UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00560
John Hancock Investment Trust
(Exact name of registrant as specified in charter)
200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)
Salvatore Schiavone
Treasurer
200 Berkeley Street
Boston, Massachusetts 02116
(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634
Date of fiscal year end: | March 31 |
Date of reporting period: | March 31, 2023 |
ITEM 1. REPORTS TO STOCKHOLDERS.
The Registrant prepared the following annual reports to shareholders for the period ended March 31, 2023:
•John Hancock Diversified Real Assets Fund
•John Hancock Fundamental Equity Income Fund
•John Hancock Mid Cap Growth Fund
Manulife Investment Management
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 1 |
2 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 3 |
TOP 10 HOLDINGS AS OF 3/31/2023 (% of net assets) | |
Prologis, Inc. | 3.7 |
Exxon Mobil Corp. | 2.3 |
Equinix, Inc. | 2.3 |
Freeport-McMoRan, Inc. | 2.3 |
Shell PLC | 2.0 |
BHP Group, Ltd., ADR | 1.9 |
Chevron Corp. | 1.8 |
Public Storage | 1.6 |
BP PLC | 1.4 |
Canadian Natural Resources, Ltd. | 1.3 |
TOTAL | 20.6 |
Cash and cash equivalents are not included. |
COUNTRY COMPOSITION AS OF 3/31/2023 (% of net assets) | |
United States | 54.9 |
Canada | 19.4 |
United Kingdom | 6.8 |
Australia | 3.9 |
Japan | 3.1 |
France | 2.6 |
Hong Kong | 1.3 |
Norway | 1.2 |
China | 1.0 |
Other countries | 5.8 |
TOTAL | 100.0 |
4 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
managed by a team of portfolio
managers across two different
asset managers.
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 5 |
Average annual total returns (%) with maximum sales charge | Cumulative total returns (%) with maximum sales charge | ||||
1-year | 5-year | Since inception (2-26-18) | 5-year | Since inception (2-26-18) | |
Class NAV1 | -10.55 | 6.13 | 6.01 | 34.63 | 34.63 |
Index† | -7.02 | 8.01 | 7.17 | 47.00 | 42.29 |
Class NAV | |
Gross (%) | 0.91 |
Net (%) | 0.85 |
6 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
1 | For certain types of investors, as described in the fund’s prospectus. |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 7 |
8 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
Account value on 10-1-2022 | Ending value on 3-31-2023 | Expenses paid during period ended 3-31-20231 | Annualized expense ratio | ||
Class NAV | Actual expenses/actual returns | $1,000.00 | $1,135.70 | $4.63 | 0.87% |
Hypothetical example | 1,000.00 | 1,020.60 | 4.38 | 0.87% |
1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 9 |
Shares | Value | ||||
Common stocks 98.7% | $1,049,099,539 | ||||
(Cost $878,672,253) | |||||
Communication services 1.5% | 15,587,312 | ||||
Diversified telecommunication services 0.8% | |||||
Cellnex Telecom SA (A)(B) | 120,184 | 4,673,694 | |||
Nippon Telegraph & Telephone Corp. | 130,417 | 3,897,217 | |||
Wireless telecommunication services 0.7% | |||||
KDDI Corp. | 116,900 | 3,604,935 | |||
SK Telecom Company, Ltd. | 91,948 | 3,411,466 | |||
Consumer discretionary 2.2% | 23,137,063 | ||||
Hotels, restaurants and leisure 1.5% | |||||
H World Group, Ltd., ADR (B) | 40,385 | 1,978,057 | |||
Hyatt Hotels Corp., Class A (B) | 36,144 | 4,040,538 | |||
Mandarin Oriental International, Ltd. (B) | 595,933 | 1,035,184 | |||
Oriental Land Company, Ltd. | 90,680 | 3,104,814 | |||
Whitbread PLC | 27,036 | 998,740 | |||
Wynn Resorts, Ltd. (B) | 38,906 | 4,353,970 | |||
Household durables 0.7% | |||||
Kaufman & Broad SA | 46,129 | 1,372,750 | |||
Sekisui House, Ltd. | 100,500 | 2,048,315 | |||
Sumitomo Forestry Company, Ltd. | 28,100 | 558,218 | |||
Taylor Wimpey PLC | 1,187,389 | 1,746,845 | |||
The Berkeley Group Holdings PLC | 36,667 | 1,899,632 | |||
Energy 28.7% | 305,512,183 | ||||
Energy equipment and services 1.9% | |||||
Aker Solutions ASA | 166,086 | 606,022 | |||
Baker Hughes Company | 52,359 | 1,511,081 | |||
ChampionX Corp. | 60,557 | 1,642,911 | |||
Enerflex, Ltd. | 157,970 | 940,924 | |||
Halliburton Company | 154,566 | 4,890,468 | |||
Helmerich & Payne, Inc. | 25,561 | 913,806 | |||
Patterson-UTI Energy, Inc. | 123,000 | 1,439,100 | |||
Schlumberger, Ltd. | 161,215 | 7,915,657 | |||
TechnipFMC PLC (B) | 83,025 | 1,133,291 | |||
Oil, gas and consumable fuels 26.8% | |||||
Advantage Energy, Ltd. (B) | 202,038 | 1,167,530 | |||
Aker BP ASA | 96,364 | 2,363,330 | |||
ARC Resources, Ltd. | 153,865 | 1,745,283 | |||
Arch Resources, Inc. (C) | 6,800 | 893,928 | |||
BP PLC | 2,370,969 | 14,985,686 | |||
Cameco Corp. | 245,210 | 6,421,000 |
10 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Energy (continued) | |||||
Oil, gas and consumable fuels (continued) | |||||
Canadian Natural Resources, Ltd. | 257,089 | $14,226,923 | |||
Cenovus Energy, Inc. | 561,440 | 9,795,601 | |||
Cheniere Energy, Inc. | 11,695 | 1,843,132 | |||
Chevron Corp. | 116,907 | 19,074,546 | |||
ConocoPhillips | 126,703 | 12,570,205 | |||
Coterra Energy, Inc. | 196,795 | 4,829,349 | |||
Denbury, Inc. (B) | 11,377 | 996,967 | |||
Devon Energy Corp. | 116,396 | 5,890,802 | |||
Diamondback Energy, Inc. | 34,190 | 4,621,462 | |||
Enbridge, Inc. | 80,076 | 3,053,138 | |||
Enbridge, Inc. (New York Stock Exchange) (C) | 23,731 | 905,338 | |||
Energy Fuels, Inc. (B) | 64,855 | 361,825 | |||
Enerplus Corp. | 186,113 | 2,682,561 | |||
EOG Resources, Inc. | 84,412 | 9,676,148 | |||
EQT Corp. | 167,454 | 5,343,457 | |||
Equinor ASA | 227,705 | 6,473,294 | |||
Exxon Mobil Corp. | 220,491 | 24,179,043 | |||
Galp Energia SGPS SA | 255,381 | 2,889,719 | |||
Hess Corp. | 36,757 | 4,864,421 | |||
Imperial Oil, Ltd. | 63,792 | 3,244,117 | |||
Kelt Exploration, Ltd. (B) | 312,164 | 1,060,180 | |||
Keyera Corp. (C) | 109,482 | 2,397,020 | |||
Marathon Petroleum Corp. | 67,639 | 9,119,766 | |||
MEG Energy Corp. (B) | 149,093 | 2,394,975 | |||
Neste OYJ | 23,562 | 1,164,060 | |||
NexGen Energy, Ltd. (B) | 534,539 | 2,052,725 | |||
NuVista Energy, Ltd. (B) | 182,627 | 1,476,961 | |||
Occidental Petroleum Corp. | 85,561 | 5,341,573 | |||
PDC Energy, Inc. | 40,095 | 2,573,297 | |||
Pembina Pipeline Corp. | 152,479 | 4,939,349 | |||
Phillips 66 | 52,324 | 5,304,607 | |||
Pioneer Natural Resources Company | 50,264 | 10,265,919 | |||
Shell PLC | 740,594 | 21,105,777 | |||
Suncor Energy, Inc. | 413,634 | 12,842,089 | |||
Targa Resources Corp. | 46,690 | 3,406,036 | |||
TC Energy Corp. | 93,194 | 3,625,016 | |||
The Williams Companies, Inc. | 123,524 | 3,688,427 | |||
Tidewater Midstream and Infrastructure, Ltd. (C) | 694,666 | 462,597 | |||
Topaz Energy Corp. (C) | 54,265 | 767,299 | |||
TotalEnergies SE (C) | 168,938 | 9,961,256 | |||
Tourmaline Oil Corp. | 82,949 | 3,456,669 | |||
Valero Energy Corp. | 71,915 | 10,039,334 | |||
Woodside Energy Group, Ltd., ADR (C) | 88,060 | 1,975,186 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 11 |
Shares | Value | ||||
Financials 0.3% | $3,238,997 | ||||
Financial services 0.3% | |||||
Berkshire Hathaway, Inc., Class B (B) | 10,490 | 3,238,997 | |||
Industrials 2.2% | 23,360,821 | ||||
Building products 0.1% | |||||
TOTO, Ltd. | 38,600 | 1,293,244 | |||
Commercial services and supplies 0.1% | |||||
Aker Carbon Capture ASA (B) | 122,567 | 172,774 | |||
Park24 Company, Ltd. (B) | 66,400 | 971,300 | |||
Construction and engineering 0.8% | |||||
Vinci SA | 39,662 | 4,546,968 | |||
WillScot Mobile Mini Holdings Corp. (B) | 82,206 | 3,853,817 | |||
Electrical equipment 0.5% | |||||
Plug Power, Inc. (B)(C) | 23,016 | 269,748 | |||
SunPower Corp. (B)(C) | 47,592 | 658,673 | |||
Sunrun, Inc. (B)(C) | 58,386 | 1,176,478 | |||
Vestas Wind Systems A/S | 90,011 | 2,623,318 | |||
Ground transportation 0.3% | |||||
Canadian National Railway Company | 30,033 | 3,543,738 | |||
Machinery 0.1% | |||||
Chart Industries, Inc. (B) | 8,102 | 1,015,991 | |||
Transportation infrastructure 0.3% | |||||
Shanghai International Airport Company, Ltd., Class A (B) | 398,700 | 3,234,772 | |||
Information technology 1.1% | 11,841,083 | ||||
Electronic equipment, instruments and components 0.1% | |||||
Advanced Energy Industries, Inc. | 11,178 | 1,095,444 | |||
Semiconductors and semiconductor equipment 1.0% | |||||
Analog Devices, Inc. | 7,514 | 1,481,911 | |||
Enphase Energy, Inc. (B) | 8,231 | 1,730,815 | |||
First Solar, Inc. (B) | 7,011 | 1,524,893 | |||
ON Semiconductor Corp. (B) | 20,032 | 1,649,034 | |||
Power Integrations, Inc. | 15,277 | 1,293,045 | |||
SolarEdge Technologies, Inc. (B) | 6,315 | 1,919,444 | |||
Wolfspeed, Inc. (B)(C) | 17,652 | 1,146,497 | |||
Materials 21.5% | 228,803,042 | ||||
Chemicals 0.6% | |||||
Air Liquide SA | 4,037 | 675,751 | |||
Albemarle Corp. | 5,206 | 1,150,734 | |||
Dow, Inc. | 10,860 | 595,345 | |||
DuPont de Nemours, Inc. | 9,170 | 658,131 | |||
LyondellBasell Industries NV, Class A | 10,967 | 1,029,692 |
12 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Materials (continued) | |||||
Chemicals (continued) | |||||
NanoXplore, Inc. (B)(C) | 174,300 | $420,435 | |||
Nutrien, Ltd. | 22,035 | 1,627,313 | |||
Nutrien, Ltd. (New York Stock Exchange) (C) | 7,975 | 588,954 | |||
Containers and packaging 0.1% | |||||
Smurfit Kappa Group PLC | 37,000 | 1,341,465 | |||
Metals and mining 20.3% | |||||
Agnico Eagle Mines, Ltd. | 227,213 | 11,606,237 | |||
Agnico Eagle Mines, Ltd. (New York Stock Exchange) (C) | 14,563 | 742,276 | |||
Alcoa Corp. | 131,296 | 5,587,958 | |||
Altius Minerals Corp. (C) | 42,876 | 729,352 | |||
Anglo American PLC | 57,922 | 1,926,563 | |||
AngloGold Ashanti, Ltd., ADR (C) | 37,529 | 907,827 | |||
Antofagasta PLC | 3,782 | 74,079 | |||
Artemis Gold, Inc. (B)(C) | 271,854 | 901,151 | |||
Aya Gold & Silver, Inc. (B) | 108,347 | 872,227 | |||
B2Gold Corp. | 316,059 | 1,248,801 | |||
Barrick Gold Corp. | 568,533 | 10,554,564 | |||
BHP Group, Ltd., ADR (C) | 312,450 | 19,812,455 | |||
Boliden AB | 33,548 | 1,317,907 | |||
Calibre Mining Corp. (B) | 260,000 | 253,940 | |||
Canada Nickel Company, Inc. (B) | 825,000 | 952,275 | |||
Capstone Copper Corp. (B) | 1,401,467 | 6,325,526 | |||
Champion Iron, Ltd. | 877,791 | 4,234,700 | |||
Constellium SE (B) | 138,500 | 2,116,280 | |||
Copper Mountain Mining Corp. (B)(C) | 1,174,926 | 1,903,876 | |||
Dundee Precious Metals, Inc. | 19,881 | 145,044 | |||
Eldorado Gold Corp. (B) | 20,664 | 214,055 | |||
Endeavour Mining PLC (C) | 195,728 | 4,716,878 | |||
Equinox Gold Corp. (B)(C) | 98,661 | 506,628 | |||
ERO Copper Corp. (B) | 262,532 | 4,644,573 | |||
Filo Mining Corp. (B) | 30,000 | 515,871 | |||
First Quantum Minerals, Ltd. | 332,145 | 7,635,771 | |||
Franco-Nevada Corp. | 28,970 | 4,225,569 | |||
