets; and c) 0.950% of excess over $750 million of aggregate net assets. When aggregate net assets exceed $750 million, the management fee is 0.950% of aggregate net assets.

•  International Strategic Equity Allocation Fund, Strategic Equity Allocation Fund and U.S. Sector Rotation Fund — Aggregate net assets include these three funds and JHVIT Strategic Equity Allocation. The management fee paid is as follows: a) 0.675% of the first $2.5 billion of aggregate net assets; and b) 0.650% of the next $5 billion of aggregate net assets; and c) 0.625% of the next $2.5 billion of aggregate net assets; and d) 0.600% of the next $5 billion of aggregate net assets; e) 0.595% of the next $10 billion of aggregate net assets; and f) 0.590% of the excess over $25 billion of aggregate net assets.

•  International Value Fund — Aggregate net assets are the aggregate net assets of the fund, JHVIT Disciplined Value International Trust (formerly JHVIT International Value Trust), Disciplined Value International Fund, a series of John Hancock Investment Trust, and Manulife Global Disciplined Value (Ex-U.S.) Fund, a sub-fund of Manulife Investment Management I, PLC. If aggregate net assets are less than $300 million, then the management fee rate is 0.825% of all aggregate net assets. If aggregate net assets equal or exceed $300 million but are less than $2.5 billion, then the management fee rate is 0.775% of all aggregate net assets. If aggregate net assets exceed $2.5 billion, then the following fee schedule shall apply: a) 0.775% of the first $2.5 billion of aggregate net assets; and b) 0.750% of the next $500 million of aggregate net assets; and c) 0.725% of the excess over $3 billion of aggregate net assets. Prior to February 12, 2020, aggregate net assets were the aggregate net assets of the fund, JHVIT Disciplined Value International Trust, JHVIT Global Trust and JHVIT Mutual Shares Trust. The management fee paid was as follows: a) 0.950% of the first $150 million of aggregate net assets; b) 0.850% of the next $150 million of aggregate net assets; and c) 0.800% of the excess over $300 million of aggregate net assets. When aggregate net assets exceeded $300 million, then the management fee rate was 0.800% of aggregate net assets.

•  Mid Cap Stock Fund — a) 0.875% of the first $200 million of aggregate net assets; b) 0.850% of the next $300 million of aggregate net assets; and c) 0.825% of the excess over $500 million of aggregate net assets.

•  Mid Value Fund — a) 1.050% of the first $20 million of aggregate net assets; b) 0.950% of the next $30 million of aggregate net assets; and c) 0.950% of the excess over $50 million of aggregate net assets. When aggregate net assets exceed $50 million, then the management fee rate is 0.950% of aggregate net assets.

•  Multi-Index Lifestyle Portfolios — The management fee has two components: (a) a fee on assets invested in a fund of John Hancock Funds II (JHF II) or John Hancock Funds III (JHF III); and (b) a fee on assets invested in investments other than a fund of JHF II or JHF III (other assets). Aggregate net assets include assets of the portfolios, JHVIT Lifestyle Portfolios and Managed Volatility Portfolios, and JHF II Multimanager Lifestyle Portfolios. The fee on assets invested in a fund of JHF II or JHF III is equivalent to the sum of: a) 0.050% for the first $7.5 billion of aggregate net assets; and b) 0.040% of the excess over $7.5 billion of aggregate net assets. The fee on other assets is equivalent to the sum of: a) 0.500% of the first $7.5 billion of aggregate net assets and b) 0.490% of the excess over $7.5 billion of aggregate net assets.

•  Real Estate Securities Fund — 0.700% of aggregate net assets.

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Fees and transactions with affiliates, continued
    

•   Science & Technology Fund — a) 1.050% of the first $500 million of aggregate net assets; and (b) 1.000% of the excess over $500 million of aggregate net assets.

The organizations described below act as the subadvisors to the Trust and its funds pursuant to Subadvisory Agreements with the Advisor. Fund management is allocated among the following managers:

Fund	Subadvisor(s)
Science & Technology Fund	Allianz Global Investors U.S. LLC; T. Rowe Price Associates, Inc.
International Value Fund	Boston Partners Global Investors, Inc.1
Real Estate Securities Fund	DWS Investment Management Americas, Inc. and RREEF America LLC
Capital Appreciation Fund	Jennison Associates LLC
International Strategic Equity Allocation Fund Multi-Index Lifestyle Aggressive Portfolio Multi-Index Lifestyle Balanced Portfolio Multi-Index Lifestyle Conservative Portfolio Multi-Index Lifestyle Growth Portfolio Multi-Index Lifestyle Moderate Portfolio Strategic Equity Allocation Fund U.S. Sector Rotation Fund	Manulife Investment Management (US) LLC2
Capital Appreciation Value Fund Health Sciences Fund Mid Value Fund	T. Rowe Price Associates, Inc.
Mid Cap Stock Fund	Wellington Management Company LLP

¹  Effective February 12, 2020, Templeton Investment Counsel, LLC was replaced by Boston Partners Global Investors, Inc. as the portfolio's subadvisor.

²  An affiliate of the Advisor.

The funds are not responsible for payment of the subadvisory fees.

Expense reimbursements. The Advisor has voluntarily agreed to waive a portion of its management fee if certain expenses of the respective funds exceed the percentage of average net assets as detailed below. Expenses excluded from this waiver are taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the funds’ business, management fees, class specific expenses, acquired fund fees and short dividends. This expense reduction will continue in effect until terminated by the Advisor.

Fund	Expense limitation as a percentage of average net assets
Capital Appreciation Fund	0.20%
Capital Appreciation Value Fund	0.20%
Health Sciences Fund	0.20%
International Strategic Equity Allocation Fund	0.25%
International Value Fund	0.25%
Mid Cap Stock Fund	0.20%

Fund	Expense limitation as a percentage of average net assets
Mid Value Fund	0.20%
Real Estate Securities Fund	0.20%
Science & Technology Fund	0.20%
Strategic Equity Allocation Fund	0.20%
U.S. Sector Rotation Fund	0.20%

 

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2020, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2022, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to waive its management fee on International Value Fund so that the amount retained by the Advisor after payment of the subadvisory fees for the fund does not exceed 0.45% of the fund’s average net assets. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to waive all or a portion of its management fee and/or reimburse or pay operating expenses of each Multi-Index Lifestyle Portfolio in an amount equal to the amount by which the expenses of the portfolio exceed 0.05% of the average net assets, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the portfolios’ business, acquired fund fees, short dividend expense, management fees, and class specific expenses. This expense limitation shall continue in effect until December 31, 2020, unless renewed by mutual agreement of the portfolios and the Advisor.

The Advisor has voluntarily agreed to waive its management fee on International Strategic Equity Allocation Fund, Strategic Equity Allocation Fund and U.S. Sector Rotation Fund so that the amount retained by the Advisor after payment of the subadvisory fees for the fund does not exceed 0.45% of the funds’ average net assets. This voluntary expense reimbursement may be terminated at any time by the Advisor on notice to the Trust.

The Advisor has voluntarily agreed to waive a portion of its management fees for the funds subadvised by T. Rowe Price Associates, Inc. which include Capital Appreciation Value Fund, Health Sciences Fund, Mid Value Fund, and Science & Technology Fund. This voluntary waiver equals the amount by which the subadvisory fee paid to T. Rowe Price Associates, Inc. is reduced. This voluntary expense reimbursement may terminate at any time.

Effective August 1, 2020, the Advisor has voluntarily agreed to waive its management fee on Science & Technology Fund so that the amount retained by the Advisor after payment of the subadvisory fees for the fund does not exceed 0.45% of the funds’ average net assets. This voluntary expense reimbursement may be terminated at any time by the Advisor on notice to the Trust.

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Fees and transactions with affiliates, continued
    
The Advisor has voluntarily agreed to waive its advisory fee for each Multi-Index Lifestyle Portfolio so that the aggregate advisory fee retained by the Advisor with respect to both the portfolio and its underlying investments after payment of subadvisory fees does not exceed 0.50% of the funds’ first $7.5 billion of average annual net assets and 0.49% of the funds’ average annual net assets in excess of $7.5 billion. The advisor may terminate this voluntary waiver at any time upon notice to the funds.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Expense Reimbursement by Class
Fund	Class R6	Class 1	Class NAV	Total
Capital Appreciation Fund	—	$42,094	$84,244	$126,338
Capital Appreciation Value Fund	—	—	588,165	588,165
Health Sciences Fund	—	—	192,712	192,712
International Strategic Equity Allocation Fund	—	—	2,168,728	2,168,728
International Value Fund	—	7,612	8,747	16,359
Mid Cap Stock Fund	—	31,025	82,467	113,492
Mid Value Fund	—	—	625,681	625,681
Multi-Index Lifestyle Aggressive Portfolio	$259	12,757	—	13,016
Multi-Index Lifestyle Conservative Portfolio	305	56,892	—	57,197
Multi-Index Lifestyle Moderate Portfolio	180	36,648	—	36,828
Real Estate Securities Fund	—	26,416	—	26,416
Science & Technology Fund	—	—	130,478	130,478
Strategic Equity Allocation Fund	—	—	9,528,290	9,528,290
U.S. Sector Rotation Fund	—	—	1,634,950	1,634,950

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of the funds' average daily net assets as follows:

Fund	Net Annual Effective Rate
Capital Appreciation Fund	0.70%
Capital Appreciation Value Fund	0.78%
Health Sciences Fund	0.98%
International Strategic Equity Allocation Fund	0.49%
International Value Fund	0.78%
Mid Cap Stock Fund	0.83%
Mid Value Fund	0.90%
Multi-Index Lifestyle Aggressive Portfolio	0.19%

Fund	Net Annual Effective Rate
Multi-Index Lifestyle Balanced Portfolio	0.32%
Multi-Index Lifestyle Conservative Portfolio	0.41%
Multi-Index Lifestyle Growth Portfolio	0.26%
Multi-Index Lifestyle Moderate Portfolio	0.36%
Real Estate Securities Fund	0.69%
Science & Technology Fund	0.98%
Strategic Equity Allocation Fund	0.49%
U.S. Sector Rotation Fund	0.49%

 

Accounting and legal services. Pursuant to a service agreement, the funds reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the funds, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the funds' average daily net assets.

Distribution and service plans. The funds have a distribution agreement with the Distributor. The funds have 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 funds. The funds 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 funds' shares:

Class	Rule 12b-1 Fee
Class 1	0.05%

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

Class level expenses.Class level expenses for the year ended August 31, 2020 were as follows:

Fund	Class	Distribution and service fees	Transfer agent fees
Capital Appreciation Fund	Class 1	$296,023	—
	Total	$296,023	—
International Value Fund	Class 1	$53,182	—
	Total	$53,182	—

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Fees and transactions with affiliates, continued
    

Fund	Class	Distribution and service fees	Transfer agent fees
Mid Cap Stock Fund	Class 1	$217,926	—
	Total	$217,926	—
Multi-Index Lifestyle Aggressive Portfolio	Class R6	—	$745
	Class 1	$172,076	—
	Total	$172,076	$745
Multi-Index Lifestyle Balanced Portfolio	Class R6	—	$857
	Class 1	$445,814	—
	Total	$445,814	$857
Multi-Index Lifestyle Conservative Portfolio	Class R6	—	$105
	Class 1	$91,787	—
	Total	$91,787	$105
Multi-Index Lifestyle Growth Portfolio	Class R6	—	$884
	Class 1	$416,193	—
	Total	$416,193	$884
Multi-Index Lifestyle Moderate Portfolio	Class R6	—	$160
	Class 1	$127,162	—
	Total	$127,162	$160
Real Estate Securities Fund	Class 1	$184,466	—
	Total	$184,466	—

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

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

Fund	Borrower or Lender	Weighted Average Loan Balance	Days Outstanding	Weighted Average Interest Rate	Interest Income (Expense)
Capital Appreciation Fund	Borrower	$13,643,817	6	1.300%	$(2,955)
International Strategic Equity Allocation Fund	Borrower	3,100,000	1	1.545%	(133)
Multi-Index Lifestyle Balanced Portfolio	Borrower	10,250,000	2	1.567%	(893)
Multi-Index Lifestyle Growth Portfolio	Borrower	3,150,000	2	1.567%	(274)
Capital Appreciation Fund	Lender	5,483,333	6	1.317%	1,204
Capital Appreciation Value Fund	Lender	21,983,742	8	0.870%	4,249
Health Sciences Fund	Lender	3,025,833	4	1.070%	360
Mid Cap Stock Fund	Lender	22,134,620	4	0.802%	1,972
Mid Value Fund	Lender	4,215,978	8	0.821%	769
Science & Technology Fund	Lender	6,177,711	4	1.029%	706
Strategic Equity Allocation Fund	Lender	7,800,000	2	0.805%	349

6.  Fund share transactions

Transactions in funds' shares for the years ended August 31, 2020 and 2019 were as follows:

Capital Appreciation Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	2,789,335	$50,640,671	659,621	$10,868,208
Distributions reinvested	3,644,168	56,812,578	7,430,664	94,592,357
Repurchased	(8,528,160)	(134,517,859)	(7,372,687)	(113,680,615)
Net increase (decrease)	(2,094,657)	$(27,064,610)	717,598	$(8,220,050)
Class NAV shares
Sold	4,999,054	$80,082,988	19,030,365	$325,951,570
Distributions reinvested	7,540,038	118,001,591	14,387,352	183,726,482
Repurchased	(26,447,455)	(473,357,228)	(19,909,514)	(312,935,068)
Net increase (decrease)	(13,908,363)	$(275,272,649)	13,508,203	$196,742,984
Total net increase (decrease)	(16,003,020)	$(302,337,259)	14,225,801	$188,522,934

136

Fund share transactions, continued
    

Capital Appreciation Value Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	2,451,623	$26,674,762	3,528,204	$40,074,942
Distributions reinvested	14,779,528	163,904,965	20,157,483	198,551,204
Repurchased	(33,016,784)	(373,991,287)	(32,434,022)	(370,531,422)
Net decrease	(15,785,633)	$(183,411,560)	(8,748,335)	$(131,905,276)
Total net decrease	(15,785,633)	$(183,411,560)	(8,748,335)	$(131,905,276)

Health Sciences Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	25,414,746	$117,089,257	7,679,171	$34,013,118
Distributions reinvested	2,106,774	10,491,735	4,191,859	16,432,088
Repurchased	(11,107,953)	(54,424,464)	(12,486,593)	(58,547,007)
Net increase (decrease)	16,413,567	$73,156,528	(615,563)	$(8,101,801)
Total net increase (decrease)	16,413,567	$73,156,528	(615,563)	$(8,101,801)

International Strategic Equity Allocation Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	10,655,190	$92,421,757	6,614,176	$63,373,855
Distributions reinvested	5,043,948	48,976,734	31,573,083	260,793,663
Repurchased	(17,456,302)	(163,434,136)	(20,499,255)	(190,900,557)
Net increase (decrease)	(1,757,164)	$(22,035,645)	17,688,004	$133,266,961
Total net increase (decrease)	(1,757,164)	$(22,035,645)	17,688,004	$133,266,961

International Value Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	185,344	$2,418,431	337,642	$5,136,956
Distributions reinvested	611,449	9,006,651	228,757	3,239,198
Repurchased	(2,659,012)	(36,542,567)	(1,879,815)	(28,355,098)
Net decrease	(1,862,219)	$(25,117,485)	(1,313,416)	$(19,978,944)
Class NAV shares
Sold	1,648,143	$20,021,637	1,577,002	$23,694,626
Distributions reinvested	671,870	9,863,048	1,351,140	19,064,587
Repurchased	(1,183,751)	(15,959,510)	(51,781,258)	(797,737,354)
Net increase (decrease)	1,136,262	$13,925,175	(48,853,116)	$(754,978,141)
Total net decrease	(725,957)	$(11,192,310)	(50,166,532)	$(774,957,085)

Mid Cap Stock Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	1,627,719	$37,366,386	1,590,063	$35,169,709
Distributions reinvested	2,537,043	51,552,722	3,855,829	64,739,364
Repurchased	(4,142,181)	(87,074,848)	(2,970,307)	(63,445,438)
Net increase	22,581	$1,844,260	2,475,585	$36,463,635
Class NAV shares
Sold	4,541,586	$91,200,433	2,064,538	$44,825,098
Issued in reorganization (Note )	—	—	1,098,683	24,403,159
Distributions reinvested	6,771,298	139,556,442	10,914,765	185,441,862
Repurchased	(16,538,736)	(391,437,265)	(11,002,507)	(232,587,884)
Net increase (decrease)	(5,225,852)	$(160,680,390)	3,075,479	$22,082,235
Total net increase (decrease)	(5,203,271)	$(158,836,130)	5,551,064	$58,545,870

Mid Value Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	12,211,063	$151,259,098	5,731,177	$83,364,648
Distributions reinvested	2,274,193	34,817,897	7,628,541	101,535,887
Repurchased	(12,044,058)	(180,875,357)	(11,401,030)	(168,126,474)
Net increase	2,441,198	$5,201,638	1,958,688	$16,774,061
Total net increase	2,441,198	$5,201,638	1,958,688	$16,774,061

137

Fund share transactions, continued
    

Multi-Index Lifestyle Aggressive Portfolio	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class R6 shares
Sold	378,043	$4,475,585	43,277	$498,740
Distributions reinvested	32,522	380,187	32,448	326,422
Repurchased	(70,663)	(691,740)	(55,542)	(658,450)
Net increase	339,902	$4,164,032	20,183	$166,712
Class 1 shares
Sold	4,728,827	$52,459,355	4,377,332	$50,813,098
Distributions reinvested	2,746,738	32,109,372	3,123,155	31,418,938
Repurchased	(4,767,458)	(53,821,879)	(3,140,442)	(36,503,605)
Net increase	2,708,107	$30,746,848	4,360,045	$45,728,431
Total net increase	3,048,009	$34,910,880	4,380,228	$45,895,143

Multi-Index Lifestyle Balanced Portfolio	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class R6 shares
Sold	166,963	$1,875,279	46,205	$516,028
Distributions reinvested	36,411	408,113	34,982	356,263
Repurchased	(100,993)	(1,072,533)	(4,540)	(48,691)
Net increase	102,381	$1,210,859	76,647	$823,600
Class 1 shares
Sold	9,575,689	$104,881,845	10,600,350	$117,247,628
Distributions reinvested	5,253,097	58,929,731	6,086,235	61,891,267
Repurchased	(14,132,815)	(155,674,114)	(10,887,677)	(120,591,223)
Net increase	695,971	$8,137,462	5,798,908	$58,547,672
Total net increase	798,352	$9,348,321	5,875,555	$59,371,272

Multi-Index Lifestyle Conservative Portfolio	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class R6 shares
Sold	169,318	$1,828,060	25,147	$259,880
Distributions reinvested	1,396	14,772	172	1,828
Repurchased	(14,685)	(152,469)	(2,983)	(31,908)
Net increase	156,029	$1,690,363	22,336	$229,800
Class 1 shares
Sold	4,450,921	$47,947,739	3,245,428	$33,943,916
Distributions reinvested	678,231	7,258,629	667,118	6,753,201
Repurchased	(4,348,981)	(46,201,191)	(1,729,603)	(17,946,888)
Net increase	780,171	$9,005,177	2,182,943	$22,750,229
Total net increase	936,200	$10,695,540	2,205,279	$22,980,029

Multi-Index Lifestyle Growth Portfolio	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class R6 shares
Sold	110,049	$1,267,418	73,347	$842,497
Distributions reinvested	43,385	503,695	43,199	438,039
Repurchased	(37,797)	(419,806)	(16,426)	(184,667)
Net increase	115,637	$1,351,307	100,120	$1,095,869
Class 1 shares
Sold	9,042,830	$101,427,034	10,941,267	$125,625,346
Distributions reinvested	5,705,644	66,128,412	6,284,884	63,603,024
Repurchased	(11,850,974)	(133,584,486)	(6,158,025)	(70,252,558)
Net increase	2,897,500	$33,970,960	11,068,126	$118,975,812
Total net increase	3,013,137	$35,322,267	11,168,246	$120,071,681

Multi-Index Lifestyle Moderate Portfolio	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class R6 shares
Sold	18,265	$201,287	11,120	$119,556
Distributions reinvested	5,584	61,085	5,247	53,451
Repurchased	(10,722)	(121,003)	(317)	(3,423)
Net increase	13,127	$141,369	16,050	$169,584

138

Fund share transactions, continued
    

Multi-Index Lifestyle Moderate Portfolio , Cont'd	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	3,762,025	$40,994,351	3,959,082	$42,560,307
Distributions reinvested	1,275,548	13,975,893	1,339,142	13,629,279
Repurchased	(6,134,119)	(66,711,513)	(3,132,869)	(33,529,732)
Net increase (decrease)	(1,096,546)	$(11,741,269)	2,165,355	$22,659,854
Total net increase (decrease)	(1,083,419)	$(11,599,900)	2,181,405	$22,829,438

Real Estate Securities Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	1,617,849	$23,208,581	1,334,399	$17,975,699
Distributions reinvested	2,571,497	34,226,630	1,419,914	16,428,402
Repurchased	(8,749,714)	(110,708,306)	(5,419,890)	(69,311,460)
Net decrease	(4,560,368)	$(53,273,095)	(2,665,577)	$(34,907,359)
Total net decrease	(4,560,368)	$(53,273,095)	(2,665,577)	$(34,907,359)

Science & Technology Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	5,874,600	$23,646,809	21,844,302	$87,505,672
Distributions reinvested	6,590,594	25,176,071	25,953,098	77,599,763
Repurchased	(16,383,638)	(65,788,097)	(16,478,950)	(63,907,004)
Net increase (decrease)	(3,918,444)	$(16,965,217)	31,318,450	$101,198,431
Total net increase (decrease)	(3,918,444)	$(16,965,217)	31,318,450	$101,198,431

Strategic Equity Allocation Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	59,137,203	$614,062,153	44,961,697	$519,426,105
Distributions reinvested	20,435,857	243,595,412	106,756,169	1,038,737,526
Repurchased	(124,168,522)	(1,426,663,039)	(65,156,903)	(755,070,772)
Net increase (decrease)	(44,595,462)	$(569,005,474)	86,560,963	$803,092,859
Total net increase (decrease)	(44,595,462)	$(569,005,474)	86,560,963	$803,092,859

U.S. Sector Rotation Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	6,354,741	$58,504,318	9,756,848	$101,975,614
Distributions reinvested	13,005,421	127,843,285	41,720,298	347,530,083
Repurchased	(50,884,883)	(507,668,716)	(30,176,253)	(314,152,137)
Net increase (decrease)	(31,524,721)	$(321,321,113)	21,300,893	$135,353,560
Total net increase (decrease)	(31,524,721)	$(321,321,113)	21,300,893	$135,353,560

Affiliates of the Trust owned 3% of shares of Class R6 of Multi-Index Lifestyle Conservative Portfolio on August 31, 2020. Affiliates of the Trust also owned 100% of Class 1 and Class NAV, respectively, with the exception of Capital Appreciation Fund and International Value Fund, where affiliates held 77% and 0% of Class NAV, respectively, on August 31, 2020. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

7.  Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to the following for the year ended August 31, 2020:

Fund	Purchases	Sales
Capital Appreciation Fund	$841,593,582	$1,295,140,977
Capital Appreciation Value Fund	1,043,669,802	1,381,670,335
Health Sciences Fund	210,683,438	150,718,213
International Strategic Equity Allocation Fund	1,212,231,744	1,198,952,244
International Value Fund	356,626,859	368,931,833
Mid Cap Stock Fund	1,350,840,575	1,721,412,658
Mid Value Fund	584,041,894	527,416,429
Multi-Index Lifestyle Aggressive Portfolio	85,888,429	74,459,298
Multi-Index Lifestyle Balanced Portfolio	375,619,075	402,623,685
Multi-Index Lifestyle Conservative Portfolio	113,099,345	105,386,582
Multi-Index Lifestyle Growth Portfolio	272,652,668	282,278,168

139

Purchase and sale of securities, continued
    

Fund	Purchases	Sales
Multi-Index Lifestyle Moderate Portfolio	$124,070,648	$142,897,188
Real Estate Securities Fund	489,815,077	569,739,309
Science & Technology Fund	317,665,291	360,474,062
Strategic Equity Allocation Fund	6,692,948,319	7,275,711,218
U.S. Sector Rotation Fund	1,364,418,648	1,783,845,311

8.  Industry or sector risk

Certain funds generally invest a large percentage of their assets in one or more particular industries or sectors of the economy. If a large percentage of a 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.

9.  Investment in affiliated underlying funds

John Hancock Multi-Index Lifestyle Portfolios invest in affiliated underlying funds that are managed by the Advisor and its affiliates. The funds do not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the funds' investment may represent a significant portion of each underlying funds’ net assets. At August 31, 2020, the following funds held 5% or more of the net assets of the underlying funds shown below:

Portfolio	Affiliated Class NAV	Percentage of underlying fund net assets
Multi-Index Lifestyle Growth Portfolio	Strategic Equity Allocation Fund	6.3%

Information regarding the funds' fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the funds, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Capital Appreciation Fund
John Hancock Collateral Trust*	4,007,723	$25,457,039	$749,449,517	$(734,843,864)	$59,634	$(2,215)	$297,673	—	$40,120,111
Capital Appreciation Value Fund
John Hancock Collateral Trust*	7,524	—	$159,898,698	$(159,830,174)	$6,726	$73	$42,663	—	$75,323
International Strategic Equity Allocation Fund
John Hancock Collateral Trust*	7,776,888	—	$494,095,624	$(416,295,575)	$1,985	$50,062	$629,421	—	$77,852,096
International Value Fund
John Hancock Collateral Trust*	13,872	$937,826	$52,658,631	$(53,462,892)	$5,348	$(44)	$41,681	—	$138,869
Mid Cap Stock Fund
John Hancock Collateral Trust*	3,851,954	$26,551,791	$852,284,248	$(840,388,981)	$59,390	$54,311	$1,488,859	—	$38,560,759
Mid Value Fund
John Hancock Collateral Trust*	3,770,767	$10,825,459	$485,766,685	$(458,866,535)	$(4,097)	$26,504	$272,752	—	$37,748,016
Multi-Index Lifestyle Aggressive Portfolio
John Hancock Collateral Trust*	264,601	—	$249,761,804	$(247,118,183)	$5,273	$(57)	$28,579	—	$2,648,837
Strategic Equity Allocation	20,999,475	$226,266,576	35,900,142	(28,000,858)	(5,113,511)	30,501,167	5,177,603	$2,568,488	259,553,516
					$(5,108,238)	$30,501,110	$5,206,182	$2,568,488	$262,202,353

140

Investment in affiliated underlying funds, continued
    

							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
Multi-Index Lifestyle Balanced Portfolio
John Hancock Collateral Trust*	3,817,957	$53,581,782	$888,343,972	$(903,588,707)	$(120,661)	$4,040	$370,107	—	$38,220,426
Strategic Equity Allocation	29,477,187	343,540,970	51,175,062	(70,654,850)	(9,578,393)	49,855,241	7,720,163	$3,829,702	364,338,030
					$(9,699,054)	$49,859,281	$8,090,270	$3,829,702	$402,558,456
Multi-Index Lifestyle Conservative Portfolio
John Hancock Collateral Trust*	955,380	$12,589,826	$246,334,774	$(249,341,946)	$(18,632)	$5	$120,886	—	$9,564,027
Strategic Equity Allocation	1,754,830	20,951,644	8,926,496	(10,717,906)	(1,428,962)	3,958,432	436,120	$216,349	21,689,704
					$(1,447,594)	$3,958,437	$557,006	$216,349	$31,253,731
Multi-Index Lifestyle Growth Portfolio
John Hancock Collateral Trust*	2,991,179	$16,547,429	$703,811,061	$(690,423,554)	$8,865	$(4)	$208,077	—	$29,943,797
Strategic Equity Allocation	38,340,876	434,224,242	53,964,806	(63,387,481)	(10,489,905)	59,581,564	9,856,695	$4,889,677	473,893,226
					$(10,481,040)	$59,581,560	$10,064,772	$4,889,677	$503,837,023
Multi-Index Lifestyle Moderate Portfolio
John Hancock Collateral Trust*	782,081	$12,169,739	$388,933,786	$(393,282,388)	$7,979	$65	$127,969	—	$7,829,181
Strategic Equity Allocation	5,317,759	66,838,092	15,456,632	(24,220,147)	(3,238,480)	10,891,405	1,454,913	$721,748	65,727,502
					$(3,230,501)	$10,891,470	$1,582,882	$721,748	$73,556,683
Real Estate Securities Fund
John Hancock Collateral Trust*	107,994	—	$33,116,266	$(32,035,549)	$383	—	$5,062	—	$1,081,100
Science & Technology Fund
John Hancock Collateral Trust*	737,546	$9,739,733	$104,928,303	$(107,290,601)	$3,537	$2,384	$61,553	—	$7,383,356
Strategic Equity Allocation Fund
John Hancock Collateral Trust*	14,397,110	$80,031,817	$1,323,224,818	(1,259,261,268)	$(17,783)	$147,562	$2,210,812	—	$144,125,146
U.S. Sector Rotation Fund
John Hancock Collateral Trust*	94,697	$4,141,717	$44,900,571	$(48,097,093)	$1,669	$1,123	$53,785	—	$947,987

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

10.  Investment by affiliated funds

Certain investors in the funds are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the funds for the purpose of exercising management or control; however, this investment may represent a significant portion of the funds' net assets. The following fund(s) had an affiliate ownership of 5% or more of the funds' net assets:

Fund	Affiliated Concentration
Capital Appreciation Fund	48.3%
Capital Appreciation Value Fund	99.0%
Health Sciences Fund	100.0%
International Strategic Equity Allocation Fund	100.0%
Mid Cap Stock Fund	70.3%

141

Investment by affiliated funds, continued
    

Fund	Affiliated Concentration
Mid Value Fund	100.0%
Science & Technology Fund	99.9%
Strategic Equity Allocation Fund	100.0%
U.S. Sector Rotation Fund	100.0%

11.  Interfund trading

The funds are permitted to purchase or sell securities from or to certain other affiliated funds, as set forth in Rule 17a-7 of the 1940 Act, under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund that is or could be considered an affiliate complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended August 31, 2020, the funds engaged in securities purchases and sales with affiliated funds, some of which have different fiscal reporting periods, as follows:

Fund	Purchases	Sales
Capital Appreciation Value Fund	$2,947,594	$2,877,772
Mid Value Fund	—	1,171,588

12.  Restricted securities

The funds may hold restricted securities which are restricted as to resale and the funds have limited rights to registration under the Securities Act of 1933. Disposal may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. The following table summarizes the restricted securities held at August 31, 2020:

Issuer, Description	Original acquisition date	Acquisition cost	Beginning share amount	Shares purchased	Shares sold	Ending share amount	Value as a percentage of net assets	Ending value
Health Sciences Fund
Acerta Pharma BV, Class B	2-8-16	$146,475	4,892,850	—	—	4,892,850	0.1%	$467,756
Doximity, Inc.	4-10-14	307,268	63,738	—	—	63,738	0.2%	1,032,556
JAND, Inc., Class A	4-23-15	194,538	16,938	—	—	16,938	0.1%	415,499
JAND, Inc., Series D	4-23-15	434,397	37,822	—	—	37,822	0.2%	927,796
								$2,843,607
Mid Cap Stock Fund
Coupang LLC	11-20-14	$4,300,618	2,300,670	—	(919,221)	1,381,449	0.7%	$13,303,354
DraftKings, Inc.	12-4-14	3,025,630	819,041	4,973	(109,697)	714,317	1.3%	24,729,096
Essence Group Holdings Corp.	5-1-14	5,083,384	2,958,957	—	—	2,958,957	0.5%	9,616,610
JAND, Inc., Class A	4-23-15	635,744	57,523	—	—	57,523	0.1%	1,411,074
JAND, Inc., Series D	4-23-15	1,419,614	128,449	—	—	128,449	0.2%	3,150,931
Lookout, Inc., Series F	7-31-14	4,276,874	392,767	—	—	392,767	0.2%	3,110,715
MarkLogic Corp., Series F	4-27-15	6,431,120	580,011	—	—	580,011	0.3%	5,724,709
The Honest Company, Inc., Series C	8-20-14	3,966,620	142,030	—	—	142,030	0.3%	4,904,296
The Honest Company, Inc., Series D	8-3-15	490,560	12,795	—	—	12,795	0.0%*	517,942
The We Company, Inc., Series D1	12-8-14	3,335,927	184,328	—	—	184,328	0.1%	1,454,348
The We Company, Inc., Series D2	12-8-14	3,472,011	161,782	—	—	161,782	0.1%	1,276,460
								$69,199,535
Science & Technology Fund
Airbnb, Inc., Series E	7-14-15	$1,526,562	16,398	—	—	16,398	0.3%	$1,235,097
DiDi Chuxing, Inc.	10-19-15	460,705	16,798	—	—	16,798	0.2%	684,435
								$1,919,532

* Less than 0.05%.

13.  Reorganization

Fiscal year ended August 31, 2019, fund's mergers:

On August 9, 2019, the shareholders of John Hancock Funds II Small Cap Stock Fund (the Acquired Fund) voted to approve an Agreement and Plan of Reorganization (the Agreement) which provided for an exchange of shares of Mid Cap Stock Fund (the Acquiring Fund) with a value equal to the net assets transferred.

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Acquired Fund in exchange for shares of the Acquiring Fund with a value equal to the net assets transferred; (b) the liquidation of the Acquired Fund; and (c) the distribution to Acquired Fund’s shareholders of such Acquiring Fund’s shares. The reorganization was intended to consolidate the Acquired Fund with a fund with a similar objective and achieve economies of scale. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.

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Reorganization, continued
    
The reorganization did not qualify as a tax-free reorganization for federal income tax purposes; however, it is not expected to be a taxable event for contract owners. Thus, the investments were transferred to the Acquiring Fund at market value. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Acquired Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on August 23, 2019. The following outlines the reorganization:

Acquiring Fund	Acquired Fund	Net Asset Value of the Acquired Fund	Shares Redeemed by the Acquired Fund	Shares Issued by the Acquiring Fund	Acquiring Fund Net Assets Prior to Combination	Acquiring Fund Total Net Assets After Combination
Mid Cap Stock Fund	Small Cap Stock Fund	$24,403,159	2,727,995	1,098,683	$1,571,513,969	$1,595,917,128

See Note 6 for capital shares issued in connection with the above referenced reorganizations.

14.  LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR after 2021. This event will likely cause LIBOR to cease to be published. Before then, it is expected that market participants will transition to the use of different reference or benchmark rates. However, although regulators have suggested alternative rates, there is currently no definitive information regarding the future utilization of LIBOR or of any replacement rate.

It is uncertain what impact the discontinuation of LIBOR will have on the use of LIBOR as a reference rate for securities in which the funds invest. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. In addition, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, which could occur prior to the end of 2021. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

15.  Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

16.  Other matters

Strategic Equity Allocation Fund and other affiliates have been named as defendants in a lawsuit related to The Jones Group, a fashion company. It is alleged that in 2014, The Jones Group consummated a series of transactions that rendered it insolvent, increased debt, significantly decreased its assets, and distributed more than $1 billion to its shareholders, all to the detriment of the company and its creditors. Equivalent lawsuits have been filed in California, New Jersey, Texas, Illinois and Florida. The total amounts at issue for Strategic Equity Allocation Fund is approximately $178,000.

On March 30, 2020, the plaintiffs filed a Motion for Transfer of Actions to the District of Massachusetts. The plaintiffs were seeking to consolidate 13 actions in 6 different federal districts against 188 defendants in a Multidistrict Panel in Massachusetts. $550 million is being sought from these 188 defendants. On April 27, 2020, the shareholder defendants filed their response to plaintiffs’ Motion to Transfer. On June 2, 2020, the United States Judicial Panel on Multidistrict Litigation issued a Transfer Order sending all the cases to the Southern District of New York. Accordingly, the litigation will be governed by Second Circuit precedent.

On June 12, 2020, a Scheduling Order was issued. On June 29, 2020, a global Motion to Dismiss Under the Safe Harbor of Section 546(e) of the Bankruptcy Code was filed by the defendants. On August 27, 2020, the Motion to Dismiss was granted.

At this time, the fund cannot predict the outcome of these proceedings. If the proceeding were to be decided in a manner adverse to the fund or if the fund enters into a settlement agreement with the plaintiffs, depending upon the circumstances, the payment of such judgement or settlement could have an adverse effect on the fund’s net asset value.

17.  Subsequent events

On June 25, 2020, the Board of Trustees approved International Value Fund to merge into Disciplined Value International Fund, a series of John Hancock Investment Trust. The merger took place on October 16, 2020. This was a tax free merger.

143

John Hancock Funds II

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Capital Appreciation Fund, John Hancock Capital Appreciation Value Fund, John Hancock Health Sciences Fund, John Hancock International Strategic Equity Allocation Fund, John Hancock International Value Fund, John Hancock Mid Cap Stock Fund, John Hancock Mid Value Fund, John Hancock Multi-Index Lifestyle Aggressive Portfolio, John Hancock Multi-Index Lifestyle Balanced Portfolio, John Hancock Multi-Index Lifestyle Conservative Portfolio, John Hancock Multi-Index Lifestyle Growth Portfolio, John Hancock Multi-Index Lifestyle Moderate Portfolio, John Hancock Real Estate Securities Fund, John Hancock Science & Technology Fund, John Hancock Strategic Equity Allocation Fund and John Hancock U.S. Sector Rotation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolio of investments, of John Hancock Capital Appreciation Fund, John Hancock Capital Appreciation Value Fund, John Hancock Health Sciences Fund, John Hancock International Strategic Equity Allocation Fund, John Hancock International Value Fund, John Hancock Mid Cap Stock Fund, John Hancock Mid Value Fund, John Hancock Multi-Index Lifestyle Aggressive Portfolio, John Hancock Multi-Index Lifestyle Balanced Portfolio, John Hancock Multi-Index Lifestyle Conservative Portfolio, John Hancock Multi-Index Lifestyle Growth Portfolio, John Hancock Multi-Index Lifestyle Moderate Portfolio, John Hancock Real Estate Securities Fund, John Hancock Science & Technology Fund, John Hancock Strategic Equity Allocation Fund and John Hancock U.S. Sector Rotation Fund (sixteen of the funds constituting John Hancock Funds II, hereafter collectively referred to as the "Funds") as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodians, transfer agents, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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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John Hancock Funds II

Federal tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the funds, if any, paid during its taxable year ended August 31, 2020.

Dividend Received Deduction The funds report the maximum amount allowable of their net taxable income as eligible for the corporate dividends-received deduction.

Qualified Dividend Income The funds report the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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

Foreign Tax Credit The following table details the income derived from foreign sources and the amounts the funds intend to pass through as foreign tax credits for the year ended August 31, 2020:

Fund	Foreign sourced income	Foreign tax credit
International Strategic Equity Allocation Fund	$45,235,676	$3,917,081
International Value Fund	6,616,998	526,904
Multi-Index Lifestyle Growth Portfolio	1,298,443	104,377

Long Term Capital Gains The funds below paid the following amounts in capital gain dividends.

Fund	Long term capital gains
Capital Appreciation Fund	$174,635,781
Capital Appreciation Value Fund	138,158,592
Health Sciences Fund	10,491,735
International Value Fund	11,678,855
Mid Cap Stock Fund	191,109,164
Mid Value Fund	14,266,431
Multi-Index Lifestyle Aggressive Portfolio	25,899,035
Multi-Index Lifestyle Balanced Portfolio	38,666,044
Multi-Index Lifestyle Conservative Portfolio	2,546,873
Multi-Index Lifestyle Growth Portfolio	47,984,752
Multi-Index Lifestyle Moderate Portfolio	7,684,156
Real Estate Securities Fund	15,686,650
Science & Technology Fund	25,176,071
Strategic Equity Allocation Fund	80,772,608
U.S. Sector Rotation Fund	104,676,601

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

145

Evaluation of advisory and subadvisory agreements by the board of trustees

This section describes the evaluation by the Board of Trustees (the “Board”) of John Hancock Funds II (the “Trust”) of the Advisory Agreement (the “Advisory Agreement”) with John Hancock Investment Management LLC (the “Advisor” , formerly known as “John Hancock Advisers, LLC”) and each of the Subadvisory Agreements (collectively, the “Subadvisory Agreements”) with respect to each of the portfolios of the Trust included in this report (the “Funds”). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020.

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the “Independent Trustees”), reapproved for an annual period, the continuation of the Advisory Agreement between the Trust and the Advisor and the applicable Subadvisory Agreements between the Advisor and the investment subadvisors (each, “Subadvisor” and collectively, the “Subadvisors”) with respect to each of the Funds identified below in Appendix A.

In considering the Advisory Agreement and the Subadvisory Agreements with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and each Subadvisor, including comparative performance, fee and expense information for peer groups of similar funds prepared by an independent third-party provider of fund data; performance information for the Funds’ benchmark indices; and, with respect to each Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisors regarding the nature, extent and quality of services provided by the Advisor and the Subadvisors under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreements are considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisors 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 Subadvisors to the Funds, including quarterly performance reports prepared by management containing reviews of investment results, and prior presentations from the Subadvisors with respect to the Funds they manage. 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 certain of the Subadvisors with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the services, if any, to be provided to the Funds 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 Funds. In addition, although the Board approved the renewal of the Agreements for all the Funds at the June meeting, the Board considered each Fund separately.

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.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to each 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 Funds, 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 Funds’ 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 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 Funds, including but not limited to, general supervision of and coordination of the services provided by the Subadvisors, and is also responsible for monitoring and reviewing the activities of the Subadvisors and other third-party service providers. The Board also considered the significant risk assumed by the Advisor in connection with the services provided to the Funds 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 complex (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 relationships, the Advisor’s oversight and monitoring of the Subadvisors’ investment performance and compliance programs, such as the Subadvisors’ 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;

¹   
On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held telephonically in reliance on the Order.

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Evaluation of advisory and subadvisory agreements by the board of trustees

(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 Funds, 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 Funds;

(f)  the Advisor’s initiative intended to improve various aspects of the Trust’s operations and investor experience with the Funds; and

(g)  the Advisor’s reputation and experience in serving as an investment adviser 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 Funds.

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

(a)  reviewed information prepared by management regarding the Funds’ performance;

(b)  considered the comparative performance of each Fund’s respective 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 each Fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally and with respect to particular Funds.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board reviewed Fund performance against each Fund’s respective benchmark and peer group median and also concluded that the performance of each of the Funds has generally been in line with or generally outperformed the historical performance of comparable funds and/or each Fund’s respective benchmark, with certain exceptions noted in Appendix A. In such cases, the Board concluded that such performance is being monitored and reasonably addressed, where appropriate.

Fees and Expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data including, among other data, each 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 each 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 broader groups of funds. In comparing each Fund’s contractual and net management fees to that of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board took into account management’s discussion of the Funds’ expenses. The Board took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees of the Funds, and that such fees are negotiated at arm’s length with respect to the unaffiliated Subadvisors. The Board also took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted management’s discussion of the Funds’ expenses, as well as any actions taken over the past several years to reduce the Funds’ operating expenses. The Board reviewed information provided by the Advisor concerning investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and each Subadvisor’s services to a Fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided to the Funds under the Advisory Agreement.

In addition, in the case of the Multi-Index Lifestyle Funds (each a “Fund of Funds”), the Trustees reviewed the advisory fee to be paid to the Advisor for each Fund of Funds, and concluded that such fee is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds of the Fund of Funds, and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund of Funds and those of its underlying funds.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisors that are affiliated with the Advisor) 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, of each Fund;

(c)  received and reviewed profitability information with respect to the John Hancock fund complex as a whole and with respect to each 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 analysis reviewed by the Board;

(f)  considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;

(g)  noted that certain of the Funds’ Subadvisors are affiliates of the Advisor;

(h)  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;

(i)  noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;

(j)  noted that the subadvisory fees for the Funds are paid by the Advisor and are negotiated at arms’ length with respect to the unaffiliated Subadvisors;

(k)  with respect to each Fund of Funds, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the underlying portfolios in which each Fund of Funds may invest;

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Evaluation of advisory and subadvisory agreements by the board of trustees

(l)  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

(m)  considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each 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 any Subadvisors that are affiliated with the Advisor), from their relationship with each Fund was reasonable and not excessive.

Economies of Scale. In considering the extent to which a Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:

(a)  considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. The Multi-Index Lifestyle Funds benefit from the waiver through their investment, to the extent that they invest in participating portfolios and;

(b)  reviewed the Trust’s advisory fee structure and the incorporation therein of any subadvisory fee breakpoints in the advisory fees charged and concluded that (i) most of the Funds’ fee structures contain breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for Funds and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of Funds with advisory fee breakpoints to benefit from economies of scale if those Funds grow. The Board also took into account management’s discussion of the Funds’ advisory fee structure, including with respect to those Funds that did not currently have breakpoints; and

(c)  considered the effect of the Funds’ growth in size on their performance and fees. The Board also noted that if the Funds’ assets increase over time, the Funds may realize other economies of scale.

