John Hancock
Multi Asset Credit Fund
Quarterly portfolio holdings 7/31/2024
As of 7-31-24 (unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Corporate bonds 17.3% | $13,120,987 | ||||
| (Cost $12,911,559) | |||||
| Communication services 2.1% | 1,614,869 | ||||
| Media 2.1% | |||||
| Altice Financing SA (A) | 5.750 | 08-15-29 | 700,000 | 531,277 | |
| Summer BC Holdco B SARL | 5.750 | 10-31-26 | EUR | 500,000 | 538,647 |
| Virgin Media Secured Finance PLC | 4.125 | 08-15-30 | GBP | 500,000 | 544,945 |
| Consumer discretionary 3.4% | 2,584,393 | ||||
| Automobiles 0.3% | |||||
| Constellation Automotive Financing PLC | 4.875 | 07-15-27 | GBP | 194,000 | 213,245 |
| Broadline retail 0.7% | |||||
| PEU Fin PLC | 7.250 | 07-01-28 | EUR | 500,000 | 561,071 |
| Hotels, restaurants and leisure 1.7% | |||||
| 888 Acquisitions, Ltd. | 10.750 | 05-15-30 | GBP | 400,000 | 523,195 |
| Pinnacle Bidco PLC | 10.000 | 10-11-28 | GBP | 139,000 | 191,432 |
| Punch Finance PLC | 6.125 | 06-30-26 | GBP | 430,000 | 544,498 |
| Textiles, apparel and luxury goods 0.7% | |||||
| CT Investment GmbH | 6.375 | 04-15-30 | EUR | 500,000 | 550,952 |
| Consumer staples 0.7% | 534,555 | ||||
| Consumer staples distribution and retail 0.7% | |||||
| Bellis Acquisition Company PLC | 8.125 | 05-14-30 | GBP | 420,000 | 534,555 |
| Energy 0.7% | 538,820 | ||||
| Oil, gas and consumable fuels 0.7% | |||||
| Ithaca Energy North Sea PLC | 9.000 | 07-15-26 | 530,000 | 538,820 | |
| Financials 10.4% | 7,848,350 | ||||
| Banks 8.0% | |||||
| Alpha Services and Holdings SA (11.875% to 8-8-28, then 5 Year Euro Swap Rate + 9.312%) (B) | 11.875 | 02-08-28 | EUR | 500,000 | 610,118 |
| Banco Bilbao Vizcaya Argentaria SA (6.125% to 11-16-27, then 5 Year U.S. Swap Rate + 3.870%) (B) | 6.125 | 11-16-27 | 600,000 | 564,461 | |
| Banco de Sabadell SA (5.000% to 11-19-27, then 5 Year Euro Swap Rate + 5.171%) (B) | 5.000 | 05-19-27 | EUR | 600,000 | 609,798 |
| Banco Santander SA (3.625% to 9-21-29, then 5 Year EURIBOR ICE Swap Rate + 3.760%) (B) | 3.625 | 03-21-29 | EUR | 600,000 | 546,266 |
| Barclays PLC (8.500% to 12-15-30, then 5 Year British Pound Swap Rate + 4.881%) (B) | 8.500 | 06-15-30 | GBP | 500,000 | 645,989 |
| Erste Group Bank AG (4.250% to 4-15-28, then 5 Year Euro Swap Rate + 4.646%) (B) | 4.250 | 10-15-27 | EUR | 400,000 | 398,268 |
| La Banque Postale SA (3.875% to 11-20-26, then 5 Year EURIBOR ICE Swap Rate + 4.010%) (B) | 3.875 | 05-20-26 | EUR | 600,000 | 610,389 |
| Raiffeisen Bank International AG (6.000% to 12-15-26, then 5 Year Euro Swap Rate + 6.446%) (B) | 6.000 | 06-15-26 | EUR | 600,000 | 620,129 |
| Societe Generale SA (6.750% to 4-6-28, then 5 Year U.S. Swap Rate + 3.929%) (B) | 6.750 | 04-06-28 | 500,000 | 457,264 | |
| Standard Chartered PLC (4.300% to 2-19-29, then 5 Year CMT + 3.135%) (B) | 4.300 | 08-19-28 | 500,000 | 427,141 | |
| Unicaja Banco SA (4.875% to 5-18-27, then 5 Year Euro Swap Rate + 5.020%) (B) | 4.875 | 11-18-26 | EUR | 600,000 | 596,844 |
| Capital markets 0.8% | |||||