Freeport-McMoRan, Inc. | 583,468 | 23,869,676 | |||
Glencore PLC | 179,499 | 1,032,871 | |||
Global Atomic Corp. (B) | 131,500 | 283,141 | |||
Gold Fields, Ltd., ADR (C) | 124,894 | 1,663,588 | |||
Hudbay Minerals, Inc. | 255,775 | 1,341,802 | |||
IGO, Ltd. | 195,000 | 1,672,150 | |||
Iluka Resources, Ltd. | 117,300 | 837,156 | |||
Ivanhoe Electric, Inc. (B)(C) | 114,750 | 1,394,213 | |||
Ivanhoe Mines, Ltd., Class A (B) | 625,535 | 5,651,337 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 13 |
Shares | Value | ||||
Materials (continued) | |||||
Metals and mining (continued) | |||||
K92 Mining, Inc. (B)(C) | 196,520 | $1,116,740 | |||
Karora Resources, Inc. (B) | 808,345 | 2,715,417 | |||
Kinross Gold Corp. | 741,844 | 3,491,031 | |||
Lithium Americas Corp. (B)(C) | 44,400 | 965,860 | |||
Lucara Diamond Corp. (B) | 460,070 | 173,611 | |||
Lundin Gold, Inc. | 78,797 | 920,027 | |||
Lundin Mining Corp. | 440,369 | 2,991,186 | |||
MAG Silver Corp. (B) | 62,775 | 793,339 | |||
Marathon Gold Corp. (B)(C) | 814,805 | 482,312 | |||
Nevada Copper Corp. (B)(C) | 267,550 | 76,217 | |||
Newcrest Mining, Ltd. | 24,643 | 439,887 | |||
Newcrest Mining, Ltd. (Toronto Stock Exchange) | 5,513 | 98,063 | |||
Newmont Corp. | 181,280 | 8,886,346 | |||
Nickel 28 Capital Corp. (B) | 356,691 | 306,150 | |||
Norsk Hydro ASA | 412,164 | 3,076,154 | |||
Nouveau Monde Graphite, Inc. (B)(C) | 95,617 | 490,515 | |||
Nucor Corp. | 4,556 | 703,765 | |||
OceanaGold Corp. | 343,606 | 851,706 | |||
Osisko Mining, Inc. (B) | 341,234 | 1,085,687 | |||
Pan American Silver Corp. (C) | 158,066 | 2,891,205 | |||
Pan American Silver Corp., CVR (B) | 83,300 | 45,815 | |||
Piedmont Lithium, Inc. (B)(C) | 34,100 | 2,047,705 | |||
Rio Tinto PLC, ADR (C) | 173,677 | 11,914,242 | |||
Sandstorm Gold, Ltd. | 32,924 | 191,478 | |||
Seabridge Gold, Inc. (B)(C) | 45,163 | 584,861 | |||
Sierra Rutile Holdings, Ltd. (B) | 98,000 | 17,171 | |||
Sigma Lithium Corp. (B)(C) | 38,400 | 1,446,499 | |||
SilverCrest Metals, Inc. (B) | 175,690 | 1,249,264 | |||
Skeena Resources, Ltd. (B)(C) | 318,000 | 1,948,235 | |||
SolGold PLC (B)(C) | 2,709,000 | 621,376 | |||
South32, Ltd. | 574,066 | 1,682,430 | |||
Southern Copper Corp. | 5,286 | 403,058 | |||
SSR Mining, Inc. | 126,041 | 1,906,236 | |||
Steel Dynamics, Inc. | 3,614 | 408,599 | |||
Stornoway Diamond Corp. (B)(D) | 3,062,000 | 0 | |||
Talon Metals Corp. (B) | 4,825,000 | 1,285,239 | |||
Teck Resources, Ltd., Class B | 263,565 | 9,624,072 | |||
Torex Gold Resources, Inc. (B) | 13,337 | 221,938 | |||
Trilogy Metals, Inc. (B) | 781,452 | 416,312 | |||
Triple Flag Precious Metals Corp. (C) | 166,706 | 2,492,255 | |||
U.S. Steel Corp. | 7,081 | 184,814 | |||
Vale SA, ADR (C) | 88,952 | 1,403,663 | |||
Warrior Met Coal, Inc. (C) | 33,164 | 1,217,450 |
14 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Materials (continued) | |||||
Metals and mining (continued) | |||||
Wesdome Gold Mines, Ltd. (B) | 160,939 | $921,693 | |||
Wheaton Precious Metals Corp. | 176,851 | 8,517,374 | |||
Paper and forest products 0.5% | |||||
Canfor Corp. (B) | 35,000 | 562,486 | |||
Interfor Corp. (B) | 116,819 | 1,903,333 | |||
West Fraser Timber Company, Ltd. | 35,387 | 2,524,089 | |||
Real estate 35.1% | 372,975,267 | ||||
Diversified REITs 2.2% | |||||
Empire State Realty Trust, Inc., Class A | 785,214 | 5,096,039 | |||
Growthpoint Properties, Ltd. | 1,383,657 | 1,016,340 | |||
Heiwa Real Estate REIT, Inc. | 1,085 | 1,248,261 | |||
ICADE | 22,029 | 1,037,259 | |||
Land Securities Group PLC | 255,732 | 1,963,128 | |||
Stockland | 931,133 | 2,493,379 | |||
WP Carey, Inc. | 139,072 | 10,771,126 | |||
Health care REITs 2.6% | |||||
CareTrust REIT, Inc. | 275,997 | 5,404,021 | |||
Ventas, Inc. | 184,272 | 7,988,191 | |||
Welltower, Inc. | 195,524 | 14,017,116 | |||
Hotel and resort REITs 0.7% | |||||
CDL Hospitality Trusts | 1,053,200 | 943,891 | |||
Japan Hotel REIT Investment Corp. | 2,074 | 1,176,276 | |||
Ryman Hospitality Properties, Inc. | 59,763 | 5,362,534 | |||
Industrial REITs 5.9% | |||||
EastGroup Properties, Inc. | 30,938 | 5,114,670 | |||
Goodman Group | 159,126 | 2,019,281 | |||
Plymouth Industrial REIT, Inc. | 257,418 | 5,408,352 | |||
Prologis Property Mexico SA de CV | 499,370 | 1,798,508 | |||
Prologis, Inc. | 316,606 | 39,502,929 | |||
Rexford Industrial Realty, Inc. | 114,283 | 6,816,981 | |||
Warehouses De Pauw CVA | 81,750 | 2,430,939 | |||
Office REITs 0.8% | |||||
Alexandria Real Estate Equities, Inc. | 23,478 | 2,948,602 | |||
Corporate Office Properties Trust | 124,746 | 2,957,728 | |||
Gecina SA | 24,304 | 2,522,779 | |||
Orix JREIT, Inc. | 168 | 213,012 | |||
Real estate management and development 3.4% | |||||
Arealink Company, Ltd. | 86,575 | 1,537,380 | |||
CapitaLand Investment, Ltd. | 1,356,200 | 3,762,801 | |||
CBRE Group, Inc., Class A (B) | 21,132 | 1,538,621 | |||
Central Pattana PCL | 614,200 | 1,236,856 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 15 |
Shares | Value | ||||
Real estate (continued) | |||||
Real estate management and development (continued) | |||||
CK Asset Holdings, Ltd. | 625,365 | $3,791,383 | |||
Colliers International Group, Inc. | 9,718 | 1,025,585 | |||
Corp. Inmobiliaria Vesta SAB de CV | 257,500 | 810,225 | |||
Hufvudstaden AB, A Shares | 90,789 | 1,231,471 | |||
LEG Immobilien SE | 23,556 | 1,294,549 | |||
Mitsui Fudosan Company, Ltd. | 240,427 | 4,516,287 | |||
Nomura Real Estate Holdings, Inc. | 87,700 | 1,941,995 | |||
PSP Swiss Property AG | 15,154 | 1,724,515 | |||
Sagax AB, B Shares | 54,539 | 1,257,144 | |||
Sino Land Company, Ltd. | 1,722,000 | 2,328,698 | |||
Sun Hung Kai Properties, Ltd. | 245,500 | 3,439,358 | |||
TKP Corp. (B)(C) | 33,520 | 726,704 | |||
Tokyo Tatemono Company, Ltd. | 45,990 | 561,502 | |||
Wharf Real Estate Investment Company, Ltd. | 620,000 | 3,569,570 | |||
Residential REITs 5.8% | |||||
American Homes 4 Rent, Class A | 158,878 | 4,996,713 | |||
Apartment Income REIT Corp. | 121,450 | 4,349,125 | |||
Boardwalk Real Estate Investment Trust | 58,899 | 2,403,027 | |||
Comforia Residential REIT, Inc. | 1,014 | 2,412,364 | |||
Equity Residential | 212,977 | 12,778,620 | |||
Independence Realty Trust, Inc. | 206,423 | 3,308,961 | |||
Sun Communities, Inc. | 96,890 | 13,649,863 | |||
The UNITE Group PLC | 81,243 | 962,501 | |||
UDR, Inc. | 292,638 | 12,015,716 | |||
Veris Residential, Inc. (B) | 335,247 | 4,908,016 | |||
Retail REITs 5.1% | |||||
Ascencio | 17,621 | 929,333 | |||
Brixmor Property Group, Inc. | 421,837 | 9,077,932 | |||
CapitaLand Integrated Commercial Trust | 771,300 | 1,150,340 | |||
Frontier Real Estate Investment Corp. | 771 | 2,762,510 | |||
Getty Realty Corp. | 156,916 | 5,653,683 | |||
Kimco Realty Corp. | 162,036 | 3,164,563 | |||
Klepierre SA | 75,950 | 1,721,960 | |||
NETSTREIT Corp. | 231,296 | 4,228,091 | |||
NewRiver REIT PLC | 1,669,325 | 1,628,336 | |||
Phillips Edison & Company, Inc. | 142,084 | 4,634,780 | |||
RioCan Real Estate Investment Trust | 97,774 | 1,475,111 | |||
Shaftesbury Capital PLC | 1,101,506 | 1,556,294 | |||
Simon Property Group, Inc. | 71,023 | 7,952,445 | |||
Spirit Realty Capital, Inc. | 72,334 | 2,881,787 | |||
Tanger Factory Outlet Centers, Inc. | 114,468 | 2,247,007 | |||
Vicinity, Ltd. | 1,919,043 | 2,509,812 |
16 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Real estate (continued) | |||||
Specialized REITs 8.6% | |||||
American Tower Corp. | 53,088 | $10,848,002 | |||
CubeSmart | 194,688 | 8,998,479 | |||
Equinix, Inc. | 33,396 | 24,079,852 | |||
Iron Mountain, Inc. | 87,042 | 4,605,392 | |||
Keppel DC REIT | 1,499,700 | 2,325,533 | |||
Life Storage, Inc. | 68,248 | 8,946,630 | |||
National Storage REIT | 1,196,522 | 2,026,553 | |||
Public Storage | 54,605 | 16,498,355 | |||
Safestore Holdings PLC | 175,578 | 2,060,861 | |||
VICI Properties, Inc. | 327,429 | 10,680,734 | |||
Utilities 6.1% | 64,643,771 | ||||
Electric utilities 2.8% | |||||
American Electric Power Company, Inc. | 39,001 | 3,548,701 | |||
Constellation Energy Corp. | 26,216 | 2,057,956 | |||
Duke Energy Corp. | 31,968 | 3,083,953 | |||
Edison International | 50,323 | 3,552,301 | |||
EDP - Energias de Portugal SA | 190,526 | 1,038,164 | |||
Electricite de France SA | 47 | 606 | |||
Enel SpA | 491,119 | 2,995,324 | |||
Exelon Corp. | 84,615 | 3,544,522 | |||
FirstEnergy Corp. | 75,905 | 3,040,754 | |||
Iberdrola SA | 280,593 | 3,495,588 | |||
NextEra Energy, Inc. | 37,602 | 2,898,362 | |||
Gas utilities 0.5% | |||||
Atmos Energy Corp. | 28,145 | 3,162,372 | |||
ENN Energy Holdings, Ltd. | 154,800 | 2,119,673 | |||
Independent power and renewable electricity producers 1.4% | |||||
Brookfield Renewable Corp., Class A | 19,299 | 674,500 | |||
Brookfield Renewable Partners LP | 71,937 | 2,266,735 | |||
China Longyuan Power Group Corp., Ltd., H Shares | 2,715,081 | 3,097,404 | |||
Ormat Technologies, Inc. (C) | 5,705 | 483,613 | |||
Orron Energy AB | 85,636 | 112,569 | |||
RWE AG | 91,605 | 3,941,632 | |||
The AES Corp. | 162,653 | 3,916,684 | |||
Multi-utilities 1.2% | |||||
Engie SA | 264,125 | 4,179,717 | |||
National Grid PLC | 276,338 | 3,738,005 | |||
Public Service Enterprise Group, Inc. | 25,401 | 1,586,292 | |||
Sempra Energy | 24,655 | 3,726,850 | |||
Water utilities 0.2% | |||||
Cia de Saneamento Basico do Estado de Sao Paulo | 238,500 | 2,381,494 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 17 |
Shares | Value | ||||
Warrants 0.1% | $669,612 | ||||
(Cost $0) | |||||
Occidental Petroleum Corp. (Expiration Date: 8-3-27; Strike Price: $22.00) (B) | 16,332 | 669,612 | |||
Yield* (%) | Maturity date | Par value^ | Value | ||
Short-term investments 5.7% | $60,161,955 | ||||
(Cost $60,142,192) | |||||
U.S. Government Agency 0.1% | 989,876 | ||||
Federal Home Loan Bank Discount Note | 4.200 | 04-04-23 | 990,000 | 989,876 |
Yield (%) | Shares | Value | |||
Short-term funds 4.7% | 49,272,079 | ||||
John Hancock Collateral Trust (E) | 4.9438(F) | 4,928,736 | 49,272,079 |
Par value^ | Value | ||||
Repurchase agreement 0.9% | 9,900,000 | ||||
Bank of America Corp. Tri-Party Repurchase Agreement dated 3-31-23 at 4.810% to be repurchased at $1,800,722 on 4-3-23, collateralized by $1,849,400 U.S. Treasury Notes, 0.125% due 5-31-23 (valued at $1,836,076) | 1,800,000 | 1,800,000 | |||
Goldman Sachs Tri-Party Repurchase Agreement dated 3-31-23 at 4.760% to be repurchased at $8,103,213 on 4-3-23, collateralized by $1,885,528 Federal Home Loan Mortgage Corp., 3.000% due 12-1-51 (valued at $1,692,763), $968,819 Federal National Mortgage Association, 4.000% due 3-1-48 (valued at $948,720), $5,142,671 Government National Mortgage Association, 3.500% - 4.000% due to 7-15-41 to 7-20-46 (valued at $4,898,359) and $190,300 U.S. Treasury Bonds, 4.500% due 5-15-38 (valued at $212,287) | 8,100,000 | 8,100,000 |