Approval of Subadvisory Agreements

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

(1)   information relating to each Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);

(2)   the historical and current performance of each Fund and comparative performance information relating to the Fund’s benchmark and comparable funds;

(3)   the subadvisory fee for each Fund, and comparative fee information, where available, prepared by an independent third party provider of fund data; and

(4)   information relating to the nature and scope of any material relationships and their significance to the Trust’s Advisor and unaffiliated Subadvisors.

Nature, Extent and Quality of Services. With respect to the services provided by each of the Subadvisors with respect to each Fund, the Board received information provided to the Board by each Subadvisor, including each Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered each Subadvisor’s current level of staffing and its overall resources, as well as received information relating to a Subadvisor’s compensation program. The Board reviewed each Subadvisor’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadvisor’s investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, each Subadvisor’s compliance program and any disciplinary history. The Board also considered each Subadvisor’s risk assessment and monitoring process. The Board reviewed each 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 each Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the CCO and his staff conduct regular, periodic compliance reviews with each of the Subadvisors and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisors and procedures reasonably designed by them to assure compliance with the federal securities laws. The Board also took into account the financial condition of each Subadvisor.

The Board considered each Subadvisor’s investment process and philosophy. The Board took into account that each Subadvisor’s responsibilities include the development and maintenance of an investment program for the applicable 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 each Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

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

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

The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to unaffiliated Subadvisors) of any material relationships with respect to the unaffiliated Subadvisors, which include arrangements in which unaffiliated Subadvisors or their affiliates provide advisory, distribution or management services in connection with financial products sponsored by the Trust’s Advisor or its affiliates, and may include shares of the Trust, other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans.

In addition, the Board considered other potential indirect benefits that the Subadvisors and their affiliates may receive from a 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 subadvisory fees to each Subadvisor. As noted above, the Board also considered, if available, each 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 applicable. 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 a Subadvisor with respect to the Funds to fees charged by each Fund’s Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

148

Evaluation of advisory and subadvisory agreements by the board of trustees

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

The Board’s decision to approve the Subadvisory Agreements with respect to each Fund was based on a number of determinations, including the following:

(1)   each Subadvisor has extensive experience and demonstrated skills as a manager;

(2)   although not without variation, the performance of each Fund managed by a Subadvisor generally has been in line with or outperformed the historical performance of comparable funds and/or each Fund’s respective benchmark, with the exceptions noted in Appendix A (with respect to such exceptions, the Board concluded that performance is being monitored and reasonably addressed);

(3)   the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreements; and

(4)   the subadvisory fees are paid by the Advisor and not the Funds, and that the fee structure for certain of the Funds contains breakpoints, certain breakpoints are reflected as breakpoints in the advisory fees for the Funds in order to permit shareholders to benefit from economies of scale if those Funds grow.

In addition, in the case of each Fund of Funds, the Trustees reviewed the subadvisory fee to be paid to the Subadvisor for the Fund of Funds and concluded that the subadvisory fee to be paid to the Subadvisor with respect to each Fund of Funds is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the subadvisory agreements for the underlying portfolios of the Fund of Funds and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund of Funds and those of its underlying portfolios. Additional information relating to each Fund’s fees and expenses and performance that the Board considered in approving the Advisory Agreement and Subadvisory Agreements for a particular Fund is set forth in Appendix A.

* * *

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 each of the Subadvisory Agreements with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreements with respect to each Fund for an additional one-year period.

149

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
JHF II Capital Appreciation Fund (Jennison Associates LLC)	Benchmark Index — The fund outperformed for the three-year period and underperformed for the one-, five-, and ten-year periods. Lipper Category — The fund outperformed the median for the one-, three-, five-, and ten-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to benchmark index for the three-year period and to the peer group median for the one-, three-, five-, and ten-year periods. The Board took into account management’s discussion of the fund’s expenses.
JHF II Capital Appreciation Value Fund (T. Rowe Price Associates, Inc.)	Benchmark Index — The fund outperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are equal to the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
JHF II Health Sciences Fund (T. Rowe Price Associates, Inc.)	Benchmark Index — The fund outperformed for the one- and five-year periods, and underperformed for the three-year period. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are higher than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one- and five-year periods and to the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
JHF II International Strategic Equity Allocation Fund (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one- and three-year periods. Lipper Category — The fund underperformed the median for the one- and three-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are lower than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the factors that contributed to the fund’s performance for the benchmark index and peer group median for the one- and three-year periods including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate.

150

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
JHF II International Value Fund (Templeton Investment Counsel, LLC)	Benchmark Index — The fund underperformed for the one-, three-, five-, and ten-year periods. Lipper Category — The fund underperformed the median for the one-, three-, five-, and ten-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the factors that contributed to the fund’s performance for the benchmark index and peer group median for the one-, three-, five-, and ten-year periods including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate. The Board noted that the fund’s longer term performance in part reflects that of the previous subadvisor. The Board took into account management’s discussion of the fund’s expenses.
JHF II Mid Cap Stock Fund (Wellington Management Company, LLP)	Benchmark Index — The fund outperformed for the three- and five-year periods and underperformed for the one- and ten-year periods. Lipper Category — The fund outperformed the median for the one-, three-, five-, and ten-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark for the three- and five-year periods and to the peer group median for the one-, three-, five- and ten-year periods. The Board took into account management’s discussion of the fund’s expenses.

151

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
JHF II Mid Value Fund (T. Rowe Price Associates, Inc.)	Benchmark Index — The fund underperformed for the one-, three-, five- and ten-year periods. Lipper Category — The fund outperformed the median for the five-year period and underperformed the median for the one-, three- and ten-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are equal to the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to peer group median for the five-year period. The Board took into account management’s discussion of the factors that contributed to the fund’s performance for the benchmark index for the one-, three-, five- and ten-year periods and the peer group median for the one-, three-, and ten-year periods including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate. The Board took into account management’s discussion of the fund’s expenses.
Multi-Index Lifestyle Aggressive Portfolio (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
Multi-Index Lifestyle Balanced Portfolio (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one- and five-year periods and performed in-line with the median for the three-year period.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the one- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.

152

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
Multi-Index Lifestyle Conservative Portfolio (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three-, and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance including the favorable performance relative to the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
Multi-Index Lifestyle Growth Portfolio (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
Multi-Index Lifestyle Moderate Portfolio (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
JHF II Real Estate Securities Fund (Deutsche Investment Management Americas Inc./RREEF America LLC)	Benchmark Index — The fund outperformed for the one-, three-, five-, and ten-year periods. Lipper Category — The fund outperformed the median for the one-, three-, five-, and ten-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are lower than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and peer group median for the one-, three-, five- and ten-year periods.

153

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
JHF II Science & Technology Fund (Allianz Global Investors U.S. LLC) (T. Rowe Price Associates, Inc.)	Benchmark Index — The fund outperformed for the three- and five-year periods and underperformed for the one-year period. Lipper Category — The fund outperformed the median for the three-year periods and underperformed for the one- and five-year periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are higher than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the three- and five-year periods and to the peer group median for the three-year period. The Board took into account management’s discussion of the fund’s expenses.
JHF II U.S. Sector Rotation Fund (formerly known as “U.S. Strategic Equity Allocation Fund”) (Manulife Investment Management (US))	Benchmark Index — The fund underperformed for the one- and three-year periods. Lipper Category — The fund outperformed the median for the one- and three- periods.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are lower than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group for the one- and three- year periods.

 

154

Statement regarding liquidity risk management

Operation of the Liquidity Risk Management Program

This section describes operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including Capital Appreciation Fund, Capital Appreciation Value Fund, Health Sciences Fund, International Strategic Equity Allocation Fund, International Value Fund, Mid Cap Stock Fund, Mid Value Fund, Multi-Index Lifestyle Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio, Multi-Index Lifestyle Moderate Portfolio, Real Estate Securities Fund, Science & Technology Fund, Strategic Equity Allocation Fund, and U.S. Sector Rotation Fund (formerly U.S. Strategic Equity Allocation), subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Funds’ subadvisor(s), Jennison Associates LLC, T. Rowe Price Associates, Inc., Manulife Investment Management (US) LLC, Boston Partners Global Investors, Inc., Wellington Management Company, LLP, DWS Investment Management Americas Inc., and Allianz Global Investors U.S., LLC (the Subadvisor), execute the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

•   Operation of the Fund’s Redemption-In-Kind Procedures;

•   Highly Liquid Investment Minimum (HLIM) determination;

•   Compliance with the 15% limit on illiquid investments;

•   Reasonably Anticipated Trade Size (RATS) determination;

•   Security-level liquidity classifications; and

•   Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund’s HLIM. This process incorporates the Fund’s investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines “illiquid investment” to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund’s RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

155

Statement regarding liquidity risk management

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund’s RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund’s liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

156

Trustees and officers information

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

INDEPENDENT TRUSTEES

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Hassell H. McClellan Born: 1945	Trustee (since 2005) and Chairperson of the Board (since 2017)	Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.
Charles L. Bardelis2 Born: 1941	Trustee (since 2005)	Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).
James R. Boyle Born: 1959	Trustee (since 2015)	Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014–2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014–July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999–2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005–2010). Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
Peter S. Burgess2 Born: 1942	Trustee (since 2005)	Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).
William H. Cunningham Born: 1944	Trustee (since 2012 and 2005-2006)	Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009–2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Grace K. Fey Born: 1946	Trustee (since 2008)	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).

 

157

Trustees and officers information

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Deborah C. Jackson Born: 1952	Trustee (since 2012)	President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women’s Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014–2017); 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 American Student Assistance Corporation (1996–2009); 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).
James M. Oates2 Born: 1946	Trustee (since 2005)	Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000–2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997–2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995–2007); Director, Connecticut River Bancorp (1998–2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005–2016) of various trusts within the John Hancock Fund Complex.
Steven R. Pruchansky Born: 1944	Trustee and Vice Chairperson of the Board (since 2012)	Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2000–2014); 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. Rathke2,* Born: 1960	Trustee (since 2020)	Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003–retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001–2003); Chief Financial Officer and Secretary, Ben & Jerry’s Homemade, Inc. (1989–2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982–1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

 

158

Trustees and officers information

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Gregory A Russo Born: 1949	Trustee (since 2012)	Director and Audit Committee Chairman (since 2012), 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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986–1992); Director, Treasurer and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989–1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990–1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

 

NON-INDEPENDENT TRUSTEES³

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Andrew G. Arnott Born: 1971	President and Non-Independent Trustee (Since 2017)	Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Marianne Harrison Born: 1963	Non-Independent Trustee (since 2018)	President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017–2019); Member, Board of Directors, Manulife Assurance Canada (2015–2017); Board Member, St. Mary’s General Hospital Foundation (2014–2017); Member, Board of Directors, Manulife Bank of Canada (2013–2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013–2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

 

159

Trustees and officers information

PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES

Name, Year of Birth	Position with the Trust	Principal Occupation(s) and Other Directorships During Past Five Years
Charles A. Rizzo Born: 1957	Chief Financial Officer (since 2007)	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	Treasurer (2007-2009 and since 2010, including prior positions)	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).
Christopher (Kit) Sechler Born: 1973	Chief Legal Officer and Secretary (since 2018)	Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).
Trevor Swanberg Born: 1979	Chief Compliance Officer (since 2020)	Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018–2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016–2018); 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).

 

1  Each Trustee holds office until his or her successor is 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.

3  The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

*  Appointed as Independent Trustee effective as of September 15, 2020.

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5010.

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 1-800-225-5291.

160

John Hancock Funds II
For more information

The Statement of Additional Information, a separate document with supplemental information not contained in the prospectus, includes additional information on the Board of Trustees and can be obtained without charge by calling 800-344-1029 or on the Securities and Exchange Commission (SEC) website at sec.gov.

PROXY VOTING POLICY A description of the trust’s proxy voting policies and procedures and information regarding how the trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling 800-344-1029 or on the SEC website at sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE The Trust’s complete schedule of portfolio 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. N-PORT filings are available on our website and the SEC’s website, sec.gov.

The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

161

John Hancock Funds II
Annual report — table of contents

Manager’s commentary and fund performance (See below for each fund’s page #) 3

Shareholder expense example 9

Portfolio of investments (See below for each fund’s page #) 10

Statements of assets and liabilities 48

Statements of operations 50

Statements of changes in net assets 52

Financial highlights 53

Notes to financial statements 54

Report of independent registered public accounting firm 70

Federal tax information 71

Evaluation of advisory and subadvisory agreements by the Board of Trustees 72

Appendix A 76

Statement regarding liquidity risk management 78

Trustees and officers information 80

For more information 84

Fund	Manager’s commentary and fund performance		Portfolio of investments
Asia Pacific Total Return Bond Fund		4		10
Core Bond Fund		5		12
High Yield Fund		6		24
Opportunistic Fixed Income Fund (formerly Global Bond Fund)		7		31
U.S. High Yield Bond Fund		8		41

 

2

John Hancock Funds II
Manager’s commentary and fund performance

Fund performance

In the following pages we have set forth information regarding the performance of certain funds of John Hancock Funds II (the Trust). There are several ways to evaluate a fund’s historical performance. One can look at the total percentage change in value, the average annual percentage change, or the growth of a hypothetical $10,000 investment. With respect to all performance information presented, it is important to understand that past performance does not guarantee future results. Return and principal fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance tables

The performance tables show two types of total return information: cumulative and average annual total returns. A cumulative total return is an expression of a fund’s total change in share value in percentage terms over a set period of time—one, five, and ten years (or since the fund��s inception if less than the applicable period). An average annual total return takes the fund’s cumulative total return for a time period greater than one year and shows what would have happened if the fund had performed at a constant rate each year. The tables show all cumulative and average annual total returns, net of fees and expenses of the Trust, but do not reflect the expenses of any insurance company separate accounts (including a possible contingent deferred sales charge) that may invest in the funds, as applicable. If these were included, performance would be lower.

Graph—Change in value of $10,000 investment and comparative indexes

The performance graph for each fund (or portfolio), shows the change in value of a $10,000 investment over the life or ten-year period of each fund (or portfolio) whichever is shorter. Each fund’s (or portfolio’s) performance is compared with the performance of one or more broad-based securities indexes as a “benchmark.” All performance information includes the reinvestment of dividends and capital gain distributions, as well as the deduction of ongoing management fees and fund (or portfolio) operating expenses. The benchmarks used for comparison are unmanaged and include reinvestment of dividends and capital gains distributions, if any, but do not reflect any fees or expenses. Funds (or portfolios), that invest in multiple asset classes are compared with a customized benchmark. This benchmark comprises a set percentage allocation from each of the asset classes in which the fund invests.

Portfolio manager’s commentary

Finally, we have provided a commentary by each portfolio manager regarding each fund’s (or portfolio’s) performance during the period ended August 31, 2020. The views expressed are those of the portfolio managers as of August 31, 2020, and are subject to change based on market and other conditions. Information about a fund’s (or portfolio’s) holdings, asset allocation, or country diversification is historical and is no indication of future fund composition, which will vary. Information provided in this report should not be considered a recommendation to purchase or sell securities. The funds (or portfolios) are not insured by the Federal Deposit Insurance Corp., are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks, including loss of principal amount invested. For a more detailed discussion of the risks associated with the funds (or portfolios), see the funds’ prospectuses.

“Bloomberg Barclays” is a registered trademark of Bloomberg LP. “J.P. Morgan” is a registered trademark of J.P. Morgan Securities LLC (the Investable Index Business). “FTSE” is a trading name of FTSE International Limited. BofA Securities, Inc. and its derivative and related logos are trademarks of Bank of America Corporation.

3

Asia Pacific Total Return Bond Fund
Subadvisor: Manulife Investment Management (US) LLC
Portfolio Managers: Neal Capecci, Endre Pedersen, Jimond Wong, CFA, CPA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks to maximize total return. The fund seeks to generate capital appreciation and income by investing at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of bonds issued by governments, government agencies, international organizations issuing supranational bonds, and corporate issuers in Asia and the Asian region, including Australia and New Zealand.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Portfolio Composition*	% of Total
Corporate bonds		53.3
Foreign government obligations		43.3
Short-term investments and other		3.4

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Asia Pacific Total Return Bond Fund Class NAV shares returned 5.94% and a blend of 50% J.P. Morgan Asia Credit Index and 50% J.P. Morgan Emerging Local Markets Plus Asia Index returned 5.22%.

Environment  >  Over the period, market sentiment was mainly driven by COVID-19 developments. In early 2020, global financial markets experienced significant selloffs as the pandemic spread globally. Unprecedented monetary and fiscal stimulus and the gradual lifting of lockdown measures triggered strong rebounds in most global risk assets subsequently.

The Federal Reserve (“Fed”) cut the federal funds rate four times to a target range of 0.0% to 0.25% and launched a new quantitative easing program to purchase Treasuries, mortgage-backed securities and corporate bonds. In late August, Fed Chair Powell announced a major policy shift to “average inflation targeting”, allowing the Fed to run inflation above the 2% target for a sustained period before hiking rates.

In China, Caixin’s manufacturing Purchasing Managers’ Index ended the period at 53.1, the highest level since January 2011. The government set a target of creating nine million new jobs in urban areas and announced the issuance of $14 billion special pandemic bonds to support economic recovery. In July, U.S.-China tensions escalated as each country ordered the other to close its consulates.

Indian government bond yields moved lower amid monetary easing, and the Reserve Bank of India signaled it would keep interest rates steady for some time amid inflation uncertainties.

Indonesian government bond yields trended lower amid monetary easing, and Bank Indonesia indicated it would be on standby to purchase additional government debt until 2021.

Asian credit markets posted positive returns owing to positive carry and lower U.S. Treasury yields. Asian high-yield corporate bonds outperformed Asian investment-grade credit. Most Asian currencies appreciated against the U.S. dollar amid risk-on sentiment in Q2 2020. The Philippine peso was among the better-performing Asian currencies.

The fund’s overweight exposure to Indonesian bonds contributed to performance amid falling local bond yields. Its exposure to U.S.-dollar-denominated Asian credit also contributed as this segment outperformed the broader Asian bond market.

The fund’s exposure to selective Asian high-yield corporate bonds detracted from performance, particularly in Indonesian and Indian commodity companies.

We increased the fund’s exposure to U.S.-dollar-denominated Asian corporate bonds as credit spreads widened to more attractive levels. We also took profit from some U.S.-dollar-denominated Asian corporate bonds and offshore Chinese bonds amid strong performance.

PERFORMANCE TABLE1,2	Average Annual Total Return					Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year	Since Inception		5-year	10-year	Since Inception
Asia Pacific Total Return Bond Fund Class NAV (began 1/16/13)		5.94	5.22	—	2.75		28.95	—	22.97
J.P. Morgan Asia Credit Index3,4		5.95	5.61	—	4.72		31.39	—	42.14
J.P. Morgan Emerging Local Markets Plus Asia Index4,5		4.39	2.92	—	0.65		15.49	—	5.04
Blended Index4,6		5.22	4.29	—	2.69		23.34	—	22.42

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Asia Pacific Total Return Bond Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The J.P. Morgan Asia Credit Index measures the performance of Asia ex Japan U.S.D. denominated bond market.

4  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.

5  The J.P. Morgan Emerging Local Markets Plus Asia Index tracks total returns for local-currency-denominated money market instruments in over 20 emerging markets countries.

6  The Blended Index is 50% J.P. Morgan Asia Credit Index and 50% J.P. Morgan Emerging Local Markets Plus Asia Index.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class NAV shares the gross expense is 0.82% and the net expense is 0.81%. Net expense reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expense would apply.

4

Core Bond Fund
Subadvisor: Wells Capital Management, Incorporated
Portfolio Managers: Maulik Bhansali, CFA, Thomas O’Connor, CFA, Jarad Vasquez

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks total return consisting of income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment grade debt securities, including U.S. Government obligations, corporate bonds, mortgage-backed and other asset-backed securities, and money market instruments.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Portfolio Composition*	% of Total
U.S. Government Agency		29.7
Corporate bonds		28.8
U.S. Government		17.5
Asset backed securities		8.3
Collateralized mortgage obligations		7.1
Foreign government obligations		1.2
Municipal bonds		0.4
Short-term investments		7.0

 

* As a percentage of total investments.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Core Bond Fund Class NAV shares returned 6.90% and the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.47%.

Environment  >  After years of steady expansion, the U.S. economy received a traumatic shock in 2020 with the arrival of the COVID-19 virus. Public reaction and government-ordered lockdowns resulted in a collapse in economic activity with the second quarter of 2020 recording a nearly 10% drop in GDP. Unemployment swiftly soared to double digits. Most areas of consumption declined precipitously. Travel and leisure services bore the brunt of the disruption. Spurred by a negative demand shock, prices for many goods declined during the March-April period, pushing most inflation indicators substantially lower.

The Federal Reserve responded to the pandemic with a dramatic easing of monetary policy, setting overnight rate targets to near zero, as well as purchasing bonds for its own account. A host of credit support measures were put in place to improve the functioning of teetering financial markets. In their actions and rhetoric the monetary authorities made it clear that an aggressive posture to support the economic and financial markets would be in place as long as needed. Fiscal policy also responded swiftly to the pandemic in the form of relief payments to the general public as well as extended unemployment benefits. These measures more than offset the loss of income associated with unemployment increases and other wage losses for many people.

Economic activity probably bottomed in late April, and by the end of May both consumption and employment were turning around. Substantial job gains occurred while claims for unemployment insurance began to subside. Prices generally stabilized, with oil rallying from distressed levels and core inflation measures rebounding from their crisis lows. Stock indices hit new all-time highs over the course of the summer, while Treasury yields remained extremely low. Finally, credit spreads, which widened sharply in the March-April period, narrowed substantially in the ensuing few months.

Security selection in credit led excess returns during the 12-month period, particularly within the communications, utilities, healthcare and consumer subsectors but with good contributions across almost all subsectors. Security selection and positioning within agency pass-through securities was a significant contributor, with higher-coupon, call-protected specified pools leading the contributions. Sector overweights to credit, mortgage-backed securities (MBS) and asset-backed securities (ABS) were also additive, as spreads tightened significantly toward the end of this 12-month period.

Security selection in ABS was a detractor, driven by our exposure to student loan and rental car ABS which did not keep pace with the high quality fixed-rate auto and cards ABS that’s within the ABS index. Security selection in commercial mortgage-backed securities (CMBS) was a small detractor, although this was offset entirely by the sector effect. While credit selection overall was positive, we had several significant detractors in the energy and pipelines subsectors. Security selection in collateralized mortgage obligations (CMOs) was also very small detractor.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Core Bond Fund Class 1		6.76	4.08	3.77		22.14	44.77
Core Bond Fund Class NAV		6.90	4.14	3.82		22.49	45.46
Bloomberg Barclays U.S. Aggregate Bond Index3,4		6.47	4.33	3.65		23.60	43.14

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Core Bond Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class NAV shares the gross expenses are 0.66% and 0.61%, respectively, and the net expenses are 0.65% and 0.60%, respectively. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

5

High Yield Fund
Subadvisor: Western Asset Management Company Limited
Portfolio Managers: Michael C. Buchanan, CFA, Walter E. Kilcullen, S. Kenneth Leech

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks to realize an above-average total return over a market cycle of three to five years, consistent with reasonable risk. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in high yield securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Portfolio Composition*	% of Total
Corporate bonds		84.9
Term loans		6.4
Asset backed securities		4.2
Convertible bonds		1.1
Foreign government obligations		1.0
Preferred securities		0.7
Common stocks		0.7
Short-term investments and other		1.0

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the High Yield Fund Class 1 shares returned 4.01% and the Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index returned 4.65%.

Environment  >  High yield was trading at relatively historical tight spreads at the beginning of the period before widening substantially in the 1^st quarter of 2020 due to the COVID-19 pandemic. The high-yield market, however, has roared back from the depths of late March following the announcements from the Fed that it would buy bonds downgraded due to the COVID-19 pandemic (“fallen angels”) and high-yield ETFs as well as a reopening of many parts of the US economy.

High-yield market technicals were also very supportive during the rally in Q2 and Q3. As mentioned, the Fed committed to buying high-yield ETFs and then pivoted to purchasing separate securities. Mutual fund inflows have been significant, with August marking the fifth consecutive month of inflows. Issuance has more than kept up with demand, with $101 billion in net new issuance and $150 billion in fallen angel volume having entered the market so far this year. High-yield companies are doing everything they can to bolster liquidity, which has included drawing $117 billion on their revolving lines of credit.

Asset class allocation detracted from relative performance given opportunistic exposure to bank loans and collateralized loan obligations (CLOs), which underperformed high-yield. Industry allocation also detracted from relative performance due in large part to underweights to the outperforming technology and consumer non-cyclical sectors. An overweight to outperforming banking sector and positioning in the underperforming REITs helped to offset some of the drag from technology and consumer non-cyclicals.

Issue selection was the largest contributor to relative returns largely due to issuer tilts within the communications, capital goods, and REITs sectors. Rating positioning also aided relative performance given the strategy’s underweight to CCCs, as higher quality outperformed during the period. Duration positioning aided relative performance given an overweight stance as rates fell significantly over the period, particularly in Q1.

The fund’s investment in U.S. Treasury futures and options and credit default swaps marginally aided performance on a standalone basis. Options used to manage the fund’s overall corporate bond exposure were a detractor for returns over the period.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
High Yield Fund Class 1		4.01	5.40	6.01		30.08	79.18
Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index3,4		4.65	6.45	6.88		36.67	94.57

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the High Yield Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index measures the performance of high yield corporate bonds, with a maximum allocation of 2% to any one issuer.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 shares the gross expense is 0.82% and the net expense is 0.81%. Net expense reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expense would apply.

6

Opportunistic Fixed Income Fund (formerly Global Bond Fund)
Subadvisor: Wellington Management Company LLP. Prior to February 28, 2020, Pacific Investment Management Company LLC served as the fund’s subadvisor.
Portfolio Managers: Brian M. Garvey, Brij S. Khurana

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks maximum total return, consistent with preservation of capital and prudent investment management. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income instruments. Fixed Income instruments include, but are not limited to the following securities, which may be denominated in U.S. dollars or foreign currencies: sovereign debt, inflation-linked bonds, corporate and high yield credit (also known as “junk bonds”), securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities.

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEXES

 

Portfolio Composition*	% of Total
Foreign government obligations		47.2
Collateralized mortgage obligations		9.5
Term loans		8.2
Corporate bonds		6.7
Exchange-traded funds		5.9
U.S. Government		4.8
Asset backed securities		4.8
U.S. Government Agency		3.5
Municipal bonds		2.7
Convertible bonds		0.5
Short-term investments and other		6.2

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the Opportunistic Fixed Income Fund Class 1 shares returned 9.15% and the Bloomberg Barclays Global Aggregate USD Hedged Index returned 3.28%. On February 28, 2020, Wellington Management Company LLP replaced Pacific Investment Management Company LLC as the fund’s subadvisor.

Environment  >  Positive developments in the U.S.-China trade discussions continued to support risk sentiment and capped a year of strong risk asset returns. At the end of 2019, U.S. equities closed at new highs, credit spreads tightened, developed market yields broadly rose, curves steepened, and the dollar weakened. While global economic data largely remained mixed, there were some tentative signs of stabilization and central banks broadly held policy steady (and were still accommodative). Meanwhile, geopolitical developments — including a potential Brexit draft deal, as well as a slew of political protests across a number of countries continued to persist in various regions across the world.

Fresh economic risks in January, particularly heightened US-Iran tensions and the coronavirus outbreak, sparked an uptick in market volatility. “Safe haven” assets rallied — developed market yields fell across the board and curves flattened, while credit spreads widened and the dollar strengthened.

In March 2020, extreme risk aversion and impaired liquidity conditions led to investors exiting all other fixed income sectors seeking the safety of US Treasuries resulting in significant declines in US Treasury yields and significant appreciation for the US dollar. Later in the period, positive economic data, accommodative global monetary policies, and healthy demand for credit supported most spread sectors as countries began to gradually emerge from economic lockdowns.

Pacific Investment Management Company LLC (period from September 1, 2019 through February 27, 2020)

Overall, interest rate strategies, which were partially facilitated through the use of futures, interest rate swaps, and options, were negative for returns over the period under review. Underweight exposure to Germany and France contributed to performance as rates rose. However, these gains were tempered by losses in other positions in European core and peripheral interest rates. Spread strategies contributed to overall performance. Overweight exposure to high yield corporate credit contributed as high yield corporate spreads tightened. Furthermore, overweight positions in both agency and non-agency mortgage-backed securities (MBS) added to performance. Overall, currency positions, which were partially implemented through the use of currency forwards, contributed to performance. Losses from overweight exposure to the Japanese yen relative to the U.S. dollar were more than offset by gains from overweight positioning to the British Pound and a basket of emerging market currencies.

Wellington Management Company LLP (period from February 28, 2020 through August 31, 2020)

Developed market inflation-linked bonds within the fund’s Activist Governments theme contributed as aggressive fiscal and monetary stimulus by many of the world’s central banks increased inflation expectations. As the spread of COVID-19 negatively impacted credit markets the Targeted Asset-Backed Securities Loan Facility (TALF) was established, increasing liquidity for the purchase of AAA rated asset-backed securities (ABS). We expected the TALF program would offer opportunities in other areas of the structured credit market and additions of non-TALF eligible assets to the fund paid off. Market Neutral and Tactical strategies also contributed positively. Following the prior liquidity squeeze, we took advantage of new issue concessions across the investment grade (IG) market as well as opportunities in the US Agency MBS space as markets re-opened. Emerging market sovereign exposure within the Emerging Market Opportunities theme was a detractor amongst the strategic themes. From a sector perspective, nominal government, MBS, and inflation-linked bonds were the largest contributors to performance during the period under review; exposures within high yield detracted.

Use of derivatives in the form of credit-default swaps, bond futures, and currency forwards contributed to performance during the period under review.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
Opportunistic Fixed Income Fund Class 1		9.15	4.97	3.53		27.45	41.54
Bloomberg Barclays Global Aggregate USD Hedged Index3,4,5		3.28	4.37	3.86		23.84	45.98
Bloomberg Barclays Global Aggregate Index5,6		5.54	4.10	2.63		22.28	29.67

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the Global Bond Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  Effective February 28, 2020, the fund’s benchmark changed from the Bloomberg Barclays Global Aggregate Index to the Bloomberg Barclays Global Aggregate USD Hedged Index to better reflect the universe of investment opportunities based on the fund’s revised principal investment strategies.

4  The Bloomberg Barclays Global Aggregate USD Hedged Index measures global investment grade debt from twentyfour local currency markets.

5  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.

6  The Bloomberg Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade debt securities.

The expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 shares the gross expense is 1.20 % and the net expense is 1.19%. Net expense reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expense would apply.

7

U.S. High Yield Bond Fund
Subadvisor: Wells Capital Management, Incorporated
Portfolio Managers: Chris Lee, CFA, Mike Schueller, CFA

INVESTMENT OBJECTIVE & POLICIES  >  The fund seeks total return with a high level of current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. corporate debt securities that are, at the time of investment, below investment grade, including preferred and other convertible securities that are below-investment-grade (sometimes referred to as “junk bonds” or high yield securities).

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDEX

 

Portfolio Composition*	% of Total
Corporate bonds		94.7
Term loans		2.9
Convertible bonds		0.4
Rights		0.1
Short-term investments and other		1.9

 

* As a percentage of net assets.

 

PORTFOLIO MANAGERS’ COMMENTARY

Performance  >  For the year ended August 31, 2020, the U.S. High Yield Bond Fund Class NAV shares returned 4.67% and the ICE Bank of America U.S. High Yield Index returned 3.71%.

Environment  >  After years of steady expansion, the U.S. economy received a traumatic shock in 2020 with the arrival of the COVID-19 virus. Public reaction and government-ordered lockdowns resulted in a collapse in economic activity with the second quarter of 2020 recording a nearly 10% drop in GDP. Unemployment swiftly soared to double digits. Most areas of consumption declined precipitously. Travel and leisure services bore the brunt of the disruption. Spurred by a negative demand shock, prices for many goods declined during the March-April period, pushing most inflation indicators substantially lower.

The Federal Reserve responded to the pandemic with a dramatic easing of monetary policy, setting overnight rate targets to near zero, as well as purchasing bonds for its own account. A host of credit support measures were put in place to improve the functioning of teetering financial markets. In their actions and rhetoric the monetary authorities made it clear that an aggressive posture to support the economic and financial markets would be in place as long as needed. Fiscal policy also responded swiftly to the pandemic in the form of relief payments to the general public as well as extended unemployment benefits. These measures more than offset the loss of income associated with unemployment increases and other wage losses for many people.

Economic activity probably bottomed in late April, and by the end of May both consumption and employment were turning around. Substantial job gains occurred while claims for unemployment insurance began to subside. Prices generally stabilized, with oil rallying from distressed levels and core inflation measures rebounding from their crisis lows. Stock indices hit new all-time highs over the course of the summer, while Treasury yields remained extremely low. Finally, credit spreads, which widened sharply in the March-April period, narrowed substantially in the ensuing few months.

Security selection was the primary driver of outperformance. Strong selection within energy, in particular midstream and oil field services sectors contributed to relative performance. In particular, “fallen angels” Occidental Petroleum Corp. and Western Midstream Operating LP were important outperformers. Underweights to and strong selection within aerospace and leisure were also notably positive. Sector allocation was a net detractor from relative performance. While an overweight to energy was negative, strong selection within the sector more than offset the impact from allocation. Maturity allocation was slightly negative: an underweight the 7-10 year bucket was detractive. The net impact from ratings allocation was also modestly negative after adjusting for unrated issues, due largely to an underweight higher quality double-B credits, though that impact was also pared by strong selection.

PERFORMANCE TABLE1,2	Average Annual Total Return				Cumulative Total Return
Periods Ending August 31, 2020		1-year	5-year	10-year		5-year	10-year
U.S. High Yield Bond Fund Class 1		4.67	5.75	6.02		32.23	79.43
U.S. High Yield Bond Fund Class NAV		4.73	5.79	6.06		32.48	80.12
ICE BofA U.S. High Yield Index3,4		3.71	6.28	6.70		35.57	91.26

 

1  Performance does not reflect the deduction of taxes on fund distributions or redemptions of fund shares. Past performance does not guarantee future results.

2  Since inception, a portion of the U.S. High Yield Bond Fund expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

3  The ICE BofA U.S. High Yield Index (formerly known as ICE BofA Merrill Lynch U.S. High Yield Master II Index) is an unmanaged index composed of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers.

4  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 expense ratios of the fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from the expense ratios disclosed in the financial highlights tables in this report. For Class 1 and Class NAV shares the gross expenses are 0.87% and 0.82%, respectively, and the net expenses are 0.86% and 0.81%, respectively. Net expenses reflect contractual expense limitations in effect until July 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply.

8

John Hancock Funds II

Shareholder expense example

As a shareholder of John Hancock Funds II, you incur ongoing costs, such as management fees, distribution (Rule 12b-1) fees and other expenses.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in a fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 at the beginning of the period and held for the entire period (March 1, 2020 through August 31, 2020).

Actual expenses:

The first line of each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period ended” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed annualized rate of return of 5% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs and insurance-related charges. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Account value on 3-1-2020	Ending value on 8-31-2020	Expenses paid during period ended 8-31-20201	Annualized expense ratio
Asia Pacific Total Return Bond Fund
Class NAV	Actual expenses/actual returns	$1,000.00	$1,023.40	$4.32	0.85%
	Hypothetical example	1,000.00	1,020.90	4.32	0.85%
Core Bond Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,035.80	$3.33	0.65%
	Hypothetical example	1,000.00	1,021.90	3.30	0.65%
Class NAV	Actual expenses/actual returns	1,000.00	1,036.10	3.07	0.60%
	Hypothetical example	1,000.00	1,022.10	3.05	0.60%
High Yield Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,017.20	$4.26	0.84%
	Hypothetical example	1,000.00	1,020.90	4.27	0.84%
Opportunistic Fixed Income Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,057.50	$4.40	0.85%
	Hypothetical example	1,000.00	1,020.90	4.32	0.85%
U.S. High Yield Bond Fund
Class 1	Actual expenses/actual returns	$1,000.00	$1,035.60	$4.45	0.87%
	Hypothetical example	1,000.00	1,020.80	4.42	0.87%
Class NAV	Actual expenses/actual returns	1,000.00	1,035.90	4.20	0.82%
	Hypothetical example	1,000.00	1,021.00	4.17	0.82%

¹ Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

9

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Asia Pacific Total Return Bond Fund

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS - 43.3%
India - 1.2%
Republic of India 7.590%, 01/11/2026	INR	150,000,000	$	2,196,458
Indonesia - 16.1%
Republic of Indonesia
3.700%, 10/30/2049	$	1,500,000		1,624,830
3.850%, 10/15/2030		2,513,000		2,879,622
4.750%, 02/11/2029		2,000,000		2,395,520
6.500%, 06/15/2025	IDR	38,000,000,000		2,717,364
6.625%, 05/15/2033		71,945,000,000		4,705,410
7.000%, 05/15/2027 to 09/15/2030		74,000,000,000		5,172,127
8.250%, 05/15/2029		35,000,000,000		2,627,193
8.375%, 03/15/2024 to 04/15/2039		88,000,000,000		6,539,721
				28,661,787
Malaysia - 7.5%
Government of Malaysia
3.757%, 04/20/2023	MYR	26,000,000		6,548,909
4.181%, 07/15/2024		18,000,000		4,657,362
4.392%, 04/15/2026		8,000,000		2,143,473
				13,349,744
Philippines - 2.1%
Republic of the Philippines
3.625%, 09/09/2025	PHP	42,233,286		910,890
3.900%, 11/26/2022		131,000,000		2,746,147
				3,657,037
Singapore - 1.3%
Republic of Singapore 2.750%, 07/01/2023	SGD	3,000,000		2,352,201
South Korea - 12.1%
Export-Import Bank of Korea 6.200%, 08/07/2021	INR	137,000,000		1,872,756
Republic of Korea
1.375%, 06/10/2030	KRW	3,000,000,000		2,492,590
1.875%, 06/10/2029		7,000,000,000		6,062,249
2.000%, 09/10/2022		4,800,000,000		4,131,859
2.375%, 03/10/2023		8,000,000,000		6,974,416
				21,533,870
Thailand - 3.0%
Kingdom of Thailand
1.200%, 07/14/2021	THB	129,055,200		4,130,361
1.585%, 12/17/2035		40,491,000		1,289,869
				5,420,230
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $77,044,909)			$	77,171,327
CORPORATE BONDS - 53.3%
Australia - 0.9%
National Australia Bank, Ltd. 2.332%, 08/21/2030 (A)	$	1,555,000		1,552,877
China - 12.3%
21Vianet Group, Inc. 7.875%, 10/15/2021		2,000,000		2,040,054
China Aoyuan Group, Ltd. 7.950%, 09/07/2021		2,500,000		2,553,183
China Hongqiao Group, Ltd. 7.125%, 07/22/2022		1,700,000		1,636,250
China SCE Group Holdings, Ltd. 7.375%, 04/09/2024		1,500,000		1,533,906
Country Garden Holdings Company, Ltd. 6.150%, 09/17/2025		1,500,000		1,639,174
Franshion Brilliant, Ltd. (4.000% to 1-3-23, then 5 Year CMT + 5.238%) 01/03/2023 (B)		2,000,000		2,017,844

Asia Pacific Total Return Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
China (continued)
Logan Group Company, Ltd. 5.750%, 01/14/2025	$	1,500,000	$	1,526,669
Longfor Group Holdings, Ltd. 3.950%, 09/16/2029		2,400,000		2,550,079
New Metro Global, Ltd. 6.500%, 04/23/2021		1,600,000		1,617,210
Redsun Properties Group, Ltd. 9.700%, 04/16/2023		1,276,000		1,308,147
Yuzhou Properties Company, Ltd. 8.300%, 05/27/2025		1,300,000		1,349,137
Zhenro Properties Group, Ltd. 8.650%, 01/21/2023		2,000,000		2,077,854
				21,849,507
Hong Kong - 14.0%
AIA Group, Ltd. 4.875%, 03/11/2044		1,488,000		1,944,727
Bangkok Bank PCL (3.733% to 9-25-29, then 5 Year CMT + 1.900%) 09/25/2034 (A)		1,053,000		1,058,410
Chong Hing Bank, Ltd. (3.876% to 7-26-22, then 5 Year CMT + 2.030%) 07/26/2027		1,800,000		1,799,820
CMB Wing Lung Bank, Ltd. (3.750% to 11-22-22, then 5 Year CMT + 1.750%) 11/22/2027		1,500,000		1,532,650
CNAC HK Finbridge Company, Ltd. 3.875%, 06/19/2029		1,000,000		1,101,886
Coastal Emerald, Ltd. (4.300% to 8-1-24, then 5 Year CMT + 7.445%) 08/01/2024 (B)		2,000,000		2,061,000
Concord New Energy Group, Ltd. 7.900%, 01/23/2021		2,000,000		1,974,493
Dah Sing Bank Ltd. (5.000% to 1-15-24, then 5 Year CMT + 2.550%) 01/15/2029		1,000,000		1,072,720
Far East Horizon, Ltd. (3 month LIBOR + 2.000%) 2.298%, 07/03/2021 (C)		2,300,000		2,283,900
GET International Investment Holdings, Ltd. 3.750%, 07/18/2022		1,151,000		1,177,044
Kasikornbank PCL (3.343% to 10-2-26, then 5 Year CMT + 1.700%) 10/02/2031		1,700,000		1,699,348
Shanghai Commercial Bank, Ltd. (3.750% to 11-29-22, then 5 Year CMT + 1.705%) 11/29/2027		900,000		924,750
Weichai International Hong Kong Energy Group Company, Ltd. (3.750% to 9-14-22, then 5 Year CMT + 6.084%) 09/14/2022 (B)		2,730,000		2,761,508
Yingde Gases Investment, Ltd. 6.250%, 01/19/2023 (A)		2,000,000		2,072,645
Zoomlion HK SPV Company, Ltd. 6.125%, 12/20/2022		1,500,000		1,561,875
				25,026,776
India - 2.5%
Greenko Investment Company 4.875%, 08/16/2023		1,000,000		1,000,161
Indian Railway Finance Corp., Ltd.
3.950%, 02/13/2050 (A)		1,000,000		967,820
3.950%, 02/13/2050		1,500,000		1,451,730

 

The accompanying notes are an integral part of the financial statements. 10

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Asia Pacific Total Return Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
India (continued)
ReNew Power Synthetic 6.670%, 03/12/2024	$	1,000,000	$	1,045,138
				4,464,849
Indonesia - 5.8%
Adaro Indonesia PT 4.250%, 10/31/2024 (A)		2,217,000		2,183,745
Bayan Resources Tbk PT 6.125%, 01/24/2023 (A)		2,157,000		2,100,622
Chandra Asri Petrochemical Tbk PT 4.950%, 11/08/2024		2,000,000		1,932,586
Jasa Marga Persero Tbk PT 7.500%, 12/11/2020 (A)	IDR	11,300,000,000		756,891
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 6.150%, 05/21/2048	$	2,500,000		3,281,250
				10,255,094
Isle of Man - 1.4%
Gohl Capital, Ltd. 4.250%, 01/24/2027		2,500,000		2,510,647
Malaysia - 2.5%
Press Metal Labuan, Ltd. 4.800%, 10/30/2022		2,800,000		2,710,618
SD International Sukuk, Ltd. 6.300%, 05/09/2022		2,000,000		1,721,046
				4,431,664
Mauritius - 1.1%
UPL Corp., Ltd. 4.500%, 03/08/2028		2,000,000		2,045,448
Singapore - 5.6%
Indika Energy Capital III Pte, Ltd.
5.875%, 11/09/2024 (A)		1,200,000		1,131,336
5.875%, 11/09/2024		1,800,000		1,697,004
Medco Oak Tree Pte, Ltd. 7.375%, 05/14/2026 (A)		1,500,000		1,521,508
Singapore Post, Ltd. (4.250% to 3-2-22, then 10 Year Singapore Swap Offered Rate + 3.692%) 03/02/2022 (B)	SGD	5,000,000		3,787,305
TBLA International Pte, Ltd. 7.000%, 01/24/2023	$	2,000,000		1,871,183
				10,008,336
South Korea - 2.0%
The Korea Development Bank 7.000%, 11/30/2022 (A)	IDR	52,000,000,000		3,612,415

Asia Pacific Total Return Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Supranational - 2.8%
Asian Development Bank 6.450%, 08/08/2021	INR	360,000,000	$	4,961,721
United States - 2.4%
Incitec Pivot Finance LLC 3.950%, 08/03/2027	$	2,225,000		2,350,063
Resorts World Las Vegas LLC
4.625%, 04/16/2029 (A)		1,500,000		1,416,660
4.625%, 04/16/2029		600,000		566,664
				4,333,387
TOTAL CORPORATE BONDS (Cost $93,985,835)			$	95,052,721
SHORT-TERM INVESTMENTS - 0.7%
Short-term funds - 0.7%
Federated Government Obligations Fund, Institutional Class, 0.0186% (D)		1,256,006		1,256,006
TOTAL SHORT-TERM INVESTMENTS (Cost $1,256,006)			$	1,256,006
Total Investments (Asia Pacific Total Return Bond Fund) (Cost $172,286,750) - 97.3%			$	173,480,054
Other assets and liabilities, net - 2.7%				4,822,986
TOTAL NET ASSETS - 100.0%			$	178,303,040

Currency Abbreviations
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	Korean Won
MYR	Malaysian Ringgit
PHP	Philippine Peso
SGD	Singapore Dollar
THB	Thai Bhat
Security Abbreviations and Legend
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $18,374,929 or 10.3% of the fund's net assets as of 8-31-20.
(B)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	The rate shown is the annualized seven-day yield as of 8-31-20.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
10-Year U.S. Treasury Note Futures	180	Short	Dec 2020	$(24,960,560)	$(25,048,125)	$(87,565)
						$(87,565)

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

See Notes to financial statements regarding investment transactions and other derivatives information.