| Deutsche Bank AG (4.625% to 4-30-28, then 5 Year EURIBOR ICE Swap Rate + 4.747%) (B) | 4.625 | 10-30-27 | EUR | 600,000 | 571,428 |
| 1 | JOHN HANCOCK MULTI ASSET CREDIT FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Financials (continued) | |||||
| Consumer finance 0.8% | |||||
| Jerrold Finco PLC | 5.250 | 01-15-27 | GBP | 500,000 | $625,117 |
| Insurance 0.8% | |||||
| RL Finance Bonds No.6 PLC (10.125% to 11-25-33, then 5 Year United Kingdom Gilt Rate + 6.344%) (B) | 10.125 | 05-25-33 | GBP | 400,000 | 565,138 |
| Term loans (C) 45.6% | $34,460,901 | ||||
| (Cost $34,372,708) | |||||
| Communication services 3.9% | 2,932,843 | ||||
| Diversified telecommunication services 0.9% | |||||
| Zegona Communications PLC, USD Term Loan (D) | TBD | 07-10-29 | 660,000 | 658,350 | |
| Interactive media and services 2.4% | |||||
| MH Sub I LLC, 2023 Term Loan (1 month CME Term SOFR + 4.250%) | 9.594 | 05-03-28 | 498,741 | 497,444 | |
| ZPG, Ltd., 2023 GBP Term Loan B (D) | TBD | 07-20-28 | GBP | 1,000,000 | 1,289,677 |
| Media 0.6% | |||||
| Directv Financing LLC, 2024 Term Loan (D) | TBD | 08-02-29 | 488,491 | 487,372 | |
| Consumer discretionary 6.3% | 4,726,583 | ||||
| Automobile components 0.7% | |||||
| First Brands Group LLC, 2022 Incremental Term Loan (3 month CME Term SOFR + 5.000%) | 10.514 | 03-30-27 | 498,828 | 495,556 | |
| Diversified consumer services 2.1% | |||||
| Eagle Bidco, Ltd., 2021 EUR Term Loan B (D) | TBD | 03-20-28 | EUR | 1,000,000 | 1,082,856 |
| Prime Security Services Borrower LLC, 2024 Term Loan B (D) | TBD | 10-13-30 | 500,000 | 501,200 | |
| Hotels, restaurants and leisure 2.8% | |||||
| Motion Finco Sarl, 2023 EUR Term Loan B (D) | TBD | 11-12-29 | EUR | 1,000,000 | 1,079,793 |
| PAX Holdco Spain SL, 2024 EUR Term Loan B (D) | TBD | 12-31-29 | EUR | 1,000,000 | 1,072,932 |
| Specialty retail 0.7% | |||||
| PetSmart, Inc., 2021 Term Loan B (D) | TBD | 02-11-28 | 498,715 | 494,246 | |
| Consumer staples 4.2% | 3,169,305 | ||||
| Consumer staples distribution and retail 2.1% | |||||
| Market Bidco, Ltd., EUR Term Loan B1 (D) | TBD | 11-04-27 | EUR | 1,000,000 | 1,080,897 |
| United Natural Foods, Inc., Term Loan B (D) | TBD | 05-01-31 | 500,000 | 502,815 | |
| Food products 2.1% | |||||
| Artisan Newco BV, 2024 EUR Term Loan B (D) | TBD | 02-07-29 | EUR | 1,000,000 | 1,086,308 |
| Froneri US, Inc., 2020 USD Term Loan (D) | TBD | 01-29-27 | 498,701 | 499,285 | |
| Energy 1.3% | 995,090 | ||||
| Energy equipment and services 0.6% | |||||
| Goodnight Water Solutions Holdings LLC, 2024 Term Loan B (3 month CME Term SOFR + 5.250%) | 10.593 | 06-04-29 | 500,000 | 497,500 | |
| Oil, gas and consumable fuels 0.7% | |||||
| WaterBridge Midstream Operating LLC, 2024 1st Lien Term Loan B (3 month CME Term SOFR + 4.750%) | 10.085 | 06-27-29 | 500,000 | 497,590 | |
| Financials 2.0% | 1,496,419 | ||||
| Capital markets 0.7% | |||||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B (D) | TBD | 02-24-28 | 500,000 | 500,625 | |
| Insurance 1.3% | |||||
| Acrisure LLC, 2024 Term Loan B6 (D) | TBD | 11-06-30 | 500,000 | 499,240 | |