Total investments (Cost $938,814,445) 104.5% | $1,109,931,106 | ||||
Other assets and liabilities, net (4.5%) | (47,440,737) | ||||
Total net assets 100.0% | $1,062,490,369 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
ADR | American Depositary Receipt |
CVR | Contingent Value Right |
(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. |
(B) | Non-income producing security. |
(C) | All or a portion of this security is on loan as of 3-31-23. |
18 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE 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) | Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending. |
(F) | The rate shown is the annualized seven-day yield as of 3-31-23. |
* | Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 19 |
Assets | |
Unaffiliated investments, at value (Cost $889,561,907) including $53,704,341 of securities loaned | $1,060,659,027 |
Affiliated investments, at value (Cost $49,252,538) | 49,272,079 |
Total investments, at value (Cost $938,814,445) | 1,109,931,106 |
Cash | 645,219 |
Foreign currency, at value (Cost $606,639) | 606,495 |
Dividends and interest receivable | 3,179,674 |
Receivable for investments sold | 2,443,225 |
Other assets | 104,907 |
Total assets | 1,116,910,626 |
Liabilities | |
Payable for investments purchased | 4,895,810 |
Payable for fund shares repurchased | 59,290 |
Payable upon return of securities loaned | 49,258,454 |
Payable to affiliates | |
Accounting and legal services fees | 46,227 |
Trustees’ fees | 60 |
Other liabilities and accrued expenses | 160,416 |
Total liabilities | 54,420,257 |
Net assets | $1,062,490,369 |
Net assets consist of | |
Paid-in capital | $923,525,165 |
Total distributable earnings (loss) | 138,965,204 |
Net assets | $1,062,490,369 |
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 NAV ($1,062,490,369 ÷ 94,979,487 shares) | $11.19 |
20 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Investment income | |
Dividends | $35,305,363 |
Interest | 400,106 |
Non-cash dividends | 2,036,905 |
Securities lending | 535,928 |
Less foreign taxes withheld | (1,685,693) |
Total investment income | 36,592,609 |
Expenses | |
Investment management fees | 8,844,369 |
Accounting and legal services fees | 189,889 |
Trustees’ fees | 21,033 |
Custodian fees | 396,997 |
Printing and postage | 19,076 |
Professional fees | 95,041 |
Other | 40,209 |
Total expenses | 9,606,614 |
Less expense reductions | (597,020) |
Net expenses | 9,009,594 |
Net investment income | 27,583,015 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | (1,126,267) |
Affiliated investments | (12,164) |
(1,138,431) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | (134,033,227) |
Affiliated investments | 14,991 |
(134,018,236) | |
Net realized and unrealized loss | (135,156,667) |
Decrease in net assets from operations | $(107,573,652) |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 21 |
Year ended 3-31-23 | Year ended 3-31-22 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $27,583,015 | $25,638,565 |
Net realized gain (loss) | (1,138,431) | 65,063,023 |
Change in net unrealized appreciation (depreciation) | (134,018,236) | 248,823,189 |
Increase (decrease) in net assets resulting from operations | (107,573,652) | 339,524,777 |
Distributions to shareholders | ||
From earnings | ||
Class NAV | (58,975,191) | (30,403,277) |
Total distributions | (58,975,191) | (30,403,277) |
From fund share transactions | 78,262,845 | (121,130,595) |
Total increase (decrease) | (88,285,998) | 187,990,905 |
Net assets | ||
Beginning of year | 1,150,776,367 | 962,785,462 |
End of year | $1,062,490,369 | $1,150,776,367 |
22 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS NAV SHARES Period ended | 3-31-23 | 3-31-22 | 3-31-21 | 3-31-20 | 3-31-19 |
Per share operating performance | |||||
Net asset value, beginning of period | $13.28 | $10.10 | $6.61 | $10.01 | $10.00 |
Net investment income1 | 0.31 | 0.25 | 0.18 | 0.20 | 0.21 |
Net realized and unrealized gain (loss) on investments | (1.73) | 3.23 | 3.54 | (3.16) | 0.07 |
Total from investment operations | (1.42) | 3.48 | 3.72 | (2.96) | 0.28 |
Less distributions | |||||
From net investment income | (0.28) | (0.30) | (0.23) | (0.28) | (0.19) |
From net realized gain | (0.39) | — | — | (0.16) | (0.08) |
Total distributions | (0.67) | (0.30) | (0.23) | (0.44) | (0.27) |
Net asset value, end of period | $11.19 | $13.28 | $10.10 | $6.61 | $10.01 |
Total return (%)2 | (10.55) | 34.95 | 56.64 | (30.92) | 3.07 |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $1,062 | $1,151 | $963 | $684 | $998 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 0.92 | 0.91 | 0.93 | 0.93 | 0.94 |
Expenses including reductions | 0.87 | 0.85 | 0.87 | 0.87 | 0.88 |
Net investment income | 2.65 | 2.20 | 2.07 | 2.05 | 2.07 |
Portfolio turnover (%) | 60 | 49 | 82 | 61 | 73 |
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 Diversified Real Assets Fund | 23 |
24 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
Total value at 3-31-23 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Communication services | $15,587,312 | — | $15,587,312 | — |
Consumer discretionary | 23,137,063 | $10,372,565 | 12,764,498 | — |
Energy | 305,512,183 | 245,963,039 | 59,549,144 | — |
Financials | 3,238,997 | 3,238,997 | — | — |
Industrials | 23,360,821 | 10,518,445 | 12,842,376 | — |
Information technology | 11,841,083 | 11,841,083 | — | — |
Materials | 228,803,042 | 214,709,458 | 14,093,584 | — |
Real estate | 372,975,267 | 300,944,112 | 72,031,155 | — |
Utilities | 64,643,771 | 39,925,089 | 24,718,682 | — |
Warrants | 669,612 | 669,612 | — | — |
Short-term investments | 60,161,955 | 49,272,079 | 10,889,876 | — |
Total investments in securities | $1,109,931,106 | $887,454,479 | $222,476,627 | — |
Level 3 includes securities valued at $0. Refer to Fund’s investments. |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 25 |
26 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 27 |
March 31, 2023 | March 31, 2022 | |
Ordinary income | $24,583,516 | $30,403,277 |
Long-term capital gains | 34,391,675 | — |
Total | $58,975,191 | $30,403,277 |
28 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
Borrower or Lender | Weighted Average Loan Balance | Days Outstanding | Weighted Average Interest Rate | Interest Income (Expense) |
Borrower | $4,880,000 | 5 | 0.665% | $(451) |
Lender | $5,500,000 | 4 | 2.855% | $1,745 |
Year Ended 3-31-23 | Year Ended 3-31-22 | |||
Shares | Amount | Shares | Amount | |
Class NAV shares | ||||
Sold | 11,853,285 | $132,278,372 | 15,250,197 | $170,297,846 |
Distributions reinvested | 5,435,501 | 58,975,191 | 2,657,629 | 30,403,277 |
Repurchased | (8,994,273) | (112,990,718) | (26,525,726) | (321,831,718) |
Net increase (decrease) | 8,294,513 | $78,262,845 | (8,617,900) | $(121,130,595) |
Total net increase (decrease) | 8,294,513 | $78,262,845 | (8,617,900) | $(121,130,595) |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 29 |
Fund | Affiliated Concentration |
John Hancock Funds II Multimanager Lifestyle Growth Portfolio | 33.4% |
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio | 22.7% |
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio | 14.1% |
John Hancock Funds II Multimanager 2025 Lifetime Portfolio | 6.5% |
John Hancock Funds II Multimanager 2030 Lifetime Portfolio | 6.2% |
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* | 4,928,736 | $43,836,586 | $295,638,545 | $(290,205,879) | $(12,164) | $14,991 | $535,928 | — | $49,272,079 |
* | Refer to the Securities lending note within Note 2 for details regarding this investment. |
30 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 31 |
32 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
• | The Fund’s investment strategy remained appropriate for an open-end fund structure; |
• | The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund; |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 33 |
• | The Fund did not experience any breaches of the 15% limit on illiquid investments, or any applicable HLIM, that would require reporting to the Securities and Exchange Commission; |
• | The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and |
• | The Chief Compliance Officer’s office, as a part of their annual Rule 38a-1 assessment of the Fund’s policies and procedures, reviewed the LRMP’s control environment and deemed it to be operating effectively and in compliance with the Board approved procedures. |
34 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
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 | 2012 | 186 |
Trustee and Chairperson of the Board | ||
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
James R. Boyle, Born: 1959 | 2015 | 183 |
Trustee | ||
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
William H. Cunningham,2 Born: 1944 | 1986 | 184 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | ||
Noni L. Ellison,* Born: 1971 | 2022 | 183 |
Trustee | ||
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Grace K. Fey, Born: 1946 | 2012 | 186 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Dean C. Garfield,* Born: 1968 | 2022 | 183 |
Trustee | ||
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 35 |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Deborah C. Jackson, Born: 1952 | 2008 | 185 |
Trustee | ||
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Patricia Lizarraga,2,* Born: 1966 | 2022 | 183 |
Trustee | ||
Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Steven R. Pruchansky, Born: 1944 | 1994 | 183 |
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 | 183 |
Trustee | ||
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | ||
Gregory A. Russo, Born: 1949 | 2009 | 183 |
Trustee | ||
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
36 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
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 | 184 |
President and Non-Independent Trustee | ||
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); 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 | 183 |
Non-Independent Trustee | ||
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); 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 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | ||
Paul Lorentz,† Born: 1968 | 2022 | 183 |
Non-Independent Trustee | ||
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer | |
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). | |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer | |
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 37 |
Principal officers who are not Trustees (continued) | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Christopher (Kit) Sechler, Born: 1973 | 2018 |
Secretary and Chief Legal Officer | |
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |
1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
* | Elected to serve as Independent Trustee effective as of September 9, 2022. |
^ | Ms. Harrison is retiring effective May 1, 2023. |
† | Elected to serve as Non-Independent Trustee effective as of September 9, 2022. |
38 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Marianne Harrison†,#
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz‡
Frances G. Rathke*
Gregory A. Russo
President
Chief Financial Officer
Treasurer
Secretary and Chief Legal Officer
Chief Compliance Officer
Wellington Management Company LLP (Wellington)
Manulife IM (NA) and Wellington
You can also contact us: | ||
800-225-5291 | Regular mail: | Express mail: |
jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 39 |
GOVERNANCE FUNDS
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.
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.
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
DRAA 3/23 |
Manulife Investment Management
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 1 |
2 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 3 |
TOP 10 HOLDINGS AS OF 3/31/2023 (% of net assets) | |
Crown Castle, Inc. | 4.5 |
KKR & Company, Inc. | 3.7 |
Comcast Corp., Class A | 3.6 |
Oracle Corp. | 3.3 |
GSK PLC, ADR | 3.3 |
American Tower Corp. | 3.2 |
Citigroup, Inc. | 3.2 |
Kinder Morgan, Inc. | 3.2 |
Walmart, Inc. | 2.9 |
LyondellBasell Industries NV, Class A | 2.9 |
TOTAL | 33.8 |
Cash and cash equivalents are not included. |
COUNTRY COMPOSITION AS OF 3/31/2023 (% of net assets) | |
United States | 88.1 |
United Kingdom | 3.3 |
Switzerland | 2.6 |
France | 2.4 |
Canada | 2.3 |
Belgium | 1.3 |
TOTAL | 100.0 |
4 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 5 |
Cumulative total returns (%) with maximum sales charge | |
Since inception (6-28-22) | |
Class I1 | 9.22 |
Index† | 4.59 |
Class I* | |
Gross (%) | 4.35 |
Net (%) | 4.34 |
6 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
1 | For certain types of investors, as described in the fund’s prospectus. |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 7 |
8 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
Account value on 10-1-2022 | Ending value on 3-31-2023 | Expenses paid during period ended 3-31-20231 | Annualized expense ratio | ||
Class I | Actual expenses/actual returns | $1,000.00 | $1,196.00 | $4.49 | 0.82% |
Hypothetical example | 1,000.00 | 1,020.80 | 4.13 | 0.82% |
1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 9 |
Shares | Value | ||||
Common stocks 96.3% | $6,406,245 | ||||
(Cost $6,051,906) | |||||
Communication services 7.0% | 463,847 | ||||
Interactive media and services 3.4% | |||||
Alphabet, Inc., Class A (A) | 1,362 | 141,280 | |||
Meta Platforms, Inc., Class A (A) | 389 | 82,445 | |||
Media 3.6% | |||||
Comcast Corp., Class A | 6,334 | 240,122 | |||
Consumer discretionary 6.2% | 415,590 | ||||
Broadline retail 2.5% | |||||
Amazon.com, Inc. (A) | 853 | 88,106 | |||
eBay, Inc. | 1,861 | 82,573 | |||
Hotels, restaurants and leisure 1.0% | |||||
Vail Resorts, Inc. | 278 | 64,963 | |||
Household durables 2.7% | |||||
Lennar Corp., A Shares | 1,712 | 179,948 | |||
Consumer staples 8.0% | 531,414 | ||||
Beverages 1.3% | |||||
Anheuser-Busch InBev SA/NV, ADR | 1,327 | 88,551 | |||
Consumer staples distribution and retail 2.9% | |||||
Walmart, Inc. | 1,326 | 195,519 | |||
Food products 2.5% | |||||
Danone SA, ADR | 13,034 | 162,534 | |||
Household products 1.3% | |||||
Reynolds Consumer Products, Inc. | 3,084 | 84,810 | |||
Energy 7.9% | 522,209 | ||||
Oil, gas and consumable fuels 7.9% | |||||
Cheniere Energy, Inc. | 798 | 125,765 | |||
Kinder Morgan, Inc. | 12,020 | 210,470 | |||
Suncor Energy, Inc. | 4,888 | 151,772 | |||
Valero Energy Corp. | 245 | 34,202 | |||
Financials 22.5% | 1,495,320 | ||||
Banks 7.5% | |||||
Bank of America Corp. | 4,388 | 125,497 | |||
Citigroup, Inc. | 4,506 | 211,286 | |||
JPMorgan Chase & Co. | 655 | 85,353 | |||
Wells Fargo & Company | 2,052 | 76,704 | |||
Capital markets 12.8% | |||||
KKR & Company, Inc. | 4,616 | 242,432 |
10 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Capital markets (continued) | |||||
Morgan Stanley | 1,796 | $157,689 | |||
Nasdaq, Inc. | 1,757 | 96,055 | |||
S&P Global, Inc. | 232 | 79,987 | |||
State Street Corp. | 2,007 | 151,910 | |||
The Goldman Sachs Group, Inc. | 372 | 121,685 | |||
Consumer finance 1.0% | |||||
American Express Company | 407 | 67,135 | |||
Financial services 1.2% | |||||
Visa, Inc., Class A | 353 | 79,587 | |||
Health care 12.1% | 805,736 | ||||
Biotechnology 2.7% | |||||
Amgen, Inc. | 273 | 65,998 | |||
Gilead Sciences, Inc. | 1,371 | 113,752 | |||
Health care providers and services 1.6% | |||||
Elevance Health, Inc. | 142 | 65,293 | |||
UnitedHealth Group, Inc. | 88 | 41,588 | |||
Pharmaceuticals 7.8% | |||||
Bristol-Myers Squibb Company | 953 | 66,052 | |||
GSK PLC, ADR | 6,146 | 218,675 | |||
Merck & Company, Inc. | 560 | 59,578 | |||
Novartis AG, ADR | 1,900 | 174,800 | |||
Industrials 6.4% | 426,344 | ||||
Aerospace and defense 1.5% | |||||
Lockheed Martin Corp. | 65 | 30,727 | |||
Raytheon Technologies Corp. | 686 | 67,180 | |||
Air freight and logistics 2.0% | |||||
United Parcel Service, Inc., Class B | 698 | 135,405 | |||
Ground transportation 1.7% | |||||
Union Pacific Corp. | 570 | 114,718 | |||
Machinery 1.2% | |||||
Parker-Hannifin Corp. | 233 | 78,314 | |||
Information technology 13.7% | 914,138 | ||||
Semiconductors and semiconductor equipment 6.6% | |||||
Analog Devices, Inc. | 943 | 185,978 | |||
Broadcom, Inc. | 220 | 141,139 | |||
Texas Instruments, Inc. | 609 | 113,280 | |||
Software 7.1% | |||||
Adobe, Inc. (A) | 177 | 68,210 | |||
Microsoft Corp. | 636 | 183,359 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 11 |
Shares | Value | ||||
Information technology (continued) | |||||
Software (continued) | |||||
Oracle Corp. | 2,391 | $222,172 | |||
Materials 2.9% | 189,846 | ||||
Chemicals 2.9% | |||||
LyondellBasell Industries NV, Class A | 2,022 | 189,846 | |||
Real estate 9.6% | 641,801 | ||||
Specialized REITs 9.6% | |||||
American Tower Corp. | 1,048 | 214,148 | |||
Crown Castle, Inc. | 2,228 | 298,196 | |||
Lamar Advertising Company, Class A | 1,296 | 129,457 | |||
Yield (%) | Shares | Value | |||
Short-term investments 4.1% | $270,001 | ||||
(Cost $269,957) | |||||
Short-term funds 4.1% | 270,001 | ||||
John Hancock Collateral Trust (B) | 4.9438(C) | 27,008 | 270,001 |
Total investments (Cost $6,321,863) 100.4% | $6,676,246 | ||||
Other assets and liabilities, net (0.4%) | (26,442) | ||||
Total net assets 100.0% | $6,649,804 |
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) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(C) | The rate shown is the annualized seven-day yield as of 3-31-23. |
12 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Assets | |
Unaffiliated investments, at value (Cost $6,051,906) | $6,406,245 |
Affiliated investments, at value (Cost $269,957) | 270,001 |
Total investments, at value (Cost $6,321,863) | 6,676,246 |
Dividends and interest receivable | 7,255 |
Receivable from affiliates | 676 |
Other assets | 29,920 |
Total assets | 6,714,097 |
Liabilities | |
Payable to affiliates | |
Accounting and legal services fees | 93 |
Transfer agent fees | 586 |
Trustees’ fees | 12 |
Other liabilities and accrued expenses | 63,602 |
Total liabilities | 64,293 |
Net assets | $6,649,804 |
Net assets consist of | |
Paid-in capital | $6,246,153 |
Total distributable earnings (loss) | 403,651 |
Net assets | $6,649,804 |
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 I ($6,649,804 ÷ 617,153 shares) | $10.77 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Fundamental Equity Income Fund | 13 |
Investment income | |
Dividends | $98,521 |
Dividends from affiliated investments | 3,650 |
Interest | 772 |
Less foreign taxes withheld | (1,672) |
Total investment income | 101,271 |
Expenses | |
Investment management fees | 23,890 |
Accounting and legal services fees | 561 |
Transfer agent fees | 4,539 |
Trustees’ fees | 103 |
Custodian fees | 11,448 |
Printing and postage | 14,824 |
Professional fees | 117,599 |
Other | 3,043 |
Total expenses | 176,007 |
Less expense reductions | (143,198) |
Net expenses | 32,809 |
Net investment income | 68,462 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | 49,153 |
Affiliated investments | (157) |
48,996 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | 354,339 |
Affiliated investments | 44 |
354,383 | |
Net realized and unrealized gain | 403,379 |
Increase in net assets from operations | $471,841 |
1 Period from 6-28-22 (commencement of operations) to 3-31-23. |
14 | JOHN HANCOCK Fundamental Equity Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Period ended 3-31-231 | |
Increase (decrease) in net assets | |
From operations | |
Net investment income | $68,462 |
Net realized gain | 48,996 |
Change in net unrealized appreciation (depreciation) | 354,383 |
Increase in net assets resulting from operations | 471,841 |
Distributions to shareholders | |
From earnings | |
Class I | (73,690) |
Total distributions | (73,690) |
From fund share transactions | 6,251,653 |
Total increase | 6,649,804 |
Net assets | |
Beginning of period | — |
End of period | $6,649,804 |
1 | Period from 6-28-22 (commencement of operations) to 3-31-23. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Fundamental Equity Income Fund | 15 |
CLASS I SHARES Period ended | 3-31-231 |
Per share operating performance | |
Net asset value, beginning of period | $10.00 |
Net investment income2 | 0.13 |
Net realized and unrealized gain (loss) on investments | 0.78 |
Total from investment operations | 0.91 |
Less distributions | |
From net investment income | (0.14) |
Net asset value, end of period | $10.77 |
Total return (%)3 | 9.224 |
Ratios and supplemental data | |
Net assets, end of period (in millions) | $7 |
Ratios (as a percentage of average net assets): | |
Expenses before reductions | 4.255 |
Expenses including reductions | 0.825 |
Net investment income | 1.726 |
Portfolio turnover (%) | 26 |
1 | Period from 6-28-22 (commencement of operations) to 3-31-23. |
2 | Based on average daily shares outstanding. |
