John Hancock Group of Funds
200 Berkeley Street
Boston, Massachusetts 02116
January 6, 2020
VIA EDGAR
Division of Investment Management
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 02549
Attention: Jeff Long
| Re: | John Hancock Funds III Form N-CSR Annual Reports to Shareholders (“Form N-CSR”) for the Period Ended March 31, 2019 and Form N-1A Registration Statement (“Form N-1A”) effective August 1, 2019; File No. 811-21777 |
| John Hancock Current Interest N-CSR for the Period Ended March 31, 2019 and Form N-1A effective August 1, 2019, File No. 811-02485 | |
| John Hancock Exchange-Traded Fund Trust N-CSR for the Period Ended April 30, 2019 and Form N-1A effective September 1, 2019, File No. 811-22733 | |
| John Hancock Strategic Series Form N-CSR for the Period Ended May 31, 2019 and Form N-1A effective October 1, 2019; File No. 811-04651 | |
| John Hancock Municipal Securities Trust N-CSR for the Period Ended May 31, 2019 and Form N-1A effective October 1, 2019, File No. 811-05968 | |
| John Hancock Bond Trust N-CSR for the Period Ended May 31, 2019 and Form N-1A effective October 1, 2019, File No. 811-03006 | |
| John Hancock Sovereign Bond Fund N-CSR for the Period Ended May 31, 2019 and Form N-1A effective October 1, 2019, File No. 811-02402 | |
| John Hancock California Tax-Free Income Fund N-CSR Filing for the Period Ended May 31, 2019 and Form N-1A effective October 1, 2019, File No. 811-05979 | |
| John Hancock Funds II Form N-CSR for the Periods Ended July 31, 2019 and August 31, 2019 and Form N-1A effective December 1, 2019 and January 1, 2019; File No. 811-21779 |
Dear Mr. Long:
This letter responds to the comments of the Staff of the Securities and Exchange Commission (“SEC”), which were conveyed to us by telephone on December 2, 2019 with respect to the filings on Form N-CSR and Form N-1A for the John Hancock Funds listed on Annex A, attached hereto. The Staff’s comments are set forth below, each followed by the respective fund’s response.
| 1. | Comment:The following funds had significant investments that reference LIBOR rates: John Hancock Funds II Short Duration Credit Opportunities, John Hancock Funds II Floating Rate Income Fund, John Hancock Funds II High Yield Fund, and John Hancock Bond Trust High Yield Fund. |
Securities and Exchange Commission
January 6, 2020
Page 2 of 7
| Should the discontinuation of LIBOR be listed as a principal risk in the prospectus for the applicable funds? |
Response:We plan to include risk disclosure related to the discontinuation of LIBOR for relevant funds beginning with our January 1, 2020 prospectus updates.
| 2. | Comment:For John Hancock Funds II Income Allocation Fund, the prospectus effective January 1, 2019 reflects the same expenses for Management fee, Rule 12b-1 fees, Other expenses, and Acquired fund fees and expenses in the fee table for Class I and Class R6 but “Total annual fund operating expenses” differ. |
Response:The total gross and total net operating expense ratios are correct; however for Class R6 “Other Expenses” had a typographical error and was overstated. Other expense ratio of 1.65% should have been 1.55%. The annual prospectus update for the fund will be effective January 1, 2020.
| 3. | Comment:The investment objective for John Hancock Funds II Disciplined Value Alternative Yield Fund involves a covered call option strategy. Please consider also stating that with this strategy the fund may give up the right to benefit from potential price increases. |
Response:We will include this risk disclosure in the annual prospectus update.
| 4. | Comment:John Hancock Funds II Global Absolute Return Strategies Fund has significant investments in derivatives; however theDiscussion of fund performancedoes not discuss the impact of investing in derivatives. |
Response:The impact on results for each of the strategies discussed in theDiscussion of fund performanceis inclusive of any derivatives included within that strategy. For example, the Canadian interest rates strategy discussed as having a positive impact on performance is inclusive of both long portfolio positions and derivatives which make up that specific investment strategy. In the future, we will explicitly state that the discussion includes the effect of the derivatives utilized to meet the specific strategy being implemented, when applicable.
| 5. | Comment:TheOther liabilities and accrued expensesamount on theStatement of Assets and Liabilitiesfor Multifactor Consumer Staples ETF and Multifactor Utilities ETF appears to be significant. Are there any material liabilities or expenses that should broken out? |
Response:The balance for each of the funds is comprised of third-party fund accounting and custody expenses, audit expense, printing expense, and other miscellaneous expenses. We do not consider any of these balances to be individually material to the fund or requiring a separate line item on theStatement of Assets and Liabilities.
| 6. | Comment:The portfolio for John Hancock Funds II Emerging Markets Debt Fund reflects a maturity date of 6-5-15 for Petrobras Global Finance BV. Is this bond defaulted? |
Response:The maturity date for this security is June 5, 2115.
| 7. | Comment:Does John Hancock Funds II Floating Rate Income Fund hold any covenant lite term loans, and if so, is the risk of investing in these types of loans adequately disclosed in the prospectus? |
Response:We will include this risk disclosure in the annual prospectus update.
Securities and Exchange Commission
January 6, 2020
Page 3 of 7
| 8. | Comment:Several funds include an Investments in affiliates table. The beginning amount, acquisitions, disposals, and ending amount should be based on value and not shares. |
Response:We are in process of updating the presentation of this table to confirm with the updated guidance. This update will be presented beginning with our November 30, 2019 N-CSR filing.