The accompanying notes are an integral part of the financial statements. 11

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund

		Shares or Principal Amount	Value
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 53.9%
U.S. Government – 20.0%
U.S. Treasury Bonds
1.125%, 05/15/2040 to 08/15/2040	$	50,848,000	$	49,855,842
1.250%, 05/15/2050		11,923,000		11,244,879
1.375%, 08/15/2050		12,298,000		11,975,178
2.500%, 02/15/2045		19,551,000		23,889,642
2.750%, 11/15/2042		40,285,000		51,217,027
2.875%, 05/15/2043		33,130,000		42,947,351
3.125%, 08/15/2044		11,528,000		15,582,163
U.S. Treasury Notes
0.125%, 05/31/2022 to 08/15/2023		143,807,000		143,714,869
0.250%, 06/15/2023 to 07/31/2025		35,526,000		35,530,228
0.375%, 07/31/2027		15,760,000		15,639,338
0.625%, 08/15/2030		17,223,000		17,080,372
1.375%, 01/31/2021 to 05/31/2021		91,017,000		91,670,868
2.125%, 05/15/2022		626,000		647,054
2.250%, 04/30/2021		12,711,000		12,887,266
2.375%, 03/15/2022		6,494,000		6,715,963
3.125%, 05/15/2021		11,840,000		12,085,125
				542,683,165
U.S. Government Agency – 33.9%
Federal Home Loan Mortgage Corp.
3.000%, 02/01/2050		500,488		533,081
3.500%, 02/01/2048 to 11/01/2049		14,493,254		15,573,212
4.000%, 01/01/2035 to 11/01/2049		47,000,629		51,507,367
4.500%, 06/01/2039 to 08/01/2049		16,046,318		17,939,173
5.000%, 05/01/2048 to 03/01/2049		13,400,511		15,110,850
Federal National Mortgage Association
1.500%, TBA (A)		21,900,000		22,378,513
2.000%, TBA (A)		133,000,000		137,211,008
2.500%, TBA (A)		91,000,000		95,429,551
2.678%, (12 month LIBOR + 1.586%), 01/01/2046 (B)		7,145,207		7,422,990
2.767%, (12 month LIBOR + 1.579%), 06/01/2045 (B)		2,001,446		2,074,962
3.000%, 01/01/2043 to 02/01/2050		3,912,889		4,199,084
3.500%, 09/01/2032 to 11/01/2049		14,774,333		15,737,934
4.000%, 09/01/2033 to 12/01/2049		98,994,768		109,494,440
4.500%, 05/01/2034 to 01/01/2059		85,753,760		96,244,323
5.000%, 07/01/2044 to 11/01/2049		87,218,785		98,781,382
5.500%, 12/01/2048 to 06/01/2049		10,577,332		12,021,983
Government National Mortgage Association
2.000%, TBA (A)		56,900,000		58,673,289
2.500%, TBA (A)		33,300,000		35,027,234
3.000%, 02/20/2050 to 03/20/2050		12,486,545		13,354,345
3.500%, 01/20/2048 to 08/20/2049		6,566,615		7,218,485
4.000%, 06/20/2047 to 07/20/2049		48,691,889		52,713,839
4.500%, 08/15/2047 to 05/20/2049		14,039,583		15,476,095
5.000%, 12/20/2039 to 03/20/2049		31,682,532		34,741,625
				918,864,765
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $1,443,505,217)			$	1,461,547,930
FOREIGN GOVERNMENT OBLIGATIONS – 1.3%
Bermuda – 0.0%
Government of Bermuda 3.375%, 08/20/2050 (C)		994,000		1,040,221
Colombia – 0.1%
Republic of Colombia 3.125%, 04/15/2031		2,208,000		2,294,134
Indonesia – 0.1%
Republic of Indonesia 4.450%, 04/15/2070		1,323,000		1,622,699

Core Bond Fund (continued)

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Israel – 0.1%
State of Israel
3.375%, 01/15/2050	$	818,000	$	900,863
4.500%, 12/31/2099		913,000		1,253,624
				2,154,487
Japan – 0.1%
Japan Bank for International Cooperation 1.750%, 10/17/2024		2,264,000		2,377,092
Mexico – 0.4%
Government of Mexico
3.250%, 04/16/2030		1,669,000		1,723,243
3.900%, 04/27/2025		2,219,000		2,440,900
4.500%, 04/22/2029		3,790,000		4,265,645
4.600%, 02/10/2048		946,000		1,038,472
4.750%, 03/08/2044		1,124,000		1,258,318
5.000%, 04/27/2051		1,087,000		1,251,952
				11,978,530
Paraguay – 0.1%
Republic of Paraguay
4.950%, 04/28/2031 (C)		1,390,000		1,605,450
5.400%, 03/30/2050 (C)		1,740,000		2,190,677
				3,796,127
Peru – 0.1%
Republic of Peru
2.392%, 01/23/2026		1,415,000		1,487,165
2.783%, 01/23/2031		425,000		462,188
				1,949,353
Qatar – 0.1%
State of Qatar 3.400%, 04/16/2025 (C)		3,436,000		3,767,677
United Arab Emirates – 0.2%
Government of Abu Dhabi 2.500%, 04/16/2025 (C)		4,838,000		5,128,038
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $32,911,028)			$	36,108,358
CORPORATE BONDS – 32.8%
Communication services – 3.0%
Activision Blizzard, Inc.
1.350%, 09/15/2030		900,000		877,565
2.500%, 09/15/2050		1,038,000		973,773
Alphabet, Inc.
1.900%, 08/15/2040		602,000		585,334
2.250%, 08/15/2060		1,204,000		1,143,566
AT&T, Inc.
1.650%, 02/01/2028		1,346,000		1,364,181
2.250%, 02/01/2032		1,790,000		1,814,323
2.300%, 06/01/2027		2,717,000		2,881,249
2.750%, 06/01/2031		2,717,000		2,878,390
3.000%, 06/30/2022		2,085,000		2,176,392
3.100%, 02/01/2043		430,000		426,742
3.300%, 02/01/2052		1,660,000		1,643,539
3.500%, 06/01/2041		905,000		958,184
3.650%, 06/01/2051		424,000		442,696
3.850%, 06/01/2060		905,000		959,672
4.500%, 03/09/2048		1,586,000		1,857,618
4.850%, 03/01/2039		824,000		996,132
5.150%, 02/15/2050		788,000		1,007,300
5.250%, 03/01/2037		486,000		612,003
5.350%, 12/15/2043		408,000		510,087
5.375%, 10/15/2041		654,000		815,236
Charter Communications Operating LLC
4.464%, 07/23/2022		807,000		859,931
4.800%, 03/01/2050		2,549,000		2,898,604

 

The accompanying notes are an integral part of the financial statements. 12

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Communication services (continued)
Comcast Corp.
1.950%, 01/15/2031	$	2,318,000	$	2,385,191
2.450%, 08/15/2052		896,000		852,767
2.650%, 08/15/2062		987,000		946,580
2.800%, 01/15/2051		961,000		967,222
3.100%, 04/01/2025		1,729,000		1,916,815
3.700%, 04/15/2024		1,637,000		1,817,542
3.750%, 04/01/2040		2,065,000		2,435,462
3.950%, 10/15/2025		1,480,000		1,706,213
4.150%, 10/15/2028		2,122,000		2,570,509
4.600%, 10/15/2038		2,073,000		2,657,076
The Walt Disney Company
3.500%, 05/13/2040		1,034,000		1,162,131
3.600%, 01/13/2051		928,000		1,049,189
3.800%, 05/13/2060		644,000		748,294
Time Warner Cable LLC 6.550%, 05/01/2037		583,000		777,880
T-Mobile USA, Inc.
1.500%, 02/15/2026 (C)		2,260,000		2,292,612
2.050%, 02/15/2028 (C)		2,975,000		3,047,263
2.550%, 02/15/2031 (C)		2,047,000		2,140,425
3.500%, 04/15/2025 (C)		3,678,000		4,063,454
3.750%, 04/15/2027 (C)		2,795,000		3,160,893
Verizon Communications, Inc.
3.000%, 03/22/2027		850,000		948,876
3.500%, 11/01/2024		1,975,000		2,195,868
4.016%, 12/03/2029		1,019,000		1,222,785
4.272%, 01/15/2036		362,000		442,618
4.400%, 11/01/2034		1,774,000		2,213,661
4.522%, 09/15/2048		1,103,000		1,443,013
ViacomCBS, Inc.
4.200%, 05/19/2032		2,664,000		3,023,453
4.375%, 03/15/2043		246,000		262,140
4.600%, 01/15/2045		158,000		171,553
4.750%, 05/15/2025		1,403,000		1,619,572
4.950%, 05/19/2050		31,000		35,983
5.850%, 09/01/2043		593,000		738,509
Vodafone Group PLC 4.250%, 09/17/2050		1,606,000		1,864,349
				81,562,415
Consumer discretionary – 2.8%
Advance Auto Parts, Inc. 3.900%, 04/15/2030		4,442,000		4,889,107
Amazon.com, Inc.
1.500%, 06/03/2030		3,604,000		3,678,739
2.500%, 06/03/2050		991,000		996,829
2.700%, 06/03/2060		901,000		919,797
AutoNation, Inc. 4.750%, 06/01/2030		917,000		1,074,269
AutoZone, Inc. 1.650%, 01/15/2031		1,804,000		1,780,640
Best Buy Company, Inc. 4.450%, 10/01/2028		860,000		1,016,606
BorgWarner, Inc. 2.650%, 07/01/2027		1,886,000		1,999,760
Daimler Finance North America LLC 2.125%, 03/10/2025 (C)		2,381,000		2,468,216
Dollar General Corp. 3.500%, 04/03/2030		1,021,000		1,171,348
General Motors Company 5.400%, 04/01/2048		1,260,000		1,381,257
General Motors Financial Company, Inc.
1.700%, 08/18/2023		2,783,000		2,799,486
2.700%, 08/20/2027		2,797,000		2,792,695
2.750%, 06/20/2025		4,782,000		4,937,962

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer discretionary (continued)
General Motors Financial Company, Inc. (continued)
2.900%, 02/26/2025	$	2,147,000	$	2,230,860
4.350%, 04/09/2025		491,000		536,866
5.200%, 03/20/2023		2,805,000		3,059,655
Harley-Davidson Financial Services, Inc. 3.350%, 06/08/2025 (C)		1,735,000		1,841,202
Lowe's Companies, Inc.
3.650%, 04/05/2029		595,000		688,575
4.000%, 04/15/2025		917,000		1,046,558
5.000%, 04/15/2040		1,034,000		1,368,263
Marriott International, Inc.
4.625%, 06/15/2030		1,203,000		1,316,866
5.750%, 05/01/2025		1,120,000		1,257,375
McDonald's Corp.
1.450%, 09/01/2025		657,000		678,138
2.125%, 03/01/2030		241,000		250,408
3.700%, 01/30/2026		1,295,000		1,478,694
NIKE, Inc.
2.400%, 03/27/2025		1,250,000		1,346,566
2.750%, 03/27/2027		834,000		925,200
2.850%, 03/27/2030		822,000		918,964
3.375%, 03/27/2050		1,019,000		1,166,230
O'Reilly Automotive, Inc. 4.200%, 04/01/2030		881,000		1,059,429
Ralph Lauren Corp.
1.700%, 06/15/2022		1,468,000		1,497,026
2.950%, 06/15/2030		2,405,000		2,486,372
Starbucks Corp.
1.300%, 05/07/2022		1,076,000		1,092,901
3.350%, 03/12/2050		423,000		431,038
3.500%, 11/15/2050		645,000		683,374
The Home Depot, Inc.
2.500%, 04/15/2027		1,046,000		1,144,699
2.700%, 04/15/2030		1,052,000		1,164,839
2.950%, 06/15/2029		480,000		541,161
3.125%, 12/15/2049		2,406,000		2,634,142
3.350%, 04/15/2050		1,728,000		1,965,966
The Leland Stanford Junior University 1.289%, 06/01/2027		347,000		353,688
The Trustees of the University of Pennsylvania 3.610%, 02/15/2119		954,000		1,087,006
Toyota Motor Credit Corp.
1.150%, 08/13/2027		1,718,000		1,720,106
1.350%, 08/25/2023		1,637,000		1,679,513
Yale University
0.873%, 04/15/2025		1,511,000		1,528,382
1.482%, 04/15/2030		1,295,000		1,316,493
				74,403,266
Consumer staples – 1.5%
Alimentation Couche-Tard, Inc. 3.800%, 01/25/2050 (C)		452,000		486,211
Altria Group, Inc.
2.350%, 05/06/2025		369,000		392,486
3.400%, 05/06/2030		1,113,000		1,225,990
3.875%, 09/16/2046		742,000		770,005
4.450%, 05/06/2050		1,405,000		1,605,178
Anheuser-Busch Companies LLC
4.700%, 02/01/2036		1,535,000		1,830,740
4.900%, 02/01/2046		247,000		303,759
Anheuser-Busch InBev Worldwide, Inc.
4.150%, 01/23/2025		1,782,000		2,027,461
4.600%, 04/15/2048		1,131,000		1,345,292

 

The accompanying notes are an integral part of the financial statements. 13

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer staples (continued)
Bacardi, Ltd.
4.700%, 05/15/2028 (C)	$	1,537,000	$	1,789,683
5.300%, 05/15/2048 (C)		1,097,000		1,412,867
BAT Capital Corp.
3.557%, 08/15/2027		1,690,000		1,847,302
4.700%, 04/02/2027		1,810,000		2,096,790
4.906%, 04/02/2030		924,000		1,098,704
Bunge, Ltd. Finance Corp.
1.630%, 08/17/2025		2,234,000		2,246,412
3.750%, 09/25/2027		1,277,000		1,386,176
Constellation Brands, Inc.
3.200%, 02/15/2023		414,000		438,838
3.700%, 12/06/2026		695,000		800,164
3.750%, 05/01/2050		1,360,000		1,493,849
4.400%, 11/15/2025		124,000		144,648
Costco Wholesale Corp.
1.600%, 04/20/2030		5,105,000		5,225,785
1.750%, 04/20/2032		1,315,000		1,353,980
Dollar General Corp. 4.125%, 04/03/2050		194,000		232,414
General Mills, Inc. 2.875%, 04/15/2030		604,000		664,130
Hormel Foods Corp. 1.800%, 06/11/2030		1,892,000		1,960,238
Ingredion, Inc. 3.900%, 06/01/2050		817,000		932,218
Keurig Dr Pepper, Inc. 3.800%, 05/01/2050		883,000		1,019,633
Mars, Inc.
1.625%, 07/16/2032 (C)		2,185,000		2,168,000
2.450%, 07/16/2050 (C)		546,000		521,692
Sysco Corp.
2.400%, 02/15/2030		882,000		878,898
6.600%, 04/01/2050		445,000		613,855
Walmart, Inc.
3.050%, 07/08/2026		795,000		896,599
4.050%, 06/29/2048		22,000		28,379
				41,238,376
Energy – 2.3%
BP Capital Markets America, Inc.
1.749%, 08/10/2030		1,719,000		1,704,681
2.772%, 11/10/2050		2,064,000		1,946,206
3.194%, 04/06/2025		2,104,000		2,317,655
3.543%, 04/06/2027		2,120,000		2,388,430
Concho Resources, Inc. 2.400%, 02/15/2031		1,075,000		1,052,012
Devon Energy Corp.
5.000%, 06/15/2045		447,000		444,749
5.600%, 07/15/2041		683,000		713,988
Diamondback Energy, Inc. 3.250%, 12/01/2026		1,674,000		1,716,979
Ecopetrol SA
5.875%, 05/28/2045		901,000		1,022,455
6.875%, 04/29/2030		429,000		516,409
Enbridge, Inc.
2.500%, 01/15/2025		4,006,000		4,223,951
3.125%, 11/15/2029		1,833,000		1,973,506
Energy Transfer Operating LP
6.050%, 06/01/2041		394,000		397,664
6.125%, 12/15/2045		331,000		336,043
Enterprise Products Operating LLC
2.800%, 01/31/2030		718,000		766,303
3.200%, 02/15/2052		1,347,000		1,275,878
3.700%, 01/31/2051		791,000		801,616
3.950%, 01/31/2060		875,000		885,531

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Energy (continued)
Enterprise Products Operating LLC (continued)
4.200%, 01/31/2050	$	320,000	$	348,136
Equinor ASA
1.750%, 01/22/2026		1,297,000		1,358,597
3.250%, 11/18/2049		622,000		666,765
Magellan Midstream Partners LP 3.250%, 06/01/2030		1,731,000		1,870,513
Marathon Oil Corp. 4.400%, 07/15/2027		1,661,000		1,703,126
Marathon Petroleum Corp.
3.625%, 09/15/2024		2,230,000		2,404,151
4.500%, 04/01/2048		216,000		230,468
4.700%, 05/01/2025		1,582,000		1,805,876
4.750%, 12/15/2023		677,000		750,218
MPLX LP
1.750%, 03/01/2026		1,344,000		1,343,593
2.650%, 08/15/2030		1,805,000		1,787,821
Noble Energy, Inc.
3.850%, 01/15/2028		399,000		452,591
3.900%, 11/15/2024		922,000		1,022,706
4.200%, 10/15/2049		756,000		915,615
4.950%, 08/15/2047		624,000		817,191
Oleoducto Central SA 4.000%, 07/14/2027 (C)		553,000		576,226
ONEOK, Inc. 3.400%, 09/01/2029		173,000		170,067
Petroleos Mexicanos
2.378%, 04/15/2025		437,500		453,806
2.460%, 12/15/2025		1,870,550		1,946,829
Pioneer Natural Resources Company 1.900%, 08/15/2030		2,254,000		2,179,663
Plains All American Pipeline LP
3.550%, 12/15/2029		1,710,000		1,701,964
4.900%, 02/15/2045		366,000		349,585
Schlumberger Finance Canada, Ltd. 2.650%, 11/20/2022 (C)		854,000		886,265
Suncor Energy, Inc.
2.800%, 05/15/2023		2,232,000		2,352,300
3.100%, 05/15/2025		1,796,000		1,966,910
Sunoco Logistics Partners Operations LP 5.300%, 04/01/2044		569,000		538,495
Tengizchevroil Finance Company International, Ltd. 2.625%, 08/15/2025 (C)		1,406,000		1,428,935
The Williams Companies, Inc.
3.900%, 01/15/2025		599,000		659,488
5.400%, 03/04/2044		848,000		989,215
Total Capital International SA
2.986%, 06/29/2041		703,000		732,118
3.127%, 05/29/2050		1,323,000		1,385,281
Transcontinental Gas Pipe Line Company LLC
3.250%, 05/15/2030 (C)		895,000		976,533
3.950%, 05/15/2050 (C)		1,433,000		1,553,974
				62,809,077
Financials – 9.2%
Affiliated Managers Group, Inc. 3.300%, 06/15/2030		2,703,000		2,893,923
American Financial Group, Inc. 5.250%, 04/02/2030		2,179,000		2,656,523
American International Group, Inc.
3.400%, 06/30/2030		1,908,000		2,112,634
4.200%, 04/01/2028		1,270,000		1,481,474
4.500%, 07/16/2044		1,131,000		1,326,693

 

The accompanying notes are an integral part of the financial statements. 14

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Financials (continued)
American International Group, Inc. (continued)
4.750%, 04/01/2048	$	1,755,000	$	2,137,418
Arch Capital Group, Ltd. 3.635%, 06/30/2050		1,123,000		1,197,961
Ares Capital Corp. 3.875%, 01/15/2026		2,696,000		2,735,854
Asian Development Bank 0.625%, 04/07/2022		3,258,000		3,278,195
Athene Holding, Ltd. 6.150%, 04/03/2030		2,656,000		3,210,189
Banco Santander SA
2.746%, 05/28/2025		1,600,000		1,700,670
3.490%, 05/28/2030		800,000		876,645
Bank of America Corp.
4.125%, 01/22/2024		282,000		315,350
4.183%, 11/25/2027		2,395,000		2,761,108
Bank of America Corp. (1.898% to 7-23-30, then SOFR + 1.530%) 07/23/2031		2,146,000		2,165,096
Bank of America Corp. (2.456% to 10-22-24, then 3 month LIBOR + 0.870%) 10/22/2025		2,341,000		2,480,262
Bank of America Corp. (2.592% to 4-29-30, then SOFR + 2.150%) 04/29/2031		879,000		935,338
Bank of America Corp. (3.004% to 12-20-22, then 3 month LIBOR + 0.790%) 12/20/2023		4,489,000		4,730,889
Bank of America Corp. (3.093% to 10-1-24, then 3 month LIBOR + 1.090%) 10/01/2025		3,211,000		3,487,129
Bank of America Corp. (3.419% to 12-20-27, then 3 month LIBOR + 1.040%) 12/20/2028		5,783,000		6,462,494
Bank of America Corp. (4.271% to 7-23-28, then 3 month LIBOR + 1.310%) 07/23/2029		4,261,000		5,034,050
Barclays PLC (2.645% to 6-24-30, then 1 Year CMT + 1.900%) 06/24/2031		1,213,000		1,231,591
Barclays PLC (5.088% to 6-20-29, then 3 month LIBOR + 3.054%) 06/20/2030		3,021,000		3,507,419
BNP Paribas SA (2.219% to 6-9-25, then SOFR + 2.070%) 06/09/2026 (C)		2,695,000		2,810,367
BNP Paribas SA (2.819% to 11-19-24, then 3 month LIBOR + 1.111%) 11/19/2025 (C)		4,984,000		5,307,862
BNP Paribas SA (3.052% to 1-13-30, then SOFR + 1.507%) 01/13/2031 (C)		977,000		1,054,696
Brighthouse Financial, Inc. 4.700%, 06/22/2047		948,000		910,360
Brookfield Finance, Inc.
3.900%, 01/25/2028		1,725,000		1,951,802
4.350%, 04/15/2030		2,216,000		2,574,624
Citigroup, Inc. 3.200%, 10/21/2026		1,682,000		1,872,589
Citigroup, Inc. (2.572% to 6-3-30, then SOFR + 2.107%) 06/03/2031		3,470,000		3,666,777
Citigroup, Inc. (2.976% to 11-5-29, then SOFR + 1.422%) 11/05/2030		2,414,000		2,621,168
Citigroup, Inc. (3.106% to 4-8-25, then SOFR + 2.750%) 04/08/2026		9,718,000		10,543,576
Citigroup, Inc. (4.412% to 3-31-30, then SOFR + 3.910%) 03/31/2031		5,419,000		6,581,308

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Financials (continued)
Credit Suisse Group AG 3.574%, 01/09/2023 (C)	$	2,651,000	$	2,752,534
Credit Suisse Group AG (2.193% to 6-5-25, then SOFR + 2.044%) 06/05/2026 (C)		3,289,000		3,400,266
Credit Suisse Group AG (2.593% to 9-11-24, then SOFR + 1.560%) 09/11/2025 (C)		608,000		636,449
Credit Suisse Group AG (2.997% to 12-14-22, then 3 month LIBOR + 1.200%) 12/14/2023 (C)		1,471,000		1,536,562
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 06/09/2023		1,326,000		1,432,149
Danske Bank A/S 5.000%, 01/12/2022 (C)		2,133,000		2,248,527
Danske Bank A/S (3.001% to 9-20-21, then 3 month LIBOR + 1.249%) 09/20/2022 (C)		4,164,000		4,251,652
Danske Bank A/S (3.244% to 12-20-24, then 3 month LIBOR + 1.591%) 12/20/2025 (C)		3,884,000		4,167,362
Element Fleet Management Corp. 3.850%, 06/15/2025 (C)		1,735,000		1,831,098
Fidelity National Financial, Inc. 3.400%, 06/15/2030		1,406,000		1,515,855
GE Capital Funding LLC
3.450%, 05/15/2025 (C)		3,629,000		3,849,771
4.400%, 05/15/2030 (C)		742,000		782,093
GE Capital International Funding Company 4.418%, 11/15/2035		2,983,000		3,079,884
HSBC Holdings PLC (1.645% to 4-18-25, then SOFR + 1.538%) 04/18/2026		3,855,000		3,885,364
HSBC Holdings PLC (2.357% to 8-18-30, then SOFR + 1.947%) 08/18/2031		1,299,000		1,313,375
Inter-American Development Bank 0.875%, 04/03/2025		3,341,000		3,410,561
Intercontinental Exchange, Inc.
1.850%, 09/15/2032		1,803,000		1,825,471
2.650%, 09/15/2040		631,000		638,696
JPMorgan Chase & Co. 2.950%, 10/01/2026		250,000		276,915
JPMorgan Chase & Co. (1.514% to 6-1-23, then SOFR + 1.455%) 06/01/2024		8,646,000		8,841,792
JPMorgan Chase & Co. (2.182% to 6-1-27, then SOFR + 1.890%) 06/01/2028		2,593,000		2,711,557
JPMorgan Chase & Co. (2.956% to 5-13-30, then SOFR + 2.515%) 05/13/2031		3,592,000		3,856,358
JPMorgan Chase & Co. (3.207% to 4-1-22, then 3 month LIBOR + 0.695%) 04/01/2023		2,760,000		2,878,362
JPMorgan Chase & Co. (4.493% to 3-24-30, then SOFR + 3.790%) 03/24/2031		1,029,000		1,265,561
Landwirtschaftliche Rentenbank 0.500%, 05/27/2025		5,186,000		5,207,750
Lloyds Banking Group PLC (1.326% to 6-15-22, then 1 Year CMT + 1.100%) 06/15/2023		1,762,000		1,778,897

 

The accompanying notes are an integral part of the financial statements. 15

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Financials (continued)
Lloyds Banking Group PLC (3.870% to 7-9-24, then 1 Year CMT + 3.500%) 07/09/2025	$	4,678,000	$	5,143,642
MDGH - GMTN BV 2.875%, 11/07/2029 (C)		1,474,000		1,586,640
National Australia Bank, Ltd. 2.332%, 08/21/2030 (C)		2,428,000		2,424,684
Nationwide Building Society (4.363% to 8-1-23, then 3 month LIBOR + 1.392%) 08/01/2024 (C)		1,634,000		1,788,861
Nationwide Financial Services, Inc. 3.900%, 11/30/2049 (C)		2,035,000		2,082,420
Nationwide Mutual Insurance Company 4.350%, 04/30/2050 (C)		1,155,000		1,265,721
Natwest Group PLC (3.754% to 11-1-24, then 5 Year CMT + 2.100%) 11/01/2029		1,384,000		1,460,424
Nomura Holdings, Inc.
2.648%, 01/16/2025		1,545,000		1,628,568
2.679%, 07/16/2030		1,281,000		1,329,620
3.103%, 01/16/2030		4,147,000		4,439,398
S&P Global, Inc.
1.250%, 08/15/2030		864,000		852,948
2.300%, 08/15/2060		1,031,000		950,215
Santander Holdings USA, Inc.
3.244%, 10/05/2026		1,933,000		2,055,709
3.400%, 01/18/2023		622,000		652,569
3.450%, 06/02/2025		3,640,000		3,922,447
4.400%, 07/13/2027		865,000		964,742
4.500%, 07/17/2025		191,000		211,224
Santander UK Group Holdings PLC (1.532% to 8-21-25, then 1 Year CMT + 1.250%) 08/21/2026		5,593,000		5,593,533
Scentre Group Trust 1 3.625%, 01/28/2026 (C)		1,339,000		1,430,480
Societe Generale SA 2.625%, 10/16/2024 to 01/22/2025 (C)		4,385,000		4,586,667
Societe Generale SA (3.653% to 7-8-30, then 5 Year CMT + 3.000%) 07/08/2035 (C)		1,136,000		1,166,527
SVB Financial Group 3.125%, 06/05/2030		692,000		768,623
Swedish Export Credit 0.750%, 04/06/2023		4,416,000		4,462,275
The Andrew W. Mellon Foundation 0.947%, 08/01/2027		1,032,000		1,035,266
The Goldman Sachs Group, Inc.
3.500%, 04/01/2025 to 11/16/2026		9,492,000		10,541,837
3.850%, 01/26/2027		1,405,000		1,599,842
4.000%, 03/03/2024		364,000		403,278
6.750%, 10/01/2037		1,437,000		2,099,403
The Goldman Sachs Group, Inc. (3.272% to 9-29-24, then 3 month LIBOR + 1.201%) 09/29/2025		414,000		450,944
The Royal Bank of Scotland Group PLC (2.359% to 5-22-23, then 1 Year CMT + 2.150%) 05/22/2024		695,000		719,514
The Royal Bank of Scotland Group PLC (3.073% to 5-22-27, then 1 Year CMT + 2.550%) 05/22/2028		1,258,000		1,346,079
The Royal Bank of Scotland Group PLC (4.445% to 5-8-29, then 3 month LIBOR + 1.871%) 05/08/2030		1,280,000		1,503,755
Trust Fibra Uno
4.869%, 01/15/2030 (C)		1,186,000		1,203,790

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Financials (continued)
Trust Fibra Uno (continued)
6.390%, 01/15/2050 (C)	$	721,000	$	744,072
UBS Group AG (1.364% to 1-30-26, then 1 Year CMT + 1.080%) 01/30/2027 (C)		2,699,000		2,723,203
UBS Group AG (2.859% to 8-15-22, then 3 month LIBOR + 0.954%) 08/15/2023 (C)		4,185,000		4,353,958
US Bancorp 1.375%, 07/22/2030		648,000		641,577
				248,123,350
Health care – 4.0%
Abbott Laboratories 3.750%, 11/30/2026		1,066,000		1,247,045
AbbVie, Inc.
2.300%, 11/21/2022 (C)		4,936,000		5,129,379
2.600%, 11/21/2024 (C)		2,106,000		2,257,023
2.900%, 11/06/2022		2,726,000		2,868,079
2.950%, 11/21/2026 (C)		846,000		930,456
3.200%, 11/21/2029 (C)		3,569,000		3,950,067
3.750%, 11/14/2023		228,000		249,823
3.800%, 03/15/2025 (C)		3,519,000		3,933,942
4.050%, 11/21/2039 (C)		983,000		1,146,519
4.250%, 11/14/2028		635,000		755,910
4.250%, 11/21/2049 (C)		2,230,000		2,684,069
4.450%, 05/14/2046		623,000		750,979
Aetna, Inc. 3.875%, 08/15/2047		671,000		778,987
Amgen, Inc.
2.300%, 02/25/2031		1,357,000		1,424,645
3.150%, 02/21/2040		928,000		979,829
Anthem, Inc.
2.250%, 05/15/2030		2,242,000		2,324,720
3.125%, 05/15/2050		901,000		945,328
3.650%, 12/01/2027		1,160,000		1,331,822
AstraZeneca PLC 0.700%, 04/08/2026		2,592,000		2,568,862
Biogen, Inc. 3.150%, 05/01/2050		829,000		838,935
Bristol-Myers Squibb Company
3.200%, 06/15/2026		1,710,000		1,944,181
3.400%, 07/26/2029		1,113,000		1,298,850
3.450%, 11/15/2027		1,221,000		1,402,570
3.875%, 08/15/2025		942,000		1,084,410
3.900%, 02/20/2028		1,309,000		1,526,531
4.250%, 10/26/2049		689,000		914,589
4.350%, 11/15/2047		406,000		541,255
Cigna Corp.
3.400%, 09/17/2021 to 03/01/2027		3,924,000		4,227,463
3.875%, 10/15/2047		1,796,000		2,019,306
4.375%, 10/15/2028		425,000		508,610
CVS Health Corp.
1.300%, 08/21/2027		2,253,000		2,238,823
2.700%, 08/21/2040		628,000		611,530
3.000%, 08/15/2026		913,000		1,001,716
3.700%, 03/09/2023		974,000		1,048,427
4.780%, 03/25/2038		652,000		798,657
Danaher Corp. 3.350%, 09/15/2025		848,000		948,396
DH Europe Finance II Sarl
2.050%, 11/15/2022		1,352,000		1,398,146
2.200%, 11/15/2024		2,316,000		2,454,813
2.600%, 11/15/2029		2,911,000		3,166,541
3.400%, 11/15/2049		705,000		821,085

 

The accompanying notes are an integral part of the financial statements. 16

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Health care (continued)
Eli Lilly & Company
2.250%, 05/15/2050	$	1,282,000	$	1,214,985
2.500%, 09/15/2060		1,288,000		1,221,888
HCA, Inc. 5.250%, 06/15/2049		451,000		563,310
Johnson & Johnson
1.300%, 09/01/2030		863,000		872,245
2.100%, 09/01/2040		302,000		301,041
2.450%, 09/01/2060		430,000		419,663
Merck & Company, Inc.
1.450%, 06/24/2030		1,780,000		1,805,427
2.350%, 06/24/2040		619,000		628,945
2.450%, 06/24/2050		619,000		617,394
3.700%, 02/10/2045		589,000		715,350
Perrigo Finance Unlimited Company 4.900%, 12/15/2044		737,000		795,371
Pfizer, Inc.
2.550%, 05/28/2040		1,289,000		1,345,685
2.700%, 05/28/2050		396,000		410,932
2.800%, 03/11/2022		813,000		844,004
Regeneron Pharmaceuticals, Inc.
1.750%, 09/15/2030		3,438,000		3,352,579
2.800%, 09/15/2050		1,289,000		1,225,606
Royalty Pharma PLC
0.750%, 09/02/2023 (C)		1,295,000		1,294,290
1.200%, 09/02/2025 (C)		1,295,000		1,291,311
3.550%, 09/02/2050 (C)		604,000		578,859
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/2023		1,759,000		1,873,005
Stryker Corp.
1.150%, 06/15/2025		1,812,000		1,840,747
1.950%, 06/15/2030		1,649,000		1,691,304
2.900%, 06/15/2050		1,270,000		1,319,163
Takeda Pharmaceutical Company, Ltd.
2.050%, 03/31/2030		2,164,000		2,196,763
3.175%, 07/09/2050		1,428,000		1,450,945
3.375%, 07/09/2060		588,000		607,314
4.400%, 11/26/2023		1,642,000		1,834,902
Thermo Fisher Scientific, Inc. 4.497%, 03/25/2030		3,156,000		3,924,782
UnitedHealth Group, Inc.
2.000%, 05/15/2030		483,000		505,658
2.750%, 05/15/2040		1,078,000		1,136,973
3.125%, 05/15/2060		448,000		487,627
3.500%, 08/15/2039		289,000		334,876
3.700%, 12/15/2025		913,000		1,049,752
3.750%, 10/15/2047		728,000		868,986
3.875%, 08/15/2059		463,000		576,091
Upjohn, Inc. 4.000%, 06/22/2050 (C)		863,000		939,681
				109,189,772
Industrials – 2.1%
Adani Ports & Special Economic Zone, Ltd. 4.200%, 08/04/2027 (C)		1,556,000		1,594,376
AerCap Ireland Capital DAC
3.500%, 05/26/2022		828,000		832,510
3.950%, 02/01/2022		458,000		463,780
4.450%, 04/03/2026		526,000		530,173
4.625%, 07/01/2022		389,000		398,608
4.875%, 01/16/2024		899,000		926,788
6.500%, 07/15/2025		1,747,000		1,900,054
Aviation Capital Group LLC 5.500%, 12/15/2024 (C)		2,256,000		2,320,040

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Industrials (continued)
Burlington Northern Santa Fe LLC 3.050%, 02/15/2051	$	605,000	$	665,377
Crowley Conro LLC 4.181%, 08/15/2043		840,187		1,053,441
CSX Corp.
4.300%, 03/01/2048		108,000		136,129
4.750%, 11/15/2048		587,000		787,777
Deere & Company
2.750%, 04/15/2025		1,765,000		1,931,333
3.750%, 04/15/2050		777,000		953,334
General Dynamics Corp. 4.250%, 04/01/2040		352,000		441,473
General Electric Company
3.100%, 01/09/2023		296,000		312,037
3.450%, 05/01/2027		2,518,000		2,673,293
3.625%, 05/01/2030		1,292,000		1,330,082
5.875%, 01/14/2038		141,000		162,828
Highwoods Realty LP 2.600%, 02/01/2031		989,000		982,617
Hutama Karya Persero PT 3.750%, 05/11/2030 (C)		933,000		1,020,702
International Lease Finance Corp. 5.875%, 08/15/2022		646,000		699,831
John Deere Capital Corp.
0.550%, 07/05/2022		2,589,000		2,602,125
1.200%, 04/06/2023		1,994,000		2,037,897
1.750%, 03/09/2027		1,195,000		1,249,815
Northrop Grumman Corp.
2.550%, 10/15/2022		2,677,000		2,800,349
2.930%, 01/15/2025		120,000		130,931
3.250%, 08/01/2023 to 01/15/2028		3,994,000		4,397,912
4.030%, 10/15/2047		879,000		1,070,474
5.150%, 05/01/2040		1,319,000		1,783,073
Raytheon Technologies Corp.
3.650%, 08/16/2023		173,000		188,347
3.950%, 08/16/2025		1,219,000		1,394,419
4.450%, 11/16/2038		1,135,000		1,399,682
Southwest Airlines Company
4.750%, 05/04/2023		1,809,000		1,930,061
5.125%, 06/15/2027		2,714,000		2,959,931
The Boeing Company
2.700%, 02/01/2027		990,000		960,610
2.950%, 02/01/2030		897,000		874,370
3.750%, 02/01/2050		962,000		860,495
5.150%, 05/01/2030		437,000		489,294
Union Pacific Corp.
2.150%, 02/05/2027		1,339,000		1,425,965
2.400%, 02/05/2030		1,657,000		1,790,286
2.950%, 03/01/2022		1,500,000		1,558,074
3.150%, 03/01/2024		718,000		777,304
3.250%, 02/05/2050		2,128,000		2,331,403
3.750%, 02/05/2070		269,000		303,241
4.300%, 03/01/2049		222,000		285,484
				57,718,125
Information technology – 2.8%
Adobe, Inc. 2.300%, 02/01/2030		1,294,000		1,397,848
Apple, Inc.
2.050%, 09/11/2026		2,715,000		2,918,805
2.550%, 08/20/2060		1,978,000		1,931,873
2.650%, 05/11/2050		1,641,000		1,685,778
3.200%, 05/13/2025		622,000		697,357
4.250%, 02/09/2047		740,000		972,287
Broadcom Corp. 3.875%, 01/15/2027		2,051,000		2,272,781

 

The accompanying notes are an integral part of the financial statements. 17

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Information technology (continued)
Broadcom, Inc.
3.150%, 11/15/2025	$	4,738,000	$	5,129,070
4.150%, 11/15/2030		2,688,000		3,023,154
4.250%, 04/15/2026		1,451,000		1,645,188
4.700%, 04/15/2025		2,132,000		2,436,424
Dell International LLC
4.900%, 10/01/2026 (C)		431,000		487,651
5.300%, 10/01/2029 (C)		869,000		991,100
6.100%, 07/15/2027 (C)		863,000		1,015,647
Fiserv, Inc.
3.200%, 07/01/2026		1,451,000		1,626,478
3.500%, 07/01/2029		1,553,000		1,766,310
4.200%, 10/01/2028		144,000		171,240
Flex, Ltd. 4.875%, 05/12/2030		2,254,000		2,565,470
HP, Inc. 2.200%, 06/17/2025		2,731,000		2,885,495
IBM Corp.
3.300%, 05/15/2026		457,000		518,774
4.150%, 05/15/2039		655,000		802,861
Intel Corp. 4.600%, 03/25/2040		860,000		1,139,395
KLA Corp. 3.300%, 03/01/2050		1,152,000		1,221,602
Micron Technology, Inc. 2.497%, 04/24/2023		2,673,000		2,791,221
Microsoft Corp.
2.525%, 06/01/2050		691,000		722,915
2.675%, 06/01/2060		1,094,000		1,149,592
2.875%, 02/06/2024		516,000		556,853
4.100%, 02/06/2037		857,000		1,103,069
NVIDIA Corp.
2.850%, 04/01/2030		1,341,000		1,494,730
3.500%, 04/01/2050		3,043,000		3,439,792
NXP BV
2.700%, 05/01/2025 (C)		858,000		914,718
3.150%, 05/01/2027 (C)		1,460,000		1,595,208
3.400%, 05/01/2030 (C)		987,000		1,092,721
3.875%, 06/18/2026 (C)		3,001,000		3,385,279
4.300%, 06/18/2029 (C)		1,133,000		1,318,560
Oracle Corp.
2.625%, 02/15/2023		1,121,000		1,178,886
2.800%, 04/01/2027		2,585,000		2,835,628
2.950%, 11/15/2024		599,000		653,883
3.800%, 11/15/2037		612,000		708,581
3.850%, 04/01/2060		1,427,000		1,646,377
4.000%, 11/15/2047		1,303,000		1,531,991
PayPal Holdings, Inc.
1.350%, 06/01/2023		2,336,000		2,390,251
1.650%, 06/01/2025		3,270,000		3,394,627
ServiceNow, Inc. 1.400%, 09/01/2030		1,802,000		1,769,687
Texas Instruments, Inc. 1.375%, 03/12/2025		1,072,000		1,111,494
				76,088,651
Materials – 0.9%
Barrick North America Finance LLC
5.700%, 05/30/2041		1,034,000		1,457,560
5.750%, 05/01/2043		392,000		570,254
DuPont de Nemours, Inc. 4.205%, 11/15/2023		139,000		153,569
Georgia-Pacific LLC
1.750%, 09/30/2025 (C)		2,856,000		2,985,295
2.100%, 04/30/2027 (C)		1,378,000		1,451,161
2.300%, 04/30/2030 (C)		1,453,000		1,541,710

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Materials (continued)
International Paper Company 4.400%, 08/15/2047	$	850,000	$	1,020,757
Newmont Corp. 2.250%, 10/01/2030		1,354,000		1,413,580
Nucor Corp.
2.000%, 06/01/2025		903,000		947,205
2.700%, 06/01/2030		903,000		971,248
Nutrien, Ltd.
2.950%, 05/13/2030		1,160,000		1,262,281
5.000%, 04/01/2049		1,309,000		1,705,493
Reliance Steel & Aluminum Company
1.300%, 08/15/2025		713,000		714,510
2.150%, 08/15/2030		1,855,000		1,836,381
Steel Dynamics, Inc.
2.400%, 06/15/2025		655,000		689,523
3.250%, 01/15/2031		655,000		703,254
Teck Resources, Ltd. 3.900%, 07/15/2030 (C)		969,000		992,930
The Dow Chemical Company
2.100%, 11/15/2030		2,590,000		2,556,653
3.600%, 11/15/2050		914,000		936,182
				23,909,546
Real estate – 1.2%
Agree LP 2.900%, 10/01/2030		628,000		644,201
Crown Castle International Corp.
3.300%, 07/01/2030		2,430,000		2,696,797
4.000%, 03/01/2027		422,000		484,844
Equinix, Inc.
2.625%, 11/18/2024		1,142,000		1,222,111
2.900%, 11/18/2026		2,383,000		2,601,187
Federal Realty Investment Trust 3.950%, 01/15/2024		1,343,000		1,456,014
GLP Capital LP
4.000%, 01/15/2030		701,000		727,358
5.300%, 01/15/2029		856,000		946,719
Healthpeak Properties, Inc. 2.875%, 01/15/2031		850,000		906,801
Kilroy Realty LP 2.500%, 11/15/2032		1,076,000		1,053,224
Kimco Realty Corp. 1.900%, 03/01/2028		896,000		881,317
Mid-America Apartments LP
1.700%, 02/15/2031		795,000		781,395
3.600%, 06/01/2027		126,000		141,435
3.750%, 06/15/2024		1,984,000		2,157,170
3.950%, 03/15/2029		852,000		988,074
4.000%, 11/15/2025		1,038,000		1,179,260
4.300%, 10/15/2023		868,000		948,927
Realty Income Corp. 3.250%, 01/15/2031		1,935,000		2,150,209
Regency Centers LP 2.950%, 09/15/2029		1,843,000		1,899,063
Spirit Realty LP
3.200%, 02/15/2031		1,999,000		1,952,250
3.400%, 01/15/2030		1,021,000		1,016,284
4.000%, 07/15/2029		491,000		514,234
4.450%, 09/15/2026		97,000		104,938
STORE Capital Corp.
4.500%, 03/15/2028		3,190,000		3,370,276
4.625%, 03/15/2029		1,080,000		1,151,451
VEREIT Operating Partnership LP 3.400%, 01/15/2028		905,000		936,603
				32,912,142