3 | Total returns would have been lower had certain expenses not been reduced during the period. |
4 | Not annualized. |
5 | Annualized. Certain expenses are presented unannualized. |
6 | Annualized. |
16 | JOHN HANCOCK Fundamental Equity Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
ANNUAL REPORT | JOHN HANCOCK Fundamental Equity Income Fund | 17 |
18 | JOHN HANCOCK Fundamental Equity Income Fund | ANNUAL REPORT |
March 31, 2023 | |
Ordinary income | $73,690 |
ANNUAL REPORT | JOHN HANCOCK Fundamental Equity Income Fund | 19 |
20 | JOHN HANCOCK Fundamental Equity Income Fund | ANNUAL REPORT |
Period ended 3-31-231 | ||
Shares | Amount | |
Class I shares | ||
Sold | 615,061 | $6,230,003 |
Distributions reinvested | 2,092 | 21,650 |
Net increase | 617,153 | $6,251,653 |
Total net increase | 617,153 | $6,251,653 |
1 | Period from 6-28-22 (commencement of operations) to 3-31-23. |
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 | 27,008 | — | $1,569,206 | $(1,299,092) | $(157) | $44 | $3,650 | — | $270,001 |
ANNUAL REPORT | JOHN HANCOCK Fundamental Equity Income Fund | 21 |
22 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 23 |
• | The Fund’s investment strategy remained appropriate for an open-end fund structure; |
• | The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund; |
24 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
• | The Fund did not experience any breaches of the 15% limit on illiquid investments, or any applicable HLIM, that would require reporting to the Securities and Exchange Commission; |
• | The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and |
• | The Chief Compliance Officer’s office, as a part of their annual Rule 38a-1 assessment of the Fund’s policies and procedures, reviewed the LRMP’s control environment and deemed it to be operating effectively and in compliance with the Board approved procedures. |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 25 |
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 | 2012 | 186 |
Trustee and Chairperson of the Board | ||
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
James R. Boyle, Born: 1959 | 2015 | 183 |
Trustee | ||
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
William H. Cunningham,2 Born: 1944 | 1986 | 184 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | ||
Noni L. Ellison,* Born: 1971 | 2022 | 183 |
Trustee | ||
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Grace K. Fey, Born: 1946 | 2012 | 186 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Dean C. Garfield,* Born: 1968 | 2022 | 183 |
Trustee | ||
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
26 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Deborah C. Jackson, Born: 1952 | 2008 | 185 |
Trustee | ||
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Patricia Lizarraga,2,* Born: 1966 | 2022 | 183 |
Trustee | ||
Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Steven R. Pruchansky, Born: 1944 | 1994 | 183 |
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 | 183 |
Trustee | ||
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | ||
Gregory A. Russo, Born: 1949 | 2009 | 183 |
Trustee | ||
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 27 |
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 | 184 |
President and Non-Independent Trustee | ||
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); 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 | 183 |
Non-Independent Trustee | ||
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); 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 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | ||
Paul Lorentz,† Born: 1968 | 2022 | 183 |
Non-Independent Trustee | ||
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer | |
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). | |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer | |
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
28 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
Principal officers who are not Trustees (continued) | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Christopher (Kit) Sechler, Born: 1973 | 2020 |
Secretary and Chief Legal Officer | |
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |
1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
* | Elected to serve as Independent Trustee effective as of September 9, 2022. |
^ | Ms. Harrison is retiring effective May 1, 2023. |
† | Elected to serve as Non-Independent Trustee effective as of September 9, 2022. |
ANNUAL REPORT | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | 29 |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Marianne Harrison†,#
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz‡
Frances G. Rathke*
Gregory A. Russo
President
Chief Financial Officer
Treasurer
Secretary and Chief Legal Officer
Chief Compliance Officer
Nicholas P. Renart
Emory W. Sanders, Jr., CFA
Jonathan T. White, CFA
You can also contact us: | ||
800-225-5291 | Regular mail: | Express mail: |
jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
30 | JOHN HANCOCK FUNDAMENTAL EQUITY INCOME FUND | ANNUAL REPORT |
GOVERNANCE FUNDS
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and operate with the highest standards of conduct and integrity.
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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.
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
490A 3/23 |
Manulife Investment Management
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 1 |
2 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 3 |
TOP 10 HOLDINGS AS OF 3/31/2023 (% of net assets) | |
iShares Russell Mid-Cap Growth ETF | 4.8 |
Arista Networks, Inc. | 4.4 |
Vanguard Mid-Cap Growth ETF | 3.7 |
Veeva Systems, Inc., Class A | 3.3 |
DexCom, Inc. | 3.1 |
Insulet Corp. | 3.1 |
Workday, Inc., Class A | 3.0 |
Agilent Technologies, Inc. | 2.9 |
Spotify Technology SA | 2.8 |
Paycom Software, Inc. | 2.8 |
TOTAL | 33.9 |
Cash and cash equivalents are not included. |
4 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 5 |
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 | -21.27 | 7.69 | 10.38 | 44.81 | 168.54 |
Class C1 | -18.53 | 8.57 | 10.83 | 50.82 | 179.61 |
Class I1,2 | -16.98 | 8.86 | 10.98 | 52.87 | 183.40 |
Class R61,2 | -16.81 | 8.90 | 11.00 | 53.19 | 184.01 |
Class NAV1,2 | -16.86 | 8.90 | 11.00 | 53.19 | 184.01 |
Index† | -8.52 | 9.07 | 11.17 | 54.37 | 188.30 |
Class A | Class C | Class I | Class R6 | Class NAV | |
Gross (%) | 1.25 | 2.00 | 1.00 | 0.89 | 0.88 |
Net (%) | 1.17 | 1.92 | 0.92 | 0.81 | 0.80 |
6 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
Start date | With maximum sales charge ($) | Without sales charge ($) | Index ($) | |
Class C1,3 | 3-31-13 | 27,961 | 27,961 | 28,830 |
Class I1,2 | 3-31-13 | 28,340 | 28,340 | 28,830 |
Class R61,2 | 3-31-13 | 28,401 | 28,401 | 28,830 |
Class NAV1,2 | 3-31-13 | 28,401 | 28,401 | 28,830 |
1 | Effective 10-15-21, John Hancock Funds II Mid Cap Stock Fund (the Accounting Survivor) merged into the newly created John Hancock Mid Cap Growth Fund. The Mid Cap Growth Fund adopted the performance and accounting history of the Accounting Survivor. Class 1 of the Accounting Survivor commenced operations on 10-17-05. Class NAV and Class R6 shares of the fund were first offered on 10-18-21. Class A, Class C, and Class I shares of the fund were first offered on 11-5-21. Class A, Class C, and Class I returns prior to 10-18-21 are those of Class 1 shares of the Accounting Survivor and returns from 10-18-21 to launch are those of Class R6 shares of the fund that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
2 | For certain types of investors, as described in the fund’s prospectuses. |
3 | The contingent deferred sales charge is not applicable. |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 7 |
8 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
Account value on 10-1-2022 | Ending value on 3-31-2023 | Expenses paid during period ended 3-31-20231 | Annualized expense ratio | ||
Class A | Actual expenses/actual returns | $1,000.00 | $1,166.80 | $6.43 | 1.19% |
Hypothetical example | 1,000.00 | 1,019.00 | 5.99 | 1.19% | |
Class C | Actual expenses/actual returns | 1,000.00 | 1,162.00 | 10.46 | 1.94% |
Hypothetical example | 1,000.00 | 1,015.30 | 9.75 | 1.94% | |
Class I | Actual expenses/actual returns | 1,000.00 | 1,167.20 | 5.08 | 0.94% |
Hypothetical example | 1,000.00 | 1,020.20 | 4.73 | 0.94% | |
Class R6 | Actual expenses/actual returns | 1,000.00 | 1,168.80 | 4.49 | 0.83% |
Hypothetical example | 1,000.00 | 1,020.80 | 4.18 | 0.83% | |
Class NAV | Actual expenses/actual returns | 1,000.00 | 1,168.80 | 4.43 | 0.82% |
Hypothetical example | 1,000.00 | 1,020.80 | 4.13 | 0.82% |
1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 9 |
Shares | Value | ||||
Common stocks 89.6% | $1,246,684,668 | ||||
(Cost $1,158,641,391) | |||||
Communication services 5.0% | 69,283,723 | ||||
Entertainment 3.9% | |||||
Live Nation Entertainment, Inc. (A) | 215,468 | 15,082,760 | |||
Spotify Technology SA (A) | 292,552 | 39,090,798 | |||
Interactive media and services 1.1% | |||||
ZoomInfo Technologies, Inc. (A) | 611,500 | 15,110,165 | |||
Consumer discretionary 14.4% | 201,009,174 | ||||
Automobile components 0.8% | |||||
Mobileye Global, Inc., Class A (A)(B) | 250,920 | 10,857,308 | |||
Broadline retail 1.4% | |||||
Etsy, Inc. (A) | 171,463 | 19,088,976 | |||
Hotels, restaurants and leisure 5.7% | |||||
Aramark | 397,961 | 14,247,004 | |||
Chipotle Mexican Grill, Inc. (A) | 10,764 | 18,388,034 | |||
DraftKings, Inc., Class A (A) | 1,200,287 | 23,237,556 | |||
Las Vegas Sands Corp. (A) | 422,965 | 24,299,339 | |||
Household durables 1.0% | |||||
Lennar Corp., A Shares | 139,863 | 14,701,000 | |||
Specialty retail 3.3% | |||||
Ross Stores, Inc. | 200,047 | 21,230,988 | |||
Ulta Beauty, Inc. (A) | 45,237 | 24,684,474 | |||
Textiles, apparel and luxury goods 2.2% | |||||
Deckers Outdoor Corp. (A) | 67,344 | 30,274,495 | |||
Consumer staples 3.0% | 41,596,682 | ||||
Beverages 1.5% | |||||
Celsius Holdings, Inc. (A) | 222,216 | 20,652,755 | |||
Food products 1.5% | |||||
Lamb Weston Holdings, Inc. | 200,382 | 20,943,927 | |||
Energy 4.1% | 57,327,947 | ||||
Oil, gas and consumable fuels 4.1% | |||||
Cheniere Energy, Inc. | 97,292 | 15,333,219 | |||
Diamondback Energy, Inc. | 103,539 | 13,995,367 | |||
Pioneer Natural Resources Company | 61,362 | 12,532,575 | |||
Targa Resources Corp. | 212,019 | 15,466,786 | |||
Financials 5.6% | 78,146,375 | ||||
Capital markets 3.9% | |||||
