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- 0560
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: 617-663-4497
Date of fiscal year end: | March 31 |
Date of reporting period: | March 31, 2021 |
ITEM 1. REPORTS TO STOCKHOLDERS
President and CEO,
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 3/31/2021 (% of net assets) | |
Prologis, Inc. | 2.6 |
Chevron Corp. | 2.2 |
Exxon Mobil Corp. | 1.8 |
Royal Dutch Shell PLC, A Shares | 1.8 |
Freeport-McMoRan, Inc. | 1.7 |
BHP Group, Ltd., ADR | 1.5 |
Extra Space Storage, Inc. | 1.5 |
Rio Tinto PLC, ADR | 1.4 |
ConocoPhillips | 1.4 |
BP PLC | 1.4 |
TOTAL | 17.3 |
Cash and cash equivalents are not included. |
COUNTRY COMPOSITION AS OF 3/31/2021 (% of net assets) | |
United States | 55.5 |
Canada | 18.1 |
United Kingdom | 4.6 |
Australia | 3.6 |
France | 2.6 |
Japan | 2.6 |
Netherlands | 1.8 |
China | 1.6 |
Hong Kong | 1.5 |
Norway | 1.3 |
Other countries | 6.8 |
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 | Since inception (2-26-18) | Since inception (2-26-18) | |
Class NAV1 | 56.64 | 3.59 | 11.53 |
Index† | 54.03 | 11.23 | 38.97 |
Class NAV | |
Gross (%) | 0.93 |
Net (%) | 0.87 |
6 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
Start date | With maximum sales charge ($) | Without sales charge ($) | Index ($) | |
Class NAV1 | 2-26-18 | 11,153 | 11,153 | 13,897 |
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 10-1-2020 | Ending value on 3-31-2021 | Expenses paid during period ended 3-31-20211 | Annualized expense ratio | ||
Class NAV | Actual expenses/actual returns | $1,000.00 | $1,287.80 | $5.02 | 0.88% |
Hypothetical example | 1,000.00 | 1,020.50 | 4.43 | 0.88% |
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 98.5% | $948,445,334 | ||||
(Cost $892,325,674) | |||||
Communication services 2.0% | 19,628,688 | ||||
Diversified telecommunication services 0.6% | |||||
Cellnex Telecom SA (A)(B) | 104,498 | 6,024,143 | |||
Media 0.8% | |||||
Charter Communications, Inc., Class A (B) | 5,596 | 3,452,844 | |||
Comcast Corp., Class A | 72,373 | 3,916,103 | |||
Wireless telecommunication services 0.6% | |||||
KDDI Corp. | 104,200 | 3,210,475 | |||
SK Telecom Company, Ltd. | 12,406 | 3,025,123 | |||
Consumer discretionary 2.1% | 19,955,669 | ||||
Hotels, restaurants and leisure 1.3% | |||||
Caesars Entertainment, Inc. (B) | 59,324 | 5,187,884 | |||
Mandarin Oriental International, Ltd. (B) | 363,700 | 648,208 | |||
Mandarin Oriental International, Ltd. (New York Stock Exchange) (B) | 323,689 | 556,745 | |||
Melia Hotels International SA (B) | 216,978 | 1,621,091 | |||
Playa Hotels & Resorts NV (B) | 558,324 | 4,075,765 | |||
Household durables 0.8% | |||||
Glenveagh Properties PLC (A)(B) | 1,451,914 | 1,542,227 | |||
Kaufman & Broad SA | 34,902 | 1,507,359 | |||
Open House Company, Ltd. | 44,700 | 1,912,088 | |||
Sumitomo Forestry Company, Ltd. | 69,000 | 1,494,638 | |||
Taylor Wimpey PLC (B) | 566,969 | 1,409,664 | |||
Energy 29.9% | 287,825,035 | ||||
Energy equipment and services 2.1% | |||||
Aker Solutions ASA (B) | 223,797 | 385,451 | |||
Baker Hughes Company | 89,630 | 1,936,904 | |||
ChampionX Corp. (B) | 109,268 | 2,374,394 | |||
Halliburton Company | 228,850 | 4,911,121 | |||
Helmerich & Payne, Inc. | 34,940 | 941,982 | |||
Patterson-UTI Energy, Inc. | 286,842 | 2,045,183 | |||
Schlumberger NV | 197,359 | 5,366,191 | |||
Technip Energies NV, ADR (B) | 31,425 | 470,432 | |||
TechnipFMC PLC (B) | 167,390 | 1,292,251 | |||
Oil, gas and consumable fuels 27.8% | |||||
Advantage Oil & Gas, Ltd. (B) | 567,538 | 1,070,315 | |||
Aker BP ASA | 114,259 | 3,241,217 | |||
ARC Resources, Ltd. (C) | 268,266 | 1,647,978 | |||
BP PLC | 3,369,218 | 13,685,684 |
10 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Energy (continued) | |||||
Oil, gas and consumable fuels (continued) | |||||
Cabot Oil & Gas Corp. | 209,495 | $3,934,316 | |||
Cameco Corp. | 141,516 | 2,346,776 | |||
Canadian Natural Resources, Ltd. | 373,655 | 11,551,283 | |||
Cenovus Energy, Inc. | 890,517 | 6,689,330 | |||
Cheniere Energy, Inc. (B) | 22,324 | 1,607,551 | |||
Chevron Corp. | 201,402 | 21,104,916 | |||
Cimarex Energy Company | 74,489 | 4,423,902 | |||
ConocoPhillips | 261,331 | 13,842,703 | |||
Continental Resources, Inc. (B) | 82,933 | 2,145,477 | |||
Denbury, Inc. (B) | 11,609 | 555,955 | |||