 

The accompanying notes are an integral part of the financial statements. 18

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Utilities – 3.0%
Alabama Power Company 3.450%, 10/01/2049	$	1,178,000	$	1,347,077
Ameren Corp. 3.500%, 01/15/2031		404,000		463,079
Arizona Public Service Company 3.150%, 05/15/2025		1,718,000		1,894,785
Black Hills Corp.
3.050%, 10/15/2029		1,452,000		1,581,272
3.875%, 10/15/2049		762,000		870,733
CenterPoint Energy Houston Electric LLC 2.900%, 07/01/2050		585,000		624,002
CenterPoint Energy Resources Corp. 4.100%, 09/01/2047		828,000		950,003
CenterPoint Energy, Inc.
2.500%, 09/01/2022 to 09/01/2024		2,018,000		2,142,635
2.950%, 03/01/2030		719,000		790,507
Consumers Energy Company 2.500%, 05/01/2060		718,000		694,764
Dominion Energy, Inc.
2.000%, 08/15/2021		1,193,000		1,209,095
2.850%, 08/15/2026		1,099,000		1,213,530
DTE Electric Company 2.950%, 03/01/2050		1,873,000		1,984,218
DTE Energy Company
1.050%, 06/01/2025		1,720,000		1,728,579
2.529%, 10/01/2024		227,000		241,783
2.950%, 03/01/2030		1,135,000		1,226,953
3.800%, 03/15/2027		1,708,000		1,922,053
Duke Energy Corp.
1.800%, 09/01/2021		1,786,000		1,810,135
2.450%, 06/01/2030		1,394,000		1,470,312
2.650%, 09/01/2026		1,107,000		1,208,364
Duke Energy Ohio, Inc. 2.125%, 06/01/2030		1,297,000		1,370,976
Duke Energy Progress LLC 2.500%, 08/15/2050		1,031,000		1,013,101
Evergy Kansas Central, Inc. 3.450%, 04/15/2050		2,293,000		2,625,651
Evergy Metro, Inc. 2.250%, 06/01/2030		1,729,000		1,842,120
Evergy, Inc.
2.450%, 09/15/2024		1,584,000		1,680,754
2.900%, 09/15/2029		1,125,000		1,216,641
Exelon Corp. 4.700%, 04/15/2050		1,566,000		2,010,679
FirstEnergy Corp.
1.600%, 01/15/2026		10,000		9,907
3.900%, 07/15/2027		1,584,000		1,736,715
4.250%, 03/15/2023		1,723,000		1,827,499
Interstate Power & Light Company 3.500%, 09/30/2049		650,000		731,326
ITC Holdings Corp. 2.700%, 11/15/2022		1,706,000		1,781,497
Metropolitan Edison Company 4.300%, 01/15/2029 (C)		1,339,000		1,576,493
MidAmerican Energy Company 3.650%, 08/01/2048		901,000		1,090,022
Mississippi Power Company
3.950%, 03/30/2028		2,081,000		2,380,420
4.250%, 03/15/2042		1,250,000		1,475,881
NextEra Energy Capital Holdings, Inc.
2.250%, 06/01/2030		2,701,000		2,829,211
2.750%, 05/01/2025		1,449,000		1,575,799

Core Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Utilities (continued)
NiSource, Inc. 0.950%, 08/15/2025	$	2,253,000	$	2,258,644
Oncor Electric Delivery Company LLC 3.700%, 11/15/2028		1,295,000		1,524,304
Pacific Gas & Electric Company
2.100%, 08/01/2027		1,697,000		1,656,185
2.500%, 02/01/2031		2,324,000		2,258,177
3.300%, 12/01/2027 (D)		1,300,000		1,336,976
3.300%, 08/01/2040		571,000		539,063
3.950%, 12/01/2047 (D)		598,000		561,969
4.500%, 07/01/2040		430,000		451,039
4.550%, 07/01/2030		1,889,000		2,086,915
Pennsylvania Electric Company 3.250%, 03/15/2028 (C)		718,000		779,422
PPL Capital Funding, Inc.
3.100%, 05/15/2026		2,059,000		2,289,744
3.400%, 06/01/2023		244,000		260,083
4.125%, 04/15/2030		2,202,000		2,601,407
5.000%, 03/15/2044		1,135,000		1,446,767
Public Service Electric & Gas Company
2.050%, 08/01/2050		344,000		313,995
2.700%, 05/01/2050		1,882,000		1,951,937
Southern California Edison Company
2.850%, 08/01/2029		862,000		916,337
4.125%, 03/01/2048		1,382,000		1,527,554
4.650%, 10/01/2043		406,000		470,175
Southern Company Gas Capital Corp. 1.750%, 01/15/2031		1,726,000		1,709,023
Trans-Allegheny Interstate Line Company 3.850%, 06/01/2025 (C)		595,000		653,625
				81,741,912
TOTAL CORPORATE BONDS (Cost $837,011,780)			$	889,696,632
MUNICIPAL BONDS – 0.4%
County of Clark Department of Aviation (Nevada) 6.820%, 07/01/2045		1,115,000		1,827,184
Los Angeles Community College District (California) 6.750%, 08/01/2049		925,000		1,698,938
North Texas Tollway Authority 6.718%, 01/01/2049		1,390,000		2,499,262
Port Authority of New York & New Jersey 4.458%, 10/01/2062		3,060,000		3,996,911
The Ohio State University 4.800%, 06/01/2111		600,000		891,336
University of Texas 2.439%, 08/15/2049		765,000		789,442
TOTAL MUNICIPAL BONDS (Cost $9,401,268)			$	11,703,073
COLLATERALIZED MORTGAGE OBLIGATIONS – 8.1%
Commercial and residential – 4.0%
Angel Oak Mortgage Trust Series 2020-2, Class A1A 2.531%, 01/26/2065 (C)(E)		1,970,960		2,005,194
Angel Oak Mortgage Trust I LLC Series 2019-2, Class A1 3.628%, 03/25/2049 (C)(E)		1,047,491		1,068,635
Angel Oak Mortgage Trust LLC Series 2020-5, Class A1 1.373%, 05/25/2065 (C)(E)		1,117,000		1,116,999

 

The accompanying notes are an integral part of the financial statements. 19

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Commercial and residential (continued)
Benchmark Mortgage Trust
Series 2018-B1, Class ASB, 3.602%, 01/15/2051 (E)	$	532,000	$	593,818
Series 2020-B18, Class A5, 1.925%, 07/15/2053		1,330,000		1,365,898
Bunker Hill Loan Depositary Trust
Series 2019-1, Class A1, 3.613%, 10/26/2048 (C)		1,352,584		1,388,337
Series 2019-2, Class A1, 2.879%, 07/25/2049 (C)		2,408,440		2,458,705
CD Mortgage Trust
Series 2016-CD1, Class A1, 1.443%, 08/10/2049		132,772		132,873
Series 2017-CD4, Class A4, 3.514%, 05/10/2050 (E)		4,839,000		5,455,267
Series 2017-CD4, Class ASB, 3.317%, 05/10/2050		702,000		765,391
Series 2017-CD6, Class ASB, 3.332%, 11/13/2050		1,764,000		1,940,983
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A1, 1.793%, 01/10/2048		99,417		99,489
Series 2017-C8, Class A1, 1.965%, 06/15/2050		86,050		86,058
Series 2017-C8, Class ASB, 3.367%, 06/15/2050		733,000		797,103
Citigroup Commercial Mortgage Trust Series 2016-P5, Class A1 1.410%, 10/10/2049		779,593		779,984
COLT Mortgage Loan Trust
Series 2019-1, Class A1, 3.705%, 03/25/2049 (C)(E)		486,446		492,420
Series 2019-2, Class A1, 3.337%, 05/25/2049 (C)(E)		1,656,804		1,673,077
Series 2019-4, Class A1, 2.579%, 11/25/2049 (C)(E)		2,023,917		2,036,482
Series 2020-2, Class A1, 1.853%, 03/25/2065 (C)(E)		2,017,909		2,025,560
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG)
Series 2013-CR6, Class A4, 3.101%, 03/10/2046		3,716,000		3,847,671
Series 2015-LC21, Class A4, 3.708%, 07/10/2048		753,000		830,768
Series 2015-LC23, Class A4, 3.774%, 10/10/2048		1,507,000		1,687,764
Series 2016-COR1, Class ASB, 2.972%, 10/10/2049		562,000		599,817
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4, 3.504%, 06/15/2057		6,737,176		7,337,698
Series 2015-C4, Class A4, 3.808%, 11/15/2048		898,000		999,662
Series 2016-C5, Class ASB, 3.533%, 11/15/2048		279,000		296,793
DBJPM Mortgage Trust
Series 2017-C6, Class ASB, 3.121%, 06/10/2050		416,000		451,097
Series 2020-C9, Class A5, 1.926%, 09/15/2053		1,773,000		1,823,615
GCAT Trust Series 2019-NQM1, Class A1 2.985%, 02/25/2059 (C)		891,833		902,302

Core Bond Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Commercial and residential (continued)
GS Mortgage Securities Trust
Series 2014-GC18, Class A3, 3.801%, 01/10/2047	$	565,161	$	602,788
Series 2014-GC18, Class A4, 4.074%, 01/10/2047		2,580,000		2,796,755
Series 2015-GC28, Class A5, 3.396%, 02/10/2048		1,593,000		1,733,650
Series 2015-GC34, Class A4, 3.506%, 10/10/2048		1,606,000		1,774,973
Impact Funding Affordable Multifamily Housing Mortgage Loan Trust Series 2010-1, Class A1 5.314%, 01/25/2051 (C)		3,077,241		3,297,096
JPMBB Commercial Mortgage Securities Trust
Series 2014-C23, Class A4, 3.670%, 09/15/2047		793,000		852,015
Series 2014-C26, Class A4, 3.494%, 01/15/2048		1,460,000		1,591,108
Series 2015-C28, Class A3, 2.912%, 10/15/2048		2,889,381		3,061,537
Series 2015-C29, Class A4, 3.611%, 05/15/2048		1,130,000		1,244,150
Series 2015-C33, Class A4, 3.770%, 12/15/2048		437,000		488,890
JPMCC Commercial Mortgage Securities Trust Series 2017-JP6, Class ASB 3.283%, 07/15/2050		781,000		850,880
JPMDB Commercial Mortgage Securities Trust
Series 2017-C5, Class ASB, 3.492%, 03/15/2050		281,000		307,492
Series 2018-C8, Class ASB, 4.145%, 06/15/2051		841,000		967,266
Series 2020-COR7, Class A5, 2.180%, 05/13/2053		888,000		927,476
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class A4, 4.218%, 07/15/2046 (E)		260,000		278,055
Series 2015-C20, Class A4, 3.249%, 02/15/2048		231,000		249,514
Series 2015-C25, Class ASB, 3.383%, 10/15/2048		842,000		889,520
Series 2015-C27, Class A4, 3.753%, 12/15/2047		226,000		249,889
Morgan Stanley Capital I Trust
Series 2016-UB11, Class A1, 1.445%, 08/15/2049		178,236		178,234
Series 2016-UB11, Class ASB, 2.606%, 08/15/2049		646,000		678,761
Series 2020-HR8, Class A4, 2.041%, 07/15/2053		1,331,000		1,366,145
New Residential Mortgage Loan Trust
Series 2019-NQM2, Class A1, 3.600%, 04/25/2049 (C)(E)		1,130,390		1,152,549
Series 2019-NQM4, Class A1, 2.492%, 09/25/2059 (C)(E)		1,894,409		1,930,065
SG Residential Mortgage Trust Series 2019-3, Class A1 2.703%, 09/25/2059 (C)(E)		1,879,345		1,894,983

 

The accompanying notes are an integral part of the financial statements. 20

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Commercial and residential (continued)
Starwood Mortgage Residential Trust
Series 2019-INV1, Class A1, 2.610%, 09/27/2049 (C)(E)	$	2,071,100	$	2,095,588
Series 2020-1, Class A1, 2.275%, 02/25/2050 (C)(E)		3,693,509		3,753,367
Series 2020-3, Class A1, 1.486%, 04/25/2065 (C)(E)		2,838,811		2,837,230
Verus Securitization Trust
Series 2019-1, Class A1, 3.836%, 02/25/2059 (C)(E)		1,168,177		1,190,033
Series 2019-2, Class A1, 3.211%, 05/25/2059 (C)(E)		3,264,567		3,329,100
Series 2019-3, Class A1, 2.784%, 07/25/2059 (C)		3,979,305		4,043,033
Series 2019-4, Class A1, 2.642%, 11/25/2059 (C)		5,550,021		5,671,841
Series 2019-INV1, Class A1, 3.402%, 12/25/2059 (C)(E)		1,125,255		1,151,294
Series 2019-INV2, Class A1, 2.913%, 07/25/2059 (C)(E)		2,145,473		2,186,565
Series 2019-INV3, Class A1, 2.692%, 11/25/2059 (C)(E)		2,580,574		2,613,261
Series 2020-1, Class A1, 2.417%, 01/25/2060 (C)(E)		1,271,706		1,297,515
Series 2020-2, Class A1, 2.226%, 05/25/2060 (C)(E)		3,257,606		3,276,328
Visio Trust Series 2019-1, Class A1 3.572%, 06/25/2054 (C)(E)		1,166,487		1,182,287
				109,050,693
U.S. Government Agency – 4.1%
Federal Home Loan Mortgage Corp.
Series 264, Class 30, 3.000%, 07/15/2042		4,135,768		4,459,122
Series 343, Class F4 (1 month LIBOR + 0.350%), 2.852%, 10/15/2037 (B)		2,467,606		2,456,082
Series 4205, Class PA, 1.750%, 05/15/2043		1,662,622		1,717,653
Series 4426, Class QC, 1.750%, 07/15/2037		2,740,816		2,836,670
Series 4705, Class A, 4.500%, 09/15/2042		1,109,201		1,150,761
Series 4742, Class PA, 3.000%, 10/15/2047		4,106,158		4,347,299
Series 4763, Class CA, 3.000%, 09/15/2038		493,639		534,127
Series 4767, Class KA, 3.000%, 03/15/2048		785,752		854,389
Series 4786, Class DP, 4.500%, 07/15/2042		452,085		456,324
Series 4846, Class PF (1 month LIBOR + 0.350%), 0.512%, 12/15/2048 (B)		729,883		731,145
Series 4880, Class DA, 3.000%, 05/15/2050		3,569,175		3,844,413
Series 4988, Class AF (1 month LIBOR + 0.350%), 0.521%, 10/15/2037 (B)		8,185,342		8,183,397
Federal National Mortgage Association
Series 1998-61, Class PL, 6.000%, 11/25/2028		201,970		229,843

Core Bond Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Federal National Mortgage Association (continued)
Series 2012-151, Class NX, 1.500%, 01/25/2043	$	2,139,298	$	2,213,222
Series 2013-11, Class AP, 1.500%, 01/25/2043		5,307,926		5,436,698
Series 2013-30, Class CA, 1.500%, 04/25/2043		488,975		500,510
Series 2013-43, Class BP, 1.750%, 05/25/2043		2,376,114		2,474,870
Series 2014-73, Class MA, 2.500%, 11/25/2044		1,464,180		1,563,906
Series 2015-84, Class PA, 1.700%, 08/25/2033		6,829,531		7,070,758
Series 2016-48, Class MA, 2.000%, 06/25/2038		8,891,858		9,227,678
Series 2016-57, Class PC, 1.750%, 06/25/2046		13,190,394		13,657,750
Series 2017-13, Class PA, 3.000%, 08/25/2046		1,562,671		1,674,012
Series 2017-42, Class H, 3.000%, 11/25/2043		1,738,673		1,800,905
Series 2017-M7, Class A2, 2.961%, 02/25/2027 (E)		633,000		699,046
Series 2018-14, Class KC, 3.000%, 03/25/2048		2,232,945		2,415,252
Series 2018-15, Class AB, 3.000%, 03/25/2048		647,609		699,757
Series 2018-8, Class KL, 2.500%, 03/25/2047		2,076,655		2,181,641
Series 2019-25, Class PA, 3.000%, 05/25/2048		4,177,202		4,488,602
Series 2019-35, Class MB, 3.000%, 07/25/2049		2,995,962		3,232,585
Series 2019-8, Class GA, 3.000%, 03/25/2049		7,089,562		7,454,260
Series 414, Class A35, 3.500%, 10/25/2042		2,024,334		2,171,563
Government National Mortgage Association
Series 2012-141, Class WA, 4.539%, 11/16/2041 (E)		450,128		497,559
Series 2017-167, Class BQ, 2.500%, 08/20/2044		1,877,228		1,947,206
Series 2019-132, Class NA, 3.500%, 09/20/2049		4,669,911		4,863,084
Series 2019-31, Class JC, 3.500%, 03/20/2049		2,422,078		2,558,571
				110,630,660
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $211,359,188)			$	219,681,353
ASSET BACKED SECURITIES – 9.5%
Americredit Automobile Receivables Trust
Series 2020-1, Class A2A 1.100%, 03/20/2023		567,000		569,019
Series 2020-2, Class A2A 0.600%, 12/18/2023		4,325,000		4,329,047
Avis Budget Rental Car Funding AESOP LLC
Series 2017-1A, Class A 3.070%, 09/20/2023 (C)		939,000		959,507

 

The accompanying notes are an integral part of the financial statements. 21

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
Avis Budget Rental Car Funding AESOP LLC (continued)
Series 2019-3A, Class A 2.360%, 03/20/2026 (C)	$	1,615,000	$	1,648,927
Series 2020-2A, Class A 2.020%, 02/20/2027 (C)		5,849,000		5,862,623
Capital One Multi-Asset Execution Trust
Series 2016-A2, Class A2 (1 month LIBOR + 0.630%) 0.792%, 02/15/2024 (B)		3,814,000		3,828,010
Series 2016-A7, Class A7 (1 month LIBOR + 0.510%) 0.672%, 09/16/2024 (B)		2,272,000		2,282,359
CNH Equipment Trust
Series 2020-A, Class A3 1.160%, 06/16/2025		1,960,000		1,987,026
Series 2020-A, Class A4 1.510%, 04/15/2027		551,000		567,181
College Ave Student Loans LLC
Series 2017-A, Class A1 (1 month LIBOR + 1.650%) 1.825%, 11/26/2046 (B)(C)		943,465		938,484
Series 2018-A, Class A2 4.130%, 12/26/2047 (C)		1,071,563		1,166,711
Series 2019-A, Class A2 3.280%, 12/28/2048 (C)		1,079,168		1,139,110
Ford Credit Auto Lease Trust Series 2020-B, Class A3 0.620%, 08/15/2023		4,941,000		4,960,533
Ford Credit Auto Owner Trust
Series 2018-1, Class A 3.190%, 07/15/2031 (C)		7,349,000		8,111,997
Series 2018-2, Class A 3.470%, 01/15/2030 (C)		4,408,000		4,770,376
Series 2019-1, Class A 3.520%, 07/15/2030 (C)		3,514,000		3,852,902
Series 2020-1, Class A 2.040%, 08/15/2031 (C)		7,009,000		7,398,976
Series 2020-A, Class A3 1.040%, 08/15/2024		2,036,000		2,061,570
Series 2020-B, Class A4 0.790%, 11/15/2025		1,756,000		1,775,350
GM Financial Automobile Leasing Trust Series 2020-2, Class A4 1.010%, 07/22/2024		512,000		518,735
GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3 1.490%, 12/16/2024		389,000		397,895
Mercedes-Benz Auto Receivables Trust
Series 2020-1, Class A3 0.550%, 02/18/2025		3,411,000		3,427,664
Series 2020-1, Class A4 0.770%, 10/15/2026		898,000		906,977
Navient Private Education Loan Trust
Series 2016-AA, Class A2B (1 month LIBOR + 2.150%) 2.312%, 12/15/2045 (B)(C)		677,854		688,819
Series 2018-BA, Class A2A 3.610%, 12/15/2059 (C)		1,307,546		1,356,573
Navient Private Education Refi Loan Trust
Series 2018-A, Class A2 3.190%, 02/18/2042 (C)		6,751,719		6,887,057
Series 2018-CA, Class A2 3.520%, 06/16/2042 (C)		748,492		769,464

Core Bond Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
Navient Private Education Refi Loan Trust (continued)
Series 2018-DA, Class A2A 4.000%, 12/15/2059 (C)	$	3,186,000	$	3,365,458
Series 2019-CA, Class A2 3.130%, 02/15/2068 (C)		3,693,000		3,822,567
Series 2019-D, Class A2A 3.010%, 12/15/2059 (C)		5,091,000		5,347,904
Series 2019-D, Class A2B (1 month LIBOR + 1.050%) 1.212%, 12/15/2059 (B)(C)		2,053,000		2,053,085
Series 2019-FA, Class A2 2.600%, 08/15/2068 (C)		5,329,000		5,504,202
Series 2019-GA, Class A 2.400%, 10/15/2068 (C)		4,663,831		4,774,260
Series 2020-A, Class A2A 2.460%, 11/15/2068 (C)		3,338,000		3,465,125
Series 2020-A, Class A2B (1 month LIBOR + 0.900%) 1.062%, 11/15/2068 (B)(C)		2,393,000		2,379,262
Series 2020-BA, Class A2 2.120%, 01/15/2069 (C)		2,124,000		2,155,364
Series 2020-CA, Class A2A 2.150%, 11/15/2068 (C)		2,018,000		2,048,724
Series 2020-DA, Class A 1.690%, 05/15/2069 (C)		2,113,009		2,136,415
Series 2020-EA, Class A 1.690%, 05/15/2069 (C)		1,176,916		1,190,282
Series 2020-FA, Class A 1.220%, 07/15/2069 (C)		1,245,000		1,246,792
Navient Student Loan Trust
Series 2016-3A, Class A2 (1 month LIBOR + 0.850%) 1.025%, 06/25/2065 (B)(C)		112,724		112,741
Series 2018-EA, Class A2 4.000%, 12/15/2059 (C)		1,964,000		2,041,826
Series 2019-BA, Class A2A 3.390%, 12/15/2059 (C)		3,938,000		4,138,809
Series 2020-1A, Class A1B (1 month LIBOR + 1.050%) 1.199%, 06/25/2069 (B)(C)		5,534,000		5,582,729
Nelnet Student Loan Trust
Series 2004-3, Class A5 (3 month LIBOR + 0.180%) 1.171%, 10/27/2036 (B)		602,855		590,756
Series 2004-4, Class A5 (3 month LIBOR + 0.160%) 0.405%, 01/25/2037 (B)		1,849,442		1,786,556
Series 2005-1, Class A5 (3 month LIBOR + 0.110%) 0.355%, 10/25/2033 (B)		7,116,119		6,818,836
Series 2005-2, Class A5 (3 month LIBOR + 0.100%) 0.406%, 03/23/2037 (B)		9,263,305		8,888,995
Series 2005-3, Class A5 (3 month LIBOR + 0.120%) 0.426%, 12/24/2035 (B)		5,800,315		5,599,839
Series 2005-4, Class A4 (3 month LIBOR + 0.180%) 0.486%, 03/22/2032 (B)		621,419		582,504
Series 2012-2A, Class A (1 month LIBOR + 0.800%) 0.975%, 12/26/2033 (B)(C)		4,064,146		4,017,847
Series 2014-1A, Class A (1 month LIBOR + 0.570%) 0.745%, 09/25/2041 (B)(C)		563,456		546,822

 

The accompanying notes are an integral part of the financial statements. 22

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust
Series 2020-1, Class A3 2.030%, 02/15/2024	$	1,025,000	$	1,045,953
Series 2020-2, Class A2A 0.620%, 05/15/2023		4,990,000		4,993,739
Santander Revolving Auto Loan Trust Series 2019-A, Class A 2.510%, 01/26/2032 (C)		6,020,000		6,415,910
SLC Student Loan Trust Series 2008-1, Class A4A (3 month LIBOR + 1.600%) 1.913%, 12/15/2032 (B)		1,590,814		1,584,906
SLM Student Loan Trust
Series 2003-1, Class A5C (3 month LIBOR + 0.750%) 1.063%, 12/15/2032 (B)(C)		889,290		824,624
Series 2007-2, Class A4 (3 month LIBOR + 0.060%) 0.305%, 07/25/2022 (B)		2,231,336		2,088,224
Series 2010-1, Class A (1 month LIBOR + 0.400%) 0.575%, 03/25/2025 (B)		347,572		330,810
Series 2012-1, Class A3 (1 month LIBOR + 0.950%) 1.125%, 09/25/2028 (B)		3,217,373		3,068,175
Series 2012-2, Class A (1 month LIBOR + 0.700%) 0.875%, 01/25/2029 (B)		2,967,818		2,789,752
Series 2012-6, Class A3 (1 month LIBOR + 0.750%) 0.925%, 05/26/2026 (B)		577,481		554,519
Series 2013-4, Class A (1 month LIBOR + 0.550%) 0.725%, 06/25/2043 (B)		4,521,672		4,414,768
SMB Private Education Loan Trust
Series 2015-A, Class A2B (1 month LIBOR + 1.000%) 1.162%, 06/15/2027 (B)(C)		719,025		720,181
Series 2015-C, Class A2B (1 month LIBOR + 1.400%) 1.562%, 07/15/2027 (B)(C)		278,457		279,370
Series 2016-A, Class A2A 2.700%, 05/15/2031 (C)		1,871,988		1,913,819
Series 2016-B, Class A2A 2.430%, 02/17/2032 (C)		308,076		314,324
Series 2016-C, Class A2B (1 month LIBOR + 1.100%) 1.262%, 09/15/2034 (B)(C)		950,364		949,430
Series 2018-C, Class A2A 3.630%, 11/15/2035 (C)		1,826,415		1,921,367
Series 2019-A, Class A2A 3.440%, 07/15/2036 (C)		5,194,000		5,457,681
Series 2020-BA, Class A1A 1.290%, 07/15/2053 (C)		5,366,000		5,359,286
Series 2020-PTA, Class A2A 1.600%, 09/15/2054 (C)		11,177,000		11,252,236
SoFi Professional Loan Program LLC
Series 2016-A, Class A2 2.760%, 12/26/2036 (C)		793,909		801,662
Series 2016-D, Class A1 (1 month LIBOR + 0.950%) 1.125%, 01/25/2039 (B)(C)		76,311		76,271
Series 2016-E, Class A1 (1 month LIBOR + 0.850%) 1.025%, 07/25/2039 (B)(C)		166,897		166,447

Core Bond Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
SoFi Professional Loan Program LLC (continued)
Series 2017-A, Class A1 (1 month LIBOR + 0.700%) 0.875%, 03/26/2040 (B)(C)	$	294,211	$	293,892
Series 2017-C, Class A1 (1 month LIBOR + 0.600%) 0.775%, 07/25/2040 (B)(C)		421,673		420,130
Series 2017-D, Class A2FX 2.650%, 09/25/2040 (C)		934,662		957,608
Series 2017-E, Class A1 (1 month LIBOR + 0.500%) 0.675%, 11/26/2040 (B)(C)		118,286		118,067
Series 2017-E, Class A2B 2.720%, 11/26/2040 (C)		3,091,987		3,142,236
Series 2018-A, Class A2B 2.950%, 02/25/2042 (C)		1,487,000		1,537,381
Series 2020-A, Class A2FX 2.540%, 05/15/2046 (C)		4,799,000		4,988,678
Series 2020-C, Class AFX 1.950%, 02/15/2046 (C)		3,885,924		3,963,819
SoFi Professional Loan Program Trust Series 2018-B, Class A2FX 3.340%, 08/25/2047 (C)		11,367,000		11,736,661
Triton Container Finance VIII LLC Series 2020-1A, Class A 2.110%, 09/20/2045 (C)		2,095,000		2,094,728
Verizon Owner Trust
Series 2019-C, Class A1A 1.940%, 04/22/2024		2,176,000		2,231,383
Series 2020-A, Class A1A 1.850%, 07/22/2024		5,078,000		5,215,875
Series 2020-B, Class A 0.470%, 02/20/2025		7,126,000		7,123,378
Volkswagen Auto Loan Enhanced Trust
Series 2020-1, Class A3 0.980%, 11/20/2024		2,639,000		2,670,581
Series 2020-1, Class A4 1.260%, 08/20/2026		925,000		947,594
TOTAL ASSET BACKED SECURITIES (Cost $253,690,108)			$	258,126,057
SHORT-TERM INVESTMENTS – 8.0%
Short-term funds – 8.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (F)		217,020,553		217,020,553
TOTAL SHORT-TERM INVESTMENTS (Cost $217,020,553)			$	217,020,553
Total Investments (Core Bond Fund) (Cost $3,004,899,142) – 114.0%			$	3,093,883,956
Other assets and liabilities, net – (14.0%)				(380,273,464)
TOTAL NET ASSETS – 100.0%			$	2,713,610,492

Security Abbreviations and Legend
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced. A forward mortgage-backed securities trade issued by a U.S. Government Agency, to be delivered at an agreed-upon future settlement date.
(A)	Security purchased or sold on a when-issued or delayed delivery basis.
(B)	Variable rate obligation. The coupon rate shown represents the rate at period end.

 

The accompanying notes are an integral part of the financial statements. 23

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Core Bond Fund (continued)

(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. Rule 144A securities amounted to $379,642,404 or 14.0% of the fund's net assets as of 8-31-20.
(D)	Non-income producing - Issuer is in default.
(E)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(F)	The rate shown is the annualized seven-day yield as of 8-31-20.

High Yield Fund

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS – 1.0%
Argentina – 0.5%
Provincia de Buenos Aires 7.875%, 06/15/2027 (A)	$	870,000	$	408,909
Republic of Argentina
5.625%, 01/26/2022 (A)		470,000		223,250
6.875%, 01/26/2027 (A)		430,000		190,709
7.500%, 04/22/2026 (A)		330,000		150,153
				973,021
Brazil – 0.5%
Federative Republic of Brazil 10.000%, 01/01/2021 to 01/01/2027	BRL	4,205,000		875,466
Indonesia – 0.0%
Republic of Indonesia 8.375%, 03/15/2034	IDR	543,000,000		40,461
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $3,428,169)			$	1,888,948
CORPORATE BONDS – 84.9%
Communication services – 13.8%
Allen Media LLC 10.500%, 02/15/2028 (B)	$	950,000		940,795
Altice France Holding SA 10.500%, 05/15/2027 (B)		290,000		332,413
Altice France SA 7.375%, 05/01/2026 (B)		2,530,000		2,685,955
CCO Holdings LLC
4.250%, 02/01/2031 (B)		100,000		104,472
4.500%, 05/01/2032 (B)		260,000		275,571
5.125%, 05/01/2027 (B)		1,270,000		1,352,575
5.750%, 02/15/2026 (B)		215,000		225,333
CenturyLink, Inc. 4.000%, 02/15/2027 (B)		370,000		375,968
Charter Communications Operating LLC 6.484%, 10/23/2045		250,000		333,955
Clear Channel International BV 6.625%, 08/01/2025 (B)		380,000		393,300
Cogent Communications Group, Inc. 5.375%, 03/01/2022 (B)		430,000		442,900
CSC Holdings LLC 6.500%, 02/01/2029 (B)		1,370,000		1,543,819
DISH DBS Corp. 7.750%, 07/01/2026		2,150,000		2,461,750
iHeartCommunications, Inc.
4.750%, 01/15/2028 (B)		280,000		268,128
5.250%, 08/15/2027 (B)		780,000		778,050
Intelsat Jackson Holdings SA 8.000%, 02/15/2024 (A)(B)		330,000		336,600
Lions Gate Capital Holdings LLC 5.875%, 11/01/2024 (B)		1,000,000		1,007,500
Match Group Holdings II LLC
4.625%, 06/01/2028 (B)		660,000		694,987
5.000%, 12/15/2027 (B)		400,000		426,500

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Communication services (continued)
Netflix, Inc.
4.875%, 06/15/2030 (B)	$	500,000	$	579,375
5.375%, 11/15/2029 (B)		770,000		925,925
6.375%, 05/15/2029		490,000		621,075
Sprint Capital Corp. 8.750%, 03/15/2032		1,260,000		1,903,151
Sprint Communications, Inc. 11.500%, 11/15/2021		841,000		936,748
Sprint Corp.
7.625%, 02/15/2025		40,000		47,900
7.875%, 09/15/2023		1,470,000		1,709,794
Telecom Italia SpA 5.303%, 05/30/2024 (B)		600,000		662,376
Time Warner Cable LLC 7.300%, 07/01/2038		680,000		965,731
Twitter, Inc. 3.875%, 12/15/2027 (B)		480,000		506,496
Univision Communications, Inc.
5.125%, 02/15/2025 (B)		430,000		432,688
9.500%, 05/01/2025 (B)		650,000		711,750
UPC Holding BV 5.500%, 01/15/2028 (B)		370,000		386,221
Virgin Media Secured Finance PLC 5.500%, 08/15/2026 to 05/15/2029 (B)		1,940,000		2,058,301
Virgin Media Vendor Financing Notes IV DAC 5.000%, 07/15/2028 (B)		510,000		528,590
				27,956,692
Consumer discretionary – 15.0%
American Axle & Manufacturing, Inc. 6.500%, 04/01/2027		670,000		688,425
American News Company LLC (8.500% Cash or 10.000% PIK) 8.500%, 09/01/2026 (B)		1,054,618		1,154,807
Boyne USA, Inc. 7.250%, 05/01/2025 (B)		1,130,000		1,197,800
Brinker International, Inc. 5.000%, 10/01/2024 (B)		420,000		417,900
Carriage Services, Inc. 6.625%, 06/01/2026 (B)		730,000		771,975
Century Communities, Inc. 5.875%, 07/15/2025		1,040,000		1,081,600
Colt Merger Sub, Inc. 6.250%, 07/01/2025 (B)		390,000		412,796
ESH Hospitality, Inc. 4.625%, 10/01/2027 (B)		420,000		419,992
Fontainebleau Las Vegas Holdings LLC 11.000%, 06/15/2015 (A)(B)		2,983,778		298
Ford Motor Company
8.500%, 04/21/2023		20,000		22,108
9.000%, 04/22/2025		1,060,000		1,240,481
Ford Motor Credit Company LLC
3.087%, 01/09/2023		1,250,000		1,242,375
3.096%, 05/04/2023		790,000		784,075
5.125%, 06/16/2025		500,000		525,365
Golden Nugget, Inc. 8.750%, 10/01/2025 (B)		660,000		491,700
Hanesbrands, Inc.
4.875%, 05/15/2026 (B)		550,000		598,802
5.375%, 05/15/2025 (B)		190,000		202,635
Hilton Domestic Operating Company, Inc.
5.375%, 05/01/2025 (B)		410,000		429,803
5.750%, 05/01/2028 (B)		290,000		306,675

 

The accompanying notes are an integral part of the financial statements. 24

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer discretionary (continued)
Hilton Worldwide Finance LLC 4.625%, 04/01/2025	$	240,000	$	242,400
Installed Building Products, Inc. 5.750%, 02/01/2028 (B)		500,000		527,500
International Game Technology PLC 5.250%, 01/15/2029 (B)		720,000		738,000
IRB Holding Corp. 7.000%, 06/15/2025 (B)		370,000		394,975
L Brands, Inc.
5.250%, 02/01/2028		1,080,000		1,036,800
6.875%, 07/01/2025 (B)		290,000		313,774
9.375%, 07/01/2025 (B)		370,000		430,976
Lennar Corp.
4.750%, 11/29/2027		150,000		171,000
5.875%, 11/15/2024		640,000		715,200
Levi Strauss & Company 5.000%, 05/01/2025		160,000		163,600
Marston's Issuer PLC (3 month GBP LIBOR + 2.550%) 2.632%, 07/15/2035 (C)	GBP	380,000		388,950
Melco Resorts Finance, Ltd. 5.375%, 12/04/2029 (B)	$	340,000		348,160
MGM Growth Properties Operating Partnership LP 4.500%, 09/01/2026		310,000		325,500
Michaels Stores, Inc. 8.000%, 07/15/2027 (B)(D)		360,000		363,600
Mohegan Gaming & Entertainment 7.875%, 10/15/2024 (B)		1,060,000		1,003,025
NCL Corp., Ltd.
3.625%, 12/15/2024 (B)		450,000		308,813
10.250%, 02/01/2026 (B)		720,000		723,600
12.250%, 05/15/2024 (B)		800,000		891,000
Party City Holdings, Inc. (Greater of 6 month LIBOR + 5.000% or 5.750%) 5.750%, 07/15/2025 (B)(C)		145,825		91,141
PetSmart, Inc. 8.875%, 06/01/2025 (B)		320,000		332,160
Sands China, Ltd. 5.400%, 08/08/2028		200,000		226,600
Scientific Games International, Inc. 7.000%, 05/15/2028 (B)		860,000		842,989
Service Corp. International 3.375%, 08/15/2030		220,000		224,125
Silversea Cruise Finance, Ltd. 7.250%, 02/01/2025 (B)		632,000		634,632
Speedway Motorsports LLC 4.875%, 11/01/2027 (B)		280,000		266,000
Sugarhouse HSP Gaming Prop Mezz LP 5.875%, 05/15/2025 (B)		380,000		368,600
The ServiceMaster Company LLC 5.125%, 11/15/2024 (B)		400,000		408,000
The William Carter Company
5.500%, 05/15/2025 (B)		250,000		266,560
5.625%, 03/15/2027 (B)		390,000		414,328
TopBuild Corp. 5.625%, 05/01/2026 (B)		560,000		582,943
Viking Cruises, Ltd.
5.875%, 09/15/2027 (B)		570,000		404,700
13.000%, 05/15/2025 (B)		1,000,000		1,110,000
VOC Escrow, Ltd. 5.000%, 02/15/2028 (B)		990,000		821,700
WW International, Inc. 8.625%, 12/01/2025 (B)		900,000		947,250

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer discretionary (continued)
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028 (B)	$	330,000	$	332,541
Wynn Macau, Ltd. 5.125%, 12/15/2029 (B)		300,000		294,750
Wynn Resorts Finance LLC 7.750%, 04/15/2025 (B)		600,000		630,000
				30,275,504
Consumer staples – 3.1%
Altria Group, Inc. 5.950%, 02/14/2049		410,000		554,066
Cott Holdings, Inc. 5.500%, 04/01/2025 (B)		530,000		547,888
Kraft Heinz Foods Company
3.875%, 05/15/2027 (B)		30,000		32,078
4.250%, 03/01/2031 (B)		170,000		187,830
5.200%, 07/15/2045		510,000		577,922
5.500%, 06/01/2050 (B)		520,000		612,163
Lamb Weston Holdings, Inc. 4.875%, 11/01/2026 to 05/15/2028 (B)		470,000		497,743
Sally Holdings LLC 5.625%, 12/01/2025		780,000		791,700
Simmons Foods, Inc. 5.750%, 11/01/2024 (B)		940,000		963,218
SunOpta Foods, Inc. 9.500%, 10/09/2022 (B)		920,000		939,550
TreeHouse Foods, Inc. 4.000%, 09/01/2028 (E)		470,000		478,314
				6,182,472
Energy – 11.4%
Antero Midstream Partners LP 5.375%, 09/15/2024		250,000		230,625
Apache Corp.
4.875%, 11/15/2027		310,000		316,770
5.100%, 09/01/2040		610,000		593,341
Berry Petroleum Company LLC 7.000%, 02/15/2026 (B)		390,000		319,800
Blue Racer Midstream LLC 6.625%, 07/15/2026 (B)		1,190,000		1,047,200
Cenovus Energy, Inc.
3.000%, 08/15/2022		520,000		528,394
5.375%, 07/15/2025		290,000		295,088
5.400%, 06/15/2047		60,000		53,606
6.750%, 11/15/2039		140,000		145,045
CNX Midstream Partners LP 6.500%, 03/15/2026 (B)		310,000		310,459
Comstock Resources, Inc.
7.500%, 05/15/2025 (B)		280,000		277,861
9.750%, 08/15/2026		600,000		641,760
Continental Resources, Inc.
3.800%, 06/01/2024		230,000		226,771
4.375%, 01/15/2028		270,000		259,200
DCP Midstream Operating LP
6.450%, 11/03/2036 (B)		310,000		310,000
6.750%, 09/15/2037 (B)		700,000		700,000
Endeavor Energy Resources LP
5.500%, 01/30/2026 (B)		270,000		269,781
5.750%, 01/30/2028 (B)		50,000		51,125
6.625%, 07/15/2025 (B)		350,000		365,096
EQM Midstream Partners LP
5.500%, 07/15/2028		620,000		642,419
6.000%, 07/01/2025 (B)		260,000		275,925
6.500%, 07/01/2027 (B)		240,000		262,800
6.500%, 07/15/2048		250,000		252,350
EQT Corp. 7.875%, 02/01/2025		710,000		815,030

 

The accompanying notes are an integral part of the financial statements. 25

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Energy (continued)
MEG Energy Corp.
7.000%, 03/31/2024 (B)	$	259,000	$	257,058
7.125%, 02/01/2027 (B)		1,300,000		1,243,801
Montage Resources Corp. 8.875%, 07/15/2023		500,000		511,250
NGPL PipeCo LLC
4.375%, 08/15/2022 (B)		460,000		476,885
4.875%, 08/15/2027 (B)		300,000		328,444
Oasis Petroleum, Inc. 6.875%, 03/15/2022 to 01/15/2023		1,411,000		271,961
Occidental Petroleum Corp.
2.700%, 02/15/2023		420,000		403,931
2.900%, 08/15/2024		860,000		791,200
8.875%, 07/15/2030		510,000		576,300
Occidental Petroleum Corp. (3 month LIBOR + 1.450%) 1.730%, 08/15/2022 (C)		110,000		103,997
Pattern Energy Operations LP 4.500%, 08/15/2028 (B)		80,000		84,200
Petrobras Global Finance BV
5.750%, 02/01/2029		40,000		43,960
6.850%, 06/05/2115		580,000		637,783
Precision Drilling Corp. 7.125%, 01/15/2026 (B)		870,000		591,600
Range Resources Corp.
5.000%, 03/15/2023		350,000		348,681
9.250%, 02/01/2026 (B)		520,000		547,560
Shelf Drilling Holdings, Ltd. 8.250%, 02/15/2025 (B)		910,000		318,500
Targa Resources Partners LP 4.875%, 02/01/2031 (B)		610,000		614,606
The Williams Companies, Inc. 7.500%, 01/15/2031		650,000		865,474
Vesta Energy Corp. 8.125%, 07/24/2023 (B)	CAD	920,000		352,666
Viper Energy Partners LP 5.375%, 11/01/2027 (B)	$	260,000		267,800
Western Midstream Operating LP
3.950%, 06/01/2025		80,000		79,775
4.000%, 07/01/2022		260,000		264,550
4.100%, 02/01/2025		1,230,000		1,227,073
5.500%, 08/15/2048		610,000		545,950
WPX Energy, Inc.
5.250%, 10/15/2027		410,000		407,827
5.875%, 06/15/2028		610,000		619,150
8.250%, 08/01/2023		1,040,000		1,168,856
				23,141,284
Financials – 8.7%
Allied Universal Holdco LLC 6.625%, 07/15/2026 (B)		1,170,000		1,254,825
Ally Financial, Inc. 8.000%, 11/01/2031		350,000		475,468
Barclays PLC (5.088% to 6-20-29, then 3 month LIBOR + 3.054%) 06/20/2030		1,470,000		1,706,689
Barclays PLC (8.000% to 12-15-20, then 5 Year Euro Swap Rate + 6.750%) 12/15/2020 (F)	EUR	540,000		656,395
Barclays PLC (8.000% to 6-15-24, then 5 Year CMT + 5.672%) 06/15/2024 (F)	$	600,000		656,353
BNP Paribas SA (7.375% to 8-19-25, then 5 Year U.S. Swap Rate + 5.150%) 08/19/2025 (B)(F)		350,000		398,790