| Asurion LLC, 2020 Term Loan B8 (1 month CME Term SOFR + 3.250%) | 8.708 | 12-23-26 | 498,708 | 496,554 | |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK MULTI ASSET CREDIT FUND | 2 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Health care 5.2% | $3,968,778 | ||||
| Health care providers and services 3.2% | |||||
| Concentra Health Services, Inc., Term Loan B (D) | TBD | 07-28-31 | 500,000 | 500,625 | |
| Ensemble RCM LLC, 2024 Term Loan B (3 month CME Term SOFR + 3.000%) | 8.252 | 08-01-29 | 500,000 | 501,815 | |
| Pediatric Associates Holding Company LLC, 2021 Term Loan B (D) | TBD | 12-29-28 | 500,000 | 485,000 | |
| SM Wellness Holdings, Inc., 2021 Term Loan (3 month CME Term SOFR + 4.500%) | 10.014 | 04-14-28 | 498,718 | 491,237 | |
| Team Public Choices LLC, Term Loan B (D) | TBD | 12-20-27 | 500,000 | 488,125 | |
| Health care technology 0.7% | |||||
| Cotiviti, Inc., 2024 Term Loan (D) | TBD | 05-01-31 | 498,750 | 500,311 | |
| Pharmaceuticals 1.3% | |||||
| Endo Finance Holdings, Inc., 2024 Term Loan B (3 month CME Term SOFR + 4.500%) | 9.783 | 04-23-31 | 500,000 | 501,040 | |
| Perrigo Investments LLC, Term Loan B (D) | TBD | 04-20-29 | 500,000 | 500,625 | |
| Industrials 11.2% | 8,478,019 | ||||
| Building products 0.6% | |||||
| LBM Acquisition LLC, 2024 Incremental Term Loan B (D) | TBD | 06-06-31 | 500,000 | 481,375 | |
| Commercial services and supplies 6.3% | |||||
| Albion Financing 3, 2024 EUR Term Loan B (D) | TBD | 08-16-29 | EUR | 1,000,000 | 1,086,482 |
| Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B (D) | TBD | 05-12-28 | 498,718 | 498,384 | |
| HomeServe USA Corp., 2024 Term Loan B (D) | TBD | 10-21-30 | 498,750 | 499,528 | |
| Shilton Bidco, Ltd., 2024 EUR Term Loan B (D) | TBD | 01-13-27 | EUR | 1,000,000 | 1,085,410 |
| Techem Verwaltungsgesellschaft 675 mbH, 2024 EUR Term Loan B (D) | TBD | 07-15-29 | EUR | 1,000,000 | 1,083,873 |
| Vestis Corp., Term Loan B (D) | TBD | 02-22-31 | 500,000 | 497,710 | |
| Construction and engineering 0.6% | |||||
| Flynn Canada, Ltd., Term Loan B (D) | TBD | 07-31-28 | 496,689 | 491,722 | |
| Machinery 0.7% | |||||
| Brown Group Holding LLC, 2022 Incremental Term Loan B2 (D) | TBD | 07-02-29 | 22,572 | 22,552 | |
| Brown Group Holding LLC, Term Loan B (D) | TBD | 07-01-31 | 498,625 | 498,246 | |
| Professional services 3.0% | |||||
| Camelot US Acquisition LLC, 2024 Term Loan B (1 month CME Term SOFR + 2.750%) | 8.094 | 01-31-31 | 498,750 | 498,999 | |
| Impala Bidco 0, Ltd., GBP Term Loan (1 month SONIA + 5.000%) | 10.200 | 06-08-28 | GBP | 1,000,000 | 1,234,128 |
| Trans Union LLC, 2024 Term Loan B8 (D) | TBD | 06-24-31 | 500,000 | 499,610 | |
| Information technology 9.5% | 7,213,928 | ||||
| Software 8.1% | |||||
| Athena Bidco SASU, 2024 EUR Term Loan B (D) | TBD | 04-14-31 | EUR | 1,000,000 | 1,087,153 |
| Boxer Parent Company, Inc., 2024 Term Loan B (D) | TBD | 07-03-31 | 500,000 | 497,710 | |
| Cegid Group SAS, 2024 EUR Term Loan B3 (D) | TBD | 07-10-28 | EUR | 1,000,000 | 1,086,124 |
| Cornerstone OnDemand, Inc., 2021 Term Loan (D) | TBD | 10-16-28 | 500,000 | 467,710 | |