Ares Management Corp., Class A | 254,577 | 21,241,905 |
10 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Capital markets (continued) | |||||
Tradeweb Markets, Inc., Class A | 412,430 | $32,590,219 | |||
Financial services 1.7% | |||||
Block, Inc. (A) | 354,177 | 24,314,251 | |||
Health care 21.7% | 301,968,351 | ||||
Biotechnology 3.0% | |||||
Exact Sciences Corp. (A) | 445,277 | 30,194,233 | |||
United Therapeutics Corp. (A) | 50,978 | 11,417,033 | |||
Health care equipment and supplies 10.3% | |||||
DexCom, Inc. (A) | 375,558 | 43,632,328 | |||
Hologic, Inc. (A) | 168,158 | 13,570,351 | |||
Inspire Medical Systems, Inc. (A) | 96,879 | 22,676,468 | |||
Insulet Corp. (A) | 132,550 | 42,278,148 | |||
Shockwave Medical, Inc. (A) | 96,371 | 20,896,124 | |||
Health care technology 3.3% | |||||
Veeva Systems, Inc., Class A (A) | 250,421 | 46,024,876 | |||
Life sciences tools and services 4.2% | |||||
Agilent Technologies, Inc. | 287,386 | 39,756,979 | |||
Medpace Holdings, Inc. (A) | 98,555 | 18,533,268 | |||
Pharmaceuticals 0.9% | |||||
Jazz Pharmaceuticals PLC (A) | 88,762 | 12,988,543 | |||
Industrials 10.7% | 148,195,988 | ||||
Aerospace and defense 0.7% | |||||
Curtiss-Wright Corp. | 51,494 | 9,076,332 | |||
Building products 2.8% | |||||
Builders FirstSource, Inc. (A) | 159,346 | 14,146,738 | |||
Johnson Controls International PLC | 416,245 | 25,066,274 | |||
Construction and engineering 2.2% | |||||
Fluor Corp. (A) | 548,426 | 16,951,848 | |||
MasTec, Inc. (A) | 146,901 | 13,873,330 | |||
Machinery 0.9% | |||||
The Toro Company | 116,447 | 12,944,249 | |||
Professional services 2.7% | |||||
CoStar Group, Inc. (A) | 286,380 | 19,717,263 | |||
EXL Service Holdings, Inc. (A) | 105,440 | 17,063,355 | |||
Trading companies and distributors 1.4% | |||||
WESCO International, Inc. | 125,253 | 19,356,599 | |||
Information technology 22.9% | 319,009,888 | ||||
Communications equipment 4.4% | |||||
Arista Networks, Inc. (A) | 362,471 | 60,844,379 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 11 |
Shares | Value | ||||
Information technology (continued) | |||||
Electronic equipment, instruments and components 1.9% | |||||
Flex, Ltd. (A) | 1,159,921 | $26,689,782 | |||
IT services 2.9% | |||||
Gartner, Inc. (A) | 38,948 | 12,688,090 | |||
Okta, Inc. (A) | 332,311 | 28,658,501 | |||
Semiconductors and semiconductor equipment 5.7% | |||||
First Solar, Inc. (A) | 81,111 | 17,641,643 | |||
MKS Instruments, Inc. | 149,113 | 13,214,394 | |||
SolarEdge Technologies, Inc. (A) | 92,668 | 28,166,439 | |||
Universal Display Corp. | 128,454 | 19,927,069 | |||
Software 8.0% | |||||
DocuSign, Inc. (A) | 527,591 | 30,758,555 | |||
Paycom Software, Inc. (A) | 127,051 | 38,624,775 | |||
Workday, Inc., Class A (A) | 202,364 | 41,796,261 | |||
Materials 2.2% | 30,146,540 | ||||
Chemicals 2.2% | |||||
Albemarle Corp. | 136,385 | 30,146,540 | |||
Preferred securities 0.5% | $6,476,070 | ||||
(Cost $9,360,258) | |||||
Information technology 0.5% | 6,476,070 | ||||
Software 0.5% | |||||
Essence Group Holdings Corp. (A)(C)(D) | 2,958,957 | 3,373,211 | |||
Lookout, Inc., Series F (A)(C)(D) | 392,767 | 3,102,859 | |||
Exchange-traded funds 8.5% | $117,839,346 | ||||
(Cost $114,390,787) | |||||
iShares Russell Mid-Cap Growth ETF (B) | 737,415 | 67,141,636 | |||
Vanguard Mid-Cap Growth ETF (B) | 260,135 | 50,697,710 | |||
Yield (%) | Shares | Value | |||
Short-term investments 6.2% | $86,044,222 | ||||
(Cost $86,042,876) | |||||
Short-term funds 6.2% | 86,044,222 | ||||
John Hancock Collateral Trust (E) | 4.9438(F) | 4,469,708 | 44,683,221 | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.6799(F) | 41,361,001 | 41,361,001 |
Total investments (Cost $1,368,435,312) 104.8% | $1,457,044,306 | ||||
Other assets and liabilities, net (4.8%) | (66,437,784) | ||||
Total net assets 100.0% | $1,390,606,522 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
12 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Security Abbreviations and Legend | |
(A) | Non-income producing security. |
(B) | All or a portion of this security is on loan as of 3-31-23. |
(C) | Restricted security as to resale. 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) | Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending. |
(F) | The rate shown is the annualized seven-day yield as of 3-31-23. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 13 |
Assets | |
Unaffiliated investments, at value (Cost $1,323,753,437) including $43,797,932 of securities loaned | $1,412,361,085 |
Affiliated investments, at value (Cost $44,681,875) | 44,683,221 |
Total investments, at value (Cost $1,368,435,312) | 1,457,044,306 |
Cash | 550,080 |
Dividends and interest receivable | 310,956 |
Receivable for fund shares sold | 241,939 |
Receivable for securities lending income | 31,997 |
Other assets | 190,341 |
Total assets | 1,458,369,619 |
Liabilities | |
Payable for investments purchased | 22,376,057 |
Payable for fund shares repurchased | 510,049 |
Payable upon return of securities loaned | 44,700,725 |
Payable to affiliates | |
Accounting and legal services fees | 57,359 |
Transfer agent fees | 4,090 |
Trustees’ fees | 95 |
Other liabilities and accrued expenses | 114,722 |
Total liabilities | 67,763,097 |
Net assets | $1,390,606,522 |
Net assets consist of | |
Paid-in capital | $1,617,853,262 |
Total distributable earnings (loss) | (227,246,740) |
Net assets | $1,390,606,522 |
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 ($18,650,636 ÷ 1,401,734 shares)1 | $13.31 |
Class C ($116,349 ÷ 8,841 shares)1 | $13.16 |
Class I ($4,203,410 ÷ 314,744 shares) | $13.36 |
Class R6 ($298,511,177 ÷ 22,313,095 shares) | $13.38 |
Class NAV ($1,069,124,950 ÷ 79,914,050 shares) | $13.38 |
Maximum offering price per share | |
Class A (net asset value per share ÷ 95%)2 | $14.01 |
1 | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
2 | On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced. |
14 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Investment income | |
Dividends | $7,158,503 |
Interest | 657,228 |
Securities lending | 142,886 |
Total investment income | 7,958,617 |
Expenses | |
Investment management fees | 11,541,564 |
Distribution and service fees | 23,748 |
Accounting and legal services fees | 268,537 |
Transfer agent fees | 43,455 |
Trustees’ fees | 30,292 |
Custodian fees | 153,902 |
State registration fees | 137,295 |
Printing and postage | 19,342 |
Professional fees | 134,663 |
Other | 93,301 |
Total expenses | 12,446,099 |
Less expense reductions | (1,071,073) |
Net expenses | 11,375,026 |
Net investment loss | (3,416,409) |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | (303,303,532) |
Affiliated investments | (13,763) |
(303,317,295) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | 29,546,917 |
Affiliated investments | (870) |
29,546,047 | |
Net realized and unrealized loss | (273,771,248) |
Decrease in net assets from operations | $(277,187,657) |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 15 |
Year ended 3-31-23 | Period ended 3-31-221 | Year ended 8-31-21 | |
Increase (decrease) in net assets | |||
From operations | |||
Net investment loss | $(3,416,409) | $(7,164,970) | $(13,702,968) |
Net realized gain (loss) | (303,317,295) | 132,478,948 | 636,192,881 |
Change in net unrealized appreciation (depreciation) | 29,546,047 | (548,264,558) | (40,616,405) |
Increase (decrease) in net assets resulting from operations | (277,187,657) | (422,950,580) | 581,873,508 |
Distributions to shareholders | |||
From earnings | |||
Class A2 | (838,676) | — | — |
Class C2 | (7,763) | — | — |
Class I2 | (240,504) | — | — |
Class R63 | (20,042,927) | (141,941,775) | — |
Class 1 | — | — | (149,685,105) |
Class NAV | (71,562,747) | (380,500,343) | (307,295,923) |
Total distributions | (92,692,617) | (522,442,118) | (456,981,028) |
From fund share transactions | 63,893,824 | 496,465,026 | 179,671,998 |
Total increase (decrease) | (305,986,450) | (448,927,672) | 304,564,478 |
Net assets | |||
Beginning of year | 1,696,592,972 | 2,145,520,644 | 1,840,956,166 |
End of year | $1,390,606,522 | $1,696,592,972 | $2,145,520,644 |
1 | For the seven-month period ended 3-31-22. John Hancock Funds II Mid Cap Stock Fund’s (the “Accounting Survivor”) fiscal year end was August 31 and the fund’s fiscal year end is March 31. |
2 | The inception date for Class A, Class C and Class I shares is 11-5-21. |
3 | The inception date for Class R6 shares is 10-18-21. |
16 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS A SHARES Period ended | 3-31-23 | 3-31-221 |
Per share operating performance | ||
Net asset value, beginning of period | $17.26 | $22.29 |
Net investment loss2 | (0.07) | (0.07) |
Net realized and unrealized gain (loss) on investments | (2.96) | (4.96) |
Total from investment operations | (3.03) | (5.03) |
Less distributions | ||
From net realized gain | (0.92) | — |
Total distributions | (0.92) | — |
Net asset value, end of period | $13.31 | $17.26 |
Total return (%)3,4 | (17.12) | (22.57)5 |
Ratios and supplemental data | ||
Net assets, end of period (in millions) | $19 | $5 |
Ratios (as a percentage of average net assets): | ||
Expenses before reductions | 1.26 | 1.246 |
Expenses including reductions | 1.18 | 1.176 |
Net investment loss | (0.53) | (0.98)6 |
Portfolio turnover (%) | 102 | 697 |
1 | The inception date for Class A shares is 11-5-21. |
2 | Based on average daily shares outstanding. |
3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
4 | Does not reflect the effect of sales charges, if any. |
5 | Not annualized. |
6 | Annualized. Certain expenses are presented unannualized. |
7 | Portfolio turnover is shown for the period from 9-1-21 to 3-31-22. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 17 |
CLASS C SHARES Period ended | 3-31-23 | 3-31-221 |
Per share operating performance | ||
Net asset value, beginning of period | $17.21 | $22.29 |
Net investment loss2 | (0.17) | (0.13) |
Net realized and unrealized gain (loss) on investments | (2.96) | (4.95) |
Total from investment operations | (3.13) | (5.08) |
Less distributions | ||
From net realized gain | (0.92) | — |
Total distributions | (0.92) | — |
Net asset value, end of period | $13.16 | $17.21 |
Total return (%)3,4 | (17.76) | (22.79)5 |
Ratios and supplemental data | ||
Net assets, end of period (in millions) | $—6 | $—6 |
Ratios (as a percentage of average net assets): | ||
Expenses before reductions | 2.01 | 1.987 |
Expenses including reductions | 1.93 | 1.927 |
Net investment loss | (1.28) | (1.77)7 |
Portfolio turnover (%) | 102 | 698 |