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Financials (continued)
CIT Group, Inc. 5.250%, 03/07/2025	$	170,000	$	185,300
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) 12/23/2025 (B)(F)		600,000		711,151
Credit Suisse Group AG (6.375% to 8-21-26, then 5 Year CMT + 4.822%) 08/21/2026 (B)(F)		840,000		913,500
DAE Funding LLC 5.750%, 11/15/2023 (B)		1,030,000		1,024,850
Donnelley Financial Solutions, Inc. 8.250%, 10/15/2024		680,000		707,200
FirstCash, Inc. 4.625%, 09/01/2028 (B)		710,000		729,660
HSBC Holdings PLC (6.375% to 3-30-25, then 5 Year ICE Swap Rate + 4.368%) 03/30/2025 (F)		200,000		212,600
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year ICE Swap Rate + 3.606%) 03/23/2028 (F)		720,000		775,800
Intesa Sanpaolo SpA 5.017%, 06/26/2024 (B)		200,000		215,637
Ladder Capital Finance Holdings LLLP 4.250%, 02/01/2027 (B)		530,000		486,275
MGIC Investment Corp. 5.250%, 08/15/2028		300,000		314,691
Natwest Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) 08/15/2021 (F)		670,000		704,284
NatWest Markets NV 7.750%, 05/15/2023		520,000		590,370
Navient Corp. 5.000%, 03/15/2027		330,000		318,734
NMI Holdings, Inc. 7.375%, 06/01/2025 (B)		720,000		777,319
Quicken Loans LLC 5.250%, 01/15/2028 (B)		890,000		948,967
StoneX Group, Inc. 8.625%, 06/15/2025 (B)		300,000		324,750
UBS Group AG (7.000% to 1-31-24, then 5 Year U.S. Swap Rate + 4.344%) 01/31/2024 (B)(F)		810,000		877,838
UniCredit SpA (5.459% to 6-30-30, then 5 Year ICE Swap Rate + 4.750%) 06/30/2035 (B)		790,000		817,070
UniCredit SpA (7.296% to 4-2-29, then 5 Year ICE Swap Rate + 4.914%) 04/02/2034 (B)		690,000		808,928
				17,593,444
Health care – 7.7%
AdaptHealth LLC 6.125%, 08/01/2028 (B)		500,000		523,750
Air Methods Corp. 8.000%, 05/15/2025 (B)		860,000		724,550
Bausch Health Americas, Inc. 9.250%, 04/01/2026 (B)		471,000		522,212
Bausch Health Companies, Inc.
6.250%, 02/15/2029 (B)		1,990,000		2,080,247
9.000%, 12/15/2025 (B)		1,080,000		1,182,276
Centene Corp.
3.375%, 02/15/2030		250,000		260,000
5.375%, 06/01/2026 to 08/15/2026 (B)		960,000		1,015,688
Community Health Systems, Inc.
6.625%, 02/15/2025 (B)		940,000		958,800
8.000%, 03/15/2026 (B)		400,000		414,500

 

The accompanying notes are an integral part of the financial statements. 26

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Health care (continued)
HCA, Inc. 5.625%, 09/01/2028	$	1,000,000	$	1,189,315
HLF Financing Sarl LLC 7.250%, 08/15/2026 (B)		610,000		637,450
LifePoint Health, Inc. 4.375%, 02/15/2027 (B)		530,000		527,350
MPH Acquisition Holdings LLC 7.125%, 06/01/2024 (B)		620,000		629,486
Par Pharmaceutical, Inc. 7.500%, 04/01/2027 (B)		710,000		757,925
Radiology Partners, Inc. 9.250%, 02/01/2028 (B)		490,000		520,625
RegionalCare Hospital Partners Holdings, Inc. 9.750%, 12/01/2026 (B)		480,000		520,171
Tenet Healthcare Corp.
4.625%, 06/15/2028 (B)		790,000		819,625
6.750%, 06/15/2023		550,000		585,750
7.500%, 04/01/2025 (B)		650,000		713,180
Teva Pharmaceutical Finance Company LLC 6.150%, 02/01/2036		250,000		260,000
US Renal Care, Inc. 10.625%, 07/15/2027 (B)		750,000		810,000
				15,652,900
Industrials – 8.2%
Ahern Rentals, Inc. 7.375%, 05/15/2023 (B)		530,000		219,950
Anagram International, Inc. (5.000% Cash and 5.000% PIK) 10.000%, 08/15/2026 (B)		78,825		66,213
Builders FirstSource, Inc. 5.000%, 03/01/2030 (B)		230,000		245,525
BWX Technologies, Inc. 5.375%, 07/15/2026 (B)		560,000		586,600
CD&R Smokey Buyer, Inc. 6.750%, 07/15/2025 (B)		220,000		235,400
Clark Equipment Company 5.875%, 06/01/2025 (B)		280,000		294,350
Continental Airlines 2000-1 Class B Pass Through Trust 8.388%, 11/01/2020		143		137
Delta Air Lines, Inc. 7.375%, 01/15/2026		620,000		645,122
FXI Holdings, Inc. 7.875%, 11/01/2024 (B)		767,000		743,990
GFL Environmental, Inc.
3.750%, 08/01/2025 (B)		370,000		372,294
5.125%, 12/15/2026 (B)		160,000		168,934
8.500%, 05/01/2027 (B)		818,000		889,878
Global Aircraft Leasing Company, Ltd. (6.500% Cash or 7.250% PIK) 6.500%, 09/15/2024 (B)		2,570,000		1,515,144
Mileage Plus Holdings LLC 6.500%, 06/20/2027 (B)		550,000		573,375
Park-Ohio Industries, Inc. 6.625%, 04/15/2027		100,000		90,538
Prime Security Services Borrower LLC
5.750%, 04/15/2026 (B)		1,280,000		1,414,400
6.250%, 01/15/2028 (B)		1,060,000		1,113,000
Sensata Technologies, Inc. 4.375%, 02/15/2030 (B)		420,000		443,100
Signature Aviation US Holdings, Inc. 5.375%, 05/01/2026 (B)		790,000		813,700

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Industrials (continued)
Standard Industries, Inc. 4.750%, 01/15/2028 (B)	$	320,000	$	336,800
Surgery Center Holdings, Inc. 10.000%, 04/15/2027 (B)		110,000		119,108
The Boeing Company 5.150%, 05/01/2030		430,000		481,456
TransDigm, Inc.
6.250%, 03/15/2026 (B)		630,000		664,782
8.000%, 12/15/2025 (B)		370,000		402,375
United Rentals North America, Inc.
5.250%, 01/15/2030		850,000		944,006
5.500%, 05/15/2027		490,000		524,227
Vertical US Newco, Inc. 5.250%, 07/15/2027 (B)		790,000		822,588
Waste Pro USA, Inc. 5.500%, 02/15/2026 (B)		580,000		595,788
XPO CNW, Inc. 6.700%, 05/01/2034		620,000		659,060
XPO Logistics, Inc. 6.250%, 05/01/2025 (B)		540,000		576,450
				16,558,290
Information technology – 4.4%
Alliance Data Systems Corp. 4.750%, 12/15/2024 (B)		600,000		573,000
Amkor Technology, Inc. 6.625%, 09/15/2027 (B)		780,000		848,250
Black Knight InfoServ LLC 3.625%, 09/01/2028 (B)		540,000		546,923
BY Crown Parent LLC 4.250%, 01/31/2026 (B)		230,000		234,865
CDK Global, Inc.
5.250%, 05/15/2029 (B)		20,000		21,818
5.875%, 06/15/2026		270,000		283,600
CDW LLC
3.250%, 02/15/2029		520,000		531,118
4.250%, 04/01/2028		440,000		459,800
CommScope Technologies LLC 5.000%, 03/15/2027 (B)		250,000		248,125
CommScope, Inc. 8.250%, 03/01/2027 (B)		1,370,000		1,483,011
Entegris, Inc. 4.375%, 04/15/2028 (B)		470,000		489,975
Fair Isaac Corp. 4.000%, 06/15/2028 (B)		420,000		434,700
j2 Cloud Services LLC 6.000%, 07/15/2025 (B)		760,000		791,350
Level 3 Financing, Inc. 5.250%, 03/15/2026		430,000		448,318
Microchip Technology, Inc. 4.250%, 09/01/2025 (B)		350,000		364,448
NCR Corp. 5.250%, 10/01/2030 (B)		240,000		243,122
ON Semiconductor Corp. 3.875%, 09/01/2028 (B)		500,000		521,740
Open Text Holdings, Inc. 4.125%, 02/15/2030 (B)		400,000		414,708
				8,938,871
Materials – 6.9%
Alcoa Nederland Holding BV 7.000%, 09/30/2026 (B)		280,000		299,600
ARD Finance SA (6.500% Cash or 7.250% PIK) 6.500%, 06/30/2027 (B)		540,000		553,500
Ardagh Packaging Finance PLC
5.250%, 08/15/2027 (B)		520,000		540,998
6.000%, 02/15/2025 (B)		800,000		834,500

 

The accompanying notes are an integral part of the financial statements. 27

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Materials (continued)
Ball Corp. 2.875%, 08/15/2030	$	1,050,000	$	1,047,690
BHP Billiton Finance USA, Ltd. (6.750% to 10-20-25, then 5 Year U.S. Swap Rate + 5.093%) 10/19/2075 (B)		460,000		549,631
Cascades, Inc.
5.125%, 01/15/2026 (B)		10,000		10,520
5.375%, 01/15/2028 (B)		610,000		649,681
First Quantum Minerals, Ltd.
6.500%, 03/01/2024 (B)		200,000		199,000
7.250%, 04/01/2023 (B)		644,000		654,465
7.500%, 04/01/2025 (B)		246,000		250,927
Flex Acquisition Company, Inc. 7.875%, 07/15/2026 (B)		460,000		482,627
Freeport-McMoRan, Inc.
4.625%, 08/01/2030		280,000		299,247
5.450%, 03/15/2043		1,620,000		1,821,755
Greif, Inc. 6.500%, 03/01/2027 (B)		1,009,000		1,074,585
Hudbay Minerals, Inc. 7.625%, 01/15/2025 (B)		390,000		404,625
Mercer International, Inc. 7.375%, 01/15/2025		220,000		226,050
Midwest Vanadium Pty, Ltd. 11.500%, 02/15/2018 (A)(B)		1,953,148		2,539
Northwest Acquisitions ULC 7.125%, 11/01/2022 (A)(B)		1,140,000		18,240
Olin Corp. 5.000%, 02/01/2030		560,000		540,400
Pactiv LLC 7.950%, 12/15/2025		1,200,000		1,326,000
Summit Materials LLC 5.250%, 01/15/2029 (B)		890,000		932,346
Teck Resources, Ltd. 5.200%, 03/01/2042		970,000		962,812
U.S. Concrete, Inc. 6.375%, 06/01/2024		260,000		268,424
				13,950,162
Real estate – 5.0%
CoreCivic, Inc.
4.625%, 05/01/2023		120,000		114,000
5.000%, 10/15/2022		370,000		364,450
Diversified Healthcare Trust 9.750%, 06/15/2025		680,000		759,900
Five Point Operating Company LP 7.875%, 11/15/2025 (B)		1,240,000		1,246,200
Forestar Group, Inc.
5.000%, 03/01/2028 (B)		700,000		707,266
8.000%, 04/15/2024 (B)		660,000		700,425
Iron Mountain, Inc. 5.000%, 07/15/2028 (B)		520,000		539,500
MPT Operating Partnership LP
4.625%, 08/01/2029		380,000		405,635
5.000%, 10/15/2027		720,000		761,400
Realogy Group LLC 7.625%, 06/15/2025 (B)		670,000		704,753
The GEO Group, Inc.
5.875%, 10/15/2024		850,000		667,250
6.000%, 04/15/2026		1,500,000		1,150,268
The Howard Hughes Corp. 5.375%, 08/01/2028 (B)		410,000		416,175
VICI Properties LP 4.125%, 08/15/2030 (B)		1,080,000		1,082,376

High Yield Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Real estate (continued)
XHR LP 6.375%, 08/15/2025 (B)	$	370,000	$	379,713
				9,999,311
Utilities – 0.7%
Calpine Corp. 5.000%, 02/01/2031 (B)		600,000		627,132
Talen Energy Supply LLC
6.625%, 01/15/2028 (B)		510,000		511,232
10.500%, 01/15/2026 (B)		400,000		321,000
				1,459,364
TOTAL CORPORATE BONDS (Cost $171,302,339)			$	171,708,294
CONVERTIBLE BONDS – 1.1%
Communication services – 0.5%
DISH Network Corp.
2.375%, 03/15/2024		830,000		780,669
3.375%, 08/15/2026		220,000		216,980
Live Nation Entertainment, Inc. 2.000%, 02/15/2025 (B)		170,000		152,150
				1,149,799
Energy – 0.1%
Cheniere Energy, Inc. 4.250%, 03/15/2045		360,000		240,516
Financials – 0.2%
Apollo Commercial Real Estate Finance, Inc. 4.750%, 08/23/2022		450,000		413,688
Information technology – 0.3%
Alteryx, Inc. 1.000%, 08/01/2026		100,000		101,343
Vishay Intertechnology, Inc. 2.250%, 06/15/2025		460,000		448,580
				549,923
TOTAL CONVERTIBLE BONDS (Cost $2,443,184)			$	2,353,926
TERM LOANS (G) – 6.4%
Communication services – 0.5%
Allen Media LLC, 2020 Term Loan B (3 month LIBOR + 5.500%) 5.808%, 02/10/2027		609,203		585,596
iHeartCommunications, Inc., 2020 Term Loan (1 month LIBOR + 3.000%) 3.156%, 05/01/2026		443,624		420,174
				1,005,770
Consumer discretionary – 1.3%
Clarios Global LP, USD Term Loan B (1 month LIBOR + 3.500%) 3.658%, 04/30/2026		575,650		563,596
Equinox Holdings, Inc., 2020 Term Loan B2 (3 month LIBOR + 9.000%) 10.000%, 03/08/2024		420,000		413,700
Michaels Stores, Inc., 2018 Term Loan B (1 and 3 month LIBOR + 2.500%) 3.534%, 01/30/2023		268,460		257,386
Mohegan Gaming & Entertainment, 2016 Term Loan B (1 and 3 month LIBOR + 4.375%) 5.375%, 10/13/2023		696,295		628,016
Spencer Spirit IH LLC, Term Loan B (3 month LIBOR + 6.000%) 6.245%, 06/19/2026		789,871		696,406
				2,559,104

 

The accompanying notes are an integral part of the financial statements. 28

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (G) (continued)
Energy – 0.2%
Chesapeake Energy Corp., 2019 Last Out Term Loan 0.000%, 06/24/2024 (A)	$	630,000	$	411,075
Permian Production Partners LLC, Term Loan 0.000%, 05/20/2024 (A)		807,500		40,375
				451,450
Financials – 0.8%
Acrisure LLC, 2020 Term Loan B (1 month LIBOR + 3.500%) 3.656%, 02/15/2027		538,650		515,870
Amerilife Holdings LLC, 2020 Delayed Draw Term Loan (3 month LIBOR + 4.000%) 4.158%, 03/18/2027		10,909		10,718
Amerilife Holdings LLC, 2020 Term Loan (1 month LIBOR + 4.000%) 4.156%, 03/18/2027		159,545		156,753
Duff + Phelps Corp., 2020 2nd Lien Term Loan (1 month LIBOR + 8.000%) 9.000%, 04/07/2028		620,000		613,800
Jane Street Group LLC, 2020 Term Loan (1 month LIBOR + 3.000%) 3.156%, 01/31/2025		415,795		409,558
				1,706,699
Health care – 1.5%
Eyecare Partners LLC, 2020 2nd Lien Term Loan (3 month LIBOR + 8.250%) 8.558%, 02/18/2028		430,000		365,500
Eyecare Partners LLC, 2020 Term Loan (3 month LIBOR + 3.750%) 4.822%, 02/18/2027		469,095		435,747
McAfee LLC, 2018 USD Term Loan B (1 month LIBOR + 3.750%) 3.906%, 09/30/2024		821,637		813,117
Option Care Health, Inc., Term Loan B (1 month LIBOR + 4.500%) 4.656%, 08/06/2026		766,150		762,955
US Renal Care, Inc., 2019 Term Loan B (1 month LIBOR + 5.000%) 5.156%, 06/26/2026		621,534		605,735
				2,983,054
Industrials – 1.5%
Cornerstone Building Brands, Inc., 2018 Term Loan (1 month LIBOR + 3.750%) 3.918%, 04/12/2025		661,276		648,051
Delta Air Lines, Inc., 2020 Term Loan B (3 month LIBOR + 4.750%) 5.750%, 04/29/2023		1,310,000		1,304,616
JetBlue Airways Corp., Term Loan (3 month LIBOR + 5.250%) 6.250%, 06/17/2024		640,000		637,280
Mileage Plus Holdings LLC, 2020 Term Loan B (3 month LIBOR + 5.250%) 6.250%, 06/25/2027		480,000		485,102
				3,075,049
Information technology – 0.4%
Global Tel*Link Corp., 2018 1st Lien Term Loan (1 month LIBOR + 4.250%) 4.406%, 11/29/2025		811,240		703,977

High Yield Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (G) (continued)
Real estate – 0.2%
CoreCivic, Inc., 2019 Term Loan (1 month LIBOR + 4.500%) 5.500%, 12/18/2024	$	507,000	$	498,548
TOTAL TERM LOANS (Cost $14,305,305)			$	12,983,651
ASSET BACKED SECURITIES – 4.2%
Benefit Street Partners CLO XI, Ltd. Series 2017-12A, Class C (3 month LIBOR + 3.050%) 3.325%, 10/15/2030 (B)(C)		250,000		221,802
BlueMountain CLO, Ltd.
Series 2012-2A, Class ER2 (3 month LIBOR + 5.750%) 6.003%, 11/20/2028 (B)(C)		500,000		394,786
Series 2016-2A, Class DR (3 month LIBOR + 7.790%) 8.043%, 08/20/2032 (B)(C)		375,000		323,367
Bowman Park CLO, Ltd. Series 2014-1A, Class D1R (3 month LIBOR + 3.350%) 3.606%, 11/23/2025 (B)(C)		500,000		500,055
Cook Park CLO, Ltd. Series 2018-1A, Class E (3 month LIBOR + 5.400%) 5.673%, 04/17/2030 (B)(C)		250,000		215,977
Cumberland Park CLO, Ltd. Series 2015-2A, Class ER (3 month LIBOR + 5.650%) 5.922%, 07/20/2028 (B)(C)		250,000		221,459
Greenwood Park CLO, Ltd.
Series 2018-1A, Class D (3 month LIBOR + 2.500%) 2.775%, 04/15/2031 (B)(C)		530,000		489,584
Series 2018-1A, Class E (3 month LIBOR + 4.950%) 5.225%, 04/15/2031 (B)(C)		750,000		626,396
Greywolf CLO IV, Ltd. Series 2019-1A, Class C (3 month LIBOR + 3.950%) 4.223%, 04/17/2030 (B)(C)		430,000		422,580
Halsey Point CLO I, Ltd. Series 2019-1A, Class E (3 month LIBOR + 7.700%) 7.972%, 01/20/2033 (B)(C)		600,000		554,153
Jackson Mill CLO, Ltd. Series 2015-1A, Class DR (3 month LIBOR + 2.800%) 3.075%, 04/15/2027 (B)(C)		250,000		223,063
LCM XXII, Ltd. Series 2022-A, Class DR (3 month LIBOR + 5.500%) 5.772%, 10/20/2028 (B)(C)		500,000		402,370
Madison Park Funding XIII, Ltd. Series 2014-13A, Class DR2 (3 month LIBOR + 2.850%) 3.122%, 04/19/2030 (B)(C)		1,000,000		917,174
Oaktree CLO, Ltd. Series 2019-1A, Class D (3 month LIBOR + 3.800%) 4.058%, 04/22/2030 (B)(C)		250,000		218,387
OZLM XI, Ltd. Series 2015-11A, Class CR (3 month LIBOR + 3.600%) 3.868%, 10/30/2030 (B)(C)		1,000,000		939,836

 

The accompanying notes are an integral part of the financial statements. 29

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
Shackleton CLO, Ltd. Series 2013-3A, Class DR (3 month LIBOR + 3.020%) 3.295%, 07/15/2030 (B)(C)	$	500,000	$	439,138
TCI-Symphony CLO, Ltd. Series 2016-1A, Class DR (3 month LIBOR + 3.000%) 3.266%, 10/13/2029 (B)(C)		540,000		490,947
Thayer Park CLO, Ltd. Series 2017-1A, Class C (3 month LIBOR + 3.700%) 3.972%, 04/20/2029 (B)(C)		250,000		250,014
Voya CLO, Ltd. Series 2017-1A, Class C (3 month LIBOR + 3.330%) 3.603%, 04/17/2030 (B)(C)		500,000		455,249
Zais CLO 16, Ltd. Series 2020-16A, Class D1 (3 month LIBOR + 5.480%) 5.721%, 10/20/2031 (B)(C)		250,000		235,000
TOTAL ASSET BACKED SECURITIES (Cost $9,254,940)			$	8,541,337
COMMON STOCKS – 0.7%
Communication services – 0.0%
New Cotai, Inc., Class B (H)(I)(J)		11		0
Consumer discretionary – 0.0%
Party City Holdco, Inc. (J)		14,839		40,659
Energy – 0.7%
Berry Corp.		211,334		832,656
Hercules Offshore, Inc. (I)(J)		120,022		83,343
KCAD Holdings I, Ltd. (H)(I)(J)		752,218,031		752
Montage Resources Corp. (D)(J)		66,492		343,099
MWO Holdings LLC (H)(I)(J)		1,134		65,851
				1,325,701
TOTAL COMMON STOCKS (Cost $22,151,699)			$	1,366,360
PREFERRED SECURITIES – 0.7%
Financials – 0.7%
B. Riley Financial, Inc., 6.875% (D)		16,425		408,983
GMAC Capital Trust I (3 month LIBOR + 5.785%), 6.065% (C)		43,100		1,057,243
TOTAL PREFERRED SECURITIES (Cost $1,531,225)			$	1,466,226
SHORT-TERM INVESTMENTS – 0.1%
Short-term funds – 0.1%
John Hancock Collateral Trust, 0.2611% (K)(L)		27,237		272,666
TOTAL SHORT-TERM INVESTMENTS (Cost $272,661)			$	272,666
Total Investments (High Yield Fund) (Cost $224,689,522) – 99.1%			$	200,581,408
Other assets and liabilities, net – 0.9%				1,752,746
TOTAL NET ASSETS – 100.0%			$	202,334,154

High Yield Fund (continued)

Currency Abbreviations
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah

Security Abbreviations and Legend
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
PIK	Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
(A)	Non-income producing - Issuer is in default.
(B)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $120,691,342 or 59.6% of the fund's net assets as of 8-31-20.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	All or a portion of this security is on loan as of 8-31-20.
(E)	Security purchased or sold on a when-issued or delayed delivery basis.
(F)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(G)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(H)	Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(I)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(J)	Non-income producing security.
(K)	The rate shown is the annualized seven-day yield as of 8-31-20.
(L)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
5-Year U.S. Treasury Note Futures	156	Long	Dec 2020	$19,636,484	$19,660,875	$24,391
10-Year U.S. Treasury Note Futures	36	Short	Dec 2020	(5,017,729)	(5,013,000)	4,729
						$29,120

The accompanying notes are an integral part of the financial statements. 30

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

High Yield Fund (continued)
FUTURES (continued)

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
CAD	3,311,221	USD	2,518,914	BNP	10/16/2020	$19,991	—
GBP	587,667	USD	733,537	JPM	10/16/2020	52,246	—
MXN	3,526,523	USD	153,576	JPM	10/16/2020	6,723	—
USD	2,886,532	CAD	3,950,827	BNP	10/16/2020	—	$(142,797)
USD	980,363	EUR	869,743	BNP	10/16/2020	—	(58,552)
						$78,960	$(201,349)

SWAPS

Credit default swaps - Seller
Counterparty (OTC)/ Centrally cleared	Reference obligation	Implied credit spread	Notional amount	Currency	USD notional amount	Received fixed rate	Fixed payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
Centrally cleared	Ford Motor Credit Company LLC	2.470%	643,000	USD	$643,000	5.000%	Quarterly	Jun 2023	$(38,122)	$88,278	$50,156
					$643,000				$(38,122)	$88,278	$50,156

Derivatives Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
MXN	Mexican Peso
USD	U.S. Dollar

Derivatives Abbreviations
BNP	BNP Paribas
JPM	JPMorgan Chase Bank, N.A.
OTC	Over-the-counter

See Notes to financial statements regarding investment transactions and other derivatives information.

Opportunistic Fixed Income Fund

		Shares or Principal Amount	Value
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 8.3%
U.S. Government - 4.8%
U.S. Treasury Inflation Protected Securities
0.125%, 01/15/2030 (A)	$	616,119	$	688,513
0.250%, 07/15/2029 to 02/15/2050		704,743		803,819
0.750%, 02/15/2045		32,837		42,071
0.875%, 02/15/2047		202,876		271,648
1.000%, 02/15/2048		125,429		174,312
				1,980,363
U.S. Government Agency - 3.5%
Federal National Mortgage Association
2.000%, TBA (B)		1,258,000		1,296,057
2.500%, TBA (B)		126,000		132,630
				1,428,687
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $3,281,287)			$	3,409,050
FOREIGN GOVERNMENT OBLIGATIONS - 47.2%
Argentina - 0.2%
Republic of Argentina 5.000%, 01/15/2027 (C)	EUR	200,000		102,303

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Australia - 2.2%
Commonwealth of Australia 3.000%, 03/21/2047	AUD	965,000	$	887,930
Brazil - 0.4%
Federative Republic of Brazil 10.000%, 01/01/2025	BRL	745,000		159,374
Canada - 5.9%
Government of Canada
3.000%, 12/01/2036	CAD	399,540		477,019
4.000%, 12/01/2031		240,158		284,668
4.250%, 12/01/2026		1,639,869		1,674,719
				2,436,406
Chile - 0.1%
Republic of Chile 5.000%, 03/01/2035	CLP	30,000,000		49,490
Colombia - 0.3%
Republic of Colombia 6.000%, 04/28/2028	COP	381,300,000		106,803
Czech Republic - 0.2%
Czech Republic 0.250%, 02/10/2027	CZK	1,990,000		86,191

 

The accompanying notes are an integral part of the financial statements. 31

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Germany - 6.9%
Federal Republic of Germany, Inflation Linked Bond
0.100%, 04/15/2026	EUR	1,164,834	$	1,490,481
0.500%, 04/15/2030		976,810		1,371,294
				2,861,775
Greece - 0.7%
Republic of Greece, GDP-Linked Note 4.404%, 10/15/2042 (D)*		73,510,000		280,714
Hungary - 0.2%
Republic of Hungary 2.750%, 12/22/2026	HUF	19,990,000		71,037
Iceland - 1.5%
Republic of Iceland 5.000%, 11/15/2028	ISK	70,880,000		600,717
Indonesia - 4.4%
Republic of Indonesia
8.250%, 05/15/2029	IDR	4,125,000,000		309,633
8.375%, 03/15/2034		18,127,000,000		1,350,703
9.000%, 03/15/2029		2,191,000,000		171,153
				1,831,489
Israel - 1.1%
State of Israel
1.000%, 03/31/2030	ILS	730,000		225,478
3.750%, 03/31/2047		475,000		210,875
				436,353
Japan - 5.6%
Government of Japan 0.400%, 03/20/2050	JPY	14,950,000		133,334
Government of Japan, CPI Linked Bond 0.100%, 03/10/2028		229,130,274		2,172,427
				2,305,761
Malaysia - 0.3%
Government of Malaysia 3.955%, 09/15/2025	MYR	490,000		127,869
Mexico - 2.7%
Government of Mexico
7.500%, 06/03/2027	MXN	3,587,500		181,862
8.000%, 11/07/2047		18,023,600		919,111
				1,100,973
New Zealand - 1.0%
Government of New Zealand 1.500%, 05/15/2031	NZD	560,000		411,770
Peru - 0.2%
Republic of Peru 6.950%, 08/12/2031	PEN	190,000		67,507
Poland - 0.4%
Republic of Poland 2.250%, 10/25/2024	PLN	550,000		159,535
Romania - 0.5%
Republic of Romania
3.875%, 10/29/2035	EUR	110,000		143,288
4.750%, 02/24/2025	RON	240,000		62,118
				205,406
Russia - 4.0%
Government of Russia 7.750%, 09/16/2026	RUB	9,610,000		145,221
Government of Russia, Inflation Linked Bond 2.500%, 02/02/2028		111,377,826		1,496,911
				1,642,132

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Africa - 0.3%
Republic of South Africa 7.000%, 02/28/2031	ZAR	2,610,000	$	126,348
South Korea - 5.8%
Republic of Korea 1.375%, 12/10/2029	KRW	2,557,340,000		2,125,853
Republic of Korea, Inflation Linked Bond 1.750%, 06/10/2028		314,818,644		283,140
				2,408,993
Spain - 0.4%
Kingdom of Spain 2.700%, 10/31/2048 (E)	EUR	115,000		186,496
Thailand - 1.8%
Kingdom of Thailand 2.875%, 12/17/2028	THB	20,410,000		735,943
Turkey - 0.1%
Republic of Turkey 9.000%, 07/24/2024	TRY	400,000		47,024
Uruguay - 0.0%
Republic of Uruguay 8.500%, 03/15/2028	UYU	150,000		3,540
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $19,502,521)			$	19,439,879
CORPORATE BONDS - 6.7%
Finland - 0.6%
Nokia OYJ 6.625%, 05/15/2039	$	180,000		230,400
Luxembourg - 0.2%
Codere Finance 2 Luxembourg SA 6.750%, 11/01/2021	EUR	110,000		79,275
United States - 5.9%
Altria Group, Inc. 3.125%, 06/15/2031		170,000		228,663
Antero Midstream Partners LP
5.375%, 09/15/2024	$	80,000		73,800
5.750%, 03/01/2027 (E)		70,000		62,475
Aramark Services, Inc. 6.375%, 05/01/2025 (E)		40,000		41,900
Booking Holdings, Inc. 4.625%, 04/13/2030		25,000		30,170
Boyd Gaming Corp. 8.625%, 06/01/2025 (E)		65,000		71,663
Broadcom, Inc. 4.300%, 11/15/2032		40,000		46,107
Carnival Corp. 11.500%, 04/01/2023 (E)		44,000		49,084
Centennial Resource Production LLC 5.375%, 01/15/2026 (E)		260,000		109,200
Citigroup, Inc. (4.700% to 1-30-25, then SOFR + 3.234%) 01/30/2025 (F)		79,000		78,605
Diamondback Energy, Inc. 4.750%, 05/31/2025		5,000		5,486
EnLink Midstream Partners LP 4.850%, 07/15/2026		250,000		218,420
Flex, Ltd. 4.875%, 05/12/2030		30,000		34,146
General Motors Company 6.750%, 04/01/2046		110,000		133,413
JetBlue 2020-1 Class A Pass Through Trust 4.000%, 11/15/2032		60,000		61,650

 

The accompanying notes are an integral part of the financial statements. 32

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
United States (continued)
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) 02/01/2025 (F)	$	100,000	$	100,375
Lennar Corp. 4.750%, 11/29/2027		35,000		39,900
Matador Resources Company 5.875%, 09/15/2026		120,000		104,400
McKesson Corp. 4.750%, 05/30/2029		35,000		42,706
MSCI, Inc. 3.875%, 02/15/2031 (E)		40,000		42,250
PDC Energy, Inc. 5.750%, 05/15/2026		100,000		102,300
Post Holdings, Inc. 4.625%, 04/15/2030 (E)		40,000		41,750
Presidio Holdings, Inc. 8.250%, 02/01/2028 (E)		40,000		41,800
Reynolds American, Inc. 5.850%, 08/15/2045		130,000		160,597
Sysco Corp. 6.600%, 04/01/2040		30,000		39,955
The Boeing Company 5.040%, 05/01/2027		200,000		220,067
The Dun & Bradstreet Corp. 10.250%, 02/15/2027 (E)		24,000		27,360
TransDigm, Inc. 6.250%, 03/15/2026 (E)		40,000		42,208
Viper Energy Partners LP 5.375%, 11/01/2027 (E)		40,000		41,200
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) 06/15/2025 (F)		51,000		56,292
Westinghouse Air Brake Technologies Corp. 3.200%, 06/15/2025		20,000		21,050
Yum! Brands, Inc. 7.750%, 04/01/2025 (E)		65,000		72,556
				2,441,548
TOTAL CORPORATE BONDS (Cost $2,774,844)			$	2,751,223
CONVERTIBLE BONDS - 0.5%
United States - 0.5%
Bandwidth, Inc., 0.250%, 03/01/2026 (E)		5,000		9,058
Etsy, Inc., 0.125%, 10/01/2026 (E)		5,000		7,632
FTI Consulting, Inc., 2.000%, 08/15/2023		5,000		6,446
Health Catalyst, Inc., 2.500%, 04/15/2025 (E)		8,000		9,973
NuVasive, Inc., 0.375%, 03/15/2025 (E)		20,000		18,026
Oasis Petroleum, Inc., 2.625%, 09/15/2023		70,000		12,250
Penn National Gaming, Inc., 2.750%, 05/15/2026		10,000		23,290
Pioneer Natural Resources Company, 0.250%, 05/15/2025 (E)		15,000		18,214
Proofpoint, Inc., 0.250%, 08/15/2024		4,000		4,056
Southwest Airlines Company, 1.250%, 05/01/2025		15,000		19,910
Splunk, Inc., 1.125%, 06/15/2027 (E)		10,000		11,685
Square, Inc., 0.125%, 03/01/2025 (E)		15,000		22,776
The Middleby Corp., 1.000%, 09/01/2025 (E)		10,000		10,347

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
CONVERTIBLE BONDS (continued)
United States (continued)
Workday, Inc., 0.250%, 10/01/2022	$	10,000	$	16,788
				190,451
TOTAL CONVERTIBLE BONDS (Cost $198,914)			$	190,451
MUNICIPAL BONDS - 2.7%
United States - 2.7%
Chicago Transit Authority (Illinois) 3.552%, 12/01/2034		95,000		99,976
Chicago Transit Authority (Illinois) 3.912%, 12/01/2040		10,000		10,546
Chicago Transit Authority, Series A (Illinois) 6.899%, 12/01/2040		10,000		14,310
City of Austin Airport System Revenue (Texas) 5.000%, 11/15/2032		25,000		31,572
City of Austin Airport System Revenue (Texas) 5.000%, 11/15/2044		60,000		72,897
City of Tampa (Florida) 3.089%, 09/01/2036 (G)		20,000		12,204
Commonwealth of Massachusetts 2.514%, 07/01/2041		130,000		132,584
County of Broward Port Facilities Revenue (Florida) 5.000%, 09/01/2033		20,000		24,765
County of Broward Port Facilities Revenue (Florida) 5.000%, 09/01/2029		20,000		25,740
County of Broward Port Facilities Revenue (Florida) 5.000%, 09/01/2028		30,000		36,560
Dallas/Fort Worth International Airport (Texas) 3.089%, 11/01/2040		30,000		30,279
District of Columbia 3.432%, 04/01/2042		85,000		91,078
Great Lakes Water Authority Sewage Disposal System Revenue (Michigan) 3.056%, 07/01/2039		10,000		10,985
Greater Orlando Aviation Authority (Florida) 5.000%, 10/01/2028		35,000		41,547
Iowa Finance Authority 3.250%, 07/01/2050		10,000		11,058
Metropolitan Transportation Authority (New York) 5.000%, 11/15/2050		25,000		27,574
Metropolitan Transportation Authority (New York) 5.175%, 11/15/2049		50,000		58,013
New York City Transitional Finance Authority 4.000%, 05/01/2045		20,000		23,137
Orange County Convention Center (Florida) 5.000%, 10/01/2031		15,000		17,208
Port Authority of New York & New Jersey 4.000%, 03/15/2030		50,000		58,006
Port Authority of New York & New Jersey 5.000%, 09/15/2033		30,000		36,563
Port of Seattle (Washington) 5.000%, 04/01/2039		40,000		48,154

 

The accompanying notes are an integral part of the financial statements. 33

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
MUNICIPAL BONDS (continued)
United States (continued)
Port of Seattle (Washington) 5.000%, 10/01/2031	$	30,000	$	34,679
San Francisco City & County Airport Commission 5.000%, 05/01/2050		75,000		90,319
San Francisco City & County Airport Commission (California) 4.000%, 05/01/2039		15,000		17,333
San Francisco City & County Airport Commission (California) 2.958%, 05/01/2051		20,000		19,843
Triborough Bridge & Tunnel Authority (New York) 5.000%, 11/15/2054		30,000		37,724
TOTAL MUNICIPAL BONDS (Cost $1,065,732)			$	1,114,654
TERM LOANS (H) - 8.2%
Luxembourg - 0.2%
Delta 2 Lux Sarl, 2018 USD Term Loan (1 month LIBOR + 2.500%), 3.500%, 02/01/2024		100,000		96,813
Netherlands - 0.2%
Telenet Financing USD LLC, 2020 USD Term Loan AR (1 month LIBOR + 2.000%), 2.162%, 04/30/2028		100,000		96,125
United States - 7.8%
Acrisure LLC, 2020 Term Loan B (1 month LIBOR + 3.500%), 3.656%, 02/15/2027		99,750		95,532
AlixPartners LLP, 2017 Term Loan B (1 month LIBOR + 2.500%), 2.656%, 04/04/2024		99,486		97,198
Asurion LLC, 2017 2nd Lien Term Loan (1 month LIBOR + 6.500%), 6.656%, 08/04/2025		93,939		94,080
Asurion LLC, 2017 Term Loan B4 (1 month LIBOR + 3.000%), 3.156%, 08/04/2022		99,364		98,205
Bass Pro Group LLC, Term Loan B (3 month LIBOR + 5.000%), 6.072%, 09/25/2024		99,744		99,339
Berlin Packaging LLC, 2018 1st Lien Term Loan (1 and 3 month LIBOR + 3.000%), 3.162%, 11/07/2025		99,492		96,508
Boyd Gaming Corp., Term Loan B3 (1 week LIBOR + 2.250%), 2.363%, 09/15/2023		99,590		96,626
Caesars Resort Collection LLC, 2020 Term Loan B1 (3 month LIBOR + 4.500%), 4.726%, 07/21/2025		110,000		106,494
Core & Main LP, 2017 Term Loan B (3 and 6 month LIBOR + 2.750%), 3.750%, 08/01/2024		99,489		97,126
Dcert Buyer, Inc., 2019 Term Loan B (1 month LIBOR + 4.000%), 4.156%, 10/16/2026		99,750		98,441
Deerfield Dakota Holding LLC, 2020 USD Term Loan B (1 month LIBOR + 3.750%), 4.750%, 04/09/2027		220,000		219,175
Diamond BC BV, USD Term Loan (1 and 3 month LIBOR + 3.000%), 3.260%, 09/06/2024		99,744		93,947
Elanco Animal Health, Inc., Term Loan B, TBD 08/01/2027 (I)		100,000		97,958

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (H) (continued)
United States (continued)
Element Solutions, Inc., 2019 Term Loan B1 (1 month LIBOR + 2.000%), 2.156%, 01/31/2026	$	99,749	$	97,443
Go Daddy Operating Company LLC, 2020 Term Loan B3, TBD 08/10/2027 (I)		100,000		99,075
Gray Television, Inc., 2018 Term Loan C (1 month LIBOR + 2.500%), 2.656%, 01/02/2026		100,000		97,847
HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%), 3.263%, 04/25/2025		99,492		96,810
HUB International, Ltd., 2019 Incremental Term Loan B (3 month LIBOR + 4.000%), 5.000%, 04/25/2025		99,749		99,639
ION Media Networks, Inc., 2019 Term Loan B (1 month LIBOR + 3.000%), 3.188%, 12/18/2024		99,499		97,011
Momentive Performance Materials USA LLC, Term Loan B (1 month LIBOR + 3.250%), 3.410%, 05/15/2024		99,748		94,636
MPH Acquisition Holdings LLC, 2016 Term Loan B (3 month LIBOR + 2.750%), 3.750%, 06/07/2023		100,000		98,875
Navistar, Inc., 2017 1st Lien Term Loan B (1 month LIBOR + 3.500%), 3.660%, 11/06/2024		99,490		96,817
NEP Group, Inc., 2018 1st Lien Term Loan (1 month LIBOR + 3.250%), 3.406%, 10/20/2025		99,747		83,645
Quikrete Holdings, Inc., 2016 1st Lien Term Loan (1 month LIBOR + 2.500%), 2.656%, 02/01/2027		99,500		96,834
Science Applications International Corp., 2020 Incremental Term Loan B (1 month LIBOR + 2.250%), 2.406%, 03/12/2027		62,250		61,783
SCIH Salt Holdings, Inc., Term Loan B (3 month LIBOR + 4.500%), 5.500%, 03/16/2027		100,000		99,625
Sedgwick Claims Management Services, Inc., 2018 Term Loan B (1 month LIBOR + 3.250%), 3.406%, 12/31/2025		99,495		96,095
SS&C Technologies, Inc., 2018 Term Loan B3 (1 month LIBOR + 1.750%), 1.906%, 04/16/2025		56,827		55,103
SS&C Technologies, Inc., 2018 Term Loan B4 (1 month LIBOR + 1.750%), 1.906%, 04/16/2025		39,925		38,714
The Dun & Bradstreet Corp., Term Loan (1 month LIBOR + 3.750%), 3.920%, 02/06/2026		99,750		99,451
The Ultimate Software Group, Inc., 2020 Incremental Term Loan B (3 month LIBOR + 4.000%), 4.750%, 05/04/2026		100,000		99,813
TransDigm, Inc., 2020 Term Loan E (1 month LIBOR + 2.250%), 2.406%, 05/30/2025		99,500		94,262

 

The accompanying notes are an integral part of the financial statements. 34

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (H) (continued)
United States (continued)
WW International, Inc., 2017 Term Loan B (1 month LIBOR + 4.750%), 5.500%, 11/29/2024	$	97,006	$	96,400
				3,190,507
TOTAL TERM LOANS (Cost $3,278,043)			$	3,383,445
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.5%
Commercial and residential - 5.9%
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.763%, 04/25/2048 (E)(J)		76,440		78,481
Series 2019-1, Class A1, 3.805%, 01/25/2049 (E)(J)		76,926		79,034
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613%, 10/26/2048 (E)		76,323		78,341
BX Commercial Mortgage Trust
Series 2018-IND, Class A (1 month LIBOR + 0.750%), 0.912%, 11/15/2035 (E)(K)		42,754		42,594
Series 2019-XL, Class A (1 month LIBOR + 0.920%), 1.082%, 10/15/2036 (E)(K)		94,930		94,816
Series 2019-XL, Class B (1 month LIBOR + 1.080%), 1.242%, 10/15/2036 (E)(K)		94,930		94,514
Series 2019-XL, Class C (1 month LIBOR + 1.250%), 1.412%, 10/15/2036 (E)(K)		94,930		94,340
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A (1 month LIBOR + 1.070%), 1.232%, 12/15/2037 (E)(K)		100,000		99,939
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class C, 5.931%, 12/15/2047 (E)(J)		100,000		100,443
COLT Mortgage Loan Trust
Series 2019-1, Class A1, 3.705%, 03/25/2049 (E)(J)		41,827		42,341
Series 2019-2, Class A1, 3.337%, 05/25/2049 (E)(J)		67,698		68,363
Series 2019-4, Class A1, 2.579%, 11/25/2049 (E)(J)		65,204		65,608
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG)
Series 2013-CR13, Class A4, 4.194%, 11/10/2046 (J)		30,000		32,808
Series 2014-CR16, Class AM, 4.278%, 04/10/2047		45,000		49,170
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 08/15/2048		38,000		41,967
FREMF Mortgage Trust
Series 2015-K45, Class C, 3.713%, 04/25/2048 (E)(J)		25,000		26,048
Series 2015-K49, Class B, 3.848%, 10/25/2048 (E)(J)		75,000		80,752
Series 2016-K60, Class B, 3.657%, 12/25/2049 (E)(J)		11,000		11,891
Series 2017-K63, Class C, 4.004%, 02/25/2050 (E)(J)		35,000		36,539
GS Mortgage Securities Trust
Series 2016-GS4, Class A4, 3.442%, 11/10/2049 (J)		34,000		37,528