Devon Energy Corp. | 332,457 | 7,264,185 | |||
DHT Holdings, Inc. | 65,100 | 386,043 | |||
Diamondback Energy, Inc. | 56,145 | 4,126,096 | |||
Enbridge, Inc. | 75,902 | 2,765,014 | |||
Enbridge, Inc. (New York Stock Exchange) | 15,467 | 562,999 | |||
Enerplus Corp. | 433,098 | 2,174,623 | |||
EOG Resources, Inc. | 110,682 | 8,027,765 | |||
EQT Corp. (B) | 126,232 | 2,345,391 | |||
Equinor ASA | 444,057 | 8,667,880 | |||
Exxon Mobil Corp. | 316,115 | 17,648,700 | |||
Galp Energia SGPS SA | 480,355 | 5,568,418 | |||
Hess Corp. | 58,276 | 4,123,610 | |||
Imperial Oil, Ltd. | 84,292 | 2,041,735 | |||
Kelt Exploration, Ltd. (B) | 587,827 | 1,244,227 | |||
Keyera Corp. (C) | 144,378 | 3,000,838 | |||
Lundin Energy AB | 172,292 | 5,418,951 | |||
Marathon Petroleum Corp. | 132,676 | 7,096,839 | |||
MEG Energy Corp. (B) | 238,683 | 1,238,333 | |||
Neste OYJ | 21,787 | 1,157,019 | |||
NexGen Energy, Ltd. (B) | 172,952 | 623,436 | |||
NuVista Energy, Ltd. (B) | 423,435 | 798,553 | |||
Occidental Petroleum Corp. | 71,638 | 1,907,004 | |||
Pembina Pipeline Corp. | 92,461 | 2,670,752 | |||
Phillips 66 | 99,010 | 8,073,275 | |||
Pioneer Natural Resources Company | 82,804 | 13,150,931 | |||
Royal Dutch Shell PLC, A Shares | 890,444 | 17,309,389 | |||
Suncor Energy, Inc. | 617,072 | 12,899,245 | |||
TC Energy Corp. | 149,290 | 6,843,795 | |||
The Williams Companies, Inc. | 208,108 | 4,930,079 | |||
Tidewater Midstream and Infrastructure, Ltd. (C) | 1,016,320 | 832,983 | |||
Topaz Energy Corp. | 26,673 | 309,031 | |||
TOTAL SE (C) | 282,803 | 13,184,258 | |||
Tourmaline Oil Corp. | 88,441 | 1,683,384 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 11 |
Shares | Value | ||||
Energy (continued) | |||||
Oil, gas and consumable fuels (continued) | |||||
Valero Energy Corp. | 142,164 | $10,178,942 | |||
Financials 0.5% | 5,304,472 | ||||
Capital markets 0.2% | |||||
Brookfield Asset Management, Inc., Class A | 52,877 | 2,353,027 | |||
Diversified financial services 0.3% | |||||
Berkshire Hathaway, Inc., Class B (B) | 11,553 | 2,951,445 | |||
Health care 0.9% | 8,321,834 | ||||
Health care providers and services 0.9% | |||||
Brookdale Senior Living, Inc. (B) | 523,393 | 3,166,528 | |||
Extendicare, Inc. (C) | 155,486 | 952,687 | |||
HCA Healthcare, Inc. | 22,314 | 4,202,619 | |||
Industrials 1.4% | 13,986,845 | ||||
Commercial services and supplies 0.0% | |||||
Aker Carbon Capture AS (B) | 145,972 | 265,087 | |||
Construction and engineering 0.4% | |||||
Aker Offshore Wind AS (B) | 233,684 | 178,141 | |||
Vinci SA | 34,857 | 3,570,130 | |||
Electrical equipment 0.4% | |||||
Sunrun, Inc. (B) | 32,668 | 1,975,761 | |||
Vestas Wind Systems A/S | 9,675 | 1,995,825 | |||
Road and rail 0.3% | |||||
Canadian National Railway Company | 29,159 | 3,383,901 | |||
Transportation infrastructure 0.3% | |||||
Shanghai International Airport Company, Ltd., Class A | 295,400 | 2,618,000 | |||
Information technology 1.2% | 11,460,633 | ||||
Electronic equipment, instruments and components 0.1% | |||||
Flex, Ltd. (B) | 27,630 | 505,905 | |||
IT services 0.0% | |||||
Chindata Group Holdings, Ltd., ADR (B) | 25,769 | 426,219 | |||
Semiconductors and semiconductor equipment 1.1% | |||||
Advanced Energy Industries, Inc. | 10,888 | 1,188,643 | |||
Enphase Energy, Inc. (B) | 11,923 | 1,933,434 | |||
First Solar, Inc. (B) | 28,582 | 2,495,209 | |||
Maxeon Solar Technologies, Ltd. (B)(C) | 23,507 | 741,881 | |||
Maxim Integrated Products, Inc. | 12,854 | 1,174,470 | |||
Power Integrations, Inc. | 12,042 | 981,182 | |||
SunPower Corp. (B) | 60,200 | 2,013,690 |
12 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Materials 18.8% | $180,561,160 | ||||
Chemicals 0.7% | |||||
Air Liquide SA | 2,723 | 444,602 | |||
Albemarle Corp. | 5,156 | 753,343 | |||
Dow, Inc. | 16,732 | 1,069,844 | |||
DuPont de Nemours, Inc. | 15,585 | 1,204,409 | |||
LyondellBasell Industries NV, Class A | 19,102 | 1,987,563 | |||
Nutrien, Ltd. | 23,364 | 1,258,648 | |||
Metals and mining 17.5% | |||||
Agnico Eagle Mines, Ltd. | 98,255 | 5,680,135 | |||
Alamos Gold, Inc., Class A | 87,139 | 680,914 | |||
Alcoa Corp. (B) | 42,629 | 1,385,016 | |||
Altius Minerals Corp. | 51,258 | 612,225 | |||
Anglo American PLC | 47,410 | 1,856,956 | |||
AngloGold Ashanti, Ltd., ADR | 53,412 | 1,173,462 | |||
Antofagasta PLC | 6,171 | 143,743 | |||