1 | The inception date for Class C shares is 11-5-21. |
2 | Based on average daily shares outstanding. |
3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
4 | Does not reflect the effect of sales charges, if any. |
5 | Not annualized. |
6 | Less than $500,000. |
7 | Annualized. Certain expenses are presented unannualized. |
8 | Portfolio turnover is shown for the period from 9-1-21 to 3-31-22. |
18 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS I SHARES Period ended | 3-31-23 | 3-31-221 |
Per share operating performance | ||
Net asset value, beginning of period | $17.28 | $22.29 |
Net investment loss2 | (0.05) | (0.05) |
Net realized and unrealized gain (loss) on investments | (2.95) | (4.96) |
Total from investment operations | (3.00) | (5.01) |
Less distributions | ||
From net realized gain | (0.92) | — |
Total distributions | (0.92) | — |
Net asset value, end of period | $13.36 | $17.28 |
Total return (%)3 | (16.98) | (22.48)4 |
Ratios and supplemental data | ||
Net assets, end of period (in millions) | $4 | $4 |
Ratios (as a percentage of average net assets): | ||
Expenses before reductions | 1.01 | 0.995 |
Expenses including reductions | 0.93 | 0.925 |
Net investment loss | (0.35) | (0.80)5 |
Portfolio turnover (%) | 102 | 696 |
1 | The inception date for Class I shares is 11-5-21. |
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. Certain expenses are presented unannualized. |
6 | Portfolio turnover is shown for the period from 9-1-21 to 3-31-22. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 19 |
CLASS R6 SHARES Period ended | 3-31-23 | 3-31-221,2 | 8-31-212 | 8-31-202 | 8-31-192 | 8-31-182 |
Per share operating performance | ||||||
Net asset value, beginning of period | $17.29 | $28.81 | $27.74 | $22.24 | $25.90 | $22.14 |
Net investment loss3 | (0.03) | (0.08) | (0.20) | (0.11) | (0.12) | (0.10) |
Net realized and unrealized gain (loss) on investments | (2.96) | (4.17) | 8.88 | 8.38 | 0.28 | 6.01 |
Total from investment operations | (2.99) | (4.25) | 8.68 | 8.27 | 0.16 | 5.91 |
Less distributions | ||||||
From net realized gain | (0.92) | (7.27) | (7.61) | (2.77) | (3.82) | (2.15) |
Total distributions | (0.92) | (7.27) | (7.61) | (2.77) | (3.82) | (2.15) |
Net asset value, end of period | $13.38 | $17.29 | $28.81 | $27.74 | $22.24 | $25.90 |
Total return (%)4 | (16.81) | (20.41)5 | 33.87 | 41.40 | 5.71 | 28.68 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $299 | $399 | $631 | $547 | $438 | $447 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions | 0.90 | 0.886 | 0.92 | 0.92 | 0.92 | 0.92 |
Expenses including reductions | 0.83 | 0.826 | 0.91 | 0.92 | 0.92 | 0.91 |
Net investment loss | (0.26) | (0.65)6 | (0.72) | (0.51) | (0.54) | (0.44) |
Portfolio turnover (%) | 102 | 69 | 91 | 86 | 617 | 67 |
1 | For the seven-month period ended 3-31-22. The inception date for Class R6 shares is 10-18-21. The Accounting Survivor’s fiscal year end was August 31 and the fund’s fiscal year end is March 31. |
2 | Financial highlights presented prior to close of business on October 15, 2021 represents the historical operating results of the Accounting Survivor. At the close of business on October 15, 2021, the Accounting Survivor was reorganized into the fund. On the date of reorganization, the accounting and performance history of the Accounting Survivor was retained as that of the fund. Refer to Note 11 for further details. |
3 | Based on average daily shares outstanding. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Not annualized. |
6 | Annualized. Certain expenses are presented unannualized. |
7 | Excludes merger activity. |
20 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS NAV SHARES Period ended | 3-31-23 | 3-31-221,2 | 8-31-212 | 8-31-202 | 8-31-192 | 8-31-182 |
Per share operating performance | ||||||
Net asset value, beginning of period | $17.29 | $28.81 | $27.61 | $22.09 | $25.66 | $21.90 |
Net investment loss3 | (0.03) | (0.08) | (0.19) | (0.10) | (0.11) | (0.09) |
Net realized and unrealized gain (loss) on investments | (2.96) | (4.17) | 8.86 | 8.34 | 0.29 | 5.95 |
Total from investment operations | (2.99) | (4.25) | 8.67 | 8.24 | 0.18 | 5.86 |
Less distributions | ||||||
From net realized gain | (0.92) | (7.27) | (7.47) | (2.72) | (3.75) | (2.10) |
Total distributions | (0.92) | (7.27) | (7.47) | (2.72) | (3.75) | (2.10) |
Net asset value, end of period | $13.38 | $17.29 | $28.81 | $27.61 | $22.09 | $25.66 |
Total return (%)4 | (16.86) | (20.37)5 | 33.91 | 41.47 | 5.74 | 28.75 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $1,069 | $1,289 | $1,515 | $1,294 | $1,153 | $1,258 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions | 0.89 | 0.876 | 0.87 | 0.87 | 0.87 | 0.87 |
Expenses including reductions | 0.82 | 0.816 | 0.86 | 0.87 | 0.87 | 0.86 |
Net investment loss | (0.24) | (0.65)6 | (0.67) | (0.46) | (0.49) | (0.39) |
Portfolio turnover (%) | 102 | 69 | 91 | 86 | 617 | 67 |
1 | For the seven-month period ended 3-31-22. The Accounting Survivor’s fiscal year end was August 31 and the fund’s fiscal year end is March 31. |
2 | Financial highlights presented prior to close of business on October 15, 2021 represents the historical operating results of the Accounting Survivor. At the close of business on October 15, 2021, the Accounting Survivor was reorganized into the fund . On the date of reorganization, the accounting and performance history of the Accounting Survivor was retained as that of the fund. As a result, the per share operating performance has been adjusted for the prior periods presented to reflect the transaction. The conversion ratio used was 0.98073, as the Accounting Survivor’s net asset value was $28.7711 while the fund’s net asset value was $28.2165 on the date of reorganization. Refer to Note 11 for further details. |
3 | Based on average daily shares outstanding. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Not annualized. |
6 | Annualized. Certain expenses are presented unannualized. |
7 | Excludes merger activity. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 21 |
22 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT |
Total value at 3-31-23 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | $1,246,684,668 | $1,246,684,668 | — | — |
Preferred securities | 6,476,070 | — | — | $6,476,070 |
Exchange-traded funds | 117,839,346 | 117,839,346 | — | — |
Short-term investments | 86,044,222 | 86,044,222 | — | — |
Total investments in securities | $1,457,044,306 | $1,450,568,236 | — | $6,476,070 |
ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 23 |
24 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT |
March 31, 2023 | March 31, 2022 | |
Ordinary income | — | $263,596,968 |
Long-term capital gains | $92,692,617 | 258,845,150 |
Total | $92,692,617 | $522,442,118 |
ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 25 |
Class | Expense reduction |
Class A | $7,123 |
Class C | 65 |
Class I | 2,762 |
Class | Expense reduction |
Class R6 | $234,704 |
Class NAV | 826,419 |
Total | $1,071,073 |
Class | Rule 12b-1 Fee |
Class A | 0.25% |
Class C | 1.00% |
26 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT |
Class | Distribution and service fees | Transfer agent fees |
Class A | $22,907 | $10,461 |
Class C | 841 | 97 |
Class I | — | 4,100 |
Class R6 | — | 28,797 |
Total | $23,748 | $43,455 |
Year Ended 3-31-23 | Period Ended 3-31-221 | Year Ended 8-31-21 | ||||
Shares | Amount | Shares | Amount | Shares | Amount | |
Class A shares2 | ||||||
Sold | 1,290,175 | $17,142,322 | 328,326 | $6,027,881 | — | — |
Distributions reinvested | 68,019 | 838,676 | — | — | — | — |
Repurchased | (222,809) | (2,940,226) | (61,977) | (1,138,578) | — | — |
Net increase | 1,135,385 | $15,040,772 | 266,349 | $4,889,303 | — | — |
Class C shares2 | ||||||
Sold | 6,534 | $86,368 | 2,827 | $60,000 | — | — |
Distributions reinvested | 466 | 5,695 | — | — | — | — |
Repurchased | (986) | (13,785) | — | — | — | — |
Net increase | 6,014 | $78,278 | 2,827 | $60,000 | — | — |
Class I shares2 | ||||||
Sold | 104,458 | $1,354,698 | 252,138 | $4,902,914 | — | — |
Distributions reinvested | 19,443 | 240,504 | — | — | — | — |
Repurchased | (56,692) | (741,105) | (4,603) | (74,643) | — | — |
Net increase | 67,209 | $854,097 | 247,535 | $4,828,271 | — | — |
ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 27 |
Year Ended 3-31-23 | Period Ended 3-31-221 | Year Ended 8-31-21 | ||||
Shares | Amount | Shares | Amount | Shares | Amount | |
Class R6 shares3 | ||||||
Sold | 1,089,384 | $14,697,891 | 162,552 | $3,079,089 | — | — |
Issued in reorganization | — | — | 19,705,096 | 556,008,842 | — | — |
Distributions reinvested | 1,617,670 | 20,042,927 | 6,370,816 | 141,941,775 | — | — |
Repurchased | (3,472,179) | (46,671,150) | (3,160,244) | (61,627,074) | — | — |
Net increase (decrease) | (765,125) | $(11,930,332) | 23,078,220 | $639,402,632 | — | — |
Class 1 shares4 | ||||||
Sold | — | — | 34,008 | $964,219 | 1,286,989 | $36,936,063 |
Distributions reinvested | — | — | — | — | 5,689,286 | 149,685,105 |
Repurchased | — | — | (763,258) | (21,273,235) | (4,822,216) | (132,632,186) |
Redeemed in reorganization | — | — | (21,160,712) | (597,080,839) | — | — |
Net increase (decrease) | — | — | (21,889,962) | $(617,389,855) | 2,154,059 | $53,988,982 |
Class NAV shares4 | ||||||
Sold | 9,998,344 | $133,937,239 | 6,777,824 | $126,581,857 | 9,615,843 | $265,194,414 |
Issued in reorganization | — | — | 53,096,244 | 1,498,190,173 | — | — |
Distributions reinvested | 5,775,847 | 71,562,747 | 17,078,112 | 380,500,343 | 11,457,715 | 307,295,923 |
Repurchased | (10,398,844) | (145,648,977) | (3,329,866) | (83,479,522) | (15,469,646) | (446,807,321) |
Redeemed in reorganization | — | — | (50,645,278) | (1,457,118,176) | — | — |
Net increase | 5,375,347 | $59,851,009 | 22,977,036 | $464,674,675 | 5,603,912 | $125,683,016 |
Total net increase | 5,818,830 | $63,893,824 | 24,682,005 | $496,465,026 | 7,757,971 | $179,671,998 |
1 | For the seven-month period ended 3-31-22. John Hancock Funds II Mid Cap Stock Fund’s (the “Accounting Survivor”) fiscal year end was August 31 and the fund’s fiscal year end is March 31. |
2 | The inception date for Class A, Class C and Class I shares is 11-5-21. |
3 | The inception date for Class R6 shares is 10-18-21. |
4 | Activity presented prior to close of business on October 15, 2021 represents the historical operating results of the Accounting Survivor. At the close of business on October 15, 2021, the Accounting Survivor was reorganized into the fund. Refer to Note 11 for further details. |
28 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT |
Portfolio | Affiliated Concentration |
John Hancock Funds II Multimanager Lifestyle Growth Portfolio | 26.2% |
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio | 16.4% |
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio | 11.8% |
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* | 4,469,708 | $15,826,228 | $400,675,204 | $(371,803,578) | $(13,763) | $(870) | $142,886 | — | $44,683,221 |
* | Refer to the Securities lending note within Note 2 for details regarding this investment. |
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 |
Essence Group Holdings Corp. | 5-1-141 | $5,083,384 | 2,958,957 | — | — | 2,958,957 | 0.3% | $3,373,211 |
Lookout, Inc., Series F | 7-31-141 | 4,276,874 | 392,767 | — | — | 392,767 | 0.2% | 3,102,859 |
$6,476,070 |
1 | Reflects original acquisition date of security transferred in a merger with John Hancock Funds II Mid Cap Growth Fund which took place after market close on 10-15-21. |
ANNUAL REPORT | JOHN HANCOCK Mid Cap Growth Fund | 29 |
Acquiring Portfolio | Acquired Portfolio | Net Asset Value of the Acquired Portfolio | Appreciation of the Acquired Portfolio’s Investments | Shares Redeemed by the Acquired Portfolio | Shares Issued by the Acquiring Portfolio | Acquiring Portfolio Net Assets Prior to Combination | Acquiring Portfolio Total Net Assets After Combination |
Mid Cap Growth Fund | Mid Cap Stock Fund | $2,054,199,015 | $557,181,556 | 71,805,990 | 72,801,340 | — | $2,054,199,015 |
Accounting Survivor’s Share Class | Conversion Ratio | Fund’s Share Class |
Class 1 | 1.00000 | Class R6 |
Class 1 | 1.00000 | Class NAV |
Class NAV | 0.98073 | Class NAV |
See Note 5 for capital shares issued in connection with the above referenced reorganization. |
30 | JOHN HANCOCK Mid Cap Growth Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 31 |
32 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
• | The Fund’s investment strategy remained appropriate for an open-end fund structure; |
• | The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund; |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 33 |
• | The Fund did not experience any breaches of the 15% limit on illiquid investments, or any applicable HLIM, that would require reporting to the Securities and Exchange Commission; |
• | The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and |
• | The Chief Compliance Officer’s office, as a part of their annual Rule 38a-1 assessment of the Fund’s policies and procedures, reviewed the LRMP’s control environment and deemed it to be operating effectively and in compliance with the Board approved procedures. |
34 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
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 | 2012 | 186 |
Trustee and Chairperson of the Board | ||
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
James R. Boyle, Born: 1959 | 2015 | 183 |
Trustee | ||
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
William H. Cunningham,2 Born: 1944 | 1986 | 184 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | ||
Noni L. Ellison,* Born: 1971 | 2022 | 183 |
Trustee | ||
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Grace K. Fey, Born: 1946 | 2012 | 186 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Dean C. Garfield,* Born: 1968 | 2022 | 183 |
Trustee | ||
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 35 |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Deborah C. Jackson, Born: 1952 | 2008 | 185 |
Trustee | ||
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Patricia Lizarraga,2,* Born: 1966 | 2022 | 183 |
Trustee | ||
Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Steven R. Pruchansky, Born: 1944 | 1994 | 183 |
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 | 183 |
Trustee | ||
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | ||
Gregory A. Russo, Born: 1949 | 2009 | 183 |
Trustee | ||
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
36 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
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 | 184 |
President and Non-Independent Trustee | ||
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); 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 | 183 |
Non-Independent Trustee | ||
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); 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 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | ||
Paul Lorentz,† Born: 1968 | 2022 | 183 |
Non-Independent Trustee | ||
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer | |
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). | |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer | |
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 37 |
Principal officers who are not Trustees (continued) | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Christopher (Kit) Sechler, Born: 1973 | 2018 |
Secretary and Chief Legal Officer | |
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |
1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
* | Elected to serve as Independent Trustee effective as of September 9, 2022. |
^ | Ms. Harrison is retiring effective May 1, 2023. |
† | Elected to serve as Non-Independent Trustee effective as of September 9, 2022. |
38 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Marianne Harrison†,#
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz‡
Frances G. Rathke*
Gregory A. Russo
President
Chief Financial Officer
Treasurer
Secretary and Chief Legal Officer
Chief Compliance Officer
Stephen Mortimer
You can also contact us: |
ANNUAL REPORT | JOHN HANCOCK MID CAP GROWTH FUND | 39 |
800-225-5291 | Regular mail: | Express mail: |
jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
40 | JOHN HANCOCK MID CAP GROWTH FUND | ANNUAL REPORT |
GOVERNANCE FUNDS
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.
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
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200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
MF2833373 | 481A 3/23 |
ITEM 2. CODE OF ETHICS.
As of the end of the year, March 31, 2023, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Frances G. Rathke is the audit committee financial expert and is "independent", pursuant to general instructions on Form N-CSR Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to the following for the fiscal years ended March 31, 2023 and 2022. These fees were billed to the registrant and were approved by the registrant's audit committee
Fund | March 31, 2023 | March 31, 2022 |
John Hancock Diversified Real Assets Fund | $54,428 | $51,595 |
John Hancock Fundamental Equity Income |
|
|
Fund1 | 23,252 | - |
John Hancock Mid Cap Growth Fund2 | 52,988 | 45,399 |
Total | $130,668 | $96,994 |
1John Hancock Fundamental Equity Income Fund commencement operations on 6-28-2022.
2Formerly John Hancock Funds II Mid Cap Stock Fund. The fund changed year end from August 31 to March 31 in 2022.
(b) Audit-Related Services
Audit-related service fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant The nature of the services provided was affiliated service provider internal controls reviews, reviews related to supplemental regulatory filings, and software licensing fees. Amounts billed to the registrant were as follows:
Fund | March 31, 2023 | March 31, 2022 |
John Hancock Diversified Real Assets Fund | $586 | $781 |
John Hancock Fundamental Equity Income |
|
|
Fund1 | 586 | - |
John Hancock Mid Cap Growth Fund2 | 2,386 | 4,561 |
Total | $3,558 | $5,342 |
1John Hancock Fundamental Equity Income Fund commencement operations on 6-28-2022.
2Formerly John Hancock Funds II Mid Cap Stock Fund. The fund changed year end from August 31 to March 31 in 2022.
In addition, amounts billed to control affiliates for service provider internal controls reviews were $121,890 and $119,500 for the fiscal years ended March 31, 2023 and 2022, respectively.
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to the following for the fiscal years ended March 31, 2023 and 2022. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.
Fund | March 31, 2023 | March 31, 2022 |
John Hancock Diversified Real Assets Fund | $4,110 | $3,914 |
John Hancock Fundamental Equity Income |
|
|
Fund1 | 4,110 | - |
John Hancock Mid Cap Growth Fund2 | 4,110 | - |
Total | $12,330 | $3,914 |
1John Hancock Fundamental Equity Income Fund commencement operations on 6-28-2022.
2Formerly John Hancock Funds II Mid Cap Stock Fund. The fund changed year end from August 31 to March 31 in 2022.
(d) All Other Fees
The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.
Fund | March 31, 2023 | March 31, 2022 |
John Hancock Diversified Real Assets Fund | $163 | $199 |
John Hancock Fundamental Equity Income |
|
|
Fund1 | - | - |
John Hancock Mid Cap Growth Fund2 | 106 | 199 |
Total | $269 | $389 |
1John Hancock Fundamental Equity Income Fund commencement operations on 6-28-2022.
2Formerly John Hancock Funds II Mid Cap Stock Fund. The fund changed year end from August 31 to March 31 in 2022.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided
by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.
All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
Audit-Related Fees, Tax Fees and All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f)According to the registrant's principal accountant, for the fiscal year ended March 31, 2023, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.
(g)The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates of the registrant was $1,211,521 for the fiscal year ended March 31, 2023 and $968,033 for the fiscal year ended March 31, 2022.
(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.
(i)Not applicable
(j)Not applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:
Frances G. Rathke - Chairperson
Peter S. Burgess – retired effective December 31, 2022
William H. Cunningham
Patricia Lizarraga, effective September 20, 2022
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Not applicable
(b)Not applicable
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.:
Not applicable
ITEM 13. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Investment Trust
By: | /s/ Andrew Arnott |
| ------------------------------ |
| Andrew Arnott |
| President |
Date: | May 4, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Andrew Arnott |
| ------------------------------- |
| Andrew Arnott |
| President |
Date: | May 4, 2023 |
By: | /s/ Charles A. Rizzo |
| -------------------------------- |
| Charles A. Rizzo |
| Chief Financial Officer |
Date: | May 4,2023 |