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Commercial and residential (continued)
GS Mortgage Securities Trust (continued)
Series 2020-GC45, Class A1, 2.019%, 02/13/2053	$	24,076	$	24,638
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class BFX, 3.065%, 01/16/2037 (E)		45,000		45,136
JPMorgan Mortgage Trust, Series 2019-7, Class A11 (1 month LIBOR + 0.900%), 1.075%, 02/25/2050 (E)(K)		57,653		57,364
KKR Industrial Portfolio Trust, Series 2020-AIP, Class A (1 month LIBOR + 1.037%), 1.199%, 03/15/2037 (E)(K)		98,030		97,846
Metlife Securitization Trust, Series 2018-1A, Class A, 3.750%, 03/25/2057 (E)(J)		90,002		96,297
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C8, Class B, 3.694%, 12/15/2048 (J)		45,000		46,253
Series 2013-C8, Class C, 4.191%, 12/15/2048 (J)		65,000		64,762
Morgan Stanley Capital I Trust, Series 2018-SUN, Class B (1 month LIBOR + 1.450%), 1.612%, 07/15/2035 (E)(K)		25,000		24,043
MSCG Trust, Series 2018-SELF, Class A (1 month LIBOR + 0.900%), 1.062%, 10/15/2037 (E)(K)		75,000		74,342
New Residential Mortgage Loan Trust, Series 2020-NPL1, Class A1, 4.335%, 07/25/2060 (E)		97,847		97,799
PRPM LLC, Series 2019-GS1, Class A1, 3.500%, 10/25/2024 (E)(J)		87,381		86,996
Verus Securitization Trust
Series 2019-1, Class A1, 3.836%, 02/25/2059 (E)(J)		49,457		50,382
Series 2020-1, Class A1, 2.417%, 01/25/2060 (E)		86,925		88,689
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.500%, 07/25/2049 (E)(J)		54,795		56,122
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class C, 5.390%, 06/15/2044 (E)(J)		90,000		87,246
Series 2011-C5, Class C, 5.844%, 11/15/2044 (E)(J)		100,000		100,685
Series 2013-C13, Class A4, 3.001%, 05/15/2045		65,000		68,090
				2,422,207
U.S. Government Agency - 3.6%
Federal Home Loan Mortgage Corp.
Series 2017-DNA2, Class M1 (1 month LIBOR + 1.200%), 1.375%, 10/25/2029 (K)		43,287		43,287
Series 2018-DNA1, Class M2 (1 month LIBOR + 1.800%), 1.975%, 07/25/2030 (K)		87,412		84,784
Series 2018-HQA1, Class M2 (1 month LIBOR + 2.300%), 2.475%, 09/25/2030 (K)		27,909		27,349

 

The accompanying notes are an integral part of the financial statements. 35

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Federal Home Loan Mortgage Corp. (continued)
Series 2020-DNA1, Class M1 (1 month LIBOR + 0.700%), 0.875%, 01/25/2050 (E)(K)	$	32,501	$	32,450
Series 2020-DNA1, Class M2 (1 month LIBOR + 1.700%), 1.875%, 01/25/2050 (E)(K)		50,000		48,747
Series 2020-HQA1, Class M1 (1 month LIBOR + 0.750%), 0.925%, 01/25/2050 (E)(K)		11,150		11,129
Series 2020-HQA2, Class M1 (1 month LIBOR + 1.100%), 1.275%, 03/25/2050 (E)(K)		49,836		49,776
Series 2020-HQA2, Class M2 (1 month LIBOR + 3.100%), 3.275%, 03/25/2050 (E)(K)		75,000		73,967
Series 2020-HQA3, Class B1 (1 month LIBOR + 5.750%), 5.925%, 07/25/2050 (E)(K)		45,000		45,000
Series 2020-HQA3, Class M2 (1 month LIBOR + 3.600%), 3.775%, 07/25/2050 (E)(K)		30,000		30,114
Series K066, Class X1 IO, 0.889%, 06/25/2027		286,355		12,909
Series K103, Class X1 IO, 0.756%, 11/25/2029		224,896		11,767
Series K104, Class X3 IO, 1.896%, 02/25/2047		100,000		14,141
Series K105, Class X1 IO, 1.645%, 01/25/2030		169,955		20,799
Series K113, Class X1 IO, 1.490%, 06/25/2030		100,000		11,506
Series K-1515, Class X1 IO, 1.639%, 02/25/2035		99,988		16,030
Series K737, Class X1 IO, 0.751%, 10/25/2026		113,889		3,896
Federal National Mortgage Association
Series 2015-C04, Class 1M2 (1 month LIBOR + 5.700%), 5.875%, 04/25/2028 (K)		61,737		64,522
Series 2016-C02, Class 1M2 (1 month LIBOR + 6.000%), 6.175%, 09/25/2028 (K)		44,079		46,596
Series 2017-C02, Class 2M2 (1 month LIBOR + 3.650%), 3.825%, 09/25/2029 (K)		81,242		82,464
Series 2017-C03, Class 1M2 (1 month LIBOR + 3.000%), 3.175%, 10/25/2029 (K)		59,130		59,474
Series 2017-C04, Class 2M2 (1 month LIBOR + 2.850%), 3.025%, 11/25/2029 (K)		65,472		65,065
Series 2017-C05, Class 1B1 (1 month LIBOR + 3.600%), 3.775%, 01/25/2030 (K)		25,000		23,147
Series 2017-C05, Class 1M2 (1 month LIBOR + 2.200%), 2.375%, 01/25/2030 (K)		47,056		46,114
Series 2017-C06, Class 2B1 (1 month LIBOR + 4.450%), 4.625%, 02/25/2030 (K)		10,000		9,399

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Federal National Mortgage Association (continued)
Series 2017-C06, Class 2M2 (1 month LIBOR + 2.800%), 2.975%, 02/25/2030 (K)	$	62,734	$	62,262
Series 2017-C07, Class 1B1 (1 month LIBOR + 4.000%), 4.175%, 05/25/2030 (K)		67,000		63,647
Series 2018-C03, Class 1M2 (1 month LIBOR + 2.150%), 2.325%, 10/25/2030 (K)		61,005		59,707
Series 2018-R07, Class 1B1 (1 month LIBOR + 4.350%), 4.525%, 04/25/2031 (E)(K)		115,000		109,638
Series 2019-HRP1, Class M2 (1 month LIBOR + 2.150%), 2.325%, 11/25/2039 (E)(K)		47,228		42,485
Series 2019-R04, Class 2M2 (1 month LIBOR + 2.100%), 2.275%, 06/25/2039 (E)(K)		17,963		17,838
Series 2019-R06, Class 2M2 (1 month LIBOR + 2.100%), 2.275%, 09/25/2039 (E)(K)		17,356		17,259
Series 2020-R01, Class 1M1 (1 month LIBOR + 0.800%), 0.975%, 01/25/2040 (E)(K)		66,616		66,280
Series 2020-R01, Class 1M2 (1 month LIBOR + 2.050%), 2.225%, 01/25/2040 (E)(K)		55,000		52,797
Series 2020-R02, Class 2B1 (1 month LIBOR + 3.000%), 3.175%, 01/25/2040 (E)(K)		35,000		24,637
Series 2020-R02, Class 2M2 (1 month LIBOR + 2.000%), 2.175%, 01/25/2040 (E)(K)		20,000		18,998
				1,469,980
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,681,706)			$	3,892,187
ASSET BACKED SECURITIES - 4.8%
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.920%, 11/15/2022		94,574		95,707
Series 2019-4, Class A3, 1.840%, 06/17/2024		120,000		122,329
American Credit Acceptance Receivables Trust, Series 2018-3, Class C, 3.750%, 10/15/2024 (E)		64,890		65,499
American Express Credit Account Master Trust, Series 2017-5, Class B (1 month LIBOR + 0.580%), 0.742%, 02/18/2025 (K)		100,000		99,782
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class D, 3.590%, 02/08/2022		80,471		80,522
Series 2020-2, Class B, 0.970%, 02/18/2026		65,000		65,124
Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.000%, 11/19/2021 (E)		43,213		43,421
CCG Receivables Trust, Series 2018-1, Class A2, 2.500%, 06/16/2025 (E)		51,388		51,589

 

The accompanying notes are an integral part of the financial statements. 36

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
ASSET BACKED SECURITIES (continued)
First Investors Auto Owner Trust, Series 2020-1A, Class A, 1.490%, 01/15/2025 (E)	$	118,321	$	119,268
Ford Credit Auto Lease Trust, Series 2020-B, Class A4, 0.690%, 10/15/2023		15,000		15,070
Ford Credit Auto Owner Trust
Series 2016-1, Class A, 2.310%, 08/15/2027 (E)		100,000		100,760
Series 2017-A, Class A4, 1.920%, 04/15/2022		32,264		32,348
Series 2017-C, Class A3, 2.010%, 03/15/2022		16,924		16,991
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class A3, 2.810%, 12/16/2022		65,550		66,441
Series 2020-2, Class A4, 1.740%, 08/18/2025		10,000		10,412
Hertz Vehicle Financing II LP, Series 2016-4A, Class A, 2.650%, 07/25/2022 (E)		51,055		51,056
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.520%, 06/21/2023		59,000		60,537
Mercedes-Benz Auto Lease Trust, Series 2019-A, Class A3, 3.100%, 11/15/2021		40,422		40,756
Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.500%, 08/25/2058 (E)(J)		73,058		77,580
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		15,000		15,307
Santander Drive Auto Receivables Trust
Series 2018-5, Class C, 3.810%, 12/16/2024		50,000		50,821
Series 2020-1, Class A3, 2.030%, 02/15/2024		5,000		5,102
Series 2020-2, Class B, 0.960%, 11/15/2024		15,000		15,036
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318%, 11/25/2048 (E)		98,250		100,472
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.750%, 10/25/2057 (E)(J)		60,831		63,190
Toyota Auto Receivables Owner Trust
Series 2016-D, Class A4, 1.420%, 01/15/2022		10,603		10,609
Series 2019-C, Class A2A, 2.000%, 04/15/2022		27,836		27,989
Series 2020-C, Class A4, 0.570%, 10/15/2025		95,000		95,175
Vericrest Opportunity Loan Trust, Series 2020-NPL6, Class A1A, 3.967%, 04/25/2050 (E)		85,250		85,477
Westlake Automobile Receivables Trust
Series 2020-1A, Class A2, 1.440%, 09/15/2023 (E)		150,000		150,851
Series 2019-A1, Class D, 3.670%, 03/15/2024 (E)		50,000		51,641
World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.040%, 05/15/2024		90,000		92,393
TOTAL ASSET BACKED SECURITIES (Cost $1,954,679)			$	1,979,255

Opportunistic Fixed Income Fund (continued)

		Shares or Principal Amount	Value
PREFERRED SECURITIES - 0.0%
United States - 0.0%
Becton, Dickinson and Company, 6.000%		160	$	8,549
TOTAL PREFERRED SECURITIES (Cost $8,288)			$	8,549
EXCHANGE-TRADED FUNDS - 5.9%
iShares JP Morgan USD Emerging Markets Bond ETF		15,700		1,783,206
SPDR Blackstone/GSO Senior Loan ETF		5,000		224,100
SPDR Bloomberg Barclays Convertible Securities ETF		5,700		403,674
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,366,017)			$	2,410,980
SHORT-TERM INVESTMENTS - 10.2%
U.S. Government - 0.6%
U.S. Treasury Bill 0.056%, 09/08/2020 *	$	250,000		249,996
Short-term funds - 9.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (L)		3,961,453		3,961,453
TOTAL SHORT-TERM INVESTMENTS (Cost $4,211,450)			$	4,211,449
Total Investments (Opportunistic Fixed Income Fund) (Cost $42,323,481) - 104.0%			$	42,791,122
Other assets and liabilities, net - (4.0%)				(1,631,484)
TOTAL NET ASSETS - 100.0%			$	41,159,638

Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
ISK	Icelandic Krona
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian New Leu
RUB	Russian Ruble
THB	Thai Bhat
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand
Security Abbreviations and Legend
CPI	Consumer Price Index
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced. A forward mortgage-backed securities trade issued by a U.S. Government Agency, to be delivered at an agreed-upon future settlement date.
(A)	All or a portion of this security is segregated at the custodian as collateral for certain derivatives.

 

The accompanying notes are an integral part of the financial statements. 37

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

(B)	Security purchased or sold on a when-issued or delayed delivery basis.
(C)	Non-income producing - Issuer is in default.
(D)	Non-income producing security.
(E)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $4,596,563 or 11.2% of the fund's net assets as of 8-31-20.
(F)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(G)	Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.
(H)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

Opportunistic Fixed Income Fund (continued)

(I)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).
(J)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(K)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(L)	The rate shown is the annualized seven-day yield as of 8-31-20.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

 

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
10-Year Australian Treasury Bond Futures	3	Long	Sep 2020	$325,751	$326,296	$545
10-Year Canada Government Bond Futures	1	Long	Dec 2020	116,465	115,720	(745)
Ultra U.S. Treasury Bond Futures	3	Long	Dec 2020	670,154	662,719	(7,435)
10-Year Mini Japan Government Bond Futures	1	Short	Sep 2020	(143,477)	(143,058)	419
10-Year U.S. Treasury Note Futures	2	Short	Dec 2020	(277,933)	(278,500)	(567)
2-Year U.S. Treasury Note Futures	3	Short	Dec 2020	(662,596)	(662,836)	(240)
5-Year U.S. Treasury Note Futures	4	Short	Dec 2020	(503,370)	(504,125)	(755)
German Euro BUND Futures	12	Short	Sep 2020	(2,496,977)	(2,514,520)	(17,543)
U.K. Long Gilt Bond Futures	3	Short	Dec 2020	(542,409)	(541,424)	985
						$(25,336)

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
AUD	40,000	USD	29,456	CITI	9/30/2020	$49	—
AUD	396,000	USD	286,575	GSI	9/30/2020	5,525	—
BRL	824,000	USD	147,869	CITI	9/2/2020	2,537	—
BRL	1,329,000	USD	236,692	CITI	9/30/2020	5,677	—
CAD	905,000	USD	688,692	JPM	9/30/2020	5,202	—
CLP	202,219,000	USD	260,015	GSI	9/30/2020	59	—
CNY	2,663,000	USD	386,010	BARC	9/30/2020	1,989	—
COP	780,500,000	USD	201,103	CITI	9/30/2020	7,141	—
CZK	12,303,000	USD	556,891	BARC	9/30/2020	2,137	—
EUR	452,406	USD	534,981	JPM	9/30/2020	5,240	—
GBP	161,000	USD	214,524	GSI	9/30/2020	737	—
GBP	271,000	USD	355,339	JPM	9/30/2020	6,995	—
INR	24,007,000	USD	320,008	JPM	9/30/2020	6,474	—
JPY	146,928,000	USD	1,384,149	MSI	9/30/2020	3,610	—
KRW	252,000,000	USD	212,363	MSI	9/29/2020	—	$(172)
NOK	4,855,000	USD	541,562	MSI	9/30/2020	14,322	—
NZD	373,000	USD	245,923	MSI	9/30/2020	5,320	—
PHP	24,365,000	USD	501,183	CITI	9/30/2020	800	—
PLN	1,999,000	USD	539,236	BARC	9/30/2020	3,627	—
RUB	21,638,000	USD	291,611	BOA	9/30/2020	—	(1,212)
RUB	4,410,000	USD	59,050	BARC	9/30/2020	136	—
RUB	44,210,000	USD	591,680	GSI	9/30/2020	1,654	—
SEK	4,827,000	USD	550,233	MSI	9/30/2020	8,002	—
SGD	1,271,000	USD	928,320	JPM	9/30/2020	5,872	—
TRY	2,240,000	USD	302,253	BOA	9/30/2020	74	—
USD	1,884,447	AUD	2,604,000	GSI	9/30/2020	—	(36,328)
USD	147,077	BRL	824,000	CITI	9/2/2020	—	(3,329)

The accompanying notes are an integral part of the financial statements. 38

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)
FORWARD FOREIGN CURRENCY CONTRACTS (continued)

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
USD	295,707	BRL	1,628,000	CITI	10/2/2020	—	$(1,171)
USD	2,429,826	CAD	3,193,000	JPM	9/30/2020	—	(18,355)
USD	544,933	CHF	496,000	JPM	9/30/2020	—	(4,234)
USD	503,598	CLP	395,702,000	MSI	9/30/2020	—	(5,315)
USD	524,072	COP	2,033,974,000	CITI	9/30/2020	—	(18,609)
USD	32,238	CZK	708,000	CITI	9/30/2020	$68	—
USD	4,448,652	EUR	3,762,000	JPM	9/30/2020	—	(43,570)
USD	435,323	GBP	332,000	JPM	9/30/2020	—	(8,570)
USD	529,439	HUF	159,465,000	BOA	9/30/2020	—	(5,727)
USD	1,752,999	IDR	25,648,135,000	BARC	9/30/2020	—	(2,014)
USD	35,957	IDR	525,280,000	MSI	9/30/2020	14	—
USD	1,211,488	ILS	4,119,000	CITI	9/30/2020	—	(16,855)
USD	2,840,865	JPY	301,559,000	MSI	9/30/2020	—	(7,409)
USD	2,925,055	KRW	3,471,016,000	MSI	9/29/2020	2,373	—
USD	1,164,404	MXN	25,612,000	CITI	9/30/2020	—	(2,056)
USD	38,250	NOK	335,000	BOA	9/30/2020	—	(106)
USD	120,471	NOK	1,080,000	MSI	9/30/2020	—	(3,186)
USD	390,971	NZD	593,000	MSI	9/30/2020	—	(8,457)
USD	1,891,795	RUB	141,354,000	GSI	9/30/2020	—	(5,289)
USD	756,618	SGD	1,029,000	JPM	9/30/2020	297	—
USD	581,665	THB	18,337,000	JPM	9/30/2020	—	(7,455)
USD	244,613	TRY	1,839,000	GSI	9/30/2020	—	(3,593)
USD	42,291	ZAR	709,000	BOA	9/30/2020	597	—
ZAR	3,682,000	USD	217,289	MSI	9/30/2020	—	(763)
						$96,528	$(203,775)

SWAPS

Interest rate swaps
Counterparty (OTC)/ Centrally cleared	Notional amount	Currency	Payments made	Payments received	Fixed payment frequency	Floating payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
BOA	5,770,000	CNY	CNY CNREPOFIX Reuters	Fixed 2.340%	Quarterly	Quarterly	Sep 2025	$(1,057)	$(15,084)	$(16,141)
CITI	6,440,000	CNY	CNY CNREPOFIX Reuters	Fixed 2.390%	Quarterly	Quarterly	Jun 2025	—	(18,787)	(18,787)
CITI	906,430,000	COP	Fixed 4.330%	COP IBR Compounded OIS	Quarterly	Quarterly	Sep 2030	—	3,389	3,389
GSI	169,660,000	CLP	Fixed 2.160%	CLP CLICP Bloomberg	Semi-Annual	Semi-Annual	Sep 2030	319	693	1,012
								$(738)	$(29,789)	$(30,527)
Centrally cleared	1,580,000	PLN	Fixed 0.880%	PLN WIBOR WIBO	Annual	Semi-Annual	Sep 2030	292	10,368	10,660
								$292	$10,368	$10,660
								$(446)	$(19,421)	$(19,867)

Credit default swaps - Buyer
Counterparty (OTC)/ Centrally cleared	Reference obligation	Notional amount	Currency	USD notional amount	Pay fixed rate	Fixed payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
CITI	Government of Malaysia	80,000	USD	$80,000	1.000%	Quarterly	Jun 2025	$(1,358)	$(851)	$(2,209)
CITI	People's Republic of China	65,000	USD	65,000	1.000%	Quarterly	Jun 2025	(1,667)	(498)	(2,165)
GSI	People's Republic of China	850,000	USD	850,000	1.000%	Quarterly	Dec 2024	(20,695)	(6,801)	(27,496)
GSI	Government of Russia	410,000	USD	410,000	1.000%	Quarterly	Jun 2025	12,643	(13,513)	(870)
GSI	Government of Russia	10,000	USD	10,000	1.000%	Quarterly	Jun 2025	(10)	(9)	(19)
GSI	CMBX.NA.AAA.10	600,000	USD	600,000	0.500%	Monthly	Nov 2059	(7,034)	(584)	(7,618)
JPM	Republic of Korea	2,110,000	USD	2,110,000	1.000%	Quarterly	Dec 2024	(62,288)	(14,592)	(76,880)
MSI	Government of Japan	2,090,000	USD	2,090,000	1.000%	Quarterly	Dec 2024	(65,715)	(14,833)	(80,548)
MSI	Federative Republic of Brazil	5,000	USD	5,000	1.000%	Quarterly	Jun 2025	298	(45)	253
MSI	Republic of Indonesia	50,000	USD	50,000	1.000%	Quarterly	Jun 2025	461	(699)	(238)
MSI	CMBX.NA.BBB-.7	440,000	USD	440,000	3.000%	Monthly	Jan 2047	10,000	90,324	100,324
MSI	CMBX.NA.AAA.11	600,000	USD	600,000	0.500%	Monthly	Nov 2054	(5,093)	(1,052)	(6,145)
MSI	CMBX.NA.BBB-.8	460,000	USD	460,000	3.000%	Monthly	Oct 2057	22,083	82,083	104,166

The accompanying notes are an integral part of the financial statements. 39

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

Credit default swaps - Buyer (continued)
Counterparty (OTC)/ Centrally cleared	Reference obligation	Notional amount	Currency	USD notional amount	Pay fixed rate	Fixed payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
MSI	CMBX.NA.AAA.12	610,000	USD	$610,000	0.500%	Monthly	Aug 2061	$(473)	$(1,954)	$(2,427)
MSI	CMBX.NA.AAA.13	610,000	USD	610,000	0.500%	Monthly	Dec 2072	4,331	(1,533)	2,798
				$8,990,000				$(114,517)	$115,443	$926
Centrally cleared	CDX.NA.HY.34	61,380	USD	61,380	5.000%	Quarterly	Jun 2025	335	(4,470)	(4,135)
Centrally cleared	iTraxx Europe Crossover Series 33 Version 1	110,000	EUR	123,997	5.000%	Quarterly	Jun 2025	(7,191)	(4,221)	(11,412)
				$185,377				$(6,856)	$(8,691)	$(15,547)
				$9,175,377				$(121,373)	$106,752	$(14,621)

Credit default swaps - Seller
Counterparty (OTC)/ Centrally cleared	Reference obligation	Implied credit spread	Notional amount	Currency	USD notional amount	Received fixed rate	Fixed payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
GSI	CDX.NA.HY.34	4.538%	799,800	USD	$799,800	5.000%	Quarterly	Jun 2023	$(17,518)	$54,352	$36,834
GSI	CDX.NA.HY.34	4.538%	404,550	USD	404,550	5.000%	Quarterly	Jun 2023	(8,869)	27,500	18,631
GSI	CDX.NA.HY.34	4.538%	399,900	USD	399,900	5.000%	Quarterly	Jun 2023	(13,258)	31,564	18,306
GSI	CMBX.NA.BBB-.11	5.810%	50,000	USD	50,000	3.000%	Monthly	Nov 2054	(8,703)	942	(7,761)
GSI	CMBX.NA.BBB-.10	6.250%	25,000	USD	25,000	3.000%	Monthly	Nov 2059	(4,826)	352	(4,474)
					$1,679,250				$(53,174)	$114,710	$61,536
Centrally cleared	CDX.NA.HY.33	4.280%	1,885,500	USD	1,885,500	5.000%	Quarterly	Dec 2024	(20,798)	145,761	124,963
Centrally cleared	CDX.NA.HY.34	4.340%	186,000	USD	186,000	5.000%	Quarterly	Jun 2025	316	12,213	12,529
Centrally cleared	CDX.NA.IG.34	0.695%	85,000	USD	85,000	1.000%	Quarterly	Jun 2025	1,115	455	1,570
Centrally cleared	iTraxx Europe Series 33 Version 1	0.610%	315,000	EUR	355,084	1.000%	Quarterly	Jun 2025	6,412	2,611	9,023
					$2,511,584				$(12,955)	$161,040	$148,085
					$4,190,834				$(66,129)	$275,750	$209,621

Total return swaps
Pay/ receive total return*	Reference entity	Floating/ fixed rate	Payment frequency	Currency	Notional amount	Maturity date	Counterparty (OTC)	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
Pay	iBoxx $ Liquid Investment Grade Index	3-Month USD LIBOR	At Maturity	USD	770,000	Mar 2021	GSI	$46	$(15,038)	$(14,992)
Pay	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	1,220,000	Mar 2021	MSI	445	26,381	26,826
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	370,000	Mar 2021	BARC	(135)	4,720	4,585
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	290,000	Mar 2021	BARC	(113)	3,499	3,386
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	770,000	Mar 2021	JPM	(46)	28,540	28,494
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	1,200,000	Mar 2021	JPM	(414)	21,435	21,021
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	465,000	Mar 2021	MSI	(169)	5,863	5,694
Receive	iBoxx $ Liquid Leveraged Loan Index	3-Month USD LIBOR	At Maturity	USD	95,000	Mar 2021	MSI	(35)	1,198	1,163
								$(421)	$76,598	$76,177

Derivatives Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
COP	Colombian Peso

The accompanying notes are an integral part of the financial statements. 40

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

Opportunistic Fixed Income Fund (continued)

CZK	Czech Republic Koruna
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Bhat
TRY	Turkish Lira
USD	U.S. Dollar
ZAR	South African Rand

Derivatives Abbreviations
BARC	Barclays Bank PLC
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
CLICP	Sinacofi Chile Interbank Rate Average
CNREPOFIX	China Fixing Repo Rate
GSI	Goldman Sachs International
IBR	Colombia Overnight Interbank Rate
JPM	JPMorgan Chase Bank, N.A.
LIBOR	London Interbank Offered Rate
MSI	Morgan Stanley & Co. International PLC
OIS	Overnight Index Swap
OTC	Over-the-counter
WIBOR	Warsaw Interbank Offered Rate

See Notes to financial statements regarding investment transactions and other derivatives information.

U.S. High Yield Bond Fund

		Shares or Principal Amount	Value
CORPORATE BONDS – 94.7%
Communication services – 15.7%
Block Communications, Inc. 4.875%, 03/01/2028 (A)	$	125,000	$	127,500
CCO Holdings LLC
4.000%, 03/01/2023 (A)		50,000		50,688
4.500%, 08/15/2030 to 05/01/2032 (A)		800,000		848,626
5.000%, 02/01/2028 (A)		125,000		132,188
5.125%, 05/01/2027 (A)		250,000		266,255
5.375%, 05/01/2025 (A)		2,150,000		2,211,813
5.750%, 02/15/2026 (A)		2,700,000		2,829,762
Cinemark USA, Inc.
5.125%, 12/15/2022		600,000		562,500
8.750%, 05/01/2025 (A)		75,000		80,438
CSC Holdings LLC
4.125%, 12/01/2030 (A)		275,000		285,450
4.625%, 12/01/2030 (A)		750,000		767,033
5.375%, 02/01/2028 (A)		375,000		399,928
5.500%, 05/15/2026 (A)		1,125,000		1,180,080
6.500%, 02/01/2029 (A)		350,000		394,406
7.500%, 04/01/2028 (A)		550,000		617,375
Diamond Sports Group LLC
5.375%, 08/15/2026 (A)		125,000		97,500
6.625%, 08/15/2027 (A)(B)		725,000		407,813

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Communication services (continued)
Gray Television, Inc.
5.125%, 10/15/2024 (A)	$	975,000	$	996,733
5.875%, 07/15/2026 (A)		2,000,000		2,075,000
7.000%, 05/15/2027 (A)		200,000		217,000
Intelsat Connect Finance SA 9.500%, 02/15/2023 (A)(C)		275,000		93,500
Intelsat Jackson Holdings SA
5.500%, 08/01/2023 (B)(C)		3,375,000		2,244,375
8.500%, 10/15/2024 (A)(C)		1,100,000		748,000
Intelsat Luxembourg SA 8.125%, 06/01/2023 (C)		650,000		27,625
Lamar Media Corp.
3.750%, 02/15/2028 (A)		700,000		699,125
4.000%, 02/15/2030 (A)		700,000		714,875
5.750%, 02/01/2026		50,000		52,140
Level 3 Financing, Inc. 5.375%, 01/15/2024		425,000		429,781
Live Nation Entertainment, Inc. 6.500%, 05/15/2027 (A)		150,000		163,871
Match Group Holdings II LLC 4.125%, 08/01/2030 (A)		125,000		130,938
Nexstar Broadcasting, Inc. 5.625%, 07/15/2027 (A)		2,095,000		2,210,225

 

The accompanying notes are an integral part of the financial statements. 41

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Communication services (continued)
Nielsen Finance LLC 5.000%, 04/15/2022 (A)	$	2,825,000	$	2,827,684
Outfront Media Capital LLC
4.625%, 03/15/2030 (A)		1,225,000		1,185,188
5.000%, 08/15/2027 (A)		25,000		24,555
5.625%, 02/15/2024		375,000		380,625
Salem Media Group, Inc. 6.750%, 06/01/2024 (A)(B)		2,100,000		1,806,000
Scripps Escrow, Inc. 5.875%, 07/15/2027 (A)		125,000		125,000
Sprint Capital Corp.
6.875%, 11/15/2028		140,000		179,094
8.750%, 03/15/2032		820,000		1,238,559
The EW Scripps Company 5.125%, 05/15/2025 (A)		2,050,000		2,029,500
The Nielsen Company Luxembourg SARL 5.000%, 02/01/2025 (A)(B)		400,000		407,000
T-Mobile USA, Inc.
4.500%, 02/01/2026		75,000		77,423
4.750%, 02/01/2028		325,000		350,188
5.125%, 04/15/2025		250,000		256,281
5.375%, 04/15/2027		875,000		942,813
6.375%, 03/01/2025		1,550,000		1,582,938
Virgin Media Finance PLC 5.000%, 07/15/2030 (A)		475,000		489,108
Windstream Escrow LLC 7.750%, 08/15/2028 (A)		535,000		535,112
				36,499,611
Consumer discretionary – 12.3%
Asbury Automotive Group, Inc.
4.500%, 03/01/2028 (A)		360,000		368,100
4.750%, 03/01/2030 (A)		347,000		359,617
Carriage Services, Inc. 6.625%, 06/01/2026 (A)		1,750,000		1,850,625
CCM Merger, Inc. 6.000%, 03/15/2022 (A)		3,050,000		3,034,750
Clarios Global LP
6.250%, 05/15/2026 (A)		100,000		106,063
6.750%, 05/15/2025 (A)		75,000		80,360
Connect Finco SARL 6.750%, 10/01/2026 (A)		450,000		464,625
Cooper Tire & Rubber Company 7.625%, 03/15/2027		2,410,000		2,724,626
Ford Motor Company
4.750%, 01/15/2043		1,375,000		1,273,594
9.000%, 04/22/2025		150,000		175,540
9.625%, 04/22/2030		150,000		196,616
Ford Motor Credit Company LLC
4.389%, 01/08/2026		1,450,000		1,475,114
5.113%, 05/03/2029		2,000,000		2,112,500
5.125%, 06/16/2025		300,000		315,219
Group 1 Automotive, Inc.
4.000%, 08/15/2028 (A)		525,000		523,803
5.000%, 06/01/2022		925,000		925,000
Hilton Domestic Operating Company, Inc. 4.875%, 01/15/2030		125,000		128,750
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC
5.000%, 06/01/2024 (A)		650,000		670,657
5.250%, 06/01/2026 (A)		650,000		674,375
Levi Strauss & Company 5.000%, 05/01/2025		175,000		178,938

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Consumer discretionary (continued)
Lithia Motors, Inc.
4.625%, 12/15/2027 (A)	$	200,000	$	211,000
5.250%, 08/01/2025 (A)		1,025,000		1,062,264
Penske Automotive Group, Inc.
3.500%, 09/01/2025		85,000		85,614
5.375%, 12/01/2024		1,125,000		1,146,218
5.750%, 10/01/2022		1,000,000		1,000,700
Service Corp. International
4.625%, 12/15/2027		425,000		457,938
5.125%, 06/01/2029		1,175,000		1,301,747
7.500%, 04/01/2027		450,000		544,500
8.000%, 11/15/2021		2,145,000		2,295,150
Sonic Automotive, Inc. 6.125%, 03/15/2027		350,000		366,188
Telesat Canada 6.500%, 10/15/2027 (A)		350,000		359,520
The William Carter Company
5.500%, 05/15/2025 (A)		150,000		159,936
5.625%, 03/15/2027 (A)		375,000		398,393
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026 (A)		1,270,000		1,317,625
Yum! Brands, Inc.
4.750%, 01/15/2030 (A)		150,000		165,375
7.750%, 04/01/2025 (A)		150,000		167,438
				28,678,478
Consumer staples – 1.5%
Albertsons Companies, Inc.
4.625%, 01/15/2027 (A)		150,000		158,496
4.875%, 02/15/2030 (A)		150,000		161,250
Cott Holdings, Inc. 5.500%, 04/01/2025 (A)		375,000		387,656
Darling Ingredients, Inc. 5.250%, 04/15/2027 (A)		500,000		530,625
Pilgrim's Pride Corp.
5.750%, 03/15/2025 (A)		940,000		965,850
5.875%, 09/30/2027 (A)		125,000		132,813
Prestige Brands, Inc.
5.125%, 01/15/2028 (A)		125,000		131,110
6.375%, 03/01/2024 (A)		725,000		748,410
Spectrum Brands, Inc. 5.750%, 07/15/2025		275,000		283,938
				3,500,148
Energy – 18.5%
Antero Midstream Partners LP 5.750%, 01/15/2028 (A)		1,875,000		1,657,406
Apache Corp.
4.250%, 01/15/2030		50,000		48,652
4.750%, 04/15/2043		750,000		706,463
4.875%, 11/15/2027		75,000		76,638
Archrock Partners LP
6.250%, 04/01/2028 (A)		200,000		200,960
6.875%, 04/01/2027 (A)		450,000		463,500
Baytex Energy Corp.
5.625%, 06/01/2024 (A)		1,400,000		829,500
8.750%, 04/01/2027 (A)		2,100,000		1,029,000
Bristow Group, Inc. 7.750%, 12/15/2022 (B)		1,600,000		1,504,000
Buckeye Partners LP 5.850%, 11/15/2043		825,000		800,729
Callon Petroleum Company
6.125%, 10/01/2024		732,000		239,044
8.250%, 07/15/2025 (B)		1,038,000		311,400
Cenovus Energy, Inc. 5.375%, 07/15/2025		80,000		81,403

 

The accompanying notes are an integral part of the financial statements. 42

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Energy (continued)
Cheniere Corpus Christi Holdings LLC 5.125%, 06/30/2027	$	75,000	$	84,490
Cheniere Energy Partners LP
4.500%, 10/01/2029		350,000		363,850
5.250%, 10/01/2025		3,175,000		3,248,787
5.625%, 10/01/2026		400,000		419,276
Denbury Resources, Inc.
7.750%, 02/15/2024 (A)(C)		743,000		371,500
9.000%, 05/15/2021 (A)(C)		1,300,000		650,000
9.250%, 03/31/2022 (A)(B)(C)		451,000		225,500
Diamond Offshore Drilling, Inc. 4.875%, 11/01/2043 (C)		993,000		99,300
EnLink Midstream LLC 5.375%, 06/01/2029		1,725,000		1,520,708
EnLink Midstream Partners LP
4.150%, 06/01/2025		25,000		22,281
4.400%, 04/01/2024		300,000		277,500
5.050%, 04/01/2045 (B)		1,175,000		763,750
5.450%, 06/01/2047		1,175,000		768,215
5.600%, 04/01/2044		750,000		495,000
Enviva Partners LP 6.500%, 01/15/2026 (A)		1,675,000		1,783,523
EQM Midstream Partners LP
6.000%, 07/01/2025 (A)		75,000		79,594
6.500%, 07/01/2027 (A)		150,000		164,250
6.500%, 07/15/2048		325,000		329,063
Harvest Midstream I LP 7.500%, 09/01/2028 (A)		345,000		357,123
Hilcorp Energy I LP
5.000%, 12/01/2024 (A)		1,250,000		1,184,375
5.750%, 10/01/2025 (A)		1,325,000		1,245,500
6.250%, 11/01/2028 (A)		225,000		211,500
Indigo Natural Resources LLC 6.875%, 02/15/2026 (A)		575,000		587,938
Murphy Oil Corp.
5.750%, 08/15/2025		125,000		119,844
5.875%, 12/01/2027		125,000		120,078
Murphy Oil USA, Inc. 4.750%, 09/15/2029		75,000		81,081
New Fortress Energy, Inc. 6.750%, 09/15/2025 (A)		290,000		293,680
NGPL PipeCo LLC
4.375%, 08/15/2022 (A)		225,000		233,259
7.768%, 12/15/2037 (A)		275,000		335,734
Occidental Petroleum Corp.
4.625%, 06/15/2045		1,575,000		1,244,250
6.200%, 03/15/2040		500,000		475,000
6.450%, 09/15/2036		3,825,000		3,750,918
6.600%, 03/15/2046		375,000		372,409
Oceaneering International, Inc. 6.000%, 02/01/2028		1,350,000		854,577
Pattern Energy Operations LP 4.500%, 08/15/2028 (A)		2,300,000		2,420,750
Rockies Express Pipeline LLC
4.800%, 05/15/2030 (A)		725,000		714,125
6.875%, 04/15/2040 (A)		1,506,000		1,551,180
7.500%, 07/15/2038 (A)		201,000		213,060
Southwestern Energy Company
6.450%, 01/23/2025		15,000		15,068
7.500%, 04/01/2026		250,000		251,250
7.750%, 10/01/2027 (B)		850,000		869,210
8.375%, 09/15/2028		545,000		564,075
Tallgrass Energy Partners LP 5.500%, 09/15/2024 (A)		2,500,000		2,450,000

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Energy (continued)
Ultra Resources, Inc. 7.125%, 04/15/2025 (A)(C)	$	2,675,000	$	6,688
USA Compression Partners LP 6.875%, 04/01/2026 to 09/01/2027		1,150,000		1,186,250
Western Midstream Operating LP
5.050%, 02/01/2030		650,000		666,380
5.300%, 03/01/2048		1,100,000		982,113
6.250%, 02/01/2050		50,000		50,071
				43,022,768
Financials – 4.8%
AmWINS Group, Inc. 7.750%, 07/01/2026 (A)		1,175,000		1,266,063
CIT Group, Inc.
4.125%, 03/09/2021		40,000		40,350
6.125%, 03/09/2028		50,000		58,938
FirstCash, Inc.
4.625%, 09/01/2028 (A)		420,000		431,630
5.375%, 06/01/2024 (A)		1,175,000		1,206,655
Genworth Mortgage Holdings, Inc. 6.500%, 08/15/2025 (A)		110,000		115,689
HUB International, Ltd. 7.000%, 05/01/2026 (A)		500,000		518,750
Ladder Capital Finance Holdings LLLP
4.250%, 02/01/2027 (A)		200,000		183,500
5.250%, 03/15/2022 to 10/01/2025 (A)		1,500,000		1,434,000
LPL Holdings, Inc.
4.625%, 11/15/2027 (A)		250,000		260,000
5.750%, 09/15/2025 (A)		2,425,000		2,522,000
OneMain Finance Corp.
5.375%, 11/15/2029		625,000		664,844
6.125%, 03/15/2024		400,000		433,708
6.625%, 01/15/2028		400,000		456,604
7.125%, 03/15/2026		600,000		688,497
8.250%, 10/01/2023		225,000		253,125
USI, Inc. 6.875%, 05/01/2025 (A)		475,000		486,875
				11,021,228
Health care – 10.2%
Bausch Health Americas, Inc. 8.500%, 01/31/2027 (A)		300,000		330,000
Bausch Health Companies, Inc.
5.000%, 01/30/2028 (A)		250,000		246,250
5.250%, 01/30/2030 (A)		250,000		248,498
5.500%, 03/01/2023 to 11/01/2025 (A)		1,032,000		1,040,745
5.750%, 08/15/2027 (A)		100,000		107,404
5.875%, 05/15/2023 (A)		138,000		138,000
6.125%, 04/15/2025 (A)		1,265,000		1,301,369
6.250%, 02/15/2029 (A)		1,000,000		1,045,350
7.000%, 03/15/2024 to 01/15/2028 (A)		425,000		444,162
7.250%, 05/30/2029 (A)		50,000		54,875
Centene Corp. 5.375%, 08/15/2026 (A)		100,000		105,875
Change Healthcare Holdings LLC 5.750%, 03/01/2025 (A)		2,250,000		2,295,000
Charles River Laboratories International, Inc.
4.250%, 05/01/2028 (A)		75,000		78,938
5.500%, 04/01/2026 (A)		250,000		263,125
Community Health Systems, Inc.
6.250%, 03/31/2023		200,000		200,500
6.625%, 02/15/2025 (A)		1,500,000		1,530,000
DaVita, Inc.
3.750%, 02/15/2031 (A)		325,000		320,782
4.625%, 06/01/2030 (A)		575,000		604,469

 

The accompanying notes are an integral part of the financial statements. 43

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Health care (continued)
Encompass Health Corp.
4.500%, 02/01/2028	$	225,000	$	230,708
4.750%, 02/01/2030		250,000		260,828
5.125%, 03/15/2023		245,000		246,838
5.750%, 11/01/2024 to 09/15/2025		65,000		66,790
Hill-Rom Holdings, Inc.
4.375%, 09/15/2027 (A)		650,000		679,617
5.000%, 02/15/2025 (A)		50,000		51,633
Hologic, Inc.
4.375%, 10/15/2025 (A)		1,300,000		1,326,845
4.625%, 02/01/2028 (A)		150,000		159,258
IQVIA, Inc. 5.000%, 10/15/2026 to 05/15/2027 (A)		700,000		735,245
MEDNAX, Inc. 5.250%, 12/01/2023 (A)		150,000		152,625
MPH Acquisition Holdings LLC 7.125%, 06/01/2024 (A)		2,225,000		2,259,043
Ortho-Clinical Diagnostics, Inc. 7.250%, 02/01/2028 (A)		150,000		155,250
Polaris Intermediate Corp. (8.500% Cash or 9.250% PIK) 8.500%, 12/01/2022 (A)(B)		400,000		406,500
Select Medical Corp. 6.250%, 08/15/2026 (A)		850,000		913,130
Surgery Center Holdings, Inc. 6.750%, 07/01/2025 (A)(B)		325,000		320,125
Tenet Healthcare Corp.
4.625%, 07/15/2024		775,000		792,825
4.625%, 06/15/2028 (A)		150,000		155,625
4.875%, 01/01/2026 (A)		400,000		416,000
5.125%, 11/01/2027 (A)		100,000		105,500
7.000%, 08/01/2025 (B)		350,000		361,375
7.500%, 04/01/2025 (A)		175,000		192,010
Teva Pharmaceutical Finance Netherlands III BV
4.100%, 10/01/2046		500,000		427,500
6.750%, 03/01/2028 (B)		1,600,000		1,744,000
Vizient, Inc. 6.250%, 05/15/2027 (A)		1,125,000		1,195,313
				23,709,925
Industrials – 12.7%
ACCO Brands Corp. 5.250%, 12/15/2024 (A)		25,000		25,568
Advanced Disposal Services, Inc. 5.625%, 11/15/2024 (A)		1,925,000		1,989,969
Air Canada 7.750%, 04/15/2021 (A)		550,000		550,000
Allison Transmission, Inc.
4.750%, 10/01/2027 (A)		750,000		783,750
5.000%, 10/01/2024 (A)		2,625,000		2,651,329
5.875%, 06/01/2029 (A)		350,000		383,250
Covanta Holding Corp.
5.000%, 09/01/2030		80,000		82,024
5.875%, 07/01/2025		500,000		521,670
6.000%, 01/01/2027		475,000		497,031
Fortress Transportation and Infrastructure Investors LLC
6.500%, 10/01/2025 (A)		1,625,000		1,576,250
9.750%, 08/01/2027 (A)		135,000		143,946
IAA, Inc. 5.500%, 06/15/2027 (A)		2,300,000		2,423,579
KAR Auction Services, Inc. 5.125%, 06/01/2025 (A)		3,425,000		3,450,688
Pike Corp. 5.500%, 09/01/2028 (A)		145,000		145,725