Artemis Gold, Inc. (B) | 80,000 | 327,843 | |||
B2Gold Corp. | 408,165 | 1,757,120 | |||
Barrick Gold Corp. | 425,454 | 8,440,016 | |||
BHP Group PLC, ADR | 112,866 | 6,530,427 | |||
BHP Group, Ltd., ADR (C) | 214,022 | 14,850,987 | |||
Boliden AB | 35,806 | 1,328,521 | |||
Capstone Mining Corp. (B) | 1,400,294 | 4,613,048 | |||
Centerra Gold, Inc. | 48,045 | 425,130 | |||
Champion Iron, Ltd. (B) | 879,552 | 3,611,433 | |||
Dundee Precious Metals, Inc. (C) | 83,085 | 507,092 | |||
Eldorado Gold Corp. (B) | 50,826 | 549,230 | |||
Endeavour Mining Corp. | 121,953 | 2,458,080 | |||
Equinox Gold Corp. (B) | 109,026 | 869,293 | |||
ERO Copper Corp. (B) | 185,404 | 3,191,126 | |||
First Quantum Minerals, Ltd. | 332,433 | 6,335,458 | |||
Franco-Nevada Corp. | 47,320 | 5,930,156 | |||
Freeport-McMoRan, Inc. (B) | 508,571 | 16,747,243 | |||
Fresnillo PLC | 11,759 | 140,059 | |||
Glencore PLC (B) | 250,017 | 981,674 | |||
Golden Star Resources, Ltd. (B)(C) | 93,337 | 275,547 | |||
Hudbay Minerals, Inc. | 163,460 | 1,118,609 | |||
Ivanhoe Mines, Ltd., Class A (B) | 506,266 | 2,606,462 | |||
K92 Mining, Inc. (B)(C) | 378,019 | 1,910,098 | |||
Karora Resources, Inc. (B)(C) | 45,000 | 121,389 | |||
Kinross Gold Corp. | 487,620 | 3,247,696 | |||
Kirkland Lake Gold, Ltd. | 116,495 | 3,934,151 | |||
Lucara Diamond Corp. (B) | 531,070 | 304,265 | |||
Lundin Gold, Inc. (B) | 41,000 | 321,031 | |||
Lundin Mining Corp. | 515,461 | 5,303,502 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 13 |
Shares | Value | ||||
Materials (continued) | |||||
Metals and mining (continued) | |||||
MAG Silver Corp. (B) | 74,352 | $1,119,392 | |||
Marathon Gold Corp. (B)(C) | 538,103 | 954,858 | |||
Nevada Copper Corp. (B)(C) | 3,420,500 | 476,317 | |||
New Gold, Inc. (B) | 225,438 | 348,014 | |||
Newcrest Mining, Ltd. | 35,492 | 670,511 | |||
Newmont Corp. | 197,513 | 11,904,109 | |||
Nickel 28 Capital Corp. (B) | 363,682 | 173,637 | |||
Nucor Corp. | 6,484 | 520,471 | |||
OceanaGold Corp. (B) | 166,670 | 248,009 | |||
Osisko Mining, Inc. (B)(C) | 467,147 | 1,092,872 | |||
Pan American Silver Corp. | 62,817 | 1,884,460 | |||
Pan American Silver Corp., CVR (B) | 83,300 | 72,471 | |||
Piedmont Lithium, Ltd., ADR (B)(C) | 7,000 | 486,430 | |||
Pretium Resources, Inc. (B) | 18,128 | 188,103 | |||
Rio Tinto PLC, ADR (C) | 178,573 | 13,866,193 | |||
Sandstorm Gold, Ltd. (B) | 45,225 | 306,970 | |||
Seabridge Gold, Inc. (B) | 34,315 | 554,874 | |||
SilverCrest Metals, Inc. (B) | 189,231 | 1,532,881 | |||
SolGold PLC (B)(C) | 537,000 | 164,514 | |||
South32, Ltd. | 102,072 | 219,062 | |||
Southern Copper Corp. | 13,150 | 892,491 | |||
SSR Mining, Inc. | 147,494 | 2,109,069 | |||
Steel Dynamics, Inc. | 2,816 | 142,940 | |||
Stornoway Diamond Corp. (B)(D) | 3,062,000 | 48,731 | |||
Talon Metals Corp. (B) | 1,537,000 | 868,362 | |||
Teck Resources, Ltd., Class B | 251,238 | 4,812,046 | |||
Torex Gold Resources, Inc. (B) | 19,184 | 242,262 | |||
Trilogy Metals, Inc. (B) | 907,627 | 1,950,022 | |||
Turquoise Hill Resources, Ltd. (B) | 52,681 | 848,463 | |||
Vale SA, ADR | 25,904 | 450,212 | |||
Warrior Met Coal, Inc. | 14,934 | 255,819 | |||
Wesdome Gold Mines, Ltd. (B) | 170,524 | 1,131,670 | |||
Western Areas, Ltd. | 772,227 | 1,207,631 | |||
Wheaton Precious Metals Corp. | 121,277 | 4,632,208 | |||
Yamana Gold, Inc. | 344,090 | 1,494,972 | |||
Paper and forest products 0.6% | |||||
Interfor Corp. (B) | 145,882 | 3,285,160 | |||
West Fraser Timber Company, Ltd. | 33,602 | 2,417,408 | |||
Real estate 35.3% | 339,742,583 | ||||
Equity real estate investment trusts 30.0% | |||||
Acadia Realty Trust | 163,552 | 3,102,581 | |||
AEON REIT Investment Corp. | 1,379 | 1,860,145 |
14 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Real estate (continued) | |||||
Equity real estate investment trusts (continued) | |||||
Alexandria Real Estate Equities, Inc. | 29,544 | $4,854,079 | |||
American Homes 4 Rent, Class A | 343,412 | 11,449,356 | |||
American Tower Corp. | 41,038 | 9,810,544 | |||
Americold Realty Trust | 79,786 | 3,069,367 | |||
Ascott Residence Trust | 1,705,002 | 1,359,431 | |||
Boardwalk Real Estate Investment Trust | 28,367 | 819,612 | |||
Brixmor Property Group, Inc. | 589,147 | 11,918,444 | |||
Camden Property Trust | 76,546 | 8,413,171 | |||
CapitaLand Integrated Commercial Trust | 1,840,876 | 2,978,718 | |||