The Staff has requested that the funds provide the following representations in their response to the Staff’s comments:
The funds listed in Annex A each acknowledges that:
| 1. | It is responsible for the adequacy and accuracy of the disclosure in its Form N-CSR filings; |
| 2. | Staff comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the SEC from taking any action with respect to filings on Form N-CSR; and |
| 3. | It may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States. |
* * *
We hope that these foregoing responses adequately address the Staff’s comments. If you have any questions, please do not hesitate to contact me at (617) 663-4497.
Sincerely,
/s/ Salvatore Schiavone
Salvatore Schiavone
Treasurer
John Hancock Group of Funds
Securities and Exchange Commission
January 6, 2020
Page 4 of 7
Annex A
| Trust Name | Fund Name | SEC File Number | FYE |
| John Hancock Current Interest | Money Market Fund | 811-02485 | 3/31 |
| John Hancock Funds III | Disciplined Value Fund | 811-21777 | 3/31 |
| John Hancock Funds III | Disciplined Value Mid Cap Fund | 811-21777 | 3/31 |
| John Hancock Funds III | Global Shareholder Yield Fund | 811-21777 | 3/31 |
| John Hancock Funds III | International Growth Fund | 811-21777 | 3/31 |
| John Hancock Funds III | U.S. Quality Growth Fund | 811-21777 | 3/31 |
| John Hancock Investment Trust | Diversified Real Assets Fund | 811-00560 | 3/31 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Consumer Discretionary ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Consumer Staples ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Developed International ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Emerging Markets ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Energy ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Financials ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Healthcare ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Industrials ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Large Cap ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Materials ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Media and Communications ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Mid Cap ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Small Cap ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Technology ETF | 811-22733 | 4/30 |
| John Hancock Exchange-Traded Fund Trust | John Hancock Multifactor Utilities ETF | 811-22733 | 4/30 |
| John Hancock Bond Trust | ESG Core Bond Fund | 811-03006 | 5/31 |
| John Hancock Bond Trust | Government Income Fund | 811-03006 | 5/31 |
| John Hancock Bond Trust | High Yield Fund | 811-03006 | 5/31 |
| John Hancock Bond Trust | Investment Grade Bond Fund | 811-03006 | 5/31 |
| John Hancock California Tax-Free Income Fund | California Tax-Free Income Fund | 811-05979 | 5/31 |
| John Hancock Municipal Securities Trust | High Yield Municipal Bond Fund | 811-05968 | 5/31 |
| John Hancock Municipal Securities Trust | Tax-Free Bond Fund | 811-05968 | 5/31 |
| John Hancock Sovereign Bond Fund | Bond Fund | 811-02402 | 5/31 |
Securities and Exchange Commission
January 6, 2020
Page 5 of 7
| John Hancock Strategic Series | Income Fund | 811-04651 | 5/31 |
| John Hancock Funds II | Absolute Return Currency Fund | 811-21779 | 7/31 |
| John Hancock Funds II | Diversified Strategies Fund | 811-21779 | 7/31 |
| John Hancock Funds II | Fundamental All Cap Core Fund | 811-21779 | 7/31 |
| John Hancock Funds II | Multi-Asset Absolute Return Fund (formerly, Global Absolute Return Strategies Fund) | 811-21779 | 7/31 |
| John Hancock Funds II | Short Duration Credit Opportunities Fund | 811-21779 | 7/31 |
| John Hancock Funds II | Alternative Asset Allocation Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Asia Pacific Total Return Bond Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Blue Chip Growth Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Capital Appreciation Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Capital Appreciation Value Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Core Bond Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Disciplined Alternative Yield Fund (formerly Redwood Fund) | 811-21779 | 8/31 |
| John Hancock Funds II | Emerging Markets Debt Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Emerging Markets Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Equity Income Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Floating Rate Income Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Fundamental Global Franchise Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Global Bond Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Global Equity Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Health Sciences Fund | 811-21779 | 8/31 |
| John Hancock Funds II | High Yield Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Income Allocation Fund | 811-21779 | 8/31 |
| John Hancock Funds II | International Growth Stock Fund | 811-21779 | 8/31 |
| John Hancock Funds II | International Small Company Fund | 811-21779 | 8/31 |
| John Hancock Funds II | International Small Cap Fund | 811-21779 | 8/31 |
| John Hancock Funds II | International Strategic Equity Allocation Fund | 811-21779 | 8/31 |
| John Hancock Funds II | International Value Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Mid Cap Stock Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Mid Value Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2010 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2015 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2020 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2020 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2025 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2025 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2030 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2030 Preservation Portfolio | 811-21779 | 8/31 |
Securities and Exchange Commission
January 6, 2020
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| John Hancock Funds II | Multi-Index 2035 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2035 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2040 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2040 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2045 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2045 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2050 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2050 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2055 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2055 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2060 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index 2060 Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Income Preservation Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Lifestyle Aggressive Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Lifestyle Balanced Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Lifestyle Conservative Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Lifestyle Growth Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multi-Index Lifestyle Moderate Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2010 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2015 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2020 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2025 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2030 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2035 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2040 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2045 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2050 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2055 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | Multimanager 2060 Lifetime Portfolio | 811-21779 | 8/31 |
| John Hancock Funds II | New Opportunities Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Real Return Bond | 811-21779 | 8/31 |
| John Hancock Funds II | Real Estate Securities Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Science & Technology Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Small Cap Growth Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Small Cap Value Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Small Company Value Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Spectrum Income Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Strategic Equity Allocation Fund | 811-21779 | 8/31 |
| John Hancock Funds II | Strategic Income Opportunities Fund | 811-21779 | 8/31 |
Securities and Exchange Commission
January 6, 2020
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| John Hancock Funds II | U.S. High Yield Bond Fund | 811-21779 | 8/31 |
| John Hancock Funds II | U.S. Strategic Equity Allocation Fund | 811-21779 | 8/31 |