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Industrials (continued)
Prime Security Services Borrower LLC 3.375%, 08/31/2027 (A)	$	1,195,000	$	1,190,710
RBS Global, Inc. 4.875%, 12/15/2025 (A)		1,825,000		1,868,344
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025 (A)		2,525,000		2,607,063
Sensata Technologies BV 5.625%, 11/01/2024 (A)		1,600,000		1,744,000
Sensata Technologies UK Financing Company PLC 6.250%, 02/15/2026 (A)		250,000		261,895
Sensata Technologies, Inc. 3.750%, 02/15/2031 (A)		230,000		229,425
Signature Aviation US Holdings, Inc.
4.000%, 03/01/2028 (A)		525,000		513,287
5.375%, 05/01/2026 (A)		1,375,000		1,416,250
Stevens Holding Company, Inc. 6.125%, 10/01/2026 (A)		1,250,000		1,346,875
Tempo Acquisition LLC 5.750%, 06/01/2025 (A)		75,000		78,563
TriMas Corp. 4.875%, 10/15/2025 (A)		1,325,000		1,346,531
Vertical Holdco GmbH 7.625%, 07/15/2028 (A)		250,000		263,750
Vertical US Newco, Inc. 5.250%, 07/15/2027 (A)		1,400,000		1,457,750
				29,549,222
Information technology – 5.8%
Black Knight InfoServ LLC 3.625%, 09/01/2028 (A)		80,000		81,026
Cardtronics, Inc. 5.500%, 05/01/2025 (A)(B)		2,350,000		2,373,500
CDK Global, Inc. 5.250%, 05/15/2029 (A)		100,000		109,092
CommScope Technologies LLC 6.000%, 06/15/2025 (A)		490,000		502,353
CommScope, Inc. 8.250%, 03/01/2027 (A)(B)		450,000		487,121
Dell International LLC
5.875%, 06/15/2021 (A)		1,207,000		1,208,883
7.125%, 06/15/2024 (A)		2,275,000		2,362,110
Fair Isaac Corp.
4.000%, 06/15/2028 (A)		100,000		103,500
5.250%, 05/15/2026 (A)		1,425,000		1,636,328
Gartner, Inc. 5.125%, 04/01/2025 (A)		615,000		639,416
Level 3 Financing, Inc.
3.625%, 01/15/2029 (A)		830,000		832,158
4.250%, 07/01/2028 (A)		425,000		437,431
Logan Merger Sub, Inc. 5.500%, 09/01/2027 (A)		150,000		154,313
NCR Corp.
5.000%, 07/15/2022		510,000		509,118
5.000%, 10/01/2028 (A)		80,000		80,600
5.250%, 10/01/2030 (A)		610,000		617,936
5.750%, 09/01/2027 (A)		50,000		52,500
8.125%, 04/15/2025 (A)		150,000		167,807
NortonLifeLock, Inc. 5.000%, 04/15/2025 (A)		125,000		127,500
ON Semiconductor Corp. 3.875%, 09/01/2028 (A)		25,000		26,087
Qorvo, Inc. 4.375%, 10/15/2029		200,000		214,500

 

The accompanying notes are an integral part of the financial statements. 44

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Information technology (continued)
SS&C Technologies, Inc. 5.500%, 09/30/2027 (A)	$	700,000	$	749,770
				13,473,049
Materials – 4.9%
Ardagh Packaging Finance PLC
4.125%, 08/15/2026 (A)		600,000		625,920
5.250%, 04/30/2025 (A)		125,000		132,644
Ball Corp.
4.875%, 03/15/2026		250,000		280,000
5.000%, 03/15/2022		175,000		185,754
5.250%, 07/01/2025		75,000		84,995
Berry Global, Inc.
4.875%, 07/15/2026 (A)		350,000		371,875
5.125%, 07/15/2023		214,000		216,675
5.625%, 07/15/2027 (A)		100,000		105,750
6.000%, 10/15/2022		320,000		320,400
Clearwater Paper Corp.
4.750%, 08/15/2028 (A)		70,000		70,700
5.375%, 02/01/2025 (A)(B)		300,000		315,132
Crown Americas LLC
4.250%, 09/30/2026		775,000		823,918
4.750%, 02/01/2026		800,000		833,960
Flex Acquisition Company, Inc.
6.875%, 01/15/2025 (A)		800,000		815,440
7.875%, 07/15/2026 (A)		350,000		367,217
Kaiser Aluminum Corp.
4.625%, 03/01/2028 (A)		275,000		272,008
6.500%, 05/01/2025 (A)		175,000		184,960
Novelis Corp. 5.875%, 09/30/2026 (A)		250,000		261,200
OI European Group BV 4.000%, 03/15/2023 (A)		350,000		353,574
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/2023 (A)		600,000		638,250
Plastipak Holdings, Inc. 6.250%, 10/15/2025 (A)(B)		550,000		557,535
QVC, Inc. 4.750%, 02/15/2027		600,000		638,442
Reynolds Group Issuer, Inc. 5.125%, 07/15/2023 (A)		450,000		456,615
Sealed Air Corp. 5.125%, 12/01/2024 (A)		1,165,000		1,281,500
Silgan Holdings, Inc.
4.125%, 02/01/2028		650,000		673,563
4.750%, 03/15/2025		100,000		102,000
Valvoline, Inc.
4.250%, 02/15/2030 (A)		325,000		344,906
4.375%, 08/15/2025		125,000		129,713
				11,444,646
Real estate – 4.3%
CoreCivic, Inc.
4.625%, 05/01/2023		300,000		285,000
5.000%, 10/15/2022		800,000		788,000
GLP Capital LP 5.375%, 11/01/2023		625,000		669,656
MPT Operating Partnership LP
4.625%, 08/01/2029		275,000		293,552
5.000%, 10/15/2027		725,000		766,688
5.250%, 08/01/2026		800,000		840,000
5.500%, 05/01/2024		715,000		725,725
6.375%, 03/01/2024		60,000		61,950
SBA Communications Corp.
3.875%, 02/15/2027 (A)		300,000		311,385
4.000%, 10/01/2022		525,000		528,528

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
CORPORATE BONDS (continued)
Real estate (continued)
Service Properties Trust
3.950%, 01/15/2028	$	420,000	$	361,326
4.375%, 02/15/2030		500,000		432,500
4.750%, 10/01/2026		225,000		207,000
4.950%, 02/15/2027		925,000		848,688
5.250%, 02/15/2026		375,000		354,375
7.500%, 09/15/2025		85,000		92,449
The GEO Group, Inc.
5.125%, 04/01/2023		210,000		173,250
5.875%, 01/15/2022 to 10/15/2024		1,665,000		1,511,400
6.000%, 04/15/2026		975,000		747,674
				9,999,146
Utilities – 4.0%
NextEra Energy Operating Partners LP
4.250%, 07/15/2024 to 09/15/2024 (A)		825,000		880,205
4.500%, 09/15/2027 (A)		725,000		792,063
NSG Holdings LLC 7.750%, 12/15/2025 (A)		2,196,881		2,317,710
Pacific Gas & Electric Company
2.500%, 02/01/2031		300,000		291,503
3.500%, 08/01/2050		300,000		279,986
PG&E Corp.
5.000%, 07/01/2028		150,000		149,625
5.250%, 07/01/2030		150,000		149,616
TerraForm Power Operating LLC
4.250%, 01/31/2023 (A)		2,250,000		2,329,200
4.750%, 01/15/2030 (A)		400,000		428,000
5.000%, 01/31/2028 (A)		1,525,000		1,694,481
				9,312,389
TOTAL CORPORATE BONDS (Cost $216,654,233)			$	220,210,610
CONVERTIBLE BONDS – 0.4%
Communication services – 0.2%
DISH Network Corp. 3.375%, 08/15/2026		575,000		567,108
Energy – 0.2%
Denbury Resources, Inc. 6.375%, 12/31/2024 (A)(C)		531,000		82,305
Whiting Petroleum Corp. 1.250%, 04/01/2020 (C)		1,345,000		309,350
				391,655
TOTAL CONVERTIBLE BONDS (Cost $2,297,615)			$	958,763
TERM LOANS (D) – 2.9%
Communication services – 1.2%
Ancestry.com Operations, Inc., 2019 Extended Term Loan B (1 month LIBOR + 4.250%) 4.410%, 08/27/2026		2,364,167		2,359,439
Montreign Operating Company LLC, Bridge Term Loan (1 month LIBOR + 2.250%) 2.406%, 03/22/2021		420,089		401,710
				2,761,149
Consumer discretionary – 0.1%
CCM Merger, Inc., New Term Loan B (1 month LIBOR + 2.250%) 3.000%, 08/08/2021		280,065		276,004
Energy – 0.2%
EPIC Crude Services LP, Term Loan B (3 month LIBOR + 5.000%) 5.260%, 03/02/2026		600,000		474,000

 

The accompanying notes are an integral part of the financial statements. 45

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

U.S. High Yield Bond Fund (continued)

		Shares or Principal Amount	Value
TERM LOANS (D) (continued)
Financials – 1.4%
Emerald TopCo, Inc., Term Loan (1 and 3 month LIBOR + 3.500%) 3.760%, 07/24/2026	$	669,938	$	650,677
HUB International, Ltd., 2019 Incremental Term Loan B (3 month LIBOR + 4.000%) 5.000%, 04/25/2025		447,750		447,253
Nexus Buyer LLC, Term Loan B (1 month LIBOR + 3.750%) 3.912%, 11/09/2026		472,625		469,553
USI, Inc., 2019 Incremental Term Loan B (3 month LIBOR + 4.000%) 4.308%, 12/02/2026		149,250		146,793
VFH Parent LLC, 2019 Term Loan B (1 month LIBOR + 3.000%) 3.164%, 03/01/2026		232,189		229,214
Victory Capital Holdings, Inc., 2020 Term Loan B1 (3 month LIBOR + 2.500%) 2.799%, 07/01/2026		1,281,298		1,260,477
				3,203,967
Materials – 0.0%
Clearwater Paper Corp., Term Loan B (3 month LIBOR + 3.250%) 4.250%, 07/26/2026		109,625		109,351
TOTAL TERM LOANS (Cost $6,959,692)			$	6,824,471
RIGHTS – 0.1%
Texas Competitive Electric Holdings Company LLC (E)(F)		215,025		225,776
TOTAL RIGHTS (Cost $1,079,996)			$	225,776
ESCROW CERTIFICATES – 0.0%
Texas Competitive Electric Holdings Company LLC 11.500%, 10/01/2020 (E)(G)	$	13,200,000		19,800
TOTAL ESCROW CERTIFICATES (Cost $6,477)			$	19,800
SHORT-TERM INVESTMENTS – 4.3%
Short-term funds – 4.3%
John Hancock Collateral Trust, 0.2611% (H)(I)		943,564		9,445,733
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0399% (H)		547,388		547,388
TOTAL SHORT-TERM INVESTMENTS (Cost $9,985,128)			$	9,993,121
Total Investments (U.S. High Yield Bond Fund) (Cost $236,983,141) – 102.4%			$	238,232,541
Other assets and liabilities, net – (2.4%)				(5,649,831)
TOTAL NET ASSETS – 100.0%			$	232,582,710

Security Abbreviations and Legend
LIBOR	London Interbank Offered Rate
PIK	Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $147,617,876 or 63.5% of the fund's net assets as of 8-31-20.
(B)	All or a portion of this security is on loan as of 8-31-20.
(C)	Non-income producing - Issuer is in default.
(D)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

U.S. High Yield Bond Fund (continued)

(E)	Non-income producing security.
(F)	Strike price and/or expiration date not available.
(G)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(H)	The rate shown is the annualized seven-day yield as of 8-31-20.
(I)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.

 

The accompanying notes are an integral part of the financial statements. 46

John Hancock Funds II

Portfolio of Investments — August 31, 2020 (showing percentage of total net assets)

The following fund had the following country composition as a percentage of net assets on 8-31-20:

High Yield Fund

United States	78.4%
Cayman Islands	5.0%
Canada	4.1%
United Kingdom	3.5%
France	1.9%
Italy	1.2%
Other countries	5.9%
TOTAL	100.0%

The accompanying notes are an integral part of the financial statements.

47

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	Asia Pacific Total Return Bond Fund	Core Bond Fund	High Yield Fund	Opportunistic Fixed Income Fund
Unaffiliated investments, at value (including securities loaned)	$173,480,054	$3,093,883,956	$200,308,742	$42,791,122
Affiliated investments, at value	—	—	272,666	—
Total investments, at value	173,480,054	3,093,883,956	200,581,408	42,791,122
Swap contracts, at value	—	—	—	376,882
Receivable for centrally cleared swaps	—	—	497,492	—
Unrealized appreciation on forward foreign currency contracts	—	—	78,960	96,528
Receivable for futures variation margin	—	—	80,482	6,920
Cash	54,200	23,729	—	—
Foreign currency, at value	497,671	—	321,308	24,432
Collateral held at broker for futures contracts	550,000	—	116,138	—
Cash collateral at broker for sale commitments	—	964,000	—	—
Collateral segregated at custodian for OTC derivative contracts	—	—	170,000	—
Dividends and interest receivable	2,265,180	11,832,535	2,807,648	241,808
Receivable for fund shares sold	—	3,390,552	—	49,566
Receivable for investments sold	1,624,000	7,305,558	256,637	60,431
Receivable for delayed delivery securities sold	—	665,229,236	—	646,848
Receivable for securities lending income	—	—	573	—
Receivable from affiliates	—	—	—	5,565
Other assets	7,836	31,622	6,750	9,909
Total assets	178,478,941	3,782,661,188	204,917,396	44,310,011
Liabilities
Unrealized depreciation on forward foreign currency contracts	—	—	201,349	203,775
Swap contracts, at value	—	—	—	268,770
Payable for centrally cleared swaps	—	—	—	8,622
Payable for futures variation margin	65,450	—	—	—
Due to custodian	—	—	161,116	—
Payable for collateral on OTC derivatives	—	—	—	150,000
Payable for collateral on sale commitments	—	3,110,000	—	—
Payable for investments purchased	—	63,955,867	1,206,288	306,752
Payable for delayed delivery securities purchased	—	1,001,012,309	470,000	2,078,039
Payable for fund shares repurchased	9	622,563	165,123	—
Payable upon return of securities loaned	—	—	272,697	—
Payable to affiliates
Accounting and legal services fees	11,482	161,524	12,131	2,423
Trustees' fees	96	1,480	111	22
Other liabilities and accrued expenses	98,864	186,953	94,427	131,970
Total liabilities	175,901	1,069,050,696	2,583,242	3,150,373
Net assets	$178,303,040	$2,713,610,492	$202,334,154	$41,159,638
Net assets consist of
Paid-in capital	$186,678,033	$2,507,337,353	$311,763,230	$45,179,239
Total distributable earnings (loss)	(8,374,993)	206,273,139	(109,429,076)	(4,019,601)
Net assets	$178,303,040	$2,713,610,492	$202,334,154	$41,159,638
Unaffiliated investments, including repurchase agreements, at cost	$172,286,750	$3,004,899,142	$224,416,861	$42,323,481
Affiliated investments, at cost	—	—	$272,661	—
Foreign currency, at cost	$477,205	—	$310,205	$25,700
Net unamortized upfront payment on OTC swaps	—	—	—	$(168,850)
Securities loaned, at value	—	—	$266,369	—
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class 1
Net assets	—	$207,002,140	$202,334,154	$41,159,638
Shares outstanding	—	14,823,298	25,734,544	2,944,195
Net asset value, offering price and redemption price per share	—	$13.96	$7.86	$13.98
Class NAV
Net assets	$178,303,040	$2,506,608,352	—	—
Shares outstanding	17,744,698	179,780,994	—	—
Net asset value, offering price and redemption price per share	$10.05	$13.94	—	—

The accompanying notes are an integral part of the financial statements.

48

John Hancock Funds II

Statements of assets and liabilities — August 31, 2020

Assets	U.S. High Yield Bond Fund
Unaffiliated investments, at value (including securities loaned)	$228,786,808
Affiliated investments, at value	9,445,733
Total investments, at value	238,232,541
Dividends and interest receivable	3,712,100
Receivable for fund shares sold	89,335
Receivable for investments sold	864,534
Receivable for securities lending income	8,436
Other assets	5,070
Total assets	242,912,016
Liabilities
Payable for investments purchased	798,498
Payable upon return of securities loaned	9,444,760
Payable to affiliates
Accounting and legal services fees	13,779
Trustees' fees	125
Other liabilities and accrued expenses	72,144
Total liabilities	10,329,306
Net assets	$232,582,710
Net assets consist of
Paid-in capital	$251,583,872
Total distributable earnings (loss)	(19,001,162)
Net assets	$232,582,710
Unaffiliated investments, including repurchase agreements, at cost	$227,545,401
Affiliated investments, at cost	$9,437,740
Securities loaned, at value	$9,241,230
Net asset value per share
The funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.
Class 1
Net assets	$61,509,176
Shares outstanding	5,553,632
Net asset value, offering price and redemption price per share	$11.08
Class NAV
Net assets	$171,073,534
Shares outstanding	15,463,443
Net asset value, offering price and redemption price per share	$11.06

The accompanying notes are an integral part of the financial statements.

49

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	Asia Pacific Total Return Bond Fund	Core Bond Fund	High Yield Fund	Opportunistic Fixed Income Fund
Interest	$12,018,019	$66,757,960	$13,790,528	$1,090,167
Dividends	—	—	187,213	67,411
Securities lending	—	4,540	18,986	—
Less foreign taxes withheld	(419,613)	—	(328)	(24,179)
Total investment income	11,598,406	66,762,500	13,996,399	1,133,399
Expenses
Investment management fees	1,798,388	15,758,519	1,536,790	279,596
Distribution and service fees	—	92,994	109,771	20,703
Interest expense	—	—	—	37,578
Accounting and legal services fees	42,477	495,170	36,423	5,023
Trustees' fees	4,794	48,108	3,765	584
Custodian fees	127,922	336,589	47,235	103,303
Printing and postage	12,930	12,485	12,485	15,561
Professional fees	83,423	129,207	86,360	212,012
Other	19,981	94,588	27,105	11,014
Total expenses	2,089,915	16,967,660	1,859,934	685,374
Less expense reductions	(17,779)	(196,927)	(15,646)	(285,935)
Net expenses	2,072,136	16,770,733	1,844,288	399,439
Net investment income	9,526,270	49,991,767	12,152,111	733,960
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(895,997)	141,019,515	(4,887,818)	3,193,833
Affiliated investments	—	(857)	(5,363)	—
Securities sold short	—	—	—	(14,950)
Futures contracts	(1,222,128)	—	230,607	117,959
Forward foreign currency contracts	—	—	32,622	(267,344)
Written options	—	—	(1,146,848)	113,156
Swap contracts	—	—	219,660	(147,113)
	(2,118,125)	141,018,658	(5,557,140)	2,995,541
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	4,601,671	(13,324,591)	(162,805)	(605,506)
Affiliated investments	—	(30)	53	—
Securities sold short	—	—	—	(1,163)
Futures contracts	(83,637)	—	4,637	(89,876)
Forward foreign currency contracts	—	—	(131,534)	87,486
Written options	—	—	—	(22,273)
Swap contracts	—	—	88,278	332,670
	4,518,034	(13,324,621)	(201,371)	(298,662)
Net realized and unrealized gain (loss)	2,399,909	127,694,037	(5,758,511)	2,696,879
Increase in net assets from operations	$11,926,179	$177,685,804	$6,393,600	$3,430,839

The accompanying notes are an integral part of the financial statements.

50

John Hancock Funds II

Statements of operations — For the year ended August 31, 2020

Investment income	U.S. High Yield Bond Fund
Interest	$13,749,908
Securities lending	114,659
Total investment income	13,864,567
Expenses
Investment management fees	1,760,562
Distribution and service fees	33,311
Accounting and legal services fees	40,651
Trustees' fees	4,115
Custodian fees	47,742
Printing and postage	12,485
Professional fees	(37,637) 1
Other	20,479
Total expenses	1,881,708
Less expense reductions	(16,792)
Net expenses	1,864,916
Net investment income	11,999,651
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(1,593,002)
Affiliated investments	(7,211)
	(1,600,213)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	(1,030,127)
Affiliated investments	6,000
	(1,024,127)
Net realized and unrealized gain (loss)	(2,624,340)
Increase in net assets from operations	$9,375,311

¹ During the year ended August 31, 2020, U.S High Yield Bond Fund received a reimbursement of legal fees. See Note 15 to the Financial statements. As a result of this reimbursement, the portfolio reflects negative professional fees in the current reporting period. Professional fees incurred by the fund for the year ended August 31, 2020 prior to these reimbursements were $69,792.

The accompanying notes are an integral part of the financial statements.

51

John Hancock Funds II

Statements of changes in net assets

	Asia Pacific Total Return Bond Fund		Core Bond Fund		High Yield Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income	$9,526,270	$12,615,853	$49,991,767	$58,157,740	$12,152,111	$18,833,797
Net realized gain (loss)	(2,118,125)	(5,799,107)	141,018,658	56,391,733	(5,557,140)	(3,955,082)
Change in net unrealized appreciation (depreciation)	4,518,034	14,826,404	(13,324,621)	119,059,741	(201,371)	(2,204,231)
Increase in net assets resulting from operations	11,926,179	21,643,150	177,685,804	233,609,214	6,393,600	12,674,484
Distributions to shareholders
From earnings
Class 1	—	—	(5,663,456)	(4,342,494)	(13,263,417)	(15,929,257)
Class NAV	(11,534,899)	(9,927,876)	(84,643,885)	(52,735,636)	—	(4,816,452) 1
Total distributions	(11,534,899)	(9,927,876)	(90,307,341)	(57,078,130)	(13,263,417)	(20,745,709)
From fund share transactions
From fund share transactions	(123,796,208)	(61,348,396)	(241,509,188)	981,800,705	(41,216,177)	(159,645,877)
Total increase (decrease)	(123,404,928)	(49,633,122)	(154,130,725)	1,158,331,789	(48,085,994)	(167,717,102)
Net assets
Beginning of year	301,707,968	351,341,090	2,867,741,217	1,709,409,428	250,420,148	418,137,250
End of year	$178,303,040	$301,707,968	$2,713,610,492	$2,867,741,217	$202,334,154	$250,420,148

¹ Class NAV shares were fully redeemed on 3-28-19.

	Opportunistic Fixed Income Fund		U.S. High Yield Bond Fund
Increase (decrease) in net assets	Year ended 8-31-20	Year ended 8-31-19	Year ended 8-31-20	Year ended 8-31-19
From operations
Net investment income	$733,960	$3,243,762	$11,999,651	$13,484,264
Net realized gain (loss)	2,995,541	(140,160)	(1,600,213)	(2,068,507)
Change in net unrealized appreciation (depreciation)	(298,662)	1,017,544	(1,024,127)	2,038,468
Increase in net assets resulting from operations	3,430,839	4,121,146	9,375,311	13,454,225
Distributions to shareholders
From earnings
Class 1	(1,410,083)	(648,896)	(3,705,811)	(4,094,406)
Class NAV	—	(2,845,170) 2	(9,390,983)	(10,019,828)
Total distributions	(1,410,083)	(3,494,066)	(13,096,794)	(14,114,234)
From fund share transactions
From fund share transactions	(8,155,522)	(230,201,605)	(11,103,932)	(23,515,780)
Total increase (decrease)	(6,134,766)	(229,574,525)	(14,825,415)	(24,175,789)
Net assets
Beginning of year	47,294,404	276,868,929	247,408,125	271,583,914
End of year	$41,159,638	$47,294,404	$232,582,710	$247,408,125

² Class NAV shares were fully redeemed on 4-17-19.

The accompanying notes are an integral part of the financial statements.

52

John Hancock Funds II

Financial highlights

Per share operating performance for a share outstanding throughout each period												Ratios and supplemental data
		Income (loss) from investment operations				Less distributions						Ratios to average net assets
Period ended	Net asset value, beginning of period ($)	Net investment income (loss) ($)1	Net realized and unrealized gain (loss) on investments ($)	Total from investment operations ($)	From net investment income ($)	From net realized gain ($)	Total distributions ($)	Net asset value, end of period ($)	Total return (%)2	Expenses before reductions (%)	Expenses including reductions (%)	Net investment income (loss) (%)	Net assets, end of period (in millions)	Portfolio turnover (%)
Asia Pacific Total Return Bond Fund
Class NAV
08-31-2020	9.86	0.37	0.20	0.57	(0.38)	—	(0.38)	10.05	5.94	0.84	0.83	3.83	178	48
08-31-2019	9.49	0.38	0.29	0.67	(0.30)	—	(0.30)	9.86	7.31	0.83	0.82	3.97	302	60
08-31-2018	9.80	0.34	(0.44)	(0.10)	(0.21)	—	(0.21)	9.49	(1.05)	0.80	0.79	3.48	351	70
08-31-2017	9.64	0.32	(0.01)	0.31	(0.15)	—	(0.15)	9.80	3.30	0.80	0.79	3.32	382	53
08-31-2016	8.94	0.32	0.64	0.96	(0.26)	—	(0.26)	9.64	10.96	0.81	0.80	3.44	412	54
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
Core Bond Fund
Class 1
08-31-2020	13.50	0.23	0.66	0.89	(0.31)	(0.12)	(0.43)	13.96	6.76	0.66	0.65	1.73	207	347
08-31-2019	12.66	0.33	0.86	1.19	(0.35)	—	(0.35)	13.50	9.59	0.66	0.65	2.60	175	447
08-31-2018	13.15	0.27	(0.48)	(0.21)	(0.28)	—	(0.28)	12.66	(1.58)	0.67	0.66	2.08	161	277
08-31-2017	13.49	0.22	(0.17)	0.05	(0.24)	(0.15)	(0.39)	13.15	0.46	0.67	0.66	1.70	190	363
08-31-2016	13.01	0.21	0.51	0.72	(0.24)	—	(0.24)	13.49	5.59	0.67	0.66	1.59	220	471
Class NAV
08-31-2020	13.47	0.24	0.66	0.90	(0.31)	(0.12)	(0.43)	13.94	6.90	0.61	0.60	1.81	2,507	347
08-31-2019	12.64	0.34	0.84	1.18	(0.35)	—	(0.35)	13.47	9.58	0.61	0.60	2.63	2,693	447
08-31-2018	13.13	0.27	(0.47)	(0.20)	(0.29)	—	(0.29)	12.64	(1.54)	0.62	0.61	2.14	1,548	277
08-31-2017	13.47	0.23	(0.17)	0.06	(0.25)	(0.15)	(0.40)	13.13	0.51	0.62	0.61	1.77	1,615	363
08-31-2016	12.99	0.22	0.50	0.72	(0.24)	—	(0.24)	13.47	5.65	0.62	0.61	1.64	1,226	471
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
High Yield Fund
Class 1
08-31-2020	8.04	0.43	(0.14)	0.29	(0.47)	—	(0.47)	7.86	4.01	0.85	0.84	5.54	202	81
08-31-2019	8.17	0.46	(0.10)	0.36	(0.49)	—	(0.49)	8.04	4.32	0.82	0.81	5.77	250	51
08-31-2018	8.30	0.47	(0.12)	0.35	(0.48)	—	(0.48)	8.17	4.81	0.79	0.79	5.69	282	60
08-31-2017	8.17	0.49	0.17	0.66	(0.53)	—	(0.53)	8.30	8.31	0.79	0.78	5.89	339	56
08-31-2016	8.33	0.55	(0.14)	0.41	(0.57)	—	(0.57)	8.17	5.60	0.79	0.78	7.10	343	58
1. Based on average daily shares outstanding. 2. Total returns would have been lower had certain expenses not been reduced during the applicable periods.
Opportunistic Fixed Income Fund
Class 1
08-31-2020	13.27	0.23	0.94	1.17	(0.46)	—	(0.46)	13.98	9.15	1.66 3	0.96 3	1.77	41	224 4
08-31-2019	12.72	0.24	0.48	0.72	(0.17)	—	(0.17)	13.27	5.75	1.20 3	1.16 3	2.05	47	53
08-31-2018	12.84	0.26	(0.38)	(0.12)	—	—	—	12.72	(0.93)	0.86	0.85	2.04	51	31
08-31-2017	13.09	0.18	(0.08)	0.10	(0.31)	(0.04)	(0.35)	12.84	1.05	0.83	0.82	1.48	59	56
08-31-2016	11.87	0.19	1.03	1.22	— 5	—	— 5	13.09	10.30	0.82	0.81	1.55	66	71
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. Includes interest expense of 0.09% and 0.26% for the year ended August 31, 2020 and the year ended August 31, 2019, respectively. 4. Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of Trustees. 5. Less than $0.005 per share.
U.S. High Yield Bond Fund
Class 1
08-31-2020	11.20	0.55	(0.07)	0.48	(0.60)	—	(0.60)	11.08	4.67	0.83 3	0.83 3	5.05	62	82
08-31-2019	11.21	0.58	0.02	0.60	(0.61)	—	(0.61)	11.20	5.58	0.87	0.86	5.25	73	41
08-31-2018	11.41	0.58	(0.19)	0.39	(0.59)	—	(0.59)	11.21	3.52	0.86	0.86	5.14	75	51
08-31-2017	11.15	0.61	0.31	0.92	(0.66)	—	(0.66)	11.41	8.53	0.88	0.87	5.42	84	68
08-31-2016	11.20	0.64	0.02	0.66	(0.71)	—	(0.71)	11.15	6.50	0.85	0.84	6.01	80	59
Class NAV
08-31-2020	11.18	0.55	(0.06)	0.49	(0.61)	—	(0.61)	11.06	4.73	0.78 3	0.78 3	5.09	171	82
08-31-2019	11.20	0.58	0.01	0.59	(0.61)	—	(0.61)	11.18	5.55	0.82	0.81	5.30	174	41
08-31-2018	11.40	0.59	(0.19)	0.40	(0.60)	—	(0.60)	11.20	3.58	0.81	0.81	5.20	196	51
08-31-2017	11.14	0.62	0.30	0.92	(0.66)	—	(0.66)	11.40	8.59	0.83	0.82	5.52	212	68
08-31-2016	11.19	0.64	0.03	0.67	(0.72)	—	(0.72)	11.14	6.56	0.80	0.80	6.03	281	59
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. Includes reimbursement of legal fees of 0.05%. See Note 15 to the Financial statements.

The accompanying notes are an integral part of the financial statements.

53

John Hancock Funds II

Notes to financial statements

1.  Organization

John Hancock Funds II (the Trust) is an open-end management investment company organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series, five of which are presented in this report (the funds).

The funds may offer multiple classes of shares. The shares currently offered by a specific fund are detailed in the Statements of assets and liabilities. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. 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. 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.

Prior to February 28, 2020, Opportunistic Fixed Income Fund was known as Global Bond Fund.

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 funds qualify as investment companies 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 funds:

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 funds' Valuation Policies and Procedures.

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

In certain instances, the Pricing Committee 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 funds' Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the funds' Pricing Committee, following procedures established by the Board of Trustees. The funds use 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 funds use 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 funds' own 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.

54

Significant accounting policies, continued
    
The following is a summary of the values by input classification of the funds' investments as of August 31, 2020, by major security category or type:

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Asia Pacific Total Return Bond Fund
Investments in securities:
Assets
Foreign government obligations	$77,171,327	—	$77,171,327	—
Corporate bonds	95,052,721	—	95,052,721	—
Short-term investments	1,256,006	$1,256,006	—	—
Total investments in securities	$173,480,054	$1,256,006	$172,224,048	—
Derivatives:
Liabilities
Futures	$(87,565)	$(87,565)	—	—
Core Bond Fund
Investments in securities:
Assets
U.S. Government and Agency obligations	$1,461,547,930	—	$1,461,547,930	—
Foreign government obligations	36,108,358	—	36,108,358	—
Corporate bonds	889,696,632	—	889,696,632	—
Municipal bonds	11,703,073	—	11,703,073	—
Collateralized mortgage obligations	219,681,353	—	219,681,353	—
Asset backed securities	258,126,057	—	258,126,057	—
Short-term investments	217,020,553	$217,020,553	—	—
Total investments in securities	$3,093,883,956	$217,020,553	$2,876,863,403	—
High Yield Fund
Investments in securities:
Assets
Foreign government obligations	$1,888,948	—	$1,888,948	—
Corporate bonds	171,708,294	—	171,708,294	—
Convertible bonds	2,353,926	—	2,353,926	—
Term loans	12,983,651	—	12,983,651	—
Asset backed securities	8,541,337	—	8,541,337	—
Common stocks	1,366,360	$1,216,414	—	$149,946
Preferred securities	1,466,226	1,466,226	—	—
Short-term investments	272,666	272,666	—	—
Total investments in securities	$200,581,408	$2,955,306	$197,476,156	$149,946
Derivatives:
Assets
Futures	$29,120	$29,120	—	—
Forward foreign currency contracts	78,960	—	$78,960	—
Swap contracts	50,156	—	50,156	—
Liabilities
Forward foreign currency contracts	(201,349)	—	(201,349)	—
Opportunistic Fixed Income Fund
Investments in securities:
Assets
U.S. Government and Agency obligations	$3,409,050	—	$3,409,050	—
Foreign government obligations	19,439,879	—	19,439,879	—
Corporate bonds	2,751,223	—	2,751,223	—
Convertible bonds	190,451	—	190,451	—
Municipal bonds	1,114,654	—	1,114,654	—
Term loans	3,383,445	—	3,383,445	—
Collateralized mortgage obligations	3,892,187	—	3,892,187	—

55

Significant accounting policies, continued
    

	Total value at 8-31-20	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Opportunistic Fixed Income Fund (continued)
Asset backed securities	$1,979,255	—	$1,979,255	—
Preferred securities	8,549	$8,549	—	—
Exchange-traded funds	2,410,980	2,410,980	—	—
Short-term investments	4,211,449	3,961,453	249,996	—
Total investments in securities	$42,791,122	$6,380,982	$36,410,140	—
Derivatives:
Assets
Futures	$1,949	$1,949	—	—
Forward foreign currency contracts	96,528	—	$96,528	—
Swap contracts	535,627	—	535,627	—
Liabilities
Futures	(27,285)	(27,285)	—	—
Forward foreign currency contracts	(203,775)	—	(203,775)	—
Swap contracts	(284,317)	—	(284,317)	—
U.S. High Yield Bond Fund
Investments in securities:
Assets
Corporate bonds	$220,210,610	—	$220,210,610	—
Convertible bonds	958,763	—	958,763	—
Term loans	6,824,471	—	6,824,471	—
Rights	225,776	—	225,776	—
Escrow certificates	19,800	—	—	$19,800
Short-term investments	9,993,121	$9,993,121	—	—
Total investments in securities	$238,232,541	$9,993,121	$228,219,620	$19,800

Repurchase agreements. The funds may enter into repurchase agreements. When the funds enter into a repurchase agreement, they receive collateral that is held in a segregated account by the funds' custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the funds. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statements of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.

In a reverse repurchase agreement, the funds deliver a security, as collateral, in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The funds are entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. There were no open reverse repurchase agreement contracts at August 31, 2020.

The average borrowings by the fund and the weighted average interest rate for the period the fund entered into reverse repurchase agreements were as follows:

Fund	Average Borrowings	Weighted average annual interest rate
Opportunistic Fixed Income Fund	$5,789,110	(0.47%)

When-issued/delayed-delivery securities. The funds may purchase or sell debt securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to declines in the value of the securities purchased or increase in the value of securities sold prior to settlement date.

56

Significant accounting policies, continued
    
As a result, the funds have received the following amount of cash collateral from certain counterparties to these transactions which is recorded as a Payable for collateral on sale commitments:

Fund	Counterparty	Collateral Paid/ (Received)
Core Bond Fund	Morgan Stanley & Co. LLC.	$(1,400,000)
	Citigroup, Inc.	(1,380,000)
	JP Morgan	(260,000)
	Goldman Sachs	(70,000)
	Total	$(3,110,000)

Securities sold short. The funds may make short sales of securities or maintain a short position, provided that at all times when a short position is open a fund owns an equal amount of such securities or securities convertible into or exchangeable, without payment of any further consideration, for an equal amount of the securities of the same issuer as the securities sold short (a short sale “against-the-box”).

In addition, the funds may also sell a security they do not own in anticipation of a decline in the market value of that security (a short sale “not against-the-box”). To complete such a transaction, a fund must borrow the security to make delivery to the buyer. The fund is then obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. Until the security is replaced, the fund is required to pay the lender any dividends or interest that accrues during the period of the loan. To borrow the security, the fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

Until a fund replaces a borrowed security, it will maintain cash or other liquid assets at such a level that will equal the current value of the security sold short; and will not be less than the market value of the security at the time it was sold short. A fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the fund replaced the borrowed security. The fund will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the fund may be required to pay in connection with a short sale.

Interest or short dividend expense relates to a funds' liability with respect to short sale transactions by the funds. Interest or short dividend expense is recorded as incurred.

Sale-Buybacks. Certain funds may enter into financing transactions referred to as sale-buybacks, which are governed by the terms of the MRA. A sale-buyback transaction consists of a sale of a security by a portfolio to counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon repurchase value of the securities to be repurchased by the fund are reflected as a liability on the Statements of Assets and Liabilities. The fund will recognize income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of the foregone interest and inflationary income adjustments, if any, the fund would have otherwise received had the security not been sold along with negotiated financing terms. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by the fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, the fund may receive a fee for use of the security by the counterparty, which may result in income to the fund. The average borrowings by the fund and the weighted average interest rate for the period the fund entered into sale-buybacks were as follows:

Fund	Average Borrowing	Weighted average interest rate
Opportunistic Fixed Income Fund	$233,232	(1.89%)

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

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

At August 31, 2020, High Yield Fund had $111,308 in unfunded loan commitments outstanding.

Inflation-indexed bonds. Inflation-indexed bonds are securities that generally have a lower coupon interest rate fixed at issuance but whose principal value is periodically adjusted based on a rate of inflation, such as the Consumer Price Index. Over the life of an inflation-indexed bond, interest is paid on the inflation adjusted principal value as described above. Increases in the principal amount of these securities are recorded as interest income. Decreases in the principal amount of these securities may reduce interest income to the extent of income previously recorded. If these decreases are in excess of income previously recorded, an adjustment to the cost of the security is made.

Mortgage and asset backed securities. The funds may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more

57

Significant accounting policies, continued
    
likely to refinance or prepay their debt before its stated maturity. This may result in the funds having to reinvest the proceeds in lower yielding securities, effectively reducing the funds' income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the funds' cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The funds are also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Payment-in-kind bonds. The funds may invest in payment-in-kind bonds (PIK Bonds). PIK Bonds allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. The market prices of PIK Bonds are affected to a greater extent by interest rate changes and thereby tend to be more volatile than securities which pay cash interest periodically. Income on these securities is computed at the contractual rate specified and is added to the principal balance of the bond. This income is required to be distributed to shareholders. Because no cash is received at the time income accrues on these securities, the funds may need to sell other investments to make distributions.

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

The funds have 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 funds 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 funds 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. The funds receive compensation for lending their 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 funds 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 Statements of operations.

Obligations to repay collateral received by the funds are shown on the Statements of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. The following table summarizes the values of securities loaned by the funds and the corresponding cash collateral received at August 31, 2020:

Fund	Market value of securities on loan	Cash collateral received
High Yield Fund	$266,369	$272,697
U.S. High Yield Bond Fund	9,241,230	9,444,760

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

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

Foreign taxes. The funds may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the funds' 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 funds 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 funds 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 funds' custodian agreement, the custodian may loan money to the funds to make properly authorized payments. The funds are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law. Overdrafts at period end, if any, are presented under the caption Due to custodian in the Statements of assets and liabilities.

58

Significant accounting policies, continued
    

Line of credit. Effective June 25, 2020, the funds and other affiliated funds, excluding Core Bond Fund and U.S. High Yield Bond Fund, 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, a fund can borrow up to an aggregate commitment amount of $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the funds and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit.

Core Bond Fund, U.S. High Yield Bond Fund, and other affiliated funds have entered into a separate unsecured $50 million line of credit agreement with BNP Paribas. Subject to the needs of other affiliated funds, Core Bond Fund and U.S. High Yield Bond Fund can borrow up to the $50 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 each 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 Statements of operations. For the year ended August 31, 2020, the funds had no borrowings under the line of credit.

Commitment fees for the year ended August 31, 2020 were as follows:

Fund	Commitment fee
Asia Pacific Total Return Bond Fund	$3,298
Core Bond Fund	22,015
High Yield Fund	3,198
Opportunistic Fixed Income Fund	2,697
U.S. High Yield Bond Fund	6,885

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.

Change in accounting principle. Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities, shortens the premium amortization period for purchased non contingently callable debt securities and is effective for public companies with fiscal years beginning after December 15, 2018. Adoption of the ASU did not have a material impact to the funds.

Federal income taxes. Each fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, certain funds have capital loss carryforwards available to offset future net realized capital gains. The following table details the capital loss carryforwards available as of August 31, 2020:

	No Expiration Date
Fund	Short Term	Long Term
Asia Pacific Total Return Bond Fund	$ —	$8,985,158
High Yield Fund	3,129,351	83,696,916
Opportunistic Fixed Income Fund	298,646	5,489,575
U.S. High Yield Bond Fund	—	21,369,339

As of August 31, 2020, the funds had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The funds' federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

For federal income tax purposes, the costs of investments owned on August 31, 2020, including short-term investments, were as follows:

Fund	Aggregate cost	Unrealized appreciation	Unrealized (depreciation)	Net unrealized appreciation/ (depreciation)
Asia Pacific Total Return Bond Fund	$172,830,730	$5,683,536	$(5,121,777)	$561,759
Core Bond Fund	3,010,112,104	90,515,191	(6,743,339)	83,771,852
High Yield Fund	225,436,788	11,860,458	(36,758,951)	(24,898,493)
Opportunistic Fixed Income Fund	42,436,192	1,408,285	(934,628)	473,657
U.S. High Yield Bond Fund	238,159,689	12,347,904	(12,275,052)	72,852

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. Core Bond Fund, High Yield Fund and U.S. High Yield Bond Fund generally declare and pay dividends from net investment income quarterly. All other funds generally declare and pay dividends from net investment income annually. All funds generally declare and pay capital gain distributions, if any, annually.

The tax character of distributions for the year ended August 31, 2020 was as follows:

59

Significant accounting policies, continued
    

Fund	Ordinary Income	Long Term Capital Gains	Total
Asia Pacific Total Return Bond Fund	$11,534,899	—	$11,534,899
Core Bond Fund	86,689,645	$3,617,696	90,307,341
High Yield Fund	13,263,417	—	13,263,417
Opportunistic Fixed Income Fund	1,410,083	—	1,410,083
U.S. High Yield Bond Fund	13,096,794	—	13,096,794

The tax character of distributions for the year ended August 31, 2019 was as follows:

Fund	Ordinary Income
Asia Pacific Total Return Bond Fund	$9,927,876
Core Bond Fund	57,078,130
High Yield Fund	20,745,709
Opportunistic Fixed Income Fund	3,494,066
U.S. High Yield Bond Fund	14,114,234

Distributions paid by the funds with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Long Term Capital Gains
Asia Pacific Total Return Bond Fund	$13,739	—
Core Bond Fund	112,620,802	$9,880,485
High Yield Fund	2,284,035	—
Opportunistic Fixed Income Fund	1,509,369	—
U.S. High Yield Bond Fund	2,295,325	—

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 funds' financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, wash sale loss deferrals, derivative transactions, amortization and accretion on debt securities and foreign capital gain tax.

3.  Derivative instruments

The funds may invest in derivatives in order to meet their investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the funds are exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

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

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

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

Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker. There is, however, still counterparty risk due to the potential insolvency of the broker with respect to any margin held in the brokers’ customer accounts. While clearing members are required to segregate customer assets from their own assets, in the event of insolvency, there may be a shortfall in the amount of margin held by the broker for its clients. Collateral or margin requirements for centrally-cleared

60

Derivative instruments, continued
    
derivatives are set by the broker or applicable clearinghouse. Margin for centrally-cleared transactions is detailed in the Statements of assets and liabilities as Receivable/Payable for centrally-cleared swaps. Securities pledged by the funds for centrally-cleared transactions, if any, are identified in the Portfolio of investments.

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by a fund is detailed in the Statements of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the funds, if any, are identified in the Portfolio of investments. Subsequent payments, referred to as variation margin, are made or received by a fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable/Payable for futures variation margin is included in the Statements of assets and liabilities. When the contract is closed, a fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The following table details how the funds used futures contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Asia Pacific Total Return Bond Fund	To manage against anticipated interest rate changes and manage duration.	$25.0 million to $45.9 million
High Yield Fund	To manage duration of the portfolio.	$23.6 million to $33.6 million
Opportunistic Fixed Income Fund	To manage against changes in interest rates, gain exposure to certain bond markets and manage duration of the fund.	Up to $28.5 million

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the funds thereby reducing the funds' total return, and the potential for losses in excess of the amounts recognized on the Statements of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

The following table details how the funds used forward foreign currency contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
High Yield Fund	To manage against changes in foreign currency exchange rates and to gain exposure to foreign currencies.	$2.5 million to $7.3 million
Opportunistic Fixed Income Fund	To manage against changes in foreign currency exchange rates and to gain exposure to foreign currencies.	Up to $63.5 million

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

When a fund purchases an option, the premium paid is included in the Portfolio of investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, a fund realizes a loss equal to the cost of the option. If a fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If a fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When a fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by a fund.