Comforia Residential REIT, Inc. | 546 | 1,666,126 | |||
Crown Castle International Corp. | 40,700 | 7,005,691 | |||
Douglas Emmett, Inc. | 175,020 | 5,495,628 | |||
Equinix, Inc. | 18,115 | 12,310,773 | |||
Essex Property Trust, Inc. | 30,740 | 8,356,362 | |||
Extra Space Storage, Inc. | 105,303 | 13,957,913 | |||
First Industrial Realty Trust, Inc. | 60,740 | 2,781,285 | |||
Fukuoka REIT Corp. | 934 | 1,469,728 | |||
Goodman Group | 126,392 | 1,745,263 | |||
Healthpeak Properties, Inc. | 278,457 | 8,838,225 | |||
Heiwa Real Estate REIT, Inc. | 1,283 | 1,803,907 | |||
Hoshino Resorts REIT, Inc. | 247 | 1,427,553 | |||
Independence Realty Trust, Inc. | 398,533 | 6,057,702 | |||
Innovative Industrial Properties, Inc. | 22,424 | 4,039,908 | |||
InterRent Real Estate Investment Trust | 140,298 | 1,651,156 | |||
Kilroy Realty Corp. | 84,565 | 5,550,001 | |||
Kiwi Property Group, Ltd. | 522,471 | 453,218 | |||
Life Storage, Inc. | 95,001 | 8,165,336 | |||
Link REIT | 400,570 | 3,654,698 | |||
Medical Properties Trust, Inc. | 327,197 | 6,962,752 | |||
Mercialys SA | 60,856 | 670,066 | |||
Mirvac Group | 733,195 | 1,398,648 | |||
Pebblebrook Hotel Trust | 226,797 | 5,508,899 | |||
PotlatchDeltic Corp. | 81,885 | 4,333,354 | |||
Prologis, Inc. | 239,721 | 25,410,426 | |||
QTS Realty Trust, Inc., Class A | 43,079 | 2,672,621 | |||
Retail Opportunity Investments Corp. | 340,104 | 5,397,450 | |||
Rexford Industrial Realty, Inc. | 155,695 | 7,847,028 | |||
Ryman Hospitality Properties, Inc. (B) | 50,762 | 3,934,563 | |||
Safestore Holdings PLC | 134,277 | 1,471,995 | |||
Scentre Group | 950,980 | 2,047,549 | |||
Shaftesbury PLC (B) | 51,862 | 458,632 | |||
Simon Property Group, Inc. | 59,089 | 6,722,556 | |||
SL Green Realty Corp. | 84,425 | 5,908,906 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 15 |
Shares | Value | ||||
Real estate (continued) | |||||
Equity real estate investment trusts (continued) | |||||
Stockland | 345,225 | $1,158,893 | |||
Sun Communities, Inc. | 56,274 | 8,443,351 | |||
Tanger Factory Outlet Centers, Inc. | 58,316 | 882,321 | |||
The UNITE Group PLC (B) | 180,148 | 2,649,388 | |||
UDR, Inc. | 271,963 | 11,928,297 | |||
VICI Properties, Inc. | 340,635 | 9,619,532 | |||
Weingarten Realty Investors | 151,964 | 4,089,351 | |||
Welltower, Inc. | 153,643 | 11,005,448 | |||
Workspace Group PLC | 204,756 | 2,258,577 | |||
Real estate management and development 5.3% | |||||
Ayala Land, Inc. | 1,750,500 | 1,241,203 | |||
Catena AB | 43,680 | 1,925,105 | |||
Central Pattana PCL | 758,400 | 1,419,713 | |||
CIFI Holdings Group Company, Ltd. | 2,068,847 | 2,013,106 | |||
CK Asset Holdings, Ltd. | 675,365 | 4,111,339 | |||
Colliers International Group, Inc. | 18,080 | 1,776,493 | |||
Colliers International Group, Inc. (New York Stock Exchange) (C) | 42,404 | 4,165,769 | |||
Corp. Inmobiliaria Vesta SAB de CV | 855,900 | 1,792,241 | |||
Daiwa House Industry Company, Ltd. | 39,400 | 1,156,356 | |||
Deutsche Wohnen SE | 99,800 | 4,655,532 | |||
Fastighets AB Balder, B Shares (B) | 33,001 | 1,633,802 | |||
Heiwa Real Estate Company, Ltd. | 48,500 | 1,517,363 | |||
Jones Lang LaSalle, Inc. (B) | 26,582 | 4,759,241 | |||
Kojamo OYJ | 90,339 | 1,769,723 | |||
Longfor Group Holdings, Ltd. (A) | 331,309 | 2,197,442 | |||
Mitsui Fudosan Company, Ltd. | 209,708 | 4,780,396 | |||
New World Development Company, Ltd. | 301,930 | 1,568,430 | |||
Nexity SA | 33,812 | 1,666,304 | |||
Savills PLC (B) | 138,503 | 2,181,071 | |||
Sino Land Company, Ltd. | 845,528 | 1,179,995 | |||
Tokyo Tatemono Company, Ltd. | 178,900 | 2,727,496 | |||
Vonovia SE | 10,068 | 657,939 | |||
Utilities 6.4% | 61,658,415 | ||||
Electric utilities 3.1% | |||||
American Electric Power Company, Inc. | 38,773 | 3,284,073 | |||
Avangrid, Inc. | 49,167 | 2,449,008 | |||
Duke Energy Corp. | 30,750 | 2,968,298 | |||
Edison International | 49,927 | 2,925,722 | |||
EDP - Energias de Portugal SA | 165,943 | 947,816 | |||
Enel SpA | 297,279 | 2,957,151 | |||
Exelon Corp. | 75,214 | 3,289,860 | |||
FirstEnergy Corp. | 74,861 | 2,596,928 |
16 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Utilities (continued) | |||||
Electric utilities (continued) | |||||
Iberdrola SA | 251,245 | $3,242,814 | |||
NextEra Energy, Inc. | 41,921 | 3,169,647 | |||
Pinnacle West Capital Corp. | 27,110 | 2,205,399 | |||