| Gen Digital, Inc., 2024 Term Loan B (1 month CME Term SOFR + 1.750%) | 7.094 | 09-12-29 | 498,089 | 497,606 | |
| ION Trading Finance, Ltd., 2024 Term Loan (3 month CME Term SOFR + 4.000%) | 9.346 | 04-01-28 | 498,750 | 497,947 | |
| Leia Finco US LLC, Term Loan (D) | TBD | 07-02-31 | 500,000 | 495,625 | |
| McAfee Corp., 2024 USD Term Loan B (D) | TBD | 03-01-29 | 500,000 | 498,905 | |
| Project Boost Purchaser LLC, 2024 Term Loan (3 month CME Term SOFR + 3.500%) | 8.786 | 07-16-31 | 500,000 | 500,905 | |
| Proofpoint, Inc., 2024 Term Loan (D) | TBD | 08-31-28 | 500,000 | 501,365 | |
| Technology hardware, storage and peripherals 1.4% | |||||
| IDEMIA Identity and Security France SAS, 2024 EUR Term Loan B (D) | TBD | 09-30-28 | EUR | 1,000,000 | 1,082,878 |
| 3 | JOHN HANCOCK MULTI ASSET CREDIT FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Materials 1.3% | $981,966 | ||||
| Chemicals 0.6% | |||||
| Jadex, Inc., Term Loan (D) | TBD | 02-18-28 | 498,711 | 481,506 | |
| Paper and forest products 0.7% | |||||
| Asplundh Tree Expert LLC, 2024 Incremental Term Loan B (D) | TBD | 05-23-31 | 500,000 | 500,460 | |
| Real estate 0.7% | 497,970 | ||||
| Specialized REITs 0.7% | |||||
| Iron Mountain Information Management LLC, 2023 Term Loan B (D) | TBD | 01-31-31 | 500,000 | 497,970 | |
| Collateralized mortgage obligations 10.1% | $7,688,905 | ||||
| (Cost $7,678,438) | |||||
| U.S. Government Agency 10.1% | 7,688,905 | ||||
| Federal Home Loan Mortgage Corp. | |||||
| Series 2021-DNA1, Class B1 (30 day Average SOFR + 2.650%) (A)(E) | 7.997 | 01-25-51 | 2,500,000 | 2,656,250 | |
| Series 2021-DNA2, Class B2 (30 day Average SOFR + 6.000%) (A)(E) | 11.347 | 08-25-33 | 2,500,000 | 2,950,775 | |
| Series 2022-DNA3, Class M1B (30 day Average SOFR + 2.900%) (A)(E) | 8.247 | 04-25-42 | 2,000,000 | 2,081,880 | |
| Asset backed securities 21.1% | $15,934,658 | ||||
| (Cost $15,783,442) | |||||
| Asset backed securities 21.1% | 15,934,658 | ||||
| Ares European CLO XIII DAC | |||||
| Series 13X, Class E (3 month EURIBOR + 6.350%) (E) | 10.038 | 07-20-32 | EUR | 2,850,000 | 3,085,961 |
| Blackrock European CLO III DAC | |||||
| Series 3X, Class ER (3 month EURIBOR + 6.130%) (E) | 9.808 | 07-19-35 | EUR | 2,000,000 | 2,148,199 |
| Cairn CLO XII DAC | |||||
| Series 2020-12X, Class FR (3 month EURIBOR + 9.240%) (E) | 12.925 | 07-15-34 | EUR | 1,500,000 | 1,584,868 |
| Cross Ocean Bosphorus CLO X DAC | |||||
| Series 10A, Class D (3 month EURIBOR + 3.800%) (A)(E) | 7.436 | 11-15-37 | EUR | 1,810,000 | 1,967,953 |
| Harvest CLO XXIX DAC | |||||
| Series 29A, Class ER (3 month EURIBOR + 6.270%) (A)(E) | 9.955 | 07-15-37 | EUR | 2,860,000 | 3,096,139 |
| Providus CLO V DAC | |||||
| Series 5X, Class E (3 month EURIBOR + 5.290%) (E) | 9.118 | 02-15-35 | EUR | 2,700,000 | 2,855,273 |
| Voya Euro CLO II DAC | |||||
| Series 2X, Class ER (3 month EURIBOR + 6.020%) (E) | 9.705 | 07-15-35 | EUR | 1,100,000 | 1,196,265 |
| Yield (%) | Shares | Value | |||
| Short-term investments 41.8% | $31,603,874 | ||||