The following table details how the funds used purchased options contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	Market value range
High Yield Fund	To manage against anticipated changes in currency exchange rates and to gain exposure to foreign currencies. At August 31, 2020, there were no open written options contacts.	Up to $31,000

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Derivative instruments, continued
    

Fund	Reason	Market value range
Opportunistic Fixed Income Fund	To gain exposure to the bond market and foreign currency, manage against anticipated currency exchange rates and interest rate changes and manage duration of the fund. At August 31, 2020, there were no open purchased options contacts.	Up to $51,000

The following table details how the funds used written options contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	Market value range
High Yield Fund	To gain exposure to certain securities markets, to manage against changes in certain securities markets and to generate potential income from options premiums. At August 31, 2020, there were no open written options contacts.	Up to $119,000
Opportunistic Fixed Income Fund	To gain exposure to the bond market and foreign currency, manage against anticipated currency exchange rates and interest rate changes and manage duration of the fund. At August 31, 2020, there were no open written options contacts.	Up to $67,000

Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

Upfront payments made/received by the funds, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the funds is recorded as realized gain or loss, as well as the net periodic payments received or paid by the funds.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The funds may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The funds settles accrued net interest receivable or payable under the swap contracts at specified, future intervals.

The following table details how the funds used interest rate swaps contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Opportunistic Fixed Income Fund	To manage against changes in interest rates and to manage duration of the fund.	Up to $138.1 million

Credit default swaps. Credit default swaps (CDS) involve the exchange of a fixed rate premium (paid by the Buyer), for protection against the loss in value of an underlying debt instrument, referenced entity or index, in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a “guarantor” (the Seller), receiving the premium and agreeing to contingent payments that are specified within the credit default agreement. The funds may enter into CDS in which it may act as either Buyer or Seller. By acting as the Seller, the funds may incur economic leverage since it would be obligated to pay the Buyer the notional amount of the contract in the event of a default. The amount of loss in such case could be significant, but would typically be reduced by any recovery value on the underlying credit.

Credit default swaps — Buyer

The following table details how the funds used credit default swap contracts as a buyer during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
High Yield Fund	To manage against potential credit events. At August 31, 2020, there were no open credit default swap buy contacts.	Up to $744,000
Opportunistic Fixed Income Fund	To manage against potential credit events.	Up to $10.9 million

Credit default swaps — Seller

Implied credit spreads are utilized in determining the market value of CDS agreements in which the fund is the Seller at period end. The implied credit spread generally represents the yield of the instrument above a credit-risk free rate, such as the U.S. Treasury Bond Yield, and may include upfront payments required to be made to enter into the agreement. It also serves as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. Wider credit spreads represent a deterioration of the referenced entity’s creditworthiness and an increased risk of default or other credit event occurring as defined under the terms of the agreement.

For CDS agreements where implied credit spreads are not reported or available, the average credit rating on the underlying index is shown. A deterioration of the referenced entity’s creditworthiness would indicate a greater likelihood of a credit event occurring and result in increasing market values, in absolute terms when compared to the notional amount of the swap. The maximum potential amount of future payments (undiscounted) that the fund as the Seller could be required to make under any CDS agreement equals the notional amount of the agreement.

The following table details how the funds used credit default swap contracts as a seller during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

62

Derivative instruments, continued
    

Fund	Reason	USD Notional range
High Yield Fund	To gain credit exposure to an issuer or index.	Up to $643,000
Opportunistic Fixed Income Fund	To gain credit exposure to an issuer or index.	Up to $9.9 million

Currency swaps. A currency swap is an agreement between the fund and a counterparty to exchange cash flows based on the notional difference among two or more currencies.

The following table details how the funds used currency swap contracts during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Opportunistic Fixed Income Fund	To manage against anticipated currency exchange rate changes. At August 31, 2020, there were no open currency swaps contacts.	Up to $1.0 million

Total Return Swaps. The funds may enter into total return swap contracts to obtain synthetic exposure to a specific reference asset or index without owning, taking physical custody of, or short selling the underlying assets. Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. A fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.

The following table details how the funds used total return swaps during the year ended August 31, 2020. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Opportunistic Fixed Income Fund	To gain exposure to a security or market without investing directly in such security or market.	Up to $5.2 milion

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the funds at August 31, 2020 by risk category:

Fund	Risk	Statements of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Asia Pacific Total Return Bond Fund	Interest rate	Receivable/payable for futures variation margin	Futures 1	—	$(87,565)
				—	$(87,565)
High Yield Fund	Interest rate	Receivable/payable for futures variation margin	Futures 1	$29,120	—
	Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	78,960	$(201,349)
	Credit	Swap contracts, at value	Credit default swaps2	50,156	—
				$158,236	$(201,349)
Opportunistic Fixed Income Fund	Interest rate	Receivable/payable for futures variation margin	Futures 1	$1,949	$(27,285)
	Currency	Unrealized appreciation / depreciation on forward foreign currency contracts	Forward foreign currency contracts	96,528	(203,775)
	Credit	Swap contracts, at value	Credit default swaps2	429,397	(234,397)
	Interest rate	Swap contracts, at value	Total return swaps2	91,169	(14,992)
	Interest rate	Swap contracts, at value	Interest rate swaps2	15,061	(34,928)
				$634,104	$(515,377)

1	Reflects cumulative appreciation/depreciation on futures as disclosed in the Portfolio of investments. Only the year end variation margin is separately disclosed on the Statements of assets and liabilities.
2	Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statements of assets and liabilities.

For financial reporting purposes, the funds do not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statements of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty. The tables below reflect the funds' exposure to OTC derivative transactions and exposure to counterparties subject to an ISDA:

OTC Financial Instruments	Asset	Liability
Opportunistic Fixed Income Fund
Forward foreign currency contracts	$96,528	$(203,775)
Swap contracts	376,882	(268,770)
Totals	$473,410	$(472,545)

63

Derivative instruments, continued
    

Counterparty	Total Market Value of OTC Derivatives	Collateral Posted by Counterparty	Collateral Posted by Fund	Net Exposure
Opportunistic Fixed Income Fund
Bank of America, N.A.	$(22,515)	—	—	$(22,515)
Barclays Bank PLC	13,846	$10,000	—	3,846
Citibank, N.A.	(45,520)	—	—	(45,520)
Goldman Sachs International	(25,682)	—	—	(25,682)
JPMorgan Chase Bank, N.A.	(79,469)	—	$79,469	—
Morgan Stanley & Co. International PLC	160,205	140,000	—	20,205
Totals	$865	$150,000	$79,469	$(69,666)

Effect of derivative instruments on the Statements of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

		Statements of operations location - Net realized gain (loss) on:
Fund	Risk	Unaffiliated investments and foreign currency transactions1	Futures contracts	Forward foreign currency contracts	Written options	Swap contracts	Total
Asia Pacific Total Return Bond Fund	Interest rate	—	$(1,222,128)	—	—	—	$(1,222,128)
	Total	—	$(1,222,128)	—	—	—	$(1,222,128)
High Yield Fund	Interest rate	$(51,822)	$230,607	—	$(1,146,848)	—	$(968,063)
	Currency	—	—	$32,622	—	—	32,622
	Credit	—	—	—	—	$219,660	219,660
	Equity	(33,683)	—	—	—	—	(33,683)
	Total	$(85,505)	$230,607	$32,622	$(1,146,848)	$219,660	$(749,464)
Opportunistic Fixed Income Fund	Interest rate	$(3,253)	$117,959	—	$89,830	$139,857	$344,393
	Currency	(7,018)	—	$(267,344)	20,729	(41,058)	(294,691)
	Credit	—	—	—	2,597	(245,912)	(243,315)
	Total	$(10,271)	$117,959	$(267,344)	$113,156	$(147,113)	$(193,613)

¹ Realized gain/loss associated with purchased options is included in this caption on the Statements of operations.

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2020:

		Statements of operations location - Change in net unrealized appreciation (depreciation) of:
Fund	Risk	Unaffiliated investments and translation of assets and liabilities in foreign currencies1	Futures contracts	Forward foreign currency contracts	Written options	Swap contracts	Total
Asia Pacific Total Return Bond Fund	Interest rate	—	$(83,637)	—	—	—	$(83,637)
	Total	—	$(83,637)	—	—	—	$(83,637)
High Yield Fund	Interest rate	—	$4,637	—	—	—	$4,637
	Currency	—	—	$(131,534)	—	—	(131,534)
	Credit	—	—	—	—	$88,278	88,278
	Equity	$5,682	—	—	—	—	5,682
	Total	$5,682	$4,637	$(131,534)	—	$88,278	$(32,937)
Opportunistic Fixed Income Fund	Interest rate	$7,088	$(89,876)	—	$(21,416)	$(91,157)	$(195,361)
	Currency	7,398	—	$87,486	2,510	16,344	113,738
	Credit	—	—	—	(3,367)	407,483	404,116
	Total	$14,486	$(89,876)	$87,486	$(22,273)	$332,670	$322,493

¹ Change in unrealized appreciation/depreciation associated with purchased options is included in this caption on the Statements of operations.

64

4.  Guarantees and indemnifications

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

5.  Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the funds. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the funds. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.

Management fee. The funds have an investment management agreement with the Advisor under which the funds pay a monthly management fee to the Advisor equivalent on an annual basis as detailed below. Aggregate net assets generally include the net assets of the funds and the net assets of a similar fund of John Hancock Variable Insurance Trust (JHVIT), unless otherwise noted below. JHVIT funds are advised by an affiliate of the Advisor, John Hancock Variable Trust Advisers LLC, and are distributed by an affiliate of the Advisor, John Hancock Distributors, LLC.

•  Asia Pacific Total Return Bond Fund — a) 0.725% of the first $250 million of average net assets; b) 0.700% of the next $250 million of average net assets and c) 0.600% of the excess over $500 million of average net assets.

•  Core Bond Fund — a) 0.690% of the first $200 million of aggregate net assets; b) 0.640% of the next $200 million of aggregate net assets; c) 0.570% of the next $600 million of aggregate net assets.; d) 0.560% of the next $1 billion of aggregate net assets; and e) 0.550% of the excess over $2 billion of aggregate net assets.

•  High Yield Fund — a) 0.700% of the first $500 million of aggregate net assets and b) 0.650% of the excess over $500 million of aggregate net assets.

•  Opportunistic Fixed Income Fund — a) 0.650% of the first $1 billion of aggregate net assets and b) 0.625% of the excess over $1 billion of aggregate net assets. Prior to July 1, 2020, management fee was 0.650% on aggregate net assets. Prior to February 28, 2020, management fee was a) 0.700% of the first $1 billion of aggregate net assets and b) 0.650% of the excess over $1 billion of aggregate net assets.

•  U.S. High Yield Bond Fund — a) 0.750% of the first $200 million of average net assets and b) 0.720% of the excess over $200 million of average net assets.

The organizations described below act as the subadvisors to the Trust and its funds pursuant to Subadvisory Agreements with the Advisor. Fund management is allocated among the following managers:

Fund	Subadvisor(s)
Asia Pacific Total Return Bond Fund	Manulife Investment Management (US) LLC 1
Opportunistic Fixed Income Fund	Wellington Management Company LLP2
Core Bond Fund U.S. High Yield Bond Fund	Wells Capital Management, Incorporated
High Yield Fund	Western Asset Management Company

1  An affiliate of the Advisor.

2  Effective February 28, 2020, Wellington Management Company LLP replaced Pacific Investment Management Company LLC as subadvisor.

The funds are not responsible for payment of the subadvisory fees.

Expense reimbursements. The Advisor has voluntarily agreed to waive a portion of its management fee if certain expenses of the respective funds exceed the percentage of average net assets as detailed below. Expenses excluded from this waiver are taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the funds’ business, management fees, class specific expenses, acquired fund fees and short dividends. This expense reduction will continue in effect until terminated by the Advisor.

Fund	Expense limitation as a percentage of average net assets
Asia Pacific Total Return Bond Fund	0.15%
Core Bond Fund	0.15%
High Yield Fund	0.15%

Fund	Expense limitation as a percentage of average net assets
Opportunistic Fixed Income Fund	0.15%
U.S. High Yield Bond Fund	0.15%

 

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2020, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2022, 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.

Effective March 19, 2020, the Advisor contractually agreed to waive its management fee on Opportunistic Fixed Income Fund so that the annual operating expenses do not exceed 0.80% of average net assets for the fund. Expenses excluded from this waiver are taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, Rule 12b-1 fees, transfer agent fees and service fees, shareholder servicing fees, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly and short dividend expenses. This agreement expires on December 31, 2021, unless renewed by mutual agreement of the advisor and the portfolio based upon a determination that this is appropriate under the circumstances at that time.

65

Fees and transactions with affiliates, continued
    
For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Expense Reimbursement by Class
Fund	Class 1	Class NAV	Total
Asia Pacific Total Return Bond Fund	—	$17,779	$17,779
Core Bond Fund	$13,130	183,797	196,927
High Yield Fund	15,646	—	15,646
Opportunistic Fixed Income Fund	285,935	—	285,935
U.S. High Yield Bond Fund	4,744	12,048	16,792

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2020, were equivalent to a net annual effective rate of the funds' average daily net assets as follows:

Fund	Net Annual Effective Rate
Asia Pacific Total Return Bond Fund	0.72%
Core Bond Fund	0.56%
High Yield Fund	0.69%

Fund	Net Annual Effective Rate
Opportunistic Fixed Income Fund	0.00%
U.S. High Yield Bond Fund	0.74%

 

Accounting and legal services. Pursuant to a service agreement, the funds reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the funds, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2020, amounted to an annual rate of 0.02% of the funds' average daily net assets.

Distribution and service plans. The funds have a distribution agreement with the Distributor. The funds have 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 funds. The funds 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 funds' shares:

Class	Rule 12b-1 Fee
Class 1	0.05%

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

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

Fund	Borrower or Lender	Weighted Average Loan Balance	Days Outstanding	Weighted Average Interest Rate	Interest Income (Expense)
Asia Pacific Total Return Bond Fund	Borrower	$5,208,333	12	0.575%	$(999)
Opportunistic Fixed Income Fund	Lender	2,100,000	1	1.070%	62

6.  Fund share transactions

Transactions in funds' shares for the years ended August 31, 2020 and 2019 were as follows:

Asia Pacific Total Return Bond Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	622,470	$6,052,445	2,357,811	$22,559,494
Distributions reinvested	1,187,940	11,534,899	1,069,814	9,927,876
Repurchased	(14,664,101)	(141,383,552)	(9,834,752)	(93,835,766)
Net decrease	(12,853,691)	$(123,796,208)	(6,407,127)	$(61,348,396)
Total net decrease	(12,853,691)	$(123,796,208)	(6,407,127)	$(61,348,396)

Core Bond Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	4,100,406	$55,671,502	2,476,833	$31,829,228
Distributions reinvested	427,345	5,663,456	342,715	4,342,494
Repurchased	(2,636,573)	(35,391,823)	(2,600,640)	(33,029,680)
Net increase	1,891,178	$25,943,135	218,908	$3,142,042

66

Fund share transactions, continued
    

Core Bond Fund , Cont'd	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class NAV shares
Sold	20,516,036	$275,267,732	122,829,292	$1,565,914,512
Distributions reinvested	6,402,984	84,643,885	4,144,403	52,735,636
Repurchased	(47,015,195)	(627,363,940)	(49,605,775)	(639,991,485)
Net increase (decrease)	(20,096,175)	$(267,452,323)	77,367,920	$978,658,663
Total net increase (decrease)	(18,204,997)	$(241,509,188)	77,586,828	$981,800,705

High Yield Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	1,929,866	$15,076,870	1,520,532	$12,191,321
Distributions reinvested	1,769,163	13,263,417	2,030,292	15,929,257
Repurchased	(9,101,936)	(69,556,464)	(6,940,528)	(54,913,514)
Net decrease	(5,402,907)	$(41,216,177)	(3,389,704)	$(26,792,936)
Class NAV shares1
Sold	—	—	61,648	$480,103
Distributions reinvested	—	—	626,974	4,816,452
Repurchased	—	—	(17,556,929)	(138,149,496)
Net decrease	—	—	(16,868,307)	$(132,852,941)
Total net decrease	(5,402,907)	$(41,216,177)	(20,258,011)	$(159,645,877)

¹ Class NAV shares were fully redeemed on 3-28-19.

Opportunistic Fixed Income Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	848,596	$11,202,825	520,704	$6,606,636
Distributions reinvested	110,682	1,410,083	52,415	648,896
Repurchased	(1,579,659)	(20,768,430)	(979,631)	(12,432,894)
Net decrease	(620,381)	$(8,155,522)	(406,512)	$(5,177,362)
Class NAV shares1
Sold	—	—	48,422	$604,726
Distributions reinvested	—	—	230,192	2,845,170
Repurchased	—	—	(18,087,028)	(228,474,139)
Net decrease	—	—	(17,808,414)	$(225,024,243)
Total net decrease	(620,381)	$(8,155,522)	(18,214,926)	$(230,201,605)

¹ Class NAV shares were fully redeemed on 4-17-19.

U.S. High Yield Bond Fund	Year Ended 8-31-20		Year Ended 8-31-19
	Shares	Amount	Shares	Amount
Class 1 shares
Sold	872,995	$9,628,379	1,118,013	$12,311,473
Distributions reinvested	350,006	3,705,811	375,923	4,094,406
Repurchased	(2,202,611)	(23,388,569)	(1,673,286)	(18,424,154)
Net decrease	(979,610)	$(10,054,379)	(179,350)	$(2,018,275)
Class NAV shares
Sold	1,252,532	$13,333,966	1,009,198	$11,090,690
Distributions reinvested	889,876	9,390,983	920,914	10,019,828
Repurchased	(2,259,973)	(23,774,502)	(3,875,556)	(42,608,023)
Net decrease	(117,565)	$(1,049,553)	(1,945,444)	$(21,497,505)
Total net decrease	(1,097,175)	$(11,103,932)	(2,124,794)	$(23,515,780)

Affiliates of the Trust owned 100% of shares of Class 1 and Class NAV, with the exception of Core Bond Fund where affiliates owned 76.8% of shares of Class NAV on August 31, 2020. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

7.  Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to the following for the year ended August 31, 2020:

	Purchases		Sales
Fund	U.S. Government	Other issuers	U.S. Government	Other issuers
Asia Pacific Total Return Bond Fund	$14,183,898	$98,472,232	$23,904,547	$213,503,859

67

Purchase and sale of securities, continued
    

	Purchases		Sales
Fund	U.S. Government	Other issuers	U.S. Government	Other issuers
Core Bond Fund	$6,584,817,955	$3,490,081,054	$7,024,853,076	$3,612,825,711
High Yield Fund	—	173,669,186	—	209,630,848
Opportunistic Fixed Income Fund	43,710,736	65,835,088	49,264,573	74,755,224
U.S. High Yield Bond Fund	—	187,198,561	—	200,040,995

8.  Industry or sector risk

Certain funds generally invest a large percentage of their assets in one or more particular industries or sectors of the economy. If a large percentage of a 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.

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 funds' fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the funds, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Core Bond Fund
John Hancock Collateral Trust*	—	$1,019,314	$14,055,885	$(15,074,312)	$(857)	$(30)	$4,540	—	—
High Yield Fund
John Hancock Collateral Trust*	27,237	$877,204	$22,727,505	$(23,326,733)	$(5,363)	$53	$18,986	—	$272,666
U.S. High Yield Bond Fund
John Hancock Collateral Trust*	943,564	$12,857,869	$80,330,738	$(83,741,663)	$(7,211)	$6,000	$114,659	—	$9,445,733

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

10.  Investment by affiliated funds

Certain investors in the funds are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the funds for the purpose of exercising management or control; however, this investment may represent a significant portion of the funds' net assets. The following fund(s) had an affiliate ownership of 5% or more of the funds' net assets:

Fund	Affiliated Concentration
Asia Pacific Total Return Bond Fund	100.0%
Core Bond Fund	70.9%
U.S. High Yield Bond Fund	73.5%

11.  Interfund trading

The funds are permitted to purchase or sell securities from or to certain other affiliated funds, as set forth in Rule 17a-7 of the 1940 Act, under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund that is or could be considered an affiliate complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended August 31, 2020, the funds engaged in securities purchases and sales with affiliated funds, some of which have different fiscal reporting periods, as follows:

Fund	Purchases	Sales
Opportunistic Fixed Income Fund	$325,632	$10,489,027
U.S. High Yield Bond Fund	$1,250,547	$735,537

12.  Restricted securities

The funds may hold restricted securities which are restricted as to resale and the funds have limited rights to registration under the Securities Act of 1933. Disposal may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. The following table summarizes the restricted securities held at August 31, 2020:

68

Restricted securities, continued
    

Issuer, Description	Original acquisition date	Acquisition cost	Beginning share amount	Shares purchased	Shares sold	Ending share amount	Value as a percentage of net assets	Ending value
High Yield Fund
KCAD Holdings I, Ltd.	3-21-11	$6,150,520	752,218,031	—	—	752,218,031	0.0%*	$752
MWO Holdings LLC	8-30-16	1,116,559	1,134	—	—	1,134	0.0%*	65,851
New Cotai, Inc., Class B	4-12-13	—	11	—	—	11	0.0%	—
								$66,603

* Less than 0.05%.

13.  Coronavirus (COVID-19) pandemic

The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance.

14.  LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR after 2021. This event will likely cause LIBOR to cease to be published. Before then, it is expected that market participants will transition to the use of different reference or benchmark rates. However, although regulators have suggested alternative rates, there is currently no definitive information regarding the future utilization of LIBOR or of any replacement rate.

It is uncertain what impact the discontinuation of LIBOR will have on the use of LIBOR as a reference rate for securities in which the funds invest. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. In addition, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, which could occur prior to the end of 2021. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

15.  Other matters

In or around May 2015, certain John Hancock Funds, including U.S. High Yield Bond Fund, were served with a complaint brought by the Motors Liquidation Avoidance Action Trust (the “Motors Trust”). The complaint sought disgorgement of certain amounts paid to the Term Loan Lenders as holders of indebtedness issued by General Motors pursuant to a $1.5 billion term loan, dated as of November 29, 2006 (as amended, the “Term Loan”). The litigation has now been settled resulting in no payments by the fund. As part of the settlement, the fund received payment of $107,429 representing reimbursement of approximately 73% of the legal fees incurred.

69

John Hancock Funds II

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds II and Shareholders of John Hancock Asia Pacific Total Return Bond Fund, John Hancock Core Bond Fund, John Hancock High Yield Fund, John Hancock Opportunistic Fixed Income Fund and John Hancock U.S. High Yield Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolio of investments, of John Hancock Asia Pacific Total Return Bond Fund, John Hancock Core Bond Fund, John Hancock High Yield Fund, John Hancock Opportunistic Fixed Income Fund and John Hancock U.S. High Yield Bond Fund (five of the funds constituting John Hancock Funds II, hereafter collectively referred to as the "Funds") as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodians, transfer agents, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2020

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

70

John Hancock Funds II

Federal tax information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the funds, if any, paid during its taxable year ended August 31, 2020.

Dividend Received Deduction The funds report the maximum amount allowable of their net taxable income as eligible for the corporate dividends-received deduction.

Qualified Dividend Income The funds report the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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

Foreign Tax Credit The income derived from foreign sources and the amount the fund intends to pass through as foreign tax credits for Asia Pacific Total Return Bond Fund amounted to $12,140,048 and $947,006, respectively, for the year ended August 31, 2020.

Long Term Capital Gains Core Bond Fund paid $3,617,696 in long term capital gain dividends.

Eligible shareholders will be mailed a 2020 Form 1099-DIV in early 2021. This will reflect the tax character of all distributions paid in calendar year 2020.

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

71

Evaluation of advisory and subadvisory agreements by the board of trustees

This section describes the evaluation by the Board of Trustees (the “Board”) of John Hancock Funds II (the “Trust”) of the Advisory Agreement (the “Advisory Agreement”) with John Hancock Investment Management LLC (the “Advisor”, formerly known as “John Hancock Advisers, LLC”) and each of the Subadvisory Agreements (collectively, the “Subadvisory Agreements”) with respect to each of the portfolios of the Trust included in this report (the “Funds”). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the Agreements. Prior to the June 23-25, 2020 telephonic¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 26-27, 2020.

Approval of Advisory and Subadvisory Agreements

At telephonic meetings held on June 23-25, 2020, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), reapproved for an annual period, the continuation of the Advisory Agreement between the Trust and the Advisor and the applicable Subadvisory Agreements between the Advisor and the investment subadvisors (each, a “Subadvisor” and collectively, the “Subadvisors”) with respect to each of the Funds identified below in Appendix A.

In considering the Advisory Agreement and the Subadvisory Agreements with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and each Subadvisor, including comparative performance, fee and expense information for peer groups of similar funds prepared by an independent third-party provider of fund data; performance information for the Funds’ benchmark indices; and, with respect to each Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisors regarding the nature, extent and quality of services provided by the Advisor and the Subadvisors under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreements are considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisors 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 Subadvisors to the Funds, including quarterly performance reports prepared by management containing reviews of investment results, and prior presentations from the Subadvisors with respect to the Funds they manage. 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 certain of the Subadvisors with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the services, if any, to be provided to the Funds 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 Funds. In addition, although the Board approved the renewal of the Agreements for all the Funds at the June meeting, the Board considered each Fund separately.

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.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to each 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 Funds, 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 Funds’ 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 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 Funds, including but not limited to, general supervision of and coordination of the services provided by the Subadvisors, and is also responsible for monitoring and reviewing the activities of the Subadvisors and other third-party service providers. The Board also considered the significant risk assumed by the Advisor in connection with the services provided to the Funds 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 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 relationships, the Advisor’s oversight and monitoring of the Subadvisors’ investment performance and compliance programs, such as the Subadvisors’ 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;

¹   
On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held telephonically in reliance on the Order.

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Evaluation of advisory and subadvisory agreements by the board of trustees

(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 Funds, 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 Funds, and bringing loss recovery actions on behalf of the Funds;

(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 Funds;

(f)  the Advisor’s initiative intended to improve various aspects of the Trust’s operations and investor experience with the Funds; and

(g)  the Advisor’s reputation and experience in serving as an investment adviser 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 Funds.

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

(a)  reviewed information prepared by management regarding the Funds’ performance;

(b)  considered the comparative performance of each Fund’s respective 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 each Fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally and with respect to particular Funds.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board reviewed Fund performance against each Funds’ respective benchmark and peer group median and also concluded that the performance of each of the Funds has generally been in line with or generally outperformed the historical performance of comparable funds and/or each Fund’s respective benchmark, with certain exceptions noted in Appendix A. In such cases, the Board concluded that such performance is being monitored and reasonably addressed, where appropriate.

Fees and Expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data including, among other data, each 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 each 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 broader groups of funds. In comparing each Fund’s contractual and net management fees to that of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee, 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 fees of the Funds, and that such fees are negotiated at arm’s length with respect to the unaffiliated Subadvisors. The Board also took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted management’s discussion of the Funds’ expenses, as well as any actions taken over the past several years to reduce the Funds’ operating expenses. The Board reviewed information provided by the Advisor concerning investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and each Subadvisor’s services to a Fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided to the Funds under the Advisory Agreement.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisors that are affiliated with the Advisor) 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, of each Fund;

(c)  received and reviewed profitability information with respect to the John Hancock fund complex as a whole and with respect to each 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 analysis reviewed by the Board;

(f)  considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;

(g)  noted that certain of the Funds’ Subadvisors are affiliates of the Advisor;

(h)  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;

(i)  noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;

(j)  noted that the subadvisory fees for the Funds are paid by the Advisor and are negotiated at arms’ length with respect to the unaffiliated Subadvisors;

(k)  with respect to each Fund of the Funds, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the underlying portfolios in which each Fund of Funds may invest;

(l)  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

(m)  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.

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Evaluation of advisory and subadvisory agreements by the board of trustees

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

Economies of Scale. In considering the extent to which a Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:

(a)  considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each Fund;

(b)  reviewed the Fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the Fund to benefit from economies of scale if the Fund grows. The Board also took into account management’s discussion of the Fund’s advisory fee structure; and

(c)  considered the effect of the Funds’ growth in size on their performance and fees. The Board also noted that if the Funds’ assets increase over time, the Funds may realize other economies of scale.

Approval of Subadvisory Agreements

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

(1)   information relating to each Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);

(2)   the historical and current performance of each Fund and comparative performance information relating to the Fund’s benchmark and comparable funds;

(3)   the subadvisory fee for each Fund, and comparative fee information, where available, prepared by an independent third party provider of fund data; and

(4)   information relating to the nature and scope of any material relationships and their significance to the Trust’s Advisor and unaffiliated Subadvisors.

Nature, Extent and Quality of Services. With respect to the services provided by each of the Subadvisors with respect to each Fund, the Board received information provided to the Board by each Subadvisor, including each Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered each Subadvisor’s current level of staffing and its overall resources, as well as received information relating to a Subadvisor’s compensation program. The Board reviewed each Subadvisor’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadvisor’s investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, each Subadvisor’s compliance program and any disciplinary history. The Board also considered each Subadvisor’s risk assessment and monitoring process. The Board reviewed each 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 each Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the CCO and his staff conduct regular, periodic compliance reviews with each of the Subadvisors and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisors and procedures reasonably designed by them to assure compliance with the federal securities laws. The Board also took into account the financial condition of each Subadvisor.

The Board considered each Subadvisor’s investment process and philosophy. The Board took into account that each Subadvisor’s responsibilities include the development and maintenance of an investment program for the applicable 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 each Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

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

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

The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to unaffiliated Subadvisors) of any material relationships with respect to the unaffiliated Subadvisors, which include arrangements in which unaffiliated Subadvisors or their affiliates provide advisory, distribution or management services in connection with financial products sponsored by the Trust’s Advisor or its affiliates, and may include shares of the Trust, other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans.

In addition, the Board considered other potential indirect benefits that the Subadvisors and their affiliates may receive from a 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 subadvisory fees to each Subadvisor. As noted above, the Board also considered, if available, each 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 applicable. The Board also took into account the subadvisory fees paid by the Advisor to a Subadvisor with respect to the Funds to fees charged by each Fund’s 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 each Fund’s performance as compared to the Fund’s respective peer group median and the benchmark index and noted that the Board reviews information about the Fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of each Subadvisor. The Board was mindful of the Advisor’s focus on each Subadvisor’s performance. The Board also noted each Subadvisor’s long-term performance record for similar accounts, as applicable.

74

Evaluation of advisory and subadvisory agreements by the board of trustees

The Board’s decision to approve the Subadvisory Agreements with respect to each Fund was based on a number of determinations, including the following:

(1)   each Subadvisor has extensive experience and demonstrated skills as a manager;

(2)   although not without variation, the performance of each Fund managed by a Subadvisor generally has been in line with or outperformed the historical performance of comparable funds and/or each Fund’s respective benchmark, with the exceptions noted in Appendix A (with respect to such exceptions, the Board concluded that performance is being monitored and reasonably addressed);

(3)   the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreements; and

(4)   the subadvisory fees are paid by the Advisor and not the Funds, and that the fee structure for certain of the Funds contains breakpoints, certain breakpoints are reflected as breakpoints in the advisory fees for the Funds in order to permit shareholders to benefit from economies of scale if those Funds grow.

* * *

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 each of the Subadvisory Agreements with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreements with respect to each Fund for an additional one-year period.

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Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
Asia Pacific Total Return Bond Fund (Manulife Investment Management (US))	Benchmark Index — The fund outperformed for the one-, three- and five-year periods. Lipper Category — The fund outperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are higher than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and the peer group median for the one-, three- and five-year periods. The Board took into account management’s discussion of the fund’s expenses.
Core Bond Fund (Wells Capital Management, Inc.)	Benchmark Index — The fund underperformed for the one-, three- and five-year periods and outperformed for the ten-year period. Lipper Category — The fund outperformed the median for the ten-year period and underperformed the median for the one-, three- and five-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and peer group median for the ten-year period. The Board took into account management’s discussion of the factors that contributed to the fund’s performance for the benchmark index and peer group median for the one-, three- and five-year periods including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate. The Board took into account management’s discussion of the fund’s expenses.
Opportunistic Fixed Income Fund (formerly known as “Global Bond Fund”) (Wellington Management Company LLP)	Benchmark Index — The fund underperformed for the one-year period and outperformed for the three-, five- and ten-year periods. Lipper category — The fund underperformed the median for the one-year period and outperformed the median for the, three-, five- and ten-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are equal to the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and peer group median for the three-, five- and ten-year periods. The Board noted that the fund’s longer term performance in part reflects that of the previous subadvisor. The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion of the fund’s peer group.

76

Appendix A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2019	Fees and expenses	Comments
High Yield Fund (Western Asset Management)	Benchmark Index — The fund outperformed for the one-year period and underperformed for the three-, five-, and ten-year periods. Lipper Category — The fund outperformed the median for the one-, three-, five-, and ten-year periods.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one-year period and to the peer group median for the one-, three-, five-, and ten-year periods. The Board took into account management’s discussion of the fund’s expenses.
U.S. High Yield Bond Fund (Wells Capital Management, Inc.)	Benchmark Index — The fund underperformed for the one-, three-, five- and ten-year periods. Lipper Category — The fund outperformed the median for the three-, five- and ten-year periods and underperformed for the one-year period.	Subadvisory fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are higher than the peer group median. Total expenses for this fund are lower than the peer group median	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the three, five-, and ten-year periods. The Board took into account management’s discussion of the fund’s expenses.

 

77

Statement regarding liquidity risk management

Operation of the Liquidity Risk Management Program

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

The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Committee also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Committee may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues.

The Committee provided the Board at a meeting held on March 15-17, 2020 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period December 1, 2018 through December 31, 2019, included an assessment of important aspects of the LRMP including, but not limited to:

•   Operation of the Fund’s Redemption-In-Kind Procedures;

•   Highly Liquid Investment Minimum (HLIM) determination;

•   Compliance with the 15% limit on illiquid investments;

•   Reasonably Anticipated Trade Size (RATS) determination;

•   Security-level liquidity classifications; and

•   Liquidity risk assessment.

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

Redemption-In-Kind Procedures

Rule 22e-4 requires any fund that engages in or reserves the right to engage in in-kind redemptions to adopt and implement written policies and procedures regarding in-kind redemptions as part of the management of its liquidity risk. These procedures address the process for redeeming in kind, as well as the circumstances under which the Fund would consider redeeming in kind. Anticipated large redemption activity will be evaluated to identify situations where redeeming in securities instead of cash may be appropriate.

As part of its annual assessment of the LRMP, the Committee reviewed the implementation and operation of the Redemption-In-Kind Procedures and determined they are operating in a manner that such procedures are adequate and effective to manage in-kind redemptions on behalf of the Fund as part of the LRMP.

Highly Liquid Investment Minimum determination

The Committee uses an HLIM model to determine a Fund’s HLIM. This process incorporates the Fund’s investment strategy, historical redemptions, liquidity classification rollup percentages and cash balances, redemption policy, access to funding sources, distribution channels and client concentrations. If the Fund falls below its established HLIM for a period greater than 7 consecutive calendar days, the Committee prepares a report to the Board within one business day following the seventh consecutive calendar day with an explanation of how the Fund plans to restore its HLIM within a reasonable period of time.

Based on the HLIM model, the Committee has determined that the Fund qualifies as a Primarily Highly Liquid Fund (PHLF). It is therefore not required to establish a HLIM. The Fund is tested quarterly to confirm its PHLF status.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to HLIM and PHLF determinations, and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Compliance with the 15% limit on illiquid investments

Rule 22e-4 sets an aggregate illiquid investment limit of 15% for a fund. Funds are prohibited from acquiring an illiquid investment if this results in greater than 15% of its net assets being classified as illiquid. When applying this limit, the Committee defines “illiquid investment” to mean any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a 15% illiquid investment limit breach occurs for longer than 1 business day, the Fund is required to notify the Board and provide a plan on how to bring illiquid investments within the 15% threshold, and after 7 days confidentially notify the Securities and Exchange Commission (the SEC).

In February 2019, as a result of extended security markets closures in connection with the Chinese New Year in certain countries, the SEC released guidance, and the Committee approved and adopted an Extended Market Holiday Policy to plan for and monitor known Extended Market Holidays (defined as all expected market holiday closures spanning four or more calendar days).

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to the 15% illiquid investment limit and determined such policies and procedures are operating in a manner that is adequate and effective as part of the LMRP.

Reasonably Anticipated Trade Size determination

In order to assess the liquidity risk of a Fund, the Committee considers the impact on the Fund that redemptions of a RATS would have under both normal and reasonably foreseeable stressed conditions. Modelling the Fund’s RATS requires quantifying cash flow volatility and analyzing distribution channel concentration and redemption risk. The model is designed to estimate the amount of assets that the Fund could reasonably anticipate trading on a given day, during both normal and reasonably foreseeable stressed conditions, to satisfy redemption requests.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to RATS determinations and determined that such policies and procedures are operating in a manner that is adequate and effective at making RATS determinations as part of the LRMP.

Security-level liquidity classifications

When classifying the liquidity of portfolio securities, the Fund adheres to the liquidity classification procedures established by the Advisor. In assigning a liquidity classification to Fund portfolio holdings, the following key inputs, among others, are considered: the Fund’s RATS, feedback from the applicable Subadvisor on market-, trading- and investment-specific considerations, an assessment of current market conditions and fund portfolio holdings, and a value

78

Statement regarding liquidity risk management

impact standard. The Subadvisor also provides position-level data to the Committee for use in monthly classification reconciliation in order to identify any classifications that may need to be changed as a result of the above considerations.

As part of its annual assessment of the LRMP, the Committee reviewed the policies and procedures in place with respect to security-level liquidity classifications and determined that such policies and procedures are operating in a manner that is adequate and effective as part of the LRMP.

Liquidity risk assessment

The Committee periodically reviews and assesses, the Fund’s liquidity risk, including its investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions (including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives), cash flow analysis during both normal and reasonably foreseeable stressed conditions, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.

As part of its annual assessment of the LRMP, the Committee reviewed Fund-Level Liquidity Risk Assessment Reports for each of the Funds and determined that the investment strategy for each Fund continues to be appropriate for an open-ended structure.

Adequacy and Effectiveness

Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.

79

Trustees and officers information

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

INDEPENDENT TRUSTEES

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Hassell H. McClellan Born: 1945	Trustee (since 2005) and Chairperson of the Board (since 2017)	Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); 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.
Charles L. Bardelis2 Born: 1941	Trustee (since 2005)	Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).
James R. Boyle Born: 1959	Trustee (since 2015)	Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014–2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014–July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999–2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005–2010). Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
Peter S. Burgess2 Born: 1942	Trustee (since 2005)	Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).
William H. Cunningham Born: 1944	Trustee (since 2012 and 2005-2006)	Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009–2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Grace K. Fey Born: 1946	Trustee (since 2008)	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).

 

80

Trustees and officers information

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Deborah C. Jackson Born: 1952	Trustee (since 2012)	President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women’s Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014–2017); 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 American Student Assistance Corporation (1996–2009); 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).
James M. Oates2 Born: 1946	Trustee (since 2005)	Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000–2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997–2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995–2007); Director, Connecticut River Bancorp (1998–2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005–2016) of various trusts within the John Hancock Fund Complex.
Steven R. Pruchansky Born: 1944	Trustee and Vice Chairperson of the Board (since 2012)	Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2000–2014); 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. Rathke2,* Born: 1960	Trustee (since 2020)	Director, Northern New England Energy Corporation (since 2017); 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, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry’s Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

 

81

Trustees and officers information

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Gregory A Russo Born: 1949	Trustee (since 2012)	Director and Audit Committee Chairman (since 2012), 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); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986–1992); Director, Treasurer and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989–1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990–1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

 

NON-INDEPENDENT TRUSTEES³

Name, Year of Birth	Position with the Trust1	Principal Occupation(s) and Other Directorships During Past Five Years
Andrew G. Arnott Born: 1971	President and Non-Independent Trustee (Since 2017)	Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Marianne Harrison Born: 1963	Non-Independent Trustee (since 2018)	President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017–2019); Member, Board of Directors, Manulife Assurance Canada (2015–2017); Board Member, St. Mary’s General Hospital Foundation (2014–2017); Member, Board of Directors, Manulife Bank of Canada (2013–2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013–2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

 

82

Trustees and officers information

PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES

Name, Year of Birth	Position with the Trust	Principal Occupation(s) and Other Directorships During Past Five Years
Charles A. Rizzo Born: 1957	Chief Financial Officer (since 2007)	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	Treasurer (2007-2009 and since 2010, including prior positions)	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).
Christopher (Kit) Sechler Born: 1973	Chief Legal Officer and Secretary (since 2018)	Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009 -2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).
Trevor Swanberg Born: 1979	Chief Compliance Officer (since 2020)	Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018–2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016–2018); 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).

 

1  Each Trustee holds office until his or her successor is 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.

3  The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

*  Appointed as Independent Trustee effective as of September 15, 2020.

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5010.

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 1-800-225-5291.

83

John Hancock Funds II
For more information

The Statement of Additional Information, a separate document with supplemental information not contained in the prospectus, includes additional information on the Board of Trustees and can be obtained without charge by calling 800-344-1029 or on the Securities and Exchange Commission (SEC) website at sec.gov.

PROXY VOTING POLICY A description of the trust’s proxy voting policies and procedures and information regarding how the trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling 800-344-1029 or on the SEC website at sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE The Trust’s complete schedule of portfolio 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. N-PORT filings are available on our website and the SEC’s website, sec.gov.

The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

84

ITEM 2. CODE OF ETHICS.

(a)	As of the end of the fiscal year August 31, 2020 the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its principal executive officer and principal financial officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(b)	Not applicable
(c)	Not applicable
(d)	Not applicable

(e) Not applicable

(f)(1) A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(f)(2) Not applicable.

(f)(3) The Registrant will provide a copy of the Code of Ethics to any person without charge, upon request by calling the following toll free number (800) 344-1029.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that at least one member of its audit committee is an “audit committee financial expert”. Peter S. Burgess is an 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:
	2020:	$1,062,343
	2019:	$1,305,869

These fees represent aggregate fees billed for the last two fiscal years (the “Reporting Periods”) 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 filing or engagements for such Reporting Periods.

(b)	AUDIT RELATED FEES:
	2020:	$69,964
	2019:	$47,563

These fees represent the aggregate fees billed for the Reporting Periods for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item. Such fees relate to professional services rendered by the principal accountant for separate audit reports in connection with security counts pursuant to Rule 17f-2 under the Investment Company Act of 1940 and service provider internal controls reviews. Additionally, amounts billed to control affiliates for service provider internal controls reviews were $216,467 and $113,000 for the fiscal years ended August 31, 2020 and 2019, respectively.

(c)	TAX FEES:
	2020:	$4,000
	2019:	$0

These fees represent aggregate fees billed for the Reporting Periods for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning. The tax fees for the year ended August 31, 2019 were $0 as tax services for the reporting period were provided by a service provider other than the principal accountant.

(d)	ALL OTHER FEES:
	2020:	$2,312
	2019:	$2,688

These fees represent all other fees billed to the Registrant for products and services provided by the principal accountant. Such fees relate primarily to procedures performed in connection with year end reporting for retail shareholders. These fees were billed to the Registrant and were approved by the Registrant’s audit committee.

(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. (2) Amount approved by the Audit Committee pursuant paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X: None.
(f)	Not applicable.
(g)	The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant and rendered to the registrant’s control affiliates for each of the last two fiscal years of the registrant were $1,297,806 and $912,042 for the fiscal years ended August 31, 2020 and August 31, 2019, respectively.
(h)	The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant to the control affiliates and has determined that the services that were non pre-approved are compatible with maintaining the principal accountant’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Peter S. Burgess – Chairman
Charles L. Bardelis
James M. Oates

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. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

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

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

(b)(1) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

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

SIGNATURES

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

JOHN HANCOCK FUNDS II

/s/ Andrew Arnott

Andrew Arnott

President

Date: October 22, 2020

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.

/s/ Andrew Arnott

Andrew Arnott

President

Date: October 22, 2020

/s/ Charles A. Rizzo

Charles A. Rizzo

Chief Financial Officer

Date: October 22, 2020