Gas utilities 0.7% | |||||
Beijing Enterprises Holdings, Ltd. | 430,013 | 1,521,987 | |||
ENN Energy Holdings, Ltd. | 179,797 | 2,899,996 | |||
UGI Corp. | 51,661 | 2,118,618 | |||
Independent power and renewable electricity producers 0.9% | |||||
Brookfield Renewable Corp., Class A | 24,537 | 1,148,332 | |||
Brookfield Renewable Partners LP | 71,616 | 3,050,842 | |||
China Longyuan Power Group Corp., Ltd., H Shares | 3,556,159 | 4,856,862 | |||
Multi-utilities 1.5% | |||||
CenterPoint Energy, Inc. | 33,647 | 762,105 | |||
E.ON SE | 274,514 | 3,199,190 | |||
Engie SA | 264,635 | 3,759,240 | |||
National Grid PLC | 263,109 | 3,123,271 | |||
RWE AG | 21,840 | 857,044 | |||
Sempra Energy | 20,097 | 2,664,460 | |||
Water utilities 0.2% | |||||
Cia de Saneamento Basico do Estado de Sao Paulo | 129,300 | 946,437 | |||
Guangdong Investment, Ltd. | 436,578 | 713,315 | |||
Warrants 0.0% | $200,767 | ||||
(Cost $0) | |||||
Occidental Petroleum Corp. (Expiration Date: 8-3-27; Strike Price: $22.00) (B) | 16,857 | 200,767 | |||
Yield* (%) | Maturity date | Par value^ | Value | ||
Short-term investments 5.2% | $49,849,196 | ||||
(Cost $49,848,328) | |||||
U.S. Government Agency 0.3% | 2,799,874 | ||||
Federal Home Loan Bank Discount Note | 0.010 | 06-21-21 | 2,800,000 | 2,799,874 |
Yield (%) | Shares | Value | |||
Short-term funds 4.6% | 44,449,322 | ||||
John Hancock Collateral Trust (E) | 0.0470(F) | 4,442,755 | 44,449,322 |
Par value^ | Value | ||||
Repurchase agreement 0.3% | 2,600,000 | ||||
Bank of America Corp. Tri-Party Repurchase Agreement dated 3-31-21 at 0.010% to be repurchased at $1,600,000 on 4-1-21, collateralized by $1,502,349 Government National Mortgage Association, 4.500% due 6-20-50 (valued at $1,632,000) | 1,600,000 | 1,600,000 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 17 |
Par value^ | Value | ||||
Repurchase agreement (continued) | |||||
Goldman Sachs Tri-Party Repurchase Agreement dated 3-31-21 at 0.010% to be repurchased at $1,000,000 on 4-1-21, collateralized by $175,412 Federal Home Loan Mortgage Corp., 3.500% - 7.000% due 4-1-24 to 4-1-39 (valued at $198,622), $542,071 Federal National Mortgage Association, 3.500% - 7.500% due 8-1-31 to 12-1-39 (valued at $607,384), and $214,000 U.S. Treasury Bills, 0.000% due 5-27-21 (valued at $213,994) | 1,000,000 | 1,000,000 |
Total investments (Cost $942,174,002) 103.7% | $998,495,297 | ||||
Other assets and liabilities, net (3.7%) | (35,709,835) | ||||
Total net assets 100.0% | $962,785,462 |
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 3-31-21. |
(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 3-31-21. |
* | 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. |
18 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Assets | |
Unaffiliated investments, at value (Cost $897,725,611) including $42,858,976 of securities loaned | $954,045,975 |
Affiliated investments, at value (Cost $44,448,391) | 44,449,322 |
Total investments, at value (Cost $942,174,002) | 998,495,297 |
Cash | 5,405,969 |
Foreign currency, at value (Cost $326,584) | 326,401 |
Dividends and interest receivable | 2,736,815 |
Receivable for investments sold | 2,372,802 |
Other assets | 13,121 |
Total assets | 1,009,350,405 |
Liabilities | |
Payable for investments purchased | 1,940,971 |
Payable upon return of securities loaned | 44,425,703 |
Payable to affiliates | |
Accounting and legal services fees | 44,186 |
Trustees' fees | 1,083 |
Other liabilities and accrued expenses | 153,000 |
Total liabilities | 46,564,943 |
Net assets | $962,785,462 |
Net assets consist of | |
Paid-in capital | $966,392,912 |
Total distributable earnings (loss) | (3,607,450) |
Net assets | $962,785,462 |
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 ($962,785,462 ÷ 95,302,874 shares) | $10.10 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 19 |
Investment income | |
Dividends | $24,923,209 |
Securities lending | 281,361 |
Interest | 6,729 |
Less foreign taxes withheld | (1,077,048) |
Total investment income | 24,134,251 |
Expenses | |
Investment management fees | 6,976,898 |
Accounting and legal services fees | 149,138 |
Trustees' fees | 14,687 |
Custodian fees | 333,643 |
Printing and postage | 12,513 |
Professional fees | 96,973 |
Other | 42,397 |
Total expenses | 7,626,249 |
Less expense reductions | (471,922) |