| (Cost $31,603,874) | |||||
| Short-term funds 41.8% | 31,603,874 | ||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 5.2484(F) | 31,603,874 | 31,603,874 | ||
| Total investments (Cost $102,350,021) 135.9% | $102,809,325 | ||||
| Other assets and liabilities, net (35.9%) | (27,166,326) | ||||
| Total net assets 100.0% | $75,642,999 | ||||
| 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 |
| GBP | Pound Sterling |
| Security Abbreviations and Legend | |
| CME | CME Group Published Rates |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK MULTI ASSET CREDIT FUND | 4 |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| (A) | This security is 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 $13,284,274 or 17.6% of the fund’s net assets as of 7-31-24. |
| (B) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
| (C) | Term loans are variable rate obligations. The rate shown represents the rate at period end. |
| (D) | 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). |
| (E) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (F) | The rate shown is the annualized seven-day yield as of 7-31-24. |
The fund had the following country composition as a percentage of net assets on 7-31-24:
| United States | 39.0% |
| Ireland | 22.4% |
| United Kingdom | 16.3% |
| France | 5.7% |
| Spain | 4.5% |
| Luxembourg | 4.3% |
| Germany | 2.9% |
| Netherlands | 1.4% |
| Austria | 1.3% |
| Other countries | 2.2% |
| TOTAL | 100.0% |
| 5 | JOHN HANCOCK MULTI ASSET CREDIT FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
DERIVATIVES
FORWARD FOREIGN CURRENCY CONTRACTS
| Contract to buy | Contract to sell | Counterparty (OTC) | Contractual settlement date | Unrealized appreciation | Unrealized depreciation | ||
| USD | 21,664,651 | EUR | 19,800,000 | SSB | 8/22/2024 | $216,224 | — |
| USD | 5,974,872 | GBP | 4,600,000 | SSB | 8/22/2024 | 60,194 | — |
| $276,418 | — | ||||||
| Derivatives Currency Abbreviations | |
| EUR | Euro |
| GBP | Pound Sterling |
| USD | U.S. Dollar |
| Derivatives Abbreviations | |
| OTC | Over-the-counter |
| SSB | State Street Bank and Trust Company |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK MULTI ASSET CREDIT FUND | 6 |
| Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. 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.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of July 31, 2024, by major security category or type:
| Total value at 7-31-24 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Corporate bonds | $13,120,987 | — | $13,120,987 | — |
| Term loans | 34,460,901 | — | 34,460,901 | — |
| Collateralized mortgage obligations | 7,688,905 | — | 7,688,905 | — |
| Asset backed securities | 15,934,658 | — | 15,934,658 | — |
| Short-term investments | 31,603,874 | $31,603,874 | — | — |
| Total investments in securities | $102,809,325 | $31,603,874 | $71,205,451 | — |
| Derivatives: | ||||
| Assets | ||||
| Forward foreign currency contracts | $276,418 | — | $276,418 | — |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent prospectus.
| 7 | | |