Net expenses | 7,154,327 |
Net investment income | 16,979,924 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | (33,496,082) |
Affiliated investments | 27,015 |
(33,469,067) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | 376,837,051 |
Affiliated investments | (8,148) |
376,828,903 | |
Net realized and unrealized gain | 343,359,836 |
Increase in net assets from operations | $360,339,760 |
20 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Year ended 3-31-21 | Year ended 3-31-20 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $16,979,924 | $19,578,329 |
Net realized loss | (33,469,067) | (2,537,617) |
Change in net unrealized appreciation (depreciation) | 376,828,903 | (313,399,647) |
Increase (decrease) in net assets resulting from operations | 360,339,760 | (296,358,935) |
Distributions to shareholders | ||
From earnings | ||
Class NAV | (21,129,675) | (43,232,315) |
Total distributions | (21,129,675) | (43,232,315) |
From fund share transactions | (60,201,300) | 25,009,097 |
Total increase (decrease) | 279,008,785 | (314,582,153) |
Net assets | ||
Beginning of year | 683,776,677 | 998,358,830 |
End of year | $962,785,462 | $683,776,677 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 21 |
CLASS NAV SHARES Period ended | 3-31-21 | 3-31-20 | 3-31-19 | 3-31-181 |
Per share operating performance | ||||
Net asset value, beginning of period | $6.61 | $10.01 | $10.00 | $10.00 |
Net investment income2 | 0.18 | 0.20 | 0.21 | 0.03 |
Net realized and unrealized gain (loss) on investments | 3.54 | (3.16) | 0.07 | (0.03) |
Total from investment operations | 3.72 | (2.96) | 0.28 | —3 |
Less distributions | ||||
From net investment income | (0.23) | (0.28) | (0.19) | — |
From net realized gain | — | (0.16) | (0.08) | — |
Total distributions | (0.23) | (0.44) | (0.27) | — |
Net asset value, end of period | $10.10 | $6.61 | $10.01 | $10.00 |
Total return (%)4 | 56.64 | (30.92) | 3.07 | 0.005 |
Ratios and supplemental data | ||||
Net assets, end of period (in millions) | $963 | $684 | $998 | $938 |
Ratios (as a percentage of average net assets): | ||||
Expenses before reductions | 0.93 | 0.93 | 0.94 | 0.946,7 |
Expenses including reductions | 0.87 | 0.87 | 0.88 | 0.886,7 |
Net investment income | 2.07 | 2.05 | 2.07 | 3.846 |
Portfolio turnover (%) | 82 | 61 | 73 | 408 |
1 | Period from 2-26-18 (commencement of operations) to 3-31-18. |
2 | Based on average daily shares outstanding. |
3 | Less than $0.005 per share. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Not annualized. |
6 | Annualized. |
7 | Certain expenses are presented unannualized due to the short reporting period. |
8 | Excludes in-kind transactions. |
22 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 23 |
Total value at 3-31-21 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Communication services | $19,628,688 | $7,368,947 | $12,259,741 | — |
Consumer discretionary | 19,955,669 | 9,820,394 | 10,135,275 | — |
Energy | 287,825,035 | 219,206,768 | 68,618,267 | — |
Financials | 5,304,472 | 5,304,472 | — | — |
Health care | 8,321,834 | 8,321,834 | — | — |
Industrials | 13,986,845 | 5,359,662 | 8,627,183 | — |
Information technology | 11,460,633 | 11,460,633 | — | — |
Materials | 180,561,160 | 173,519,670 | 6,992,759 | $48,731 |
Real estate | 339,742,583 | 270,807,733 | 68,934,850 | — |
Utilities | 61,658,415 | 33,579,729 | 28,078,686 | — |
Warrants | 200,767 | 200,767 | — | — |
Short-term investments | 49,849,196 | 44,449,322 | 5,399,874 | — |
Total investments in securities | $998,495,297 | $789,399,931 | $209,046,635 | $48,731 |
24 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 25 |
26 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
March 31, 2021 | March 31, 2020 | |
Ordinary income | $21,129,675 | $30,921,946 |
Long-term capital gains | — | 12,310,369 |
Total | $21,129,675 | $43,232,315 |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 27 |
Borrower or Lender | Weighted Average Loan Balance | Days Outstanding | Weighted Average Interest Rate | Interest Income (Expense) |
Borrower | $5,419,384 | 8 | 0.528% | ($636) |
Lender | 5,900,000 | 1 | 0.670% | 110 |
Year Ended 3-31-21 | Year Ended 3-31-20 | |||
Shares | Amount | Shares | Amount | |
Class NAV shares | ||||
Sold | 2,201,666 | $22,698,231 | 12,166,351 | $109,544,162 |
Distributions reinvested | 2,321,942 | 21,129,675 | 4,484,680 | 43,232,315 |
Repurchased | (12,724,682) | (104,029,206) | (12,853,162) | (127,767,380) |
Net increase (decrease) | (8,201,074) | $(60,201,300) | 3,797,869 | $25,009,097 |
Total net increase (decrease) | (8,201,074) | $(60,201,300) | 3,797,869 | $25,009,097 |
28 | JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT |
Portfolio | Affiliated Concentration |
John Hancock Funds II Multimanager Lifestyle Growth Portfolio | 32.2% |
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio | 25.3% |
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio | 12.8% |
John Hancock Funds II Multimanager Lifestyle Moderate Portfolio | 5.8% |
John Hancock Funds II Multimanager 2025 Lifetime Portfolio | 5.3% |
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* | 4,442,755 | $34,910,208 | $375,374,723 | $(365,854,476) | $27,015 | $(8,148) | $281,361 | — | $44,449,322 |
* | Refer to the Securities lending note within Note 2 for details regarding this investment. |
ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund | 29 |
30 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 31 |
• | 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 investors’ interests in the Fund; |
• | The Fund did not experience any breaches of the 15% limit on illiquid investments 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 performed audit testing of the LRMP which resulted in an assessment that the LRMP’s control environment was deemed to be operating effectively and in compliance with the Board approved procedures. |
32 | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 33 |
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 | 195 |
Trustee and Chairperson of the Board | ||
Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
Charles L. Bardelis,2 Born: 1941 | 2012 | 195 |
Trustee | ||
Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988). | ||
James R. Boyle, Born: 1959 | 2015 | 195 |
Trustee | ||
Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014–July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999–2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005–2010). Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
Peter S. Burgess,2 Born: 1942 | 2012 | 195 |
Trustee | ||
Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005). | ||
William H. Cunningham, Born: 1944 | 1986 | 195 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009–2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | ||
Grace K. Fey, Born: 1946 | 2012 | 195 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
34 | JOHN HANCOCK DIVERSIFIED REAL ASSETS 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 | 195 |
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); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996–2009); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
James M. Oates,† Born: 1946 | 2012 | 195 |
Trustee | ||
Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997–2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995–2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex. | ||
Steven R. Pruchansky, Born: 1944 | 1994 | 195 |
Trustee and Vice Chairperson of the Board | ||
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex. | ||
Frances G. Rathke,2,* Born: 1960 | 2020 | 195 |
Trustee | ||
Director, Northern New England Energy Corporation (since 2017); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry’s Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020). |
ANNUAL REPORT | JOHN HANCOCK 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 |
Gregory A. Russo, Born: 1949 | 2009 | 195 |
Trustee | ||
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018) and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002); Chairman and Treasurer,Westchester County, New York, Chamber of Commerce (1986–1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989–1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990–1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
Non-Independent Trustees3 | ||
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Andrew G. Arnott, Born: 1971 | 2017 | 195 |
President and Non-Independent Trustee | ||
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | ||
Marianne Harrison, Born: 1963 | 2018 | 195 |
Non-Independent Trustee | ||
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary’s General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013- 2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018). |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Officer of the Trust since |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer | |
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). |
36 | JOHN HANCOCK DIVERSIFIED REAL ASSETS 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 | Officer of the Trust since |
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). | |
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; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009). | |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018–2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016–2018); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016). |
1 | Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
† | Mr. Oates retired as Trustee effective April 30, 2021. |
* | Appointed as Independent Trustee effective as of September 15, 2020. |
ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | 37 |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess
*William H. Cunningham
Grace K. Fey
Marianne Harrison†
Deborah C. Jackson
James M. Oates*,1
Frances G. Rathke*,2
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 |
38 | JOHN HANCOCK DIVERSIFIED REAL ASSETS 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.
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MF1591708 | DRAA 3/21 |
ITEM 2. CODE OF ETHICS.
As of the end of the year, March 31, 2021, 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 "Senior Financial Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Peter S. Burgess 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(s) for the audit of the registrant's annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $50,329 for the fiscal year ended March 31, 2021, and $50,787 for the fiscal year ended March 31, 2020 for John Hancock Diversified Real Assets Fund. These fees were billed to the registrant and were approved by the registrant's audit committee.
(b) Audit-Related Services
Audit-related service fees for the fiscal year ended March 31, 2021 amounted to $604 and $612 for the fiscal year ended March 31, 2020 for John Hancock Diversified Real Assets Fund 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 that provides ongoing services to the registrant ("control affiliates"). The nature of the services provided was affiliated service provider internal controls reviews. In addition, amounts billed to control affiliates for service provider internal controls reviews were $116,000 for the fiscal year ended March 31, 2021 and $116,467 for the fiscal year ended March 31, 2020.
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning ("tax fees") amounted to $3,837 for the fiscal years ended March 31, 2021 and 2020 for John Hancock Diversified Real Assets Fund. 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.
(d) All Other Fees
The nature of the services comprising all other fees is advisory services provided to the investment manager. Other fees for the fiscal year ended March 31, 2021 amounted to $89 and $91 for the fiscal year ended March 31, 2020 for John Hancock Diversified Real Assets Fund billed to the registrant or to the control affiliates.
(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, 2021, 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 $1,204,124 for the fiscal year ended March 31, 2021 and $1,085,911 for the fiscal year ended March 31, 2020.
(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.
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:
Peter S. Burgess - Chairman
Charles L. Bardelis
Frances G. Rathke
James M. Oates - Member of the Audit Committee until retirement effective April 30, 2021.
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.
There were no material changes to previously disclosed John Hancock Funds – 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.
(a)(1) Code of Ethics for Senior Financial Officers is attached.
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 7, 2021 |
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 7, 2021 |
By: | /s/ Charles A. Rizzo |
| -------------------------------- |
| Charles A. Rizzo |
| Chief Financial Officer |
Date: | May 7, 2021 |